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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 March 31, 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 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 April 21, 2022, there were 125,211,094 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At April 21, 2022, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
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 |
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| ABS | | asset-backed securities |
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| 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 |
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| Annual Report | | the 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 |
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| ASC | | Accounting Standards Codification |
| ASU | | Accounting Standards Update |
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| Average daily debt balance | | average of debt for each day in the period |
| Average net receivables | | average of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) 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 |
| | |
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| C&I | | Consumer and Insurance |
| CDO | | collateralized debt obligations |
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| CFPB | | Consumer Financial Protection Bureau |
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| CMBS | | commercial mortgage-backed securities |
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| COVID-19 | | the global outbreak of a novel strain of coronavirus, including variants thereof |
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| Exchange Act | | Securities Exchange Act of 1934, as amended |
| FASB | | Financial Accounting Standards Board |
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| FICO | | a credit score created by Fair Isaac Corporation |
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| GAAP | | generally accepted accounting principles in the United States of America |
| GAP | | guaranteed asset protection |
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| 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 loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges |
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| Indenture | | the Base Indenture, together with all subsequent Supplemental Indentures |
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| 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 |
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| Managed receivables | | consist of our net finance receivables and finance receivables serviced for our whole loan sale partners |
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| Net charge-off ratio | | annualized net charge-offs as a percentage of average net receivables |
| Net interest income | | interest income less interest expense |
| NORA | | Notice and Opportunity to Respond and Advise |
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| ODART | | OneMain Direct Auto Receivables Trust |
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| OMFC | | OneMain Finance Corporation |
| OMFIT | | OneMain Financial Issuance Trust |
| OMH | | OneMain Holdings, Inc. |
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| Term or Abbreviation | | Definition |
| | |
| OneMain | | OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries |
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| Open accounts | | consist 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 |
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| Pretax capital generation | | a non-GAAP financial measure used by management as a key performance measure of our segment, defined as adjusted pretax income (loss) excluding the change in allowance for finance receivable losses |
| Purchase volume | | consist 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 |
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| RMBS | | residential mortgage-backed securities |
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| 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 |
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| SpringCastle Portfolio | | loans the Company previously owned and now services on behalf of a third party |
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| Supplemental Indentures | | collectively, 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; Tenth Supplemental Indenture, dated as of May 14, 2020; 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 |
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| Tax Act | | Public Law 115-97 amending the Internal Revenue Code of 1986 |
| TDR finance receivables | | troubled 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 |
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| Triton | | Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC |
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| 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 |
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| Unencumbered loans | | unencumbered gross finance receivables excluding credit cards |
| Unsecured corporate revolver | | unsecured revolver with a maximum borrowing capacity of $1.0 billion, payable and due on October 25, 2026 |
| Unsecured Notes | | the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH |
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| VIEs | | variable interest entities |
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| 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 |
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PART I - FINANCIAL INFORMATION
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| Item 1. Financial Statements. |
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
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| (dollars in millions, except par value amount) | | March 31, 2022 | | December 31, 2021 |
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| Assets | | | | |
| Cash and cash equivalents | | $ | 640 | | | $ | 541 | |
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion in 2022, and $1.9 billion and $1.8 billion in 2021, respectively) | | 1,778 | | | 1,992 | |
Net finance receivables (includes loans of consolidated VIEs of $8.6 billion in 2022 and $8.8 billion in 2021) | | 18,979 | | | 19,212 | |
| Unearned insurance premium and claim reserves | | (741) | | | (761) | |
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $896 million in 2022 and $910 million in 2021) | | (2,071) | | | (2,095) | |
| Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses | | 16,167 | | | 16,356 | |
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Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $509 million in 2022 and $466 million in 2021) | | 531 | | | 476 | |
| Goodwill | | 1,437 | | | 1,437 | |
| Other intangible assets | | 274 | | | 274 | |
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| Other assets | | 981 | | | 1,003 | |
| Total assets | | $ | 21,808 | | | $ | 22,079 | |
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| Liabilities and Shareholders’ Equity | | | | |
Long-term debt (includes debt of consolidated VIEs of $7.8 billion in 2022 and $8.0 billion in 2021) | | $ | 17,560 | | | $ | 17,750 | |
| Insurance claims and policyholder liabilities | | 621 | | | 621 | |
| Deferred and accrued taxes | | 45 | | | 1 | |
Other liabilities (includes other liabilities of consolidated VIEs of $12 million in 2022 and $13 million in 2021) | | 493 | | | 614 | |
| Total liabilities | | 18,719 | | | 18,986 | |
Contingencies (Note 12) | | | | |
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| Shareholders’ equity: | | | | |
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 125,793,836 and 127,809,640 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | | 1 | | | 1 | |
| Additional paid-in capital | | 1,672 | | | 1,672 | |
| Accumulated other comprehensive income (loss) | | (11) | | | 61 | |
| Retained earnings | | 1,905 | | | 1,727 | |
Treasury stock, at cost; 8,981,004 and 6,712,923 shares at March 31, 2022 and December 31, 2021, respectively | | (478) | | | (368) | |
| Total shareholders’ equity | | 3,089 | | | 3,093 | |
| Total liabilities and shareholders’ equity | | $ | 21,808 | | | $ | 22,079 | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
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| | Three Months Ended
March 31, | | | | | |
| (dollars in millions, except per share amounts) | | 2022 | | 2021 | | | | | | | |
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| Interest income | | $ | 1,089 | | | $ | 1,060 | | | | | | | | |
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| Interest expense | | 219 | | | 235 | | | | | | | | |
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| Net interest income | | 870 | | | 825 | | | | | | | | |
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| Provision for finance receivable losses | | 238 | | | (2) | | | | | | | | |
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| Net interest income after provision for finance receivable losses | | 632 | | | 827 | | | | | | | | |
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| Other revenues: | | | | | | | | | | | |
| Insurance | | 111 | | | 107 | | | | | | | | |
| Investment | | 15 | | | 17 | | | | | | | | |
| Gain on sales of finance receivables | | 17 | | | 4 | | | | | | | | |
| Net loss on repurchases and repayments of debt | | — | | | (47) | | | | | | | | |
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| Other | | 19 | | | 10 | | | | | | | | |
| Total other revenues | | 162 | | | 91 | | | | | | | | |
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| Other expenses: | | | | | | | | | | | |
| Salaries and benefits | | 205 | | | 189 | | | | | | | | |
| Other operating expenses | | 148 | | | 150 | | | | | | | | |
| Insurance policy benefits and claims | | 45 | | | 33 | | | | | | | | |
| Total other expenses | | 398 | | | 372 | | | | | | | | |
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| Income before income taxes | | 396 | | | 546 | | | | | | | | |
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| Income taxes | | 95 | | | 133 | | | | | | | | |
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| Net income | | $ | 301 | | | $ | 413 | | | | | | | | |
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| Share Data: | | | | | | | | | | | |
| Weighted average number of shares outstanding: | | | | | | | | | | | |
| Basic | | 127,075,714 | | | 134,405,368 | | | | | | | | |
| Diluted | | 127,463,027 | | | 134,807,165 | | | | | | | | |
| Earnings per share: | | | | | | | | | | | |
| Basic | | $ | 2.37 | | | $ | 3.07 | | | | | | | | |
| Diluted | | $ | 2.36 | | | $ | 3.06 | | | | | | | | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
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| | Three Months Ended
March 31, | | | | | |
| (dollars in millions) | | 2022 | | 2021 | | | | | | | |
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| Net income | | $ | 301 | | | $ | 413 | | | | | | | | |
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| Other comprehensive loss: | | | | | | | | | | | |
| Net change in unrealized losses on non-credit impaired available-for-sale securities | | (105) | | | (43) | | | | | | | | |
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| Foreign currency translation adjustments | | 2 | | | 2 | | | | | | | | |
| Other | | 13 | | | 23 | | | | | | | | |
| Income tax effect: | | | | | | | | | | | |
| Net change in unrealized losses on non-credit impaired available-for-sale securities | | 24 | | | 10 | | | | | | | | |
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| Foreign currency translation adjustments | | (1) | | | — | | | | | | | | |
| Other | | (3) | | | (6) | | | | | | | | |
| Other comprehensive loss, net of tax, before reclassification adjustments | | (70) | | | (14) | | | | | | | | |
| Reclassification adjustments included in net income, net of tax: | | | | | | | | | | | |
| Net realized losses on available-for-sale securities, net of tax | | (2) | | | — | | | | | | | | |
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| Reclassification adjustments included in net income, net of tax | | (2) | | | — | | | | | | | | |
| Other comprehensive loss, net of tax | | (72) | | | (14) | | | | | | | | |
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| Comprehensive income | | $ | 229 | | | $ | 399 | | | | | | | | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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 |
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| Balance, January 1, 2022 | | $ | 1 | | | $ | 1,672 | | | $ | 61 | | | $ | 1,727 | | | $ | (368) | | | $ | 3,093 | |
| Common stock repurchased | | — | | | — | | | — | | | — | | | (110) | | | (110) | |
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Share-based compensation expense, net of forfeitures | | — | | | 12 | | | — | | | — | | | — | | | 12 | |
Withholding tax on share-based compensation | | — | | | (12) | | | — | | | — | | | — | | | (12) | |
| Other comprehensive loss | | — | | | — | | | (72) | | | — | | | — | | | (72) | |
Cash dividends * | | — | | | — | | | — | | | (123) | | | — | | | (123) | |
| Net income | | — | | | — | | | — | | | 301 | | | — | | | 301 | |
| Balance, March 31, 2022 | | $ | 1 | | | $ | 1,672 | | | $ | (11) | | | $ | 1,905 | | | $ | (478) | | | $ | 3,089 | |
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| Balance, January 1, 2021 | | $ | 1 | | | $ | 1,655 | | | $ | 94 | | | $ | 1,691 | | | $ | — | | | $ | 3,441 | |
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Share-based compensation expense, net of forfeitures | | — | | | 7 | | | — | | | — | | | — | | | 7 | |
Withholding tax on share-based compensation | | — | | | (5) | | | — | | | — | | | — | | | (5) | |
Other comprehensive loss | | — | | | — | | | (14) | | | — | | | — | | | (14) | |
Cash dividends * | | — | | | — | | | — | | | (534) | | | — | | | (534) | |
Net income | | — | | | — | | | — | | | 413 | | | — | | | 413 | |
| Balance, March 31, 2021 | | $ | 1 | | | $ | 1,657 | | | $ | 80 | | | $ | 1,570 | | | $ | — | | | $ | 3,308 | |
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* Cash dividends declared were $0.95 per share and $3.95 per share during the three months ended March 31, 2022 and 2021, respectively. |
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See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
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| | Three Months Ended
March 31, | | |
| (dollars in millions) | | 2022 | | 2021 | | |
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| Cash flows from operating activities | | | | | | |
| Net income | | $ | 301 | | | $ | 413 | | | |
| Reconciling adjustments: | | | | | | |
| Provision for finance receivable losses | | 238 | | | (2) | | | |
| Depreciation and amortization | | 61 | | | 61 | | | |
| Deferred income tax charge | | 21 | | | 59 | | | |
| Net loss on repurchases and repayments of debt | | — | | | 47 | | | |
| Share-based compensation expense, net of forfeitures | | 12 | | | 7 | | | |
| Gain on sales of finance receivables | | (17) | | | (4) | | | |
| Other | | (2) | | | (2) | | | |
| Cash flows due to changes in other assets and other liabilities | | (62) | | | (23) | | | |
| Net cash provided by operating activities | | 552 | | | 556 | | | |
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| Cash flows from investing activities | | | | | | |
| Net principal collections (originations and purchases) of finance receivables | | (245) | | | 217 | | | |
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| Proceeds from sales of finance receivables | | 200 | | | 50 | | | |
| Available-for-sale securities purchased | | (90) | | | (146) | | | |
| Available-for-sale securities called, sold, and matured | | 196 | | | 91 | | | |
| Other securities purchased | | (2) | | | (688) | | | |
| Other securities called, sold, and matured | | 7 | | | 681 | | | |
| Other, net | | (16) | | | (7) | | | |
| Net cash provided by investing activities | | 50 | | | 198 | | | |
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| Cash flows from financing activities | | | | | | |
| Proceeds from issuance and borrowings of long-term debt, net of issuance costs | | 198 | | | (1) | | | |
| Repayment of long-term debt | | (398) | | | (1,065) | | | |
| Cash dividends | | (126) | | | (534) | | | |
| Common stock repurchased | | (110) | | | — | | | |
| Withholding tax on share-based compensation | | (12) | | | (5) | | | |
| Net cash used for financing activities | | (448) | | | (1,605) | | | |
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| Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | | 154 | | | (851) | | | |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period | | 1,017 | | | 2,723 | | | |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period | | $ | 1,171 | | | $ | 1,872 | | | |
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| Supplemental cash flow information | | | | | | |
| Cash and cash equivalents | | $ | 640 | | | $ | 1,301 | | | |
| Restricted cash and restricted cash equivalents | | 531 | | | 571 | | | |
| Total cash and cash equivalents and restricted cash and restricted cash equivalents | | $ | 1,171 | | | $ | 1,872 | | | |
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Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our securitization transactions.
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
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| (dollars in millions, except par value amount) | | March 31, 2022 | | December 31, 2021 |
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| Assets | | | | |
| Cash and cash equivalents | | $ | 620 | | | $ | 510 | |
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion in 2022, and $1.9 billion and $1.8 billion in 2021, respectively) | | 1,778 | | | 1,992 | |
Net finance receivables (includes loans of consolidated VIEs of $8.6 billion in 2022 and $8.8 billion in 2021) | | 18,979 | | | 19,212 | |
| Unearned insurance premium and claim reserves | | (741) | | | (761) | |
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $896 million in 2022 and $910 million in 2021) | | (2,071) | | | (2,095) | |
| Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses | | 16,167 | | | 16,356 | |
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Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $509 million in 2022 and $466 million in 2021) | | 531 | | | 476 | |
| Goodwill | | 1,437 | | | 1,437 | |
| Other intangible assets | | 274 | | | 274 | |
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| Other assets | | 980 | | | 1,001 | |
| Total assets | | $ | 21,787 | | | $ | 22,046 | |
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| Liabilities and Shareholder’s Equity | | | | |
Long-term debt (includes debt of consolidated VIEs of $7.8 billion in 2022 and $8.0 billion in 2021) | | $ | 17,560 | | | $ | 17,750 | |
| Insurance claims and policyholder liabilities | | 621 | | | 621 | |
| Deferred and accrued taxes | | 47 | | | 1 | |
Other liabilities (includes other liabilities of consolidated VIEs of $12 million in 2022 and $13 million in 2021) | | 493 | | | 614 | |
| Total liabilities | | 18,721 | | | 18,986 | |
Contingencies (Note 12) | | | | |
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| Shareholder’s equity: | | | | |
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at March 31, 2022 and December 31, 2021 | | 5 | | | 5 | |
| Additional paid-in capital | | 1,916 | | | 1,916 | |
| Accumulated other comprehensive income (loss) | | (11) | | | 61 | |
| Retained earnings | | 1,156 | | | 1,078 | |
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| Total shareholder’s equity | | 3,066 | | | 3,060 | |
| Total liabilities and shareholder’s equity | | $ | 21,787 | | | $ | 22,046 | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
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| | Three Months Ended
March 31, | | | | |
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| (dollars in millions) | | 2022 | | 2021 | | | | | | |
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| Interest income | | $ | 1,089 | | | $ | 1,060 | | | | | | | |
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| Interest expense | | 219 | | | 235 | | | | | | | |
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| Net interest income | | 870 | | | 825 | | | | | | | |
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| Provision for finance receivable losses | | 238 | | | (2) | | | | | | | |
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| Net interest income after provision for finance receivable losses | | 632 | | | 827 | | | | | | | |
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| Other revenues: | | | | | | | | | | |
| Insurance | | 111 | | | 107 | | | | | | | |
| Investment | | 15 | | | 17 | | | | | | | |
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| Gain on sales of finance receivables | | 17 | | | 4 | | | | | | | |
| Net loss on repurchases and repayments of debt | | — | | | (47) | | | | | | | |
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| Other | | 19 | | | 10 | | | | | | | |
| Total other revenues | | 162 | | | 91 | | | | | | | |
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| Other expenses: | | | | | | | | | | |
| Salaries and benefits | | 205 | | | 189 | | | | | | | |
| Other operating expenses | | 148 | | | 150 | | | | | | | |
| Insurance policy benefits and claims | | 45 | | | 33 | | | | | | | |
| Total other expenses | | 398 | | | 372 | | | | | | | |
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| Income before income taxes | | 396 | | | 546 | | | | | | | |
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| Income taxes | | 95 | | | 133 | | | | | | | |
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| Net income | | $ | 301 | | | $ | 413 | | | | | | | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
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| | Three Months Ended
March 31, | | | | |
| (dollars in millions) | | 2022 | | 2021 | | | | | | |
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| Net income | | $ | 301 | | | $ | 413 | | | | | | | |
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| Other comprehensive loss: | | | | | | | | | | |
| Net change in unrealized losses on non-credit impaired available-for-sale securities | | (105) | | | (43) | | | | | | | |
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| Foreign currency translation adjustments | | 2 | | | 2 | | | | | | | |
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| Other | | 13 | | | 23 | | | | | | | |
| Income tax effect: | | | | | | | | | | |
| Net change in unrealized losses on non-credit impaired available-for-sale securities | | 24 | | | 10 | | | | | | | |
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| Foreign currency translation adjustments | | (1) | | | — | | | | | | | |
| Other | | (3) | | | (6) | | | | | | | |
| Other comprehensive loss, net of tax, before reclassification adjustments | | (70) | | | (14) | | | | | | | |
| Reclassification adjustments included in net income, net of tax: | | | | | | | | | | |
| Net realized losses on available-for-sale securities, net of tax | | (2) | | | — | | | | | | | |
| Reclassification adjustments included in net income, net of tax | | (2) | | | — | | | | | | | |
| Other comprehensive loss, net of tax | | (72) | | | (14) | | | | | | | |
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| Comprehensive income | | $ | 229 | | | $ | 399 | | | | | | | |
See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)
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| | 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 |
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| Balance, January 1, 2022 | | $ | 5 | | | $ | 1,916 | | | $ | 61 | | | $ | 1,078 | | | | | $ | 3,060 | |
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| Share-based compensation expense, net of forfeitures | | — | | | 12 | | | — | | | — | | | | | 12 | |
| Withholding tax on share-based compensation | | — | | | (12) | | | — | | | — | | | | | (12) | |
| Other comprehensive loss | | — | | | — | | | (72) | | | — | | | | | (72) | |
| Cash dividends | | — | | | — | | | — | | | (223) | | | | | (223) | |
| Net income | | — | | | — | | | — | | | 301 | | | | | 301 | |
| Balance, March 31, 2022 | | $ | 5 | | | $ | 1,916 | | | $ | (11) | | | $ | 1,156 | | | | | $ | 3,066 | |
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| Balance, January 1, 2021 | | $ | 5 | | | $ | 1,899 | | | $ | 94 | | | $ | 1,442 | | | | | $ | 3,440 | |
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| Share-based compensation expense, net of forfeitures | | — | | | 7 | | | — | | | — | | | | | 7 | |
| Withholding tax on share-based compensation | | — | | | (5) | | | — | | | — | | | | | (5) | |
| Other comprehensive loss | | — | | | — | | | (14) | | | — | | | | | (14) | |
| Cash dividends | | — | | | — | | | — | | | (535) | | | | | (535) | |
| Net income | | — | | | — | | | — | | | 413 | | | | | 413 | |
| Balance, March 31, 2021 | | $ | 5 | | | $ | 1,901 | | | $ | 80 | | | $ | 1,320 | | | | | $ | 3,306 | |
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See Notes to the Condensed Consolidated Financial Statements (Unaudited).
ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
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| | Three Months Ended
March 31, | | |
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| (dollars in millions) | | 2022 | | 2021 | | |
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| Cash flows from operating activities | | | | | | |
| Net income | | $ | 301 | | | $ | 413 | | | |
| Reconciling adjustments: | | | | | | |
| Provision for finance receivable losses | | 238 | | | (2) | | | |
| Depreciation and amortization | | 61 | | | 61 | | | |
| Deferred income tax charge | | 21 | | | 59 | | | |
| Net loss on repurchases and repayments of debt | | — | | | 47 | | | |
| Share-based compensation expense, net of forfeitures | | 12 | | | 7 | | | |
| Gain on sales of finance receivables | | (17) | | | (4) | | | |
| Other | | (2) | | | (2) | | | |
| Cash flows due to changes in other assets and other liabilities | | (61) | | | (23) | | | |
| Net cash provided by operating activities | | 553 | | | 556 | | | |
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| Cash flows from investing activities | | | | | | |
| Net principal collections (originations and purchases) of finance receivables | | (245) | | | 217 | | | |
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| Proceeds from sales of finance receivables | | 200 | | | 50 | | | |
| Available-for-sale securities purchased | | (90) | | | (146) | | | |
| Available-for-sale securities called, sold, and matured | | 196 | | | 91 | | | |
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