Oppenheimer Holdings Inc. Files Q3 2024 10-Q Report

TL;DR

Oppenheimer Holdings Inc. filed its Q3 2024 10-Q. Financials are in.

AI Summary

Oppenheimer Holdings Inc. filed its 10-Q report for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the third quarter and year-to-date periods.

Why It Matters

This filing provides investors and analysts with crucial financial information about Oppenheimer Holdings Inc.'s performance and financial health as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a financial services company, Oppenheimer Holdings Inc. is subject to market volatility and regulatory changes, which can impact its financial performance.

Key Numbers

• 2024-09-30 — Reporting Period End (End of the third quarter of 2024.)
• 2024-10-25 — Filing Date (Date the 10-Q was filed with the SEC.)

Key Players & Entities

• OPPENHEIMER HOLDINGS INC (company) — Filer
• 85 BROAD STREET (location) — Business and Mail Address
• NEW YORK (location) — City for Business and Mail Address
• 20240930 (date) — Reporting Period End Date
• 20241025 (date) — Filing Date

FAQ

Filing Documents

• opy-20240930.htm (10-Q) — 2220KB
• ex311-9302024.htm (EX-31.1) — 14KB
• ex312-9302024.htm (EX-31.2) — 14KB
• ex32-9302024.htm (EX-32) — 5KB
• 0000791963-24-000051.txt ( ) — 12405KB
• opy-20240930.xsd (EX-101.SCH) — 72KB
• opy-20240930_cal.xml (EX-101.CAL) — 144KB
• opy-20240930_def.xml (EX-101.DEF) — 318KB
• opy-20240930_lab.xml (EX-101.LAB) — 846KB
• opy-20240930_pre.xml (EX-101.PRE) — 577KB
• opy-20240930_htm.xml (XML) — 2623KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of Se ptember 30, 2024 and December 31, 2023 3 Condensed Consolidated Income Statements for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the n ine months ended September 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 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 and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 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) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 32,242 $ 28,835 Deposits with clearing organizations 89,549 78,706 Receivable from brokers, dealers and clearing organizations 276,539 284,696 Receivable from customers, net of allowance for credit losses of $ 215 ($ 345 in 2023) 1,296,339 1,059,892 Income tax receivable 4,029 7,199 Securities purchased under agreements to resell — 5,842 Securities owned, including amounts pledged of $ 792,284 ($ 689,381 in 2023), at fair value 1,067,452 795,312 Notes receivable, net 65,580 62,640 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $ 89,776 ($ 82,732 in 2023) 37,642 43,874 Right-of-use lease assets, net of accumulated amortization of $ 114,371 ($ 99,716 in 2023) 128,707 140,554 Corporate-owned life insurance 98,068 88,989 Goodwill 142,162 142,162 Intangible assets 34,111 34,340 Other assets 94,865 101,775 Total assets $ 3,367,285 $ 2,874,816 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ 10,223 $ 9,002 Bank call loans 206,700 — Payable to brokers, dealers and clearing organizations 319,529 361,890 Payable to customers 367,905 369,287 Securities sold under agreements to repurchase 765,102 640,382 Securities sold but not yet purchased, at fair value 203,663 31,676 Accrued compensation 262,120 256,244 Accounts payable and other liabilities 64,803 82,810 Lease liabilities 167,424 183,273 Senior secured notes, net of debt issuance costs of $ 228 ($ 392 in 2023) 112,822 112,658 Deferred tax liabilities, net of deferred tax assets of $ 44,857 ($ 45,961 in 2023) 49,156 38,355 Total liabilities 2,529,447 2,085,577 Commitments and contingencies (Note 14) Stockholders' equity Common stock ($ 0.001 par value per share): Cla

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View this 10-Q filing on SEC EDGAR