Supplemental Guarantor Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2018



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	5,496	$	4,235	$	32,984	$	—		$	42,715
Deposits with clearing organizations	—		—		70,938		—			70,938
Receivable from brokers, dealers and clearing organizations	—		—		171,130		—			171,130
Receivable from customers, net of allowance for credit losses of $809	—		—		881,941		—			881,941
Income tax receivable	44,792		25,330		—		(66,990		)	3,132
Securities owned, including amounts pledged of $688,647, at fair value	—		1,360		998,267		—			999,627
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,680 and $8,120, respectively	—		—		42,386		—			42,386
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $84,344	—		21,182		7,159		—			28,341
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		400		31,700		—			32,100
Goodwill	—		—		137,889		—			137,889
Other assets	201		2,572		121,004		—			123,777
Deferred tax assets	1,130		—		17,362		(18,492		)	—
Investment in subsidiaries	632,031		515,176		—		(1,147,207		)	—
Intercompany receivables	51,359		50,632		—		(101,991		)	—
Total assets	$	735,009	$	733,445	$	2,512,760	$	(1,447,238	)	$	2,533,976
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	20,993	$	—		$	20,993
Bank call loans	—		—		147,400		—			147,400
Payable to brokers, dealers and clearing organizations	—		—		255,126		—			255,126
Payable to customers	—		—		445,085		—			445,085
Securities sold under agreements to repurchase	—		—		576,017		—			576,017
Securities sold but not yet purchased, at fair value	—		—		147,886		—			147,886
Accrued compensation	—		—		103,751		—			103,751
Accounts payable and other liabilities	3,523		34,148		56,501		—			94,172
Income tax payable	2,440		22,189		42,361		(66,990		)	—
Senior secured notes, net of debt issuance cost of $1,098	198,902		—		—		—			198,902
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		8		32,619		(18,492		)	14,135
Intercompany payables	—		28,140		73,851		(101,991		)	—
Total liabilities	204,865		84,485		2,014,148		(300,031		)	2,003,467
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	530,144		648,960		498,247		(1,147,207		)	530,144
Non-controlling interest	—		—		365		—			365
Total stockholders' equity	530,144		648,960		498,612		(1,147,207		)	530,509
Total liabilities and stockholders' equity	$	735,009	$	733,445	$	2,512,760	$	(1,447,238	)	$	2,533,976

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2017



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	7,442	$	3,716	$	36,996	$	—		$	48,154
Deposits with clearing organizations	—		—		42,222		—			42,222
Receivable from brokers, dealers and clearing organizations	—		—		187,115		—			187,115
Receivable from customers, net of allowance for credit losses of $769	—		—		848,226		—			848,226
Income tax receivable	45,998		26,025		—		(69,084		)	2,939
Securities purchased under agreements to resell	—		—		658		—			658
Securities owned, including amounts pledged of $655,683, at fair value	—		1,386		925,211		—			926,597
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,705 and $7,975, respectively	—		—		40,520		—			40,520
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $82,826	—		20,221		6,966		—			27,187
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	133		2,573		142,604		—			145,310
Deferred tax assets	3,502		—		18,463		(21,965		)	—
Investment in subsidiaries	622,824		507,747		—		(1,130,571		)	—
Intercompany receivables	52,149		83,437		—		(135,586		)	—
Total assets	$	732,048	$	757,663	$	2,418,570	$	(1,469,764	)	$	2,438,517
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	42,412	$	—		$	42,412
Bank call loans	—		—		118,300		—			118,300
Payable to brokers, dealers and clearing organizations	—		—		211,483		—			211,483
Payable to customers	—		—		385,907		—			385,907
Securities sold under agreements to repurchase	—		—		586,478		—			586,478
Securities sold but not yet purchased, at fair value	—		—		94,486		—			94,486
Accrued compensation	—		—		173,116		—			173,116
Accounts payable and other liabilities	7,221		33,994		51,280		—			92,495
Income tax payable	2,440		22,189		44,455		(69,084		)	—
Senior secured notes, net of debt issuance costs of $1,163	198,837		—		—		—			198,837
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		17		33,040		(21,965		)	11,092
Intercompany payables	—		62,163		73,423		(135,586		)	—
Total liabilities	208,498		118,363		1,926,938		(339,193		)	1,914,606
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	523,550		639,300		491,271		(1,130,571		)	523,550
Non-controlling interest	—		—		361		—			361
Total stockholders' equity	523,550		639,300		491,632		(1,130,571		)	523,911
Total liabilities and stockholders' equity	$	732,048	$	757,663	$	2,418,570	$	(1,469,764	)	$	2,438,517

Condensed Income Statement [Table Text Block]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2018



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	83,407		$	—		$	83,407
Advisory fees	—			—		77,874			(326		)	77,548
Investment banking	—			—		28,210			—			28,210
Bank deposit sweep income	—			—		25,297			—			25,297
Interest	—			2,060		12,247			(2,080		)	12,227
Principal transactions, net	—			—		2,759			(33		)	2,726
Other	—			96		5,114			(95		)	5,115
Total revenue	—			2,156		234,908			(2,534		)	234,530
EXPENSES
Compensation and related expenses	326			—		152,778			—			153,104
Communications and technology	39			—		18,649			—			18,688
Occupancy and equipment costs	—			—		15,523			(95		)	15,428
Clearing and exchange fees	—			—		6,096			—			6,096
Interest	3,375			—		7,668			(2,080		)	8,963
Other	387			253		22,345			(359		)	22,626
Total expenses	4,127			253		223,059			(2,534		)	224,905
Income (loss) before income taxes	(4,127		)	1,903		11,849			—			9,625
Income taxes	(1,040		)	264		3,692			—			2,916
Net income (loss) from continuing operations	(3,087		)	1,639		8,157			—			6,709

Equity in earnings of subsidiaries	9,792			8,153		—			(17,945		)	—
Net income	6,705			9,792		8,157			(17,945		)	6,709
Less net income attributable to non-controlling interest, net of tax	—			—		4			—			4
Net income attributable to Oppenheimer Holdings Inc.	6,705			9,792		8,153			(17,945		)	6,705
Other comprehensive loss	—			—		(142		)	—			(142		)
Total comprehensive income	$	6,705		$	9,792	$	8,011		$	(17,945	)	$	6,563

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
Bank deposit sweep income	—			—			14,126			—			14,126
Interest	—			2,579			10,562			(2,576		)	10,565
Principal transactions, net	—			6			5,367			—			5,373
Other	—			88			9,050			(88		)	9,050
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 non-controlling 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	)

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2018



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	1,954		$	919		$	(30,416	)	$	—	$	(27,543	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(2,696		)	—		(2,696		)
Purchase of tangible assets	—			(400		)	—			—		(400		)
Cash used in investing activities	—			(400		)	(2,696		)	—		(3,096		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,456		)	—			—			—		(1,456		)
Payments for employee taxes withheld related to vested share-based awards	(2,444		)	—			—			—		(2,444		)
Increase in bank call loans, net	—			—			29,100			—		29,100
Cash provided by (used in) in financing activities	(3,900		)	—			29,100			—		25,200
Net increase (decrease) in cash and cash equivalents	(1,946		)	519			(4,012		)	—		(5,439		)
Cash and cash equivalents, beginning of the period	7,442			3,716			36,996			—		48,154
Cash and cash equivalents, end of the period	$	5,496		$	4,235		$	32,984		$	—	$	42,715

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 non-controlling 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) 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