OneMain Holdings Files 2024 10-K

TL;DR

OMF 2024 10-K filed. All systems go from Evansville.

AI Summary

OneMain Holdings, Inc. filed its 2024 10-K on February 7, 2025, reporting on its fiscal year ending December 31, 2024. The company, previously known as Springleaf Holdings, Inc., operates in the personal credit institutions sector. Its principal business address is in Evansville, Indiana.

Why It Matters

This filing provides a comprehensive overview of OneMain Holdings' financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags or unusual disclosures.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K filing.)
• 20250207 — Filing Date (Date the 10-K was submitted to the SEC.)

Key Players & Entities

• OneMain Holdings, Inc. (company) — Filer
• 2024 (date) — Fiscal Year End
• February 7, 2025 (date) — Filing Date
• Springleaf Holdings, Inc. (company) — Former Company Name
• Evansville, Indiana (location) — Business Address
• ONEMAIN FINANCE CORP (company) — Related Filer

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share OMF New York Stock Exchange
• $0.50 — ain Finance Corporation's common stock, $0.50 par value, outstanding. This annual r
• $350 million — Service Junior Subordinated Debenture $350 million aggregate principal amount of 60-year j
• $375 million — rm Funding Facilities $350 million and $375 million aggregate principal amount of debt coll
• $1.1 b — d revolver with a borrowing capacity of $1.1 billion, payable and due on September 6,
• $23.6 billion — er credit. At December 31, 2024, we had $23.6 billion of finance receivables due from approxi
• $24.7 billion — d parties. At December 31, 2024, we had $24.7 billion of managed receivables due from approxi
• $1.3 — nsumers collectively have approximately $1.3 trillion of outstanding borrowings in t

Filing Documents

• omf-20241231.htm (10-K) — 4658KB
• exhibit19omhq424.htm (EX-19) — 91KB
• exhibit211q424.htm (EX-21.1) — 68KB
• exhibit231omhq424.htm (EX-23.1) — 2KB
• exhibit232omfcq424.htm (EX-23.2) — 2KB
• exhibit311omhq424.htm (EX-31.1) — 11KB
• exhibit312omhq424.htm (EX-31.2) — 11KB
• exhibit313omfcq424.htm (EX-31.3) — 11KB
• exhibit314omfcq424.htm (EX-31.4) — 11KB
• exhibit321omhq424.htm (EX-32.1) — 7KB
• exhibit322omfcq424.htm (EX-32.2) — 7KB
• omf-20241231_g1.jpg (GRAPHIC) — 137KB
• 0001584207-25-000006.txt ( ) — 23681KB
• omf-20241231.xsd (EX-101.SCH) — 100KB
• omf-20241231_cal.xml (EX-101.CAL) — 169KB
• omf-20241231_def.xml (EX-101.DEF) — 744KB
• omf-20241231_lab.xml (EX-101.LAB) — 1193KB
• omf-20241231_pre.xml (EX-101.PRE) — 1089KB
• omf-20241231_htm.xml (XML) — 5187KB

Forward-Looking Statements

Forward-Looking Statements 8 PART I Item 1.

Business

Business 10 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Report of Independent Registered Public Accounting Firm (OneMain Holdings, Inc.) 62 Report of Independent Registered Public Accounting Firm (OneMain Finance Corporation) 64

Financial Statements of OneMain Holdings, Inc. and Subsidiaries

Financial Statements of OneMain Holdings, Inc. and Subsidiaries: Consolidated Balance Sheets 66 Consolidated Statements of Operations 67 Consolidated Statements of Comprehensive Income 68 Consolidated Statements of Shareholders' Equity 69 Consolidated Statements of Cash Flows 70

Financial Statements of OneMain Finance Corporation and Subsidiaries

Financial Statements of OneMain Finance Corporation and Subsidiaries: Consolidated Balance Sheets 71 Consolidated Statements of Operations 72 Consolidated Statements of Comprehensive Income 73 Consolidated Statements of Shareholder's Equity 74 Consolidated Statements of Cash Flows 75 Notes to the Consolidated Financial Statements 77 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 130 Item 9A.

Controls and Procedures

Controls and Procedures 130

Controls and Procedures of OneMain Holdings, Inc

Controls and Procedures of OneMain Holdings, Inc. 130

Controls and Procedures of OneMain Finance Corporation

Controls and Procedures of OneMain Finance Corporation 131 Item 9B. Other Information 132 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 PART III Item 10. Directors, Executive Officers and Corporate Governance 133 Item 11.

Executive Compensation

Executive Compensation 133 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accountant Fees and Services 133 PART IV Item 15. Exhibits and Financial Statement Schedules 134 Item 16. Form 10-K Summary 134 3 Table of Contents GLOSSARY Terms and abbreviations used in this report are defined below. Term or Abbreviation Definition 30-89 Delinquency ratio net finance receivables 30-89 days past due as a percentage of net finance receivables 401(k) Plan OneMain 401(k) Plan ABS asset-backed securities Adjusted pretax income (loss) a non-GAAP financial measure used by management as a key performance measure of our segment AHL American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC Annual Report this Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2024, filed with the SEC on February 7, 2025 ASC Accounting Standards Codification ASU Accounting Standards Update ASU 2022-02 The accounting standard issued by FASB in March of 2022, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures Auto finance financing at the point of purchase through a network of auto dealerships Average daily debt balance average of debt for each day in the period Average net receivables average of net finance receivables for each day in the period Bps basis points Base Indenture indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH Board the OMH Board of Directors C&I Consumer and Insurance CDO collateralized debt obligations CEO chief executive officer CFO chief financial officer CFPB Consumer Financial Protection Bureau CISO chief information security officer CMBS commercial mortgage-backed securities Compensation Com

Forward-Looking Statements

Forward-Looking Statements This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead represent only management's current beliefs regarding future events. 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. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this report 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. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words "anticipates," "appears," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "foresees," "goals," "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. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements in

Business

Item 1. Business. BUSINESS OVERVIEW This report combines the Annual Reports on Form 10-K for the year ended December 31, 2024 for OneMain Holdings, Inc. ("OMH"), a publicly held financial service holding company, and its wholly owned direct subsidiary, OneMain Finance Corporation ("OMFC"). OMFC is the issuing entity of our outstanding public debt securities and all of OMFC's common stock is owned by OMH. The information in this combined report is equally applicable to OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as "the Company," "OneMain," "we," "us," or "our." As one of the nation's leaders in offering nonprime consumers responsible access to credit, we: offer responsible personal loan products; offer secured auto financing at the point of purchase; offer credit card products; offer optional products; offer a customer-focused financial wellness platform (Trim by OneMain); service loans owned by us and third parties; pursue strategic acquisitions and dispositions of assets and businesses; and may establish joint ventures or enter into other strategic alliances. We provide origination, underwriting, and servicing of consumer loans, consisting of personal loans and auto finance. In addition, we offer two credit cards, BrightWay and BrightWay+, through a third-party bank partner from which we purchase the receivable balances. We believe we are well positioned for future growth with an experienced management team, proven access to the capital markets, and strong demand for consumer credit. At December 31, 2024, we had $23.6 billion of finance receivables due from approximately 3.3 million customer accounts. We service the loans that we retain on our balance sheet, as well as loans owned by third parties. At December 31, 2024, we had $24.7 billion of managed receivables due from approximately 3.4 million customer accounts. Our br

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