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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, 2022
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 28, 2022 was 10,866,298 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 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, 2022
December 31, 2021 (1)
ASSETS
Cash and cash equivalents$36,578 $213,759 
Deposits with clearing organizations95,645 66,968 
Restricted cash128,280 127,765 
Receivable from brokers, dealers and clearing organizations177,206 169,902 
Receivable from customers, net of allowance for credit losses of $3,367 ($3,326 in 2021)
1,178,713 1,221,450 
Securities purchased under agreements to resell 935 
Securities owned, including amounts pledged of $385,820 ($266,428 in 2021), at fair value
662,677 634,504 
Notes receivable, net57,205 53,983 
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $98,047 ($92,785 in 2021)
33,946 28,036 
Right-of-use lease assets, net of accumulated amortization of $77,531 ($76,462 in 2021)
148,479 150,121 
Goodwill137,889 137,889 
Intangible assets32,100 32,100 
Other assets167,307 205,838 
Total assets$2,856,025 $3,043,250 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable$9,644 $ 
Bank call loans53,600 69,500 
Payable to brokers, dealers and clearing organizations493,446 422,057 
Payable to customers381,112 456,958 
Securities sold under agreements to repurchase284,032 277,322 
Securities sold but not yet purchased, at fair value94,893 71,958 
Accrued compensation196,948 342,125 
Income tax payable1,788 13,536 
Accounts payable and other liabilities91,119 76,655 
Lease liabilities189,298 192,019 
Senior secured notes, net of debt issuance costs of $737 ($926 in 2021)
124,263 124,074 
Deferred tax liabilities, net of deferred tax assets of $53,059 ($54,957 in 2021)
35,542 44,016 
Total liabilities1,955,685 2,090,220 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests127,765 127,765 
Stockholders' equity
Common stock ($0.001 par value per share):
Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,874,990 and 12,447,036 as of September 30, 2022 and December 31, 2021, respectively
Class B: shares authorized, issued and outstanding: 99,665 as of September 30, 2022 and December 31, 2021
11 13 
Additional paid-in capital25,918 78,032 
Retained earnings743,650 740,926 
Accumulated other comprehensive income1,163 4,225 
Total Oppenheimer Holdings Inc. stockholders' equity770,742 823,196 
Noncontrolling interest (Note 2)1,833 2,069 
Total Stockholders' equity772,575 825,265 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity$2,856,025 $3,043,250 
(1) Certain prior period reported amounts were reclassified to conform to the current period presentation, See Note 2.
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)2022202120222021
REVENUE
Commissions$89,608 $90,889 $282,307 $300,531 
Advisory fees102,927 116,751 326,098 332,399 
Investment banking38,393 86,901 93,516 316,144 
Bank deposit sweep income35,769 3,909 54,968 11,629 
Interest17,361 9,340 38,667 26,915 
Principal transactions, net6,502 4,494 10,124 21,664 
Other3,551 3,058 (8,319)19,635 
Total revenue294,111 315,342 797,361 1,028,917 
EXPENSES
Compensation and related expenses179,134 206,312 543,144 693,053 
Communications and technology21,500 19,718 63,981 59,497 
Occupancy and equipment costs15,457 14,964 44,701 45,371 
Clearing and exchange fees6,705 5,237 18,923 16,667 
Interest7,018 2,468 13,158 7,563 
Other57,059 29,249 98,172 74,077 
Total expenses286,873 277,948 782,079 896,228 
Pre-tax income7,238 37,394 15,282 132,689 
Income taxes provision2,573 11,144 5,559 36,622 
Net income$4,665 $26,250 $9,723 $96,067 
Net income (loss) attributable to noncontrolling interest, net of tax145  (215) 
Net income attributable to Oppenheimer Holdings Inc.$4,520 $26,250 $9,938 $96,067 
Earnings per share attributable to Oppenheimer Holdings Inc.
Basic$0.40 $2.07 $0.84 $7.59 
Diluted$0.37 $1.92 $0.78 $7.10 
Weighted average shares outstanding
Basic11,270,589 12,690,386 11,901,727 12,653,310 
Diluted12,190,425 13,664,214 12,809,000 13,539,373 
Period end shares outstanding10,974,655 12,615,399 10,974,655 12,615,399 


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)2022202120222021
Net income$4,665 $26,250 $9,723 $96,067 
Other comprehensive income (loss), net of tax
Currency translation adjustment(410)235 (3,062)(64)
Comprehensive income$4,255 $26,485 6,661 96,003 
Less net income (loss) attributable to noncontrolling interests145  (215) 
Comprehensive income attributable to Oppenheimer Holdings Inc.$4,110 $26,485 $6,876 $96,003 
 
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 (1),
For the Nine Months Ended
September 30 (1),
(Expressed in thousands, except per share amount)2022202120222021
Common stock ($0.001 par value per share)
Beginning Balance$11 $13 $12 $13 
Issuance of Class A non-voting common stock    
Repurchase of Class A non-voting common stock for cancellation  (1) 
Ending Balance11 13 11 13 
Additional paid-in capital
Balance at beginning of period35,461 81,152 78,034 80,801 
Issuance of Class A non-voting common stock518 850 2,862 4,846 
Repurchase of Class A non-voting common stock for cancellation(12,206)(4,715)(58,581)(4,715)
Share-based expense2,631 2,608 8,684 7,827 
Vested employee share plan awards(486)(875)(5,081)(9,739)
Balance at end of period25,918 79,020 25,918 79,020 
Retained earnings
Balance at beginning of period742,614 668,193 740,926 601,406 
Repurchase of Class A non-voting common stock for cancellation(1,781) (1,781) 
Net income (2)
4,520 26,250 9,938 96,067 
Dividends paid(1,703)(1,906)(5,433)(4,936)
Balance at end of period743,650 692,537 743,650 692,537 
Accumulated other comprehensive income
Balance at beginning of period1,573 3,149 4,225 3,448 
Currency translation adjustment(410)235 (3,062)(64)
Balance at end of period1,163 3,384 1,163 3,384 
Total Oppenheimer Holdings Inc. stockholders' equity$770,742 $774,954 $770,742 $774,954 
Noncontrolling interest
Balance at beginning of period1,709  2,069  
Capital distribution to noncontrolling interest(21) (21) 
Net income (loss) attributable to noncontrolling interest145  (215) 
Balance at end of period1,833  1,833  
Total stockholders' equity$772,575 $774,954 $772,575 $774,954 
Redeemable Noncontrolling Interests
Balance at beginning of period127,765  127,765  
Contributions during the year    
Balance at end of period$127,765 $ $127,765 $ 
Dividends paid per share$0.15 $0.15 $0.45 $0.39 
(1) Certain prior period reported amounts were reclassified to conform to the current period presentation, See Note 2.
(2) 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)20222021
Cash flows from operating activities
Net income$9,723 $96,067 
Adjustments to reconcile net income to net cash (used in)/provided by operating activities
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements5,717 5,975 
Deferred income taxes(5,890)(2,575)
Amortization of notes receivable10,480 9,786 
Amortization of debt issuance costs189 188 
Provision for credit losses61 3,030 
Share-based compensation(1,152)25,097 
Amortization of right-of-use lease assets20,041 19,514 
Decrease (increase) in operating assets:
Deposits with clearing organizations(28,677)(1,752)
Receivable from brokers, dealers and clearing organizations(7,304)(39,020)
Receivable from customers42,676 (165,640)
Securities purchased under agreements to resell935  
Securities owned(28,173)48,834 
Notes receivable(13,702)(18,723)
Other assets34,278 92,294 
Increase (decrease) in operating liabilities:
Drafts payable9,644  
Payable to brokers, dealers and clearing organizations71,389 64,141 
Payable to customers(75,846)48,612 
Securities sold under agreements to repurchase6,710 1,487 
Securities sold but not yet purchased22,935 (42,026)
Accrued compensation(135,341)1,487 
Accounts payable and other liabilities(21,797)(11,588)
Cash provided by/(used in) operating activities(83,104)135,188 
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements(11,627)(7,513)
Proceeds from the settlement of Company-owned life insurance1,191 2,001 
Cash provided by/(used in) investing activities(10,436)(5,512)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock(5,433)(4,936)
Issuance of Class A non-voting common stock65 58 
Repurchase of Class A non-voting common stock for cancellation(59,554)(4,715)
Payments for employee taxes withheld related to vested share-based awards(2,283)(4,966)
Distribution to noncontrolling interests(21) 
Debt issuance costs (22)
Decrease in bank call loans, net(15,900)(9,700)
Cash provided by/(used in) financing activities(83,126)(24,281)
Net (decrease)/increase in cash, cash equivalents and restricted cash(176,666)105,395 
Cash, cash equivalents and restricted cash, beginning of period341,524 35,424 
Cash, cash equivalents and restricted cash, end of period$164,858 $140,819 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:20222021
Cash and cash equivalents$36,578 $140,819 
Restricted cash128,280  
Total cash, cash equivalents and restricted cash$164,858 $140,819 
Schedule of non-cash financing activities
Employee share plan issuance$4,288 $7,361 
Supplemental disclosure of cash flow information
Cash paid during the period for interest$14,184 $9,502 
Cash paid during the period for income taxes, net$25,683 $52,950 
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 91 retail branch offices in the United States and 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 offers syndication as well as trading of issued corporate loans; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, Germany, and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; and 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., which is engaged in offering investment services in the State of Israel. Oppenheimer holds a trading permit on the New York Stock Exchange.
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, 2021 (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-month and nine-month periods ended September 30, 2022 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, Oppenheimer 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”). Oppenheimer 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 consolidated in the Company’s financial statements.

Funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million in investment from the Sponsor, are 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”). The cash held in the trust account is recorded in “Restricted Cash” on the condensed 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 during the fourth quarter of 2021 against the gross proceeds of the OHAA IPO consistent with SEC Staff Accounting Bulletin (SAB) Topic 5.

“Redeemable noncontrolling interests” of $127.8 million associated with the publicly held OHAA Class A ordinary shares are recorded on the Company’s consolidated balance sheet as of September 30, 2022 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 shall 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 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 investment. 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.

9


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

Noncontrolling Interests

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. Additionally, noncontrolling interests include the profits allocated to employees who have profit interests in OPI's Series.

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, 2022, the Company had $57.2 million of notes receivable ($54.0 million as of December 31, 2021). 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 this 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 months and nine months ended September 30, 2022, 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, 2022, the uncollected balance of defaulted notes was $7.7 million and the allowance for uncollectibles was $5.2 million. The allowance for uncollectibles consisted of $3.4 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, 2022:
(Expressed in thousands)
As of September 30, 2022
2022$859 
20212,327 
2020542 
2019353 
2018132 
2017 and prior3,449 
Total$7,662 

The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and nine months ended
September 30, 2022 and 2021:

(Expressed in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30
2022202120222021
Beginning balance$5,106 $4,701 $4,923 $4,234 
      Additions and other adjustments97 28 280 495 
Ending balance$5,203 $4,729 $5,203 $4,729 
4.    Leases

The Company and its subsidiaries have 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 91 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.

The majority 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.




11


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

As of September 30, 2022, the Company had right-of-use operating lease assets of $148.5 million (net of accumulated amortization of $77.5 million) which are comprised of real estate leases of $145.6 million (net of accumulated amortization of $75.2 million) and equipment leases of $2.9 million (net of accumulated amortization of $2.3 million). As of September 30, 2022, the Company had operating lease liabilities of $189.3 million which are comprised of real estate lease liabilities of $186.4 million and equipment lease liabilities of $2.9 million. The Company had no finance leases as of September 30, 2022.

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, 2022 and December 31, 2021, respectively:
As of
September 30, 2022December 31, 2021
Weighted average remaining lease term (in years)6.967.38
Weighted average discount rate6.67%6.89%

The following table presents operating lease costs recognized for the three and nine months ended September 30, 2022 and September 30, 2021, 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,
2022202120222021
Operating lease costs:
   Real estate leases - Right-of-use lease asset amortization$6,450 $6,053 $18,796 $18,171 
   Real estate leases - Interest expense3,258 3,523 9,881 10,726 
   Equipment leases - Right-of-use lease asset amortization422 453 1,246 1,343 
   Equipment leases - Interest expense41 34 108 110 

The maturities of lease liabilities as of September 30, 2022 and December 31, 2021 are as follows:    










12


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

(Expressed in thousands)
As of
September 30, 2022December 31, 2021
2022$10,716 $41,696 
202341,964 38,477 
202437,630 33,573 
202531,542 27,703 
202629,672 26,342 
After 202686,261 78,593 
Total lease payments$237,785 $246,384 
Less interest(48,487)(54,365)
Present value of lease liabilities$189,298 $192,019 

As of September 30, 2022, the Company had $30.0 million of additional real estate operating leases that have not yet commenced ($16.2 million as of December 31, 2021).
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.
13


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

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 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 point. 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 transactions are 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.

14


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

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, 2022 and 2021:
(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 $ $42,69