Sign In  |  Register  |  About Corte Madera  |  Contact Us

Corte Madera, CA
September 01, 2020 10:27am
7-Day Forecast | Traffic
  • Search Hotels in Corte Madera

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

OneMain Holdings, Inc. Reports Fourth Quarter 2021 Results

  • 4Q 2021 Diluted EPS of $2.02
  • 4Q 2021 C&I adjusted diluted EPS of $2.38
  • 4Q 2021 C&I managed receivables of $19.6 billion
  • 4Q 2021 C&I net charge-off ratio of 4.24%
  • Raises quarterly dividend by 36% to $0.95 per share
  • Repurchased 3.7 million shares for $192 million in 4Q
  • Board of Directors approves new $1.0 billion share repurchase program

OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime customers responsible access to credit, today reported pretax income of $355 million and net income of $262 million for the fourth quarter of 2021, compared to $476 million and $359 million, respectively, in the prior year quarter. Earnings per diluted share were $2.02 in the fourth quarter of 2021, compared to $2.67 in the prior year quarter.

Net income was $1.3 billion for the full year of 2021, compared to $730 million for the full year of 2020. Earnings per diluted share were $9.87 in the full year of 2021, compared to $5.41 in the prior year.

On February 2, 2022, OneMain raised its regular quarterly dividend by 36% to $0.95 per share, payable on February 18, 2022, to record holders of the Company's common stock as of the close of business on February 14, 2022.

During the quarter, the Company repurchased approximately 3.7 million shares of common stock for $192 million, including a 1.9 million share block repurchase for $100 million, which was specifically authorized and completed as part of the October secondary offering. The Board of Directors has approved a new $1.0 billion share repurchase program expiring on December 31, 2024. The new program replaces the previous share repurchase program.

“We closed out a great 2021 with continued strong growth in receivables and on plan with our important credit card roll out,” said Doug Shulman, Chairman and CEO of OneMain. “As we enter this year with good momentum, we remain focused on executing our key growth initiatives, driving robust shareholder returns and providing our customers with the products and services they need to help them progress to a better financial future.”

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 $413 million and adjusted net income of $310 million for the fourth quarter of 2021, compared to $498 million and $373 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $2.38 for the fourth quarter of 2021, compared to $2.77 in the prior year quarter.

C&I generated adjusted net income of $1.4 billion for the full year of 2021, compared to $819 million in the prior year. Adjusted earnings per diluted share were $10.81 for the full year of 2021, compared to $6.07 in the prior year.

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 $334 million for the fourth quarter of 2021, representing a 2% increase versus the prior year period.

Originations totaled $3.8 billion in the fourth quarter of 2021, up 20% from $3.2 billion in the prior year quarter. The percentage of secured originations was 52% in the fourth quarter of 2021, consistent with the prior year quarter.

Managed receivables, which include loans serviced for our whole loan sale partners, were $19.6 billion at December 31, 2021. Sales of finance receivables totaled $180 million in the quarter, and the recognized gain on sales, recorded in Other revenue, was $17 million. The Company continues to service these loans.

Ending net finance receivables reached $19.2 billion at December 31, 2021, up 6% from $18.1 billion at December 31, 2020.

Secured receivables were 52% of ending net finance receivables at December 31, 2021, down from 53% at December 31, 2020.

Average net finance receivables were $19.0 billion in the fourth quarter of 2021, up 6% from $18.0 billion in the prior year quarter.

Interest income in the fourth quarter of 2021 was $1.1 billion, consistent with the prior year quarter, reflecting higher average net finance receivables, offset by a lower portfolio yield.

Yield was 23.3% in the fourth quarter of 2021, down from 24.2% 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 $236 million in the fourth quarter of 2021, up from $130 million in the prior year quarter, primarily driven by the prior year period release in the allowance associated with an improved credit environment.

The 30-89 day delinquency ratio was 2.43% at December 31, 2021, up from 2.20% at September 30, 2021, and 2.28% at December 31, 2020.

The 90+ day delinquency ratio was 1.99% at December 31, 2021, up from 1.57% at September 30, 2021, and 1.75% at December 31, 2020.

The net charge-off ratio was 4.24% in the fourth quarter of 2021, up from 3.52% in the third quarter of 2021 and 4.18% in the prior year quarter.

Operating expense for the fourth quarter of 2021 was $348 million, up 9% from $319 million in the prior year quarter reflecting receivables growth and strategic investments in the business compared to COVID-19 cost cutting measures taken in the prior year period.

Funding and Liquidity

As of December 31, 2021, the Company had principal debt balances outstanding of $18.0 billion, 45% of which was secured. The Company had $541 million of cash and cash equivalents, which included $158 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 gross finance receivables, 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 Thursday, February 3, 2022. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 866-342-8588 (U.S. domestic) or 203-518-9865 (international), and using conference ID 67103, 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, net loss resulting from repurchases and repayments of debt, acquisition-related transaction and integration expenses, 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 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.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

(unaudited, $ in millions, except per share amounts)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

1,121

 

 

$

1,113

 

 

$

1,096

 

 

$

4,364

 

 

$

4,368

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(235

)

 

 

(237

)

 

 

(246

)

 

 

(937

)

 

 

(1,027

)

Provision for finance receivable losses

 

 

(237

)

 

 

(226

)

 

 

(134

)

 

 

(593

)

 

 

(1,319

)

Net interest income after provision for finance receivable losses

 

 

649

 

 

 

650

 

 

 

716

 

 

 

2,834

 

 

 

2,022

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues:

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

111

 

 

 

109

 

 

 

109

 

 

 

434

 

 

 

443

 

Investment

 

 

17

 

 

 

14

 

 

 

19

 

 

 

65

 

 

 

75

 

Net loss on repurchases and repayments of debt

 

 

(29

)

 

 

(1

)

 

 

(1

)

 

 

(78

)

 

 

(39

)

Other (1)

 

 

36

 

 

 

33

 

 

 

10

 

 

 

110

 

 

 

47

 

Total other revenues

 

 

135

 

 

 

155

 

 

 

137

 

 

 

531

 

 

 

526

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

(379

)

 

 

(384

)

 

 

(336

)

 

 

(1,448

)

 

 

(1,329

)

Insurance policy benefits and claims

 

 

(50

)

 

 

(45

)

 

 

(41

)

 

 

(176

)

 

 

(242

)

Total other expenses

 

 

(429

)

 

 

(429

)

 

 

(377

)

 

 

(1,624

)

 

 

(1,571

)

Income before income taxes

 

 

355

 

 

 

376

 

 

 

476

 

 

 

1,741

 

 

 

977

 

Income taxes

 

 

(93

)

 

 

(88

)

 

 

(117

)

 

 

(427

)

 

 

(247

)

Net income

 

$

262

 

 

$

288

 

 

$

359

 

 

$

1,314

 

 

$

730

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of diluted shares

 

 

130.0

 

 

 

132.9

 

 

 

134.7

 

 

 

133.1

 

 

 

134.9

 

Diluted EPS

 

$

2.02

 

 

$

2.17

 

 

$

2.67

 

 

$

9.87

 

 

$

5.41

 

Book value per basic share

 

$

24.20

 

 

$

23.74

 

 

$

25.61

 

 

$

24.20

 

 

$

25.61

 

Return on assets

 

 

4.6

%

 

 

5.1

%

 

 

6.5

%

 

 

6.0

%

 

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

Provision for finance receivable losses

 

$

237

 

 

$

226

 

 

$

134

 

 

 

593

 

 

 

1,319

 

Less: Net charge-offs

 

 

(203

)

 

 

(165

)

 

 

(189

)

 

 

(767

)

 

 

(997

)

Change in allowance for finance receivable losses

 

$

34

 

 

$

61

 

 

$

(55

)

 

$

(174

)

 

$

322

 

 

 

 

 

 

 

 

 

 

 

 

Net finance receivables

 

 

19,212

 

 

 

18,843

 

 

 

18,084

 

 

 

19,212

 

 

 

18,084

 

Finance receivables serviced for our whole loan sale partners (2)

 

 

414

 

 

 

283

 

 

 

 

 

 

414

 

 

 

 

Managed receivables

 

$

19,626

 

 

$

19,126

 

 

$

18,084

 

 

$

19,626

 

 

$

18,084

 

 

 

 

 

 

 

 

 

 

 

 

Average net receivables

 

 

19,040

 

 

 

18,545

 

 

 

17,959

 

 

 

18,281

 

 

 

17,997

 

Average receivables serviced for our whole loan sale partners (2)

 

 

351

 

 

 

211

 

 

 

 

 

 

174

 

 

 

 

Average managed receivables

 

$

19,391

 

 

$

18,756

 

 

$

17,959

 

 

$

18,455

 

$

17,997

 

 

 

 

Note:

Year-to-Date may not sum due to rounding.

(1)

4Q20, FY21, and FY20 include an additional net gain on the sale of SpringCastle interests and the fair value impairment of the remaining loans in finance receivables held for sale.

(2)

Receivables serviced for our whole loan sale partners reflect the unpaid principal balance and the accrued interest of loans sold as part of our Whole Loan Sale program.

OneMain Holdings, Inc.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

As of

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

 

541

 

 

$

821

 

 

$

2,272

 

Investment securities

 

 

1,992

 

 

 

1,963

 

 

 

1,922

 

Net finance receivables

 

 

19,212

 

 

 

18,843

 

 

 

18,084

 

Unearned insurance premium and claim reserves

 

 

(761

)

 

 

(750

)

 

 

(771

)

Allowance for finance receivable losses

 

 

(2,095

)

 

 

(2,061

)

 

 

(2,269

)

Net finance receivables, less unearned insurance premium and claim

reserves and allowance for finance receivable losses

 

 

16,356

 

 

 

16,032

 

 

 

15,044

 

Restricted cash and restricted cash equivalents

 

 

476

 

 

 

459

 

 

 

451

 

Goodwill

 

 

1,437

 

 

 

1,437

 

 

 

1,422

 

Other intangible assets

 

 

274

 

 

 

278

 

 

 

306

 

Other assets

 

 

1,003

 

 

 

973

 

 

 

1,054

 

Total assets

 

$

22,079

 

 

$

21,963

 

 

$

22,471

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Long-term debt

 

$

17,750

 

 

$

17,661

 

 

$

17,800

 

Insurance claims and policyholder liabilities

 

 

621

 

 

 

616

 

 

 

621

 

Deferred and accrued taxes

 

 

1

 

 

 

9

 

 

 

45

 

Other liabilities

 

 

614

 

 

 

556

 

 

 

564

 

Total liabilities

 

 

18,986

 

 

 

18,842

 

 

 

19,030

 

 

 

 

 

 

 

 

Common stock

 

 

1

 

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

1,672

 

 

 

1,665

 

 

 

1,655

 

Accumulated other comprehensive income (loss)

 

 

61

 

 

 

77

 

 

 

94

 

Retained earnings

 

 

1,727

 

 

 

1,554

 

 

 

1,691

 

Treasury stock

 

 

(368

)

 

 

(176

)

 

 

 

Total shareholders’ equity

 

 

3,093

 

 

 

3,121

 

 

 

3,441

 

Total liabilities and shareholders’ equity

 

$

22,079

 

 

$

21,963

 

 

$

22,471

 

OneMain Holdings, Inc.

CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED)

 

 

 

 

 

 

 

 

 

As of or Quarter-to-Date

 

As of or Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Net Finance Receivables

 

$

18,562

 

 

$

18,187

 

 

$

17,393

 

 

$

18,562

 

 

$

17,393

 

TDR Net Finance Receivables

 

 

650

 

 

 

656

 

 

 

691

 

 

 

650

 

 

 

691

 

Net Finance Receivables

 

$

19,212

 

 

$

18,843

 

 

$

18,084

 

 

$

19,212

 

 

$

18,084

 

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Allowance

 

$

1,825

 

 

$

1,780

 

 

$

1,955

 

 

$

1,825

 

 

$

1,955

 

TDR Allowance

 

 

270

 

 

 

281

 

 

 

314

 

 

 

270

 

 

 

314

 

Allowance

 

$

2,095

 

 

$

2,061

 

 

$

2,269

 

 

$

2,095

 

 

$

2,269

 

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Allowance Ratio

 

 

9.83

%

 

 

9.79

%

 

 

11.24

%

 

 

9.83

%

 

 

11.24

%

TDR Allowance Ratio

 

 

41.56

%

 

 

42.87

%

 

 

45.46

%

 

 

41.56

%

 

 

45.46

%

Allowance Ratio

 

 

10.90

%

 

 

10.94

%

 

 

12.55

%

 

 

10.90

%

 

 

12.55

%

 

 

 

 

 

 

 

 

 

 

 

Gross Charge-Offs

 

$

260

 

 

$

223

 

 

$

231

 

 

$

989

 

 

$

1,162

 

Recoveries

 

 

(57

)

 

 

(58

)

 

 

(42

)

 

 

(222

)

 

 

(165

)

Net Charge-Offs

 

$

203

 

 

$

165

 

 

$

189

 

 

$

767

 

 

$

997

 

 

 

 

 

 

 

 

 

 

 

 

Gross Charge-Off Ratio

 

 

5.42

%

 

 

4.76

%

 

 

5.12

%

 

 

5.41

%

 

 

6.46

%

Recovery Ratio

 

 

(1.18

%)

 

 

(1.24

%)

 

 

(0.94

%)

 

 

(1.21

%)

 

 

(0.92

%)

Net Charge-Off Ratio

 

 

4.24

%

 

 

3.52

%

 

 

4.18

%

 

 

4.20

%

 

 

5.54

%

 

 

 

 

 

 

 

 

 

 

 

30-89 Delinquency

 

$

467

 

 

$

415

 

 

$

413

 

 

$

467

 

 

$

413

 

30+ Delinquency

 

 

850

 

 

 

710

 

 

 

729

 

 

 

850

 

 

 

729

 

60+ Delinquency

 

 

568

 

 

 

452

 

 

 

478

 

 

 

568

 

 

 

478

 

90+ Delinquency

 

 

383

 

 

 

295

 

 

 

316

 

 

 

383

 

 

 

316

 

 

 

 

 

 

 

 

 

 

 

 

30-89 Delinquency Ratio

 

 

2.43

%

 

 

2.20

%

 

 

2.28

%

 

 

2.43

%

 

 

2.28

%

30+ Delinquency Ratio

 

 

4.42

%

 

 

3.77

%

 

 

4.03

%

 

 

4.42

%

 

 

4.03

%

60+ Delinquency Ratio

 

 

2.96

%

 

 

2.40

%

 

 

2.64

%

 

 

2.96

%

 

 

2.64

%

90+ Delinquency Ratio

 

 

1.99

%

 

 

1.57

%

 

 

1.75

%

 

 

1.99

%

 

 

1.75

%

 

 

 

 

 

 

 

 

 

 

 

Average Net Receivables

 

$

19,040

 

 

$

18,545

 

 

$

17,959

 

 

$

18,281

 

 

$

17,997

 

Average Daily Debt Balances

 

 

18,188

 

 

 

17,680

 

 

 

17,327

 

 

 

17,441

 

 

 

18,080

 

Personal Loan Origination Volume

 

 

3,836

 

 

 

3,870

 

 

 

3,206

 

 

 

13,825

 

 

 

10,729

 

Credit Card Purchase Volume

 

 

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.

BALANCE SHEET METRICS (UNAUDITED)

 

 

 

 

 

As of

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Cash and cash equivalents

 

$

541

 

 

$

821

 

 

$

2,272

 

Cash and cash equivalents unavailable for general corporate purposes

 

 

158

 

 

 

205

 

 

 

211

 

Unencumbered gross finance receivables

 

 

10,217

 

 

 

10,964

 

 

 

9,194

 

Undrawn conduit facilities

 

 

5,400

 

 

 

7,300

 

 

 

7,200

 

Undrawn corporate revolver

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

17,750

 

 

$

17,661

 

 

$

17,800

 

Less: Junior subordinated debt

 

 

(172

)

 

 

(172

)

 

 

(172

)

Adjusted Debt

 

$

17,578

 

 

$

17,489

 

 

$

17,628

 

Less: Available cash and cash equivalents

 

 

(383

)

 

 

(616

)

 

 

(2,061

)

Net Adjusted Debt

 

$

17,195

 

 

$

16,873

 

 

$

15,567

 

 

 

 

 

 

 

 

Total Shareholders' Equity

 

$

3,093

 

 

$

3,121

 

 

$

3,441

 

Less: Goodwill

 

 

(1,437

)

 

 

(1,437

)

 

 

(1,422

)

Less: Other intangible assets

 

 

(274

)

 

 

(278

)

 

 

(306

)

Plus: Junior subordinated debt

 

 

172

 

 

 

172

 

 

 

172

 

Adjusted Tangible Common Equity

 

$

1,554

 

 

$

1,578

 

 

$

1,885

 

Plus: Allowance for finance receivable losses, net of tax (1)

 

 

1,571

 

 

 

1,546

 

 

 

1,702

 

Adjusted Capital

 

$

3,125

 

 

$

3,124

 

 

$

3,587

 

 

 

 

 

 

 

 

Net Leverage (Net Adjusted Debt to Adjusted Capital)

 

5.5x

 

5.4x

 

4.3x

 

 

 

(1)

Income taxes assume a 25% tax rate for 2021 and 2020.

OneMain Holdings, Inc.

CONSOLIDATED RETURN ON RECEIVABLES (UNAUDITED)

 

 

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Revenue (1)

 

25.1

%

 

26.2

%

 

26.4

%

 

25.8

%

 

25.9

%

Net Charge-Off

 

(4.2

%)

 

(3.5

%)

 

(4.2

%)

 

(4.2

%)

 

(5.5

%)

Risk Adjusted Margin

 

20.9

%

 

22.7

%

 

22.2

%

 

21.6

%

 

20.3

%

Operating Expenses

 

(7.9

%)

 

(8.2

%)

 

(7.4

%)

 

(7.9

%)

 

(7.4

%)

Unlevered Return on Receivables

 

13.0

%

 

14.4

%

 

14.8

%

 

13.7

%

 

12.9

%

Interest Expense

 

(4.9

%)

 

(5.1

%)

 

(5.5

%)

 

(5.1

%)

 

(5.7

%)

Change in Allowance

 

(0.7

%)

 

(1.3

%)

 

1.2

%

 

1.0

%

 

(1.8

%)

Income Tax Expense (2)

 

(1.9

%)

 

(1.9

%)

 

(2.6

%)

 

(2.3

%)

 

(1.4

%)

Return on Receivables

 

5.5

%

 

6.2

%

 

8.0

%

 

7.2

%

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

(379

)

 

(384

)

 

(336

)

 

(1,448

)

 

(1,329

)

Average Managed Receivables (3)

 

19,391

 

 

18,756

 

 

17,959

 

 

18,455

 

 

17,997

 

Operating Expense % of Average Managed Receivables

 

(7.8

%)

 

(8.1

%)

 

(7.4

%)

 

(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 a 25% tax rate for 2021 and 2020.

(3)

Average managed receivables include average net receivables and average receivables serviced for our whole loan sale partners.

OneMain Holdings, Inc.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

 

 

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Consumer & Insurance

 

$

359

 

 

$

388

 

 

$

491

 

 

$

1,788

 

 

$

1,021

 

Other

 

 

(1

)

 

 

(1

)

 

 

(4

)

 

 

(7

)

 

 

(9

)

Segment to GAAP Adjustment

 

 

(3

)

 

 

(11

)

 

 

(11

)

 

 

(40

)

 

 

(35

)

Income Before Income Taxes - GAAP basis

 

$

355

 

 

$

376

 

 

$

476

 

 

$

1,741

 

 

$

977

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Income - Segment Accounting Basis

 

$

359

 

 

$

388

 

 

$

491

 

 

$

1,788

 

 

$

1,021

 

Cash-settled stock-based awards

 

 

23

 

 

 

31

 

 

 

 

 

 

54

 

 

 

 

Direct costs associated with COVID-19

 

 

2

 

 

 

1

 

 

 

5

 

 

 

6

 

 

 

17

 

Acquisition-related transaction and integration expenses

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

11

 

Net loss on repurchases and repayments of debt (1)

 

 

29

 

 

 

1

 

 

 

1

 

 

 

70

 

 

 

36

 

Restructuring Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Consumer & Insurance Adjusted Pretax Income (non-GAAP)

 

$

413

 

 

$

421

 

 

$

498

 

 

$

1,918

 

 

$

1,092

 

 

 

 

Note:

Year-to-Date may not sum due to rounding.

(1)

Amounts may 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.

OneMain Holdings, Inc.

RECONCILIATION OF KEY SEGMENT METRICS (UNAUDITED) (Non-GAAP)

 

 

 

 

 

As of

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

 

 

 

 

 

 

Consumer & Insurance

 

$

19,215

 

 

$

18,847

 

 

$

18,091

 

Segment to GAAP Adjustment

 

 

(3

)

 

 

(4

)

 

 

(7

)

Net Finance Receivables - GAAP basis

 

$

19,212

 

 

$

18,843

 

 

$

18,084

 

 

 

 

 

 

 

 

Consumer & Insurance

 

$

2,102

 

 

$

2,070

 

 

$

2,283

 

Segment to GAAP Adjustment

 

 

(7

)

 

 

(9

)

 

 

(14

)

Allowance for Finance Receivable Losses - GAAP basis

 

$

2,095

 

 

$

2,061

 

 

$

2,269

 

OneMain Holdings, Inc.

CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP)

 

 

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, in millions, except per share amounts)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

1,119

 

 

$

1,111

 

 

$

1,093

 

 

$

4,355

 

 

$

4,353

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(233

)

 

 

(235

)

 

 

(242

)

 

 

(930

)

 

 

(1,007

)

Provision for finance receivable losses

 

 

(236

)

 

 

(224

)

 

 

(130

)

 

 

(587

)

 

 

(1,313

)

Net interest income after provision for finance receivable losses

 

 

650

 

 

652

 

 

 

721

 

 

 

2,838

 

 

 

2,033

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

111

 

 

 

109

 

 

 

109

 

 

 

434

 

 

 

443

 

Investment

 

 

17

 

 

 

14

 

 

 

19

 

 

 

65

 

 

 

75

 

Other

 

 

33

 

 

 

29

 

 

 

9

 

 

 

98

 

 

 

33

 

Total other revenues

 

 

161

 

 

 

152

 

 

 

137

 

 

 

597

 

 

 

551

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

(348

)

 

 

(338

)

 

 

(319

)

 

 

(1,341

)

 

 

(1,250

)

Insurance policy benefits and claims

 

 

(50

)

 

 

(45

)

 

 

(41

)

 

 

(176

)

 

 

(242

)

Total other expenses

 

 

(398

)

 

 

(383

)

 

 

(360

)

 

 

(1,517

)

 

 

(1,492

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted pretax income (non-GAAP)

 

 

413

 

 

 

421

 

 

 

498

 

 

 

1,918

 

 

 

1,092

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes (1)

 

 

(103

)

 

 

(105

)

 

 

(125

)

 

 

(480

)

 

 

(273

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (non-GAAP)

 

$

310

 

 

$

316

 

 

$

373

 

 

$

1,438

 

 

$

819

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of diluted shares

 

 

130.0

 

 

 

132.9

 

 

 

134.7

 

 

 

133.1

 

 

 

134.9

 

C&I adjusted diluted EPS (2)

 

$

2.38

 

 

$

2.37

 

 

$

2.77

 

 

$

10.81

 

 

$

6.07

 

 

 

 

 

 

 

 

 

 

 

 

Net finance receivables

 

 

19,215

 

 

 

18,847

 

 

 

18,091

 

 

 

19,215

 

 

 

18,091

 

Finance receivables serviced for our whole loan sale partners (3)

 

 

414

 

 

 

283

 

 

 

 

 

 

414

 

 

 

 

Managed receivables

 

$

19,629

 

 

$

19,130

 

 

$

18,091

 

 

$

19,629

 

 

$

18,091

 

 

 

 

 

 

 

 

 

 

 

 

Average net receivables

 

 

19,043

 

 

 

18,549

 

 

 

17,966

 

 

 

18,286

 

 

 

18,009

 

Average receivables serviced for our whole loan sale partners (3)

 

 

351

 

 

 

211

 

 

 

 

 

 

174

 

 

 

 

Average managed receivables

 

$

19,394

 

 

$

18,760

 

 

$

17,966

 

 

$

18,460

 

 

$

18,009

 

 

 

 

Note:

Year-to-Date may not sum due to rounding.

(1)

Income taxes assume a 25% tax rate for 2021 and 2020.

(2)

C&I adjusted diluted EPS is calculated as the C&I adjusted net income (non-GAAP) divided by the weighted average number of diluted shares outstanding.

(3)

Receivables serviced for our whole loan sale partners reflect the unpaid principal balance and the accrued interest of loans sold as part of our Whole Loan Sale program.

OneMain Holdings, Inc.

CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED) (Non-GAAP)

 

 

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Revenue (1)

 

25.6

%

 

26.1

%

 

26.3

%

 

26.1

%

 

25.9

%

Net Charge-Off

 

(4.2

%)

 

(3.5

%)

 

(4.2

%)

 

(4.2

%)

 

(5.5

%)

Risk Adjusted Margin

 

21.4

%

 

22.6

%

 

22.1

%

 

21.9

%

 

20.3

%

Operating Expenses

 

(7.3

%)

 

(7.2

%)

 

(7.1

%)

 

(7.3

%)

 

(6.9

%)

Unlevered Return on Receivables

 

14.1

%

 

15.3

%

 

15.1

%

 

14.6

%

 

13.4

%

Interest Expense

 

(4.9

%)

 

(5.0

%)

 

(5.4

%)

 

(5.1

%)

 

(5.6

%)

Change in Allowance

 

(0.7

%)

 

(1.3

%)

 

1.3

%

 

1.0

%

 

(1.8

%)

Income Tax Expense (2)

 

(2.2

%)

 

(2.3

%)

 

(2.8

%)

 

(2.6

%)

 

(1.5

%)

Return on Receivables

 

6.5

%

 

6.8

%

 

8.3

%

 

7.9

%

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

(348

)

 

(338

)

 

(319

)

 

(1,341

)

 

(1,250

)

Average Managed Receivables (3)

 

19,394

 

 

18,760

 

 

17,966

 

 

18,460

 

 

18,009

 

Operating Expense % of Average Managed Receivables

 

(7.1

%)

 

(7.2

%)

 

(7.1

%)

 

(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 for 2021 and 2020.

(3)

Average managed receivables include average net receivables and average receivables serviced for our whole loan sale partners.

OneMain Holdings, Inc.

CONSUMER & INSURANCE CAPITAL METRICS (UNAUDITED) (Non-GAAP)

 

 

 

 

 

 

 

 

 

Quarter-to-Date

 

Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

Provision for finance receivable losses

 

$

236

 

 

$

224

 

 

$

130

 

 

$

587

 

 

$

1,313

 

Less: Net charge-offs

 

 

(204

)

 

 

(165

)

 

 

(189

)

 

 

(768

)

 

 

(998

)

Change in C&I allowance for finance receivable losses

(non-GAAP)

 

 

32

 

 

 

59

 

 

 

(59

)

 

 

(181

)

 

 

315

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pretax income (non-GAAP)

 

 

413

 

 

 

421

 

 

 

498

 

 

 

1,918

 

 

 

1,092

 

Pretax capital generation (non-GAAP)

 

 

445

 

 

 

480

 

 

 

439

 

 

 

1,737

 

 

 

1,407

 

 

 

 

 

 

 

 

 

 

 

 

Capital generation, net of tax(1) (non-GAAP)

 

$

334

 

 

$

360

 

 

$

329

 

 

$

1,303

 

 

$

1,056

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Adjusted Capital

 

$

3,124

 

 

$

3,485

 

 

$

3,300

 

 

$

3,587

 

 

$

3,367

 

 

 

 

 

 

 

 

 

 

 

 

Capital Generation, net of tax(1) (non-GAAP)

 

 

334

 

 

 

360

 

 

 

329

 

 

 

1,303

 

 

 

1,056

 

 

 

 

 

 

 

 

 

 

 

 

Less: Common Stock Repurchased

 

 

(192

)

 

 

(141

)

 

 

 

 

 

(368

)

 

 

(45

)

Less: Cash Dividends

 

 

(89

)

 

 

(559

)

 

 

(61

)

 

 

(1,278

)

 

 

(807

)

Capital Returns

 

 

(281

)

 

 

(700

)

 

 

(61

)

 

 

(1,646

)

 

 

(852

)

 

 

 

 

 

 

 

 

 

 

 

Less: Adjustments to C&I, net of tax (1), (2)

 

 

(46

)

 

 

(25

)

 

 

(8

)

 

 

(116

)

 

 

(81

)

Less: Change in the Assumed Tax Rate (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

Less: Withholding Tax on Share-based Compensation

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

(6

)

Less: Adjusted Other Net Loss, net of tax (1)

(non-GAAP)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(4

)

 

 

(4

)

Plus: Other Comprehensive Income (Loss)

 

 

(16

)

 

 

(8

)

 

 

15

 

 

 

(33

)

 

 

50

 

Plus: Purchased Credit Deteriorated Finance Receivables

Gross-up, net of tax (1), (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Plus: Other Intangibles Amortization

 

 

4

 

 

 

9

 

 

 

9

 

 

 

32

 

 

 

37

 

Plus: Trim Acquisition

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

Plus: Share-based Compensation Expense, net of

forfeitures

 

 

7

 

 

 

4

 

 

 

4

 

 

 

23

 

 

 

17

 

Other

 

 

(52

)

 

 

(21

)

 

 

19

 

 

 

(119

)

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

Ending Adjusted Capital

 

$

3,125

 

 

$

3,124

 

 

$

3,587

 

 

$

3,125

 

 

$

3,587

 

 

 

 

Note:

Year-to-Date may not sum due to rounding.

(1)

Income taxes assume a 25% tax rate for 2021 and 2020.

(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

 

As of or Year-to-Date

 

 

 

 

 

 

 

 

 

 

 

(unaudited, $ in millions)

 

12/31/2021

 

9/30/2021

 

12/31/2020

 

12/31/2021

 

12/31/2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Net Finance Receivables

 

$

18,544

 

 

$

18,166

 

 

$

17,363

 

 

$

18,544

 

 

$

17,363

 

TDR Net Finance Receivables

 

 

671

 

 

 

681

 

 

 

728

 

 

 

671

 

 

 

728

 

Net Finance Receivables (1)

 

$

19,215

 

 

$

18,847

 

 

$

18,091

 

 

$

19,215

 

 

$

18,091

 

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Allowance

 

$

1,823

 

 

$

1,778

 

 

$

1,951

 

 

$

1,823

 

 

$

1,951

 

TDR Allowance

 

 

279

 

 

 

292

 

 

 

332

 

 

 

279

 

 

 

332

 

Allowance (1)

 

$

2,102

 

 

$

2,070

 

 

$

2,283

 

 

$

2,102

 

 

$

2,283

 

 

 

 

 

 

 

 

 

 

 

 

Non-TDR Allowance Ratio

 

 

9.83

%

 

 

9.79

%

 

 

11.24

%

 

 

9.83

%

 

 

11.24

%

TDR Allowance Ratio

 

 

41.56

%

 

 

42.87

%

 

 

45.55

%

 

 

41.56

%

 

 

45.55

%

Allowance Ratio

 

 

10.94

%

 

 

10.98

%

 

 

12.62

%

 

 

10.94

%

 

 

12.62

%

 

 

 

 

 

 

 

 

 

 

 

Gross Charge-Offs

 

$

260

 

 

$

223

 

 

$

231

 

 

$

990

 

 

$

1,163

 

Recoveries

 

 

(56

)

 

 

(58

)

 

 

(42

)

 

 

(222

)

 

 

(165

)

Net Charge-Offs

 

$

204

 

 

$

165

 

 

$

189

 

 

$

768

 

 

$

998

 

 

 

 

 

 

 

 

 

 

 

 

Gross Charge-Off Ratio

 

 

5.42

%

 

 

4.77

%

 

 

5.12

%

 

 

5.42

%

 

 

6.46

%

Recovery Ratio

 

 

(1.18

%)

 

 

(1.24

%)

 

 

(0.94

%)

 

 

(1.21

%)

 

 

(0.92

%)

Net Charge-Off Ratio

 

 

4.24

%

 

 

3.52

%

 

 

4.18

%

 

 

4.20

%

 

 

5.54

%

 

 

 

 

 

 

 

 

 

 

 

30-89 Delinquency

 

$

467

 

 

$

415

 

 

$

413

 

 

$

467

 

 

$

413

 

30+ Delinquency

 

 

850

 

 

 

710

 

 

 

729

 

 

 

850

 

 

 

729

 

60+ Delinquency

 

 

568

 

 

 

452

 

 

 

478

 

 

 

568

 

 

 

478

 

90+ Delinquency

 

 

383

 

 

 

295

 

 

 

316

 

 

 

383

 

 

 

316

 

 

 

 

 

 

 

 

 

 

 

 

30-89 Delinquency Ratio

 

 

2.43

%

 

 

2.20

%

 

 

2.28

%

 

 

2.43

%

 

 

2.28

%

30+ Delinquency Ratio

 

 

4.42

%

 

 

3.77

%

 

 

4.03

%

 

 

4.42

%

 

 

4.03

%

60+ Delinquency Ratio

 

 

2.96

%

 

 

2.40

%

 

 

2.64

%

 

 

2.96

%

 

 

2.64

%

90+ Delinquency Ratio

 

 

1.99

%

 

 

1.57

%

 

 

1.75

%

 

 

1.99

%

 

 

1.75

%

 

 

 

 

 

 

 

 

 

 

 

Average Net Receivables

 

$

19,043

 

 

$

18,549

 

 

$

17,966

 

 

$

18,286

 

 

$

18,009

 

Personal Loan Origination Volume

 

 

3,836

 

 

 

3,870

 

 

 

3,206

 

 

 

13,825

 

 

 

10,729

 

Credit Card Purchase Volume

 

 

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)."

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 CorteMadera.com & California Media Partners, LLC. All rights reserved.