Supplemental Guarantor Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2020



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	1,950		$	67		$	21,523		$	—		$	23,540
Deposits with clearing organizations	—			—			119,580			—			119,580
Receivable from brokers, dealers and clearing organizations				—			198,417						198,417
Receivable from customers, net of allowance for credit losses of $528	—			—			964,772			—			964,772
Income tax receivable	43,061			16,068			(701		)	(52,145		)	6,283
Securities owned, including amounts pledged of $150,547 at fair value	—			1,339			308,007			—			309,346
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908, respectively	—			—			44,960			—			44,960
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $96,742	—			21,741			8,905			—			30,646
Right-of-use lease assets, net of accumulated amortization of $31,398	—			149,929			6,026			85			156,040
Subordinated loan receivable	209			112,558			—			(112,767		)	—
Intangible assets	—			400			31,700			—			32,100
Goodwill	—			—			137,889			—			137,889
Other assets	144			1,368			114,547			1			116,060
Deferred tax assets	238			(9		)	(733		)	504			—
Investment in subsidiaries	737,510			598,905			—			(1,336,415		)	—
Intercompany receivables	(43,139		)	73,322			(3,850		)	(26,333		)	—
Total assets	$	739,973		$	975,688		$	1,951,042		$	(1,527,070	)	$	2,139,633
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—		$	—		$	19,066		$	—		$	19,066
Bank call loans	—			—			203,100			—			203,100
Payable to brokers, dealers and clearing organizations	—			—			239,583			—			239,583
Payable to customers	—			—			413,646			—			413,646
Securities sold under agreements to repurchase	—			—			124,103			—			124,103
Securities sold but not yet purchased, at fair value	—			—			34,639			—			34,639
Accrued compensation	—			—			102,407			—			102,407
Income tax payable	2,440			22,189			27,516			(52,145		)	—
Accounts payable and other liabilities	2,661			(10,294		)	51,256			22			43,645
Lease liabilities	—			191,294			6,434			—			197,728
Senior secured notes, net of debt issuance cost of $432	148,142			—			—			—			148,142
Subordinated indebtedness	—			—			112,558			(112,558		)	—
Deferred tax liabilities	—			(7,209		)	33,546			507			26,844
Intercompany payables	—			26,335			—			(26,335		)	—
Total liabilities	153,243			222,315			1,367,854			(190,509		)	1,552,903
Stockholders' equity
Total stockholders' equity	586,730			753,373			583,188			(1,336,561		)	586,730
Total liabilities and stockholders' equity	$	739,973		$	975,688		$	1,951,042		$	(1,527,070	)	$	2,139,633

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2019



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	4,811	$	2,179	$	72,560	$	—		$	79,550
Deposits with clearing organizations	—		—		48,415		—			48,415
Receivable from brokers, dealers and clearing organizations	—		—		158,231		5,062			163,293
Receivable from customers, net of allowance for credit losses of $451	—		—		796,934		—			796,934
Income tax receivable	42,556		16,469		—		(53,855		)	5,170
Securities owned, including amounts pledged of $357,120 at fair value	—		1,352		798,367		—			799,719
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $38,355 and $3,673, respectively	—		—		43,670		—			43,670
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $94,773	—		22,537		8,840		—			31,377
Subordinated loan receivable	209		112,558		—		(112,767		)	—
Right-of-use lease assets, net of accumulated amortization of $25,186	—		153,780		6,517		—			160,297
Intangible assets	—		400		31,700		—			32,100
Goodwill	—		—		137,889		—			137,889
Other assets	154		11,798		164,821		(10,432		)	166,341
Deferred tax assets	4		7,048		2,449		(9,501		)	—
Investment in subsidiaries	697,093		763,990		24,656		(1,485,739		)	—
Intercompany receivables	2,875		67,923		—		(70,798		)	—
Total assets	$	747,702	$	1,160,034	$	2,295,049	$	(1,738,030	)	$	2,464,755
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	520,975	$	—		$	520,975
Payable to customers	—		—		334,735		—			334,735
Securities sold under agreements to repurchase	—		—		287,265		—			287,265
Securities sold but not yet purchased, at fair value	—		—		100,571		—			100,571
Accrued compensation	—		—		207,358		—			207,358
Accounts payable and other liabilities	5,166		75		50,049		(10,565		)	44,725
Lease liabilities	—		196,234		6,906		—			203,140
Income tax payable	—		40		703		(743		)	—
Senior secured notes, net of debt issuance cost of $485	149,515		—		—		—			149,515
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		—		33,546		(9,797		)	23,749
Intercompany payables	299		—		—		(299		)	—
Total liabilities	154,980		196,349		1,654,666		(133,962		)	1,872,033
Stockholders' equity
Total stockholders' equity	592,722		963,685		640,383		(1,604,068		)	592,722
Total liabilities and stockholders' equity	$	747,702	$	1,160,034	$	2,295,049	$	(1,738,030	)	$	2,464,755

Condensed Consolidating Statement of Cash Flows

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	13,900		$	(2,112	)	$	(252,811	)	$	—	$	(241,023	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(1,326		)	—		(1,326		)
Cash used in investing activities	—			—			(1,326		)	—		(1,326		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,561		)	—			—			—		(1,561		)
Repurchase of Class A non-voting common stock for cancellation	(8,434		)	—			—			—		(8,434		)
Repurchase of senior secured notes	(1,426		)	—			—			—		(1,426		)
Payments for employee taxes withheld related to vested share-based awards	(5,340		)	—			—			—		(5,340		)
Increase in bank call loans, net	—			—			203,100			—		203,100
Cash provided by (used in) financing activities	(16,761		)	—			203,100			—		186,339
Net decrease in cash and cash equivalents	(2,861		)	(2,112		)	(51,037		)	—		(56,010		)
Cash and cash equivalents, beginning of the period	4,811			2,179			72,560			—		79,550
Cash and cash equivalents, end of the period	$	1,950		$	67		$	21,523		$	—	$	23,540

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2019



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	799		$	(214	)	$	14,742		$	—	$	15,327
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(3,448		)	—		(3,448		)
Cash used in investing activities	—			—			(3,448		)	—		(3,448		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,432		)	—			—			—		(1,432		)
Issuance of Class A non-voting common stock	(2,035		)	—			—			—		(2,035		)
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	(4,481		)	—			(15,000		)	—		(19,481		)
Net decrease in cash and cash equivalents	(3,682		)	(214		)	(3,706		)	—		(7,602		)
Cash and cash equivalents, beginning of the period	53,526			3,826			33,323			—		90,675
Cash and cash equivalents, end of the period	$	49,844		$	3,612		$	29,617		$	—	$	83,073