Supplemental Guarantor Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Income Statement

Condensed Consolidating Balance Sheet

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2019

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	38,235		$	475		$	32,597		$	—		$	71,307
Deposits with clearing organizations	—			—			65,491			—			65,491
Receivable from brokers, dealers and clearing organizations	—			—			167,931			—			167,931
Receivable from customers, net of allowance for credit losses of $920	—			—			807,581			—			807,581
Income tax receivable	47,917			22,247			(702		)	(69,462		)	—
Securities purchased under agreements to resell	—			—			39			—			39
Securities owned, including amounts pledged of $547,326 at fair value	—			1,493			993,877			—			995,370
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827, respectively	—			—			43,413			—			43,413
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $90,633	—			23,297			9,030			—			32,327
Right-of-use lease assets, net of accumulated amortization of $12,983	—			160,202			6,410			—			166,612
Subordinated loan receivable	—			112,558			—			(112,558		)	—
Intangible assets	—			400			31,700			—			32,100
Goodwill	—			—			137,889			—			137,889
Other assets	125			1,956			130,275			—			132,356
Deferred tax assets	155			(29		)	17,573			(17,699		)	—
Investment in subsidiaries	692,030			580,920			—			(1,272,950		)	—
Intercompany receivables	(12,892		)	46,960			(7,420		)	(26,648		)	—
Total assets	$	765,570		$	950,479		$	2,435,684		$	(1,499,317	)	$	2,652,416
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—		$	—		$	17,456		$	—		$	17,456
Bank call loans	—			—			50,100			—			50,100
Payable to brokers, dealers and clearing organizations	—			—			418,719			—			418,719
Payable to customers	—			—			325,754			—			325,754
Securities sold under agreements to repurchase	—			—			521,837			—			521,837
Securities sold but not yet purchased, at fair value	—			—			155,979			—			155,979
Accrued compensation	—			—			130,879			—			130,879
Income tax payable	2,440			22,189			45,683			(69,463		)	849
Accounts payable and other liabilities	295			(10,302		)	52,725			(9		)	42,709
Lease liabilities	—			203,240			7,015			—			210,255
Senior secured notes, net of debt issuance cost of $775	199,225			—			—			—			199,225
Subordinated indebtedness	—			—			112,558			(112,558		)	—
Deferred tax liabilities	—			(808		)	33,546			(17,694		)	15,044
Intercompany payables	—			(193,967		)	—			193,967			—
Total liabilities	201,960			20,352			1,872,251			(5,757		)	2,088,806
Stockholders' equity
Total stockholders' equity	563,610			930,127			563,433			(1,493,560		)	563,610
Total liabilities and stockholders' equity	$	765,570		$	950,479		$	2,435,684		$	(1,499,317	)	$	2,652,416

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2018

(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	53,526		$	3,826	$	33,323		$	—		$	90,675
Deposits with clearing organizations	—			—		67,678			—			67,678
Receivable from brokers, dealers and clearing organizations	—			—		166,493			—			166,493
Receivable from customers, net of allowance for credit losses of $886	—			—		720,777			—			720,777
Income tax receivable	45,733			23,491		(702		)	(67,508		)	1,014
Securities purchased under agreements to resell	—			—		290			—			290
Securities owned, including amounts pledged of $517,951 at fair value	—			1,358		836,226			—			837,584
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $25,109 and $6,800, respectively	—			—		44,058			—			44,058
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $89,182	—			20,722		8,266			—			28,988
Subordinated loan receivable	—			112,558		—			(112,558		)	—
Intangible assets	—			400		31,700			—			32,100
Goodwill	—			—		137,889			—			137,889
Other assets	135			2,581		110,052			—			112,768
Deferred tax assets	1			455		18,494			(18,950		)	—
Investment in subsidiaries	661,837			546,704		—			(1,208,541		)	—
Intercompany receivables	(14,211		)	46,840		(6,299		)	(26,330		)	—
Total assets	$	747,021		$	758,935	$	2,168,245		$	(1,433,887	)	$	2,240,314
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—		$	—	$	16,348		$	—		$	16,348
Bank call loans	—			—		15,000			—			15,000
Payable to brokers, dealers and clearing organizations	—			—		289,207			—			289,207
Payable to customers	—			—		336,616			—			336,616
Securities sold under agreements to repurchase	—			—		484,218			—			484,218
Securities sold but not yet purchased, at fair value	—			—		85,446			—			85,446
Accrued compensation	—			—		167,348			—			167,348
Accounts payable and other liabilities	163			31,653		55,823			(9		)	87,630
Income tax payable	2,440			22,189		42,878			(67,507		)	—
Senior secured notes, net of debt issuance cost of $904	199,096			—		—			—			199,096
Subordinated indebtedness	—			—		112,558			(112,558		)	—
Deferred tax liabilities	—			—		33,029			(18,946		)	14,083
Intercompany payables	—			26,334		—			(26,334		)	—
Total liabilities	201,699			80,176		1,638,471			(225,354		)	1,694,992
Stockholders' equity
Total stockholders' equity	545,322			678,759		529,774			(1,208,533		)	545,322
Total liabilities and stockholders' equity	$	747,021		$	758,935	$	2,168,245		$	(1,433,887	)	$	2,240,314

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2019

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash used in operating activities	$	(5,060	)	$	(3,351	)	$	(29,580	)	$	—	$	(37,991	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(6,941		)	—		(6,941		)
Purchase of tangible assets	—			—			—			—		—
Proceeds from the settlement of Company-owned life insurance	—			—			695			—		695
Cash used in investing activities	—			—			(6,246		)	—		(6,246		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,865		)	—			—			—		(2,865		)
Repurchase of Class A non-voting common stock	(6,352		)	—			—			—		(6,352		)
Payments for employee taxes withheld related to vested share-based awards	(1,014		)	—			—			—		(1,014		)
Decrease in bank call loans, net	—			—			35,100			—		35,100
Cash provided by (used in) financing activities	(10,231		)	—			35,100			—		24,869
Net decrease in cash and cash equivalents	(15,291		)	(3,351		)	(726		)	—		(19,368		)
Cash and cash equivalents, beginning of the period	53,526			3,826			33,323			—		90,675
Cash and cash equivalents, end of the period	$	38,235		$	475		$	32,597		$	—	$	71,307

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2018

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	(1,417	)	$	1,272		$	11,456		$	—	$	11,311
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(3,947		)	—		(3,947		)
Purchase of intangible assets	—			(400		)	—			—		(400		)
Cash used in investing activities	—			(400		)	(3,947		)	—		(4,347		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,913		)	—			—			—		(2,913		)
Payments for employee taxes withheld related to vested share-based awards	(2,444		)	—			—			—		(2,444		)
Increase in bank call loans, net	—			—			(10,800		)	—		(10,800		)
Cash used in financing activities	(5,357		)	—			(10,800		)	—		(16,157		)
Net increase (decrease) in cash and cash equivalents	(6,774		)	872			(3,291		)	—		(9,193		)
Cash and cash equivalents, beginning of the period	7,442			3,716			36,996			—		48,154
Cash and cash equivalents, end of the period	$	668		$	4,588		$	33,705		$	—	$	38,961