Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash Flows From Operating Activities |
|
|
|
| Net income |
$ 11,085
|
$ 10,708
|
$ 17,168
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Equity-based compensation |
1,524
|
1,013
|
1,962
|
| Depreciation and amortization |
2,359
|
1,968
|
1,944
|
| Deferred rent |
(466)
|
(443)
|
(448)
|
| Deferred income taxes |
3,533
|
3,600
|
283
|
| Tax receivable agreement fair value adjustment |
(1,209)
|
|
|
| Provision for doubtful accounts |
|
227
|
|
| Non-cash interest on notes receivable from partners |
(66)
|
(61)
|
(82)
|
| Distributions received from investment funds |
1,292
|
4
|
1,900
|
| Equity income from investments |
(18)
|
(1,208)
|
(21)
|
| Other |
2
|
6
|
|
| Cash flows due to changes in operating assets and liabilities: |
|
|
|
| Receivables and due from Silvercrest Funds |
(501)
|
(690)
|
(2,762)
|
| Prepaid expenses and other assets |
(973)
|
711
|
(4,532)
|
| Accounts payable and accrued expenses |
(121)
|
(959)
|
1,443
|
| Accrued compensation |
285
|
4,857
|
8,485
|
| Other liabilities |
(695)
|
369
|
734
|
| Interest payable on notes payable |
212
|
249
|
313
|
| Net cash provided by operating activities |
16,243
|
20,351
|
26,387
|
| Cash Flows From Investing Activities |
|
|
|
| Restricted certificates of deposit and escrow |
(1)
|
435
|
(1)
|
| Acquisition of furniture, equipment and leasehold improvements |
(388)
|
(664)
|
(275)
|
| Earn-outs paid related to acquisitions completed before January 1, 2009 |
|
(1,805)
|
(703)
|
| Net cash used in investing activities |
(3,936)
|
(2,034)
|
(3,479)
|
| Cash Flows From Financing Activities |
|
|
|
| Earn-outs paid related to acquisitions completed on or after January 1, 2009 |
(570)
|
(511)
|
(462)
|
| Borrowings under revolving credit facility |
|
|
7,000
|
| Payments under revolving credit facility |
|
(3,000)
|
(4,000)
|
| Contributions from partners |
|
|
165
|
| Redemptions of partners’ interests |
|
(270)
|
(451)
|
| Repayments of notes payable |
(2,010)
|
(2,627)
|
(2,217)
|
| Payments on capital leases |
(145)
|
(60)
|
(15)
|
| Distributions to partners |
(5,546)
|
(5,242)
|
(29,317)
|
| Dividends paid on Class A common stock |
(3,783)
|
(3,657)
|
(661)
|
| Offering costs |
|
|
(1,482)
|
| Payments from partners on notes receivable |
489
|
748
|
887
|
| 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 |
(11,565)
|
(14,619)
|
(9,229)
|
| Net increase in cash and cash equivalents |
742
|
3,698
|
13,679
|
| Cash and cash equivalents, beginning of year |
30,820
|
27,122
|
13,443
|
| Cash and cash equivalents, end of year |
31,562
|
30,820
|
27,122
|
| Net cash paid during the period for: |
|
|
|
| Income taxes |
3,967
|
5,014
|
1,067
|
| Interest |
149
|
437
|
316
|
| Supplemental Disclosures of Non-cash Financing and Investing Activities |
|
|
|
| Notes receivable from new partners issued for capital contributions to Silvercrest L.P. |
|
940
|
455
|
| Accrual of partner incentive distributions |
|
|
6,000
|
| Issuance of notes for redemption of partnership interests |
|
|
5,300
|
| Common stock surrendered as payment for notes receivable from partners |
|
92
|
|
| Recognition of deferred tax assets as a result of IPO |
|
11
|
26,097
|
| Recognition of deferred tax assets as a result of share conversions |
1,038
|
|
|
| Recognition of tax receivable agreement liability |
14,654
|
|
15,271
|
| Assets acquired under capital leases |
50
|
321
|
|
| Adjustment of partner redemption obligation |
|
$ 1,774
|
|
| Class B Common Stock |
|
|
|
| Supplemental Disclosures of Non-cash Financing and Investing Activities |
|
|
|
| Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison |
3,562
|
|
|
| Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $0.01 |
3
|
|
|
| Ten-Sixty |
|
|
|
| Cash Flows From Investing Activities |
|
|
|
| Acquisition |
|
|
(2,500)
|
| Supplemental Disclosures of Non-cash Financing and Investing Activities |
|
|
|
| Issuance of notes payable for acquisition |
|
|
1,374
|
| Jamison |
|
|
|
| Cash Flows From Investing Activities |
|
|
|
| Acquisition |
(3,547)
|
|
|
| Supplemental Disclosures of Non-cash Financing and Investing Activities |
|
|
|
| Earnout accrual for acquisition |
1,342
|
|
|
| Issuance of notes payable for acquisition |
$ 2,165
|
|
|
| Marathon Capital Group, LLC |
|
|
|
| Supplemental Disclosures of Non-cash Financing and Investing Activities |
|
|
|
| Earnout accrual for acquisition |
|
|
$ 1,795
|