Oppenheimer Holdings Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Oppenheimer Holdings Inc. filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

OPPENHEIMER HOLDINGS INC (OPY) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Oppenheimer Holdings Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 85 Broad Street, New York, NY. Oppenheimer Holdings Inc. was formerly known as FAHNESTOCK VINER HOLDINGS INC. The SIC code for the company is 6211 (Security Brokers, Dealers & Flotation Companies).

Why It Matters

For investors and stakeholders tracking OPPENHEIMER HOLDINGS INC, this filing contains several important signals. This filing provides investors with the latest financial data for Oppenheimer Holdings Inc., crucial for assessing its current performance and future prospects. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding OPY.

Risk Assessment

Risk Level: low — OPPENHEIMER HOLDINGS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess Oppenheimer Holdings Inc.'s financial health.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-26 — Filing Date (Filed As Of Date)
• 10-Q — Form Type (Conformed Submission Type)
• 001-12043 — SEC File Number (SEC File Number)

Key Players & Entities

• OPPENHEIMER HOLDINGS INC (company) — Filer name
• OPY (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-26 (date) — Filed as of date
• 85 BROAD STREET (address) — Business address
• NEW YORK (location) — Business address city
• FAHNESTOCK VINER HOLDINGS INC (company) — Former company name
• 6211 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Oppenheimer Holdings Inc. operates within the financial services sector, specifically as a security broker and dealer.

Regulatory Implications

The company is subject to regulations by the U.S. Securities and Exchange Commission (SEC) as a publicly traded entity.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze Oppenheimer Holdings Inc.'s competitive positioning within the brokerage and investment banking industry.
3. Track any future SEC filings for updates on financial performance and strategic initiatives.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Helps categorize Oppenheimer Holdings Inc. within the financial services industry.)

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period data for comparison is available in this specific extract.

Filing Documents

• opy-20240331.htm (10-Q) — 1856KB
• ex311-3312024.htm (EX-31.1) — 14KB
• ex312-3312024.htm (EX-31.2) — 14KB
• ex32-3312024.htm (EX-32) — 5KB
• 0000791963-24-000026.txt (&nbsp;) — 10997KB
• opy-20240331.xsd (EX-101.SCH) — 71KB
• opy-20240331_cal.xml (EX-101.CAL) — 141KB
• opy-20240331_def.xml (EX-101.DEF) — 332KB
• opy-20240331_lab.xml (EX-101.LAB) — 830KB
• opy-20240331_pre.xml (EX-101.PRE) — 578KB
• opy-20240331_htm.xml (XML) — 2093KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Income Statements for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 55

Signatures

Signatures 56 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Expressed in thousands, except number of shares and per share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 27,661 $ 28,835 Deposits with clearing organizations 94,016 78,706 Receivable from brokers, dealers and clearing organizations 260,471 284,696 Receivable from customers, net of allowance for credit losses of $ 349 ($ 345 in 2023) 1,179,700 1,059,892 Income tax receivable 5,755 7,199 Securities purchased under agreements to resell 4,090 5,842 Securities owned, including amounts pledged of $ 917,804 ($ 689,381 in 2023), at fair value 1,044,089 795,312 Notes receivable, net 66,889 62,640 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $ 85,301 ($ 82,732 in 2023) 41,489 43,874 Right-of-use lease assets, net of accumulated amortization of $ 101,910 ($ 99,716 in 2023) 136,095 140,554 Corporate-owned life insurance 95,241 88,989 Goodwill 142,162 142,162 Intangible assets 34,264 34,340 Other assets 119,968 101,775 Total assets $ 3,251,890 $ 2,874,816 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ 21,459 $ 9,002 Bank call loans 94,350 — Payable to brokers, dealers and clearing organizations 497,366 361,890 Payable to customers 447,627 369,287 Securities sold under agreements to repurchase 286,455 640,382 Securities sold but not yet purchased, at fair value 520,932 31,676 Accrued compensation 161,525 256,244 Income tax payable 6,515 — Accounts payable and other liabilities 82,852 82,810 Lease liabilities 177,336 183,273 Senior secured notes, net of debt issuance costs of $ 337 ($ 392 in 2023) 112,713 112,658 Deferred tax liabilities, net of deferred tax assets of $ 44,537 ($ 45,961 in 2023) 41,238 38,355 Total liabilities 2,450,368 2,085,577 Commitments and contingencies (Note 14) Stockholders' equity Common stock ($ 0.001

View Full Filing

View this 10-Q filing on SEC EDGAR