Supplemental Guarantor Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2017



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	906	$	14,384	$	47,131	$	—		$	62,421
Deposits with clearing organizations	—		—		41,902		—			41,902
Receivable from brokers, dealers and clearing organizations	—		—		232,682		—			232,682
Receivable from customers, net of allowance for credit losses of $761	—		—		830,084		—			830,084
Income tax receivable	43,251		28,284		—		(62,416		)	9,119
Securities purchased under agreements to resell	—		—		3,896		—			3,896
Securities owned, including amounts pledged of $705,988, at fair value	—		23,742		978,963		—			1,002,705
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $23,866 and $7,300, respectively	—		—		33,808		—			33,808
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $85,672	—		21,489		5,862		—			27,351
Assets held for sale	—		—		1,330		—			1,330
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	83		927		109,530		—			110,540
Deferred tax assets	666		—		34,280		(34,946		)	—
Investment in subsidiaries	583,798		473,618		—		(1,057,416		)	—
Intercompany receivables	30,076		43,750		—		(73,826		)	—
Total assets	$	658,780	$	718,752	$	2,489,057	$	(1,341,162	)	$	2,525,427
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	32,783	$	—		$	32,783
Bank call loans	—		—		195,700		—			195,700
Payable to brokers, dealers and clearing organizations	—		—		175,204		—			175,204
Payable to customers	—		—		504,348		—			504,348
Securities sold under agreements to repurchase	—		—		456,090		—			456,090
Securities sold but not yet purchased, at fair value	—		—		299,472		—			299,472
Liabilities held for sale	—		—		1,421		—			1,421
Accrued compensation	—		—		95,164		—			95,164
Accounts payable and other liabilities	6,193		34,248		58,808		—			99,249
Income tax payable	2,440		22,189		37,787		(62,416		)	—
Senior secured notes, net of debt issuance cost of $527	149,473		—		—		—			149,473
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		22		48,868		(34,946		)	13,944
Intercompany payables	—		62,163		11,663		(73,826		)	—
Total liabilities	158,106		118,622		2,029,866		(283,746		)	2,022,848
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	500,674		600,130		457,286		(1,057,416		)	500,674
Noncontrolling interest	—		—		1,905		—			1,905
Total stockholders' equity	500,674		600,130		459,191		(1,057,416		)	502,579
Total liabilities and stockholders' equity	$	658,780	$	718,752	$	2,489,057	$	(1,341,162	)	$	2,525,427

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2016



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	229	$	10,284	$	54,400	$	—		$	64,913
Deposits with clearing organizations	—		—		38,185		—			38,185
Receivable from brokers, dealers and clearing organizations	—		—		214,934		—			214,934
Receivable from customers, net of allowance for credit losses of $794	—		—		847,386		—			847,386
Income tax receivable	41,996		28,289		—		(64,469		)	5,816
Securities purchased under agreements to resell	—		—		24,006		—			24,006
Securities owned, including amounts pledged of $438,385, at fair value	—		23,227		683,881		—			707,108
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,826 and $6,784, respectively	—		—		30,099		—			30,099
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $84,073	—		21,963		5,270		—			27,233
Assets held for sale	—		—		5,188		—			5,188
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	71		2,598		99,804		—			102,473
Deferred tax assets	394		309		37,961		(38,664		)	—
Investment in subsidiaries	584,767		483,623		—		(1,068,390		)	—
Intercompany receivables	37,906		37,914		—		(75,820		)	—
Total assets	$	665,363	$	720,765	$	2,210,703	$	(1,359,901	)	$	2,236,930
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	39,228	$	—		$	39,228
Bank call loans	—		—		145,800		—			145,800
Payable to brokers, dealers and clearing organizations	—		—		221,389		—			221,389
Payable to customers	—		—		449,946		—			449,946
Securities sold under agreements to repurchase	—		—		378,084		—			378,084
Securities sold but not yet purchased, at fair value	—		—		85,050		—			85,050
Liabilities held for sale	—		—		1,217		—			1,217
Accrued compensation	—		—		145,053		—			145,053
Accounts payable and other liabilities	2,868		34,920		57,552		—			95,340
Income tax payable	2,440		22,189		39,840		(64,469		)	—
Senior secured notes, net of debt issuance costs of $648	149,352		—		—		—			149,352
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		7		51,794		(38,664		)	13,137
Intercompany payables	—		62,205		13,615		(75,820		)	—
Total liabilities	154,660		119,321		1,741,126		(291,511		)	1,723,596
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	510,703		601,444		466,946		(1,068,390		)	510,703
Noncontrolling interest	—		—		2,631		—			2,631
Total stockholders' equity	510,703		601,444		469,577		(1,068,390		)	513,334
Total liabilities and stockholders' equity	$	665,363	$	720,765	$	2,210,703	$	(1,359,901	)	$	2,236,930

Condensed Income Statement [Table Text Block]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2017



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	86,717		$	—		$	86,717
Advisory fees	—			—			69,729			(320		)	69,409
Investment banking	—			—			18,021			—			18,021
Interest	—			2,579			10,562			(2,576		)	10,565
Principal transactions, net	—			6			5,367			—			5,373
Other	—			88			23,176			(88		)	23,176
Total revenue	—			2,673			213,572			(2,984		)	213,261
EXPENSES
Compensation and related expenses	338			—			143,540			—			143,878
Communications and technology	30			—			17,676			—			17,706
Occupancy and equipment costs	—			—			15,360			(88		)	15,272
Clearing and exchange fees	—			—			5,854			—			5,854
Interest	3,281			—			4,651			(2,576		)	5,356
Other	327			72			32,141			(320		)	32,220
Total expenses	3,976			72			219,222			(2,984		)	220,286
Income (loss) before income taxes	(3,976		)	2,601			(5,650		)	—			(7,025		)
Income taxes	(1,528		)	920			(1,079		)	—			(1,687		)
Net income (loss) from continuing operations	(2,448		)	1,681			(4,571		)	—			(5,338		)

Discontinued operations
Income from discontinued operations	—			—			976			—			976
Income taxes	—			—			389			—			389
Net income from discontinued operations	—			—			587			—			587

Equity in earnings of subsidiaries	(2,399		)	(4,080		)	—			6,479			—
Net loss	(4,847		)	(2,399		)	(3,984		)	6,479			(4,751		)
Less net income attributable to noncontrolling interest, net of tax	—			—			96			—			96
Net loss attributable to Oppenheimer Holdings Inc.	(4,847		)	(2,399		)	(4,080		)	6,479			(4,847		)
Other comprehensive income	—			—			1,424			—			1,424
Total comprehensive loss	$	(4,847	)	$	(2,399	)	$	(2,656	)	$	6,479		$	(3,423	)

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2016



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	103,833		$	—		$	103,833
Advisory fees	—			—			66,379			(353		)	66,026
Investment banking	—			—			12,383			—			12,383
Interest	—			2,557			13,052			(2,567		)	13,042
Principal transactions, net	—			30			6,588			—			6,618
Other	—			78			13,054			(78		)	13,054
Total revenue	—			2,665			215,289			(2,998		)	214,956
EXPENSES
Compensation and related expenses	387			—			148,108			—			148,495
Communications and technology	28			—			17,652			—			17,680
Occupancy and equipment costs	—			—			14,981			(78		)	14,903
Clearing and exchange fees	—			—			6,921			—			6,921
Interest	3,281			—			4,153			(2,567		)	4,867
Other	673			3			29,107			(353		)	29,430
Total expenses	4,369			3			220,922			(2,998		)	222,296
Income (loss) before income taxes	(4,369		)	2,662			(5,633		)	—			(7,340		)
Income taxes	(1,714		)	1,004			(3,338		)	—			(4,048		)
Net income (loss) from continuing operations	(2,655		)	1,658			(2,295		)	—			(3,292		)

Discontinued operations
Loss from discontinued operations	—			—			(657		)	—			(657		)
Income taxes	—			—			(40		)	—			(40		)
Net loss from discontinued operations	—			—			(617		)	—			(617		)

Equity in earnings of subsidiaries	(1,192		)	(2,850		)	—			4,042			—
Net loss	(3,847		)	(1,192		)	(2,912		)	4,042			(3,909		)
Less net loss attributable to noncontrolling interest, net of tax	—			—			(62		)	—			(62		)
Net loss attributable to Oppenheimer Holdings Inc.	(3,847		)	(1,192		)	(2,850		)	4,042			(3,847		)
Other comprehensive income	—			—			873			—			873
Total comprehensive loss	$	(3,847	)	$	(1,192	)	$	(1,977	)	$	4,042		$	(2,974	)

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2017



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	8,717		$	4,100	$	(54,803	)	$	—	$	(41,986	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—		(1,550		)	—		(1,550		)
Cash used in investing activities	—			—		(1,550		)	—		(1,550		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,480		)	—		—			—		(1,480		)
Cash dividends paid to noncontrolling interest	—			—		(816		)	—		(816		)
Repurchase of Class A non-voting common stock for cancellation	(4,357		)	—		—			—		(4,357		)
Payments for employee taxes withheld related to vested share-based awards	(2,203		)	—		—			—		(2,203		)
Increase in bank call loans, net	—			—		49,900			—		49,900
Cash provided by (used in) in financing activities	(8,040		)	—		49,084			—		41,044
Net increase (decrease) in cash and cash equivalents	677			4,100		(7,269		)	—		(2,492		)
Cash and cash equivalents, beginning of the period	229			10,284		54,400			—		64,913
Cash and cash equivalents, end of the period	$	906		$	14,384	$	47,131		$	—	$	62,421

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2016



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	5,740		$	(2,467	)	$	(44,045	)	$	—	$	(40,772	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(1,762		)	—		(1,762		)
Cash used in investing activities	—			—			(1,762		)	—		(1,762		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,476		)	—			—			—		(1,476		)
Repurchase of Class A non-voting common stock for cancellation	(3,634		)	—			—			—		(3,634		)
Payments for employee taxes withheld related to vested share-based awards	(1,341		)	—			—			—		(1,341		)
Increase in bank call loans, net	—			—			48,100			—		48,100
Cash provided by (used in) financing activities	(6,451		)	—			48,100			—		41,649
Net increase (decrease) in cash and cash equivalents	(711		)	(2,467		)	2,293			—		(885		)
Cash and cash equivalents, beginning of the period	907			2,586			59,871			—		63,364
Cash and cash equivalents, end of the period	$	196		$	119		$	62,164		$	—	$	62,479