OneMain Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>OneMain Holdings, Inc. (OMF) has filed its Q1 2024 10-Q report, detailing financial positions and changes in equity.</b>

AI Summary

OneMain Holdings, Inc. (OMF) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. OneMain Holdings, Inc. (OMF) filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. OneMain Holdings, Inc. is classified under Personal Credit Institutions (SIC 6141). The filing includes data related to common stock, additional paid-in capital, accumulated other comprehensive income, retained earnings, and treasury stock for various periods.

Why It Matters

For investors and stakeholders tracking OneMain Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of OneMain Holdings, Inc., crucial for assessing the company's health and investment potential. Understanding the changes in equity components like retained earnings and additional paid-in capital offers insights into how the company is generating and utilizing its capital.

Risk Assessment

Risk Level: low — OneMain Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in equity accounts and compare key financial metrics against industry peers to assess OneMain Holdings' performance.

Key Numbers

• 2024-03-31 — Period End Date (10-Q Filing)
• 2024-05-01 — Filing Date (10-Q Filing)
• 2024 — Fiscal Year (10-Q Filing)
• Q1 — Reporting Quarter (10-Q Filing)

Key Players & Entities

• OneMain Holdings, Inc. (company) — Filer
• OMF (company) — Ticker Symbol
• 2024-03-31 (date) — Period of Report
• 2024-05-01 (date) — Filed As Of Date
• 601 N.W. Second Street, Evansville, IN 47708 (address) — Business Address
• Springleaf Holdings, Inc. (company) — Former Company Name
• OneMain Finance Corp (company) — Filer (also)
• Personal Credit Institutions (industry) — Standard Industrial Classification

FAQ

Industry Context

OneMain Holdings, Inc. operates in the personal credit institutions sector, providing consumer loans.

Regulatory Implications

The company is subject to regulations governing financial institutions and consumer lending practices.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze trends in the company's equity structure over recent quarters.
3. Compare OMF's financial metrics with industry benchmarks.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

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. 2 TABLE OF
• $350 million — entures Junior Subordinated Debenture $350 million aggregate principal amount of 60-year j
• $1.3 b — er with a maximum borrowing capacity of $1.3 billion, payable and due on October 25, 2

Filing Documents

• omf-20240331.htm (10-Q) — 2683KB
• exhibit311omhq124.htm (EX-31.1) — 11KB
• exhibit312omhq124.htm (EX-31.2) — 11KB
• exhibit313omfcq124.htm (EX-31.3) — 11KB
• exhibit314omfcq124.htm (EX-31.4) — 11KB
• exhibit321omhq124.htm (EX-32.1) — 7KB
• exhibit322omfcq124.htm (EX-32.2) — 7KB
• 0001584207-24-000014.txt (&nbsp;) — 13574KB
• omf-20240331.xsd (EX-101.SCH) — 55KB
• omf-20240331_cal.xml (EX-101.CAL) — 107KB
• omf-20240331_def.xml (EX-101.DEF) — 452KB
• omf-20240331_lab.xml (EX-101.LAB) — 682KB
• omf-20240331_pre.xml (EX-101.PRE) — 664KB
• omf-20240331_htm.xml (XML) — 2939KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements of OneMain Holdings, Inc. and Subsidiaries (Unaudited)

Financial Statements of OneMain Holdings, Inc. and Subsidiaries (Unaudited): Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Comprehensive Income 8 Condensed Consolidated Statements of Shareholders' Equity 9 Condensed Consolidated Statements of Cash Flows 10

Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited)

Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited): Condensed Consolidated Balance Sheets 11 Condensed Consolidated Statements of Operations 12 Condensed Consolidated Statements of Comprehensive Income 13 Condensed Consolidated Statements of Shareholder's Equity 14 Condensed Consolidated Statements of Cash Flows 15 Notes to the Condensed Consolidated Financial Statements 16 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 61

Controls and Procedures of OneMain Holdings, Inc

Controls and Procedures of OneMain Holdings, Inc. 61

Controls and Procedures of OneMain Finance Corporation

Controls and Procedures of OneMain Finance Corporation 61

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 62 Item 1A.

Risk Factors

Risk Factors 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibit Index 63

SIGNATURES

SIGNATURES OneMain Holdings, Inc. Signature 64 OneMain Finance Corporation Signature 65 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 ABS asset-backed securities Adjusted pretax income (loss) a non-GAAP financial measure used by management as a key performance measure of our segment AETR annual effective tax rate AHL American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC Annual Report the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2023, filed with the SEC on February 13, 2024 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 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 CMBS commercial mortgage-backed securities Consumer loans consist of personal loans and auto finance Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board Foursight Foursight Capital LLC GAAP generally accepted accounting principles in the United States of America GAP guaranteed asset protection Gross charge-off ratio annualized gross charge-offs as a percentage of average net receivables Gross finance receivables the

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (dollars in millions, except par value amount) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 831 $ 1,014 Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $ 1.6 billion and $ 1.7 billion in 2024, respectively, and $ 1.6 billion and $ 1.8 billion in 2023, respectively) 1,691 1,719 Net finance receivables (includes loans of consolidated VIEs of $ 12.6 billion in 2024 and $ 12.8 billion in 2023) 21,083 21,349 Unearned insurance premium and claim reserves ( 749 ) ( 771 ) Allowance for finance receivable losses (includes allowance of consolidated VIEs of $ 1.4 billion in 2024 and 2023) ( 2,454 ) ( 2,480 ) Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,880 18,098 Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $ 576 million in 2024 and $ 523 million in 2023) 599 534 Goodwill 1,437 1,437 Other intangible assets 259 260 Other assets 1,211 1,232 Total assets $ 23,908 $ 24,294 Liabilities and Shareholders' Equity Long-term debt (includes debt of consolidated VIEs of $ 11.4 billion in 2024 and $ 11.6 billion in 2023) $ 19,520 $ 19,813 Insurance claims and policyholder liabilities 597 615 Deferred and accrued taxes 34 9 Other liabilities (includes other liabilities of consolidated VIEs of $ 26 million in 2024 and 2023) 543 671 Total liabilities 20,694 21,108 Contingencies (Note 12) Shareholders' equity: Common stock, par value $ 0.01 per share; 2,000,000,000 shares authorized, 119,877,252 and 119,757,277 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1 1 Additional paid-in capital 1,718 1,715 Accumulated other comprehensive loss ( 91 ) ( 87 ) Ret

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View this 10-Q filing on SEC EDGAR