OneMain Holdings, Inc. [OMF] Filings

10-Q 1 omf-20230930.htm 10-Q omf-20230930

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 September 30, 2023

☐ 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 class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

OMF

New 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 filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging 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 October 19, 2023, there were 119,904,122 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.

At October 19, 2023, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.

TABLE OF CONTENTS



GLOSSARY		4

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements of OneMain Holdings, Inc. and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations	7
	Condensed Consolidated Statements of Comprehensive Income	8
	Condensed Consolidated Statements of Shareholders’ Equity	9
	Condensed Consolidated Statements of Cash Flows	11
	Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	12
	Condensed Consolidated Statements of Operations	13
	Condensed Consolidated Statements of Comprehensive Income	14
	Condensed Consolidated Statements of Shareholder’s Equity	15
	Condensed Consolidated Statements of Cash Flows	17
	Notes to the Condensed Consolidated Financial Statements	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64
	Controls and Procedures of OneMain Holdings, Inc.	64
	Controls and Procedures of OneMain Finance Corporation	64

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	65
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	65
Item 6.	Exhibit Index	66

SIGNATURES
	OneMain Holdings, Inc. Signature	67
	OneMain Finance Corporation Signature	68

Table of Contents

GLOSSARY

Terms and abbreviations used in this report are defined below.


Term or Abbreviation						Definition

30-89 Delinquency ratio						net finance receivables 30-89 days past due as a percentage of net finance receivables
ABS						asset-backed securities
Adjusted pretax income (loss)						a non-GAAP financial measure used by management as a key performance measure of our segment
AETR						annual effective tax rate
AHL						American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report						the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2022, filed with the SEC on February 10, 2023

ASC						Accounting Standards Codification
ASU						Accounting Standards Update
ASU 2018-12						The accounting standard issued by FASB in August of 2018, Financial Services-Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts
ASU 2022-02						The accounting standard issued by FASB in March of 2022, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures
Average daily debt balance						average of debt for each day in the period
Average net receivables						average of net finance receivables for each day in the period
Base Indenture						indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Board						the OMH Board of Directors
C&I						Consumer and Insurance
CDO						collateralized debt obligations
CFPB						Consumer Financial Protection Bureau
CMBS						commercial mortgage-backed securities


Exchange Act						Securities Exchange Act of 1934, as amended
FASB						Financial Accounting Standards Board


GAAP						generally accepted accounting principles in the United States of America
GAP						guaranteed asset protection
Gross charge-off ratio						annualized 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
Indenture						the 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 receivables						consist of our C&I net finance receivables and finance receivables serviced for our whole loan sale partners
Modified finance receivables						finance receivable contractually modified, subsequent to the adoption of ASU 2022-02 on January 1, 2023, as a result of the borrower’s financial difficulties
Moody’s						Moody’s Investors Service, Inc.
Net charge-off ratio						annualized net charge-offs as a percentage of average net receivables
Net interest income						interest income less interest expense
NYDFS						New York Department of Financial Services
ODART						OneMain Direct Auto Receivables Trust
OMFC						OneMain Finance Corporation

Table of Contents


Term or Abbreviation						Definition

OMFH						OneMain Financial Holdings, LLC
OMFIT						OneMain Financial Issuance Trust
OMH						OneMain Holdings, Inc.
OneMain						OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts						consist of credit card accounts that are not charged-off or closed accounts with a zero balance 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 of debt collateralized by our personal loans issued on April 25, 2022
Purchase volume						consists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratio						annualized recoveries on net charge-offs as a percentage of average net receivables

RMBS						residential mortgage-backed securities
SEC						U.S. Securities and Exchange Commission
Securities Act						Securities Act of 1933, as amended
Segment Accounting Basis						a 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 Portfolio						loans the Company previously owned and now services on behalf of a third party
Supplemental Indentures						collectively, the following supplements to the Base Indenture: 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; Thirteenth Supplemental Indenture, dated as of August 11, 2021; Fourteenth Supplemental Indenture, dated June 20, 2023; and Fifteenth Supplemental Indenture, dated June 22, 2023
Tax Act						Public Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivables						troubled debt restructured finance receivables. Debt restructuring, prior to the adoption of ASU 2022-02 on January 1, 2023, in which a concession was granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties
Triton						Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance charges						the 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 loans						unencumbered 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 Notes						the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEs						variable interest entities
Weighted average interest rate						annualized interest expense as a percentage of average debt
XBRL						eXtensible Business Reporting Language
Yield						annualized finance charges as a percentage of average net receivables

Table of Contents

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)	September 30, 2023		December 31, 2022


Assets
Cash and cash equivalents	$	1,190	$	498
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.8 billion in 2023, respectively, and $1.7 billion and $1.9 billion in 2022, respectively)	1,635		1,800
Net finance receivables (includes loans of consolidated VIEs of $13.2 billion in 2023 and $10.4 billion in 2022)	21,067		19,986
Unearned insurance premium and claim reserves	(772)		(749)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2023 and $1.1 billion in 2022)	(2,449)		(2,311)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,846		16,926

Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $564 million in 2023 and $442 million in 2022)	580		461
Goodwill	1,437		1,437
Other intangible assets	260		261

Other assets	1,198		1,154
Total assets	$	24,146	$	22,537

Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.9 billion in 2023 and $9.4 billion in 2022)	$	19,851	$	18,281
Insurance claims and policyholder liabilities	599		620
Deferred and accrued taxes	6		5
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2023 and $20 million in 2022)	581		616
Total liabilities	21,037		19,522
Contingencies (Note 12)

Shareholders’ equity:
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 120,245,297 and 121,042,125 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1		1
Additional paid-in capital	1,706		1,689
Accumulated other comprehensive loss	(129)		(127)
Retained earnings	2,240		2,119
Treasury stock, at cost; 14,872,259 and 13,813,476 shares at September 30, 2023 and December 31, 2022, respectively	(709)		(667)
Total shareholders’ equity	3,109		3,015
Total liabilities and shareholders’ equity	$	24,146	$	22,537

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

Table of Contents

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per share amounts)	2023		2022		2023		2022

Interest income	$	1,167	$	1,118	$	3,377	$	3,313

Interest expense	267		223		749		661

Net interest income	900		895		2,628		2,652

Provision for finance receivable losses	410		421		1,275		998

Net interest income after provision for finance receivable losses	490		474		1,353		1,654

Other revenues:
Insurance	113		111		335		334
Investment	32		16		83		40
Gain on sales of finance receivables	11		17		42		50
Net gain (loss) on repurchases and repayments of debt	—		2		1		(26)

Other	29		24		87		62
Total other revenues	185		170		548		460

Other expenses:
Salaries and benefits	217		212		649		621
Other operating expenses	164		151		494		451
Insurance policy benefits and claims	48		35		139		119
Total other expenses	429		398		1,282		1,191

Income before income taxes	246		246		619		923

Income taxes	52		61		143		227

Net income	$	194	$	185	$	476	$	696

Share Data:
Weighted average number of shares outstanding:
Basic	120,407,889		123,352,522		120,571,103		124,989,263
Diluted	120,754,694		123,568,620		120,790,485		125,243,206
Earnings per share:
Basic	$	1.61	$	1.50	$	3.95	$	5.56
Diluted	$	1.61	$	1.49	$	3.94	$	5.55

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

Table of Contents

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2023		2022		2023		2022

Net income	$	194	$	185	$	476	$	696

Other comprehensive loss:
Net change in unrealized losses on non-credit impaired available-for-sale securities	(28)		(65)		(19)		(248)

Foreign currency translation adjustments	(4)		(10)		—		(13)
Changes in discount rate for insurance claims and policyholder liabilities	8		18		15		73
Other	4		4		2		24
Income tax effect:
Net change in unrealized losses on non-credit impaired available-for-sale securities	6		15		4		57


Foreign currency translation adjustments	1		2		—		3
Changes in discount rate for insurance claims and policyholder liabilities	(1)		(4)		(3)		(16)
Other	(1)		(1)		(1)		(6)
Other comprehensive loss, net of tax, before reclassification adjustments	(15)		(41)		(2)		(126)
Reclassification adjustments included in net income, net of tax:
Net realized losses on available-for-sale securities, net of tax	—		—		—		(3)

Reclassification adjustments included in net income, net of tax	—		—		—		(3)
Other comprehensive loss, net of tax	(15)		(41)		(2)		(129)

Comprehensive income	$	179	$	144	$	474	$	567

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

Table of Contents

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 Stock		Total Shareholders’ Equity

Three Months Ended September 30, 2023


Balance, July 1, 2023	$	1	$	1,702	$	(114)	$	2,168	$	(699)	$	3,058
Common stock repurchased	—		—		—		—		(11)		(11)
Treasury stock issued	—		—		—		—		1		1
Share-based compensation expense, net of forfeitures	—		6		—		—		—		6
Withholding tax on share-based compensation	—		(2)		—		—		—		(2)
Other comprehensive loss	—		—		(15)		—		—		(15)
Cash dividends *	—		—		—		(122)		—		(122)
Net income	—		—		—		194		—		194
Balance, September 30, 2023	$	1	$	1,706	$	(129)	$	2,240	$	(709)	$	3,109

Three Months Ended September 30, 2022
Balance, July 1, 2022	$	1	$	1,679	$	(83)	$	1,995	$	(571)	$	3,021
Common stock repurchased	—		—		—		—		(42)		(42)
Treasury stock issued	—		—		—		(1)		1		—
Share-based compensation expense, net of forfeitures	—		8		—		—		—		8
Withholding tax on share-based compensation	—		(2)		—		—		—		(2)
Other comprehensive loss	—		—		(41)		—		—		(41)
Cash dividends *	—		—		—		(118)		—		(118)
Net income	—		—		—		185		—		185
Balance, September 30, 2022	$	1	$	1,685	$	(124)	$	2,061	$	(612)	$	3,011

* Cash dividends declared were $1.00 per share and $0.95 per share during the three months ended September 30, 2023 and 2022, respectively.

Table of Contents


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 Stock		Total Shareholders’ Equity

Nine Months Ended September 30, 2023
Balance, January 1, 2023	$	1	$	1,689	$	(127)	$	2,119	$	(667)	$	3,015
Net impact of adoption of ASU 2022-02 (see Note 2)	—		—		—		12		—		12
Balance, January 1, 2023 (post-adoption)	1		1,689		(127)		2,131		(667)		3,027
Common stock repurchased	—		—		—		—		(45)		(45)
Treasury stock issued	—		—		—		(1)		3		2
Share-based compensation expense, net of forfeitures	—		27		—		—		—		27
Withholding tax on share-based compensation	—		(10)		—		—		—		(10)
Other comprehensive loss	—		—		(2)		—		—		(2)
Cash dividends*	—		—		—		(366)		—		(366)
Net income	—		—		—		476		—		476
Balance, September 30, 2023	$	1	$	1,706	$	(129)	$	2,240	$	(709)	$	3,109

Nine Months Ended September 30, 2022
Balance, January 1, 2022	$	1	$	1,672	$	5	$	1,727	$	(368)	$	3,037
Common stock repurchased	—		—		—		—		(247)		(247)
Treasury stock issued	—		—		—		(1)		3		2
Share-based compensation expense, net of forfeitures	—		27		—		—		—		27
Withholding tax on share-based compensation	—		(14)		—		—		—		(14)
Other comprehensive loss	—		—		(129)		—		—		(129)
Cash dividends*	—		—		—		(361)		—		(361)
Net income	—		—		—		696		—		696
Balance, September 30, 2022	$	1	$	1,685	$	(124)	$	2,061	$	(612)	$	3,011












* Cash dividends declared were $3.00 per share and $2.85 per share during the nine months ended September 30, 2023 and 2022, respectively.

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

Table of Contents

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)



	Nine Months Ended September 30,
(dollars in millions)	2023		2022

Cash flows from operating activities
Net income	$	476	$	696
Reconciling adjustments:
Provision for finance receivable losses	1,275		998
Depreciation and amortization	191		188
Deferred income tax benefit	(30)		(45)
Net loss (gain) on repurchases and repayments of debt	(1)		26
Share-based compensation expense, net of forfeitures	27		27
Gain on sales of finance receivables	(42)		(50)
Other	(1)		4
Cash flows due to changes in other assets and other liabilities	(54)		(121)
Net cash provided by operating activities	1,841		1,723

Cash flows from investing activities
Net principal originations and purchases of finance receivables	(2,726)		(2,010)

Proceeds from sales of finance receivables	493		599
Available-for-sale securities purchased	(129)		(406)
Available-for-sale securities called, sold, and matured	274		370
Other securities purchased	(4)		(5)
Other securities called, sold, and matured	5		11
Other, net	(65)		(56)
Net cash used for investing activities	(2,152)		(1,497)

Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs	3,743		4,479
Repayments and repurchases of long-term debt	(2,202)		(4,080)
Cash dividends	(366)		(364)
Common stock repurchased	(45)		(247)
Treasury stock issued	2		2
Withholding tax on share-based compensation	(10)		(14)
Net cash provided by (used for) financing activities	1,122		(224)



Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	811		2
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	959		1,017
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	$	1,770	$	1,019














Supplemental cash flow information
Cash and cash equivalents	$	1,190	$	536
Restricted cash and restricted cash equivalents	580		483
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	1,770	$	1,019

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).

Table of Contents

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)



(dollars in millions, except par value amount)	September 30, 2023		December 31, 2022

Assets
Cash and cash equivalents	$	1,187	$	490
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.8 billion in 2023, respectively, and $1.7 billion and $1.9 billion in 2022, respectively)	1,635		1,800
Net finance receivables (includes loans of consolidated VIEs of $13.2 billion in 2023 and $10.4 billion in 2022)	21,067		19,986
Unearned insurance premium and claim reserves	(772)		(749)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2023 and $1.1 billion in 2022)	(2,449)		(2,311)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,846		16,926


Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $564 million in 2023 and $442 million in 2022)	580		461
Goodwill	1,437		1,437
Other intangible assets	260		261

Other assets	1,196		1,152
Total assets	$	24,141	$	22,527

Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $11.9 billion in 2023 and $9.4 billion in 2022)	$	19,851	$	18,281
Insurance claims and policyholder liabilities	599		620
Deferred and accrued taxes	6		5
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2023 and $20 million in 2022)	581		617
Total liabilities	21,037		19,523
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 September 30, 2023 and December 31, 2022	5		5
Additional paid-in capital	1,950		1,933
Accumulated other comprehensive loss	(129)		(127)
Retained earnings	1,278		1,193

Total shareholder’s equity	3,104		3,004
Total liabilities and shareholder’s equity	$	24,141	$	22,527

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

Table of Contents

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2023		2022		2023		2022




Interest income	$	1,167	$	1,118	$	3,377	$	3,313

Interest expense	267		223		749		661

Net interest income	900		895		2,628		2,652

Provision for finance receivable losses	410		421		1,275		998

Net interest income after provision for finance receivable losses	490		474		1,353		1,654

Other revenues:
Insurance	113		111		335		334
Investment	32		16		83		40

Gain on sales of finance receivables	11		17		42		50
Net gain (loss) on repurchases and repayments of debt	—		2		1		(26)

Other	29		24		87		62
Total other revenues	185		170		548		460

Other expenses:
Salaries and benefits	217		212		649		621
Other operating expenses	164		151		494		451
Insurance policy benefits and claims	48		35		139		119
Total other expenses	429		398		1,282		1,191

Income before income taxes	246		246		619		923

Income taxes	52		61		143		227

Net income	$	194	$	185	$	476	$	696

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

Table of Contents

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2023		2022		2023		2022

Net income	$	194	$	185	$	476	$	696

Other comprehensive loss:
Net change in unrealized losses on non-credit impaired available-for-sale securities	(28)		(65)		(19)		(248)


Foreign currency translation adjustments	(4)		(10)		—		(13)

Changes in discount rate for insurance claims and policyholder liabilities	8		18		15		73
Other	4		4		2		24
Income tax effect:
Net change in unrealized losses on non-credit impaired available-for-sale securities	6		15		4		57


Foreign currency translation adjustments	1		2		—		3
Changes in discount rate for insurance claims and policyholder liabilities	(1)		(4)		(3)		(16)
Other	(1)		(1)		(1)		(6)
Other comprehensive loss, net of tax, before reclassification adjustments	(15)		(41)		(2)		(126)
Reclassification adjustments included in net income, net of tax:
Net realized losses on available-for-sale securities, net of tax	—		—		—		(3)
Reclassification adjustments included in net income, net of tax	—		—		—		(3)
Other comprehensive loss, net of tax	(15)		(41)		(2)		(129)

Comprehensive income	$	179	$	144	$	474	$	567

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

Table of Contents

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)


	OneMain Finance Corporation Shareholder's Equity
(dollars in millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholder’s Equity

Three Months Ended September 30, 2023


Balance, July 1, 2023	$	5	$	1,946	$	(114)	$	1,204	$	3,041
Share-based compensation expense, net of forfeitures	—		6		—		—		6
Withholding tax on share-based compensation	—		(2)		—		—		(2)
Other comprehensive loss	—		—		(15)		—		(15)
Cash dividends	—		—		—		(120)		(120)
Net income	—		—		—		194		194
Balance, September 30, 2023	$	5	$	1,950	$	(129)	$	1,278	$	3,104

Three Months Ended September 30, 2022
Balance, July 1, 2022	$	5	$	1,923	$	(83)	$	1,166	$	3,011
Share-based compensation expense, net of forfeitures	—		8		—		—		8
Withholding tax on share-based compensation	—		(2)		—		—		(2)
Other comprehensive loss	—		—		(41)		—		(41)
Cash dividends	—		—		—		(177)		(177)
Net income	—		—		—		185		185
Balance, September 30, 2022	$	5	$	1,929

OneMain Holdings, Inc. [OMF] Filings
10-Q	[2023-10-26]
10-Q	[2023-07-28]
10-Q	[2023-04-28]
10-K	[2023-02-10]
10-Q	[2022-10-28]
10-Q	[2022-07-29]
10-Q	[2022-04-29]
10-K	[2022-02-11]
10-Q	[2021-10-21]
10-Q	[2021-07-23]
10-Q	[2021-04-27]
10-K	[2021-02-09]
10-Q	[2020-10-29]
10-Q	[2020-07-30]
10-Q	[2020-04-29]
10-K	[2020-02-14]
10-Q	[2019-11-01]
10-Q	[2019-08-02]
10-Q	[2019-05-03]
10-K	[2019-02-15]
10-Q	[2018-11-05]
10-Q	[2018-08-03]
10-Q	[2018-05-03]
10-K	[2018-02-21]
10-Q	[2017-11-07]
10-Q	[2017-08-04]
10-Q	[2017-05-05]
10-K	[2017-02-21]
10-Q	[2016-11-08]
10-Q	[2016-08-05]
10-Q	[2016-05-06]
10-K	[2016-02-29]
10-Q	[2015-11-09]
10-Q	[2015-08-06]
10-Q	[2015-05-08]
10-K	[2015-03-16]
10-Q	[2014-11-14]
10-Q	[2014-08-11]
10-Q	[2014-05-15]
10-K	[2014-04-15]
10-Q	[2013-11-12]
S-1	[2013-08-16]