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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q
  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
 
Commission File Number 1-12043
 
OPPENHEIMER HOLDINGS INC.
(Exact name of registrant as specified in its charter)
 
Delaware98-0080034
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

85 Broad Street
New York, NY 10004
(Address of principal executive offices) (Zip Code)

(212668-8000
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
 


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A non-voting common stockOPYThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated Filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  
The number of shares of the Company's Class A non-voting common stock and Class B voting common stock (being the only classes of common stock of the Company) outstanding on October 27, 2023 was 10,275,424 and 99,665 shares, respectively.



OPPENHEIMER HOLDINGS INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q

 
 Page No.
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



PART I. FINANCIAL INFORMATION

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, 2023December 31, 2022
ASSETS
Cash and cash equivalents$30,773 $112,433 
Deposits with clearing organizations88,927 77,691 
Restricted cash25,949 25,534 
Receivable from brokers, dealers and clearing organizations259,374 206,077 
Receivable from customers, net of allowance for credit losses of $367 ($350 in 2022)
1,087,314 1,202,764 
Income tax receivable17,740  
Securities owned, including amounts pledged of $680,891 ($175,724 in 2022), at fair value
853,945 498,594 
Notes receivable, net61,270 57,495 
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $91,544 ($97,751 in 2022)
42,627 36,742 
Right-of-use lease assets, net of accumulated amortization of $89,365 ($82,449 in 2022)
151,191 142,630 
Goodwill137,889 137,889 
Intangible assets32,100 32,100 
Other assets186,275 184,443 
Total assets$2,975,374 $2,714,392 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable$14,521 $ 
Bank call loans56,200  
Payable to brokers, dealers and clearing organizations350,344 550,006 
Payable to customers363,839 456,475 
Securities sold under agreements to repurchase680,064 161,009 
Securities sold but not yet purchased, at fair value45,577 52,768 
Accrued compensation224,282 239,136 
Income tax payable 4,130 
Accounts payable and other liabilities86,536 102,202 
Lease liabilities193,954 182,570 
Senior secured notes, net of debt issuance costs of $447 ($616 in 2022)
112,603 113,434 
        Deferred tax liabilities, net of deferred tax assets of $47,682 ($55,628 in 2022)
42,165 32,241 
Total liabilities2,170,085 1,893,971 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests25,974 25,466 
Stockholders' equity
Common stock ($0.001 par value per share):
Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,289,233 and 10,868,556 as of September 30, 2023 and December 31, 2022, respectively
Class B: shares authorized, issued and outstanding: 99,665 as of September 30, 2023 and December 31, 2022
10 11 
Additional paid-in capital28,826 28,628 
Retained earnings750,798 764,178 
Accumulated other comprehensive income (loss)(324)1,416 
Total Oppenheimer Holdings Inc. stockholders' equity779,310 794,233 
Noncontrolling interest (Note 2)5 722 
Total Stockholders' equity779,315 794,955 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity$2,975,374 $2,714,392 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(Expressed in thousands, except number of shares and per share amounts)2023202220232022
REVENUE
Commissions$83,933 $89,608 $259,174 $282,307 
Advisory fees107,969 102,927 310,214 326,098 
Investment banking37,411 38,393 95,354 93,516 
Bank deposit sweep income42,304 35,769 135,273 54,968 
Interest26,430 17,361 78,691 38,667 
Principal transactions, net16,892 6,502 46,635 10,124 
Other(2,272)3,551 15,195 (8,319)
Total revenue312,667 294,111 940,536 797,361 
EXPENSES
Compensation and related expenses195,684 179,134 589,200 543,144 
Communications and technology22,590 21,500 67,813 63,981 
Occupancy and equipment costs17,281 15,457 49,622 44,701 
Clearing and exchange fees6,051 6,705 18,241 18,923 
Interest19,744 7,018 50,353 13,158 
Other29,730 57,059 136,369 98,172 
Total expenses291,080 286,873 911,598 782,079 
Pre-tax income21,587 7,238 28,938 15,282 
Income taxes provision7,808 2,573 10,262 5,559 
Net income$13,779 $4,665 $18,676 $9,723 
Net income (loss) attributable to noncontrolling interest, net of tax(82)145 (403)(215)
Net income attributable to Oppenheimer Holdings Inc.$13,861 $4,520 $19,079 $9,938 
Earnings per share attributable to Oppenheimer Holdings Inc.
Basic$1.32 $0.40 $1.75 $0.84 
Diluted$1.21 $0.37 $1.62 $0.78 
Weighted average shares outstanding
Basic10,519,431 11,270,589 10,874,055 11,901,727 
Diluted11,440,229 12,190,425 11,746,337 12,809,000 
Period end shares outstanding10,388,898 10,974,655 10,388,898 10,974,655 


The accompanying notes are an integral part of these condensed consolidated financial statements.
4


OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(Expressed in thousands)2023202220232022
Net income$13,779 $4,665 $18,676 $9,723 
Other comprehensive loss, net of tax
Currency translation adjustment(580)(410)(1,740)(3,062)
Comprehensive income$13,199 $4,255 16,936 6,661 
Less net income (loss) attributable to noncontrolling interests(82)145 (403)(215)
Comprehensive income attributable to Oppenheimer Holdings Inc.$13,281 $4,110 $17,339 $6,876 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (unaudited)

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(Expressed in thousands, except per share amount)2023202220232022
Common stock ($0.001 par value per share)
Beginning Balance$11 $11 $11 $12 
Issuance of Class A non-voting common stock    
Repurchase of Class A non-voting common stock for cancellation(1) (1)(1)
Ending Balance10 11 10 11 
Additional paid-in capital
Balance at beginning of period25,576 35,461 28,628 78,034 
Issuance of Class A non-voting common stock367 518 6,040 2,862 
Repurchase of Class A non-voting common stock for cancellation(211)(12,206)(3,898)(58,581)
Share-based expense3,413 2,631 10,054 8,684 
Vested employee share plan awards(314)(486)(11,892)(5,081)
Change in redemption value of redeemable noncontrolling interests(5) (106) 
Balance at end of period28,826 25,918 28,826 25,918 
Retained earnings
Balance at beginning of period762,471 742,614 764,178 740,926 
Repurchase of Class A non-voting common stock for cancellation(23,956)(1,781)(27,555)(1,781)
Net income (1)
13,861 4,520 19,079 9,938 
Dividends paid(1,578)(1,703)(4,904)(5,433)
Balance at end of period750,798 743,650 750,798 743,650 
Accumulated other comprehensive income
Balance at beginning of period256 1,573 1,416 4,225 
Currency translation adjustment(580)(410)(1,740)(3,062)
Balance at end of period(324)1,163 (324)1,163 
Total Oppenheimer Holdings Inc. stockholders' equity$779,310 $770,742 $779,310 $770,742 
Noncontrolling interest
Balance at beginning of period109 1,709 722 2,069 
Capital addition (distribution) to noncontrolling interest (21)171 (21)
Net income (loss) attributable to noncontrolling interest(82)145 (403)(215)
Change in redemption value of redeemable noncontrolling interests(22) (485) 
Balance at end of period5 1,833 5 1,833 
Total stockholders' equity$779,315 $772,575 $779,315 $772,575 
Redeemable Noncontrolling Interests
Balance at beginning of period25,948 127,765 25,466 127,765 
Redemption of redeemable noncontrolling interests  (83) 
Change in redemption value of redeemable noncontrolling interests26  591  
Balance at end of period$25,974 $127,765 $25,974 $127,765 
Dividends paid per share$0.15 $0.15 $0.45 $0.45 
(1) Attributable to Oppenheimer Holdings Inc.
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(Expressed in thousands)20232022
Cash flows from operating activities
Net income$18,676 $9,723 
Adjustments to reconcile net income to net cash used in operating activities
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements6,585 5,717 
Deferred income taxes10,460 (5,890)
Amortization of notes receivable11,600 10,480 
Amortization of debt issuance costs165 189 
Write-off of debt issuance costs5  
Provision for credit losses17 61 
Share-based compensation9,662 (1,152)
Amortization of right-of-use lease assets20,687 20,041 
     Gain on repurchase of senior secured notes(51) 
Decrease (increase) in operating assets:
Deposits with clearing organizations(11,236)(28,677)
Receivable from brokers, dealers and clearing organizations(53,297)(7,304)
Receivable from customers115,433 42,676 
Income tax receivable(17,740) 
Securities purchased under agreements to resell 935 
Securities owned(355,351)(28,173)
Notes receivable(15,375)(13,702)
Other assets(5,733)34,278 
Increase (decrease) in operating liabilities:
Drafts payable14,521 9,644 
Payable to brokers, dealers and clearing organizations(199,662)71,389 
Payable to customers(92,636)(75,846)
Securities sold under agreements to repurchase519,055 6,710 
Securities sold but not yet purchased(7,191)22,935 
Accrued compensation(14,462)(135,341)
Income tax payable (4,130) 
Accounts payable and other liabilities(34,228)(21,797)
Cash used in operating activities(84,226)(83,104)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements(12,470)(11,627)
Proceeds from the settlement of Company-owned life insurance2,161 1,191 
Cash used in investing activities(10,309)(10,436)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock(4,904)(5,433)
Issuance of Class A non-voting common stock54 65 
Repurchase of Class A non-voting common stock for cancellation(31,241)(59,554)
Payments for employee taxes withheld related to vested share-based awards(5,907)(2,283)
Addition (Distribution) to noncontrolling interests171 (21)
Redemption of redeemable noncontrolling interests (83) 
Repurchase of senior secured notes(1,000) 
Increase (Decrease) in bank call loans56,200 (15,900)
Cash provided by (used in) financing activities13,290 (83,126)
Net decrease in cash, cash equivalents and restricted cash(81,245)(176,666)
Cash, cash equivalents and restricted cash, beginning of period137,967 341,524 
Cash, cash equivalents and restricted cash, end of period$56,722 $164,858 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:20232022
Cash and cash equivalents$30,773 $36,578 
Restricted cash25,949 128,280 
Total cash, cash equivalents and restricted cash$56,722 $164,858 
Schedule of non-cash financing activities
Employee share plan issuance$9,376 $4,288 
Supplemental disclosure of cash flow information
Cash paid during the period for interest$51,685 $14,184 
Cash paid during the period for income taxes, net$20,666 $25,683 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)

1.    Organization
Oppenheimer Holdings Inc. ("OPY" or the "Parent") is incorporated under the laws of the State of Delaware. The condensed consolidated financial statements include the accounts of OPY and its consolidated subsidiaries (together, the "Company"). Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services.

The Company is headquartered in New York and has 92 retail branch offices in 25 states located throughout the United States and offices in Puerto Rico, Tel Aviv, Israel, Hong Kong, China, London, England, St. Helier, Isle of Jersey, Munich, Germany, Portugal and Geneva, Switzerland as well as institutional businesses located in London, Tel Aviv, and Hong Kong. The principal subsidiaries of OPY are Oppenheimer & Co. Inc. ("Oppenheimer"), a registered broker-dealer in securities and investment adviser under the Investment Advisers Act of 1940; Oppenheimer Asset Management Inc. ("OAM") and its wholly-owned subsidiary, Oppenheimer Investment Management LLC, both registered investment advisers under the Investment Advisers Act of 1940; Oppenheimer Trust Company of Delaware ("Oppenheimer Trust"), a limited purpose trust company that provides fiduciary services such as trust and estate administration and investment management; OPY Credit Corp., which conducts secondary trading activities related to the purchase and sale of loans, primarily on a riskless principal basis; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, Portugal, and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission.

Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services, and Oppenheimer Israel (OPCO) Ltd., based in Tel Aviv, Israel, which provides investment services in the State of Israel and operates subject to the authority of the Israel Securities Authority.


2.    Summary of significant accounting policies and estimates
Basis of Presentation
The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K"). The accompanying condensed consolidated balance sheet data was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management's knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. The condensed consolidated results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for any future interim or annual period.

Reclassification

Effective June 30, 2022, the Company reclassified certain stockholders' equity amounts on the condensed consolidated balance sheet and condensed consolidated statements of changes in stockholders' equity and redeemable noncontrolling interests. The reclassification included separately presenting the par value of common stock, and combining previously disclosed share capital and contributed capital amounts in the currently reported additional paid-in capital amount. The reclassification had no impact on previously reported total stockholders’ equity amounts.

8


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
Oppenheimer Acquisition Corp. I

On October 26, 2021, OPY Acquisition Corp. I (“OHAA”) consummated its $126.5 million initial public offering (the “OHAA IPO”). OHAA is a special purpose acquisition company, incorporated in Delaware for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). OPY Acquisition LLC I (the “Sponsor”), a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of OHAA. The Company and its employees control OHAA through the Sponsor’s ownership of Class A founder shares of OHAA. As a result, both OHAA and the Sponsor are recorded in the Company's consolidated financial statements.

Upon IPO completion, funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million investment from the Sponsor, were held in a trust account until the earlier of (i) the completion of a Business Combination or (ii) ten business days after April 29, 2023, 18 months from the closing of the OHAA IPO (“Combination Period”), pursuant to OHAA's certificate of incorporation. The cash held in the trust account is recorded in “Restricted Cash” on the consolidated balance sheet.

Transaction costs, which consisted of a net underwriting fee of $2.5 million and $0.5 million of other offering costs, were charged against the gross proceeds of the OHAA IPO consistent with SEC Staff Accounting Bulletin (SAB) Topic 5.

On December 20, 2022, OHAA’s stockholders approved an amendment to its certificate of incorporation that was filed with the Delaware Secretary of State on December 22, 2022 which extends the deadline by which it must complete its initial business combination from April 29, 2023 to October 30, 2023. In connection with its proposal to amend its certificate of incorporation, OHAA was required to give its Class A stockholders the opportunity to redeem their shares of Class A common stock. Of the 12,650,000 shares of Class A common stock that were outstanding, a total of 10,170,490 shares exercised their redemption rights. As of September 30, 2023, $25.9 million remained in the trust account that is recorded within “Restricted Cash” on the condensed consolidated balance sheet.

“Redeemable noncontrolling interests” of $26.0 million associated with the publicly-held OHAA Class A ordinary shares are recorded on the Company’s condensed consolidated balance sheet as of September 30, 2023 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests will be affected by charges to additional paid-in-capital and noncontrolling interests attributable to certain members of the Sponsor on a pro rata ownership basis.

The public warrants and private warrants exercisable for OHAA Class A ordinary shares that were issued in connection with the OHAA IPO (the “OHAA Warrants”) qualify for equity accounting treatment under FASB ASC Topic 815.
Oppenheimer Principal Investments LLC
Oppenheimer Principal Investments LLC ("OPI") is a Delaware special purpose "Series" limited liability company formed in December 2020 and designed to retain and reward talented employees of the Company, primarily in connection with the deployment of Company capital into successful private market investments, and also in connection with the Company's receipt of non-cash compensation from investment banking assignments. OPI is designed to promote alignment of Company, client and employee interests as they relate to profitable investment opportunities. This program acts as an incentive for senior employees to identify attractive private investments for the Company and its clients, and as a retention tool for key employees of the Company. OPI treats its members as partners for tax purposes generally and with respect to the separate Series formed to participate in (i) the incentive fees generated by successful client investments in the Company's Private Market Opportunities program, or (ii) principal investments made by the Company or a portion of the gains thereon, either through the outright purchase of an investment or consideration earned in lieu of an investment banking fee or other transaction fee. Employees who become members of a Series receive a "profit interest", as that term is used in Internal Revenue Service (“IRS”) regulations, and receive an allocation of capital appreciation of the investment held by the particular Series that exceeds a threshold amount established for each Series. Participating employees are also subject to vesting and forfeiture requirements for each Series
9


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
investment. Vested profit interests are accounted for as compensation expense under FASB Topic ASC 710. Additionally, the Company’s policy is to consolidate those entities where it owns the majority voting interests. The Company owns the majority voting interest of OPI through Oppenheimer Alternative Investment Management (“OAIM”), the managing member of OPI and a subsidiary of OAM. Pursuant to the Company’s policy for consolidation, the Company consolidates OPI. See note 10 for details.

Noncontrolling interests represents ownership interests in the Sponsor of OHAA, OHAA Class A founder and Class A ordinary shares held by management and employees of the Company, as well as OHAA Class B shares held by directors and officers of OHAA and an employee of the Company. Noncontrolling interests also include publicly-held warrants to purchase OHAA Class A ordinary shares.

For the nine months ended September 30, 2023 and September 30, 2022, the net loss (net of taxes) attributed to noncontrolling interests was $403,000 and $215,000, respectively.

Restricted Cash

Restricted cash represents OHAA deposits held in trust as indicated above.


3.    Financial Instruments - Credit Losses

Under ASC 326 "Financial Instruments - Credit Losses", the Company can elect to use an approach to measure the allowance for credit losses using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Company has elected to use this approach for securities borrowed, margin loans, and reverse repurchase agreements. No material historical losses have been reported on these assets. See note 9 for details.

As of September 30, 2023, the Company had $61.3 million of notes receivable ($57.5 million as of December 31, 2022). Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisors and key revenue producers as part of the Company's overall growth strategy. These notes generally amortize over a service period of 3 to 10 years from the initial date of the note or based on productivity levels of the respective employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. At that point, any uncollected portion of the notes is reclassified into a defaulted notes category.

The allowance for uncollectibles is a valuation account that is deducted from the amortized cost basis of the defaulted notes balance to present the net amount expected to be collected. Balances are charged-off against the allowance when management deems the amount to be uncollectible.

The Company reserves 100% of the uncollected balance of defaulted notes which are five years and older and applies an expected loss rate to the remaining balance. The expected loss rate is based on historical collection rates of defaulted notes. The expected loss rate is adjusted for changes in market conditions such as changes in unemployment rates, changes in interest rates and other relevant factors. For the three and nine months ended September 30, 2023, no adjustments were made to the expected loss rates. The Company will continuously monitor the effect of these factors on the expected loss rate and adjust it as necessary.

The allowance is measured on a pool basis as the Company has determined that the entire defaulted portion of notes receivable has similar risk characteristics.

As of September 30, 2023, the uncollected balance of defaulted notes was $6.6 million and the allowance for uncollectibles was $3.9 million. The allowance for uncollectibles consisted of $2.1 million related to defaulted notes balances (five years and older) and $1.8 million related to defaulted notes balances (under five years).

10


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table presents the disaggregation of defaulted notes by year of default as of September 30, 2023:
(Expressed in thousands)
As of September 30, 2023
2023$1,535 
2022285 
20211,842 
2020423 
2019319 
2018 and prior2,172 
Total$6,576 

The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and nine months ended September 30, 2023 and 2022:

(Expressed in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023202220232022
Beginning balance$3,814 $5,106 $4,327 $4,923 
      Additions and other adjustments134 97 (379)280 
Ending balance$3,948 $5,203 $3,948 $5,203 


4.    Leases

The Company has operating leases for office space and equipment expiring at various dates through 2034. The Company leases its corporate headquarters at 85 Broad Street, New York, New York which houses its executive management team and many administrative functions for the firm as well as its research, trading, investment banking, and asset management divisions and an office in Troy, Michigan, which among other things, houses its payroll and human resources departments. In addition, the Company has 92 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Geneva, Switzerland, Munich, Germany, Tel Aviv, Israel and Hong Kong, China.

The Company is constantly assessing its needs for office space and, on a rolling basis, has many leases that expire in any given year.

Substantially all of the leases are held by the Company's subsidiary, Viner Finance Inc., which is a consolidated subsidiary and 100% owned by the Company.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew and the exercise of lease renewal options is at the Company's sole discretion. The Company did not include the renewal options as part of the right of use assets and liabilities.

The depreciable life of assets and leasehold improvements is limited by the expected lease term. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of September 30, 2023, the Company had right-of-use operating lease assets of $151.2 million (net of accumulated amortization of $89.4 million) which are comprised of real estate leases of $148.6 million (net of accumulated amortization of $86.8 million) and equipment leases of $2.6 million (net of accumulated amortization of $2.6 million). As of September 30,
11


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
2023, the Company had operating lease liabilities of $194.0 million which are comprised of real estate lease liabilities of $191.4 million and equipment lease liabilities of $2.6 million. The Company had no finance leases as of September 30, 2023.

As most of the Company's leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. The Company used the incremental borrowing rate as of the lease commencement date for the operating leases that commenced subsequent to January 1, 2019.

The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of September 30, 2023 and December 31, 2022, respectively:
As of
September 30, 2023
December 31, 2022
Weighted average remaining lease term (in years)6.726.82
Weighted average discount rate7.06%6.66%

The following table presents operating lease costs recognized for the three and nine months ended September 30, 2023 and September 30, 2022, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:    
(Expressed in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023202220232022
Operating lease costs:
   Real estate leases - Right-of-use lease asset amortization$6,321 $6,450 $19,446 $18,796 
   Real estate leases - Interest expense3,402 3,258 10,009 9,881 
   Equipment leases - Right-of-use lease asset amortization432 422 1,285 1,246 
   Equipment leases - Interest expense45 41 138 108 

The maturities of lease liabilities as of September 30, 2023 and December 31, 2022 are as follows:    
(Expressed in thousands)
As of
September 30, 2023
December 31, 2022
2023$11,101 $42,343 
202443,600 38,018 
202538,338 31,684 
202635,985 29,671 
202734,348 28,178 
After 202781,512 58,146 
Total lease payments$244,884 $228,040 
Less interest(50,930)(45,470)
Present value of lease liabilities$193,954 $182,570 

As of September 30, 2023, the Company had $9.9 million of additional real estate operating leases that have not yet commenced ($40.2 million as of December 31, 2022).



12


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
5.    Revenue from contracts with customers
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service.
The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of its past experiences, the time period during which uncertainties are expected to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties.

The Company earns revenue from contracts with customers and other sources (principal transactions, interest and other). The following provides detailed information on the recognition of the Company's revenue from contracts with customers:
Commissions
Commissions from Sales and Trading — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. A substantial portion of the Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation, as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade date when the performance obligation is satisfied.

Commission revenue is generally paid on settlement date, which is generally two business days after trade date for equity securities and corporate bond transactions and one day for government securities, options and commodities transactions. The Company records a receivable on the trade date and receives a payment on the settlement date.

Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares, which consists of a fixed fee amount and a variable amount. The Company recognizes mutual fund income at a point in time on the trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. The ongoing distribution fees for distributing investment products from mutual fund companies are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. The Company recognizes distribution fees over the investment period as the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Mutual fund income is generally received within 90 days.
Advisory Fees
The Company earns management and performance (or incentive) fees in connection with the advisory and asset management services it provides to various types of funds, asset-based programs and investment vehicles through its subsidiaries. Management fees are generally based on the account value at the valuation date per the respective asset management agreements and are recognized over time as the customer receives the benefits of the services evenly throughout the term of the contract. Performance fees are recognized when the return on client AUM exceeds a specified benchmark return or as other performance targets over a 12-month measurement period are met. Performance fees are considered variable and they are recognized at a point in time as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end
13


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days.
Investment Banking
The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenues are recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that time. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and related expenses are presented gross on the condensed consolidated income statements.
Revenue from financial advisory services includes fees generated in connection with mergers, acquisitions, and restructuring transactions. Such revenue and fees are primarily recorded at a point in time when services for the performance obligations have been completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Payment for advisory services is generally due upon completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the customer receives the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts.

Bank Deposit Sweep Income
Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days.

Disaggregation of Revenue
The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and nine months ended September 30, 2023 and 2022:
(Expressed in thousands)
For the Three Months Ended September 30, 2023
Reportable Segments
Private ClientAsset ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$36,176 $ $39,539 $4 $75,719 
Mutual fund and insurance income8,209  1 4 8,214 
Advisory fees82,774 25,188  7 107,969 
Investment banking - capital markets2,115  17,295  19,410 
Investment banking - advisory  18,001  18,001 
Bank deposit sweep income42,304    42,304 
Other3,236  311 27 3,574 
Total revenue from contracts with customers174,814 25,188 75,147 42 275,191 
Other sources of revenue:
Interest21,248  4,246 936 26,430 
Principal transactions, net(612) 15,020 2,484 16,892 
Other(2,196)(4,358)163 545 (5,846)
Total other sources of revenue18,440 (4,358)19,429 3,965 37,476 
Total revenue$193,254 $20,830 $94,576 $4,007 $312,667 

14


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
(Expressed in thousands)
For the Three Months Ended September 30, 2022
Reportable Segments
Private ClientAsset ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$39,290 $ $42,699 $12 $82,001 
Mutual fund and insurance income7,603  1 3 7,607 
Advisory fees78,055 24,865  7 102,927 
Investment banking - capital markets1,950  7,173  9,123 
Investment banking - advisory  29,270  29,270 
Bank deposit sweep income35,769    35,769 
Other5,126  652 39 5,817 
Total revenue from contracts with customers167,793 24,865 79,795 61 272,514 
Other sources of revenue:
Interest14,471  2,265 625 17,361 
Principal transactions, net(884) 8,637 (1,251)6,502 
Other(2,766)5 250 245 (2,266)
Total other sources of revenue10,821 5 11,152 (381)21,597 
Total revenue$178,614 $24,870 $90,947 $(320)$294,111 

(Expressed in thousands)
For the Nine Months Ended September 30, 2023
Reportable Segments
Private ClientAsset ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$112,766 $ 122,740 18 $235,524 
Mutual fund and insurance income23,632  6 12 23,650 
Advisory fees238,168 72,023  23 310,214 
Investment banking - capital markets5,590  32,881  38,471 
Investment banking - advisory  56,883  56,883 
Bank deposit sweep income135,273    135,273 
Other10,513  1,411 145 12,069 
Total revenue from contracts with customers525,942 72,023 213,921 198 812,084 
Other sources of revenue:
Interest64,230  11,384 3,077 78,691 
Principal transactions, net1,509  38,834 6,292 46,635 
Other6,239 (5,036)301 1,622 3,126 
Total other sources of revenue71,978 (5,036)50,519 10,991 128,452 
Total revenue$597,920 $66,987 $264,440 $11,189 $940,536 

15


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
(Expressed in thousands)
For the Nine Months Ended September 30, 2022
Reportable Segments
Private ClientAsset ManagementCapital MarketsCorporate/OtherTotal
Revenue from contracts with customers:
Commissions from sales and trading$120,753 $ 137,760 29 $258,542 
Mutual fund and insurance income23,733  7 25 23,765 
Advisory fees249,667 76,289 117 25 326,098 
Investment banking - capital markets7,615  26,407  34,022 
Investment banking - advisory35  59,459  59,494 
Bank deposit sweep income54,968    54,968 
Other12,770  1,449 227 14,446 
Total revenue from contracts with customers469,541 76,289 225,199 306 771,335 
Other sources of revenue:
Interest32,987  4,950 730 38,667 
Principal transactions, net(5,050) 16,717 (1,543)10,124 
Other(23,546)13 406 362 (22,765)
Total other sources of revenue4,391 13 22,073 (451)26,026 
Total revenue$473,932 $76,302 $247,272 $(145)$797,361 

Contract Assets and Liabilities
The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records contract assets when payment is due from a client conditioned on future performance or the occurrence of other events. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.
The Company had receivables related to revenue from contracts with customers of $34.7 million and $32.8 million at September 30, 2023 and December 31, 2022, respectively. The Company had no significant impairments related to these receivables during the three months ended September 30, 2023.
Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $1.80 million and $900,000 at September 30, 2023 and December 31, 2022, respectively.
The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet:
(Expressed in thousands)As of
September 30, 2023
December 31, 2022
Contract assets (receivables):
Commission (1)
$3,428 $3,533 
Mutual fund income (2)
5,472 4,993 
Advisory fees (3)
3,602 5,368 
Bank deposit sweep income (4)
5,173 9,057 
Investment banking fees (5)
9,775 5,136 
  Other7,230 4,686 
Total contract assets$34,680 $32,773 
Deferred revenue (payables):
Investment banking fees (6)
$1,120 $900 
IRA fees (7)
683  
Total deferred revenue$1,803 $900 
16


OPPENHEIMER HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (unaudited)
(1)Commission recorded on trade date but not yet settled.
(2)Mutual fund income earned but not yet received.
(3)Management and performance fees earned but not yet received.
(4)Fees earned from FDIC-insured bank deposit program but not yet received.
(5)Underwriting revenue and advisory fees earned but not yet received, including certain receivables.
(6)Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied.
(7) Fee received in advance on an annual basis.


6.    Earnings per share
Basic earnings per share are computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method.
Earnings per share have been calculated as follows:
(Expressed in thousands, except number of shares and per share amounts) 
 
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 202320222023