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Press Release: Silvercrest Asset Management Group -3-

Press Release: Silvercrest Asset Management Group -3-

新聞稿:SilverCrest資產管理集團-3-
Dow Jones Newswires ·  2021/11/05 04:12

whether as a result of new information, future developments or otherwise, except as required by law.

無論是由於新信息、未來發展還是其他原因,除非法律另有要求。

About Silvercrest

關於SilverCrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest成立於2002年4月,是一家獨立的、員工所有的註冊投資顧問公司。Silvercrest在紐約、波士頓、弗吉尼亞州、新澤西州、加利福尼亞州和威斯康星州設有辦事處,為富裕家族和精選機構投資者提供傳統和另類投資諮詢和家族理財室服務。

Exhibit 1 
Silvercrest Asset Management Group Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except share and per share amounts or
as noted)
Three months ended Nine months ended
September 30, September 30,
2021 2020 2021 2020
Revenue
Management and
advisory fees $32,248 $26,148 $94,435 $76,554
Performance fees 86 -- 86 --
Family office
services 1,127 1,034 3,278 3,014
Total revenue 33,461 27,182 97,799 79,568
Expenses
Compensation and
benefits 18,758 15,142 54,882 44,217
General and
administrative 6,522 7,091 21,706 16,431
Total expenses 25,280 22,233 76,588 60,648
Income before
other income
(expense), net 8,181 4,949 21,211 18,920
Other income
(expense), net
Other income, net 43 8 58 23
Interest income 1 2 5 12
Interest expense (92) (120) (294) (445)
Total other
income
(expense), net (48) (110) (231) (410)
Income before
provision for
income taxes 8,133 4,839 20,980 18,510
Provision for
income taxes 1,779 1,359 4,630 4,558
Net income 6,354 3,480 16,350 13,952
Less: net income
attributable to
non-controlling
interests (2,631) (1,421) (6,740) (5,871)
Net income
attributable to
Silvercrest $3,723 $2,059 $9,610 $8,081
Net income per
share:
Basic $0.38 $0.22 $0.99 $0.85
Diluted $0.38 $0.22 $0.99 $0.85
Weighted average
shares
outstanding:
Basic 9,670,054 9,532,362 9,661,610 9,478,695
Diluted 9,691,103 9,540,604 9,676,639 9,488,259
Exhibit 2
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP ("Adjusted") Adjusted EBITDA Measure
(Unaudited and in thousands, except share and per share amounts or as
noted)
Three Months Ended Nine Months Ended
Adjusted EBITDA September 30, September 30,
2021 2020 2021 2020
Reconciliation
of non-GAAP
financial
measure:
Net income $ 6,354 $3,480 $16,350 $13,952
Provision for
income taxes 1,799 1,359 4,630 4,558
Delaware
Franchise Tax 50 50 150 150
Interest expense 92 120 294 445
Interest income (1) (2) (5) (12)
Depreciation and
amortization 981 968 2,942 2,995
Equity-based
compensation 345 193 807 456
Other
adjustments
(A) 745 1,951 5,262 455
Adjusted EBITDA $ 10,345 $8,119 $30,430 $22,999
Adjusted EBITDA
Margin 30.9 % 29.9 % 31.1 % 28.9 %
(A) Other adjustments consist of the following:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Acquisition
costs (a) $ 16 $38 $ 347 $318
Severance 10 -- 10 --
Other (b) 719 1,913 4,905 137
Total other
adjustments $ 745 $1,951 $ 5,262 $455
(a) For the three months ended September 30, 2021, represents insurance costs
of $11 and professional fees of $5 related to the acquisition of
Cortina. For the nine months ended September 30, 2021, represents
equity-based compensation expense of $300 related to restricted stock
unit grants issued to two associates hired as part of the Cortina
Acquisition in conjunction with their admission to Silvercrest L.P.,
insurance costs of $34 and professional fees of $14 related to the
acquisition of Cortina. For the three months ended September 30, 2020,
represents legal and other professional fees of $27 and insurance costs
of $11 related to the acquisition of Cortina. For the nine months ended
September 30, 2020, represents legal and other professional fees of $111,
insurance costs of $34 related to the acquisition of Cortina, and costs
related to the integration of Cortina's operations of $173.
(b) For the three months ended September 30, 2021, represents a fair value
adjustment to the Cortina contingent purchase price consideration of
$670, an ASC 842 rent adjustment of $48 related to the amortization of
property lease incentives and expenses related to the Coronavirus
pandemic of $1. For the nine months ended September 30, 2021, represents
a fair value adjustment to the Cortina contingent purchase price
consideration of $4,570, an ASC 842 rent adjustment of $144 related to
the amortization of property lease incentives and expenses related to the
Coronavirus pandemic of $191. For the three months ended September 30,
2020, represents an ASC 842 rent adjustment of $48 related to the
amortization of property lease incentives, a fair value adjustment to the
Cortina contingent purchase price consideration of $1,700 and expenses
related to the Coronavirus pandemic of $165. For the nine months ended
September 30, 2020, represents expenses of $18 related to office
renovations, an ASC 842 rent adjustment of $144 related to the
amortization of property lease incentives, professional fees related to a
new audit requirement of $13, a fair value adjustment to the Cappiccille
contingent purchase price consideration of $83, a fair value adjustment
to the Cortina contingent purchase price consideration of $(500), a fair
value adjustment to the Jamison contingent purchase price consideration
of $70, and expenses related to the Coronavirus pandemic of $309.
Exhibit 3
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP ("Adjusted")
Adjusted Net Income and Adjusted Earnings Per Share Measures
(Unaudited and in thousands, except per share amounts or as
noted)
Adjusted Net
Income and
Adjusted Earnings Three Months Ended Nine Months Ended
Per Share September 30, September 30,
2021 2020 2021 2020
Reconciliation of
non-GAAP
financial
measure:
Consolidated net
income $ 6,354 $3,480 $16,350 $13,952
GAAP Provision for
income taxes 1,799 1,359 4,630 4,558
Delaware Franchise
Tax 50 50 150 150
Other adjustments
(A) 745 1,951 5,262 455
Adjusted earnings
before provision
for income taxes 8,928 6,840 26,392 19,115
Adjusted
provision for
income taxes:
Adjusted provision
for income taxes
(26% assumed tax
rate) (2,321) (1,778) (6,862) (4,970)
Adjusted net
income $ 6,607 $5,062 $19,530 $14,145
GAAP net income
per share (B):
Basic and diluted $ 0.38 $0.22 $0.99 $0.85
Adjusted earnings
per share/unit
(B):
Basic $ 0.46 $0.35 $1.35 $0.98
Diluted $ 0.44 $0.35 $1.31 $0.97
Shares/units
outstanding:
Basic Class A
shares
outstanding 9,653 9,545 9,653 9,545
Basic Class B
shares/units
outstanding 4,815 4,828 4,815 4,828
Total basic
shares/units
outstanding 14,468 14,373 14,468 14,373
Diluted Class A
shares
outstanding (C) 9,675 9,553 9,675 9,553
Diluted Class B
shares/units
outstanding (D) 5,239 4,989 5,239 4,989
Total diluted
shares/units
outstanding 14,914 14,542 14,914 14,542
(A) See A in Exhibit 2.
(B) GAAP earnings per share is strictly attributable to Class A
shareholders. Adjusted earnings per share takes into account earnings
attributable to both Class A and Class B shareholders.
(C) Includes 21,704 and 8,242 unvested restricted stock units at September
30, 2021 and 2020, respectively.
(D) Includes 170,854 and 74,907 unvested restricted stock units and 252,904
and 86,764 unvested non-qualified options at September 30, 2021 and 2020,
respectively.
Exhibit 4
Silvercrest Asset Management Group Inc.
Consolidated Statements of
Financial Condition
(in thousands)
September 30, December 31,
2021 2020
(Unaudited)
Assets
Cash and cash equivalents $ 65,930 $ 62,498
Investments 53 914
Receivables, net 9,386 8,341
Due from Silvercrest Funds 2,188 1,018
Furniture, equipment and leasehold
improvements, net 5,272 5,523
Goodwill 63,675 63,675
Operating lease assets 26,580 30,068
證物1銀冠資產管理集團(SilverCrest Asset Management Group Inc.)合併業務報表(未經審計且以千為單位,不包括股票和每股金額或如上所述)截至三個月截至九個月九月三十號,九月三十號,                   2021        2020        2021        2020 收入管理和顧問費32,248元26,148元94,435元76,554元演出費用86--86--家族理財室服務1,127,034 3,278,014總收入33,461 27,182 97,799 79,568費用薪酬和福利18,758 15,142 54,882 44,217一般和行政6,522,091 21,706 16,431總費用25,280 22,233 76,588 60,648以前的收入其他收入(費用),淨額8,181 4,949 21,211 18,920其他收入(費用),淨額其他收入,淨額43 8 58 23利息收入1 2 5 12利息支出(92)(120)(294)(445)總計其他收入(費用),淨額(48)(110)(231)(410)以前的收入為以下事項撥備的款項所得税8,133 4,839 20,980 18,510為以下事項撥備的款項所得税1779 1359 4630 4558淨收益6,354 3,480 16,350 13,952減去:淨收入歸因於非控制性利息(2631)(1421)(6740)(5871)淨收入歸因於銀冠$3,723$2,059$9,610$8,081每件物品的淨收入分享:基本$0.38$0.22$0.99$0.85稀釋後$0.38$0.22$0.99$0.85加權平均股票傑出的:基本版9,670,054 9,532,362 9,661,610 9,478,695稀釋9,691,103 9,540,604 9,676,639 9,488,259附件2銀冠資產管理集團(SilverCrest Asset Management Group Inc.)GAAP與非GAAP(“調整後”)調整後EBITDA指標的對賬(未經審計且以千為單位,但股票和每股金額或已記錄)截至三個月截至九個月調整後的EBITDA 9月30日,9月30日,                  2021             2020         2021         2020 和解非公認會計原則金融測量:淨收入$6,354$3,480$16,350$13,952為以下事項撥備的款項所得税1799 1359 4630 4558特拉華州特許經營税50 50 150 150利息支出92 120 294 445利息收入(1)(2)(5)(12)折舊和折舊攤銷981 968 2,942 2,995以股權為基礎薪酬345 193 807 456其他調整 (A)                  745           1,951        5,262        455 調整後EBITDA$10,345$8,119$30,430$22,999調整後的EBITDA利潤率30.9%29.9%31.1%28.9%(A)其他調整包括以下內容:截至三個月截至九個月九月三十號,九月三十號,               2021        2020        2021         2020 採辦成本(A)$16$38$347$318遣散費10--10--其他(B)719 1,913 4,905 137總計其他調整$745$1,951$5,262$455(A)截至2021年9月30日的三個月,為保險費11美元和5美元的專業費用,與收購科蒂娜。截至2021年9月30日的9個月,代表與限制性股票相關的300美元股權薪酬支出發放給作為科爾蒂納號一部分受僱的兩名同事的單位補助金在他們被Silvercrest L.P.錄取的同時進行收購,保險費用34美元和專業費用14美元收購科爾蒂納。截至2020年9月30日的三個月,包括27美元的律師費和其他專業費用以及保險費其中11美元與收購Cortina有關。在過去的九個月裏2020年9月30日,代表法律和其他專業費用111美元,與收購Cortina相關的保險費用34美元,以及與整合Cortina的173美元業務有關。(B)截至2021年9月30日的三個月,代表公允價值對科爾蒂納或有收購價格的調整對價670美元,ASC 842租金調整48美元,與攤銷有關與冠狀病毒相關的財產租賃獎勵和費用大流行1美元。在截至2021年9月30日的9個月裏,代表着對Cortina或有收購價格的公允價值調整代價4,570美元,ASC 842租金調整144美元,涉及有關物業租賃獎勵及開支的攤銷冠狀病毒大流行191美元。截至9月30日的三個月,2020年,相當於ASC 842租金調整48美元,與攤銷物業租賃獎勵,公允價值調整至Cortina或有收購價格對價1700美元和費用與冠狀病毒大流行相關的165美元。在過去的九個月裏2020年9月30日,與辦公室相關的費用為18美元翻新,ASC 842租金調整144美元,與攤銷物業租賃獎勵,與專業費用相關的一項新的審計要求為13美元,對卡皮切爾進行公允價值調整或有收購價格對價83美元,公允價值調整對Cortina或有收購價格的對價為(500美元),公道對Jamison或有收購價格對價的價值調整70美元,與冠狀病毒大流行有關的費用309美元。附件3銀冠資產管理集團(SilverCrest Asset Management Group Inc.)GAAP與非GAAP的對賬(“調整後”)調整後淨收益和調整後每股收益衡量標準(未經審計且以千為單位,每股金額或已記錄)調整後的淨值收入和截至三個月的調整後收益截至九個月的調整後收益每股9月30日,9月30日,                    2021          2020      2021      2020 對賬非GAAP金融測量:合併淨值收入$6,354$3,480$16,350$13,952GAAP撥備用於所得税1799 1359 4630 4558特拉華州特許經營權税50 50 150其他調整 (A)                    745        1,951     5,262     455 調整後收益撥備前所得税為8,928 6,840 26,392 19,115調整後的為以下事項撥備的款項所得税:調整後的撥備所得税(26%承擔税收(2,321)(1,778)(6,862)(4,970)調整後的淨值收入$6,607$5,062$19,530$14,145公認會計準則淨收益每股(B):基本和稀釋$0.38$0.22$0.99$0.85調整後收益每股/單位(B): 基本$0.46$0.35$1.35$0.98稀釋後$0.44$0.35$1.31$0.97股份/單位傑出的:基礎A類股票未償還款項9,653 9,545 9,653 9,545基礎B類股份/單位未償還金額4,815 4,828 4,815 4,828基本合計股份/單位未償債務14,468 14,373 14,468 14,373稀釋A類股票未清償(C)9,675 9,553 9,675 9,553稀釋的B類股份/單位未清償(丁)5,239,989 5,239,989總稀釋股份/單位未償債務14,914,542 14,914,542(A)見附件2中的A。(B)GAAP每股收益嚴格歸因於A類股東們。調整後的每股收益考慮了收益可歸屬於A類和B類股東。(C)包括截至9月的21,704個和8,242個未歸屬限制性股票單位30、2021年和2020年分別為30年、2021年和2020年。(D)包括170,854和74,907個未歸屬限制性股票單位和252,904個9月30日、2021年和2020年的86,764個未授予的非限定期權,分別為。附件4銀冠資產管理集團(SilverCrest Asset Management Group Inc.)合併報表財務狀況(單位:千)九月三十日,十二月三十一日,                                          2021             2020 (未經審計)資產現金及現金等價物$65,930$62,498投資53 914應收賬款,淨額9,386,341SilverCrest基金到期2,188,018傢俱、設備和租賃改善工程,淨額5,2725,5523商譽63,675 63,675經營性租賃資產26,580 30,068

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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