Oppenheimer Holdings, Inc. · NYSE:OPY
Oppenheimer — Shareholder Meeting (May 2024)
21 slides from Oppenheimer's shareholder meeting presentation, May 7, 2024
Slide 1: Annual Stockholders' Meeting
Annual Stockholders’ Meeting New York, NY May 6, 2024 Oppenheimer Holdings Inc.
Slide 2: Welcome to Oppenheimer's 2024 Annual Stockholders' Meeting
WELCOME to Oppenheimer’s 2024 Annual Stockholders’ Meeting May 6, 2024 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and other written or oral statements made from time to time by representatives of Oppenheimer Holdings Inc. ("Oppenheimer” or the “company”) may contain “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, a
Slide 4: Business Overview
$890.2 72% $345.9 28% Wealth Management Capital Markets Business Overview 4 Oppenheimer is a leading investment bank and full‐service investment firm that provides financial services and advice to high net worth investors, individuals, businesses and institutions. Wealth Management Private client se
Slide 5: Global Footprint
Global Footprint 5 Europe 89 retail branches in the U.S. 5 international offices 2,951 employees – 936 financial advisors – 165+ institutional sales professionals – 37 senior research analysts US London Hong Kong Tel Aviv Geneva St. Helier Wealth Management Institutional Equities F
Slide 6: Summary Operating Results: 2023 vs. 2022
Earnings per share (Basic) $ 2.81 $ 2.77 1.4% Earnings per share (Diluted) $ 2.59 $ 2.57 0.8% Summary Operating Results: 2023 vs. 2022 (Unaudited) 6 Highlights ($000’s, except per share amounts) For the 12‐Months Ended REVENUE 12/31/23 12/31/22 % Change Commissions $349,248 $370,382 ‐5.7% Advisory f
Slide 7: Summary Operating Results: 1Q-24 vs. 1Q-23
Earnings per share (Basic) $ 2.50 $ 1.32 89.4% Earnings per share (Diluted) $ 2.37 $ 1.22 94.3% Summary Operating Results: 1Q‐24 vs. 1Q‐23 (Unaudited) 7 Highlights ($000’s, except per share amounts) For the 3‐Months Ended REVENUE 3/31/24 3/31/23 % Change Commissions $ 95,850 $ 86,697 10.6% Advisory
Slide 8: Select Financial Measures
8 123.0 159.0 32.4 30.2 14.6 26.1 43.2 2020 2021 2022 2023 1Q‐23 1Q‐24 Net Income Adjusted Net Income Select Financial Measures Earnings per Share ($)1 Net Income ($M)1Revenue ($M) Stockholders’ Equity ($M)1 2.77 12.57 9.73 1 Attributable to Oppenheimer Holdings Inc. 1,198.7 1,394.0 1,110.9 1,248.8
Slide 9: OPY Historical Stock Price
OPY Historical Stock Price $40.05 NYSE: OPY April 30, 2024 9 03/31/23, 39.15 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 Volume Price
Slide 10: Capital Structure
10 Capital Structure Book & Tangible Book Value per Share ($) Liquidity & Capital (1) Becomes callable at par beginning in July 2024 (2) Total Assets divided by Total Stockholders' Equity As of March 31, 2024 ($ in thousands) Total Assets: $3,251,890 Stockholders’ Equity: Long‐Term Debt(1): $801,522
Slide 11: OPY Corporate Class A Buyback Activity
OPY Corporate Class A Buyback Activity 11 Average Price Amount Paid ($M) Shares Shares Outstanding (M) 323,249 718,522 177,192 1,684,287 900,518 95,055 214,723 2019 2020 2021 2022 2023 1Q‐23 1Q‐24 $25.99 $20.94 $43.67 $36.00 $39.00 $38.79 $39.05 $8.40 $15.05 $7.74 $60.64 $35.10 $3.69 $8.38 12.8 12.4
Slide 12: Interest and Fee Revenue
Interest and Fee Revenue 12 Interest and Fee Revenue ($M) Margin LendingFDIC Insured Bank Deposit Program Credit extended to clients on a collateralized basis Average customer margin debits were $1,222 million for TTM 3/31/24 Margin interest revenue of $78.6 million for TTM 3/31/24 Client fu
Slide 13: Segment Revenue Breakdown: 2023 vs. 2022
Segment Revenue Breakdown: 2023 vs. 2022 13 Pre‐Tax Income Breakdown by Segment ($M)Revenue Breakdown by Segment ($M) Private Client Asset Management 2023 $1,249M 2022 $1,111M $142.3 $101.1 $ $ $675.7 61% $99.2 9% $337.8 30% Sweep Income / Interest $156.4 $(1.8) Corp/Other $194.4 $142.3 2023 2022 $2
Slide 14: Segment Revenue Breakdown 1Q-24 vs. 1Q-23
Segment Revenue Breakdown 1Q‐24 vs. 1Q‐23 Pre‐Tax Income Breakdown by Segment ($M)Revenue Breakdown by Segment ($M) Private Client Asset Management Capital Markets 1Q‐24 Revenue $353.1M 1Q‐23 Revenue $321.7M 203.4 63% 150.8 57% 203.4 63% 90.3 28% $54.5 14 $68.2 $54.5 $(5.0) $5.0 $15.0 $25.0 $35.0 $4
Slide 15: Leading Wealth Management Platform
Leading Wealth Management Platform 15 Wealth Management Services Retail services: – Full‐Service Brokerage – Financial Planning, Retirement Services, Corporate & Executive Services, and Trust Services – Margin & Securities Lending Advisory Services: – Investment Policy Design & Implementation –
Slide 16: Wealth Management Metrics
Wealth Management Metrics 16 Client Assets Under Administration ($B) Client Assets Under Management ($B) Advisory Fees as a Percentage of Wealth Management Advisory Fees and Commissions Sustained shift to Fee-Based Revenue 66.0% 66.6% 68.4% 68.4% 68.5% 59% 61% 63% 65% 67% 69% 71% 73% 75% 77% 79% $0
Slide 17: Capital Markets
Capital Markets A leading capital markets business providing sophisticated investment banking, research and trading solutions Healthcare Technology Transportation & Logistics Finance & Real Estate Consumer & Retail Energy Capital Markets Revenue Breakdown 2023 Capital Markets Revenue ($M) Investment
Slide 18: Summary
Summary 18 Investing in our future and poised for growth Our balance sheet remains well‐capitalized with low overall leverage and broker‐dealer regulatory capital far in excess of required minimums Moving into 2Q‐24, advisory fees are expected to benefit from tailwinds driven by elevated AUM levels,
Slide 19: Explanation of Non-GAAP Financial Measures (2023)
Explanation of Non‐GAAP Financial Measures (2023) The company included certain non‐GAAP financial measures within these materials to supplement the U.S. GAAP financial information. Adjusted results begin with information prepared in accordance with U.S. GAAP, and such results are adjusted to exclude
Slide 20: Balance Sheet (Unaudited)
Balance Sheet (Unaudited) 20
Slide 21: The Power of Oppenheimer Thinking
The Power of ()PPENHEIMER Thinking Wealth Management | Capital Markets | Investment Banking
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