Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2024 Earnings
Oppenheimer Holdings (NYSE: OPY) reported Q4 2024 net income of $10.7 million ($1.04 per share), slightly down from $11.1 million ($1.07 per share) in Q4 2023. Revenue increased 21.8% to $375.4 million. For full-year 2024, net income reached $71.6 million ($6.91 per share), up from $30.2 million ($2.81 per share) in 2023, with revenue growing 14.7% to $1.4 billion.
The company achieved record revenue driven by higher advisory fees, increased transaction-based commissions, and improved investment banking performance. Assets Under Management (AUM) reached record levels at $49.4 billion. However, results were impacted by higher compensation expenses, particularly $32.6 million in pre-tax expenses related to liability-based awards due to OPY's stock price increase.
The company repurchased 243,806 shares during 2024 and completed the redemption of all outstanding Senior Secured Notes in Q4 2024. Total stockholders' equity, book value per share, and tangible book value per share reached record levels.
Oppenheimer Holdings (NYSE: OPY) ha riportato un utile netto per il quarto trimestre del 2024 di 10,7 milioni di dollari (1,04 dollari per azione), leggermente in calo rispetto agli 11,1 milioni di dollari (1,07 dollari per azione) del quarto trimestre del 2023. I ricavi sono aumentati del 21,8% a 375,4 milioni di dollari. Per l'intero anno del 2024, l'utile netto ha raggiunto i 71,6 milioni di dollari (6,91 dollari per azione), rispetto ai 30,2 milioni di dollari (2,81 dollari per azione) del 2023, con ricavi in crescita del 14,7% a 1,4 miliardi di dollari.
L'azienda ha raggiunto ricavi record grazie a commissioni di consulenza più elevate, un aumento delle commissioni basate sulle transazioni e una migliore performance nel settore dell'investment banking. Gli Asset Under Management (AUM) hanno raggiunto livelli record a 49,4 miliardi di dollari. Tuttavia, i risultati sono stati influenzati da maggiori spese di compenso, in particolare 32,6 milioni di dollari in spese ante imposte legate a premi basati su responsabilità a causa dell'aumento del prezzo delle azioni di OPY.
L'azienda ha riacquistato 243.806 azioni durante il 2024 e ha completato il riscatto di tutte le Senior Secured Notes in circolazione nel quarto trimestre del 2024. Il patrimonio totale degli azionisti, il valore contabile per azione e il valore contabile tangibile per azione hanno raggiunto livelli record.
Oppenheimer Holdings (NYSE: OPY) reportó un ingreso neto de $10.7 millones ($1.04 por acción) en el cuarto trimestre de 2024, ligeramente por debajo de $11.1 millones ($1.07 por acción) en el cuarto trimestre de 2023. Los ingresos aumentaron un 21.8% a $375.4 millones. Para el año completo de 2024, el ingreso neto alcanzó los $71.6 millones ($6.91 por acción), en comparación con $30.2 millones ($2.81 por acción) en 2023, con ingresos que crecieron un 14.7% a $1.4 mil millones.
La compañía logró ingresos récord impulsados por tarifas de asesoría más altas, comisiones aumentadas basadas en transacciones y un mejor desempeño en banca de inversión. Los Activos Bajo Gestión (AUM) alcanzaron niveles récord de $49.4 mil millones. Sin embargo, los resultados se vieron afectados por mayores gastos en compensación, particularmente $32.6 millones en gastos antes de impuestos relacionados con premios basados en responsabilidades debido al aumento del precio de las acciones de OPY.
La compañía recompró 243,806 acciones durante 2024 y completó el canje de todas las Notas Senior Aseguradas en circulación en el cuarto trimestre de 2024. El patrimonio total de los accionistas, el valor contable por acción y el valor contable tangible por acción alcanzaron niveles récord.
오펜하이머 홀딩스 (NYSE: OPY)는 2024년 4분기 순이익이 1,070만 달러(주당 1.04달러)로, 2023년 4분기의 1,110만 달러(주당 1.07달러)보다 소폭 감소했다고 보고했습니다. 수익은 21.8% 증가하여 3억 7,540만 달러에 달했습니다. 2024년 전체 연도에 대한 순이익은 7,160만 달러(주당 6.91달러)를 기록하였으며, 이는 2023년의 3,020만 달러(주당 2.81달러)에서 증가한 수치입니다. 수익은 14.7% 증가하여 14억 달러에 달했습니다.
회사는 높은 자문 수수료와 거래 기반 수수료 증가, 투자은행 성과 개선에 힘입어 기록적인 수익을 달성했습니다. 관리 자산(AUM)은 494억 달러로 기록적인 수준에 도달했습니다. 그러나 결과는 OPY의 주가 상승으로 인한 책임 기반 보상과 관련된 세전 비용 3,260만 달러와 같은 더 높은 보상 비용에 의해 영향을 받았습니다.
회사는 2024년 동안 243,806주를 재매입했으며, 2024년 4분기에 모든 미상환 시니어 담보 부채를 상환 완료했습니다. 총 주주 지분, 주당 장부 가치 및 주당 유 tangible 장부 가치는 기록적인 수준에 도달했습니다.
Oppenheimer Holdings (NYSE: OPY) a annoncé un bénéfice net de 10,7 millions de dollars (1,04 dollar par action) pour le quatrième trimestre 2024, en légère baisse par rapport à 11,1 millions de dollars (1,07 dollar par action) pour le quatrième trimestre 2023. Le chiffre d'affaires a augmenté de 21,8% pour atteindre 375,4 millions de dollars. Pour l'année entière 2024, le bénéfice net a atteint 71,6 millions de dollars (6,91 dollars par action), contre 30,2 millions de dollars (2,81 dollars par action) en 2023, avec un chiffre d'affaires en hausse de 14,7% à 1,4 milliard de dollars.
L'entreprise a réalisé des revenus record grâce à des frais de conseil plus élevés, à une augmentation des commissions basées sur les transactions et à une performance améliorée en banque d'investissement. Les actifs sous gestion (AUM) ont atteint des niveaux records à 49,4 milliards de dollars. Cependant, les résultats ont été affectés par des dépenses de rémunération plus élevées, notamment 32,6 millions de dollars en dépenses avant impôts liées à des récompenses basées sur des responsabilités en raison de l'augmentation du prix de l'action d'OPY.
L'entreprise a racheté 243 806 actions en 2024 et a terminé le remboursement de toutes les Senior Secured Notes en circulation au quatrième trimestre 2024. Les capitaux propres totaux des actionnaires, la valeur comptable par action et la valeur comptable tangible par action ont atteint des niveaux records.
Oppenheimer Holdings (NYSE: OPY) berichtete im vierten Quartal 2024 einen Nettogewinn von 10,7 Millionen US-Dollar (1,04 US-Dollar pro Aktie), ein leichter Rückgang von 11,1 Millionen US-Dollar (1,07 US-Dollar pro Aktie) im vierten Quartal 2023. Der Umsatz stieg um 21,8% auf 375,4 Millionen US-Dollar. Für das gesamte Jahr 2024 betrug der Nettogewinn 71,6 Millionen US-Dollar (6,91 US-Dollar pro Aktie), ein Anstieg gegenüber 30,2 Millionen US-Dollar (2,81 US-Dollar pro Aktie) im Jahr 2023, wobei der Umsatz um 14,7% auf 1,4 Milliarden US-Dollar wuchs.
Das Unternehmen erzielte Rekordumsätze, die durch höhere Beratungsgebühren, erhöhte transaktionsbasierte Provisionen und eine verbesserte Leistung im Investment Banking unterstützt wurden. Die verwalteten Vermögenswerte (AUM) erreichten mit 49,4 Milliarden US-Dollar Rekordhöhen. Die Ergebnisse wurden jedoch durch höhere Vergütungskosten beeinflusst, insbesondere durch 32,6 Millionen US-Dollar an Steueraufwendungen, die mit leistungsabhängigen Vergütungen aufgrund des Anstiegs des Aktienkurses von OPY verbunden sind.
Das Unternehmen kaufte 243.806 Aktien im Jahr 2024 zurück und schloss im vierten Quartal 2024 die Rückzahlung aller ausstehenden Senior Secured Notes ab. Das gesamte Eigenkapital der Aktionäre, der Buchwert pro Aktie und der greifbare Buchwert pro Aktie erreichten Rekordwerte.
- Record revenue of $1.4 billion for FY2024, up 14.7% YoY
- Net income increased to $71.6 million in FY2024 from $30.2 million in FY2023
- Assets Under Management reached record $49.4 billion
- Advisory fees increased 23.3% YoY in Q4 2024
- Investment banking advisory fees up 137.6% in Q4 2024
- Q4 2024 net income decreased to $10.7M from $11.1M YoY
- Higher compensation expenses of $32.6M due to stock appreciation rights
- Bank deposit sweep income decreased $34.0M (19.7%) in FY2024
- Capital Markets segment reported pre-tax loss of $39.6M in FY2024
Insights
The Q4 and FY2024 results reveal a complex picture of Oppenheimer's operational strength amid market-driven challenges. Revenue reached record levels at
Three critical developments stand out:
- The reorganization of Private Client and Asset Management into a unified Wealth Management segment signals a strategic shift toward integrated wealth services, with this segment generating
$972 million in revenue and showing a robust21.6% increase in pre-tax income. - Record AUM of
$49.4 billion demonstrates strong market performance and client retention, though net distributions of$0.9 billion warrant attention. - The
$32.6 million pre-tax impact from stock appreciation rights presents a notable paradox - success in share price appreciation creating short-term earnings pressure.
The Capital Markets segment showed meaningful improvement, narrowing its pre-tax loss to
The
For the year ended December 31, 2024, the Company reported net income of
Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment.
Summary Operating Results (Unaudited) | ||||
('000s, except per share amounts or otherwise indicated) | ||||
4Q-24 | 4Q-23 | FY-24 | FY-23 | |
Revenue | $ 308,289 | $ 1,432,496 | $ 1,248,825 | |
Compensation Expense | $ 193,196 | |||
Non-compensation Expense | $ 97,261 | |||
Pre-Tax Income | $ 17,067 | $ 17,832 | $ 46,770 | |
Income Taxes Provision | $ 6,338 | $ 6,236 | $ 34,510 | $ 16,498 |
Net Income (1) | $ 10,729 | $ 11,100 | $ 71,557 | $ 30,179 |
Adjusted Net Income (1)(a) | N/A | $ 16,100 | N/A | $ 43,179 |
Earnings Per Share (Basic) (1) | $ 1.04 | $ 1.07 | $ 6.91 | $ 2.81 |
Adjusted Earnings Per Share (Basic) (1)(a) | N/A | $ 1.56 | N/A | $ 4.02 |
Earnings Per Share (Diluted) (1) | $ 0.92 | $ 0.98 | $ 6.37 | $ 2.59 |
Adjusted Earnings Per Share (Diluted) (1)(a) | N/A | $ 1.42 | N/A | $ 3.71 |
Book Value Per Share | $ 82.31 | $ 76.72 | $ 82.31 | $ 76.72 |
Tangible Book Value Per Share (2) | $ 64.96 | $ 59.54 | $ 64.96 | $ 59.54 |
(1) | Attributable to Oppenheimer Holdings Inc. |
(2) | Represents book value less goodwill and intangible assets divided by number of shares outstanding |
Highlights
- Record revenue for the full year 2024 driven by higher advisory fees attributable to a rise in billable assets under management ("AUM"), an increase in transaction-based commissions as well as significantly improved investment banking and interest revenue
- AUM at December 31, 2024 were at record levels due to market appreciation
- Compensation expenses increased from the prior year largely as a result of higher production related expenses, incentive compensation accruals and elevated costs associated with stock appreciation rights
- Lower non-compensation expenses for the full year 2024 primarily reflect lower legal and regulatory costs, partially offset by higher interest expense on short-term borrowings
- The Company repurchased 243,806 shares of Class A non-voting common stock during the full year 2024 under its previously announced share repurchase program and successfully completed the redemption of all outstanding Senior Secured Notes in the fourth quarter of 2024
- Total stockholders' equity, book value per share and tangible book value per share at December 31, 2024 reached record levels as a result of positive earnings
Albert G. Lowenthal, Chairman and CEO commented, "The Firm registered strong results of operations for the full year 2024 on the back of record high revenue generated by our diverse businesses. Our reported results were negatively impacted (with full year expense totaling
Our results were buoyed by an equities market that had a strong increase in popular averages, as lower interest rates and a strong domestic economy powered the S&P 500 to 57 new record closes and its best consecutive years in over two decades. Equity markets were led by significant increases in the performance of the "Magnificent Seven," propelled by the expectation of the impact of A.I. on the economy in future years. Most economic indicators currently suggest that the economy is well on its way to achieving a "soft landing" as we move into 2025.
The continued rise of the markets drove the outstanding results shown in our Wealth Management business. Asset-based advisory fees, in particular, grew significantly from the prior year in large part due to AUM reaching a fourth-consecutive all-time high at year-end. Retail trading volumes also remained elevated throughout the year, boosting transaction-based commissions. However, these positive drivers were offset to a degree by both lower interest-sensitive sweep income owing to lower average sweep balances, as well as higher share-based compensation expenses associated with stock appreciation rights granted to financial advisors. In the fourth quarter of 2024 alone, we recognized
In our Capital Markets businesses, we saw our 2024 investment banking results benefit from a somewhat improved market environment which drove higher new issuance and transaction activity levels when compared to the prior year. Though our revenue increased in 2024, we believe that capital markets conditions (and related transaction volumes) have yet to reach their full potential and expect that our business will stand to benefit when they do. Our institutional trading business also performed quite well in 2024, with higher sales and trading revenue attributed to greater volumes and increased market share.
Overall, we are extremely pleased with the accomplishments that we achieved in 2024. We ended the year with record revenue, AUM, stockholders' equity and book value per share levels, and a significantly de-levered balance sheet after completing the redemption of our Senior Secured Notes earlier in the fourth quarter of 2024. We remain optimistic about our future and look forward to continuing to serve our clients."
Segment Results (Unaudited) | ||||
('000s, except per share amounts or otherwise indicated) | ||||
4Q-24 | 4Q-23 | FY-24 | FY-23 | |
Wealth Management(b) | ||||
Revenue | $ 253,515 | $ 225,280 | $ 972,052 | $ 890,187 |
Pre-Tax Income | $ 53,708 | $ 60,070 | $ 265,739 | $ 218,535 |
Assets Under Administration (billions) | $ 129.5 | $ 118.2 | $ 129.5 | $ 118.2 |
Asset Under Management (billions) | $ 49.4 | $ 43.9 | $ 49.4 | $ 43.9 |
Capital Markets | ||||
Revenue | $ 119,325 | $ 81,457 | $ 447,579 | $ 345,897 |
Pre-Tax Loss | $ (4,975) | $ (18,179) | $ (39,596) | $ (62,961) |
Fourth Quarter Results
Wealth Management(b)
Wealth Management reported revenue of
('000s; except otherwise indicated) | ||
4Q-24 | 4Q-23 | |
Revenue | ||
Commissions | ||
Advisory Fees | ||
Bank Deposit Sweep Income | ||
Interest | ||
Other | $ 7,822 | |
Total Expenses | ||
Compensation | ||
Non-compensation | ||
Pre-Tax Income | ||
Compensation Ratio | 59.1 % | 52.2 % |
Non-compensation Ratio | 19.7 % | 21.1 % |
Pre-Tax Margin | 21.2 % | 26.7 % |
Assets Under Administration (billions) | $ 129.5 | $ 118.2 |
Assets Under Management (billions) | $ 49.4 | $ 43.9 |
Cash Sweep Balances (billions) | $ 3.0 | $ 3.4 |
Revenue:
- Retail commissions increased
21.8% from a year ago primarily driven by higher retail trading activity - Advisory fees increased
23.3% from a year ago due to higher AUM valuations during the billing period - Bank deposit sweep income for the fourth quarter of 2024 decreased
$5.2 million - Interest revenue increased
8.1% from a year ago due to higher average margin loan balances - Other revenue decreased
$3.7 million
Assets under Management (AUM):
- AUM were
$49.4 billion - The increase in AUM from December 31, 2023 to December 31, 2024 was comprised of higher asset values of
$6.4 billion $0.9 billion
Total Expenses:
- Compensation expenses increased
27.5% compared with the prior year period primarily due to greater production related expenses and elevated costs associated with share appreciation rights - Non-compensation expenses increased
4.9% compared with a year ago mainly as a result of higher interest expense on short-term borrowings and higher external portfolio management costs, which are directly related to the increase in AUM
Capital Markets
Capital Markets reported revenue of
('000s; except otherwise indicated) | ||
4Q-24 | 4Q-23 | |
Revenue | $ 81,457 | |
Investment Banking | $ 42,070 | $ 20,704 |
Advisory Fees | $ 30,266 | $ 12,740 |
Equities Underwriting | $ 9,206 | $ 5,837 |
Fixed Income Underwriting | $ 2,192 | $ 1,781 |
Other | $ 406 | $ 346 |
Sales and Trading | $ 76,082 | $ 60,170 |
Equities | $ 38,035 | $ 31,092 |
Fixed Income | $ 38,047 | $ 29,078 |
Other | $ 1,173 | $ 583 |
Total Expenses | $ 99,636 | |
Compensation | $ 81,085 | $ 58,346 |
Non-compensation | $ 43,215 | $ 41,290 |
Pre-Tax Loss | $ (4,975) | |
Compensation Ratio | 68.0 % | 71.6 % |
Non-compensation Ratio | 36.2 % | 50.7 % |
Pre-Tax Margin | (4.2) % | (22.3) % |
Revenue:
Investment Banking
- Advisory fees earned from investment banking activities increased
137.6% compared with a year ago due to higher transaction volumes - Equity underwriting fees increased
57.7% when compared with a year ago due to higher new issuance levels - Fixed income underwriting fees were relatively flat with the prior year period
Sales and Trading
- Equities sales and trading revenue increased
22.3% compared with a year ago due to higher client activity levels - Fixed income sales and trading revenue increased
30.8% compared to the prior year period primarily due to an increase in trading income attributable to higher volumes and increased market share
Total Expenses:
- Compensation expenses increased
39.0% compared with the prior year period primarily due to higher incentive compensation and the cost associated with new personnel - Non-compensation expenses increased
4.7% compared with a year ago as a result of higher interest and underwriting-related expenses
Full Year Results
Wealth Management(b)
Wealth Management reported revenue of
('000s; except otherwise indicated) | ||
FY-24 | FY-23 | |
Revenue | ||
Commissions | ||
Advisory Fees | ||
Bank Deposit Sweep Income | ||
Interest | $ 88,714 | $ 85,105 |
Other | $ 39,619 | $ 30,329 |
Total Expenses | ||
Compensation | ||
Non-compensation | ||
Pre-Tax Income | ||
Compensation Ratio | 52.9 % | 47.6 % |
Non-compensation Ratio | 19.8 % | 27.8 % |
Pre-Tax Margin | 27.3 % | 24.6 % |
Assets Under Administration (billions) | $ 129.5 | $ 118.2 |
Assets Under Management (billions) | $ 49.4 | $ 43.9 |
Cash Sweep Balances (billions) | $ 3.0 | $ 3.4 |
Revenue:
- Retail commissions increased significantly from the prior year due to higher overall client activity
- Advisory fees increased
16.4% from the prior year due to higher billable AUM during the year - Bank deposit sweep income for the full year decreased
$34.0 million 19.7% from the prior year due to lower short-term interest rates and lower cash sweep balances - Interest revenue increased
4.2% from the prior year due to higher average margin loan balances - Other revenue increased
30.6% compared with the prior year primarily due to higher death benefit proceeds and allocated syndicate fees
Assets under Management (AUM):
- AUM were
$49.4 billion - The increase in AUM from December 31, 2023 to December 31, 2024 was comprised of higher asset values of
$6.4 billion $0.9 billion
Total Expenses:
- Compensation expenses increased
21.3% from the prior year primarily due to greater production related expenses and elevated costs associated with share appreciation rights - Non-compensation expenses decreased
22.4% from the prior year primarily due to significantly lower legal and regulatory costs
Capital Markets
Capital Markets reported revenue of
('000s; except otherwise indicated) | |||
FY-24 | FY-23 | ||
Revenue | $ 447,579 | $ 345,897 | |
Investment Banking | $ 166,785 | $ 111,734 | |
Advisory Fees | $ 107,222 | $ 69,623 | |
Equities Underwriting | $ 46,181 | $ 33,904 | |
Fixed Income Underwriting | $ 11,844 | $ 6,594 | |
Other | $ 1,538 | $ 1,613 | |
Sales and Trading | $ 277,262 | $ 231,867 | |
Equities | $ 134,854 | $ 128,216 | |
Fixed Income | $ 142,408 | $ 103,651 | |
Other | $ 3,532 | $ 2,296 | |
Total Expenses | $ 487,175 | $ 408,858 | |
Compensation | $ 323,612 | $ 269,330 | |
Non-compensation | $ 163,563 | $ 139,528 | |
Pre-Tax Loss | $ (39,596) | $ (62,961) | |
Compensation Ratio | 72.3 % | 77.9 % | |
Non-compensation Ratio | 36.5 % | 40.3 % | |
Pre-Tax Margin | (8.8) % | (18.2) % | |
Revenue:
Investment Banking
- Advisory fees earned from investment banking activities increased
54.0% compared with the prior year due to an increase in restructuring-related mandates and higher transaction volumes, particularly in the healthcare industry - Equities underwriting fees increased
36.2% compared with the prior year due to higher new issuance volumes - Fixed income underwriting fees were up
79.6% compared with the prior year primarily driven by an uptick in new issuance activity
Sales and Trading
- Equities sales and trading revenue increased
5.2% compared with the prior year due to higher trading volumes - Fixed income sales and trading revenue increased
37.4% compared with the prior year driven by higher trading income attributable to higher volumes and increased market share
Total Expenses:
- Compensation expenses were higher than the prior year due to greater incentive compensation accruals and higher salary expenses associated with opportunistic hires
- Non-compensation expenses were
17.2% higher compared with the prior year mainly due to an increase in interest expense in financing trading inventories
Other Matters
(In millions, except number of shares and per share amounts) | ||
FY-24 | FY-23 | |
Capital | ||
Stockholders' Equity (1) | $ 850.4 | $ 789.2 |
Regulatory Net Capital (2) | $ 381.4 | $ 453.6 |
Regulatory Excess Net Capital (2) | $ 357.9 | $ 435.0 |
Common Stock Repurchases | ||
Share Repurchase Program | ||
Repurchases | $ 9.6 | $ 17.6 |
Number of Shares | 243,806 | 463,335 |
Average Price Per Share | $ 39.39 | $ 38.07 |
"Dutch Auction" Tender Offer | ||
Repurchases | $ — | $ 17.49 |
Number of Shares | — | 437,183 |
Average Price Per Share | $ — | $ 40.00 |
Period End Shares | 10,331,401 | 10,286,448 |
Effective Tax Rate | 32.6 % | 35.3 % |
(1) Attributable to Oppenheimer Holdings Inc. |
- The Board of Directors announced a quarterly dividend in the amount of
$0.18 - Compensation expense as a percentage of revenue was
65.4% during the 2024 year versus62.7% for the prior year - The effective tax rate for the 2024 year improved to
32.6% compared with35.3% for the prior year primarily due to the absence of the non-deductible$13.0 million
Notes
(a) Adjusted net income and earnings per share attributable to Oppenheimer Holdings Inc. (a non-GAAP financial measure) excludes
(b) Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment. Our Capital Markets and Corporate/Other segments were not impacted by these changes. To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in
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, 2023 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, 2024.
Oppenheimer Holdings Inc. | ||||||||||||
Consolidated Income Statements (Unaudited) | ||||||||||||
('000s, except number of shares and per share amounts) | ||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
REVENUE | ||||||||||||
Commissions | $ 113,726 | $ 90,074 | 26.3 | $ 409,710 | $ 349,248 | 17.3 | ||||||
Advisory fees | 129,758 | 105,465 | 23.0 | 483,433 | 415,679 | 16.3 | ||||||
Investment banking | 44,606 | 22,311 | 99.9 | 176,447 | 117,665 | 50.0 | ||||||
Bank deposit sweep income | 32,364 | 37,534 | (13.8) | 138,770 | 172,807 | (19.7) | ||||||
Interest | 35,932 | 25,859 | 39.0 | 135,537 | 104,550 | 29.6 | ||||||
Principal transactions, net | 12,012 | 18,712 | (35.8) | 54,684 | 65,347 | (16.3) | ||||||
Other | 7,019 | 8,334 | (15.8) | 33,915 | 23,529 | 44.1 | ||||||
Total revenue | 375,417 | 308,289 | 21.8 | 1,432,496 | 1,248,825 | 14.7 | ||||||
EXPENSES | ||||||||||||
Compensation and related expenses | 256,439 | 193,196 | 32.7 | 936,814 | 782,396 | 19.7 | ||||||
Communications and technology | 25,501 | 23,508 | 8.5 | 99,361 | 91,321 | 8.8 | ||||||
Occupancy and equipment costs | 16,248 | 16,380 | (0.8) | 63,852 | 66,002 | (3.3) | ||||||
Clearing and exchange fees | 7,894 | 6,687 | 18.0 | 27,641 | 24,928 | 10.9 | ||||||
Interest | 21,360 | 18,246 | 17.1 | 87,991 | 68,599 | 28.3 | ||||||
Other | 30,908 | 32,440 | (4.7) | 111,080 | 168,809 | (34.2) | ||||||
Total expenses | 358,350 | 290,457 | 23.4 | 1,326,739 | 1,202,055 | 10.4 | ||||||
Pre-tax Income | 17,067 | 17,832 | (4.3) | 105,757 | 46,770 | 126.1 | ||||||
Income tax provision | 6,338 | 6,236 | 1.6 | 34,510 | 16,498 | 109.2 | ||||||
Net Income | $ 10,729 | $ 11,596 | (7.5) | $ 71,247 | $ 30,272 | 135.4 | ||||||
Less: Net income (loss) attributable to non-controlling interest, net of tax | — | 496 | (310) | 93 | ||||||||
Net income attributable to Oppenheimer Holdings Inc. | $ 10,729 | $ 11,100 | (3.3) | $ 71,557 | $ 30,179 | 137.1 | ||||||
Earnings per share attributable to Oppenheimer Holdings Inc. | ||||||||||||
Basic | $ 1.04 | $ 1.07 | (2.8) | $ 6.91 | $ 2.81 | 145.9 | ||||||
Diluted | $ 0.92 | $ 0.98 | (6.1) | $ 6.37 | $ 2.59 | 145.9 | ||||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 10,331,401 | 10,326,996 | — | 10,349,803 | 10,736,166 | (3.6) | ||||||
Diluted | 11,389,040 | 11,305,198 | 0.7 | 11,230,007 | 11,645,708 | (3.6) | ||||||
Period end number of common shares outstanding | 10,331,401 | 10,286,448 | 0.4 | 10,331,401 | 10,286,448 | 0.4 | ||||||
* Percentage not meaningful | ||||||||||||
Explanation of Non-GAAP Financial Measures
The Company included certain non-GAAP financial measures within this Earnings Release to supplement the
The following tables reconcile our non-GAAP financial measures to their respective
Net Income Attributable to Oppenheimer Holdings Inc. and Earnings Per Share
Reconciliation of net income attributable to Oppenheimer Holdings Inc. to adjusted net income attributable to Oppenheimer Holdings Inc., reconciliation of basic earnings per share to adjusted basic earnings per share, and reconciliation of diluted earnings per share to adjusted diluted earnings per share are as follows:
('000s, except per share amounts) | For the Three Months Ended | For the Year Ended | |
December 31, 2023 | December 31, 2023 | ||
Net income attributable to Oppenheimer Holdings Inc. ( | $ 11,100 | $ 30,179 | |
Net income impact of regulatory settlement | 5,000 | 13,000 | |
Adjusted net income attributable to Oppenheimer Holdings Inc. (non-GAAP) | $ 16,100 | $ 43,179 | |
Basic earnings per share ( | $ 1.07 | $ 2.81 | |
Basic earnings per share impact of regulatory settlement | $ 0.49 | $ 1.21 | |
Adjusted basic earnings per share (non-GAAP) | $ 1.56 | $ 4.02 | |
Diluted earnings per share ( | $ 0.98 | $ 2.59 | |
Diluted earnings per share impact of regulatory settlement | $ 0.44 | $ 1.12 | |
Adjusted diluted earnings per share (non-GAAP) | $ 1.42 | $ 3.71 |
View original content:https://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2024-earnings-302364840.html
SOURCE Oppenheimer Holdings Inc.
FAQ
What was Oppenheimer's (OPY) revenue growth in Q4 2024?
How much did OPY's Assets Under Management (AUM) reach in 2024?
What was the impact of stock appreciation rights on OPY's Q4 2024 expenses?
How many shares did OPY repurchase in 2024?
What was OPY's full-year 2024 earnings per share?
