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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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☐ | 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)
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Delaware | 98-0080034 |
(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)
(212) 668-8000
(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:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
Class A non-voting common stock | OPY | The 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):
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Large accelerated filer | ☐ | | Accelerated Filer | ☒ |
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Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
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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 25, 2024 was 10,231,736 and 99,665 shares, respectively.
OPPENHEIMER HOLDINGS INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
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PART I | | |
Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
PART II | | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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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, 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): Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,231,736 and 10,186,783 as of September 30, 2024 and December 31, 2023, respectively Class B: shares authorized, issued and outstanding: 99,665 as of September 30, 2024 and December 31, 2023 | 10 | | | 10 | |
Additional paid-in capital | 26,519 | | | 31,774 | |
Retained earnings | 811,092 | | | 756,468 | |
Accumulated other comprehensive income | 217 | | | 914 | |
Total Oppenheimer Holdings Inc. stockholders' equity | 837,838 | | | 789,166 | |
Noncontrolling interest (Note 2) | — | | | 73 | |
Total Stockholders' equity | 837,838 | | | 789,239 | |
Total Liabilities and Stockholders' Equity | $ | 3,367,285 | | | $ | 2,874,816 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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) | 2024 | | 2023 | | 2024 | | 2023 |
REVENUE | | | | | | | |
Commissions | $ | 103,079 | | | $ | 83,933 | | | $ | 295,984 | | | $ | 259,174 | |
Advisory fees | 121,631 | | | 107,969 | | | 353,675 | | | 310,214 | |
Investment banking | 52,185 | | | 37,411 | | | 131,841 | | | 95,354 | |
Bank deposit sweep income | 34,875 | | | 42,304 | | | 106,406 | | | 135,273 | |
Interest | 38,034 | | | 26,430 | | | 99,605 | | | 78,691 | |
Principal transactions, net | 14,364 | | | 16,892 | | | 42,672 | | | 46,635 | |
Other | 9,184 | | | (2,272) | | | 26,896 | | | 15,195 | |
Total revenue | 373,352 | | | 312,667 | | | 1,057,079 | | | 940,536 | |
EXPENSES | | | | | | | |
Compensation and related expenses | 237,935 | | | 195,684 | | | 680,375 | | | 589,200 | |
Communications and technology | 24,602 | | | 22,590 | | | 73,860 | | | 67,813 | |
Occupancy and equipment costs | 16,240 | | | 17,281 | | | 47,604 | | | 49,622 | |
Clearing and exchange fees | 7,125 | | | 6,051 | | | 19,747 | | | 18,241 | |
Interest | 24,103 | | | 19,744 | | | 66,631 | | | 50,353 | |
Other | 27,977 | | | 29,730 | | | 80,172 | | | 136,369 | |
Total expenses | 337,982 | | | 291,080 | | | 968,389 | | | 911,598 | |
| | | | | | | |
Pre-tax income | 35,370 | | | 21,587 | | | 88,690 | | | 28,938 | |
Income tax provision | 10,862 | | | 7,808 | | | 28,172 | | | 10,262 | |
Net income | $ | 24,508 | | | $ | 13,779 | | | $ | 60,518 | | | $ | 18,676 | |
| | | | | | | |
Net loss attributable to noncontrolling interest, net of tax | — | | | (82) | | | (310) | | | (403) | |
Net income attributable to Oppenheimer Holdings Inc. | $ | 24,508 | | | $ | 13,861 | | | $ | 60,828 | | | $ | 19,079 | |
| | | | | | | |
Earnings per share attributable to Oppenheimer Holdings Inc. | | | | | | | |
Basic | $ | 2.38 | | | $ | 1.32 | | | $ | 5.87 | | | $ | 1.75 | |
Diluted | $ | 2.16 | | | $ | 1.21 | | | $ | 5.45 | | | $ | 1.62 | |
| | | | | | | |
Weighted average shares outstanding | | | | | | | |
Basic | 10,332,927 | | | 10,519,431 | | | 10,355,982 | | | 10,874,055 | |
Diluted | 11,277,865 | | | 11,440,229 | | | 11,156,536 | | | 11,746,337 | |
| | | | | | | |
Period end shares outstanding | 10,331,401 | | | 10,388,898 | | | 10,331,401 | | | 10,388,898 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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) | 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 24,508 | | | $ | 13,779 | | | $ | 60,518 | | | $ | 18,676 | |
Other comprehensive income (loss), net of tax | | | | | | | |
Currency translation adjustment | 271 | | | (580) | | | (697) | | | (1,740) | |
Comprehensive income | $ | 24,779 | | | $ | 13,199 | | | 59,821 | | | 16,936 | |
Less net loss attributable to noncontrolling interests | — | | | (82) | | | (310) | | | (403) | |
Comprehensive income attributable to Oppenheimer Holdings Inc. | $ | 24,779 | | | $ | 13,281 | | | $ | 60,131 | | | $ | 17,339 | |
| | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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) | 2024 | | 2023 | | 2024 | | 2023 |
Common stock ($0.001 par value per share) | | | | | | | |
Beginning Balance | $ | 10 | | | $ | 11 | | | $ | 10 | | | $ | 11 | |
Issuance of Class A non-voting common stock | — | | | — | | | — | | | — | |
Repurchase of Class A non-voting common stock for cancellation | — | | | (1) | | | — | | | (1) | |
Ending Balance | 10 | | | 10 | | | 10 | | | 10 | |
Additional paid-in capital | | | | | | | |
Balance at beginning of period | 23,365 | | | 25,576 | | | 31,774 | | | 28,628 | |
Issuance of Class A non-voting common stock | 391 | | | 367 | | | 8,800 | | | 6,040 | |
Repurchase of Class A non-voting common stock for cancellation | — | | | (211) | | | (8,384) | | | (3,898) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Share-based expense | 3,175 | | | 3,413 | | | 9,645 | | | 10,054 | |
Vested employee share plan awards | (412) | | | (314) | | | (15,580) | | | (11,892) | |
Change in redemption value of redeemable noncontrolling interests | — | | | (5) | | | 264 | | | (106) | |
Balance at end of period | 26,519 | | | 28,826 | | | 26,519 | | | 28,826 | |
Retained earnings | | | | | | | |
Balance at beginning of period | 788,739 | | | 762,471 | | | 756,468 | | | 764,178 | |
Repurchase of Class A non-voting common stock for cancellation | (295) | | | (23,956) | | | (1,219) | | | (27,555) | |
Net income (1) | 24,508 | | | 13,861 | | | 60,828 | | | 19,079 | |
Dividends paid | (1,860) | | | (1,578) | | | (4,985) | | | (4,904) | |
| | | | | | | |
Balance at end of period | 811,092 | | | 750,798 | | | 811,092 | | | 750,798 | |
Accumulated other comprehensive income | | | | | | | |
Balance at beginning of period | (54) | | | 256 | | | 914 | | | 1,416 | |
Currency translation adjustment | 271 | | | (580) | | | (697) | | | (1,740) | |
Balance at end of period | 217 | | | (324) | | | 217 | | | (324) | |
Total Oppenheimer Holdings Inc. stockholders' equity | $ | 837,838 | | | $ | 779,310 | | | $ | 837,838 | | | $ | 779,310 | |
Noncontrolling interest | | | | | | | |
Balance at beginning of period | — | | | 109 | | | 73 | | | 722 | |
Capital addition to noncontrolling interest | — | | | — | | | 237 | | | 171 | |
Net loss attributable to noncontrolling interest | — | | | (82) | | | (310) | | | (403) | |
Change in redemption value of redeemable noncontrolling interests | — | | | (22) | | | — | | | (485) | |
Balance at end of period | — | | | 5 | | | — | | | 5 | |
Total stockholders' equity | $ | 837,838 | | | $ | 779,315 | | | $ | 837,838 | | | $ | 779,315 | |
Redeemable Noncontrolling Interests | | | | | | | |
Balance at beginning of period | — | | | 25,948 | | | — | | | 25,466 | |
Redemption of redeemable noncontrolling interests | — | | | — | | | — | | | (83) | |
Change in redemption value of redeemable noncontrolling interests | — | | | 26 | | | — | | | 591 | |
Balance at end of period | $ | — | | | $ | 25,974 | | | $ | — | | | $ | 25,974 | |
| | | | | | | |
Dividends paid per share | $ | 0.18 | | | $ | 0.15 | | | $ | 0.48 | | | $ | 0.45 | |
| | | | | | | |
|
(1) Attributable to Oppenheimer Holdings Inc. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
OPPENHEIMER HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
| | | | | | | | | | | |
(Expressed in thousands) | 2024 | | 2023 |
Cash flows from operating activities | | | |
Net income | $ | 60,518 | | | $ | 18,676 | |
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 improvements | 8,119 | | | 6,585 | |
Deferred income taxes | 10,922 | | | 10,460 | |
Amortization of intangible assets | 229 | | | — | |
Amortization of notes receivable | 13,809 | | | 11,600 | |
Amortization of debt issuance costs | 164 | | | 165 | |
Write-off of debt issuance costs | — | | | 5 | |
Provision for credit losses | (130) | | | 17 | |
Share-based compensation | 21,767 | | | 9,662 | |
Amortization of right-of-use lease assets | 19,529 | | | 20,687 | |
Gain on repurchase of senior secured notes | — | | | (51) | |
Decrease (increase) in operating assets: | | | |
Deposits with clearing organizations | (10,843) | | | (11,236) | |
Receivable from brokers, dealers and clearing organizations | 8,157 | | | (53,297) | |
Receivable from customers | (236,317) | | | 115,433 | |
Income tax receivable | 3,170 | | | (17,740) | |
Securities purchased under agreements to resell | 5,842 | | | — | |
Securities owned | (272,140) | | | (355,351) | |
Notes receivable | (16,749) | | | (15,375) | |
Corporate-owned life insurance | (9,079) | | | (6,231) | |
Other assets | 3,872 | | | 498 | |
Increase (decrease) in operating liabilities: | | | |
Drafts payable | 1,221 | | | 14,521 | |
Payable to brokers, dealers and clearing organizations | (42,361) | | | (199,662) | |
Payable to customers | (1,382) | | | (92,636) | |
Securities sold under agreements to repurchase | 124,720 | | | 519,055 | |
Securities sold but not yet purchased | 171,987 | | | (7,191) | |
Accrued compensation | (6,246) | | | (14,462) | |
Income tax payable | — | | | (4,130) | |
Accounts payable and other liabilities | (41,659) | | | (34,228) | |
Cash used in operating activities | (182,880) | | | (84,226) | |
Cash flows from investing activities | | | |
Purchase of furniture, equipment and leasehold improvements | (1,887) | | | (12,470) | |
| | | |
| | | |
Proceeds from the settlement of Company-owned life insurance | 2,342 | | | 2,161 | |
Cash used in investing activities | 455 | | | (10,309) | |
Cash flows from financing activities | | | |
Cash dividends paid on Class A non-voting and Class B voting common stock | (4,985) | | | (4,904) | |
| | | |
Issuance of Class A non-voting common stock | 64 | | | 54 | |
Repurchase of Class A non-voting common stock for cancellation | (9,603) | | | (31,241) | |
Payments for employee taxes withheld related to vested share-based awards | (6,844) | | | (5,907) | |
| | | |
Addition to noncontrolling interests | — | | | 171 | |
Redemption of redeemable noncontrolling interests | 500 | | | (83) | |
| | | |
| | | |
Repurchase of senior secured notes | — | | | (1,000) | |
| | | |
| | | |
Increase in bank call loans | 206,700 | | | 56,200 | |
Cash provided by financing activities | 185,832 | | | 13,290 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,407 | | | (81,245) | |
Cash, cash equivalents and restricted cash, beginning of period | 28,835 | | | 137,967 | |
Cash, cash equivalents and restricted cash, end of period | $ | 32,242 | | | $ | 56,722 | |
| | | |
Reconciliation of cash and cash equivalents and restricted cash within the condensed consolidated balance sheets: | 2024 | | 2023 |
Cash and cash equivalents | $ | 32,242 | | | $ | 30,773 | |
Restricted cash | — | | | 25,949 | |
Total cash and cash equivalents and restricted cash | $ | 32,242 | | | $ | 56,722 | |
| | | |
Schedule of non-cash financing activities | | | |
Employee share plan issuance | $ | 13,951 | | | $ | 9,376 | |
| | | |
| | | |
| | | |
Supplemental disclosure of cash flow information | | | |
Cash paid during the period for interest | $ | 67,273 | | | $ | 51,685 | |
Cash paid during the period for income taxes, net | $ | 13,900 | | | $ | 20,666 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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 89 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, and Geneva, Switzerland. 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, 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 on a limited basis, 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, 2023 (the "Form 10-K"). The accompanying condensed consolidated balance sheet data was derived from the same sources as 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. Certain reclassifications have been made to prior periods to place them on a basis comparable with current period presentation. 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, 2024 are not necessarily indicative of the results to be expected for any future interim or annual period.
Oppenheimer Acquisition Corp. I
On October 26, 2021, OPY Acquisition Corp. I (“OHAA”), a special purpose acquisition company, consummated its $126.5 million initial public offering (the “OHAA IPO”). OPY Acquisition LLC I (the “Sponsor”), a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of and consolidated OHAA. Upon IPO completion, funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million of 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.
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
On October 26, 2023, OHAA’s stockholders approved an amendment to its certificate of incorporation to extend the deadline by which it must complete its initial business combination from October 30, 2023 to June 30, 2024 on a month-to-month basis.
In the fourth quarter of 2023, after careful consideration of the special purpose acquisition company market and after having completed an extensive search, OHAA determined it would be unable to deliver and fund a high quality value enhancing transaction to stockholders despite the extension. Therefore, on December 18, 2023, OHAA determined not to further extend the term it had to complete an initial business combination and instead announced its intention to dissolve and liquidate. On December 28, 2023, all OHAA Class A ordinary shares were cancelled with shareholders receiving their respective share redemption amounts. Accordingly, there were no “Redeemable non-controlling interests” or restricted cash balances associated with the publicly held OHAA Class A ordinary shares recorded on the Company’s consolidated balance sheet as of December 31, 2023. OHAA was dissolved in March 2024.
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 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.
Non-controlling Interests
Non-controlling interests represent ownership interests in the Sponsor of OHAA. For the nine months ended September 30, 2024 and September 30, 2023, the net loss (net of taxes) attributed to noncontrolling interests was $310,000 and $403,000, respectively.
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, 2024, the Company had $65.6 million of notes receivable ($62.6 million as of December 31, 2023). 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 9 years from the initial date of the note or based on productivity levels of 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.
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
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 environmental and market conditions such as changes in unemployment rates, changes in interest rates and/or other relevant factors. For the three and nine months ended September 30, 2024, 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, 2024, the balance of defaulted notes was $6.0 million and the allowance for uncollectibles was $3.6 million. The allowance for uncollectibles consisted of $2.0 million related to defaulted notes balances (five years and older) and $1.6 million (under five years).
The following table presents the disaggregation of defaulted notes by year of default as of September 30, 2024:
| | | | | |
(Expressed in thousands) | |
| As of September 30, 2024 |
| |
2024 | $ | 622 | |
2023 | 1,300 | |
2022 | 141 | |
2021 | 1,593 | |
2020 | 423 | |
2019 and prior | 1,970 | |
Total | $ | 6,049 | |
The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
(Expressed in thousands) | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Beginning balance | $ | 3,853 | | | $ | 3,814 | | | $ | 3,869 | | | $ | 4,327 | |
Write-offs | (952) | | | (95) | | | (1,097) | | | (901) | |
Recoveries | 719 | | | 229 | | | 848 | | | 522 | |
Ending balance | $ | 3,620 | | | $ | 3,948 | | | $ | 3,620 | | | $ | 3,948 | |
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 Company 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,
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
the Company has 89 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Geneva, Switzerland, 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 wholly owned subsidiary of 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, 2024, the Company had right-of-use operating lease assets of $128.7 million (net of accumulated amortization of $114.4 million) which are comprised of real estate leases of $126.3 million (net of accumulated amortization of $111.6 million) and equipment leases of $2.4 million (net of accumulated amortization of $2.8 million). As of September 30, 2024, the Company had operating lease liabilities of $167.4 million which are comprised of real estate lease liabilities of $165.0 million and equipment lease liabilities of $2.4 million. The Company had no finance leases as of September 30, 2024.
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, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | |
| As of | | | |
| September 30, 2024 | | December 31, 2023 | | | |
| | | | | | |
Weighted average remaining lease term (in years) | 5.91 | | 6.35 | | | |
Weighted average discount rate | 7.76% | | 7.72% | | | |
The following table presents operating lease costs recognized for the three and nine months ended September 30, 2024 and September 30, 2023, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:
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(Expressed in thousands) | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Operating lease costs: | | | | | | | |
Real estate leases - Right-of-use lease asset amortization | $ | 6,165 | | | $ | 6,321 | | | $ | 18,242 | | | $ | 19,446 | |
Real estate leases - Interest expense | 3,139 | | | 3,402 | | | 9,690 | | | 10,009 | |
Equipment leases - Right-of-use lease asset amortization | 424 | | | 432 | | | 1,287 | | | 1,285 | |
Equipment leases - Interest expense | 45 | | | 45 | | | 135 | | | 138 | |
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
The maturities of lease liabilities as of September 30, 2024 and December 31, 2023 are as follows:
| | | | | | | | | | | | | |
(Expressed in thousands) | | | | | |
| As of | | |
| September 30, 2024 | | December 31, 2023 | | |
2024 | $ | 11,015 | | | $ | 43,885 | | | |
2025 | 40,842 | | | 38,759 | | | |
2026 | 38,682 | | | 36,757 | | | |
2027 | 36,266 | | | 34,823 | | | |
2028 | 22,939 | | | 21,660 | | | |
After 2028 | 60,432 | | | 58,081 | | | |
Total lease payments | $ | 210,176 | | | $ | 233,965 | | | |
Less interest | (42,752) | | | (50,692) | | | |
Present value of lease liabilities | $ | 167,424 | | | $ | 183,273 | | | |
As of September 30, 2024, the Company had $23.3 million of additional real estate operating leases that have not yet commenced ($5.8 million as of December 31, 2023).
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, is 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 one business day after trade date. The Company records a receivable on the trade date and receives a payment on the settlement date.
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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 other performance targets over a 12-month measurement period are met. Performance fees are considered variable 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 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 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 a 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.
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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, 2024 and 2023:
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(Expressed in thousands) | For the Three Months Ended September 30, 2024 |
| Reportable Segments |
| Private Client | | Asset Management | | Capital Markets | | Corporate/Other | | Total |
Revenue from contracts with customers: | | | | | | | | | |
Commissions from sales and trading | $ | 46,641 | | | $ | — | | | $ | 48,195 | | | $ | 6 | | | $ | 94,842 | |
Mutual fund and insurance income | 8,231 | | | — | | | 1 | | | 5 | | | 8,237 | |
Advisory fees | 94,188 | | | 27,432 | | | — | | | 11 | | | 121,631 | |
Investment banking - capital markets | 2,410 | | | — | | | 16,977 | | | — | | | 19,387 | |
Investment banking - advisory | — | | | — | | | 32,798 | | | — | | | 32,798 | |
Bank deposit sweep income | 34,875 | | | — | | | — | | | — | | | 34,875 | |
Other | 2,993 | | | — | | | 896 | | | 981 | | | 4,870 | |
Total revenue from contracts with customers | 189,338 | | | 27,432 | | | 98,867 | | | 1,003 | | | 316,640 | |
Other sources of revenue: | | | | | | | | | |
Interest | 24,331 | | | — | | | 11,847 | | | 1,856 | | | 38,034 | |
Principal transactions, net | 977 | | | — | | | 13,034 | | | 353 | | | 14,364 | |
Other | 4,141 | | | (170) | | | 282 | | | 61 | | | 4,314 | |
Total other sources of revenue | 29,449 | | | (170) | | | 25,163 | | | 2,270 | | | 56,712 | |
Total revenue | $ | 218,787 | | | $ | 27,262 | | | $ | 124,030 | | | $ | 3,273 | | | $ | 373,352 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Expressed in thousands) | For the Three Months Ended September 30, 2023 |
| Reportable Segments |
| Private Client | | Asset Management | | Capital Markets | | Corporate/Other | | Total |
Revenue from contracts with customers: | | | | | | | | | |
Commissions from sales and trading | $ | 36,176 | | | $ | — | | | $ | 39,539 | | | $ | 4 | | | $ | 75,719 | |
Mutual fund and insurance income | 8,209 | | | — | | | 1 | | | 4 | | | 8,214 | |
Advisory fees | 82,774 | | | 25,188 | | | — | | | 7 | | | 107,969 | |
Investment banking - capital markets | 2,115 | | | — | | | 17,295 | | | — | | | 19,410 | |
Investment banking - advisory | — | | | — | | | 18,001 | | | — | | | 18,001 | |
Bank deposit sweep income | 42,304 | | | — | | | — | | | — | | | 42,304 | |
Other | 3,236 | | | — | | | 311 | | | 27 | | | 3,574 | |
Total revenue from contracts with customers | 174,814 | | | 25,188 | | | 75,147 | | | 42 | | | 275,191 | |
Other sources of revenue: | | | | | | | | | |
Interest | 21,248 | | | — | | | 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 revenue | 18,440 | | | (4,358) | | | 19,429 | | | 3,965 | | | 37,476 | |
Total revenue | $ | 193,254 | | | $ | 20,830 | | | $ | 94,576 | | | $ | 4,007 | | | $ | 312,667 | |
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Expressed in thousands) | For the Nine Months Ended September 30, 2024 |
| Reportable Segments |
| Private Client | | Asset Management | | Capital Markets | | Corporate/Other | | Total |
Revenue from contracts with customers: | | | | | | | | | |
Commissions from sales and trading | $ | 136,337 | | | $ | — | | | $ | 135,414 | | | $ | 14 | | | $ | 271,765 | |
Mutual fund and insurance income | 24,201 | | | — | | | 3 | | | 15 | | | 24,219 | |
Advisory fees | 274,011 | | | 79,633 | | | — | | | 31 | | | 353,675 | |
Investment banking - capital markets | 8,238 | | | — | | | 46,626 | | | (1) | | | 54,863 | |
Investment banking - advisory | 21 | | | — | | | 76,957 | | | — | | | 76,978 | |
Bank deposit sweep income | 106,407 | | | — | | | — | | | (1) | | | 106,406 | |
Other | 9,577 | | | (1) | | | 1,796 | | | 3,903 | | | 15,275 | |
Total revenue from contracts with customers | 558,792 | | | 79,632 | | | 260,796 | | | 3,961 | | | 903,181 | |
Other sources of revenue: | | | | | | | | | |
Interest | 66,153 | | | — | | | 27,560 | | | 5,892 | | | 99,605 | |
Principal transactions, net | 3,089 | | | — | | | 39,333 | | | 250 | | | 42,672 | |
Other | 12,487 | | | (1,617) | | | 565 | | | 186 | | | 11,621 | |
Total other sources of revenue | 81,729 | | | (1,617) | | | 67,458 | | | 6,328 | | | 153,898 | |
Total revenue | $ | 640,521 | | | $ | 78,015 | | | $ | 328,254 | | | $ | 10,289 | | | $ | 1,057,079 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Expressed in thousands) | For the Nine Months Ended September 30, 2023 |
| Reportable Segments |
| Private Client | | Asset Management | | Capital Markets | | Corporate/Other | | Total |
Revenue from contracts with customers: | | | | | | | | | |
Commissions from sales and trading | $ | 112,766 | | | $ | — | | | $ | 122,740 | | | $ | 18 | | | $ | 235,524 | |
Mutual fund and insurance income | 23,632 | | | — | | | 6 | | | 12 | | | 23,650 | |
Advisory fees | 238,168 | | | 72,023 | | | — | | | 23 | | | 310,214 | |
Investment banking - capital markets | 5,590 | | | — | | | 32,881 | | | — | | | 38,471 | |
Investment banking - advisory | — | | | — | | | 56,883 | | | — | | | 56,883 | |
Bank deposit sweep income | 135,273 | | | — | | | — | | | — | | | 135,273 | |
Other | 10,513 | | | — | | | 1,411 | | | 145 | | | 12,069 | |
Total revenue from contracts with customers | 525,942 | | | 72,023 | | | 213,921 | | | 198 | | | 812,084 | |
Other sources of revenue: | | | | | | | | | |
Interest | 64,230 | | | — | | | 11,384 | | | 3,077 | | | 78,691 | |
Principal transactions, net | 1,509 | | | — | | | 38,834 | | | 6,292 | | | 46,635 | |
Other | 6,239 | | | (5,036) | | | 301 | | | 1,622 | | | 3,126 | |
Total other sources of revenue | 71,978 | | | (5,036) | | | 50,519 | | | 10,991 | | | 128,452 | |
Total revenue | $ | 597,920 | | | $ | 66,987 | | | $ | 264,440 | | | $ | 11,189 | | | $ | 940,536 | |
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.
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
The Company had receivables related to revenue from contracts with customers of $32.8 million and $39.9 million at September 30, 2024 and December 31, 2023, respectively. The Company had no significant impairments related to these receivables during the three months ended September 30, 2024.
Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company, software license fees received upfront from customers and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $2.4 million and $1.1 million at September 30, 2024 and December 31, 2023, respectively.
The following presents the Company's receivables and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet:
| | | | | | | | | | | |
(Expressed in thousands) | As of |
| September 30, 2024 | | December 31, 2023 |
Receivables | | | |
Commission (1) | $ | 4,603 | | | $ | 4,554 | |
Mutual fund and insurance income (2) | 5,741 | | | 5,365 | |
Advisory fees (3) | 3,437 | | | 5,746 | |
Bank deposit sweep income (4) | 4,923 | | | 5,223 | |
Investment banking fees (5) | 8,410 | | | 12,847 | |
Other | 5,714 | | | 6,126 | |
Total receivables | $ | 32,828 | | | $ | 39,861 | |
Deferred revenue (payables): | | | |
Investment Banking fees (6) | $ | 565 | | | $ | 1,118 | |
Software license fees (7) | 1,244 | | | — | |
IRA fees (8) | 610 | | | — | |
| $ | 2,419 | | | $ | 1,118 | |
(1)Commissions earned but not yet received.
(2)Mutual fund and insurance 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.
(6)Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied.
(7)Software license fees received upfront from customers and recognized ratably over the contract period
(8)Fee received in advance on an annual basis.
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OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) |
6. Earnings per share
Basic earnings per share is 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:
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(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, |
| 2024 | | 2023 | | 2024 | | 2023 |
Basic weighted average number of shares outstanding | 10,332,927 | | | 10,519,431 | | | 10,355,982 | | | 10,874,055 | |
Net dilutive effect of share-based awards, treasury stock method (1) | 944,938 | | | 920,798 | | | 800,554 | | | 872,282 | |
Diluted weighted average number of shares outstanding | 11,277,865 | | | 11,440,229 | | | 11,156,536 | | | 11,746,337 | |
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