– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
– 1Q 2022 Diluted EPS of $2.36
– 1Q 2022 C&I adjusted diluted EPS of $2.35
– 1Q 2022 C&I managed receivables of $19.5 billion
– Declared quarterly dividend of $0.95 per share
– Repurchased 2.3 million shares for $110 million in 1Q
NEW YORK--(BUSINESS WIRE)--OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime customers responsible access to credit, today reported pretax income of $396 million and net income of $301 million for the first quarter of 2022, compared to $546 million and $413 million, respectively, in the prior year quarter. Earnings per diluted share were $2.36 in the first quarter of 2022, compared to $3.06 in the prior year quarter.
On April 28, 2022, OneMain declared a quarterly dividend of $0.95 per share, payable on May 13, 2022, to record holders of the Company's common stock as of the close of business on May 9, 2022.
During the quarter, the Company repurchased approximately 2.3 million shares of common stock for $110 million.
“We had a strong start to 2022 with a very good quarter underpinned by continued robust demand for our core loan product and bolstered by new products and channels,” said Doug Shulman, Chairman and CEO of OneMain. “We continue to feel great about our growth prospects in 2022 and beyond.”
The following segment results are reported on a non-GAAP basis. Refer to the required reconciliations of non-GAAP to comparable GAAP measures at the end of this press release.
Consumer and Insurance Segment (“C&I”)
C&I generated adjusted pretax income of $398 million and adjusted net income of $299 million for the first quarter of 2022, compared to $607 million and $455 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $2.35 for the first quarter of 2022, compared to $3.37 in the prior year quarter. The decline was primarily driven by the normalizing credit environment.
Management runs the business based on C&I capital generation, which it defines as C&I adjusted net income excluding the after-tax change in C&I allowance for finance receivable losses while still considering the current period C&I net charge-offs. C&I capital generation was $280 million for the first quarter of 2022, representing a 6% decrease versus the prior year period.
Originations totaled $3.0 billion in the first quarter of 2022, up 30% from $2.3 billion in the prior year quarter. The percentage of secured originations was 52% in the first quarter of 2022, up from 50% in the prior year quarter.
Managed receivables, which include loans serviced for our whole loan sale partners, were $19.5 billion at March 31, 2022, up 11% from $17.6 billion at March 31, 2021.
Ending net finance receivables were $19.0 billion at March 31, 2022, up 8% from $17.6 billion at March 31, 2021.
Secured receivables were 52% of ending net finance receivables at March 31, 2022, consistent with March 31, 2021.
Average net finance receivables were $19.1 billion in the first quarter of 2022, up 7% from $17.8 billion in the prior year quarter.
Interest income in the first quarter of 2022 was $1.1 billion, up 3% compared to the prior year quarter, reflecting higher average net finance receivables, partially offset by a lower portfolio yield.
Yield was 23.11% in the first quarter of 2022, down from 24.04% in the prior year quarter. The decrease generally reflected the impact of higher credit quality originations with attractive returns that are contributing to our portfolio growth, and higher 90+ day delinquent receivables.
The provision for finance receivable losses was $237 million in the first quarter of 2022, up $240 million compared to the prior year period, primarily driven by the normalization of the credit environment. The prior year period results included a significant reduction in our allowance for finance receivable losses associated with an improved credit environment, as well as historically low net charge-offs.
The 30-89 day delinquency ratio, excluding credit cards, was 2.25% at March 31, 2022, down from 2.43% at December 31, 2021, and up from 1.57% at March 31, 2021.
The 90+ day delinquency ratio, excluding credit cards, was 2.21% at March 31, 2022, up from 2.00% at December 31, 2021, and 1.82% at March 31, 2021.
The net charge-off ratio, excluding credit cards, was 5.58% in the first quarter of 2022, up from 4.24% in the fourth quarter of 2021 and 4.67% in the prior year quarter.
Operating expense for the first quarter of 2022 was $348 million, up 8% from $323 million in the prior year quarter reflecting receivables growth and continued investments in the business.
Funding and Liquidity
As of March 31, 2022, the Company had principal debt balances outstanding of $17.8 billion, 44% of which was secured. The Company had $640 million of cash and cash equivalents, which included $265 million of cash and cash equivalents held at their regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes.
Cash and cash equivalents, together with the Company’s potential borrowings of $1.0 billion of undrawn committed capacity from a corporate revolver, $5.4 billion of undrawn committed capacity under the revolving conduit facilities, and $10.2 billion of unencumbered loans, provide a liquidity runway in excess of 24 months under numerous stress scenarios and assuming no access to the capital markets. This liquidity runway calculation contemplates all the cash needs of the Company.
Conference Call & Webcast Information
OneMain management will host a conference call and webcast to discuss the Company's results, outlook, and related matters at 8:30 am Eastern Time on Friday, April 29th, 2022. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 866-831-8616 (U.S. domestic) or 203-518-9873 (international), and using conference ID 35342, or via a live audio webcast through the Investor Relations section of the OneMain Financial website. For those unable to listen to the live broadcast, a replay will be available on our website beginning approximately two hours after the event. An investor presentation will be available on the Investor Relations page of OneMain’s website at www.omf.com prior to the start of the conference call.
About OneMain Holdings, Inc.
OneMain Financial (NYSE: OMF) is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.
Use of Non-GAAP Financial Measures
We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes the expense associated with the cash-settled stock-based awards, direct costs associated with COVID-19, acquisition-related transaction and integration expenses, net loss resulting from repurchases and repayments of debt, and restructuring charges. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment.
We also use Consumer and Insurance pretax capital generation and Consumer and Insurance capital generation, non-GAAP financial measures, as a key performance measure of our segment. Consumer and insurance pretax capital generation represents Consumer and Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer and Insurance allowance for finance receivable losses in the period while still considering the Consumer and Insurance net charge-offs during the period. Consumer and Insurance capital generation represents the after-tax effect of Consumer and Insurance pretax capital generation. We believe that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. We believe that the Company’s reserves, combined with its equity, represent the Company's loss absorption capacity.
We utilize these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
This document contains summarized information concerning OneMain Holdings, Inc. (the “Company”) and the Company’s business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information see the Company's most recent Annual Report on Form 10-K (“Form 10-K”) and Quarterly Reports on Form 10-Q (“Form 10-Qs”) filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as the Company’s other reports filed with the SEC from time to time. Such reports are or will be available in the Investor Relations section of the Company's website (www.omf.com) and the SEC's website (www.sec.gov).
Cautionary Note Regarding Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “are likely,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goal,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements.
Forward-looking statements are not statements of historical fact but instead represent only management’s current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes in general economic conditions, including the interest rate environment and the financial markets; risks associated with COVID-19 and the measures taken in response thereto; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber-attacks, war or other disruptions; the adequacy of our credit risk scoring models; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis” sections of the Company’s most recent Form 10-K filed with the SEC and in the Company’s other filings with the SEC from time to time.
The liquidity runway scenario disclosed in the press release is based on management’s estimates and assumptions for internal strategic planning purposes and does not constitute guidance or financial projections and should not be regarded or relied on as such.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
Forward looking statements included in this document speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law.
OneMain Holdings, Inc. |
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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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Quarter-to-Date |
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Fiscal Year |
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(unaudited, $ in millions, except per share amounts) |
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Mar 31,
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Dec 31,
|
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Sep 30,
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Jun 30,
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|
Mar 31,
|
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2021 |
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2020 |
||||||||||||||
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|
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|
|
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Interest income |
|
$ |
1,089 |
|
|
$ |
1,121 |
|
|
$ |
1,113 |
|
|
$ |
1,071 |
|
|
$ |
1,060 |
|
|
|
$ |
4,364 |
|
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$ |
4,368 |
|
Interest expense |
|
|
(219 |
) |
|
|
(235 |
) |
|
|
(237 |
) |
|
|
(231 |
) |
|
|
(235 |
) |
|
|
|
(937 |
) |
|
|
(1,027 |
) |
Provision for finance receivable losses |
|
|
(238 |
) |
|
|
(237 |
) |
|
|
(226 |
) |
|
|
(132 |
) |
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|
2 |
|
|
|
|
(593 |
) |
|
|
(1,319 |
) |
Net interest income after provision for finance receivable losses |
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|
632 |
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|
|
649 |
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|
|
650 |
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|
|
708 |
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|
|
827 |
|
|
|
|
2,834 |
|
|
|
2,022 |
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|
|
|
|
|
|
|
|
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Insurance |
|
|
111 |
|
|
|
111 |
|
|
|
109 |
|
|
|
107 |
|
|
|
107 |
|
|
|
|
434 |
|
|
|
443 |
|
Investment |
|
|
15 |
|
|
|
17 |
|
|
|
14 |
|
|
|
17 |
|
|
|
17 |
|
|
|
|
65 |
|
|
|
75 |
|
Gain on sales of finance receivables |
|
|
17 |
|
|
|
17 |
|
|
|
15 |
|
|
|
11 |
|
|
|
4 |
|
|
|
|
47 |
|
|
|
— |
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Net loss on repurchases and repayments of debt |
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|
— |
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|
(29 |
) |
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|
(1 |
) |
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|
(1 |
) |
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|
(47 |
) |
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|
|
(78 |
) |
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|
(39 |
) |
Other |
|
|
19 |
|
|
|
19 |
|
|
|
18 |
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|
|
16 |
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|
|
10 |
|
|
|
|
63 |
|
|
|
47 |
|
Total other revenues |
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|
162 |
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|
|
135 |
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|
|
155 |
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|
|
150 |
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|
|
91 |
|
|
|
|
531 |
|
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Operating expenses |
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|
(353 |
) |
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|
(379 |
) |
|
|
(384 |
) |
|
|
(347 |
) |
|
|
(339 |
) |
|
|
|
(1,448 |
) |
|
|
(1,329 |
) |
Insurance policy benefits and claims |
|
|
(45 |
) |
|
|
(50 |
) |
|
|
(45 |
) |
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|
(48 |
) |
|
|
(33 |
) |
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|
|
(176 |
) |
|
|
(242 |
) |
Total other expenses |
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|
(398 |
) |
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|
(429 |
) |
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|
(429 |
) |
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|
(395 |
) |
|
|
(372 |
) |
|
|
|
(1,624 |
) |
|
|
(1,571 |
) |
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|
|
|
|
|
|
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Income before income taxes |
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|
396 |
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|
|
355 |
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|
|
376 |
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|
|
463 |
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|
|
546 |
|
|
|
|
1,741 |
|
|
|
977 |
|
Income taxes |
|
|
(95 |
) |
|
|
(93 |
) |
|
|
(88 |
) |
|
|
(113 |
) |
|
|
(133 |
) |
|
|
|
(427 |
) |
|
|
(247 |
) |
Net income |
|
$ |
301 |
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|
$ |
262 |
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|
$ |
288 |
|
|
$ |
350 |
|
|
$ |
413 |
|
|
|
$ |
1,314 |
|
|
$ |
730 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted average number of diluted shares |
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|
127.5 |
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|
|
130.0 |
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|
|
132.9 |
|
|
|
134.6 |
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|
|
134.8 |
|
|
|
|
133.1 |
|
|
|
134.9 |
|
Diluted EPS |
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$ |
2.36 |
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|
$ |
2.02 |
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|
$ |
2.17 |
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$ |
2.60 |
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$ |
3.06 |
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|
|
$ |
9.87 |
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$ |
5.41 |
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Book value per basic share |
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$ |
24.55 |
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$ |
24.20 |
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$ |
23.74 |
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$ |
26.42 |
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$ |
24.59 |
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|
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$ |
24.20 |
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|
$ |
25.61 |
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Return on assets |
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|
5.6 |
% |
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|
4.6 |
% |
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|
5.1 |
% |
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|
6.5 |
% |
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|
7.7 |
% |
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|
6.0 |
% |
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|
3.2 |
% |
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Provision for finance receivable losses |
|
$ |
238 |
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|
$ |
237 |
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|
$ |
226 |
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|
$ |
132 |
|
|
$ |
(2 |
) |
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|
$ |
593 |
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|
$ |
1,319 |
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Less: Net charge-offs |
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|
(262 |
) |
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|
(203 |
) |
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|
(165 |
) |
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|
(194 |
) |
|
|
(205 |
) |
|
|
|
(767 |
) |
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|
(997 |
) |
Change in allowance for finance receivable losses |
|
$ |
(24 |
) |
|
$ |
34 |
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|
$ |
61 |
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|
$ |
(62 |
) |
|
$ |
(207 |
) |
|
|
$ |
(174 |
) |
|
$ |
322 |
|
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
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OneMain Holdings, Inc. |
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CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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As of |
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(unaudited, $ in millions) |
|
Mar 31,
|
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Dec 31,
|
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Sep 30,
|
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Jun 30,
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Mar 31,
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Assets |
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Cash and cash equivalents |
|
$ |
640 |
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|
$ |
541 |
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|
$ |
821 |
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|
$ |
1,787 |
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|
$ |
1,301 |
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Investment securities |
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|
1,778 |
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|
|
1,992 |
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|
|
1,963 |
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|
|
1,969 |
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|
|
1,951 |
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Net finance receivables |
|
|
18,979 |
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|
|
19,212 |
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|
|
18,843 |
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|
|
18,163 |
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|
|
17,564 |
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Unearned insurance premium and claim reserves |
|
|
(741 |
) |
|
|
(761 |
) |
|
|
(750 |
) |
|
|
(728 |
) |
|
|
(719 |
) |
Allowance for finance receivable losses |
|
|
(2,071 |
) |
|
|
(2,095 |
) |
|
|
(2,061 |
) |
|
|
(2,000 |
) |
|
|
(2,062 |
) |
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses |
|
|
16,167 |
|
|
|
16,356 |
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|
|
16,032 |
|
|
|
15,435 |
|
|
|
14,783 |
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Restricted cash and restricted cash equivalents |
|
|
531 |
|
|
|
476 |
|
|
|
459 |
|
|
|
507 |
|
|
|
571 |
|
Goodwill |
|
|
1,437 |
|
|
|
1,437 |
|
|
|
1,437 |
|
|
|
1,437 |
|
|
|
1,422 |
|
Other intangible assets |
|
|
274 |
|
|
|
274 |
|
|
|
278 |
|
|
|
287 |
|
|
|
296 |
|
Other assets |
|
|
981 |
|
|
|
1,003 |
|
|
|
973 |
|
|
|
955 |
|
|
|
961 |
|
Total assets |
|
$ |
21,808 |
|
|
$ |
22,079 |
|
|
$ |
21,963 |
|
|
$ |
22,377 |
|
|
$ |
21,285 |
|
|
|
|
|
|
|
|
|
|
|
|
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Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt |
|
$ |
17,560 |
|
|
$ |
17,750 |
|
|
$ |
17,661 |
|
|
$ |
17,605 |
|
|
$ |
16,789 |
|
Insurance claims and policyholder liabilities |
|
|
621 |
|
|
|
621 |
|
|
|
616 |
|
|
|
617 |
|
|
|
614 |
|
Deferred and accrued taxes |
|
|
45 |
|
|
|
1 |
|
|
|
9 |
|
|
|
10 |
|
|
|
90 |
|
Other liabilities |
|
|
493 |
|
|
|
614 |
|
|
|
556 |
|
|
|
608 |
|
|
|
484 |
|
Total liabilities |
|
|
18,719 |
|
|
|
18,986 |
|
|
|
18,842 |
|
|
|
18,840 |
|
|
|
17,977 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
1,672 |
|
|
|
1,672 |
|
|
|
1,665 |
|
|
|
1,661 |
|
|
|
1,657 |
|
Accumulated other comprehensive income (loss) |
|
|
(11 |
) |
|
|
61 |
|
|
|
77 |
|
|
|
85 |
|
|
|
80 |
|
Retained earnings |
|
|
1,905 |
|
|
|
1,727 |
|
|
|
1,554 |
|
|
|
1,825 |
|
|
|
1,570 |
|
Treasury stock |
|
|
(478 |
) |
|
|
(368 |
) |
|
|
(176 |
) |
|
|
(35 |
) |
|
|
— |
|
Total shareholders’ equity |
|
|
3,089 |
|
|
|
3,093 |
|
|
|
3,121 |
|
|
|
3,537 |
|
|
|
3,308 |
|
Total liabilities and shareholders’ equity |
|
$ |
21,808 |
|
|
$ |
22,079 |
|
|
$ |
21,963 |
|
|
$ |
22,377 |
|
|
$ |
21,285 |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR net finance receivables |
|
$ |
18,323 |
|
|
$ |
18,562 |
|
|
$ |
18,187 |
|
|
$ |
17,483 |
|
|
$ |
16,874 |
|
|
|
$ |
18,562 |
|
|
$ |
17,393 |
|
TDR net finance receivables |
|
|
656 |
|
|
|
650 |
|
|
|
656 |
|
|
|
680 |
|
|
|
690 |
|
|
|
|
650 |
|
|
|
691 |
|
Net finance receivables |
|
$ |
18,979 |
|
|
$ |
19,212 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
$ |
19,212 |
|
|
$ |
18,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance |
|
$ |
1,808 |
|
|
$ |
1,825 |
|
|
$ |
1,780 |
|
|
$ |
1,695 |
|
|
$ |
1,751 |
|
|
|
$ |
1,825 |
|
|
$ |
1,955 |
|
TDR allowance |
|
|
263 |
|
|
|
270 |
|
|
|
281 |
|
|
|
305 |
|
|
|
311 |
|
|
|
|
270 |
|
|
|
314 |
|
Allowance |
|
$ |
2,071 |
|
|
$ |
2,095 |
|
|
$ |
2,061 |
|
|
$ |
2,000 |
|
|
$ |
2,062 |
|
|
|
$ |
2,095 |
|
|
$ |
2,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance ratio |
|
|
9.86 |
% |
|
|
9.83 |
% |
|
|
9.79 |
% |
|
|
9.69 |
% |
|
|
10.38 |
% |
|
|
|
9.83 |
% |
|
|
11.24 |
% |
TDR allowance ratio |
|
|
40.13 |
% |
|
|
41.56 |
% |
|
|
42.87 |
% |
|
|
44.86 |
% |
|
|
45.13 |
% |
|
|
|
41.56 |
% |
|
|
45.46 |
% |
Allowance ratio |
|
|
10.91 |
% |
|
|
10.90 |
% |
|
|
10.94 |
% |
|
|
11.01 |
% |
|
|
11.74 |
% |
|
|
|
10.90 |
% |
|
|
12.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-offs |
|
$ |
329 |
|
|
$ |
260 |
|
|
$ |
223 |
|
|
$ |
252 |
|
|
$ |
255 |
|
|
|
$ |
989 |
|
|
$ |
1,162 |
|
Recoveries |
|
|
(67 |
) |
|
|
(57 |
) |
|
|
(58 |
) |
|
|
(58 |
) |
|
|
(50 |
) |
|
|
|
(222 |
) |
|
|
(165 |
) |
Net charge-offs |
|
$ |
262 |
|
|
$ |
203 |
|
|
$ |
165 |
|
|
$ |
194 |
|
|
$ |
205 |
|
|
|
$ |
767 |
|
|
$ |
997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-off ratio |
|
|
6.98 |
% |
|
|
5.42 |
% |
|
|
4.76 |
% |
|
|
5.70 |
% |
|
|
5.81 |
% |
|
|
|
5.41 |
% |
|
|
6.46 |
% |
Recovery ratio |
|
|
(1.42 |
%) |
|
|
(1.18 |
%) |
|
|
(1.24 |
%) |
|
|
(1.29 |
%) |
|
|
(1.14 |
%) |
|
|
|
(1.21 |
%) |
|
|
(0.92 |
%) |
Net charge-off ratio |
|
|
5.57 |
% |
|
|
4.24 |
% |
|
|
3.52 |
% |
|
|
4.40 |
% |
|
|
4.67 |
% |
|
|
|
4.20 |
% |
|
|
5.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency |
|
$ |
430 |
|
|
$ |
467 |
|
|
$ |
415 |
|
|
$ |
319 |
|
|
$ |
276 |
|
|
|
$ |
467 |
|
|
$ |
413 |
|
30+ delinquency |
|
|
848 |
|
|
|
850 |
|
|
|
710 |
|
|
|
566 |
|
|
|
596 |
|
|
|
|
850 |
|
|
|
729 |
|
60+ delinquency |
|
|
600 |
|
|
|
568 |
|
|
|
452 |
|
|
|
365 |
|
|
|
439 |
|
|
|
|
568 |
|
|
|
478 |
|
90+ delinquency |
|
|
418 |
|
|
|
383 |
|
|
|
295 |
|
|
|
247 |
|
|
|
320 |
|
|
|
|
383 |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency ratio |
|
|
2.26 |
% |
|
|
2.43 |
% |
|
|
2.20 |
% |
|
|
1.76 |
% |
|
|
1.57 |
% |
|
|
|
2.43 |
% |
|
|
2.28 |
% |
30+ delinquency ratio |
|
|
4.47 |
% |
|
|
4.42 |
% |
|
|
3.77 |
% |
|
|
3.12 |
% |
|
|
3.39 |
% |
|
|
|
4.42 |
% |
|
|
4.03 |
% |
60+ delinquency ratio |
|
|
3.17 |
% |
|
|
2.96 |
% |
|
|
2.40 |
% |
|
|
2.01 |
% |
|
|
2.50 |
% |
|
|
|
2.96 |
% |
|
|
2.64 |
% |
90+ delinquency ratio |
|
|
2.21 |
% |
|
|
1.99 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.82 |
% |
|
|
|
1.99 |
% |
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net receivables |
|
$ |
19,083 |
|
|
$ |
19,040 |
|
|
$ |
18,545 |
|
|
$ |
17,717 |
|
|
$ |
17,824 |
|
|
|
$ |
18,281 |
|
|
$ |
17,997 |
|
Yield |
|
|
23.12 |
% |
|
|
23.32 |
% |
|
|
23.79 |
% |
|
|
24.21 |
% |
|
|
24.08 |
% |
|
|
|
23.84 |
% |
|
|
24.24 |
% |
Personal loan origination volume |
|
$ |
2,959 |
|
|
$ |
3,836 |
|
|
$ |
3,870 |
|
|
$ |
3,835 |
|
|
$ |
2,284 |
|
|
|
$ |
13,825 |
|
|
$ |
10,729 |
|
Credit card purchase volume |
|
$ |
45 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
26 |
|
|
$ |
— |
|
|
|
|
Note: |
Delinquency ratios are calculated as a percentage of net finance receivables. Charge-off and recovery ratios are calculated as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
|
OneMain Holdings, Inc. |
||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
As of |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liquidity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
|
$ |
640 |
|
|
$ |
541 |
|
|
$ |
821 |
|
|
$ |
1,787 |
|
|
$ |
1,301 |
|
Cash and cash equivalents unavailable for general corporate purposes |
|
|
265 |
|
|
|
158 |
|
|
|
205 |
|
|
|
158 |
|
|
|
119 |
|
Unencumbered gross finance receivables |
|
|
10,206 |
|
|
|
10,217 |
|
|
|
10,964 |
|
|
|
9,732 |
|
|
|
9,236 |
|
Undrawn conduit facilities |
|
|
5,350 |
|
|
|
5,400 |
|
|
|
7,300 |
|
|
|
7,300 |
|
|
|
7,200 |
|
Undrawn corporate revolver |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt |
|
$ |
17,560 |
|
|
$ |
17,750 |
|
|
|
17,661 |
|
|
|
17,605 |
|
|
$ |
16,789 |
|
Less: Junior subordinated debt |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
Adjusted debt |
|
$ |
17,388 |
|
|
$ |
17,578 |
|
|
$ |
17,489 |
|
|
$ |
17,433 |
|
|
$ |
16,617 |
|
Less: Available cash and cash equivalents |
|
|
(375 |
) |
|
|
(383 |
) |
|
|
(616 |
) |
|
|
(1,629 |
) |
|
|
(1,182 |
) |
Net adjusted debt |
|
$ |
17,013 |
|
|
$ |
17,195 |
|
|
$ |
16,873 |
|
|
$ |
15,804 |
|
|
$ |
15,435 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Shareholders' equity |
|
$ |
3,089 |
|
|
$ |
3,093 |
|
|
$ |
3,121 |
|
|
$ |
3,537 |
|
|
$ |
3,308 |
|
Less: Goodwill |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,422 |
) |
Less: Other intangible assets |
|
|
(274 |
) |
|
|
(274 |
) |
|
|
(278 |
) |
|
|
(287 |
) |
|
|
(296 |
) |
Plus: Junior subordinated debt |
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
Adjusted tangible common equity |
|
$ |
1,550 |
|
|
$ |
1,554 |
|
|
$ |
1,578 |
|
|
$ |
1,985 |
|
|
$ |
1,762 |
|
Plus: Allowance for finance receivable losses, net of tax (1) |
|
|
1,553 |
|
|
|
1,571 |
|
|
|
1,546 |
|
|
|
1,500 |
|
|
|
1,546 |
|
Adjusted capital |
|
$ |
3,103 |
|
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net leverage (net adjusted debt to adjusted capital) |
|
5.5x |
|
5.5x |
|
5.4x |
|
4.5x |
|
4.7x |
||||||||||
|
|
|
(1) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue (1) |
|
|
25.6 |
% |
|
|
25.1 |
% |
|
|
26.2 |
% |
|
|
26.6 |
% |
|
|
25.4 |
% |
|
|
|
25.8 |
% |
|
|
25.9 |
% |
Net charge-off |
|
|
(5.6 |
%) |
|
|
(4.2 |
%) |
|
|
(3.5 |
%) |
|
|
(4.4 |
%) |
|
|
(4.7 |
%) |
|
|
|
(4.2 |
%) |
|
|
(5.5 |
%) |
Risk adjusted margin |
|
|
20.1 |
% |
|
|
20.9 |
% |
|
|
22.7 |
% |
|
|
22.2 |
% |
|
|
20.8 |
% |
|
|
|
21.6 |
% |
|
|
20.3 |
% |
Operating expenses |
|
|
(7.5 |
%) |
|
|
(7.9 |
%) |
|
|
(8.2 |
%) |
|
|
(7.9 |
%) |
|
|
(7.7 |
%) |
|
|
|
(7.9 |
%) |
|
|
(7.4 |
%) |
Unlevered return on receivables |
|
|
12.6 |
% |
|
|
13.0 |
% |
|
|
14.4 |
% |
|
|
14.3 |
% |
|
|
13.1 |
% |
|
|
|
13.7 |
% |
|
|
12.9 |
% |
Interest expense |
|
|
(4.7 |
%) |
|
|
(4.9 |
%) |
|
|
(5.1 |
%) |
|
|
(5.2 |
%) |
|
|
(5.3 |
%) |
|
|
|
(5.1 |
%) |
|
|
(5.7 |
%) |
Change in allowance |
|
|
0.5 |
% |
|
|
(0.7 |
%) |
|
|
(1.3 |
%) |
|
|
1.4 |
% |
|
|
4.7 |
% |
|
|
|
1.0 |
% |
|
|
(1.8 |
%) |
Income tax expense (2) |
|
|
(2.0 |
%) |
|
|
(1.9 |
%) |
|
|
(1.9 |
%) |
|
|
(2.6 |
%) |
|
|
(3.0 |
%) |
|
|
|
(2.3 |
%) |
|
|
(1.4 |
%) |
Return on receivables |
|
|
6.4 |
% |
|
|
5.5 |
% |
|
|
6.2 |
% |
|
|
7.9 |
% |
|
|
9.4 |
% |
|
|
|
7.2 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net finance receivables - personal loans |
|
$ |
18,929 |
|
|
$ |
19,187 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
$ |
19,187 |
|
|
$ |
18,084 |
|
Net finance receivables - credit cards |
|
|
50 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
25 |
|
|
|
— |
|
Net finance receivables |
|
|
18,979 |
|
|
|
19,212 |
|
|
|
18,843 |
|
|
|
18,163 |
|
|
|
17,564 |
|
|
|
|
19,212 |
|
|
|
18,084 |
|
Finance receivables serviced for our whole loan sale partners |
|
|
528 |
|
|
|
414 |
|
|
|
283 |
|
|
|
149 |
|
|
|
43 |
|
|
|
|
414 |
|
|
|
— |
|
Managed receivables |
|
$ |
19,507 |
|
|
$ |
19,626 |
|
|
$ |
19,126 |
|
|
$ |
18,312 |
|
|
$ |
17,607 |
|
|
|
$ |
19,626 |
|
|
$ |
18,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net finance receivables - personal loans |
|
$ |
19,043 |
|
|
$ |
19,034 |
|
|
$ |
18,545 |
|
|
$ |
17,717 |
|
|
$ |
17,824 |
|
|
|
$ |
18,279 |
|
|
$ |
17,997 |
|
Average net finance receivables - credit cards |
|
|
40 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2 |
|
|
|
— |
|
Average net receivables |
|
|
19,083 |
|
|
|
19,040 |
|
|
|
18,545 |
|
|
|
17,717 |
|
|
|
17,824 |
|
|
|
|
18,281 |
|
|
|
17,997 |
|
Average receivables serviced for our whole loan sale partners |
|
|
474 |
|
|
|
351 |
|
|
|
211 |
|
|
|
114 |
|
|
|
22 |
|
|
|
|
174 |
|
|
|
— |
|
Average managed receivables |
|
$ |
19,557 |
|
|
$ |
19,391 |
|
|
$ |
18,756 |
|
|
$ |
17,831 |
|
|
$ |
17,846 |
|
|
|
$ |
18,455 |
|
|
$ |
17,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
$ |
(353 |
) |
|
$ |
(379 |
) |
|
$ |
(384 |
) |
|
$ |
(347 |
) |
|
$ |
(339 |
) |
|
|
$ |
(1,448 |
) |
|
$ |
(1,329 |
) |
Average managed receivables |
|
$ |
19,557 |
|
|
$ |
19,391 |
|
|
$ |
18,756 |
|
|
$ |
17,831 |
|
|
$ |
17,846 |
|
|
|
$ |
18,455 |
|
|
$ |
17,997 |
|
Operating expense % of average managed receivables |
|
|
(7.3 |
%) |
|
|
(7.8 |
%) |
|
|
(8.1 |
%) |
|
|
(7.8 |
%) |
|
|
(7.7 |
%) |
|
|
|
(7.9 |
%) |
|
|
(7.4 |
%) |
|
|
|
Note: |
All ratios are based on consolidated results as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
|
(1) |
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
|
(2) |
Income taxes assume the period end effective rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consumer & Insurance |
|
$ |
396 |
|
|
$ |
359 |
|
|
$ |
388 |
|
|
$ |
474 |
|
|
$ |
567 |
|
|
|
$ |
1,788 |
|
|
$ |
1,021 |
|
Other |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
|
(7 |
) |
|
|
(9 |
) |
Segment to GAAP adjustment |
|
|
— |
|
|
|
(3 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
|
|
(18 |
) |
|
|
|
(40 |
) |
|
|
(35 |
) |
Income before income taxes - GAAP basis |
|
$ |
396 |
|
|
$ |
355 |
|
|
$ |
376 |
|
|
$ |
463 |
|
|
$ |
546 |
|
|
|
$ |
1,741 |
|
|
$ |
977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pretax income - segment accounting basis |
|
$ |
396 |
|
|
$ |
359 |
|
|
$ |
388 |
|
|
$ |
474 |
|
|
$ |
567 |
|
|
|
$ |
1,788 |
|
|
$ |
1,021 |
|
Cash-settled stock-based awards |
|
|
1 |
|
|
|
23 |
|
|
|
31 |
|
|
|
— |
|
|
|
— |
|
|
|
|
54 |
|
|
|
— |
|
Direct costs associated with COVID-19 |
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
6 |
|
|
|
17 |
|
Acquisition-related transaction and integration expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
11 |
|
Net loss on repurchases and repayments of debt (1) |
|
|
— |
|
|
|
29 |
|
|
|
1 |
|
|
|
1 |
|
|
|
38 |
|
|
|
|
70 |
|
|
|
36 |
|
Restructuring charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
7 |
|
Consumer & Insurance adjusted pretax income (non-GAAP) |
|
$ |
398 |
|
|
$ |
413 |
|
|
$ |
421 |
|
|
$ |
477 |
|
|
$ |
607 |
|
|
|
$ |
1,918 |
|
|
$ |
1,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciling items (2) |
|
$ |
(2 |
) |
|
$ |
(57 |
) |
|
$ |
(44 |
) |
|
$ |
(12 |
) |
|
$ |
(59 |
) |
|
|
$ |
(171 |
) |
|
$ |
(109 |
) |
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Amounts differ from those presented on "Consolidated Statements of Operations (Unaudited)" page as a result of purchase accounting adjustments that are not applicable on a segment accounting basis. |
|
(2) |
Reconciling Items consist of Segment to GAAP adjustment and the adjustments to Pretax income – segment accounting basis for C&I and Other. The adjustments to Other adjusted pretax income (loss) are not disclosed in the table above due to immateriality. |
|
OneMain Holdings, Inc. |
||||||||||||||||||||
RECONCILIATION OF KEY SEGMENT METRICS (UNAUDITED) (Non-GAAP) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
As of |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer & Insurance |
|
$ |
18,981 |
|
|
$ |
19,215 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
Segment to GAAP adjustment |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
Net finance receivables - GAAP basis |
|
$ |
18,979 |
|
|
$ |
19,212 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer & Insurance |
|
$ |
2,077 |
|
|
$ |
2,102 |
|
|
$ |
2,070 |
|
|
$ |
2,011 |
|
|
$ |
2,075 |
|
Segment to GAAP adjustment |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
Allowance for finance receivable losses - GAAP basis |
|
$ |
2,071 |
|
|
$ |
2,095 |
|
|
$ |
2,061 |
|
|
$ |
2,000 |
|
|
$ |
2,062 |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, in millions, except per share amounts) |
|
Mar 31,
|
|
Dec 31
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income |
|
$ |
1,087 |
|
|
$ |
1,119 |
|
|
$ |
1,111 |
|
|
$ |
1,069 |
|
|
$ |
1,057 |
|
|
|
$ |
4,355 |
|
|
$ |
4,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense |
|
|
(217 |
) |
|
|
(233 |
) |
|
|
(235 |
) |
|
|
(230 |
) |
|
|
(233 |
) |
|
|
|
(930 |
) |
|
|
(1,007 |
) |
Provision for finance receivable losses |
|
|
(237 |
) |
|
|
(236 |
) |
|
|
(224 |
) |
|
|
(130 |
) |
|
|
3 |
|
|
|
|
(587 |
) |
|
|
(1,313 |
) |
Net interest income after provision for finance receivable losses |
|
|
633 |
|
|
|
650 |
|
|
|
652 |
|
|
|
709 |
|
|
|
827 |
|
|
|
|
2,838 |
|
|
|
2,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Insurance |
|
|
111 |
|
|
|
111 |
|
|
|
109 |
|
|
|
107 |
|
|
|
107 |
|
|
|
|
434 |
|
|
|
443 |
|
Investment |
|
|
15 |
|
|
|
17 |
|
|
|
14 |
|
|
|
17 |
|
|
|
17 |
|
|
|
|
65 |
|
|
|
75 |
|
Gain on sales of finance receivables |
|
|
17 |
|
|
|
17 |
|
|
|
15 |
|
|
|
11 |
|
|
|
4 |
|
|
|
|
47 |
|
|
|
— |
|
Other |
|
|
15 |
|
|
|
16 |
|
|
|
14 |
|
|
|
13 |
|
|
|
8 |
|
|
|
|
51 |
|
|
|
33 |
|
Total other revenues |
|
|
158 |
|
|
|
161 |
|
|
|
152 |
|
|
|
148 |
|
|
|
136 |
|
|
|
|
597 |
|
|
|
551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
|
(348 |
) |
|
|
(348 |
) |
|
|
(338 |
) |
|
|
(332 |
) |
|
|
(323 |
) |
|
|
|
(1,341 |
) |
|
|
(1,250 |
) |
Insurance policy benefits and claims |
|
|
(45 |
) |
|
|
(50 |
) |
|
|
(45 |
) |
|
|
(48 |
) |
|
|
(33 |
) |
|
|
|
(176 |
) |
|
|
(242 |
) |
Total other expenses |
|
|
(393 |
) |
|
|
(398 |
) |
|
|
(383 |
) |
|
|
(380 |
) |
|
|
(356 |
) |
|
|
|
(1,517 |
) |
|
|
(1,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted pretax income (non-GAAP) |
|
|
398 |
|
|
|
413 |
|
|
|
421 |
|
|
|
477 |
|
|
|
607 |
|
|
|
|
1,918 |
|
|
|
1,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income taxes (1) |
|
|
(99 |
) |
|
|
(103 |
) |
|
|
(105 |
) |
|
|
(119 |
) |
|
|
(152 |
) |
|
|
|
(480 |
) |
|
|
(273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted net income (non-GAAP) |
|
$ |
299 |
|
|
$ |
310 |
|
|
$ |
316 |
|
|
$ |
358 |
|
|
$ |
455 |
|
|
|
$ |
1,438 |
|
|
$ |
819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Weighted average number of diluted shares |
|
|
127.5 |
|
|
|
130.0 |
|
|
|
132.9 |
|
|
|
134.6 |
|
|
|
134.8 |
|
|
|
|
133.1 |
|
|
|
134.9 |
|
C&I adjusted diluted EPS |
|
$ |
2.35 |
|
|
$ |
2.38 |
|
|
$ |
2.37 |
|
|
$ |
2.66 |
|
|
$ |
3.37 |
|
|
|
$ |
10.81 |
|
|
$ |
6.07 |
|
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue (1) |
|
|
25.5 |
% |
|
|
25.6 |
% |
|
|
26.1 |
% |
|
|
26.4 |
% |
|
|
26.4 |
% |
|
|
|
26.1 |
% |
|
|
25.9 |
% |
Net charge-off |
|
|
(5.6 |
%) |
|
|
(4.2 |
%) |
|
|
(3.5 |
%) |
|
|
(4.4 |
%) |
|
|
(4.7 |
%) |
|
|
|
(4.2 |
%) |
|
|
(5.5 |
%) |
Risk adjusted margin |
|
|
19.9 |
% |
|
|
21.4 |
% |
|
|
22.6 |
% |
|
|
22.0 |
% |
|
|
21.7 |
% |
|
|
|
21.9 |
% |
|
|
20.3 |
% |
Operating expenses |
|
|
(7.4 |
%) |
|
|
(7.3 |
%) |
|
|
(7.2 |
%) |
|
|
(7.5 |
%) |
|
|
(7.3 |
%) |
|
|
|
(7.3 |
%) |
|
|
(6.9 |
%) |
Unlevered return on receivables |
|
|
12.6 |
% |
|
|
14.1 |
% |
|
|
15.3 |
% |
|
|
14.5 |
% |
|
|
14.4 |
% |
|
|
|
14.6 |
% |
|
|
13.4 |
% |
Interest expense |
|
|
(4.6 |
%) |
|
|
(4.9 |
%) |
|
|
(5.0 |
%) |
|
|
(5.2 |
%) |
|
|
(5.3 |
%) |
|
|
|
(5.1 |
%) |
|
|
(5.6 |
%) |
Change in allowance |
|
|
0.5 |
% |
|
|
(0.7 |
%) |
|
|
(1.3 |
%) |
|
|
1.5 |
% |
|
|
4.7 |
% |
|
|
|
1.0 |
% |
|
|
(1.8 |
%) |
Income tax expense (2) |
|
|
(2.1 |
%) |
|
|
(2.2 |
%) |
|
|
(2.3 |
%) |
|
|
(2.7 |
%) |
|
|
(3.4 |
%) |
|
|
|
(2.6 |
%) |
|
|
(1.5 |
%) |
Return on receivables |
|
|
6.4 |
% |
|
|
6.5 |
% |
|
|
6.8 |
% |
|
|
8.1 |
% |
|
|
10.3 |
% |
|
|
|
7.9 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net finance receivables - personal loans |
|
$ |
18,931 |
|
|
$ |
19,190 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
|
|
$ |
19,190 |
|
|
$ |
18,091 |
|
Net finance receivables - credit cards |
|
|
50 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
25 |
|
|
|
— |
|
Net finance receivables |
|
|
18,981 |
|
|
|
19,215 |
|
|
|
18,847 |
|
|
|
18,168 |
|
|
|
17,569 |
|
|
|
|
19,215 |
|
|
|
18,091 |
|
Finance receivables serviced for our whole loan sale partners |
|
|
528 |
|
|
|
414 |
|
|
|
283 |
|
|
|
149 |
|
|
|
43 |
|
|
|
|
414 |
|
|
|
— |
|
Managed receivables |
|
$ |
19,509 |
|
|
$ |
19,629 |
|
|
$ |
19,130 |
|
|
$ |
18,317 |
|
|
$ |
17,612 |
|
|
|
$ |
19,629 |
|
|
$ |
18,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net finance receivables - personal loans |
|
$ |
19,046 |
|
|
$ |
19,037 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,284 |
|
|
$ |
18,009 |
|
Average net finance receivables - credit cards |
|
|
40 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2 |
|
|
|
— |
|
Average net receivables |
|
|
19,086 |
|
|
|
19,043 |
|
|
|
18,549 |
|
|
|
17,722 |
|
|
|
17,830 |
|
|
|
|
18,286 |
|
|
|
18,009 |
|
Average receivables serviced for our whole loan sale partners |
|
|
474 |
|
|
|
351 |
|
|
|
211 |
|
|
|
114 |
|
|
|
22 |
|
|
|
|
174 |
|
|
|
— |
|
Average managed receivables |
|
$ |
19,560 |
|
|
$ |
19,394 |
|
|
$ |
18,760 |
|
|
$ |
17,836 |
|
|
$ |
17,852 |
|
|
|
$ |
18,460 |
|
|
$ |
18,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
$ |
(348 |
) |
|
$ |
(348 |
) |
|
$ |
(338 |
) |
|
$ |
(332 |
) |
|
$ |
(323 |
) |
|
|
$ |
(1,341 |
) |
|
$ |
(1,250 |
) |
Average managed receivables |
|
$ |
19,560 |
|
|
$ |
19,394 |
|
|
$ |
18,760 |
|
|
$ |
17,836 |
|
|
$ |
17,852 |
|
|
|
$ |
18,460 |
|
|
$ |
18,009 |
|
Operating expense % of average managed receivables |
|
|
(7.2 |
%) |
|
|
(7.1 |
%) |
|
|
(7.2 |
%) |
|
|
(7.5 |
%) |
|
|
(7.3 |
%) |
|
|
|
(7.3 |
%) |
|
|
(6.9 |
%) |
|
|
|
Note: |
Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. All ratios are shown as a percentage of C&I average net finance receivables. Ratios may not sum due to rounding. |
|
(1) |
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
|
(2) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE CAPITAL METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for finance receivable losses |
|
$ |
237 |
|
|
$ |
236 |
|
|
$ |
224 |
|
|
$ |
130 |
|
|
$ |
(3 |
) |
|
|
$ |
587 |
|
|
$ |
1,313 |
|
Less: Net charge-offs |
|
|
(262 |
) |
|
|
(204 |
) |
|
|
(165 |
) |
|
|
(194 |
) |
|
|
(205 |
) |
|
|
|
(768 |
) |
|
|
(998 |
) |
Change in C&I allowance for finance receivable losses (non-GAAP) |
|
|
(25 |
) |
|
|
32 |
|
|
|
59 |
|
|
|
(64 |
) |
|
|
(208 |
) |
|
|
|
(181 |
) |
|
|
315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted pretax income (non-GAAP) |
|
|
398 |
|
|
|
413 |
|
|
|
421 |
|
|
|
477 |
|
|
|
607 |
|
|
|
|
1,918 |
|
|
|
1,092 |
|
Pretax capital generation (non-GAAP) |
|
|
373 |
|
|
|
445 |
|
|
|
480 |
|
|
|
413 |
|
|
|
399 |
|
|
|
|
1,737 |
|
|
|
1,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation, net of tax(1) (non-GAAP) |
|
$ |
280 |
|
|
$ |
334 |
|
|
$ |
360 |
|
|
$ |
310 |
|
|
$ |
299 |
|
|
|
$ |
1,303 |
|
|
$ |
1,056 |
|
C&I average net receivables |
|
$ |
19,086 |
|
|
$ |
19,043 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,286 |
|
|
$ |
18,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation return on receivables |
|
|
6.0 |
% |
|
|
7.0 |
% |
|
|
7.7 |
% |
|
|
7.0 |
% |
|
|
6.8 |
% |
|
|
|
7.1 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning adjusted capital |
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
$ |
3,587 |
|
|
|
$ |
3,587 |
|
|
$ |
3,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation, net of tax(1) (non-GAAP) |
|
|
280 |
|
|
|
334 |
|
|
|
360 |
|
|
|
310 |
|
|
|
299 |
|
|
|
|
1,303 |
|
|
|
1,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less: Common stock repurchased |
|
|
(110 |
) |
|
|
(192 |
) |
|
|
(141 |
) |
|
|
(35 |
) |
|
|
— |
|
|
|
|
(368 |
) |
|
|
(45 |
) |
Less: Cash dividends |
|
|
(123 |
) |
|
|
(89 |
) |
|
|
(559 |
) |
|
|
(95 |
) |
|
|
(534 |
) |
|
|
|
(1,278 |
) |
|
|
(807 |
) |
Capital returns |
|
|
(233 |
) |
|
|
(281 |
) |
|
|
(700 |
) |
|
|
(130 |
) |
|
|
(534 |
) |
|
|
|
(1,646 |
) |
|
|
(852 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less: Adjustments to C&I, net of tax (1), (2) |
|
|
2 |
|
|
|
(46 |
) |
|
|
(25 |
) |
|
|
(5 |
) |
|
|
(40 |
) |
|
|
|
(116 |
) |
|
|
(81 |
) |
Less: Change in the assumed tax rate (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(8 |
) |
Less: Withholding tax on share-based compensation |
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
|
(6 |
) |
|
|
(6 |
) |
Less: Adjusted other net loss, net of tax (1) (non-GAAP) |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
(4 |
) |
|
|
(4 |
) |
Plus: Other comprehensive income (loss) |
|
|
(72 |
) |
|
|
(16 |
) |
|
|
(8 |
) |
|
|
5 |
|
|
|
(14 |
) |
|
|
|
(33 |
) |
|
|
50 |
|
Plus: Purchased credit deteriorated finance receivables gross-up, net of tax (2), (3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
11 |
|
Plus: Other intangibles amortization |
|
|
1 |
|
|
|
4 |
|
|
|
9 |
|
|
|
9 |
|
|
|
10 |
|
|
|
|
32 |
|
|
|
37 |
|
Plus: Trim acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
|
(15 |
) |
|
|
— |
|
Plus: Share-based compensation expense, net of forfeitures |
|
|
12 |
|
|
|
7 |
|
|
|
4 |
|
|
|
4 |
|
|
|
7 |
|
|
|
|
23 |
|
|
|
17 |
|
Other |
|
|
(69 |
) |
|
|
(52 |
) |
|
|
(21 |
) |
|
|
(3 |
) |
|
|
(44 |
) |
|
|
|
(119 |
) |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ending adjusted capital |
|
$ |
3,103 |
|
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
|
$ |
3,125 |
|
|
$ |
3,587 |
|
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Income taxes assume a 25% tax rate. |
|
(2) |
Includes the effects of purchase accounting adjustments excluding loan loss reserves. |
|
(3) |
As a result of the adoption of ASU 2016-13, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 on January 1, 2020. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER AND INSURANCE SEGMENT - KEY FINANCIAL METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR net finance receivables |
|
$ |
18,307 |
|
|
$ |
18,544 |
|
|
$ |
18,166 |
|
|
$ |
17,460 |
|
|
$ |
16,846 |
|
|
|
$ |
18,544 |
|
|
$ |
17,363 |
|
TDR net finance receivables |
|
|
674 |
|
|
|
671 |
|
|
|
681 |
|
|
|
708 |
|
|
|
723 |
|
|
|
|
671 |
|
|
|
728 |
|
Net finance receivables (1) |
|
$ |
18,981 |
|
|
$ |
19,215 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
|
|
$ |
19,215 |
|
|
$ |
18,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance |
|
$ |
1,806 |
|
|
$ |
1,823 |
|
|
$ |
1,778 |
|
|
$ |
1,693 |
|
|
$ |
1,748 |
|
|
|
$ |
1,823 |
|
|
$ |
1,951 |
|
TDR allowance |
|
|
271 |
|
|
|
279 |
|
|
|
292 |
|
|
|
318 |
|
|
|
327 |
|
|
|
|
279 |
|
|
|
332 |
|
Allowance (1) |
|
$ |
2,077 |
|
|
$ |
2,102 |
|
|
$ |
2,070 |
|
|
$ |
2,011 |
|
|
$ |
2,075 |
|
|
|
$ |
2,102 |
|
|
$ |
2,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance ratio |
|
|
9.86 |
% |
|
|
9.83 |
% |
|
|
9.79 |
% |
|
|
9.69 |
% |
|
|
10.38 |
% |
|
|
|
9.83 |
% |
|
|
11.24 |
% |
TDR allowance ratio |
|
|
40.20 |
% |
|
|
41.56 |
% |
|
|
42.87 |
% |
|
|
44.93 |
% |
|
|
45.23 |
% |
|
|
|
41.56 |
% |
|
|
45.55 |
% |
Allowance ratio |
|
|
10.94 |
% |
|
|
10.94 |
% |
|
|
10.98 |
% |
|
|
11.07 |
% |
|
|
11.81 |
% |
|
|
|
10.94 |
% |
|
|
12.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-offs |
|
$ |
329 |
|
|
$ |
260 |
|
|
$ |
223 |
|
|
$ |
252 |
|
|
$ |
255 |
|
|
|
$ |
990 |
|
|
$ |
1,163 |
|
Recoveries |
|
|
(67 |
) |
|
|
(56 |
) |
|
|
(58 |
) |
|
|
(58 |
) |
|
|
(50 |
) |
|
|
|
(222 |
) |
|
|
(165 |
) |
Net charge-offs |
|
$ |
262 |
|
|
$ |
204 |
|
|
$ |
165 |
|
|
$ |
194 |
|
|
$ |
205 |
|
|
|
$ |
768 |
|
|
$ |
998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-off ratio |
|
|
6.98 |
% |
|
|
5.42 |
% |
|
|
4.77 |
% |
|
|
5.70 |
% |
|
|
5.81 |
% |
|
|
|
5.42 |
% |
|
|
6.46 |
% |
Recovery ratio |
|
|
(1.42 |
%) |
|
|
(1.18 |
%) |
|
|
(1.24 |
%) |
|
|
(1.29 |
%) |
|
|
(1.14 |
%) |
|
|
|
(1.21 |
%) |
|
|
(0.92 |
%) |
Net charge-off ratio |
|
|
5.57 |
% |
|
|
4.24 |
% |
|
|
3.52 |
% |
|
|
4.41 |
% |
|
|
4.67 |
% |
|
|
|
4.20 |
% |
|
|
5.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency |
|
$ |
430 |
|
|
$ |
467 |
|
|
$ |
415 |
|
|
$ |
320 |
|
|
$ |
276 |
|
|
|
$ |
467 |
|
|
$ |
413 |
|
30+ delinquency |
|
|
848 |
|
|
|
850 |
|
|
|
710 |
|
|
|
567 |
|
|
|
596 |
|
|
|
|
850 |
|
|
|
729 |
|
60+ delinquency |
|
|
600 |
|
|
|
568 |
|
|
|
452 |
|
|
|
365 |
|
|
|
439 |
|
|
|
|
568 |
|
|
|
478 |
|
90+ delinquency |
|
|
418 |
|
|
|
383 |
|
|
|
295 |
|
|
|
247 |
|
|
|
320 |
|
|
|
|
383 |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency ratio |
|
|
2.26 |
% |
|
|
2.43 |
% |
|
|
2.20 |
% |
|
|
1.76 |
% |
|
|
1.57 |
% |
|
|
|
2.43 |
% |
|
|
2.28 |
% |
30+ delinquency ratio |
|
|
4.47 |
% |
|
|
4.42 |
% |
|
|
3.77 |
% |
|
|
3.12 |
% |
|
|
3.39 |
% |
|
|
|
4.42 |
% |
|
|
4.03 |
% |
60+ delinquency ratio |
|
|
3.17 |
% |
|
|
2.96 |
% |
|
|
2.40 |
% |
|
|
2.01 |
% |
|
|
2.50 |
% |
|
|
|
2.96 |
% |
|
|
2.64 |
% |
90+ delinquency ratio |
|
|
2.21 |
% |
|
|
1.99 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.82 |
% |
|
|
|
1.99 |
% |
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net receivables |
|
$ |
19,086 |
|
|
$ |
19,043 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,286 |
|
|
$ |
18,009 |
|
Yield |
|
|
23.11 |
% |
|
|
23.30 |
% |
|
|
23.77 |
% |
|
|
24.18 |
% |
|
|
24.04 |
% |
|
|
|
23.82 |
% |
|
|
24.17 |
% |
Personal loan origination volume |
|
$ |
2,959 |
|
|
$ |
3,836 |
|
|
$ |
3,870 |
|
|
$ |
3,835 |
|
|
$ |
2,284 |
|
|
|
$ |
13,825 |
|
|
$ |
10,729 |
|
Credit card purchase volume |
|
$ |
45 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
26 |
|
|
$ |
— |
|
|
|
|
Note: |
Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I net finance receivables. Charge-off and recovery ratios are calculated as a percentage of C&I average net finance receivables. Numbers may not sum due to rounding. |
|
(1) |
For reconciliation to GAAP, see "Reconciliation of Key Segment Metrics (Unaudited) (Non-GAAP)." |
|
Select Calculations:
– Разводненная прибыль на акцию за 1 квартал 2022 года составила $2,36
– Скорректированная разводненная прибыль на акцию за 1 квартал 2022 года C&I составила 2,35 долл.
– 1 квартал 2022 года C&I управлял дебиторской задолженностью в размере 19,5 млрд долларов США
– Объявленный ежеквартальный дивиденд в размере 0,95 доллара на акцию
– Выкупил 2,3 млн акций за 110 млн долларов в 1 квартале
НЬЮ-ЙОРК -- (BUSINESS WIRE)--OneMain Holdings, Inc. (NYSE: OMF), лидер в предоставлении ответственного доступа к кредитам для клиентов, не являющихся заемщиками, сегодня сообщила о доходах до налогообложения в размере 396 миллионов долларов и чистой прибыли в размере 301 миллиона долларов за первый квартал 2022 года, по сравнению с 546 миллионами долларов и 413 миллионами долларов, соответственно, в квартале предыдущего года. Прибыль на разводненную акцию составила 2,36 доллара в первом квартале 2022 года по сравнению с 3,06 доллара в предыдущем квартале.
28 апреля 2022 года OneMain объявила о ежеквартальных дивидендах в размере 0,95 доллара на акцию, которые будут выплачены 13 мая 2022 года рекордсменам по обыкновенным акциям Компании по состоянию на закрытие бизнеса 9 мая 2022 года.
В течение квартала Компания выкупила примерно 2,3 миллиона обыкновенных акций за 110 миллионов долларов.
“У нас было сильное начало 2022 года с очень хорошим кварталом, подкрепленным сохраняющимся высоким спросом на наш основной кредитный продукт и подкрепленным новыми продуктами и каналами”, - сказал Дуг Шульман, председатель и генеральный директор OneMain. “Мы по-прежнему с оптимизмом смотрим на наши перспективы роста в 2022 году и далее”.
Следующие результаты по сегментам представлены на основе, отличной от ОПБУ. Обратитесь к требуемой сверке показателей, не относящихся к GAAP, с сопоставимыми показателями GAAP в конце этого пресс-релиза.
Потребительский и страховой сегмент (“C&I”)
C &I получила скорректированный доход до налогообложения в размере 398 миллионов долларов и скорректированную чистую прибыль в размере 299 миллионов долларов за первый квартал 2022 года по сравнению с 607 миллионами долларов и 455 миллионами долларов соответственно в предыдущем квартале. Скорректированная прибыль на разводненную акцию в первом квартале 2022 года составила 2,35 доллара по сравнению с 3,37 доллара в предыдущем квартале. Снижение было вызвано в первую очередь нормализацией кредитной среды.
Руководство ведет бизнес на основе формирования капитала C&I, который оно определяет как скорректированную на C&I чистую прибыль, исключая изменение резерва C&I после налогообложения на потери по финансовой дебиторской задолженности, при этом все еще учитывая чистые списания C&I за текущий период. Прирост капитала C&I за первый квартал 2022 года составил 280 миллионов долларов, что на 6% меньше по сравнению с предыдущим годом.
Объем привлеченных средств в первом квартале 2022 года составил 3,0 миллиарда долларов, что на 30% больше, чем 2,3 миллиарда долларов в предыдущем квартале. Доля обеспеченных кредитов составила 52% в первом квартале 2022 года по сравнению с 50% в предыдущем квартале.
Управляемая дебиторская задолженность, которая включает кредиты, обслуживаемые для всех наших партнеров по продаже кредитов, на 31 марта 2022 года составила 19,5 миллиарда долларов, что на 11% больше, чем 17,6 миллиарда долларов на 31 марта 2021 года.
Конечная чистая финансовая дебиторская задолженность на 31 марта 2022 года составила 19,0 млрд долларов, что на 8% больше, чем 17,6 млрд долларов на 31 марта 2021 года.
Обеспеченная дебиторская задолженность составляла 52% от конечной чистой финансовой дебиторской задолженности по состоянию на 31 марта 2022 года, что соответствует 31 марта 2021 года.
Средняя чистая финансовая дебиторская задолженность в первом квартале 2022 года составила 19,1 миллиарда долларов, что на 7% больше, чем 17,8 миллиарда долларов в предыдущем квартале.
Процентный доход в первом квартале 2022 года составил 1,1 миллиарда долларов, что на 3% больше по сравнению с предыдущим кварталом, что отражает более высокую среднюю чистую финансовую дебиторскую задолженность, частично компенсируемую более низкой доходностью портфеля.
Доходность составила 23,11% в первом квартале 2022 года по сравнению с 24,04% в предыдущем квартале. Снижение в целом отражает влияние более высокого качества кредитов с привлекательной доходностью, которые способствуют росту нашего портфеля, и более высокой просроченной дебиторской задолженности более чем на 90 дней.
Резерв на покрытие убытков от финансовой дебиторской задолженности в первом квартале 2022 года составил 237 миллионов долларов, что на 240 миллионов долларов больше, чем за аналогичный период предыдущего года, в основном за счет нормализации кредитной среды. Результаты предыдущего года включали значительное сокращение нашего резерва на потери по финансовой дебиторской задолженности, связанное с улучшением кредитной среды, а также исторически низкими чистыми списаниями.
Коэффициент просрочки на 30-89 дней, без учета кредитных карт, составил 2,25% на 31 марта 2022 года, по сравнению с 2,43% на 31 декабря 2021 года и по сравнению с 1,57% на 31 марта 2021 года.
Коэффициент просрочки более чем на 90 дней, без учета кредитных карт, составил 2,21% на 31 марта 2022 года, по сравнению с 2,00% на 31 декабря 2021 года и 1,82% на 31 марта 2021 года.
Коэффициент чистых списаний, без учета кредитных карт, составил 5,58% в первом квартале 2022 года по сравнению с 4,24% в четвертом квартале 2021 года и 4,67% в предыдущем квартале.
Операционные расходы за первый квартал 2022 года составили 348 миллионов долларов, что на 8% больше, чем 323 миллиона долларов в предыдущем квартале, что отражает рост дебиторской задолженности и продолжающиеся инвестиции в бизнес.
Финансирование и Ликвидность
По состоянию на 31 марта 2022 года у Компании были непогашенные остатки основного долга в размере 17,8 миллиарда долларов, 44% из которых были обеспечены. Компания располагала денежными средствами и их эквивалентами на сумму 640 миллионов долларов, в том числе денежными средствами и их эквивалентами на сумму 265 миллионов долларов, хранящимися в их регулируемых страховых дочерних компаниях или для другой операционной деятельности, недоступной для общекорпоративных целей.
Денежные средства и их эквиваленты вместе с потенциальными займами Компании в размере 1,0 миллиарда долларов неиспользованных выделенных мощностей от корпоративного револьвера, 5,4 миллиарда долларов неиспользованных выделенных мощностей в рамках оборотных средств и 10,2 миллиарда долларов необремененных кредитов обеспечивают запас ликвидности более чем на 24 месяца при многочисленных стрессовых сценариях и предполагая отсутствие доступа к рынкам капитала. Этот расчет взлетно-посадочной полосы ликвидности учитывает все потребности Компании в денежных средствах.
Конференц-связь и Информация о Веб-трансляции
Руководство OneMain проведет телефонную конференцию и веб-трансляцию для обсуждения результатов, перспектив и связанных с ними вопросов Компании в 8:30 утра по восточному времени в пятницу, 29 апреля 2022 года. Как звонок, так и веб-трансляция открыты для широкой публики. Широкой публике предлагается прослушать звонок, набрав 866-831-8616 (внутренний номер в США) или 203-518-9873 (международный) и используя идентификатор конференции 35342, или посредством прямой аудиотрансляции через раздел по связям с инвесторами финансового веб-сайта OneMain. Для тех, кто не сможет прослушать прямую трансляцию, повтор будет доступен на нашем веб-сайте примерно через два часа после начала мероприятия. Презентация инвестора будет доступна на странице по связям с инвесторами веб-сайта OneMain по адресу www.omf.com до начала телефонной конференции.
О компании OneMain Holdings, Inc.
OneMain Financial (NYSE: OMF) является лидером в предоставлении клиентам с низким уровнем риска ответственного доступа к кредитам и стремится улучшить финансовое благополучие трудолюбивых американцев. Мы предоставляем нашим клиентам возможность решать сегодняшние проблемы и достигать лучшего финансового будущего с помощью персонализированных решений, доступных онлайн и в 1400 точках в 44 штатах. OneMain стремится оказывать положительное влияние на людей и сообщества, которым мы служим. Для получения дополнительной информации, пожалуйста, посетите www.OneMainFinancial.com .
Использование финансовых показателей, не относящихся к ОПБУ
Мы сообщаем о результатах деятельности потребительских и страховых компаний, используя Сегментную основу учета, которая (i) отражает наши методологии распределения процентных расходов и операционных расходов, чтобы отразить способ, которым мы оцениваем наши бизнес-результаты, и (ii) исключает влияние применения учета покупок (исключает премии / скидки на наши финансы дебиторская задолженность и долгосрочная задолженность при приобретении, а также амортизация/увеличение в будущих периодах). Доход (убыток) до налогообложения с поправкой на потребителей и страхование, чистая прибыль (убыток) с поправкой на потребителей и страхование и прибыль (убыток) с поправкой на потребителей и страхование на разводненную акцию являются ключевыми показателями эффективности, используемыми для оценки эффективности нашего бизнеса. Скорректированный доход (убыток) до налогообложения для потребителей и страховщиков представляет собой доход (убыток) до вычета налогов на прибыль на основе сегментного учета и исключает расходы, связанные с выплатами вознаграждений на основе акций, рассчитанных наличными, прямые затраты, связанные с COVID-19, расходы на транзакции и интеграцию, связанные с приобретением, чистый убыток в результате выкупа и выплат долга и расходов на реструктуризацию. Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, полезны для оценки прибыльности нашего сегмента.
Мы также используем формирование потребительского и страхового капитала до налогообложения и формирование потребительского и страхового капитала, финансовые показатели, не относящиеся к GAAP, в качестве ключевого показателя эффективности нашего сегмента. Формирование капитала до налогообложения для потребителей и страховщиков представляет собой скорректированный доход до налогообложения для Потребителей и Страховщиков, как обсуждалось выше, и исключает изменение нашего резерва для потребителей и Страховщиков на потери по финансовой дебиторской задолженности за период, при этом все еще учитываются чистые списания для Потребителей и Страховщиков в течение периода. Формирование потребительского и страхового капитала представляет собой эффект после налогообложения от создания потребительского и страхового капитала до налогообложения. Мы считаем, что эти показатели, не относящиеся к GAAP, полезны для оценки капитала, созданного за период, влияющего на общую достаточность капитала Компании. Мы считаем, что резервы Компании в сочетании с ее собственным капиталом представляют способность Компании поглощать убытки.
Мы используем эти показатели, не относящиеся к GAAP, при оценке нашей деятельности. Кроме того, эти показатели, не относящиеся к GAAP, соответствуют целям эффективности, установленным в программе вознаграждения руководителей OMH. Эти финансовые показатели, не относящиеся к GAAP, следует рассматривать как дополнение, но не как замену или превосходство дохода (убытка) до вычета налогов на прибыль, чистой прибыли или других показателей финансовых результатов, подготовленных в соответствии с GAAP.
Этот документ содержит обобщенную информацию, касающуюся OneMain Holdings, Inc. (“Компания”), а также бизнеса, операций, финансовых показателей и тенденций Компании. Не делается никаких заявлений о том, что информация, содержащаяся в этом документе, является полной. Дополнительную финансовую, статистическую и деловую информацию см. в последнем Годовом отчете Компании по форме 10-K (“Форма 10-K”) и Квартальных отчетах по форме 10-Q (“Форма 10-Qs”), поданных в Комиссию по ценным бумагам и биржам США (“SEC”).), а также другие отчеты Компании, время от времени подаваемые в SEC. Такие отчеты доступны или будут доступны в разделе по связям с инвесторами на веб-сайте Компании (www.omf.com ) и веб-сайт SEC (www.sec.gov ).
Предостережение В Отношении Прогнозных Заявлений
Этот документ содержит “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Утверждения, которым предшествуют, за которыми следуют или которые иным образом включают слова “ожидает”, “представляется”, “вероятно”, “предполагает”, “полагает”, “может”, “продолжает”, “может”, “оценивает”, “ожидает”, “прогнозирует”, “предвидит,”цель”, “намеревается”, “вероятно”, “цель”, “планы”, “проекты”, “цель”, “тенденция”, “остается” и аналогичные выражения или будущие или условные глаголы, такие как “может”, “может”, “может”, “следует”, “будет“ или ”будет" предназначены для обозначения прогнозных заявлений, но эти слова не являются исключительным средством идентификации прогнозных заявлений.
Прогнозные заявления не являются утверждениями об исторических фактах, а вместо этого отражают только текущие убеждения руководства относительно будущих событий, целей, задач, прогнозов, стратегий, результатов деятельности и планов на будущее, а также лежащих в их основе допущений и других заявлений, связанных с ними. Вы не должны чрезмерно полагаться на эти прогнозные заявления. По своей природе прогнозные заявления подвержены рискам, неопределенностям, допущениям и другим важным факторам, которые могут привести к тому, что фактические результаты, показатели или достижения будут существенно отличаться от тех, которые выражены или подразумеваются в таких прогнозных заявлениях. Важными факторами, которые могут вызвать фактические результаты, показатели деятельности или достижения могут существенно отличаться от выраженных или подразумеваемых в заявлениях прогнозного характера включают, без ограничения, следующие: неблагоприятные изменения в общих экономических условий, включая процентные ставки и финансовых рынков; риски, связанные с COVID-19 и мерах реагирования на них; достаточность наши пособие для финансирования дебиторской задолженности, потерь; повышение уровня безработицы и личных банкротств; естественные или случайные события, такие как землетрясения, ураганы, эпидемии, наводнений или пожаров, затрагивающих наши клиенты, залога, или наши услуги; отказ или нарушение нашей информации, систем безопасности или инфраструктуры или третьих лиц, в том числе в результате кибер-атаки, войны или каких-либо нарушений; адекватность нашего кредитного риска в скоринговых моделей; неблагоприятные изменения в нашей способности привлекать и удерживать сотрудников или ключевых руководящих работников; усиление конкуренции или неблагоприятные изменения заказчиком отклика на наши каналы сбыта или продукции; изменения в федеральных, государственных или местных законов, правил, или политика и практика регулирования или возросли регуляторные проверки нашей отрасли; риски, связанные с нашей операций по страхованию; затраты и воздействие каких-либо фактических или предполагаемых нарушений любой федеральных, государственных или местных законов, правил и норм; затраты и эффекты от любых штрафов, неустоек, постановлений, распоряжений, приказов, справок, исследований, повестки в суд или органы или другие материалы любые государственные или полугосударственные агентства или органа власти; наш значительной задолженности и нашу постоянную возможность доступа к рынкам капитала и поддержания необходимого тока источники финансирования, чтобы удовлетворить наших потребностей в наличных средствах; нам возможность выполнять все наши обязательства; последствия какого-либо понижения наши долговые рейтинги кредитных рейтинговых агентств; и другие риски и неопределенности, указанные в разделе “Факторы риска” и “описание и анализ” разделы компании по последней форме 10-K, поданном в SEC и в компании других заявок в SEC время от времени.
Сценарий "взлетно-посадочной полосы ликвидности", раскрытый в пресс-релизе, основан на оценках и допущениях руководства для целей внутреннего стратегического планирования и не является руководством или финансовыми прогнозами, и его не следует рассматривать или полагаться на него как таковой.
Если один или несколько из этих или других рисков или неопределенностей материализуются, или если наши основополагающие предположения окажутся неверными, наши фактические результаты могут существенно отличаться от того, что мы, возможно, выразили или подразумевали в этих прогнозных заявлениях. Вам следует особо рассмотреть факторы, указанные в этом документе, которые могут привести к отличию фактических результатов, прежде чем принимать инвестиционное решение о покупке наших ценных бумаг. Кроме того, время от времени возникают новые риски и неопределенности, и мы не можем предсказать эти события или то, как они могут повлиять на нас.
Прогнозные заявления, включенные в этот документ, относятся только к дате, на которую они были сделаны. Мы не берем на себя никаких обязательств по обновлению или пересмотру любых прогнозных заявлений, будь то письменных или устных, для отражения событий или обстоятельств после даты настоящего документа или для отражения наступления непредвиденных событий или ненаступления ожидаемых событий, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.
OneMain Holdings, Inc. |
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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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Quarter-to-Date |
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Fiscal Year |
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(unaudited, $ in millions, except per share amounts) |
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Mar 31,
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Dec 31,
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Sep 30,
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Jun 30,
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Mar 31,
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2021 |
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2020 |
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Interest income |
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$ |
1,089 |
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$ |
1,121 |
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$ |
1,113 |
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$ |
1,071 |
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$ |
1,060 |
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$ |
4,364 |
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$ |
4,368 |
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Interest expense |
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(219 |
) |
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(235 |
) |
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(237 |
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(231 |
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(235 |
) |
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(937 |
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(1,027 |
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Provision for finance receivable losses |
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(238 |
) |
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(237 |
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(226 |
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(132 |
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2 |
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(593 |
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(1,319 |
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Net interest income after provision for finance receivable losses |
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632 |
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649 |
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650 |
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708 |
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827 |
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2,834 |
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2,022 |
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Insurance |
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111 |
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111 |
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109 |
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107 |
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107 |
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434 |
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443 |
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Investment |
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15 |
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17 |
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14 |
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17 |
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17 |
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65 |
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75 |
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Gain on sales of finance receivables |
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17 |
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17 |
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15 |
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11 |
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4 |
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47 |
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— |
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Net loss on repurchases and repayments of debt |
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— |
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(29 |
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(1 |
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(1 |
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(47 |
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(78 |
) |
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(39 |
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Other |
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19 |
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19 |
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18 |
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16 |
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10 |
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63 |
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47 |
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Total other revenues |
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162 |
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135 |
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155 |
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150 |
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91 |
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531 |
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526 |
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Operating expenses |
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(353 |
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(379 |
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(384 |
) |
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(347 |
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(339 |
) |
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(1,448 |
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(1,329 |
) |
Insurance policy benefits and claims |
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(45 |
) |
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(50 |
) |
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(45 |
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(48 |
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(33 |
) |
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(176 |
) |
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(242 |
) |
Total other expenses |
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(398 |
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(429 |
) |
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(429 |
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(395 |
) |
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(372 |
) |
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(1,624 |
) |
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(1,571 |
) |
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Income before income taxes |
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396 |
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355 |
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376 |
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463 |
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546 |
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1,741 |
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977 |
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Income taxes |
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(95 |
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(93 |
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(88 |
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(113 |
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(133 |
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(427 |
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(247 |
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Net income |
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$ |
301 |
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$ |
262 |
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$ |
288 |
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$ |
350 |
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$ |
413 |
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$ |
1,314 |
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$ |
730 |
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Weighted average number of diluted shares |
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127.5 |
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130.0 |
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132.9 |
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134.6 |
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134.8 |
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133.1 |
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134.9 |
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Diluted EPS |
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$ |
2.36 |
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$ |
2.02 |
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$ |
2.17 |
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$ |
2.60 |
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$ |
3.06 |
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$ |
9.87 |
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$ |
5.41 |
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Book value per basic share |
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$ |
24.55 |
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$ |
24.20 |
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$ |
23.74 |
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$ |
26.42 |
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$ |
24.59 |
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$ |
24.20 |
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$ |
25.61 |
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Return on assets |
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5.6 |
% |
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4.6 |
% |
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5.1 |
% |
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6.5 |
% |
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7.7 |
% |
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6.0 |
% |
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3.2 |
% |
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Provision for finance receivable losses |
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$ |
238 |
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$ |
237 |
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$ |
226 |
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$ |
132 |
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$ |
(2 |
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$ |
593 |
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$ |
1,319 |
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Less: Net charge-offs |
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(262 |
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(203 |
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(165 |
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(194 |
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(205 |
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(767 |
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(997 |
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Change in allowance for finance receivable losses |
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$ |
(24 |
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$ |
34 |
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$ |
61 |
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$ |
(62 |
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$ |
(207 |
) |
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$ |
(174 |
) |
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$ |
322 |
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Note: |
Year-to-Date may not sum due to rounding. |
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OneMain Holdings, Inc. |
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CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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As of |
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(unaudited, $ in millions) |
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Mar 31,
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Dec 31,
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Sep 30,
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Jun 30,
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Mar 31,
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Assets |
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Cash and cash equivalents |
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$ |
640 |
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$ |
541 |
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$ |
821 |
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$ |
1,787 |
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$ |
1,301 |
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Investment securities |
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1,778 |
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1,992 |
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1,963 |
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1,969 |
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1,951 |
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Net finance receivables |
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18,979 |
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19,212 |
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18,843 |
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18,163 |
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17,564 |
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Unearned insurance premium and claim reserves |
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(741 |
) |
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(761 |
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(750 |
) |
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(728 |
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(719 |
) |
Allowance for finance receivable losses |
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(2,071 |
) |
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(2,095 |
) |
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(2,061 |
) |
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(2,000 |
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(2,062 |
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Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses |
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16,167 |
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16,356 |
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16,032 |
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15,435 |
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14,783 |
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Restricted cash and restricted cash equivalents |
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531 |
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476 |
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459 |
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507 |
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571 |
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Goodwill |
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1,437 |
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1,437 |
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1,437 |
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1,437 |
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1,422 |
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Other intangible assets |
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274 |
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|
274 |
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278 |
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|
287 |
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|
296 |
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Other assets |
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|
981 |
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1,003 |
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|
973 |
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955 |
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|
961 |
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Total assets |
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$ |
21,808 |
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$ |
22,079 |
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$ |
21,963 |
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$ |
22,377 |
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$ |
21,285 |
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Liabilities and Shareholders’ Equity |
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Long-term debt |
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$ |
17,560 |
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$ |
17,750 |
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$ |
17,661 |
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$ |
17,605 |
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$ |
16,789 |
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Insurance claims and policyholder liabilities |
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|
621 |
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|
621 |
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|
616 |
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|
617 |
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|
614 |
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Deferred and accrued taxes |
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|
45 |
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|
1 |
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|
9 |
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|
10 |
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|
90 |
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Other liabilities |
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|
493 |
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|
614 |
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|
556 |
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|
608 |
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|
484 |
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Total liabilities |
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18,719 |
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18,986 |
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|
18,842 |
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|
18,840 |
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|
17,977 |
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Common stock |
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1 |
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1 |
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1 |
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|
1 |
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|
1 |
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Additional paid-in capital |
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1,672 |
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|
1,672 |
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|
1,665 |
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|
1,661 |
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|
1,657 |
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Accumulated other comprehensive income (loss) |
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(11 |
) |
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61 |
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|
77 |
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|
85 |
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|
80 |
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Retained earnings |
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1,905 |
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|
1,727 |
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|
1,554 |
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|
1,825 |
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|
1,570 |
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Treasury stock |
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(478 |
) |
|
|
(368 |
) |
|
|
(176 |
) |
|
|
(35 |
) |
|
|
— |
|
Total shareholders’ equity |
|
|
3,089 |
|
|
|
3,093 |
|
|
|
3,121 |
|
|
|
3,537 |
|
|
|
3,308 |
|
Total liabilities and shareholders’ equity |
|
$ |
21,808 |
|
|
$ |
22,079 |
|
|
$ |
21,963 |
|
|
$ |
22,377 |
|
|
$ |
21,285 |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR net finance receivables |
|
$ |
18,323 |
|
|
$ |
18,562 |
|
|
$ |
18,187 |
|
|
$ |
17,483 |
|
|
$ |
16,874 |
|
|
|
$ |
18,562 |
|
|
$ |
17,393 |
|
TDR net finance receivables |
|
|
656 |
|
|
|
650 |
|
|
|
656 |
|
|
|
680 |
|
|
|
690 |
|
|
|
|
650 |
|
|
|
691 |
|
Net finance receivables |
|
$ |
18,979 |
|
|
$ |
19,212 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
$ |
19,212 |
|
|
$ |
18,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance |
|
$ |
1,808 |
|
|
$ |
1,825 |
|
|
$ |
1,780 |
|
|
$ |
1,695 |
|
|
$ |
1,751 |
|
|
|
$ |
1,825 |
|
|
$ |
1,955 |
|
TDR allowance |
|
|
263 |
|
|
|
270 |
|
|
|
281 |
|
|
|
305 |
|
|
|
311 |
|
|
|
|
270 |
|
|
|
314 |
|
Allowance |
|
$ |
2,071 |
|
|
$ |
2,095 |
|
|
$ |
2,061 |
|
|
$ |
2,000 |
|
|
$ |
2,062 |
|
|
|
$ |
2,095 |
|
|
$ |
2,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance ratio |
|
|
9.86 |
% |
|
|
9.83 |
% |
|
|
9.79 |
% |
|
|
9.69 |
% |
|
|
10.38 |
% |
|
|
|
9.83 |
% |
|
|
11.24 |
% |
TDR allowance ratio |
|
|
40.13 |
% |
|
|
41.56 |
% |
|
|
42.87 |
% |
|
|
44.86 |
% |
|
|
45.13 |
% |
|
|
|
41.56 |
% |
|
|
45.46 |
% |
Allowance ratio |
|
|
10.91 |
% |
|
|
10.90 |
% |
|
|
10.94 |
% |
|
|
11.01 |
% |
|
|
11.74 |
% |
|
|
|
10.90 |
% |
|
|
12.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-offs |
|
$ |
329 |
|
|
$ |
260 |
|
|
$ |
223 |
|
|
$ |
252 |
|
|
$ |
255 |
|
|
|
$ |
989 |
|
|
$ |
1,162 |
|
Recoveries |
|
|
(67 |
) |
|
|
(57 |
) |
|
|
(58 |
) |
|
|
(58 |
) |
|
|
(50 |
) |
|
|
|
(222 |
) |
|
|
(165 |
) |
Net charge-offs |
|
$ |
262 |
|
|
$ |
203 |
|
|
$ |
165 |
|
|
$ |
194 |
|
|
$ |
205 |
|
|
|
$ |
767 |
|
|
$ |
997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-off ratio |
|
|
6.98 |
% |
|
|
5.42 |
% |
|
|
4.76 |
% |
|
|
5.70 |
% |
|
|
5.81 |
% |
|
|
|
5.41 |
% |
|
|
6.46 |
% |
Recovery ratio |
|
|
(1.42 |
%) |
|
|
(1.18 |
%) |
|
|
(1.24 |
%) |
|
|
(1.29 |
%) |
|
|
(1.14 |
%) |
|
|
|
(1.21 |
%) |
|
|
(0.92 |
%) |
Net charge-off ratio |
|
|
5.57 |
% |
|
|
4.24 |
% |
|
|
3.52 |
% |
|
|
4.40 |
% |
|
|
4.67 |
% |
|
|
|
4.20 |
% |
|
|
5.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency |
|
$ |
430 |
|
|
$ |
467 |
|
|
$ |
415 |
|
|
$ |
319 |
|
|
$ |
276 |
|
|
|
$ |
467 |
|
|
$ |
413 |
|
30+ delinquency |
|
|
848 |
|
|
|
850 |
|
|
|
710 |
|
|
|
566 |
|
|
|
596 |
|
|
|
|
850 |
|
|
|
729 |
|
60+ delinquency |
|
|
600 |
|
|
|
568 |
|
|
|
452 |
|
|
|
365 |
|
|
|
439 |
|
|
|
|
568 |
|
|
|
478 |
|
90+ delinquency |
|
|
418 |
|
|
|
383 |
|
|
|
295 |
|
|
|
247 |
|
|
|
320 |
|
|
|
|
383 |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency ratio |
|
|
2.26 |
% |
|
|
2.43 |
% |
|
|
2.20 |
% |
|
|
1.76 |
% |
|
|
1.57 |
% |
|
|
|
2.43 |
% |
|
|
2.28 |
% |
30+ delinquency ratio |
|
|
4.47 |
% |
|
|
4.42 |
% |
|
|
3.77 |
% |
|
|
3.12 |
% |
|
|
3.39 |
% |
|
|
|
4.42 |
% |
|
|
4.03 |
% |
60+ delinquency ratio |
|
|
3.17 |
% |
|
|
2.96 |
% |
|
|
2.40 |
% |
|
|
2.01 |
% |
|
|
2.50 |
% |
|
|
|
2.96 |
% |
|
|
2.64 |
% |
90+ delinquency ratio |
|
|
2.21 |
% |
|
|
1.99 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.82 |
% |
|
|
|
1.99 |
% |
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net receivables |
|
$ |
19,083 |
|
|
$ |
19,040 |
|
|
$ |
18,545 |
|
|
$ |
17,717 |
|
|
$ |
17,824 |
|
|
|
$ |
18,281 |
|
|
$ |
17,997 |
|
Yield |
|
|
23.12 |
% |
|
|
23.32 |
% |
|
|
23.79 |
% |
|
|
24.21 |
% |
|
|
24.08 |
% |
|
|
|
23.84 |
% |
|
|
24.24 |
% |
Personal loan origination volume |
|
$ |
2,959 |
|
|
$ |
3,836 |
|
|
$ |
3,870 |
|
|
$ |
3,835 |
|
|
$ |
2,284 |
|
|
|
$ |
13,825 |
|
|
$ |
10,729 |
|
Credit card purchase volume |
|
$ |
45 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
26 |
|
|
$ |
— |
|
|
|
|
Note: |
Delinquency ratios are calculated as a percentage of net finance receivables. Charge-off and recovery ratios are calculated as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
|
OneMain Holdings, Inc. |
||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
As of |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liquidity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
|
$ |
640 |
|
|
$ |
541 |
|
|
$ |
821 |
|
|
$ |
1,787 |
|
|
$ |
1,301 |
|
Cash and cash equivalents unavailable for general corporate purposes |
|
|
265 |
|
|
|
158 |
|
|
|
205 |
|
|
|
158 |
|
|
|
119 |
|
Unencumbered gross finance receivables |
|
|
10,206 |
|
|
|
10,217 |
|
|
|
10,964 |
|
|
|
9,732 |
|
|
|
9,236 |
|
Undrawn conduit facilities |
|
|
5,350 |
|
|
|
5,400 |
|
|
|
7,300 |
|
|
|
7,300 |
|
|
|
7,200 |
|
Undrawn corporate revolver |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt |
|
$ |
17,560 |
|
|
$ |
17,750 |
|
|
|
17,661 |
|
|
|
17,605 |
|
|
$ |
16,789 |
|
Less: Junior subordinated debt |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
|
|
(172 |
) |
Adjusted debt |
|
$ |
17,388 |
|
|
$ |
17,578 |
|
|
$ |
17,489 |
|
|
$ |
17,433 |
|
|
$ |
16,617 |
|
Less: Available cash and cash equivalents |
|
|
(375 |
) |
|
|
(383 |
) |
|
|
(616 |
) |
|
|
(1,629 |
) |
|
|
(1,182 |
) |
Net adjusted debt |
|
$ |
17,013 |
|
|
$ |
17,195 |
|
|
$ |
16,873 |
|
|
$ |
15,804 |
|
|
$ |
15,435 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Shareholders' equity |
|
$ |
3,089 |
|
|
$ |
3,093 |
|
|
$ |
3,121 |
|
|
$ |
3,537 |
|
|
$ |
3,308 |
|
Less: Goodwill |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,437 |
) |
|
|
(1,422 |
) |
Less: Other intangible assets |
|
|
(274 |
) |
|
|
(274 |
) |
|
|
(278 |
) |
|
|
(287 |
) |
|
|
(296 |
) |
Plus: Junior subordinated debt |
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
|
|
172 |
|
Adjusted tangible common equity |
|
$ |
1,550 |
|
|
$ |
1,554 |
|
|
$ |
1,578 |
|
|
$ |
1,985 |
|
|
$ |
1,762 |
|
Plus: Allowance for finance receivable losses, net of tax (1) |
|
|
1,553 |
|
|
|
1,571 |
|
|
|
1,546 |
|
|
|
1,500 |
|
|
|
1,546 |
|
Adjusted capital |
|
$ |
3,103 |
|
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net leverage (net adjusted debt to adjusted capital) |
|
5.5x |
|
5.5x |
|
5.4x |
|
4.5x |
|
4.7x |
||||||||||
|
|
|
(1) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSOLIDATED KEY FINANCIAL METRICS, CONTINUED (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue (1) |
|
|
25.6 |
% |
|
|
25.1 |
% |
|
|
26.2 |
% |
|
|
26.6 |
% |
|
|
25.4 |
% |
|
|
|
25.8 |
% |
|
|
25.9 |
% |
Net charge-off |
|
|
(5.6 |
%) |
|
|
(4.2 |
%) |
|
|
(3.5 |
%) |
|
|
(4.4 |
%) |
|
|
(4.7 |
%) |
|
|
|
(4.2 |
%) |
|
|
(5.5 |
%) |
Risk adjusted margin |
|
|
20.1 |
% |
|
|
20.9 |
% |
|
|
22.7 |
% |
|
|
22.2 |
% |
|
|
20.8 |
% |
|
|
|
21.6 |
% |
|
|
20.3 |
% |
Operating expenses |
|
|
(7.5 |
%) |
|
|
(7.9 |
%) |
|
|
(8.2 |
%) |
|
|
(7.9 |
%) |
|
|
(7.7 |
%) |
|
|
|
(7.9 |
%) |
|
|
(7.4 |
%) |
Unlevered return on receivables |
|
|
12.6 |
% |
|
|
13.0 |
% |
|
|
14.4 |
% |
|
|
14.3 |
% |
|
|
13.1 |
% |
|
|
|
13.7 |
% |
|
|
12.9 |
% |
Interest expense |
|
|
(4.7 |
%) |
|
|
(4.9 |
%) |
|
|
(5.1 |
%) |
|
|
(5.2 |
%) |
|
|
(5.3 |
%) |
|
|
|
(5.1 |
%) |
|
|
(5.7 |
%) |
Change in allowance |
|
|
0.5 |
% |
|
|
(0.7 |
%) |
|
|
(1.3 |
%) |
|
|
1.4 |
% |
|
|
4.7 |
% |
|
|
|
1.0 |
% |
|
|
(1.8 |
%) |
Income tax expense (2) |
|
|
(2.0 |
%) |
|
|
(1.9 |
%) |
|
|
(1.9 |
%) |
|
|
(2.6 |
%) |
|
|
(3.0 |
%) |
|
|
|
(2.3 |
%) |
|
|
(1.4 |
%) |
Return on receivables |
|
|
6.4 |
% |
|
|
5.5 |
% |
|
|
6.2 |
% |
|
|
7.9 |
% |
|
|
9.4 |
% |
|
|
|
7.2 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net finance receivables - personal loans |
|
$ |
18,929 |
|
|
$ |
19,187 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
$ |
19,187 |
|
|
$ |
18,084 |
|
Net finance receivables - credit cards |
|
|
50 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
25 |
|
|
|
— |
|
Net finance receivables |
|
|
18,979 |
|
|
|
19,212 |
|
|
|
18,843 |
|
|
|
18,163 |
|
|
|
17,564 |
|
|
|
|
19,212 |
|
|
|
18,084 |
|
Finance receivables serviced for our whole loan sale partners |
|
|
528 |
|
|
|
414 |
|
|
|
283 |
|
|
|
149 |
|
|
|
43 |
|
|
|
|
414 |
|
|
|
— |
|
Managed receivables |
|
$ |
19,507 |
|
|
$ |
19,626 |
|
|
$ |
19,126 |
|
|
$ |
18,312 |
|
|
$ |
17,607 |
|
|
|
$ |
19,626 |
|
|
$ |
18,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net finance receivables - personal loans |
|
$ |
19,043 |
|
|
$ |
19,034 |
|
|
$ |
18,545 |
|
|
$ |
17,717 |
|
|
$ |
17,824 |
|
|
|
$ |
18,279 |
|
|
$ |
17,997 |
|
Average net finance receivables - credit cards |
|
|
40 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2 |
|
|
|
— |
|
Average net receivables |
|
|
19,083 |
|
|
|
19,040 |
|
|
|
18,545 |
|
|
|
17,717 |
|
|
|
17,824 |
|
|
|
|
18,281 |
|
|
|
17,997 |
|
Average receivables serviced for our whole loan sale partners |
|
|
474 |
|
|
|
351 |
|
|
|
211 |
|
|
|
114 |
|
|
|
22 |
|
|
|
|
174 |
|
|
|
— |
|
Average managed receivables |
|
$ |
19,557 |
|
|
$ |
19,391 |
|
|
$ |
18,756 |
|
|
$ |
17,831 |
|
|
$ |
17,846 |
|
|
|
$ |
18,455 |
|
|
$ |
17,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
$ |
(353 |
) |
|
$ |
(379 |
) |
|
$ |
(384 |
) |
|
$ |
(347 |
) |
|
$ |
(339 |
) |
|
|
$ |
(1,448 |
) |
|
$ |
(1,329 |
) |
Average managed receivables |
|
$ |
19,557 |
|
|
$ |
19,391 |
|
|
$ |
18,756 |
|
|
$ |
17,831 |
|
|
$ |
17,846 |
|
|
|
$ |
18,455 |
|
|
$ |
17,997 |
|
Operating expense % of average managed receivables |
|
|
(7.3 |
%) |
|
|
(7.8 |
%) |
|
|
(8.1 |
%) |
|
|
(7.8 |
%) |
|
|
(7.7 |
%) |
|
|
|
(7.9 |
%) |
|
|
(7.4 |
%) |
|
|
|
Note: |
All ratios are based on consolidated results as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
|
(1) |
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
|
(2) |
Income taxes assume the period end effective rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consumer & Insurance |
|
$ |
396 |
|
|
$ |
359 |
|
|
$ |
388 |
|
|
$ |
474 |
|
|
$ |
567 |
|
|
|
$ |
1,788 |
|
|
$ |
1,021 |
|
Other |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
|
(7 |
) |
|
|
(9 |
) |
Segment to GAAP adjustment |
|
|
— |
|
|
|
(3 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
|
|
(18 |
) |
|
|
|
(40 |
) |
|
|
(35 |
) |
Income before income taxes - GAAP basis |
|
$ |
396 |
|
|
$ |
355 |
|
|
$ |
376 |
|
|
$ |
463 |
|
|
$ |
546 |
|
|
|
$ |
1,741 |
|
|
$ |
977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pretax income - segment accounting basis |
|
$ |
396 |
|
|
$ |
359 |
|
|
$ |
388 |
|
|
$ |
474 |
|
|
$ |
567 |
|
|
|
$ |
1,788 |
|
|
$ |
1,021 |
|
Cash-settled stock-based awards |
|
|
1 |
|
|
|
23 |
|
|
|
31 |
|
|
|
— |
|
|
|
— |
|
|
|
|
54 |
|
|
|
— |
|
Direct costs associated with COVID-19 |
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
6 |
|
|
|
17 |
|
Acquisition-related transaction and integration expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
11 |
|
Net loss on repurchases and repayments of debt (1) |
|
|
— |
|
|
|
29 |
|
|
|
1 |
|
|
|
1 |
|
|
|
38 |
|
|
|
|
70 |
|
|
|
36 |
|
Restructuring charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
7 |
|
Consumer & Insurance adjusted pretax income (non-GAAP) |
|
$ |
398 |
|
|
$ |
413 |
|
|
$ |
421 |
|
|
$ |
477 |
|
|
$ |
607 |
|
|
|
$ |
1,918 |
|
|
$ |
1,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciling items (2) |
|
$ |
(2 |
) |
|
$ |
(57 |
) |
|
$ |
(44 |
) |
|
$ |
(12 |
) |
|
$ |
(59 |
) |
|
|
$ |
(171 |
) |
|
$ |
(109 |
) |
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Amounts differ from those presented on "Consolidated Statements of Operations (Unaudited)" page as a result of purchase accounting adjustments that are not applicable on a segment accounting basis. |
|
(2) |
Reconciling Items consist of Segment to GAAP adjustment and the adjustments to Pretax income – segment accounting basis for C&I and Other. The adjustments to Other adjusted pretax income (loss) are not disclosed in the table above due to immateriality. |
|
OneMain Holdings, Inc. |
||||||||||||||||||||
RECONCILIATION OF KEY SEGMENT METRICS (UNAUDITED) (Non-GAAP) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
As of |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer & Insurance |
|
$ |
18,981 |
|
|
$ |
19,215 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
Segment to GAAP adjustment |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
Net finance receivables - GAAP basis |
|
$ |
18,979 |
|
|
$ |
19,212 |
|
|
$ |
18,843 |
|
|
$ |
18,163 |
|
|
$ |
17,564 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer & Insurance |
|
$ |
2,077 |
|
|
$ |
2,102 |
|
|
$ |
2,070 |
|
|
$ |
2,011 |
|
|
$ |
2,075 |
|
Segment to GAAP adjustment |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
Allowance for finance receivable losses - GAAP basis |
|
$ |
2,071 |
|
|
$ |
2,095 |
|
|
$ |
2,061 |
|
|
$ |
2,000 |
|
|
$ |
2,062 |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, in millions, except per share amounts) |
|
Mar 31,
|
|
Dec 31
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income |
|
$ |
1,087 |
|
|
$ |
1,119 |
|
|
$ |
1,111 |
|
|
$ |
1,069 |
|
|
$ |
1,057 |
|
|
|
$ |
4,355 |
|
|
$ |
4,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense |
|
|
(217 |
) |
|
|
(233 |
) |
|
|
(235 |
) |
|
|
(230 |
) |
|
|
(233 |
) |
|
|
|
(930 |
) |
|
|
(1,007 |
) |
Provision for finance receivable losses |
|
|
(237 |
) |
|
|
(236 |
) |
|
|
(224 |
) |
|
|
(130 |
) |
|
|
3 |
|
|
|
|
(587 |
) |
|
|
(1,313 |
) |
Net interest income after provision for finance receivable losses |
|
|
633 |
|
|
|
650 |
|
|
|
652 |
|
|
|
709 |
|
|
|
827 |
|
|
|
|
2,838 |
|
|
|
2,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Insurance |
|
|
111 |
|
|
|
111 |
|
|
|
109 |
|
|
|
107 |
|
|
|
107 |
|
|
|
|
434 |
|
|
|
443 |
|
Investment |
|
|
15 |
|
|
|
17 |
|
|
|
14 |
|
|
|
17 |
|
|
|
17 |
|
|
|
|
65 |
|
|
|
75 |
|
Gain on sales of finance receivables |
|
|
17 |
|
|
|
17 |
|
|
|
15 |
|
|
|
11 |
|
|
|
4 |
|
|
|
|
47 |
|
|
|
— |
|
Other |
|
|
15 |
|
|
|
16 |
|
|
|
14 |
|
|
|
13 |
|
|
|
8 |
|
|
|
|
51 |
|
|
|
33 |
|
Total other revenues |
|
|
158 |
|
|
|
161 |
|
|
|
152 |
|
|
|
148 |
|
|
|
136 |
|
|
|
|
597 |
|
|
|
551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
|
(348 |
) |
|
|
(348 |
) |
|
|
(338 |
) |
|
|
(332 |
) |
|
|
(323 |
) |
|
|
|
(1,341 |
) |
|
|
(1,250 |
) |
Insurance policy benefits and claims |
|
|
(45 |
) |
|
|
(50 |
) |
|
|
(45 |
) |
|
|
(48 |
) |
|
|
(33 |
) |
|
|
|
(176 |
) |
|
|
(242 |
) |
Total other expenses |
|
|
(393 |
) |
|
|
(398 |
) |
|
|
(383 |
) |
|
|
(380 |
) |
|
|
(356 |
) |
|
|
|
(1,517 |
) |
|
|
(1,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted pretax income (non-GAAP) |
|
|
398 |
|
|
|
413 |
|
|
|
421 |
|
|
|
477 |
|
|
|
607 |
|
|
|
|
1,918 |
|
|
|
1,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income taxes (1) |
|
|
(99 |
) |
|
|
(103 |
) |
|
|
(105 |
) |
|
|
(119 |
) |
|
|
(152 |
) |
|
|
|
(480 |
) |
|
|
(273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted net income (non-GAAP) |
|
$ |
299 |
|
|
$ |
310 |
|
|
$ |
316 |
|
|
$ |
358 |
|
|
$ |
455 |
|
|
|
$ |
1,438 |
|
|
$ |
819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Weighted average number of diluted shares |
|
|
127.5 |
|
|
|
130.0 |
|
|
|
132.9 |
|
|
|
134.6 |
|
|
|
134.8 |
|
|
|
|
133.1 |
|
|
|
134.9 |
|
C&I adjusted diluted EPS |
|
$ |
2.35 |
|
|
$ |
2.38 |
|
|
$ |
2.37 |
|
|
$ |
2.66 |
|
|
$ |
3.37 |
|
|
|
$ |
10.81 |
|
|
$ |
6.07 |
|
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue (1) |
|
|
25.5 |
% |
|
|
25.6 |
% |
|
|
26.1 |
% |
|
|
26.4 |
% |
|
|
26.4 |
% |
|
|
|
26.1 |
% |
|
|
25.9 |
% |
Net charge-off |
|
|
(5.6 |
%) |
|
|
(4.2 |
%) |
|
|
(3.5 |
%) |
|
|
(4.4 |
%) |
|
|
(4.7 |
%) |
|
|
|
(4.2 |
%) |
|
|
(5.5 |
%) |
Risk adjusted margin |
|
|
19.9 |
% |
|
|
21.4 |
% |
|
|
22.6 |
% |
|
|
22.0 |
% |
|
|
21.7 |
% |
|
|
|
21.9 |
% |
|
|
20.3 |
% |
Operating expenses |
|
|
(7.4 |
%) |
|
|
(7.3 |
%) |
|
|
(7.2 |
%) |
|
|
(7.5 |
%) |
|
|
(7.3 |
%) |
|
|
|
(7.3 |
%) |
|
|
(6.9 |
%) |
Unlevered return on receivables |
|
|
12.6 |
% |
|
|
14.1 |
% |
|
|
15.3 |
% |
|
|
14.5 |
% |
|
|
14.4 |
% |
|
|
|
14.6 |
% |
|
|
13.4 |
% |
Interest expense |
|
|
(4.6 |
%) |
|
|
(4.9 |
%) |
|
|
(5.0 |
%) |
|
|
(5.2 |
%) |
|
|
(5.3 |
%) |
|
|
|
(5.1 |
%) |
|
|
(5.6 |
%) |
Change in allowance |
|
|
0.5 |
% |
|
|
(0.7 |
%) |
|
|
(1.3 |
%) |
|
|
1.5 |
% |
|
|
4.7 |
% |
|
|
|
1.0 |
% |
|
|
(1.8 |
%) |
Income tax expense (2) |
|
|
(2.1 |
%) |
|
|
(2.2 |
%) |
|
|
(2.3 |
%) |
|
|
(2.7 |
%) |
|
|
(3.4 |
%) |
|
|
|
(2.6 |
%) |
|
|
(1.5 |
%) |
Return on receivables |
|
|
6.4 |
% |
|
|
6.5 |
% |
|
|
6.8 |
% |
|
|
8.1 |
% |
|
|
10.3 |
% |
|
|
|
7.9 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net finance receivables - personal loans |
|
$ |
18,931 |
|
|
$ |
19,190 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
|
|
$ |
19,190 |
|
|
$ |
18,091 |
|
Net finance receivables - credit cards |
|
|
50 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
25 |
|
|
|
— |
|
Net finance receivables |
|
|
18,981 |
|
|
|
19,215 |
|
|
|
18,847 |
|
|
|
18,168 |
|
|
|
17,569 |
|
|
|
|
19,215 |
|
|
|
18,091 |
|
Finance receivables serviced for our whole loan sale partners |
|
|
528 |
|
|
|
414 |
|
|
|
283 |
|
|
|
149 |
|
|
|
43 |
|
|
|
|
414 |
|
|
|
— |
|
Managed receivables |
|
$ |
19,509 |
|
|
$ |
19,629 |
|
|
$ |
19,130 |
|
|
$ |
18,317 |
|
|
$ |
17,612 |
|
|
|
$ |
19,629 |
|
|
$ |
18,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net finance receivables - personal loans |
|
$ |
19,046 |
|
|
$ |
19,037 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,284 |
|
|
$ |
18,009 |
|
Average net finance receivables - credit cards |
|
|
40 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2 |
|
|
|
— |
|
Average net receivables |
|
|
19,086 |
|
|
|
19,043 |
|
|
|
18,549 |
|
|
|
17,722 |
|
|
|
17,830 |
|
|
|
|
18,286 |
|
|
|
18,009 |
|
Average receivables serviced for our whole loan sale partners |
|
|
474 |
|
|
|
351 |
|
|
|
211 |
|
|
|
114 |
|
|
|
22 |
|
|
|
|
174 |
|
|
|
— |
|
Average managed receivables |
|
$ |
19,560 |
|
|
$ |
19,394 |
|
|
$ |
18,760 |
|
|
$ |
17,836 |
|
|
$ |
17,852 |
|
|
|
$ |
18,460 |
|
|
$ |
18,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating expenses |
|
$ |
(348 |
) |
|
$ |
(348 |
) |
|
$ |
(338 |
) |
|
$ |
(332 |
) |
|
$ |
(323 |
) |
|
|
$ |
(1,341 |
) |
|
$ |
(1,250 |
) |
Average managed receivables |
|
$ |
19,560 |
|
|
$ |
19,394 |
|
|
$ |
18,760 |
|
|
$ |
17,836 |
|
|
$ |
17,852 |
|
|
|
$ |
18,460 |
|
|
$ |
18,009 |
|
Operating expense % of average managed receivables |
|
|
(7.2 |
%) |
|
|
(7.1 |
%) |
|
|
(7.2 |
%) |
|
|
(7.5 |
%) |
|
|
(7.3 |
%) |
|
|
|
(7.3 |
%) |
|
|
(6.9 |
%) |
|
|
|
Note: |
Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. All ratios are shown as a percentage of C&I average net finance receivables. Ratios may not sum due to rounding. |
|
(1) |
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
|
(2) |
Income taxes assume a 25% tax rate. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER & INSURANCE CAPITAL METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for finance receivable losses |
|
$ |
237 |
|
|
$ |
236 |
|
|
$ |
224 |
|
|
$ |
130 |
|
|
$ |
(3 |
) |
|
|
$ |
587 |
|
|
$ |
1,313 |
|
Less: Net charge-offs |
|
|
(262 |
) |
|
|
(204 |
) |
|
|
(165 |
) |
|
|
(194 |
) |
|
|
(205 |
) |
|
|
|
(768 |
) |
|
|
(998 |
) |
Change in C&I allowance for finance receivable losses (non-GAAP) |
|
|
(25 |
) |
|
|
32 |
|
|
|
59 |
|
|
|
(64 |
) |
|
|
(208 |
) |
|
|
|
(181 |
) |
|
|
315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted pretax income (non-GAAP) |
|
|
398 |
|
|
|
413 |
|
|
|
421 |
|
|
|
477 |
|
|
|
607 |
|
|
|
|
1,918 |
|
|
|
1,092 |
|
Pretax capital generation (non-GAAP) |
|
|
373 |
|
|
|
445 |
|
|
|
480 |
|
|
|
413 |
|
|
|
399 |
|
|
|
|
1,737 |
|
|
|
1,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation, net of tax(1) (non-GAAP) |
|
$ |
280 |
|
|
$ |
334 |
|
|
$ |
360 |
|
|
$ |
310 |
|
|
$ |
299 |
|
|
|
$ |
1,303 |
|
|
$ |
1,056 |
|
C&I average net receivables |
|
$ |
19,086 |
|
|
$ |
19,043 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,286 |
|
|
$ |
18,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation return on receivables |
|
|
6.0 |
% |
|
|
7.0 |
% |
|
|
7.7 |
% |
|
|
7.0 |
% |
|
|
6.8 |
% |
|
|
|
7.1 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning adjusted capital |
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
$ |
3,587 |
|
|
|
$ |
3,587 |
|
|
$ |
3,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital generation, net of tax(1) (non-GAAP) |
|
|
280 |
|
|
|
334 |
|
|
|
360 |
|
|
|
310 |
|
|
|
299 |
|
|
|
|
1,303 |
|
|
|
1,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less: Common stock repurchased |
|
|
(110 |
) |
|
|
(192 |
) |
|
|
(141 |
) |
|
|
(35 |
) |
|
|
— |
|
|
|
|
(368 |
) |
|
|
(45 |
) |
Less: Cash dividends |
|
|
(123 |
) |
|
|
(89 |
) |
|
|
(559 |
) |
|
|
(95 |
) |
|
|
(534 |
) |
|
|
|
(1,278 |
) |
|
|
(807 |
) |
Capital returns |
|
|
(233 |
) |
|
|
(281 |
) |
|
|
(700 |
) |
|
|
(130 |
) |
|
|
(534 |
) |
|
|
|
(1,646 |
) |
|
|
(852 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less: Adjustments to C&I, net of tax (1), (2) |
|
|
2 |
|
|
|
(46 |
) |
|
|
(25 |
) |
|
|
(5 |
) |
|
|
(40 |
) |
|
|
|
(116 |
) |
|
|
(81 |
) |
Less: Change in the assumed tax rate (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(8 |
) |
Less: Withholding tax on share-based compensation |
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
|
(6 |
) |
|
|
(6 |
) |
Less: Adjusted other net loss, net of tax (1) (non-GAAP) |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
(4 |
) |
|
|
(4 |
) |
Plus: Other comprehensive income (loss) |
|
|
(72 |
) |
|
|
(16 |
) |
|
|
(8 |
) |
|
|
5 |
|
|
|
(14 |
) |
|
|
|
(33 |
) |
|
|
50 |
|
Plus: Purchased credit deteriorated finance receivables gross-up, net of tax (2), (3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
11 |
|
Plus: Other intangibles amortization |
|
|
1 |
|
|
|
4 |
|
|
|
9 |
|
|
|
9 |
|
|
|
10 |
|
|
|
|
32 |
|
|
|
37 |
|
Plus: Trim acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
|
(15 |
) |
|
|
— |
|
Plus: Share-based compensation expense, net of forfeitures |
|
|
12 |
|
|
|
7 |
|
|
|
4 |
|
|
|
4 |
|
|
|
7 |
|
|
|
|
23 |
|
|
|
17 |
|
Other |
|
|
(69 |
) |
|
|
(52 |
) |
|
|
(21 |
) |
|
|
(3 |
) |
|
|
(44 |
) |
|
|
|
(119 |
) |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ending adjusted capital |
|
$ |
3,103 |
|
|
$ |
3,125 |
|
|
$ |
3,124 |
|
|
$ |
3,485 |
|
|
$ |
3,308 |
|
|
|
$ |
3,125 |
|
|
$ |
3,587 |
|
|
|
|
Note: |
Year-to-Date may not sum due to rounding. |
|
(1) |
Income taxes assume a 25% tax rate. |
|
(2) |
Includes the effects of purchase accounting adjustments excluding loan loss reserves. |
|
(3) |
As a result of the adoption of ASU 2016-13, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 on January 1, 2020. |
|
OneMain Holdings, Inc. |
|||||||||||||||||||||||||||||
CONSUMER AND INSURANCE SEGMENT - KEY FINANCIAL METRICS (UNAUDITED) (Non-GAAP) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
As of or Quarter-to-Date |
|
|
Fiscal Year |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(unaudited, $ in millions) |
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR net finance receivables |
|
$ |
18,307 |
|
|
$ |
18,544 |
|
|
$ |
18,166 |
|
|
$ |
17,460 |
|
|
$ |
16,846 |
|
|
|
$ |
18,544 |
|
|
$ |
17,363 |
|
TDR net finance receivables |
|
|
674 |
|
|
|
671 |
|
|
|
681 |
|
|
|
708 |
|
|
|
723 |
|
|
|
|
671 |
|
|
|
728 |
|
Net finance receivables (1) |
|
$ |
18,981 |
|
|
$ |
19,215 |
|
|
$ |
18,847 |
|
|
$ |
18,168 |
|
|
$ |
17,569 |
|
|
|
$ |
19,215 |
|
|
$ |
18,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance |
|
$ |
1,806 |
|
|
$ |
1,823 |
|
|
$ |
1,778 |
|
|
$ |
1,693 |
|
|
$ |
1,748 |
|
|
|
$ |
1,823 |
|
|
$ |
1,951 |
|
TDR allowance |
|
|
271 |
|
|
|
279 |
|
|
|
292 |
|
|
|
318 |
|
|
|
327 |
|
|
|
|
279 |
|
|
|
332 |
|
Allowance (1) |
|
$ |
2,077 |
|
|
$ |
2,102 |
|
|
$ |
2,070 |
|
|
$ |
2,011 |
|
|
$ |
2,075 |
|
|
|
$ |
2,102 |
|
|
$ |
2,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-TDR allowance ratio |
|
|
9.86 |
% |
|
|
9.83 |
% |
|
|
9.79 |
% |
|
|
9.69 |
% |
|
|
10.38 |
% |
|
|
|
9.83 |
% |
|
|
11.24 |
% |
TDR allowance ratio |
|
|
40.20 |
% |
|
|
41.56 |
% |
|
|
42.87 |
% |
|
|
44.93 |
% |
|
|
45.23 |
% |
|
|
|
41.56 |
% |
|
|
45.55 |
% |
Allowance ratio |
|
|
10.94 |
% |
|
|
10.94 |
% |
|
|
10.98 |
% |
|
|
11.07 |
% |
|
|
11.81 |
% |
|
|
|
10.94 |
% |
|
|
12.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-offs |
|
$ |
329 |
|
|
$ |
260 |
|
|
$ |
223 |
|
|
$ |
252 |
|
|
$ |
255 |
|
|
|
$ |
990 |
|
|
$ |
1,163 |
|
Recoveries |
|
|
(67 |
) |
|
|
(56 |
) |
|
|
(58 |
) |
|
|
(58 |
) |
|
|
(50 |
) |
|
|
|
(222 |
) |
|
|
(165 |
) |
Net charge-offs |
|
$ |
262 |
|
|
$ |
204 |
|
|
$ |
165 |
|
|
$ |
194 |
|
|
$ |
205 |
|
|
|
$ |
768 |
|
|
$ |
998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross charge-off ratio |
|
|
6.98 |
% |
|
|
5.42 |
% |
|
|
4.77 |
% |
|
|
5.70 |
% |
|
|
5.81 |
% |
|
|
|
5.42 |
% |
|
|
6.46 |
% |
Recovery ratio |
|
|
(1.42 |
%) |
|
|
(1.18 |
%) |
|
|
(1.24 |
%) |
|
|
(1.29 |
%) |
|
|
(1.14 |
%) |
|
|
|
(1.21 |
%) |
|
|
(0.92 |
%) |
Net charge-off ratio |
|
|
5.57 |
% |
|
|
4.24 |
% |
|
|
3.52 |
% |
|
|
4.41 |
% |
|
|
4.67 |
% |
|
|
|
4.20 |
% |
|
|
5.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency |
|
$ |
430 |
|
|
$ |
467 |
|
|
$ |
415 |
|
|
$ |
320 |
|
|
$ |
276 |
|
|
|
$ |
467 |
|
|
$ |
413 |
|
30+ delinquency |
|
|
848 |
|
|
|
850 |
|
|
|
710 |
|
|
|
567 |
|
|
|
596 |
|
|
|
|
850 |
|
|
|
729 |
|
60+ delinquency |
|
|
600 |
|
|
|
568 |
|
|
|
452 |
|
|
|
365 |
|
|
|
439 |
|
|
|
|
568 |
|
|
|
478 |
|
90+ delinquency |
|
|
418 |
|
|
|
383 |
|
|
|
295 |
|
|
|
247 |
|
|
|
320 |
|
|
|
|
383 |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
30-89 delinquency ratio |
|
|
2.26 |
% |
|
|
2.43 |
% |
|
|
2.20 |
% |
|
|
1.76 |
% |
|
|
1.57 |
% |
|
|
|
2.43 |
% |
|
|
2.28 |
% |
30+ delinquency ratio |
|
|
4.47 |
% |
|
|
4.42 |
% |
|
|
3.77 |
% |
|
|
3.12 |
% |
|
|
3.39 |
% |
|
|
|
4.42 |
% |
|
|
4.03 |
% |
60+ delinquency ratio |
|
|
3.17 |
% |
|
|
2.96 |
% |
|
|
2.40 |
% |
|
|
2.01 |
% |
|
|
2.50 |
% |
|
|
|
2.96 |
% |
|
|
2.64 |
% |
90+ delinquency ratio |
|
|
2.21 |
% |
|
|
1.99 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.82 |
% |
|
|
|
1.99 |
% |
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average net receivables |
|
$ |
19,086 |
|
|
$ |
19,043 |
|
|
$ |
18,549 |
|
|
$ |
17,722 |
|
|
$ |
17,830 |
|
|
|
$ |
18,286 |
|
|
$ |
18,009 |
|
Yield |
|
|
23.11 |
% |
|
|
23.30 |
% |
|
|
23.77 |
% |
|
|
24.18 |
% |
|
|
24.04 |
% |
|
|
|
23.82 |
% |
|
|
24.17 |
% |
Personal loan origination volume |
|
$ |
2,959 |
|
|
$ |
3,836 |
|
|
$ |
3,870 |
|
|
$ |
3,835 |
|
|
$ |
2,284 |
|
|
|
$ |
13,825 |
|
|
$ |
10,729 |
|
Credit card purchase volume |
|
$ |
45 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
26 |
|
|
$ |
— |
|
|
|
|
Note: |
Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I net finance receivables. Charge-off and recovery ratios are calculated as a percentage of C&I average net finance receivables. Numbers may not sum due to rounding. |
|
(1) |
For reconciliation to GAAP, see "Reconciliation of Key Segment Metrics (Unaudited) (Non-GAAP)." |
|
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