10-Q 1 omf-20220630.htm 10-Q omf-20220630
00015842070000025598FALSEFALSE12/3112/3120222022Q2Q2Cash dividends declared were $0.95 per share and $0.70 per share during the three months ended June 30, 2022 and 2021, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2022

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to

Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (OneMain Holdings, Inc.)
27-3379612
Indiana (OneMain Finance Corporation)
35-0416090
(State of incorporation)(I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip code)

(812) 424-8031
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOMFNew York Stock Exchange
OneMain Finance Corporation: None



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting companyEmerging growth company
OneMain Finance Corporation:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc.                  ☐
OneMain Finance Corporation                  ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc.                 Yes No ☑
OneMain Finance Corporation                 Yes No ☑


At July 21, 2022, there were 123,667,435 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At July 21, 2022, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
2


TABLE OF CONTENTS
  
 
 
 
 
 
 
  
  

3



GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
30-89 Delinquency rationet finance receivables 30-89 days past due as a percentage of net finance receivables
ABSasset-backed securities
Adjusted pretax income (loss)a non-GAAP financial measure used by management as a key performance measure of our segment
AETRannual effective tax rate
AHLAmerican Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Reportthe Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2021, filed with the SEC on February 11, 2022
ASCAccounting Standards Codification
ASUAccounting Standards Update
Average daily debt balanceaverage of debt for each day in the period
Average net receivablesaverage of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) in the period
Base Indentureindenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Boardthe OMH Board of Directors
C&IConsumer and Insurance
CDOcollateralized debt obligations
CFPBConsumer Financial Protection Bureau
CMBScommercial mortgage-backed securities
COVID-19
the global outbreak of a novel strain of coronavirus, including variants thereof
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FICOa credit score created by Fair Isaac Corporation
GAAPgenerally accepted accounting principles in the United States of America
GAPguaranteed asset protection
Gross charge-off ratioannualized gross charge-offs as a percentage of average net receivables
Gross finance receivables
the unpaid principal balance of our personal loans. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the principal balance and billed interest and fees
Indenturethe Base Indenture, together with all subsequent Supplemental Indentures
Junior Subordinated Debenture$350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
Managed receivablesconsist of our C&I net finance receivables and finance receivables serviced for our whole loan sale partners
Net charge-off ratioannualized net charge-offs as a percentage of average net receivables
Net interest incomeinterest income less interest expense
NORANotice and Opportunity to Respond and Advise
ODARTOneMain Direct Auto Receivables Trust
OMFCOneMain Finance Corporation
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
4


Term or AbbreviationDefinition
OneMainOneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accountsconsist of open credit card accounts as of period end
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses
Private Secured Term Funding$350 million aggregate principal amount collateralized by our personal loans issued on April 25, 2022
Purchase volumeconsist of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratioannualized recoveries on net charge-offs as a percentage of average net receivables
RMBSresidential mortgage-backed securities
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Segment Accounting Basisa basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolioloans the Company previously owned and now services on behalf of a third party
Supplemental Indenturescollectively, the following supplements to the Base Indenture: Fourth Supplemental Indenture, dated as of December 8, 2017; Fifth Supplemental Indenture, dated as of March 12, 2018; Sixth Supplemental Indenture, dated as of May 11, 2018; Seventh Supplemental Indenture, dated as of February 22, 2019; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; and Thirteenth Supplemental Indenture, dated as of August 11, 2021
Tax ActPublic Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivablestroubled debt restructured finance receivables. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties
TritonTriton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance chargesthe amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
Unencumbered loansunencumbered gross finance receivables excluding credit cards
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.25 billion, payable and due on October 25, 2026
Unsecured Notesthe notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEsvariable interest entities
Weighted average interest rateannualized interest expense as a percentage of average debt
XBRLeXtensible Business Reporting Language
Yieldannualized finance charges as a percentage of average net receivables
5


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)June 30, 2022December 31, 2021
Assets  
Cash and cash equivalents$526 $541 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion and $1.8 billion in 2022, respectively, and $1.9 billion and $1.8 billion in 2021, respectively)
1,773 1,992 
Net finance receivables (includes loans of consolidated VIEs of $9.6 billion in 2022 and $8.8 billion in 2021)
19,448 19,212 
Unearned insurance premium and claim reserves(754)(761)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $984 million in 2022 and $910 million in 2021)
(2,127)(2,095)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses16,567 16,356 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $522 million in 2022 and $466 million in 2021)
534 476 
Goodwill1,437 1,437 
Other intangible assets273 274 
Other assets1,085 1,003 
Total assets$22,195 $22,079 
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $8.7 billion in 2022 and $8.0 billion in 2021)
$17,922 $17,750 
Insurance claims and policyholder liabilities612 621 
Deferred and accrued taxes1 1 
Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2022 and $13 million in 2021)
627 614 
Total liabilities19,162 18,986 
Contingencies (Note 12)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 123,726,559 and 127,809,640 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
1 1 
Additional paid-in capital1,679 1,672 
Accumulated other comprehensive income (loss)(70)61 
Retained earnings1,994 1,727 
Treasury stock, at cost; 11,062,276 and 6,712,923 shares at June 30, 2022 and December 31, 2021, respectively
(571)(368)
Total shareholders’ equity3,033 3,093 
Total liabilities and shareholders’ equity$22,195 $22,079 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
6


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions, except per share amounts)2022202120222021
Interest income$1,106 $1,071 $2,195 $2,130 
Interest expense219 231 438 465 
Net interest income887 840 1,757 1,665 
Provision for finance receivable losses339 132 577 130 
Net interest income after provision for finance receivable losses548 708 1,180 1,535 
Other revenues:    
Insurance111 107 222 214 
Investment9 17 24 34 
Gain on sales of finance receivables16 11 33 15 
Net loss on repurchases and repayments of debt (28)(1)(28)(48)
Other20 16 39 26 
Total other revenues128 150 290 241 
Other expenses:    
Salaries and benefits205 194 409 383 
Other operating expenses151 153 300 302 
Insurance policy benefits and claims40 48 85 81 
Total other expenses396 395 794 766 
Income before income taxes280 463 676 1,010 
Income taxes71 113 166 247 
Net income$209 $350 $510 $763 
Share Data:    
Weighted average number of shares outstanding:     
Basic124,539,551 134,255,916 125,807,633 134,330,229 
Diluted124,697,971 134,644,350 126,080,499 134,723,124 
Earnings per share:    
Basic$1.68 $2.61 $4.05 $5.68 
Diluted$1.68 $2.60 $4.04 $5.67 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
7


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions)2022202120222021
   
Net income$209 $350 $510 $763 
Other comprehensive income (loss):    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities(79)17 (183)(25)
Foreign currency translation adjustments(4)1 (3)3 
Other7 (12)20 11 
Income tax effect:    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities18 (4)42 6 
Foreign currency translation adjustments1  1  
Other(2)3 (5)(3)
Other comprehensive income (loss), net of tax, before reclassification adjustments(59)5 (128)(8)
Reclassification adjustments included in net income, net of tax:    
Net realized losses on available-for-sale securities, net of tax   (3)(1)
Reclassification adjustments included in net income, net of tax  (3)(1)
Other comprehensive income (loss), net of tax(59)5 (131)(9)
Comprehensive income$150 $355 $379 $754 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

8


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)Common
Stock
Additional
Paid-in
Capital
Accumulated
Other Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal Shareholders’ Equity
Three Months Ended June 30, 2022
Balance, April 1, 2022$1 $1,672 $(11)$1,905 $(478)$3,089 
Common stock repurchased    (94)(94)
Treasury stock issued    1 1 
Share-based compensation expense, net of forfeitures
 7    7 
Other comprehensive loss  (59)  (59)
Cash dividends *
   (120) (120)
Net income   209  209 
Balance, June 30, 2022$1 $1,679 $(70)$1,994 $(571)$3,033 
Three Months Ended June 30, 2021
Balance, April 1, 2021$1 $1,657 $80 $1,570 $ $3,308 
Common stock repurchased
— — — — (35)(35)
Share-based compensation expense, net of forfeitures
— 4 — — — 4 
Other comprehensive income
— — 5 — — 5 
Cash dividends *
— — — (95)— (95)
Net income
— — — 350 — 350 
Balance, June 30, 2021$1 $1,661 $85 $1,825 $(35)$3,537 
                                      
* Cash dividends declared were $0.95 per share and $0.70 per share during the three months ended June 30, 2022 and 2021, respectively.
9


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) (Continued)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)Common
Stock
Additional
Paid-in
Capital
Accumulated
Other Comprehensive
Income (Loss)
Retained
Earnings
Treasury StockTotal Shareholders’ Equity
Six Months Ended June 30, 2022
Balance, January 1, 2022$1 $1,672 $61 $1,727 $(368)$3,093 
Common stock repurchased    (204)(204)
Treasury stock issued    1 1 
Share-based compensation expense, net of forfeitures
 19    19 
Withholding tax on share-based compensation
 (12)   (12)
Other comprehensive loss  (131)  (131)
Cash dividends *
   (243) (243)
Net income   510  510 
Balance, June 30, 2022$1 $1,679 $(70)$1,994 $(571)$3,033 
Six Months Ended June 30, 2021
Balance, January 1, 2021$1 $1,655 $94 $1,691 $ $3,441 
Common stock repurchased
— — — — (35)(35)
Share-based compensation expense, net of forfeitures
— 11 — — — 11 
Withholding tax on share-based compensation
— (5)— — — (5)
Other comprehensive loss— — (9)— — (9)
Cash dividends *— — — (629)— (629)
Net income— — — 763 — 763 
Balance, June 30, 2021$1 $1,661 $85 $1,825 $(35)$3,537 
                                      
* Cash dividends declared were $1.90 per share and $4.65 per share during the six months ended June 30, 2022 and 2021, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
10


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended
June 30,
(dollars in millions)20222021
Cash flows from operating activities  
Net income$510 $763 
Reconciling adjustments:
Provision for finance receivable losses577 130 
Depreciation and amortization125 127 
Deferred income tax charge1 76 
Net loss on repurchases and repayments of debt28 48 
Share-based compensation expense, net of forfeitures19 11 
Gain on sales of finance receivables(33)(15)
Other3 (4)
Cash flows due to changes in other assets and other liabilities(52)(6)
Net cash provided by operating activities1,178 1,130 
Cash flows from investing activities  
Net principal originations and purchases of finance receivables(1,195)(717)
Proceeds from sales of finance receivables399 183 
Available-for-sale securities purchased(267)(257)
Available-for-sale securities called, sold, and matured293 213 
Other securities purchased(4)(698)
Other securities called, sold, and matured9 685 
Other, net(37)(39)
Net cash used for investing activities(802)(630)
Cash flows from financing activities  
Proceeds from issuance and borrowings of long-term debt, net of issuance costs2,589 1,578 
Repayment of long-term debt(2,461)(1,839)
Cash dividends(246)(628)
Common stock repurchased(204)(35)
Treasury stock issued1  
Withholding tax on share-based compensation(12)(5)
Net cash used for financing activities(333)(929)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents43 (429)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,017 2,723 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,060 $2,294 
Supplemental cash flow information
Cash and cash equivalents$526 $1,787 
Restricted cash and restricted cash equivalents534 507 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,060 $2,294 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
11


ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)June 30, 2022December 31, 2021
Assets
Cash and cash equivalents$519 $510 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion and $1.8 billion in 2022, respectively, and $1.9 billion and $1.8 billion in 2021, respectively)
1,773 1,992 
Net finance receivables (includes loans of consolidated VIEs of $9.6 billion  in 2022 and $8.8 billion in 2021)
19,448 19,212 
Unearned insurance premium and claim reserves(754)(761)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $984 million in 2022 and $910 million in 2021)
(2,127)(2,095)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses16,567 16,356 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
    equivalents of consolidated VIEs of $522 million in 2022 and $466 million in 2021)
534 476 
Goodwill1,437 1,437 
Other intangible assets273 274 
Other assets1,084 1,001 
Total assets$22,187 $22,046 
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $8.7 billion in 2022 and $8.0 billion in 2021)
$17,922 $17,750 
Insurance claims and policyholder liabilities612 621 
Deferred and accrued taxes1 1 
Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2022 and $13 million in 2021)
629 614 
Total liabilities19,164 18,986 
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued
    and outstanding at June 30, 2022 and December 31, 2021
5 5 
Additional paid-in capital1,923 1,916 
Accumulated other comprehensive income (loss)(70)61 
Retained earnings1,165 1,078 
Total shareholder’s equity3,023 3,060 
Total liabilities and shareholder’s equity$22,187 $22,046 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
12



ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions)2022202120222021
Interest income$1,106 $1,071 $2,195 $2,130 
Interest expense219 231 438 465 
Net interest income887 840 1,757 1,665 
Provision for finance receivable losses339 132 577 130 
Net interest income after provision for finance receivable losses548 708 1,180 1,535