OPPENHEIMER HOLDINGS INC
For the period ended Jan 26, 2024. Filed Jan 26, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Jan 26, 2024 · Filed Jan 26, 2024
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Contents
EX-99.1 · Forward-Looking Statements
Forward-Looking Statements
This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and Factors Affecting "Forward-Looking Statements" in Part I, Item 2 in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
| Oppenheimer Holdings Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Income Statements (Unaudited) | ||||||||||||
| ('000s, except number of shares and per share amounts) | ||||||||||||
| For the Three Months EndedDecember 31, · For the Year EndedDecember 31, | ||||||||||||
| 2023 · 2022 · % Change · 2023 · 2022 · % Change | ||||||||||||
| REVENUE | ||||||||||||
| Commissions | $90,074 | $88,075 | 2.3 | $349,248 | $370,382 | (5.7) | ||||||
| Advisory fees | 105,465 | 99,517 | 6.0 | 415,679 | 425,615 | (2.3) | ||||||
| Investment banking | 22,311 | 34,013 | (34.4) | 117,665 | 127,529 | (7.7) | ||||||
| Bank deposit sweep income | 37,534 | 49,590 | (24.3) | 172,807 | 104,558 | 65.3 | ||||||
| Interest | 25,859 | 22,046 | 17.3 | 104,550 | 60,713 | 72.2 | ||||||
| Principal transactions, net | 18,712 | 10,907 | 71.6 | 65,347 | 21,031 | 210.7 | ||||||
| Other | 8,334 | 9,432 | (11.6) | 23,529 | 1,113 | 2,014.0 | ||||||
| Total revenue | 308,289 | 313,580 | (1.7) | 1,248,825 | 1,110,941 | 12.4 | ||||||
| EXPENSES | ||||||||||||
| Compensation and related expenses | 193,196 | 197,683 | (2.3) | 782,396 | 740,827 | 5.6 | ||||||
| Communications and technology | 23,508 | 21,493 | 9.4 | 91,321 | 85,474 | 6.8 | ||||||
| Occupancy and equipment costs | 16,380 | 15,196 | 7.8 | 66,002 | 59,897 | 10.2 | ||||||
| Clearing and exchange fees | 6,687 | 6,643 | 0.7 | 24,928 | 25,566 | (2.5) | ||||||
| Interest | 18,246 | 10,688 | 70.7 | 68,599 | 23,846 | 187.7 | ||||||
| Other | 32,440 | 31,605 | 2.6 | 168,809 | 129,777 | 30.1 | ||||||
| Total expenses | 290,457 | 283,308 | 2.5 | 1,202,055 | 1,065,387 | 12.8 | ||||||
| Pre-tax Income | 17,832 | 30,272 | (41.1) | 46,770 | 45,554 | 2.7 | ||||||
| Income taxes provision | 6,236 | 7,885 | (20.9) | 16,498 | 13,444 | 22.7 | ||||||
| Net Income | $11,596 | $22,387 | (48.2) | $30,272 | $32,110 | (5.7) | ||||||
| Less: Net income (loss) attributable tonon-controlling interest, net of tax | 496 | (26) | * | 93 | (241) | * | ||||||
| Net income attributable toOppenheimer Holdings Inc. | $11,100 | $22,413 | (50.5) | $30,179 | $32,351 | (6.7) | ||||||
| Earnings per share attributable to Oppenheimer Holdings Inc. | ||||||||||||
| Basic | $1.07 | $2.04 | (47.5) | $2.81 | $2.77 | 1.4 | ||||||
| Diluted | $0.98 | $1.87 | (47.6) | $2.59 | $2.57 | 0.8 | ||||||
| Weighted average number of common shares outstanding | ||||||||||||
| Basic | 10,326,996 | 10,967,276 | (5.8) | 10,736,166 | 11,666,194 | (8.0) | ||||||
| Diluted | 11,305,198 | 11,969,012 | (5.5) | 11,645,708 | 12,607,752 | (7.6) | ||||||
| Period end number of common shares outstanding | 10,286,448 | 10,968,221 | (6.2) | 10,286,448 | 10,968,221 | (6.2) | ||||||
| * Percentage not meaningful | ||||||||||||
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