Supplemental Guarantor Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Income Statement

Condensed Consolidating Balance Sheet

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2019

(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	4,785	$	534	$	20,874	$	—		$	26,193
Deposits with clearing organizations	—		—		73,730		—			73,730
Receivable from brokers, dealers and clearing organizations	—		—		157,734		—			157,734
Receivable from customers, net of allowance for credit losses of $941	—		—		754,927		—			754,927
Income tax receivable	49,333		15,488		—		(62,488		)	2,333
Securities owned, including amounts pledged of $359,151 at fair value	—		1,327		651,867		—			653,194
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $35,373 and $3,886, respectively	—		—		43,920		—			43,920
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $92,690	—		23,097		8,988		—			32,085
Right-of-use lease assets, net of accumulated amortization of $19,141	—		158,793		6,106		—			164,899
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		400		31,700		—			32,100
Goodwill	—		—		137,889		—			137,889
Other assets	154		12,612		122,649		(10,931		)	124,484
Deferred tax assets	103		7,020		11,963		(19,086		)	—
Investment in subsidiaries	692,030		761,924		24,628		(1,478,582		)	—
Intercompany receivables	—		46,325		14,092		(60,417		)	—
Total assets	$	746,405	$	1,140,078	$	2,061,067	$	(1,744,062	)	$	2,203,488
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	17,794	$	—		$	17,794
Bank call loans	—		—		—		—			—
Payable to brokers, dealers and clearing organizations	—		—		364,595		—			364,595
Payable to customers	—		—		313,056		—			313,056
Securities sold under agreements to repurchase	—		—		253,720		—			253,720
Securities sold but not yet purchased, at fair value	—		—		121,880		—			121,880
Accrued compensation	—		—		149,862		—			149,862
Income tax payable	—		40		62,489		(62,529		)	—
Accounts payable and other liabilities	2,584		90		51,500		(10,940		)	43,234
Lease liabilities	—		202,121		6,625		2			208,748
Senior secured notes, net of debt issuance cost of $533	149,467		—		—		—			149,467
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		—		33,546		(19,041		)	14,505
Intercompany payables	27,727		—		—		(27,727		)	—
Total liabilities	179,778		202,251		1,487,625		(232,793		)	1,636,861
Stockholders' equity
Total stockholders' equity	566,627		937,827		573,442		(1,511,269		)	566,627
Total liabilities and stockholders' equity	$	746,405	$	1,140,078	$	2,061,067	$	(1,744,062	)	$	2,203,488

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	$	53,525		$	3,826	$	33,324		$	—		$	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	$	747,020		$	758,935	$	2,168,246		$	(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 NINE MONTHS ENDED SEPTEMBER 30, 2019

(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	16,687		$	(3,292	)	$	9,502		$	—	$	22,897
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(8,672		)	—		(8,672		)
Proceeds from the settlement of Company-owned life insurance	—			—			1,720			—		1,720
Cash used in investing activities	—			—			(6,952		)	—		(6,952		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,408		)	—			—			—		(4,408		)
Issuance of Class A non-voting common stock	83			—			—			—		83
Repurchase of Class A non-voting common stock	(8,400		)	—			—			—		(8,400		)
Redemption of senior secured notes	(50,000		)	—			—			—		(50,000		)
Debt redemption costs	(1,688		)	—			—			—		(1,688		)
Payments for employee taxes withheld related to vested share-based awards	(1,014		)	—			—			—		(1,014		)
Decrease in bank call loans, net	—			—			(15,000		)	—		(15,000		)
Cash used in financing activities	(65,427		)	—			(15,000		)	—		(80,427		)
Net increase (decrease) in cash and cash equivalents	(48,740		)	(3,292		)	(12,450		)	—		(64,482		)
Cash and cash equivalents, beginning of the period	53,525			3,826			33,324			—		90,675
Cash and cash equivalents, end of the period	$	4,785		$	534		$	20,874		$	—	$	26,193

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 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	$	(131	)	$	1,337		$	117,073		$	—	$	118,279
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(6,654		)	—		(6,654		)
Purchase of intangible assets	—			(400		)	—			—		(400		)
Proceeds from the settlement of Company-owned life insurance	—			—			284			—		284
Cash used in investing activities	—			(400		)	(6,370		)	—		(6,770		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,373		)	—			—			—		(4,373		)
Issuance of Class A non-voting common stock	70			—			—			—		70
Payments for employee taxes withheld related to vested share-based awards	(2,529		)	—			—			—		(2,529		)
Decrease in bank call loans, net	—			—			(115,300		)	—		(115,300		)
Cash used in financing activities	(6,832		)	—			(115,300		)	—		(122,132		)
Net increase (decrease) in cash and cash equivalents	(6,963		)	937			(4,597		)	—		(10,623		)
Cash and cash equivalents, beginning of the period	7,442			3,716			36,996			—		48,154
Cash and cash equivalents, end of the period	$	479		$	4,653		$	32,399		$	—	$	37,531