Silvercrest Asset Management Group LLC Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows From Operating Activities
Net income	$ 10,708us-gaap_ProfitLoss	$ 17,168us-gaap_ProfitLoss	$ 19,720us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	1,013us-gaap_ShareBasedCompensation	1,962us-gaap_ShareBasedCompensation	1,354us-gaap_ShareBasedCompensation
Depreciation and amortization	1,968	1,944	1,918
Deferred rent	(443)samg_DeferredRentExpense	(448)samg_DeferredRentExpense	(336)samg_DeferredRentExpense
Reversal of lease abandonment charge			(576)samg_ReversalOfLeaseAbandonmentCharges
Deferred income taxes	3,600	283	22
Provision for doubtful accounts	227us-gaap_ProvisionForDoubtfulAccounts
Non-cash interest on notes receivable from partners	(61)	(82)	(138)
Distributions received from investment funds	4	1,900	965
Equity income from investments	(1,208)	(21)	(1,911)
Other	6		(6)
Cash flows due to changes in operating assets and liabilities:
Receivables and due from Silvercrest Funds	(690)	(2,762)	(1,016)
Prepaid expenses and other assets	711	(4,532)	117
Accounts payable and accrued expenses	(959)	1,443	(118)
Accrued compensation	4,857	8,485	406
Other liabilities	369	734	154
Interest payable on notes payable	249	313	201
Net cash provided by operating activities	20,351	26,387	20,756
Cash Flows From Investing Activities
Restricted certificates of deposit and escrow	435	(1)	110
Acquisition of furniture, equipment and leasehold improvements	(664)	(275)	(257)
Earn-outs paid related to acquisitions completed before January 1, 2009	(1,805)	(703)	(720)
Acquisition of Ten-Sixty		(2,500)
Purchase of investments			(42)
Proceeds from sale of investments			139
Net cash used in investing activities	(2,034)	(3,479)	(770)
Cash Flows From Financing Activities
Earn-outs paid related to acquisitions completed on or after January 1, 2009	(511)	(462)	(75)
Borrowings under revolving credit facility		7,000us-gaap_ProceedsFromLinesOfCredit
Payments under revolving credit facility	(3,000)	(4,000)
Contributions from partners		165
Redemptions of partners’ interests	(270)	(451)	(222)
Repayments of notes payable	(2,627)us-gaap_RepaymentsOfNotesPayable	(2,217)us-gaap_RepaymentsOfNotesPayable	(1,695)us-gaap_RepaymentsOfNotesPayable
Payments on capital leases	(60)	(15)	(20)
Distributions to partners	(5,242)us-gaap_PaymentsOfCapitalDistribution	(29,317)us-gaap_PaymentsOfCapitalDistribution	(14,749)us-gaap_PaymentsOfCapitalDistribution
Dividends paid on Class A common stock	(3,657)us-gaap_PaymentsOfDividendsCommonStock	(661)us-gaap_PaymentsOfDividendsCommonStock
Offering costs		(1,482)us-gaap_PaymentsOfStockIssuanceCosts
Payments from partners on notes receivable	748	887	2,864
Purchase of Class B units from partners of Silvercrest L.P.		(35,365)
Sale and issuance of Silvercrest Asset Management Group Inc. Class A common stock		56,689
Net cash used in financing activities	(14,619)	(9,229)	(13,897)
Net increase in cash and cash equivalents	3,698	13,679	6,089
Cash and cash equivalents, beginning of year	27,122	13,443	7,354
Cash and cash equivalents, end of year	30,820	27,122	13,443
Net cash paid during the period for:
Income taxes	5,014us-gaap_IncomeTaxesPaid	1,067us-gaap_IncomeTaxesPaid	995us-gaap_IncomeTaxesPaid
Interest	437us-gaap_InterestPaid	316us-gaap_InterestPaid	225us-gaap_InterestPaid
Supplemental Disclosures of Non-cash Financing and Investing Activities
Notes receivable from new partners issued for capital contributions to Silvercrest L.P.	940	455	112
Accrual of partner incentive distributions		6,000
Issuance of notes for redemption of partnership interests		5,300
Earnout accrual for acquisition of Marathon Capital Group, LLC		1,795	1,061
Common stock surrendered as payment for notes receivable from partners	92
Issuance of notes payable for acquisition of Ten-Sixty		1,374us-gaap_NotesIssued1
Issuance of shares and call rights option for acquisition of MW Commodity Advisors, LLC			147us-gaap_StockIssued1
Recognition of deferred tax assets as a result of IPO	11	26,097
Recognition of tax receivable agreement liability	15,624	15,271
Assets acquired under capital leases	321us-gaap_CapitalLeaseObligationsIncurred
Adjustment of partner redemption obligation	$ 1,774