EX-99.1 2 exhibit991earningsreleaseo.htm EX-99.1 Document


Exhibit 99.1
ONEMAIN HOLDINGS, INC. REPORTS SECOND QUARTER 2023 RESULTS
–2Q 2023 Diluted EPS of $0.85
–2Q 2023 C&I adjusted diluted EPS of $1.01
–2Q 2023 Managed receivables of $21.4 billion
–Declared quarterly dividend of $1.00 per share
–Repurchased 169 thousand shares for $7 million in 2Q

New York, NY, July 26, 2023 - OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime customers responsible access to credit, today reported pretax income of $138 million and net income of $103 million for the second quarter of 2023, compared to $278 million and $208 million, respectively, in the prior year quarter. Earnings per diluted share were $0.85 in the second quarter of 2023, compared to $1.67 in the prior year quarter.

On July 26, 2023, OneMain declared a quarterly dividend of $1.00 per share, payable on August 11, 2023, to record holders of the Company's common stock as of the close of business on August 7, 2023.

During the quarter, the Company repurchased approximately 169 thousand shares of common stock for $7 million.

“Continued strong demand for OneMain loan products, excellent competitive positioning, and a balance sheet with significant liquidity have allowed us to originate attractive loans throughout the first half of 2023 despite our conservative credit posture,” said Doug Shulman, Chairman and CEO of OneMain. “We continue to invest in new products and channels in order to better serve more customers and generate value for shareholders.”

The following segment results are reported on a non-GAAP basis. Refer to the required reconciliations of non-GAAP to comparable GAAP measures at the end of this press release.

Consumer and Insurance Segment (“C&I”)

C&I adjusted pretax income was $162 million and adjusted net income was $122 million for the second quarter of 2023, compared to $309 million and $232 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $1.01 for the second quarter of 2023, compared to $1.86 in the prior year quarter. The decline was primarily driven by an increase in our provision for finance receivable losses in the current quarter compared to the prior year period.

Management runs the business based on C&I capital generation, which it defines as C&I adjusted net income excluding the after-tax change in C&I allowance for finance receivable losses while still considering the current period C&I net charge-offs. C&I capital generation was $192 million for the second quarter 2023, compared to $273 million in the prior year quarter.

Managed receivables, which includes loans serviced for our whole loan sale partners, were $21.4 billion at June 30, 2023, up 6% from $20.1 billion at June 30, 2022.

Personal loan originations totaled $3.7 billion in the second quarter of 2023, down 4% from $3.9 billion in the prior year quarter.

Interest income in the second quarter of 2023 was $1.1 billion, consistent with the prior year quarter, reflecting higher average net finance receivables, offset by a lower portfolio yield.

Personal loan yield was 22.2% in the second quarter of 2023, down from 23.1% in the prior year quarter, reflecting impacts from the current macroeconomic environment.

The provision for finance receivable losses was $479 million in the second quarter of 2023, up $141 million compared to the prior year period. The increase reflects a $102 million increase in net charge-offs and a $39 million increase in the allowance for finance receivable losses when compared to the prior year period. During the second quarter of 2023, the allowance for finance receivable losses increased $94 million, primarily driven by growth in receivables.
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C&I Select Delinquency and Loss RatiosJune 30, 2023March 31, 2023June 30, 2022
Personal loans:
30+ days delinquency ratio5.09 %5.29 %4.88 %
90+ days delinquency ratio2.33 %2.72 %2.15 %
30-89 days delinquency ratio2.76 %2.58 %2.73 %
Net charge-offs7.60 %7.72 %5.96 %

Operating expense for the second quarter of 2023 was $370 million, up 5% from $350 million in the prior year quarter reflecting our continued investment in the business.

Funding and Liquidity

As of June 30, 2023, the Company had principal debt balances outstanding of $19.5 billion, 55% of which was secured. The Company had $1.0 billion of cash and cash equivalents, which included $196 million of cash and cash equivalents held at regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes.

Cash and cash equivalents, together with the Company’s $1.25 billion of undrawn committed capacity from an unsecured corporate revolver, $6.2 billion of undrawn committed capacity under revolving conduit facilities, and $8.4 billion of unencumbered loans, provides significant liquidity resources.

Conference Call & Webcast Information

OneMain management will host a conference call and webcast to discuss the Company's results, outlook, and related matters at 9:00 am Eastern Time on Wednesday, July 26, 2023. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 800-343-1703 (U.S. domestic) or 785-424-1116 (international), and using conference ID 63422, or via a live audio webcast through the Investor Relations section of the OneMain Financial website at http://investor.onemainfinancial.com. For those unable to listen to the live broadcast, a replay will be available on our website after the event. An investor presentation will be available on the Investor Relations page of the OneMain Financial website prior to the start of the conference call.

About OneMain Holdings, Inc.

OneMain Financial (NYSE: OMF) is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.


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Use of Non-GAAP Financial Measures

We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes regulatory settlements, net gain or loss resulting from repurchases and repayments of debt, the expense associated with the cash-settled stock-based awards, and other items and strategic activities, which include direct costs associated with COVID-19 and restructuring charges. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment.

We also use Consumer and Insurance pretax capital generation and Consumer and Insurance capital generation, non-GAAP financial measures, as a key performance measure of our segment. Consumer and Insurance pretax capital generation represents Consumer and Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer and Insurance allowance for finance receivable losses in the period while still considering the Consumer and Insurance net charge-offs during the period. Consumer and Insurance capital generation represents the after-tax effect of Consumer and Insurance pretax capital generation. We believe that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. We believe that the Company’s reserves, combined with its equity, represent the Company's loss absorption capacity.

We utilize these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
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This document contains summarized information concerning the Company and its business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information see the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as the Company’s other reports filed with the SEC from time to time, which are or will be available in the Investor Relations section of the OneMain Financial website (www.omf.com) and the SEC's website (www.sec.gov).

Cautionary Note Regarding Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goal,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements.

Forward-looking statements are not statements of historical fact but instead represent only management’s current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; the current inflationary environment and related trends affecting our customers; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber-attacks, war or other disruptions; the adequacy of our credit risk scoring models; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis” sections of the Company’s most recent Form 10-K filed with the SEC and in the Company’s other filings with the SEC from time to time.

The liquidity runway scenario disclosed in the press release is based on management’s estimates and assumptions for internal strategic planning purposes and does not constitute guidance or financial projections and should not be regarded or relied on as such.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Forward looking statements included in this document speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law.
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OneMain Holdings, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Quarter EndedFiscal Year
(unaudited, $ in millions, except per share amounts)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Interest income$1,117$1,094$1,122$1,118$1,106$4,435$4,364
Interest expense(244)(239)(231)(223)(219)(892)(937)
Net interest income8738558918958873,5433,427
Provision for finance receivable losses(479)(385)(404)(421)(339)(1,402)(593)
Net interest income after provision for finance receivable losses3944704874745482,1412,834
Insurance112111111111111445434
Investment2725221696165
Gain on sales of finance receivables13171317166347
Net gain (loss) on repurchases and repayments of debt ——(1)2(28)(27)(78)
Other
33242424208763
Total other revenues185177169170128629531
Operating expenses(397)(365)(384)(363)(356)(1,457)(1,448)
Insurance policy benefits and claims(44)(47)(39)(35)(42)(158)(176)
Total other expenses(441)(412)(423)(398)(398)(1,615)(1,624)
Income before income taxes1382352332462781,1551,741
Income taxes
(35)(56)(57)(61)(70)(283)(427)
Net income$103$179$176$185$208$872$1,314
Weighted average number of diluted shares120.6121.0121.9123.6124.7124.4133.1
Diluted EPS$0.85$1.48$1.44$1.49$1.67$7.01$9.88
Book value per basic share$25.39$25.55$24.91$24.56$24.42$24.91$23.76
Return on assets1.8%3.2%3.1%3.3%3.8%3.9%6.0%
Change in allowance for finance receivable losses$(94)$(3)$(56)$(128)$(56)$(216)$174
Net charge-offs(385)(382)(348)(293)(283)(1,186)(767)
Provision for finance receivable losses$(479)$(385)$(404)$(421)$(339)$(1,402)$(593)
Note:On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
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OneMain Holdings, Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
(unaudited, $ in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022
Assets
Cash and cash equivalents$1,021$544$498$536$526
Investment securities1,7101,7861,8001,7471,773
Net finance receivables20,51019,80919,98619,75219,448
Unearned insurance premium and claim reserves(761)(740)(749)(747)(754)
Allowance for finance receivable losses(2,392)(2,298)(2,311)(2,255)(2,127)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses17,35716,77116,92616,75016,567
Restricted cash and restricted cash equivalents532531461483534
Goodwill1,4371,4371,4371,4371,437
Other intangible assets260261261272273
Other assets
1,1941,1131,1541,1161,089
Total assets$23,511$22,443$22,537$22,341$22,199
Liabilities and Shareholders’ Equity
Long-term debt$19,195$18,206$18,281$18,202$17,922
Insurance claims and policyholder liabilities616615620601628
Deferred and accrued taxes522551
Other liabilities637519616522627
Total liabilities20,45319,36219,52219,33019,178
Common stock11111
Additional paid-in capital1,7021,6931,6891,6851,679
Accumulated other comprehensive income (loss)(114)(108)(127)(124)(83)
Retained earnings2,1682,1882,1192,0611,995
Treasury stock(699)(693)(667)(612)(571)
Total shareholders’ equity3,0583,0813,0153,0113,021
Total liabilities and shareholders’ equity$23,511$22,443$22,537$22,341$22,199
Note:
On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
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OneMain Holdings, Inc.
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED)
As of
(unaudited, $ in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022
Liquidity
Cash and cash equivalents$1,021$544$498$536$526
Cash and cash equivalents unavailable for general corporate purposes196177147142151
Unencumbered loans8,4248,4579,3049,4659,621
Undrawn conduit facilities6,1756,0756,1255,6755,275
Undrawn corporate revolver1,2501,2501,2501,2501,250
Drawn conduit facilities—10050500500
Net adjusted debt$18,198$17,667$17,758$17,636$17,375
Total Shareholders' equity$3,058$3,081$3,015$3,011$3,021
Goodwill(1,437)(1,437)(1,437)(1,437)(1,437)
Other intangible assets(260)(261)(261)(272)(273)
Junior subordinated debt172172172172172
Adjusted tangible common equity1,5331,5551,4891,4741,483
Allowance for finance receivable losses, net of tax (1)
1,7941,7241,7331,6911,595
Adjusted capital$3,327$3,279$3,222$3,165$3,078
Net leverage (net adjusted debt to adjusted capital)5.5x5.4x5.5x5.6x5.6x
Note:On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)Income taxes assume a 25% tax rate.


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OneMain Holdings, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Quarter EndedFiscal Year
(unaudited, $ in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Consumer & Insurance$138$236$244$247$279$1,169$1,788
Other—(1)(1)1——(7)
Segment to GAAP adjustment——(10)(2)(1)(14)(40)
Income before income taxes - GAAP basis$138$235$233$246$278$1,155$1,741
Consumer & Insurance pretax income$138$236$244$247$279$1,169$1,788
Regulatory settlements24——————
Net loss (gain) on repurchases and repayments of debt (1)
———(3)282670
Cash-settled stock-based awards———(2)1—54
Other (2)
——541116
Consumer & Insurance adjusted pretax income (non-GAAP)$162$236$249$246$309$1,206$1,918
Reconciling items (3)
$(24)$—$(15)$(1)$(31)$(51)$(171)
Consumer & Insurance$20,511$19,810$19,987$19,754$19,449$19,987$19,215
Segment to GAAP adjustment(1)(1)(1)(2)(1)(1)(3)
Net finance receivables - GAAP basis$20,510$19,809$19,986$19,752$19,448$19,986$19,212
Consumer & Insurance$2,392$2,298$2,315$2,259$2,132$2,315$2,102
Segment to GAAP adjustment——(4)(4)(5)(4)(7)
Allowance for finance receivable losses - GAAP basis$2,392$2,298$2,311$2,255$2,127$2,311$2,095
    
Note:On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)Amounts differ from those presented on "Consolidated Statements of Operations (Unaudited)" page as a result of purchase accounting adjustments that are not applicable on a segment accounting basis.
(2)
Includes strategic activities and other items. For fiscal year 2021, refer to the earnings release and financial supplements included as an exhibit to the Company’s Current Report on Form 8-K filed February 2, 2022, and available in the Investor Relations section of the Company’s website (www.omf.com) and the SEC’s website (www.sec.gov).
(3)Reconciling items consist of Segment to GAAP adjustment and the adjustments to Pretax income – segment accounting basis for C&I and Other. The adjustments to Other adjusted pretax income (loss) are not disclosed in the table above due to immateriality.
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OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP)
Quarter EndedFiscal Year
(unaudited, in millions, except per share amounts)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Interest income$1,115$1,092$1,121$1,116$1,104$4,429$4,355
Interest expense(242)(238)(230)(221)(218)(886)(930)
Net interest income8738548918958863,5433,425
Provision for finance receivable losses(479)(385)(404)(420)(338)(1,399)(587)
Net interest income after provision for finance receivable losses3944694874755482,1442,838
Insurance112111111111111445434
Investment2725221696165
Gain on sales of finance receivables13171317166347
Other
30232221177551
Total other revenues182176168165153644597
Operating expenses(370)(362)(367)(359)(350)(1,424)(1,341)
Insurance policy benefits and claims(44)(47)(39)(35)(42)(158)(176)
Total other expenses(414)(409)(406)(394)(392)(1,582)(1,517)
Adjusted pretax income (non-GAAP)1622362492463091,2061,918
Income taxes (1)
(40)(59)(63)(62)(77)(302)(480)
Adjusted net income (non-GAAP)$122$177$186$184$232$904$1,438
Weighted average number of diluted shares120.6121.0121.9123.6124.7124.4133.1
C&I adjusted diluted EPS
$1.01$1.46$1.53$1.49$1.86$7.27$10.81
Note:On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)Income taxes assume a 25% tax rate.

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OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED)
Quarter EndedFiscal Year
(unaudited, $ in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Net finance receivables - personal loans$20,352$19,688$19,880$19,675$19,385$19,880$19,190
Net finance receivables - credit cards159122107796410725
Net finance receivables$20,511$19,810$19,987$19,754$19,449$19,987$19,215
Allowance for finance receivable losses$2,392$2,298$2,315$2,259$2,132$2,315$2,102
Allowance ratio11.66 %11.60 %11.58 %11.44 %10.96 %11.58 %10.94 %
Net finance receivables20,51119,81019,98719,75419,44919,98719,215
Finance receivables serviced for our whole loan sale partners849839766698616766414
Managed receivables$21,360$20,649$20,753$20,452$20,065$20,753$19,629
Average net finance receivables - personal loans$19,999$19,767$19,803$19,553$19,105$19,377$18,284
Average net finance receivables - credit cards137115927157652
Average net receivables20,13619,88219,89519,62419,16219,44218,286
Average receivables serviced for our whole loan sale partners852812734659572610174
Average managed receivables$20,988$20,694$20,629$20,283$19,734$20,052$18,460
Note:Ratios may not sum due to rounding.
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OneMain Holdings, Inc.
CONSUMER & INSURANCE KEY METRICS (UNAUDITED) (Non-GAAP)
Quarter EndedFiscal Year
(unaudited, in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Adjusted pretax income (non-GAAP)$162$236$249$246$309$1,206$1,918
Provision for finance receivable losses4793854044203381,399587
Net charge-offs(385)(382)(348)(293)(283)(1,186)(768)
Change in C&I allowance for finance receivable losses (non-GAAP)9435612755213(181)
Pretax capital generation (non-GAAP)2562393053733641,4191,737
Capital generation, net of tax(1) (non-GAAP)
$192$179$229$280$273$1,064$1,303
C&I average net receivables$20,136$19,882$19,895$19,624$19,162$19,442$18,286
Capital generation return on receivables3.8%3.7%4.6%5.6%5.7%5.5%7.1%
Note:Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Amounts may not sum due to rounding.
On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)Income taxes assume a 25% rate.

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OneMain Holdings, Inc.
CONSUMER & INSURANCE PERSONAL LOANS METRICS (UNAUDITED)
Quarter EndedFiscal Year
(unaudited, $ in millions)Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		20222021
Gross charge-offs$446$445$402$349$351$1,431$990
Recoveries(67)(69)(58)(59)(68)(252)(222)
Net charge-offs$379$376$344$290$283$1,179$768
Gross charge-off ratio8.94%9.14 %8.05 %7.09 %7.37 %7.39 %5.42 %
Recovery ratio(1.34%)(1.42 %)(1.17 %)(1.20 %)(1.41 %)(1.30 %)(1.21 %)
Net charge-off ratio7.60%7.72 %6.88 %5.89 %5.96 %6.09 %4.20 %
Average net receivables$19,999$19,767$19,803$19,553$19,105$19,377$18,284
Yield22.2%22.3%22.3%22.6%23.1%22.8%23.8%
Origination volume$3,742$2,817$3,473$3,551$3,897$13,879$13,825
30+ delinquency$1,036$1,042$1,154$1,027$945$1,154$850
90+ delinquency$474$534$544$474$416$544$383
30-89 delinquency$562$508$610$553$529$610$467
30+ delinquency ratio5.09%5.29 %5.80 %5.22 %4.88 %5.80 %4.43 %
90+ delinquency ratio2.33%2.72 %2.74 %2.41 %2.15 %2.74 %2.00 %
30-89 delinquency ratio2.76%2.58 %3.07 %2.81 %2.73 %3.07 %2.43 %
Note:Consumer & Insurance financial information is presented on a Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I personal loan net finance receivables. Amounts may not sum due to rounding.
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Defined Terms

•Adjusted capital = adjusted tangible common equity + allowance for finance receivable losses (ALLL), net of tax
•Adjusted tangible common equity (TCE) = total shareholders’ equity – goodwill – other intangible assets + junior subordinated debt
•Available cash and cash equivalents = cash and cash equivalents – cash and cash equivalents held at our regulated insurance subsidiaries or is unavailable for general corporate purposes
•Average assets = average of monthly average assets (assets at the beginning and end of each month divided by two) in the period
•Average managed receivables = C&I average net receivables + average receivables serviced for our whole loan sale partners
•C&I adjusted diluted EPS = C&I adjusted net income (non-GAAP) / weighted average diluted shares
•Capital generation = C&I adjusted net income – change in C&I allowance for finance receivable losses, net of tax
•Capital generation return on receivables = annualized capital generation / C&I average net receivables
•Finance receivables serviced for our whole loan sale partners = unpaid principal balance plus accrued interest of loans sold as part of our whole loan sale program
•Managed receivables = C&I net finance receivables + finance receivables serviced for our whole loan sale partners
•Net adjusted debt = long-term debt – junior subordinated debt – available cash and cash equivalents
•Net interest margin = annualized C&I net interest income / C&I average net receivables
•Net leverage = net adjusted debt / adjusted capital
•Opex ratio = annualized C&I operating expenses / average managed receivables
•Other net revenue = other revenues – insurance policy benefits and claims expense
•Pretax capital generation = C&I pretax adjusted net income – change in C&I allowance for finance receivable losses
•Purchase volume = credit card purchase transactions + cash advances – returns
•Return on assets (ROA) = annualized net income / average total assets
•Return on receivables (C&I ROR) = annualized C&I adjusted net income / C&I average net receivables
•Unencumbered loans = unencumbered gross finance receivables excluding credit cards
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OneMain Holdings, Inc.

Investor Contact:
Peter R. Poillon, 212-359-2432
Peter.Poillon@omf.com

Media Contact:
Kelly Ogburn, 410-537-9028
Kelly.Ogburn@omf.com
Source: OneMain Holdings, Inc.

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