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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, 2024

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 April 23, 2024, there were 119,808,695 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At April 23, 2024, 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 Report
the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2023, filed with the SEC on February 13, 2024
ASCAccounting Standards Codification
ASUAccounting Standards Update
ASU 2022-02
The accounting standard issued by FASB in March of 2022, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures
Auto finance
financing at the point of purchase through a network of auto dealerships
Average daily debt balanceaverage of debt for each day in the period
Average net receivablesaverage of net finance receivables for each day 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
CMBScommercial mortgage-backed securities
Consumer loans
consist of personal loans and auto finance
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
Foursight
Foursight Capital LLC
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 consumer 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 unpaid principal balance, 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
KBRA
Kroll Bond Rating Agency, Inc.
Managed receivablesconsist 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’sMoody’s Investors Service, Inc.
Net charge-off ratioannualized net charge-offs as a percentage of average net receivables
Net finance receivables
gross finance receivables plus deferred origination costs. Consumer loans also include accrued finance charges and fees and exclude unearned fees
Net interest incomeinterest income less interest expense
4


Term or AbbreviationDefinition
ODARTOneMain Direct Auto Receivables Trust
OMFCOneMain Finance Corporation
OMFCT
OneMain Financial Credit Card Trust
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
OneMainOneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accountsconsist 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
Personal loans
loans secured by titled collateral or unsecured and offered through our branch network, central operations, or digital platform
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 consumer loans issued on April 25, 2022
Purchase volumeconsists 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
S&P
S&P Global Ratings
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 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; 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; Fifteenth Supplemental Indenture, dated June 22, 2023; and Sixteenth Supplemental Indenture, dated as of December 13, 2023
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 receivables
unencumbered unpaid principal balance of our consumer loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit cards exclude billed interest, fees, and closed accounts with balances
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.3 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
VFN
variable funding note
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)March 31, 2024December 31, 2023
Assets  
Cash and cash equivalents$831 $1,014 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)
1,691 1,719 
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)
21,083 21,349 
Unearned insurance premium and claim reserves(749)(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)
(2,454)(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses17,880 18,098 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)
599 534 
Goodwill1,437 1,437 
Other intangible assets259 260 
Other assets1,211 1,232 
Total assets$23,908 $24,294 
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)
$19,520 $19,813 
Insurance claims and policyholder liabilities597 615 
Deferred and accrued taxes34 9 
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)
543 671 
Total liabilities20,694 21,108 
Contingencies (Note 12)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 119,877,252 and 119,757,277 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
1 1 
Additional paid-in capital1,718 1,715 
Accumulated other comprehensive loss(91)(87)
Retained earnings2,318 2,285 
Treasury stock, at cost; 15,475,531 and 15,383,804 shares at March 31, 2024 and December 31, 2023, respectively
(732)(728)
Total shareholders’ equity3,214 3,186 
Total liabilities and shareholders’ equity$23,908 $24,294 

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


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

Three Months Ended
March 31,
(dollars in millions, except per share amounts)20242023
Interest income$1,173 $1,094 
Interest expense277 239 
Net interest income896 855 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses465 470 
Other revenues:  
Insurance112 111 
Investment32 25 
Gain on sales of finance receivables6 17 
Other30 24 
Total other revenues180 177 
Other expenses:  
Salaries and benefits224 212 
Other operating expenses167 153 
Insurance policy benefits and claims50 47 
Total other expenses441 412 
Income before income taxes204 235 
Income taxes49 56 
Net income$155 $179 
Share Data:  
Weighted average number of shares outstanding:   
Basic119,829,174 120,765,661 
Diluted120,244,669 120,969,891 
Earnings per share:  
Basic$1.29 $1.48 
Diluted$1.29 $1.48 

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
March 31,
(dollars in millions)20242023
  
Net income$155 $179 
Other comprehensive income (loss):
  
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
(8)24 
Foreign currency translation adjustments(4) 
Changes in discount rate for insurance claims and policyholder liabilities7 4 
Other (3)
Income tax effect:  
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
2 (5)
Foreign currency translation adjustments1  
Changes in discount rate for insurance claims and policyholder liabilities(2)(1)
Other comprehensive income (loss), net of tax
(4)19 
Comprehensive income$151 $198 

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
March 31, 2024
Balance, January 1, 2024$1 $1,715 $(87)$2,285 $(728)$3,186 
Common stock repurchased    (5)(5)
Treasury stock issued    1 1 
Share-based compensation expense, net of forfeitures
 11    11 
Withholding tax on share-based compensation
 (8)   (8)
Other comprehensive loss  (4)  (4)
Cash dividends (a)
   (122) (122)
Net income   155  155 
Balance, March 31, 2024$1 $1,718 $(91)$2,318 $(732)$3,214 
Three Months Ended
March 31, 2023
Balance, January 1, 2023$1 $1,689 $(127)$2,119 $(667)$3,015 
Net impact of adoption of ASU 2022-02 (b)
— — — 12 — 12 
Balance, January 1, 2023 (post-adoption)1 1,689 (127)2,131 (667)3,027 
Common stock repurchased
— — — — (27)(27)
Treasury stock issued— — — — 1 1 
Share-based compensation expense, net of forfeitures
— 12 — — — 12 
Withholding tax on share-based compensation
— (8)— — — (8)
Other comprehensive income
— — 19 — — 19 
Cash dividends (a)
— — — (122)— (122)
Net income
— — — 179 — 179 
Balance, March 31, 2023$1 $1,693 $(108)$2,188 $(693)$3,081 
                                      
(a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
9


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

Three Months Ended
March 31,
(dollars in millions)20242023
Cash flows from operating activities  
Net income$155 $179 
Reconciling adjustments:
Provision for finance receivable losses431 385 
Depreciation and amortization66 61 
Deferred income tax charge
15 9 
Share-based compensation expense, net of forfeitures11 12 
Gain on sales of finance receivables(6)(17)
Other(1)(1)
Cash flows due to changes in other assets and other liabilities(113)(66)
Net cash provided by operating activities558 562 
Cash flows from investing activities  
Net principal originations and purchases of finance receivables(345)(432)
Proceeds from sales of finance receivables117 200 
Available-for-sale securities purchased(64)(44)
Available-for-sale securities called, sold, and matured78 88 
Other securities purchased(4)(2)
Other securities called, sold, and matured5 2 
Other, net(20)(16)
Net cash used for investing activities(233)(204)
Cash flows from financing activities  
Proceeds from issuance and borrowings of long-term debt, net of issuance costs(6)843 
Repayments and repurchases of long-term debt(303)(928)
Cash dividends(122)(123)
Common stock repurchased(5)(27)
Treasury stock issued1 1 
Withholding tax on share-based compensation(8)(8)
Net cash used for financing activities
(443)(242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents(118)116 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,548 959 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,430 $1,075 
Supplemental cash flow information
Cash and cash equivalents$831 $544 
Restricted cash and restricted cash equivalents599 531 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,430 $1,075 

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).
10


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

(dollars in millions, except par value amount)March 31, 2024December 31, 2023
Assets
Cash and cash equivalents$812 $1,011 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)
1,691 1,719 
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)
21,083 21,349 
Unearned insurance premium and claim reserves(749)(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)
(2,454)(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses17,880 18,098 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
    equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)
599 534 
Goodwill1,437 1,437 
Other intangible assets259 260 
Other assets1,211 1,230 
Total assets$23,889 $24,289 
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)
$19,520 $19,813 
Insurance claims and policyholder liabilities597 615 
Deferred and accrued taxes35 9 
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)
543 672 
Total liabilities20,695 21,109 
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 March 31, 2024 and December 31, 2023
5 5 
Additional paid-in capital1,962 1,959 
Accumulated other comprehensive loss(91)(87)
Retained earnings1,318 1,303 
Total shareholder’s equity3,194 3,180 
Total liabilities and shareholder’s equity$23,889 $24,289 

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


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

Three Months Ended
March 31,
(dollars in millions)20242023
Interest income$1,173 $1,094 
Interest expense277 239 
Net interest income896 855 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses465 470 
Other revenues:
Insurance112 111 
Investment32 25 
Gain on sales of finance receivables6 17 
Other30 24 
Total other revenues180 177 
Other expenses:
Salaries and benefits224 212 
Other operating expenses167 153 
Insurance policy benefits and claims50 47 
Total other expenses441 412 
Income before income taxes204 235 
Income taxes49 56 
Net income$155 $179 

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

12


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

Three Months Ended
March 31,
(dollars in millions)20242023
Net income$155 $179 
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
(8)24 
Foreign currency translation adjustments(4) 
Changes in discount rate for insurance claims and policyholder liabilities7 4 
Other (3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
2 (5)
Foreign currency translation adjustments1  
Changes in discount rate for insurance claims and policyholder liabilities(2)(1)
Other comprehensive income (loss), net of tax
(4)19 
Comprehensive income$151 $198 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
13


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
March 31, 2024
Balance, January 1, 2024$5 $1,959 $(87)$1,303 $3,180 
Share-based compensation expense, net of forfeitures 11   11 
Withholding tax on share-based compensation (8)  (8)
Other comprehensive loss  (4) (4)
Cash dividends   (140)(140)
Net income   155 155 
Balance, March 31, 2024$5 $1,962 $(91)$1,318 $3,194 
Three Months Ended
March 31, 2023
Balance, January 1, 2023$5 $1,933 $(127)$1,193 $3,004 
Net impact of adoption of ASU 2022-02 *
— — — 12 12 
Balance, January 1, 2023 (post-adoption)5 1,933 (127)1,205 3,016 
Share-based compensation expense, net of forfeitures— 12 — — 12 
Withholding tax on share-based compensation— (8)— — (8)
Other comprehensive income
— — 19 — 19 
Cash dividends— — — (150)(150)
Net income— — — 179 179 
Balance, March 31, 2023$5 $1,937 $(108)$1,234 $3,068 
                                      
* As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
14


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

Three Months Ended
March 31,
(dollars in millions)20242023
Cash flows from operating activities
Net income$155 $179 
Reconciling adjustments:
Provision for finance receivable losses431 385 
Depreciation and amortization66 61 
Deferred income tax charge
15 9 
Share-based compensation expense, net of forfeitures11 12 
Gain on sales of finance receivables(6)(17)
Other(1)(1)
Cash flows due to changes in other assets and other liabilities(114)(66)
Net cash provided by operating activities557 562 
Cash flows from investing activities
Net principal originations and purchases of finance receivables(345)(432)
Proceeds from sales of finance receivables117 200 
Available-for-sale securities purchased(64)(44)
Available-for-sale securities called, sold, and matured78 88 
Other securities purchased(4)(2)
Other securities called, sold, and matured5 2 
Other, net(21)(16)
Net cash used for investing activities(234)(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs(6)843 
Repayments and repurchases of long-term debt(303)(928)
Cash dividends(140)(152)
Withholding tax on share-based compensation(8)(8)
Net cash used for financing activities
(457)(245)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents(134)113 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,545 951 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,411 $1,064 
Supplemental cash flow information
Cash and cash equivalents$812 $533 
Restricted cash and restricted cash equivalents599 531 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,411 $1,064 

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).
15


ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
March 31, 2024

1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its wholly owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report. We follow the same significant accounting policies for our interim reporting except for the new accounting pronouncements subsequently adopted and disclosed in Note 2. To conform to the 2024 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
16


3. Finance Receivables

Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Auto finance includes automobile retail installment contracts originated through our dealership network. Auto finance receivables are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)Personal Loans
Auto Finance
Total Consumer Loans
Credit CardsTotal
March 31, 2024
Gross finance receivables *$19,575 $843 $20,418 $377 $20,795 
Unearned fees
(217)(16)(233) (233)
Accrued finance charges and fees310 8 318  318 
Deferred origination costs186 8 194 9 203 
Total$19,854 $843 $20,697 $386 $21,083 
December 31, 2023
Gross finance receivables *$19,977 $744 $20,721 $322 $21,043 
Unearned fees
(223)(13)(236) (236)
Accrued finance charges and fees326 7 333  333 
Deferred origination costs194 7 201 8 209 
Total$20,274 $745 $21,019 $330 $21,349 
* Consumer loan gross finance receivables equal the unpaid principal balance. 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 unpaid principal balance, billed interest, and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than two years, in which we agreed to sell a remaining total of $630 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. These unsecured personal loans are derecognized from our balance sheet at the time of sale. We service the personal loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations. We sold $110 million and $180 million of gross finance receivables during the three months ended March 31, 2024 and 2023, respectively. The gain on the sales were $6 million and $17 million during the three months ended March 31, 2024 and 2023, respectively.

CREDIT QUALITY INDICATOR

We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.

When consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For our personal loans, we reversed net accrued finance charges of $41 million and $37 million during the three months ended March 31, 2024 and 2023, respectively. For auto finance, reversed net accrued finance charges were immaterial during the three months ended March 31, 2024 and 2023.
17



Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans and auto finance loans were immaterial during the three months ended March 31, 2024 and 2023. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

We accrue finance charges and fees on credit cards until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed were immaterial during the three months ended March 31, 2024 and 2023.

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$2,212 $8,615 $4,822 $2,089 $622 $368 $18,728 
30-59 days past due2 118 111 61 19 15 326 
60-89 days past due 80 76 41 12 10 219 
Total performing2,214 8,813 5,009 2,191 653 393 19,273 
Nonperforming (Nonaccrual)
90+ days past due 183 221 118 34 25 581 
Total$2,214 $8,996 $5,230 $2,309 $687 $418 $19,854 
Gross charge-offs *
$ $115 $223 $119 $33 $23&