OneMain Holdings Files Q3 2024 10-Q

TL;DR

**OMF Q3 10-Q filed. Financials look steady.**

AI Summary

OneMain Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its operations as a personal credit institution. Key financial data and operational highlights for the third quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at OneMain Holdings' financial health and operational performance during the third quarter of 2024, crucial for understanding its current market standing.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 20240930 — Period End Date (The 10-Q covers financial data up to this date.)
• 20241030 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• OneMain Holdings, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — Period of report
• 601 N.W. SECOND STREET (address) — Business and mailing address
• EVANSVILLE (location) — City for business and mailing address
• IN (location) — State for business and mailing address
• 47708 (zip_code) — Zip code for business and mailing address
• ONEMAIN FINANCE CORP (company) — Related entity
• Springleaf Holdings, Inc. (company) — Former company name

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. 2 TABLE OF
• $350 million — entures Junior Subordinated Debenture $350 million aggregate principal amount of 60-year j
• $1.1 b — er with a maximum borrowing capacity of $1.1 billion, payable and due on September 6,

Filing Documents

• omf-20240930.htm (10-Q) — 3366KB
• exhibit311omhq324.htm (EX-31.1) — 11KB
• exhibit312omhq324.htm (EX-31.2) — 11KB
• exhibit313omfcq324.htm (EX-31.3) — 11KB
• exhibit314omfcq324.htm (EX-31.4) — 11KB
• exhibit321omhq324.htm (EX-32.1) — 7KB
• exhibit322omfcq324.htm (EX-32.2) — 7KB
• 0001584207-24-000028.txt ( ) — 16156KB
• omf-20240930.xsd (EX-101.SCH) — 62KB
• omf-20240930_cal.xml (EX-101.CAL) — 128KB
• omf-20240930_def.xml (EX-101.DEF) — 501KB
• omf-20240930_lab.xml (EX-101.LAB) — 774KB
• omf-20240930_pre.xml (EX-101.PRE) — 737KB
• omf-20240930_htm.xml (XML) — 3621KB

— 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 7 Condensed Consolidated Statements of Operations 8 Condensed Consolidated Statements of Comprehensive Income 9 Condensed Consolidated Statements of Shareholders' Equity 10 Condensed Consolidated Statements of Cash Flows 12

Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited)

Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited): Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Operations 14 Condensed Consolidated Statements of Comprehensive Income 15 Condensed Consolidated Statements of Shareholder's Equity 16 Condensed Consolidated Statements of Cash Flows 18 Notes to the Condensed Consolidated Financial Statements 19 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 47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 4.

Controls and Procedures

Controls and Procedures 70

Controls and Procedures of OneMain Holdings, Inc

Controls and Procedures of OneMain Holdings, Inc. 70

Controls and Procedures of OneMain Finance Corporation

Controls and Procedures of OneMain Finance Corporation 71

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 72 Item 1A.

Risk Factors

Risk Factors 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72 Item 3. Defaults Upon Senior Securities 72 Item 4. Mine Safety Disclosures 72 Item 5. Other Information 72 Item 6. Exhibit Index 73

SIGNATURES

SIGNATURES OneMain Holdings, Inc. Signature 74 OneMain Finance Corporation Signature 75 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 FCRT Foursight Capital Automobile Receivables Trust Foursight Foursight Capital LLC Foursight Acquisition acquisition of Foursight Capital LLC from Jefferies Financial Group, Inc., effective April 1, 2024 GAAP generally accepted accounting principles in the United

- 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) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 577 $ 1,014 Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $ 1.5 billion and $ 1.6 billion in 2024, respectively, and $ 1.6 billion and $ 1.8 billion in 2023, respectively) 1,581 1,719 Net finance receivables (includes loans of consolidated VIEs of $ 14.2 billion in 2024 and $ 12.8 billion in 2023) 23,075 21,349 Unearned insurance premium and claim reserves ( 765 ) ( 771 ) Allowance for finance receivable losses (includes allowance of consolidated VIEs of $ 1.6 billion in 2024 and $ 1.4 billion in 2023) ( 2,645 ) ( 2,480 ) Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 19,665 18,098 Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $ 662 million in 2024 and $ 523 million in 2023) 693 534 Goodwill 1,474 1,437 Other intangible assets 288 260 Other assets 1,300 1,232 Total assets $ 25,578 $ 24,294 Liabilities and Shareholders' Equity Long-term debt (includes debt of consolidated VIEs of $ 12.7 billion in 2024 and $ 11.6 billion in 2023) $ 21,137 $ 19,813 Insurance claims and policyholder liabilities 597 615 Deferred and accrued taxes 29 9 Other liabilities (includes other liabilities of consolidated VIEs of $ 30 million in 2024 and $ 26 million in 2023) 607 671 Total liabilities 22,370 21,108 Contingencies (Note 14) Shareholders' equity: Common stock, par value $ 0.01 per share; 2,000,000,000 shares authorized, 119,403,628 and 119,757,277 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1 1 Additional paid-in capital 1,728 1,715 Accumulated ot

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View this 10-Q filing on SEC EDGAR