第99.1展示文本
奧本海默控股股份有限公司公佈2024年第三季度收益報告
2024年10月25日，紐約 奧本海默控股公司（紐交所：OPY）（以下簡稱「公司」或「公司」）今天報告，截至2024年第三季度，淨利潤爲2450萬美元，基本每股收益爲2.38美元，相較於2023年第三季度的淨利潤爲1390萬美元，基本每股收益爲1.32美元。2024年第三季度營業收入爲37340萬美元，較2023年第三季度的31270萬美元增長19.4%。
阿爾伯特·G·洛溫瑟爾, 主席兼首席執行官評論說：“在仍然具有彈性的經濟環境中，公司在本季度取得了強勁的運營業績。在第三季度，所有主要指數均創下新高，主要受到聯儲局一直期待的決定的推動，降低聯邦基金利率半個百分點，以降低借貸成本，從而在不重新引發更高通脹的情況下減緩失業率上升。根據最近的經濟指標，看起來美國經濟正朝着軟着陸進發，同時經濟仍在繼續增長，我們將步入2025年。
股市持續強勁表現，幫助我們的财富管理業務，在通常是季節性較慢的夏季交易期間，推動着優於預期的零售交易量和相關佣金收入。市場也推動我們的資產管理資產（「AUM」）達到接連第三個記錄，導致基於資產的諮詢費用增加。此外，較高的平均按金貸款推動我們的利息收入較去年有顯著改善，儘管我們的利息敏感性掃描收入由於較低的平均掃描餘額而有所減少。
我們的投資銀行業務收入也因諮詢費上漲而增加，特別是在我們的重組業務中。然而，由於發行水平較低，權益發行費受到了負面影響，儘管市場廣度和市場平均水平普遍改善，但經濟不確定性限制了發行，我們相信該公司定位良好，將從發行量提高中受益。
我們的業績再次創下新記錄，每股淨值水平也取得了進一步提升，這爲我們提供了加強資產負債表的機會。 我們宣佈計劃按其票面金額贖回所有未償付的優先擔保票據（11305萬美元），並於2024年10月10日將其註銷。 擴張資本將隨時可獲得。
| 經營結果摘要（未經審計） | ||||||||
| （單位：千，除每股金額或另有說明外） | ||||||||
| 公司 | 3Q-24 | 3Q-23 | ||||||
| 營業收入 | $ | 373,352 | $ | 312,667 | ||||
| 薪酬支出 | $ | 237,935 | $ | 195,684 | ||||
| 非薪酬支出 | $ | 100,047 | $ | 95,396 | ||||
| 稅前收入 | $ | 35,370 | $ | 21,587 | ||||
| 所得稅費用 | $ | 10,862 | $ | 7,808 | ||||
淨利潤(1) | $ | 24,508 | $ | 13,861 | ||||
基本每股收益 (1) | $ | 2.38 | $ | 1.32 | ||||
每股收益（攤薄） (1) | $ | 2.16 | $ | 1.21 | ||||
| 每股賬面價值 | $ | 81.10 | $ | 75.01 | ||||
每股有形淨資產 (2) | $ | 64.03 | $ | 58.65 | ||||
| 私人客戶服務，公司 | ||||||||
| 營業收入 | $ | 218,787 | $ | 193,254 | ||||
| 稅前收入 | $ | 62,894 | $ | 65,249 | ||||
| 資產管理（十億） | $ | 129.8 | $ | 110.7 | ||||
| 資產管理 | ||||||||
| 營業收入 | $ | 27,262 | $ | 20,830 | ||||
| 稅前收入 | $ | 9,121 | $ | 4,951 | ||||
| 資產管理（十億） | $ | 49.1 | $ | 40.4 | ||||
| 資本市場 | ||||||||
| 營業收入 | $ | 124,030 | $ | 94,576 | ||||
| 稅前虧損 | $ | (6,144) | $ | (15,254) | ||||
| 歸屬於奧本海默控股股份有限公司。 | ||||||||
| 代表賬面價值減去商譽和無形資產後，除以流通股份數。 | ||||||||
亮點
•2024年第三季度營業收入增長主要是因爲受益於資產管理的可計費資產大幅增加，交易佣金增加以及投資銀行和利息收入改善。
•宣佈計劃通過於2024年10月10日贖回所有未償的優先擔保票據，進一步增強資產負債表。
•截至2024年9月30日，管理資產和託管資產均處於歷史記錄水平，受益於市場升值。
•與上一年同期相比，薪酬支出大幅增加，主要是因爲激勵薪酬、遞延薪酬和與生產相關的費用上升。
•與上一年同期相比，非薪酬支出主要由於利息和與技術相關的支出增加，部分抵消了較低的法律費用。
•由於盈利增長，股東權益總額、賬面價值和每股有形賬面價值均達到歷史新高
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私人客戶服務，公司
私人客戶報告本季度的營業收入爲21880萬美元，比一年前高出13.2%，主要是由於資產淨值增值推動的更高諮詢費用以及因交易量增加而導致的佣金收入增加。本季度的稅前收入爲6290萬美元，導致稅前利潤率達到28.8%。本季度末的財務顧問人數爲928人，而2023年第三季末爲946人。
營業收入：
•由於零售交易活動增加，零售佣金比去年同期增加了23.6%。
•由於當季資產管理規模高於去年同期第三季度，諮詢費收入增加了13.8%。
•由於現金存入資金餘額減少，銀行存款清算收入比去年同期減少了740萬美元。
•由於按金貸款利息增加，利息收入比上年同期增加了14.5%。
•其他營業收入比去年同期增加，主要是由於公司持有的壽險保單的現金贖回價值增加，這取決於保單基礎投資價值的變化。
總支出：
•由於生產相關費用和延遲薪酬成本增加，補償支出比去年同期增加了28.5%。
•由於利息支出增加，非補償性支出比去年同期增加了4.5%。
| ('000s，除非另有說明 | ||||||||
| 3Q-24 | 3Q-23 | |||||||
| 營業收入 | $ | 218,787 | $ | 193,254 | ||||
| 佣金 | $ | 54,872 | $ | 44,385 | ||||
| 諮詢費 | $ | 94,187 | $ | 82,774 | ||||
| 銀行存款橫掃收入 | $ | 34,875 | $ | 42,304 | ||||
| 利息 | $ | 24,331 | $ | 21,248 | ||||
| 其他 | $ | 10,522 | $ | 2,543 | ||||
| 總費用 | $ | 155,893 | $ | 128,005 | ||||
| 補償 | $ | 118,674 | $ | 92,383 | ||||
| Non-compensation | $ | 37,219 | $ | 35,622 | ||||
| 稅前收入 | $ | 62,894 | $ | 65,249 | ||||
| 補償比率 | 54.2 | % | 47.8 | % | ||||
| 非補償比率 | 17.0 | % | 18.4 | % | ||||
| 稅前利潤率 | 28.8 | % | 33.8 | % | ||||
| 管理資產（以十億計） | $ | 129.8 | $ | 110.7 | ||||
| 現金梯隊餘額（以十億計） | $ | 2.8 | $ | 3.5 | ||||
資產管理
資產管理報告本季度營業收入爲2730萬美元，比去年同期增長30.9%。稅前收入爲910萬美元，與上一年同期相比增長84.2%。
營業收入：
•諮詢費收入由於本季度計費資產淨值較高致使管理費增加，比去年同期增長8.9%
管理資產（AUM）：
▪截止2024年9月30日，AUM增加至491億美元，連續三個月創下新高，這也是2024年10月諮詢費計費基礎
▪AUM增長主要源自現有客戶持有資產價值增加94億美元，部分抵消了支付的7億美元
總支出：
•與一年前相比，補償費用上升了18.1%，主要是由於激勵性補償增加導致的。
•與去年同期相比，非補償支出增加了12.2%，主要是由於外部投資組合管理成本增加，這與資產管理規模增加直接相關。
| （千，除非另有說明） | ||||||||
| 3Q-24 | 3Q-23 | |||||||
| 營業收入 | $ | 27,262 | $ | 20,830 | ||||
| 諮詢費用 | $ | 27,432 | $ | 25,188 | ||||
| 其他 | $ | (170) | $ | (4,358) | ||||
| 總費用 | $ | 18,141 | $ | 15,879 | ||||
| 補償 | $ | 6,596 | $ | 5,585 | ||||
| Non-compensation | $ | 11,545 | $ | 10,294 | ||||
| 稅前收入 | $ | 9,121 | $ | 4,951 | ||||
| 薪酬比率 | 24.2 | % | 26.8 | % | ||||
| 非薪酬比率 | 42.3 | % | 49.4 | % | ||||
| 稅前利潤率 | 33.5 | % | 23.8 | % | ||||
| 總資產管理規模（十億美元） | $ | 49.1 | $ | 40.4 | ||||
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Capital Markets
Capital Markets reported revenue for the current quarter of $124.0 million, 31.1% higher when compared with the prior year period. Pre-tax loss was $6.1 million compared with a pre-tax loss of $15.3 million a year ago.
Revenue:
Investment Banking
•Advisory fees earned from investment banking activities increased 82.2% compared with a year ago primarily due to higher restructuring-related transaction activity
•Equity underwriting fees decreased 17.4% when compared with a year ago due to lower new issuance levels
•Fixed income underwriting fees were modestly higher than the prior year period
Sales and Trading
•Equities sales and trading revenue increased 7.5% compared with the prior year period mostly due to higher volumes
•Fixed income sales and trading revenue increased 45.5% compared with a year ago primarily due to an increase in trading income attributable to higher interest rates and volumes
Total Expenses:
•Compensation expenses increased 20.2% compared with a year ago largely due to costs associated with opportunistic new hires and higher incentive compensation
•Non-compensation expenses were 15.3% higher than a year ago primarily due to an increase in interest expense in financing trading inventories
| ('000s) | ||||||||
| 3Q-24 | 3Q-23 | |||||||
| Revenue | $ | 124,030 | $ | 94,576 | ||||
| Investment Banking | $ | 50,098 | $ | 36,000 | ||||
| Advisory Fees | $ | 32,798 | $ | 18,001 | ||||
| Equities Underwriting | $ | 12,588 | $ | 15,246 | ||||
| Fixed Income Underwriting | $ | 4,390 | $ | 2,049 | ||||
| Other | $ | 322 | $ | 704 | ||||
| Sales and Trading | $ | 72,755 | $ | 58,102 | ||||
| Equities | $ | 33,303 | $ | 30,985 | ||||
| Fixed Income | $ | 39,452 | $ | 27,117 | ||||
| Other | $ | 1,177 | $ | 474 | ||||
| Total Expenses | $ | 130,174 | $ | 109,830 | ||||
| Compensation | $ | 87,649 | $ | 72,933 | ||||
| Non-compensation | $ | 42,525 | $ | 36,897 | ||||
| Pre-Tax Loss | $(6,144) | $ | (15,254) | |||||
| Compensation Ratio | 70.7 | % | 77.1 | % | ||||
| Non-compensation Ratio | 34.3 | % | 39.0 | % | ||||
| Pre-Tax Margin | (5.0) | % | (16.1) | % | ||||
Other Matters
•The Board of Directors announced a quarterly dividend to $0.18 per share payable on November 22, 2024 to holders of Class A non-voting and Class B voting common stock of record on November 8, 2024
•Compensation expense as a percentage of revenue at 63.7% was relatively flat with the same period last year
•On October 10, 2024, the Company completed its redemption of all Senior Secured Notes outstanding ($113.05 million) at their par amounts plus accrued and unpaid interest
•The effective tax rate for the current period was 30.7% compared with 36.2% for the prior year period. The effective tax rate for the third quarter of 2024 was positively impacted by fewer non-deductible expenses when compared to the prior year period.
| (In millions, except number of shares and per share amounts) | ||||||||
| 3Q-24 | 3Q-23 | |||||||
| Capital | ||||||||
Stockholders' Equity (1) | $ | 837.8 | $ | 779.3 | ||||
Regulatory Net Capital (2) | $ | 487.5 | $ | 437.1 | ||||
Regulatory Excess Net Capital (2) | $ | 464.6 | $ | 415.4 | ||||
| Common Stock Repurchases | ||||||||
| Repurchases | $ | 0.3 | $ | 6.5 | ||||
| Number of Shares | 5,981 | 168,904 | ||||||
| Average Price | $ | 49.30 | $ | 38.30 | ||||
| Period End Shares | 10,331,401 | 10,388,898 | ||||||
| Effective Tax Rate | 30.7 | % | 36.2 | % | ||||
(1) Attributable to Oppenheimer Holdings Inc. | ||||||||
(2) Attributable to Oppenheimer & Co. Inc. broker-dealer | ||||||||
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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 New York and has 89 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.
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.
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| Oppenheimer Holdings Inc. | ||||||||||||||||||||||||||||||||||||||
| Consolidated Income Statements (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| ('000s, except number of shares and per share amounts) | ||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||
| REVENUE | ||||||||||||||||||||||||||||||||||||||
| Commissions | $ | 103,079 | $ | 83,933 | 22.8 | $ | 295,984 | $ | 259,174 | 14.2 | ||||||||||||||||||||||||||||
| Advisory fees | 121,631 | 107,969 | 12.7 | 353,675 | 310,214 | 14.0 | ||||||||||||||||||||||||||||||||
| Investment banking | 52,185 | 37,411 | 39.5 | 131,841 | 95,354 | 38.3 | ||||||||||||||||||||||||||||||||
| Bank deposit sweep income | 34,875 | 42,304 | (17.6) | 106,406 | 135,273 | (21.3) | ||||||||||||||||||||||||||||||||
| Interest | 38,034 | 26,430 | 43.9 | 99,605 | 78,691 | 26.6 | ||||||||||||||||||||||||||||||||
| Principal transactions, net | 14,364 | 16,892 | (15.0) | 42,672 | 46,635 | (8.5) | ||||||||||||||||||||||||||||||||
| Other | 9,184 | (2,272) | * | 26,896 | 15,195 | 77.0 | ||||||||||||||||||||||||||||||||
| Total revenue | 373,352 | 312,667 | 19.4 | 1,057,079 | 940,536 | 12.4 | ||||||||||||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||||||||||||
| Compensation and related expenses | 237,935 | 195,684 | 21.6 | 680,375 | 589,200 | 15.5 | ||||||||||||||||||||||||||||||||
| Communications and technology | 24,602 | 22,590 | 8.9 | 73,860 | 67,813 | 8.9 | ||||||||||||||||||||||||||||||||
| Occupancy and equipment costs | 16,240 | 17,281 | (6.0) | 47,604 | 49,622 | (4.1) | ||||||||||||||||||||||||||||||||
| Clearing and exchange fees | 7,125 | 6,051 | 17.7 | 19,747 | 18,241 | 8.3 | ||||||||||||||||||||||||||||||||
| Interest | 24,103 | 19,744 | 22.1 | 66,631 | 50,353 | 32.3 | ||||||||||||||||||||||||||||||||
| Other | 27,977 | 29,730 | (5.9) | 80,172 | 136,369 | (41.2) | ||||||||||||||||||||||||||||||||
| Total expenses | 337,982 | 291,080 | 16.1 | 968,389 | 911,598 | 6.2 | ||||||||||||||||||||||||||||||||
| Pre-Tax Income | 35,370 | 21,587 | 63.8 | 88,690 | 28,938 | 206.5 | ||||||||||||||||||||||||||||||||
| Income tax provision | 10,862 | 7,808 | 39.1 | 28,172 | 10,262 | 174.5 | ||||||||||||||||||||||||||||||||
| Net Income | $ | 24,508 | $ | 13,779 | 77.9 | $ | 60,518 | $ | 18,676 | 224.0 | ||||||||||||||||||||||||||||
| Less: Net loss attributable to non-controlling interest, net of tax | — | (82) | * | (310) | (403) | * | ||||||||||||||||||||||||||||||||
| Net income attributable to Oppenheimer Holdings Inc. | $ | 24,508 | $ | 13,861 | 76.8 | $ | 60,828 | $ | 19,079 | 218.8 | ||||||||||||||||||||||||||||
| Earnings per share attributable to Oppenheimer Holdings Inc. | ||||||||||||||||||||||||||||||||||||||
| Basic | $ | 2.38 | $ | 1.32 | 80.3 | $ | 5.87 | $ | 1.75 | 235.4 | ||||||||||||||||||||||||||||
| Diluted | $ | 2.16 | $ | 1.21 | 78.5 | $ | 5.45 | $ | 1.62 | 236.4 | ||||||||||||||||||||||||||||
| Weighted average number of common shares outstanding | ||||||||||||||||||||||||||||||||||||||
| Basic | 10,332,927 | 10,519,431 | (1.8) | 10,355,982 | 10,874,055 | (4.8) | ||||||||||||||||||||||||||||||||
| Diluted | 11,277,865 | 11,440,229 | (1.4) | 11,156,536 | 11,746,337 | (5.0) | ||||||||||||||||||||||||||||||||
| Period end number of common shares outstanding | 10,331,401 | 10,388,898 | (0.6) | 10,331,401 | 10,388,898 | (0.6) | ||||||||||||||||||||||||||||||||
* Percentage not meaningful
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