EX-99.1 2 omhq122ex991earningsrelease.htm EX-99.1 Document

Exhibit 99.1
ONEMAIN HOLDINGS, INC. REPORTS FIRST QUARTER 2022 RESULTS
–1Q 2022 Diluted EPS of $2.36
–1Q 2022 C&I adjusted diluted EPS of $2.35
–1Q 2022 C&I managed receivables of $19.5 billion
–Declared quarterly dividend of $0.95 per share
–Repurchased 2.3 million shares for $110 million in 1Q

New York, NY, April 28, 2022 - OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime customers responsible access to credit, today reported pretax income of $396 million and net income of $301 million for the first quarter of 2022, compared to $546 million and $413 million, respectively, in the prior year quarter. Earnings per diluted share were $2.36 in the first quarter of 2022, compared to $3.06 in the prior year quarter.

On April 28, 2022, OneMain declared a quarterly dividend of $0.95 per share, payable on May 13, 2022, to record holders of the Company's common stock as of the close of business on May 9, 2022.

During the quarter, the Company repurchased approximately 2.3 million shares of common stock for $110 million.

“We had a strong start to 2022 with a very good quarter underpinned by continued robust demand for our core loan product and bolstered by new products and channels,” said Doug Shulman, Chairman and CEO of OneMain. “We continue to feel great about our growth prospects in 2022 and beyond.”

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 generated adjusted pretax income of $398 million and adjusted net income of $299 million for the first quarter of 2022, compared to $607 million and $455 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $2.35 for the first quarter of 2022, compared to $3.37 in the prior year quarter. The decline was primarily driven by the normalizing credit environment.

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 $280 million for the first quarter of 2022, representing a 6% decrease versus the prior year period.

Originations totaled $3.0 billion in the first quarter of 2022, up 30% from $2.3 billion in the prior year quarter. The percentage of secured originations was 52% in the first quarter of 2022, up from 50% in the prior year quarter.

Managed receivables, which include loans serviced for our whole loan sale partners, were $19.5 billion at March 31, 2022, up 11% from $17.6 billion at March 31, 2021.

Ending net finance receivables were $19.0 billion at March 31, 2022, up 8% from $17.6 billion at March 31, 2021.

Secured receivables were 52% of ending net finance receivables at March 31, 2022, consistent with March 31, 2021.

Average net finance receivables were $19.1 billion in the first quarter of 2022, up 7% from $17.8 billion in the prior year quarter.

Interest income in the first quarter of 2022 was $1.1 billion, up 3% compared to the prior year quarter, reflecting higher average net finance receivables, partially offset by a lower portfolio yield.

Yield was 23.11% in the first quarter of 2022, down from 24.04% in the prior year quarter. The decrease generally reflected the impact of higher credit quality originations with attractive returns that are contributing to our portfolio growth, and higher 90+ day delinquent receivables.

The provision for finance receivable losses was $237 million in the first quarter of 2022, up $240 million compared to the prior year period, primarily driven by the normalization of the credit environment. The prior year period results included a significant
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reduction in our allowance for finance receivable losses associated with an improved credit environment, as well as historically low net charge-offs.

The 30-89 day delinquency ratio, excluding credit cards, was 2.25% at March 31, 2022, down from 2.43% at December 31, 2021, and up from 1.57% at March 31, 2021.

The 90+ day delinquency ratio, excluding credit cards, was 2.21% at March 31, 2022, up from 2.00% at December 31, 2021, and 1.82% at March 31, 2021.

The net charge-off ratio, excluding credit cards, was 5.58% in the first quarter of 2022, up from 4.24% in the fourth quarter of 2021 and 4.67% in the prior year quarter.

Operating expense for the first quarter of 2022 was $348 million, up 8% from $323 million in the prior year quarter reflecting receivables growth and continued investments in the business.

Funding and Liquidity

As of March 31, 2022, the Company had principal debt balances outstanding of $17.8 billion, 44% of which was secured. The Company had $640 million of cash and cash equivalents, which included $265 million of cash and cash equivalents held at their regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes.

Cash and cash equivalents, together with the Company’s potential borrowings of $1.0 billion of undrawn committed capacity from a corporate revolver, $5.4 billion of undrawn committed capacity under the revolving conduit facilities, and $10.2 billion of unencumbered loans, provide a liquidity runway in excess of 24 months under numerous stress scenarios and assuming no access to the capital markets. This liquidity runway calculation contemplates all the cash needs of the Company.

Conference Call & Webcast Information

OneMain management will host a conference call and webcast to discuss the Company's results, outlook, and related matters at 8:30 am Eastern Time on Friday, April 29th, 2022. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 866-831-8616 (U.S. domestic) or 203-518-9873 (international), and using conference ID 35342, or via a live audio webcast through the Investor Relations section of the OneMain Financial website. For those unable to listen to the live broadcast, a replay will be available on our website beginning approximately two hours after the event. An investor presentation will be available on the Investor Relations page of OneMain’s website at www.omf.com 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 the expense associated with the cash-settled stock-based awards, direct costs associated with COVID-19, acquisition-related transaction and integration expenses, net loss resulting from repurchases and repayments of debt, 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 OneMain Holdings, Inc. (the “Company”) and the Company’s 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 (“Form 10-K”) and Quarterly Reports on Form 10-Q (“Form 10-Qs”) 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. Such reports are or will be available in the Investor Relations section of the Company's 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,” “are likely,” “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 in general economic conditions, including the interest rate environment and the financial markets; risks associated with COVID-19 and the measures taken in response thereto; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; 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 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-to-DateFiscal Year
(unaudited, $ in millions, except per share amounts)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Interest income$1,089 $1,121 $1,113 $1,071 $1,060 $4,364 $4,368 
Interest expense(219)(235)(237)(231)(235)(937)(1,027)
Provision for finance receivable losses(238)(237)(226)(132)2 (593)(1,319)
Net interest income after provision for finance receivable losses632 649 650 708 827 2,834 2,022 
Insurance111 111 109 107 107 434 443 
Investment15 17 14 17 17 65 75 
Gain on sales of finance receivables17 17 15 11 4 47 — 
Net loss on repurchases and repayments of debt — (29)(1)(1)(47)(78)(39)
Other
19 19 18 16 10 63 47 
Total other revenues162 135 155 150 91 531 526 
Operating expenses(353)(379)(384)(347)(339)(1,448)(1,329)
Insurance policy benefits and claims(45)(50)(45)(48)(33)(176)(242)
Total other expenses(398)(429)(429)(395)(372)(1,624)(1,571)
Income before income taxes396 355 376 463 546 1,741 977 
Income taxes
(95)(93)(88)(113)(133)(427)(247)
Net income$301 $262 $288 $350 $413 $1,314 $730 
Weighted average number of diluted shares127.5 130.0 132.9 134.6 134.8 133.1 134.9 
Diluted EPS$2.36 $2.02 $2.17 $2.60 $3.06 $9.87 $5.41 
Book value per basic share$24.55 $24.20 $23.74 $26.42 $24.59 $24.20 $25.61 
Return on assets5.6 %4.6 %5.1 %6.5 %7.7 %6.0 %3.2 %
Provision for finance receivable losses$238 $237 $226 $132 $(2)$593 $1,319 
Less: Net charge-offs(262)(203)(165)(194)(205)(767)(997)
Change in allowance for finance receivable losses$(24)$34 $61 $(62)$(207)$(174)$322 
Note:Year-to-Date may not sum due to rounding.
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OneMain Holdings, Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021
Assets
Cash and cash equivalents$640 $541 $821 $1,787 $1,301 
Investment securities1,778 1,992 1,963 1,969 1,951 
Net finance receivables18,979 19,212 18,843 18,163 17,564 
Unearned insurance premium and claim reserves(741)(761)(750)(728)(719)
Allowance for finance receivable losses(2,071)(2,095)(2,061)(2,000)(2,062)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses16,167 16,356 16,032 15,435 14,783 
Restricted cash and restricted cash equivalents531 476 459 507 571 
Goodwill1,437 1,437 1,437 1,437 1,422 
Other intangible assets274 274 278 287 296 
Other assets
981 1,003 973 955 961 
Total assets$21,808 $22,079 $21,963 $22,377 $21,285 
Liabilities and Shareholders’ Equity
Long-term debt$17,560 $17,750 $17,661 $17,605 $16,789 
Insurance claims and policyholder liabilities621 621 616 617 614 
Deferred and accrued taxes45 1 9 10 90 
Other liabilities493 614 556 608 484 
Total liabilities18,719 18,986 18,842 18,840 17,977 
Common stock1 1 1 1 1 
Additional paid-in capital1,672 1,672 1,665 1,661 1,657 
Accumulated other comprehensive income (loss)(11)61 77 85 80 
Retained earnings1,905 1,727 1,554 1,825 1,570 
Treasury stock(478)(368)(176)(35)— 
Total shareholders’ equity3,089 3,093 3,121 3,537 3,308 
Total liabilities and shareholders’ equity$21,808 $22,079 $21,963 $22,377 $21,285 

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OneMain Holdings, Inc.
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED)
As of or Quarter-to-DateFiscal Year
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Non-TDR net finance receivables$18,323 $18,562 $18,187 $17,483 $16,874 $18,562 $17,393 
TDR net finance receivables656 650 656 680 690 650 691 
Net finance receivables$18,979 $19,212 $18,843 $18,163 $17,564 $19,212 $18,084 
Non-TDR allowance$1,808 $1,825 $1,780 $1,695 $1,751 $1,825 $1,955 
TDR allowance263 270 281 305 311 270 314 
Allowance$2,071 $2,095 $2,061 $2,000 $2,062 $2,095 $2,269 
Non-TDR allowance ratio9.86 %9.83 %9.79 %9.69 %10.38 %9.83 %11.24 %
TDR allowance ratio40.13 %41.56 %42.87 %44.86 %45.13 %41.56 %45.46 %
Allowance ratio10.91 %10.90 %10.94 %11.01 %11.74 %10.90 %12.55 %
Gross charge-offs $329 $260 $223 $252 $255 $989 $1,162 
Recoveries(67)(57)(58)(58)(50)(222)(165)
Net charge-offs$262 $203 $165 $194 $205 $767 $997 
Gross charge-off ratio6.98 %5.42 %4.76 %5.70 %5.81 %5.41 %6.46 %
Recovery ratio(1.42 %)(1.18 %)(1.24 %)(1.29 %)(1.14 %)(1.21 %)(0.92 %)
Net charge-off ratio5.57 %4.24 %3.52 %4.40 %4.67 %4.20 %5.54 %
30-89 delinquency$430 $467 $415 $319 $276 $467 $413 
30+ delinquency848 850 710 566 596 850 729 
60+ delinquency600 568 452 365 439 568 478 
90+ delinquency418 383 295 247 320 383 316 
30-89 delinquency ratio2.26 %2.43 %2.20 %1.76 %1.57 %2.43 %2.28 %
30+ delinquency ratio4.47 %4.42 %3.77 %3.12 %3.39 %4.42 %4.03 %
60+ delinquency ratio3.17 %2.96 %2.40 %2.01 %2.50 %2.96 %2.64 %
90+ delinquency ratio2.21 %1.99 %1.57 %1.36 %1.82 %1.99 %1.75 %
Average net receivables$19,083 $19,040 $18,545 $17,717 $17,824 $18,281 $17,997 
Yield23.12 %23.32 %23.79 %24.21 %24.08 %23.84 %24.24 %
Personal loan origination volume$2,959 $3,836 $3,870 $3,835 $2,284 $13,825 $10,729 
Credit card purchase volume$45 $26 $— $— $— $26 $— 
Note:Delinquency ratios are calculated as a percentage of net finance receivables. Charge-off and recovery ratios are calculated as a percentage of average net finance receivables. Ratios may not sum due to rounding.
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OneMain Holdings, Inc.
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED)
As of
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021
Liquidity
Cash and cash equivalents$640 $541 $821 $1,787 $1,301 
Cash and cash equivalents unavailable for general corporate purposes265 158 205 158 119 
Unencumbered gross finance receivables10,206 10,217 10,964 9,732 9,236 
Undrawn conduit facilities5,350 5,400 7,300 7,300 7,200 
Undrawn corporate revolver1,000 1,000 — — — 
Long-term debt$17,560 $17,750 17,661 17,605 $16,789 
Less: Junior subordinated debt(172)(172)(172)(172)(172)
Adjusted debt$17,388 $17,578 $17,489 $17,433 $16,617 
Less: Available cash and cash equivalents(375)(383)(616)(1,629)(1,182)
Net adjusted debt$17,013 $17,195 $16,873 $15,804 $15,435 
Total Shareholders' equity$3,089 $3,093 $3,121 $3,537 $3,308 
Less: Goodwill(1,437)(1,437)(1,437)(1,437)(1,422)
Less: Other intangible assets(274)(274)(278)(287)(296)
Plus: Junior subordinated debt172 172 172 172 172 
Adjusted tangible common equity$1,550 $1,554 $1,578 $1,985 $1,762 
Plus: Allowance for finance receivable losses, net of tax (1)
1,553 1,571 1,546 1,500 1,546 
Adjusted capital$3,103 $3,125 $3,124 $3,485 $3,308 
Net leverage (net adjusted debt to adjusted capital)5.5x5.5x5.4x4.5x4.7x
(1)Income taxes assume a 25% tax rate.


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OneMain Holdings, Inc.
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED)
As of or Quarter-to-DateFiscal Year
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Revenue (1)
25.6 %25.1 %26.2 %26.6 %25.4 %25.8 %25.9 %
Net charge-off(5.6 %)(4.2 %)(3.5 %)(4.4 %)(4.7 %)(4.2 %)(5.5 %)
Risk adjusted margin20.1 %20.9 %22.7 %22.2 %20.8 %21.6 %20.3 %
Operating expenses(7.5 %)(7.9 %)(8.2 %)(7.9 %)(7.7 %)(7.9 %)(7.4 %)
Unlevered return on receivables12.6 %13.0 %14.4 %14.3 %13.1 %13.7 %12.9 %
Interest expense(4.7 %)(4.9 %)(5.1 %)(5.2 %)(5.3 %)(5.1 %)(5.7 %)
Change in allowance0.5 %(0.7 %)(1.3 %)1.4 %4.7 %1.0 %(1.8 %)
Income tax expense (2)
(2.0 %)(1.9 %)(1.9 %)(2.6 %)(3.0 %)(2.3 %)(1.4 %)
Return on receivables6.4 %5.5 %6.2 %7.9 %9.4 %7.2 %4.1 %
Net finance receivables - personal loans$18,929 $19,187 $18,843 $18,163 $17,564 $19,187 $18,084 
Net finance receivables - credit cards50 25 — — — 25 — 
Net finance receivables18,979 19,212 18,843 18,163 17,564 19,212 18,084 
Finance receivables serviced for our whole loan sale partners528 414 283 149 43 414 — 
Managed receivables$19,507 $19,626 $19,126 $18,312 $17,607 $19,626 $18,084 
Average net finance receivables - personal loans$19,043 $19,034 $18,545 $17,717 $17,824 $18,279 $17,997 
Average net finance receivables - credit cards40 6 — — — 2 — 
Average net receivables19,083 19,040 18,545 17,717 17,824 18,281 17,997 
Average receivables serviced for our whole loan sale partners474 351 211 114 22 174 — 
Average managed receivables$19,557 $19,391 $18,756 $17,831 $17,846 $18,455 $17,997 
Operating expenses$(353)$(379)$(384)$(347)$(339)$(1,448)$(1,329)
Average managed receivables
$19,557 $19,391 $18,756 $17,831 $17,846 $18,455 $17,997 
Operating expense % of average managed receivables(7.3%)(7.8%)(8.1%)(7.8%)(7.7%)(7.9%)(7.4%)
Note:All ratios are based on consolidated results as a percentage of average net finance receivables. Ratios may not sum due to rounding.
(1)Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims.
(2)Income taxes assume the period end effective rate.

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OneMain Holdings, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Quarter-to-DateFiscal Year
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Consumer & Insurance$396 $359 $388 $474 $567 $1,788 $1,021 
Other— (1)(1)(2)(3)(7)(9)
Segment to GAAP adjustment— (3)(11)(9)(18)(40)(35)
Income before income taxes - GAAP basis$396 $355 $376 $463 $546 $1,741 $977 
Pretax income - segment accounting basis$396 $359 $388 $474 $567 $1,788 $1,021 
Cash-settled stock-based awards1 23 31 — — 54 — 
Direct costs associated with COVID-19
1 2 1 2 2 6 17 
Acquisition-related transaction and integration expenses
— — — — — — 11 
Net loss on repurchases and repayments of debt (1)
— 29 1 1 38 70 36 
Restructuring charges— — — — — — 7 
Consumer & Insurance adjusted pretax income (non-GAAP)$398 $413 $421 $477 $607 $1,918 $1,092 
Reconciling items (2)
$(2)$(57)$(44)$(12)$(59)$(171)$(109)
Note:Year-to-Date may not sum due to rounding.
(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)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.
RECONCILIATION OF KEY SEGMENT METRICS (UNAUDITED) (Non-GAAP)
As of
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021
Consumer & Insurance$18,981 $19,215 $18,847 $18,168 $17,569 
Segment to GAAP adjustment(2)(3)(4)(5)(5)
Net finance receivables - GAAP basis$18,979 $19,212 $18,843 $18,163 $17,564 
Consumer & Insurance$2,077 $2,102 $2,070 $2,011 $2,075 
Segment to GAAP adjustment(6)(7)(9)(11)(13)
Allowance for finance receivable losses - GAAP basis$2,071 $2,095 $2,061 $2,000 $2,062 

11


OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP)
Quarter-to-DateFiscal Year
(unaudited, in millions, except per share amounts)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Interest income$1,087 $1,119 $1,111 $1,069 $1,057 $4,355 $4,353 
Interest expense(217)(233)(235)(230)(233)(930)(1,007)
Provision for finance receivable losses(237)(236)(224)(130)3 (587)(1,313)
Net interest income after provision for finance receivable losses633 650 652 709 827 2,838 2,033 
Insurance111 111 109 107 107 434 443 
Investment15 17 14 17 17 65 75 
Gain on sales of finance receivables17 17 15 11 4 47 — 
Other
15 16 14 13 8 51 33 
Total other revenues158 161 152 148 136 597 551 
Operating expenses(348)(348)(338)(332)(323)(1,341)(1,250)
Insurance policy benefits and claims(45)(50)(45)(48)(33)(176)(242)
Total other expenses(393)(398)(383)(380)(356)(1,517)(1,492)
Adjusted pretax income (non-GAAP)398 413 421 477 607 1,918 1,092 
Income taxes (1)
(99)(103)(105)(119)(152)(480)(273)
Adjusted net income (non-GAAP)$299 $310 $316 $358 $455 $1,438 $819 
Weighted average number of diluted shares127.5 130.0 132.9 134.6 134.8 133.1 134.9 
C&I adjusted diluted EPS
$2.35 $2.38 $2.37 $2.66 $3.37 $10.81 $6.07 
Note:Year-to-Date may not sum due to rounding.
(1)Income taxes assume a 25% tax rate.

12


OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED) (Non-GAAP)
 As of or Quarter-to-DateFiscal Year
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Revenue (1)
25.5 %25.6 %26.1%26.4%26.4 %26.1 %25.9 %
Net charge-off(5.6 %)(4.2 %)(3.5%)(4.4%)(4.7 %)(4.2 %)(5.5 %)
Risk adjusted margin19.9 %21.4 %22.6%22.0%21.7 %21.9 %20.3 %
Operating expenses(7.4 %)(7.3 %)(7.2%)(7.5%)(7.3 %)(7.3 %)(6.9 %)
Unlevered return on receivables12.6 %14.1 %15.3%14.5%14.4 %14.6 %13.4 %
Interest expense(4.6 %)(4.9 %)(5.0%)(5.2%)(5.3 %)(5.1 %)(5.6 %)
Change in allowance0.5 %(0.7 %)(1.3%)1.5%4.7 %1.0 %(1.8 %)
Income tax expense (2)
(2.1 %)(2.2 %)(2.3%)(2.7%)(3.4 %)(2.6 %)(1.5 %)
Return on receivables6.4 %6.5 %6.8%8.1%10.3 %7.9 %4.5 %
Net finance receivables - personal loans$18,931 $19,190 $18,847 $18,168 $17,569 $19,190 $18,091 
Net finance receivables - credit cards50 25 — — — 25 — 
Net finance receivables18,981 19,215 18,847 18,168 17,569 19,215 18,091 
Finance receivables serviced for our whole loan sale partners528 414 283 149 43 414 — 
Managed receivables$19,509 $19,629 $19,130 $18,317 $17,612 $19,629 $18,091 
Average net finance receivables - personal loans$19,046 $19,037 $18,549 $17,722 $17,830 $18,284 $18,009 
Average net finance receivables - credit cards40 6 — — — 2 — 
Average net receivables19,086 19,043 18,549 17,722 17,830 18,286 18,009 
Average receivables serviced for our whole loan sale partners474 351 211 114 22 174 — 
Average managed receivables$19,560 $19,394 $18,760 $17,836 $17,852 $18,460 $18,009 
Operating expenses$(348)$(348)$(338)$(332)$(323)$(1,341)$(1,250)
Average managed receivables
$19,560 $19,394 $18,760 $17,836 $17,852 $18,460 $18,009 
Operating expense % of average managed receivables(7.2%)(7.1%)(7.2%)(7.5%)(7.3%)(7.3%)(6.9%)
Note:Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. All ratios are shown as a percentage of C&I average net finance receivables. Ratios may not sum due to rounding.
(1)Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims.
(2)Income taxes assume a 25% tax rate.
13


OneMain Holdings, Inc.
CONSUMER & INSURANCE CAPITAL METRICS (UNAUDITED) (Non-GAAP)
Quarter-to-DateFiscal Year
(unaudited, in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Provision for finance receivable losses$237 $236 $224 $130 $(3)$587 $1,313 
Less: Net charge-offs(262)(204)(165)(194)(205)(768)(998)
Change in C&I allowance for finance receivable losses (non-GAAP)
(25)32 59 (64)(208)(181)315 
Adjusted pretax income (non-GAAP)398 413 421 477 607 1,918 1,092 
Pretax capital generation (non-GAAP)373 445 480 413 399 1,737 1,407 
Capital generation, net of tax(1) (non-GAAP)
$280 $334 $360 $310 $299 $1,303 $1,056 
C&I average net receivables$19,086 $19,043 $18,549 $17,722 $17,830 $18,286 $18,009 
Capital generation return on receivables6.0 %7.0 %7.7 %7.0 %6.8 %7.1 %5.9 %
Beginning adjusted capital$3,125 $3,124 $3,485 $3,308 $3,587 $3,587 $3,367 
Capital generation, net of tax(1) (non-GAAP)
280 334 360 310 299 1,303 1,056 
Less: Common stock repurchased(110)(192)(141)(35)— (368)(45)
Less: Cash dividends(123)(89)(559)(95)(534)(1,278)(807)
Capital returns(233)(281)(700)(130)(534)(1,646)(852)
Less: Adjustments to C&I, net of tax (1), (2)
2 (46)(25)(5)(40)(116)(81)
Less: Change in the assumed tax rate (1)
— — — — — — (8)
Less: Withholding tax on share-based compensation
(12)— — — (5)(6)(6)
Less: Adjusted other net loss, net of tax (1) (non-GAAP)
— (1)(1)(1)(2)(4)(4)
Plus: Other comprehensive income (loss)(72)(16)(8)5 (14)(33)50 
Plus: Purchased credit deteriorated finance receivables gross-up, net of tax (2), (3)
— — — — — — 11 
Plus: Other intangibles amortization1 4 9 9 10 32 37 
Plus: Trim acquisition— — — (15)— (15)— 
Plus: Share-based compensation expense, net of forfeitures12 7 4 4 7 23 17 
Other(69)(52)(21)(3)(44)(119)16 
Ending adjusted capital$3,103 $3,125 $3,124 $3,485 $3,308 $3,125 $3,587 
Note:Year-to-Date may not sum due to rounding.
(1)Income taxes assume a 25% tax rate.
(2)
Includes the effects of purchase accounting adjustments excluding loan loss reserves.
(3)
As a result of the adoption of ASU 2016-13, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 on January 1, 2020.
14


OneMain Holdings, Inc.
CONSUMER AND INSURANCE SEGMENT - KEY FINANCIAL METRICS (UNAUDITED) (Non-GAAP)
As of or Quarter-to-DateFiscal Year
(unaudited, $ in millions)Mar 31,
2022		Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		20212020
Non-TDR net finance receivables$18,307 $18,544 $18,166 $17,460 $16,846 $18,544 $17,363 
TDR net finance receivables674 671 681 708 723 671 728 
Net finance receivables (1)
$18,981 $19,215 $18,847 $18,168 $17,569 $19,215 $18,091 
Non-TDR allowance$1,806 $1,823 $1,778 $1,693 $1,748 $1,823 $1,951 
TDR allowance271 279 292 318 327 279 332 
Allowance (1)
$2,077 $2,102 $2,070 $2,011 $2,075 $2,102 $2,283 
Non-TDR allowance ratio9.86 %9.83 %9.79 %9.69 %10.38 %9.83 %11.24 %
TDR allowance ratio40.20 %41.56 %42.87 %44.93 %45.23 %41.56 %45.55 %
Allowance ratio10.94 %10.94 %10.98 %11.07 %11.81 %10.94 %12.62 %
Gross charge-offs$329 $260 $223 $252 $255 $990 $1,163 
Recoveries(67)(56)(58)(58)(50)(222)(165)
Net charge-offs$262 $204 $165 $194 $205 $768 $998 
Gross charge-off ratio6.98 %5.42 %4.77 %5.70 %5.81 %5.42 %6.46 %
Recovery ratio(1.42 %)(1.18 %)(1.24 %)(1.29 %)(1.14 %)(1.21 %)(0.92 %)
Net charge-off ratio5.57 %4.24 %3.52 %4.41 %4.67 %4.20 %5.54 %
30-89 delinquency$430 $467 $415 $320 $276 $467 $413 
30+ delinquency848 850 710 567 596 850 729 
60+ delinquency600 568 452 365 439 568 478 
90+ delinquency418 383 295 247 320 383 316 
30-89 delinquency ratio2.26 %2.43 %2.20 %1.76 %1.57 %2.43 %2.28 %
30+ delinquency ratio4.47 %4.42 %3.77 %3.12 %3.39 %4.42 %4.03 %
60+ delinquency ratio3.17 %2.96 %2.40 %2.01 %2.50 %2.96 %2.64 %
90+ delinquency ratio2.21 %1.99 %1.57 %1.36 %1.82 %1.99 %1.75 %
Average net receivables$19,086 $19,043 $18,549 $17,722 $17,830 $18,286 $18,009 
Yield23.11 %23.30 %23.77 %24.18 %24.04 %23.82 %24.17 %
Personal loan origination volume$2,959 $3,836 $3,870 $3,835 $2,284 $13,825 $10,729 
Credit card purchase volume$45 $26 $— $— $— $26 $— 
Note:Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I net finance receivables. Charge-off and recovery ratios are calculated as a percentage of C&I average net finance receivables. Numbers may not sum due to rounding.
(1)For reconciliation to GAAP, see "Reconciliation of Key Segment Metrics (Unaudited) (Non-GAAP)."
15


Glossary

Select Calculations:
•Adjusted capital = adjusted tangible common equity + allowance for finance receivable losses (ALLL), net of tax
•Adjusted debt = long-term debt – junior subordinated debt
•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 = 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
•C&I operating expense % of average managed receivables = annualized C&I operating expenses / C&I average managed receivables
•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
•Credit card purchase volume = credit card purchase transactions + cash advances – returns
•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 = net finance receivables + finance receivables serviced for our whole loan sale partners
•Net adjusted debt = adjusted debt – available cash and cash equivalents
•Net leverage = net adjusted debt / adjusted capital
•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
•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
16




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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