Oppenheimer Holdings Inc. Files Q2 2024 10-Q Report

Ticker: OPY · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 791963

Oppenheimer Holdings Inc 10-Q Filing Summary
FieldDetail
CompanyOppenheimer Holdings Inc (OPY)
Form Type10-Q
Filed DateJul 26, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: OPY

TL;DR

OPY filed its 10-Q for Q2 2024. All systems go.

AI Summary

Oppenheimer Holdings Inc. filed its quarterly report for the period ended June 30, 2024. The company, incorporated in Delaware with IRS Employer Identification No. 98-0080034, is registered with the SEC under file number 1-12043. Its Class A non-voting common stock trades under the symbol OPY on the New York Stock Exchange.

Why It Matters

This filing provides investors with an update on Oppenheimer Holdings Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags.

Key Players & Entities

  • OPPENHEIMER HOLDINGS INC. (company) — Registrant
  • June 30, 2024 (date) — Quarterly period ended
  • OPY (company) — Trading Symbol
  • The New York Stock Exchange (company) — Exchange

FAQ

What is the Commission File Number for Oppenheimer Holdings Inc.?

The Commission File Number for Oppenheimer Holdings Inc. is 1-12043.

What is the trading symbol for Oppenheimer Holdings Inc.'s Class A non-voting common stock?

The trading symbol for Oppenheimer Holdings Inc.'s Class A non-voting common stock is OPY.

On which exchange is Oppenheimer Holdings Inc.'s Class A non-voting common stock traded?

Oppenheimer Holdings Inc.'s Class A non-voting common stock is traded on The New York Stock Exchange.

In which jurisdiction was Oppenheimer Holdings Inc. incorporated?

Oppenheimer Holdings Inc. was incorporated in Delaware.

What is the principal executive office address for Oppenheimer Holdings Inc.?

The principal executive office address for Oppenheimer Holdings Inc. is 85 Broad Street, New York, NY 10004.

Filing Stats: 4,619 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-07-26 08:51:29

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Income Statements for the three an d s ix months ende d June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three a nd six months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and six months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the s ix months ended June 30 , 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 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

Signatures

Signatures 57 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) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 33,214 $ 28,835 Deposits with clearing organizations 108,415 78,706 Receivable from brokers, dealers and clearing organizations 297,031 284,696 Receivable from customers, net of allowance for credit losses of $ 220 ($ 345 in 2023) 1,161,685 1,059,892 Income tax receivable 6,009 7,199 Securities purchased under agreements to resell 4,079 5,842 Securities owned, including amounts pledged of $ 867,341 ($ 689,381 in 2023), at fair value 1,043,256 795,312 Notes receivable, net 63,342 62,640 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $ 87,808 ($ 82,732 in 2023) 40,163 43,874 Right-of-use lease assets, net of accumulated amortization of $ 107,581 ($ 99,716 in 2023) 132,441 140,554 Corporate-owned life insurance 94,646 88,989 Goodwill 142,162 142,162 Intangible assets 34,187 34,340 Other assets 101,908 101,775 Total assets $ 3,262,538 $ 2,874,816 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ 21,762 $ 9,002 Bank call loans 218,800 — Payable to brokers, dealers and clearing organizations 278,226 361,890 Payable to customers 325,886 369,287 Securities sold under agreements to repurchase 822,785 640,382 Securities sold but not yet purchased, at fair value 177,251 31,676 Accrued compensation 209,502 256,244 Accounts payable and other liabilities 69,187 82,810 Lease liabilities 172,604 183,273 Senior secured notes, net of debt issuance costs of $ 283 ($ 392 in 2023) 112,767 112,658 Deferred tax liabilities, net of deferred tax assets of $ 44,087 ($ 45,961 in 2023) 41,708 38,355 Total liabilities 2,450,478 2,085,577 Commitments and contingencies (Note 14) Stockholders' equity Common stock ($ 0.001 par value per share): Cl

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