OneMain Holdings Inc (OMF) 2023 Q2 法說會逐字稿

Welcome to the OneMain Financial's Second Quarter 2023 Earnings Conference Call and Webcast. Hosting the call today from OneMain is Peter Poillon, Head of Investor Relations. Today's call is being recorded. (Operator Instructions)

歡迎參加 OneMain Financial 2023 年第二季度收益電話會議和網絡廣播。今天主持 OneMain 電話會議的是投資者關係主管 Peter Poillon。今天的通話正在錄音。 （操作員說明）

It is now my pleasure to turn the floor over to Peter Poillon. You may begin.

現在我很高興將發言權交給 Peter Poillon。你可以開始了。

Thank you, Shelby. Good morning, everyone, and thank you for joining us. Let me begin by directing you to Page 2 of the second quarter 2023 investor presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP measures.

謝謝你，謝爾比。大家早上好，感謝您加入我們。首先，我將引導您閱讀 2023 年第二季度投資者演示文稿的第 2 頁，其中包含有關前瞻性陳述和非 GAAP 指標使用的重要披露。

The presentation can be found in the Investor Relations section of our website. Our discussion today will contain certain forward-looking statements reflecting management's current beliefs about the company's future financial performance and business prospects, and these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today.

該演示文稿可以在我們網站的投資者關係部分找到。我們今天的討論將包含某些前瞻性陳述，反映管理層當前對公司未來財務業績和業務前景的信念，這些前瞻性陳述受到固有風險和不確定性的影響，並且僅在今天發表。

Factors that could cause actual results to differ materially from these forward-looking statements are set forth in our earnings press release. We caution you not to place undue reliance on forward-looking statements. If you may be listening to this via replay at some point after today, we remind you that the remarks made herein are as of today, July 26, and have not been updated subsequent to this call.

我們的收益新聞稿中列出了可能導致實際結果與這些前瞻性陳述存在重大差異的因素。我們提醒您不要過分依賴前瞻性陳述。如果您可能在今天之後的某個時間通過重播收聽此內容，我們提醒您，本文中的言論截至今天 7 月 26 日，並且在本次電話會議之後尚未更新。

Our call this morning will include formal remarks from Doug Shulman, our Chairman and Chief Executive Officer; and Micah Conrad, our Chief Financial Officer. After the conclusion of our formal remarks, we will conduct a question-and-answer session. I'd like to now turn the call over to Doug.

我們今天上午的電話會議將包括我們的董事長兼首席執行官道格·舒爾曼 (Doug Shulman) 的正式講話；和我們的首席財務官 Micah Conrad。正式發言結束後，我們將進行問答環節。我現在想把電話轉給道格。

Thanks, Pete, and good morning, everyone. Thank you for joining us today. Today, I'll cover our results for the quarter, our competitive positioning in the current economic environment and our strategic initiatives. Let me begin by mentioning the important progress OneMain has made this year in growing our products and channels to serve more hard-working Americans. This includes our BrightWay credit card and our expanded secured distribution channels, both of which have continued to show steady growth and strong credit performance.

謝謝，皮特，大家早上好。感謝您今天加入我們。今天，我將介紹我們本季度的業績、我們在當前經濟環境中的競爭地位以及我們的戰略舉措。首先我要提一下 OneMain 今年在發展我們的產品和渠道以服務更多勤奮的美國人方面取得的重要進展。這包括我們的 BrightWay 信用卡和擴大的安全分銷渠道，這兩者都繼續顯示出穩定的增長和強勁的信用表現。

Through our expanded product set, we've been able to grow our customer base from 2.3 million customers 2 years ago to 2.7 million today. As we grow our customer base, we'll be able to do more business with an expanding universe of customers and products. This quarter, capital generation, the metric against which we measure and manage our business, was $192 million. Demand for our loan products remained strong. This quarter, our originations totaled $3.7 billion, ahead of our expectations at the beginning of the year and only modestly below originations a year ago despite our significantly tighter underwriting posture today.

通過擴大產品系列，我們的客戶群已從 2 年前的 230 萬增加到今天的 270 萬。隨著我們客戶群的擴大，我們將能夠通過不斷擴大的客戶和產品範圍開展更多業務。本季度，資本生成（我們衡量和管理業務的指標）為 1.92 億美元。對我們貸款產品的需求仍然強勁。本季度，我們的承保總額為 37 億美元，超出了我們年初的預期，僅略低於一年前的承保金額，儘管我們今天的承保態勢明顯收緊。

Our continued strong origination volume is a testament to our competitive positioning, strong balance sheet and an excellent access to capital markets, which allows us to continue to make all of the loans that meet our risk return criteria and consistently provide our customers responsible access to credit across a range of products regardless of the economic environment. As we've discussed on previous calls, we've seen notable increases in the credit quality of our originations. 64% of new customer originations since our major credit tightening in August of 2022 have been in our top 2 risk rates, those with the best credit quality and lowest risk customers.

我們持續強勁的發放量證明了我們的競爭地位、強勁的資產負債表和良好的資本市場准入條件，這使我們能夠繼續發放符合風險回報標準的所有貸款，並始終如一地為我們的客戶提供負責任的信貸渠道無論經濟環境如何，都涵蓋一系列產品。正如我們在之前的電話會議中討論的那樣，我們發現我們的機構的信用質量顯著提高。自 2022 年 8 月我們實施重大信貸緊縮以來，64% 的新客戶屬於我們風險率最高的 2 名客戶，即信用質量最佳和風險最低的客戶。

And while we haven't made an across-the-board macro adjustment to our credit box since last August, we've continued to tighten our underwriting at a more granular level during 2023 by closely examining bespoke segments of underperformance by channel, geography and customer attributes. Examples of this include reducing the size of loans in certain geographies, reducing LTVs in auto lending, tightening standards for thinner file customers, moving some lower ROE business to more affordable, smaller dollar loans and increasing pricing with some decrease in volume in segments that make sense.

儘管自去年 8 月以來我們尚未對信用額度進行全面的宏觀調整，但我們在 2023 年期間繼續在更細粒度的水平上收緊承保，按渠道、地域和地區仔細審查表現不佳的定制部分。客戶屬性。這方面的例子包括減少某些地區的貸款規模、降低汽車貸款的生命週期價值、收緊對薄型客戶的標準、將一些淨資產回報率較低的業務轉移到更實惠、金額較小的美元貸款，以及提高定價，同時減少某些細分市場的數量感覺。

We're already seeing the incremental positive credit results from these adjustments in our early vintage tracking. Given the current economic uncertainty as well as strong demand and our strong competitive positioning, we expect to maintain this conservative underwriting posture until the economic picture becomes more clear. The results of the actions we've taken are evident in our credit performance. Our 30 to 89 delinquency rate finished the quarter at 2.76%, up only 18 basis points from the first quarter and in line with normal seasonal trends. For context, recall that delinquency rose 48 basis points in the second quarter of 2022, while back in the second quarter of 2019, delinquency was up approximately 21 basis points from the first quarter. Loan net charge-offs in the quarter were 7.6%, in line with our expectations, aided by continued good performance in late-stage collections and post charge-off recoveries.

我們已經在早期年份跟踪中看到這些調整帶來的增量積極信用結果。鑑於當前經濟的不確定性以及強勁的需求和我們強大的競爭地位，我們預計將維持這種保守的承保姿態，直到經濟形勢變得更加明朗。我們所採取行動的結果在我們的信用表現中顯而易見。本季度 30 至 89 的拖欠率為 2.76%，僅比第一季度上升 18 個基點，符合正常的季節性趨勢。就背景而言，回想一下，2022 年第二季度的拖欠率上升了 48 個基點，而早在 2019 年第二季度，拖欠率就比第一季度增加了約 21 個基點。本季度貸款淨沖銷率為 7.6%，符合我們的預期，這得益於後期催收和沖銷後回收的持續良好表現。

Our portfolio is now split about 50-50 between loans we originated before August 2022 and those underwritten after our credit tightening. While we are encouraged by the trends we see in our credit, we continue to be cautious as we navigate an uncertain economic environment with some headwinds and some tailwinds. On the positive side, unemployment remains near historic lows, and our customers have benefited from wage growth with our average customer income up about 10% compared to 2019 levels.

我們的投資組合現在大約分為 50-50 部分：我們在 2022 年 8 月之前發放的貸款和信貸緊縮後承保的貸款。儘管我們對信貸趨勢感到鼓舞，但在面臨逆風和順風的不確定經濟環境時，我們仍然保持謹慎態度。從積極的一面來看，失業率仍接近歷史低點，我們的客戶受益於工資增長，我們的平均客戶收入較 2019 年水平增長約 10%。

However, while we have seen the pace of inflation decrease, some of the basic costs for the average American, notably food, housing and gas remain elevated, and we are working hard to support our customers who are affected by this. We are pleased that our decisive credit tightening and our differentiated business model have resulted in performance that is superior to what we see from most other nonprime lenders.

然而，雖然我們看到通貨膨脹速度放緩，但普通美國人的一些基本成本，特別是食品、住房和天然氣仍然居高不下，我們正在努力支持受此影響的客戶。我們很高興我們果斷的信貸緊縮和差異化的業務模式帶來了優於大多數其他非主要貸款機構的業績。

And as our post tightening vintages continue to grow in proportion to the total portfolio, we expect credit performance will normalize over time to more historic levels. During the second quarter, we demonstrated our deep access to the capital markets, raising more than $1.3 billion through 2 debt offerings, one in the ABS market and one in the unsecured market. We've raised over $2 billion of funding so far in 2023 and continue to feel great about our access to markets.

隨著緊縮後的年份在總投資組合中所佔比例繼續增長，我們預計信貸表現將隨著時間的推移正常化至歷史水平。第二季度，我們展示了我們深入資本市場的能力，通過兩次債務發行籌集了超過 13 億美元，其中一次在 ABS 市場，另一次在無擔保市場。 2023 年迄今為止，我們已籌集了超過 20 億美元的資金，並且對我們進入市場的機會繼續感到滿意。

Our strong balance sheet, liquidity and outstanding capital access are important competitive differentiators for OneMain.

我們強大的資產負債表、流動性和出色的資本准入是 OneMain 的重要競爭優勢。

Turning now to our strategic initiatives. Let me start with our BrightWay credit card. We continue to be very pleased with the progress of our rollout as well as the credit performance of our cards. And the early results are confirming our hypothesis that a card product provides a very significant opportunity for our customers and our business.

現在談談我們的戰略舉措。讓我從我們的 BrightWay 信用卡開始。我們仍然對我們的推出進展以及我們卡的信用表現感到非常滿意。早期結果證實了我們的假設，即卡產品為我們的客戶和我們的業務提供了非常重要的機會。

As you know, our disciplined rollout has been a multiyear journey. We began offering cards in 2021 by booking about 65,000 test accounts and spent the better part of 2022, monitoring marketing and channel effectiveness, spend and credit performance. We focused heavily on building a digital-first product by enhancing the customer experience in our BrightWay app and have been very pleased to see that customers are primarily engaging with and paying us in the mobile app.

如您所知，我們有序的推出是一個多年的歷程。我們於 2021 年開始提供信用卡服務，預訂了約 65,000 個測試賬戶，並在 2022 年的大部分時間裡監控營銷和渠道有效性、支出和信用表現。我們重點關注通過增強 BrightWay 應用程序中的客戶體驗來構建數字優先產品，並且非常高興地看到客戶主要在移動應用程序中與我們互動並付款。

Since that time, we've been focusing on our readiness to scale the card product by building out our operational and servicing infrastructure. At quarter end, we had roughly 230,000 card customers and $159 million of card receivables. And we're very excited that this month, we had our first card-only customer take a loan through a pop-up offering in our mobile app. We've always thought that card customers who show positive credit behavior would be a very attractive, low or no-cost acquisition channel for loans. While it's still early days, we now have the capability to offer more than one product through our mobile app, and we're excited about the possibilities this brings to our business and customers going forward.

從那時起，我們一直專注於通過構建我們的運營和服務基礎設施來擴大卡產品的規模。截至季度末，我們擁有大約 230,000 名信用卡客戶和 1.59 億美元的信用卡應收賬款。我們非常高興這個月，我們的第一個純卡客戶通過我們的移動應用程序中的彈出窗口獲得了貸款。我們一直認為，表現出積極信用行為的卡客戶將是一個非常有吸引力、低成本或無成本的貸款獲取渠道。雖然現在還處於早期階段，但我們現在有能力通過我們的移動應用程序提供不止一種產品，我們對這給我們的業務和客戶帶來的未來可能性感到興奮。

As we've started to scale, we've maintained our conservative credit posture and have been disciplined in our rollout through the 2-plus years we've been working on our card product. We're also pleased with the continued progress in our secured distribution channels where we continue to deliberately and carefully build a portfolio of secured loans through relationships with auto dealerships, powersports dealers and home contractors. Origination volume remains solid and credit performance is excellent.

隨著我們開始擴大規模，我們一直保持著保守的信貸態度，並且在我們開發信用卡產品的兩年多時間裡，我們在推出信用卡產品時一直遵守紀律。我們還對我們的擔保分銷渠道的持續進展感到高興，我們繼續通過與汽車經銷商、動力運動經銷商和家庭承包商的關係，刻意謹慎地建立擔保貸款組合。發行量保持穩健，信用表現優異。

Loans sourced through these channels use the same hallmark ability to pay underwriting we use in the rest of the business and almost always include a phone call directly between us and the customer. Importantly, these secured lending channels help expand our distribution capabilities and provide a growth channel with attractive returns for us in the years to come. Loans from these channels today total more than $550 million of our receivables.

通過這些渠道獲得的貸款使用與我們在其他業務中使用的相同的標誌性支付承銷能力，並且幾乎總是包括我們和客戶之間的直接電話聯繫。重要的是，這些擔保貸款渠道有助於擴大我們的分銷能力，並為我們在未來幾年提供具有吸引力回報的增長渠道。如今，來自這些渠道的貸款總額超過我們應收賬款的 5.5 億美元。

I'll close by briefly touching on capital allocation. Our top priority remains investing in the business. And this quarter, we grew our receivables by about $700 million, invested in new products and channels and continued to build out our technology and digital capabilities.

最後我將簡要談談資本配置。我們的首要任務仍然是投資業務。本季度，我們的應收賬款增長了約 7 億美元，投資於新產品和渠道，並繼續增強我們的技術和數字能力。

Our next priority is our dividend, and our $4 per share annual dividend translates into an approximately 8% yield at our current share price. And finally, during the second quarter, we repurchased about 170,000 shares for $7 million. As we've discussed over the past few quarters, we've moderated our share repurchases given the uncertain economic environment and our desire to maintain strategic optionality.

我們的下一個優先事項是股息，每股 4 美元的年度股息按當前股價計算，收益率約為 8%。最後，在第二季度，我們以 700 萬美元回購了約 170,000 股股票。正如我們在過去幾個季度所討論的那樣，鑑於經濟環境的不確定性以及我們保持戰略選擇性的願望，我們已經調整了股票回購計劃。

However, we remain active in the market and will continue to adapt the pace of repurchases as the environment evolves. With that, let me turn the call over to Micah.

然而，我們仍然活躍在市場中，並將隨著環境的變化繼續調整回購步伐。接下來，讓我把電話轉給 Micah。

Thanks, Doug, and good morning, everyone. This quarter's financial performance was highlighted by strong receivables growth and credit trends that continue to follow normal seasonal patterns. We had a solid quarter for funding, raising $1.3 billion, including accessing the unsecured market for the first time in nearly 2 years. Second quarter net income was $103 million or $0.85 per diluted share, down from $1.67 per diluted share in the second quarter of 2022.

謝謝，道格，大家早上好。應收賬款強勁增長和繼續遵循正常季節性模式的信貸趨勢凸顯了本季度的財務業績。我們的季度融資表現強勁，籌集了 13 億美元，其中包括近兩年來首次進入無擔保市場。第二季度淨利潤為 1.03 億美元，即稀釋後每股收益 0.85 美元，低於 2022 年第二季度稀釋後每股收益 1.67 美元。

Second quarter net income was impacted by CECL reserve builds resulting from our strong growth and 2 nonrecurring regulatory settlements. Please keep in mind that prior period comparisons also reflect a historically lower level of net charge-offs. C&I adjusted net income was $122 million or $1.01 per diluted share, down from $1.86 per diluted share in the prior year quarter. Capital generation was $192 million for the quarter compared to $273 million a year ago. Recall capital generation excludes changes in CECL reserves considering only the current period's charge-offs.

第二季度淨利潤受到我們強勁增長和兩項非經常性監管和解導致的 CECL 準備金增加的影響。請記住，前期比較也反映了歷史上較低的淨沖銷水平。 C&I 調整後淨利潤為 1.22 億美元，即稀釋後每股收益 1.01 美元，低於去年同期稀釋後每股收益 1.86 美元。本季度資本生成為 1.92 億美元，而去年同期為 2.73 億美元。回想一下，資本生成不包括 CECL 準備金的變化，僅考慮本期的沖銷。

Demand for our loan products remained strong, supported by a constructive competitive environment and continued progress in our new products and channels. Managed receivables were $21.4 billion at June 30, up $1.3 billion or 6% from a year ago, with approximately 1/3 of that growth coming from our secured distribution channels and BrightWay credit cards. As a reminder, managed receivables also includes $849 million of receivables sold through our forward flow agreements.

在建設性的競爭環境以及新產品和渠道的持續進步的支持下，我們的貸款產品需求依然強勁。截至 6 月 30 日，管理的應收賬款為 214 億美元，比一年前增加 13 億美元，即 6%，其中約 1/3 的增長來自我們的安全分銷渠道和 BrightWay 信用卡。提醒一下，管理的應收賬款還包括通過我們的遠期流量協議出售的 8.49 億美元的應收賬款。

Given our second quarter performance and what we can see ahead, we are now estimating full year receivables growth to be between 5% and 8%. You may recall last quarter, we signaled that we were trending toward mid-single digits, an improvement from our initial guide in early February as a constructive competitive environment and lower early payments have offset the impacts of continued credit tightening.

鑑於我們第二季度的業績以及我們對未來的展望，我們現在預計全年應收賬款增長將在 5% 至 8% 之間。您可能還記得上個季度，我們表示我們正朝著中個位數的方向發展，這比我們 2 月初的初始指導有所改善，因為建設性的競爭環境和較低的提前付款抵消了持續信貸緊縮的影響。

Second quarter interest income was $1.1 billion, flat to the prior year quarter. Yield was 22.2% in the quarter, down 5 basis points from the first quarter. Yield continues to reflect the ongoing impacts of higher delinquency levels, borrower payment assistance and the strong originations in our secured distribution channels. We expect yield will gradually improve over time as our back book runs off, and we see the benefits of our credit tightening and our recent pricing actions.

第二季度利息收入為 11 億美元，與去年同期持平。本季度收益率為22.2%，較一季度下降5個基點。收益率繼續反映了較高的拖欠水平、借款人付款援助以及我們安全分銷渠道的強大起源的持續影響。我們預計，隨著我們的賬本耗盡，收益率將隨著時間的推移逐漸提高，並且我們看到了信貸緊縮和最近的定價行動的好處。

Pricing for the second quarter originations was up modestly from first quarter. And since the end of June, we've made even further pricing adjustments that will support yield in the quarters to come. Interest expense was $242 million in the quarter, up $24 million or 11% versus the prior year, primarily from an increase in average debt to support our receivables growth. Interest expense as a percentage of receivables was 4.8%, up modestly from 4.6% a year ago, a sharp contrast to the significant increase we've seen in base rates.

第二季度的定價較第一季度小幅上漲。自 6 月底以來，我們進行了進一步的定價調整，這將支持未來幾個季度的收益率。本季度利息支出為 2.42 億美元，比上年增加 2,400 萬美元，即 11%，主要是由於平均債務增加以支持我們的應收賬款增長。利息支出占應收賬款的百分比為 4.8%，較一年前的 4.6% 略有上升，與我們看到的基本利率的大幅增長形成鮮明對比。

We expect that future changes in our interest expense will be gradual, given our primarily fixed rate, longer duration maturities and our recent mix of lower-cost secured funding. Other revenue in the second quarter was $182 million, up $29 million or 19% from the prior year quarter. The increase was primarily attributable to higher yields on our investment portfolio and on our cash balances. Provision expense was $479 million, reflecting net charge-offs of $385 million and a $94 million increase to our loan loss allowance.

鑑於我們主要採用固定利率、較長期限以及最近的低成本擔保融資組合，我們預計未來利息支出的變化將是漸進的。第二季度其他收入為 1.82 億美元，比去年同期增長 2900 萬美元，即 19%。這一增長主要歸因於我們的投資組合和現金餘額的收益率提高。準備金支出為 4.79 億美元，反映出 3.85 億美元的淨沖銷和貸款損失準備金增加 9,400 萬美元。

Note that the increase in the allowance is primarily driven by portfolio growth as our reserve ratio was up just 6 basis points to 11.66%. We continue to maintain a cautious view of the future macro environment in our reserves with assumptions similar to recent quarters. Finally, policyholder benefits and claims expense for the quarter was $44 million compared to $42 million in the second quarter of 2022.

請注意，準備金的增加主要是由投資組合增長推動的，因為我們的準備金率僅上升了 6 個基點至 11.66%。我們繼續對儲備的未來宏觀環境保持謹慎看法，假設與最近幾個季度類似。最後，本季度的保單持有人福利和索賠費用為 4400 萬美元，而 2022 年第二季度為 4200 萬美元。

Let's now turn to the C&I credit trends highlighted on Slide 8. Loan net charge-offs were $379 million or 7.6% for the quarter. Net charge-offs were supported by strong recoveries equal to 1.3% of average receivables. Our net charge-off estimate for the year remains unchanged at 7.0% to 7.5%. 30 to 89 loan delinquency was 2.76% in the second quarter, up from 2.58% in March. This sequential increase of 18 basis points is consistent with typical seasonal patterns.

現在讓我們轉向幻燈片 8 中突出顯示的 C&I 信貸趨勢。本季度貸款淨沖銷額為 3.79 億美元，即 7.6%。相當於平均應收賬款 1.3% 的強勁回收率支撐了淨沖銷。我們對今年的淨沖銷預測保持在 7.0% 至 7.5% 不變。第二季度 30 至 89 的貸款拖欠率為 2.76%，高於 3 月份的 2.58%。 18 個基點的連續增長符合典型的季節性模式。

As you'll see on Slide 9, our post-August 2022 originations or our front book has now grown to represent about 50% of our total portfolio. These originations continue to perform within our expectations and are expected to represent 65% to 70% of our portfolio by year-end.

正如您將在幻燈片 9 中看到的那樣，我們 2022 年 8 月後的創作或我們的封面現已增長到占我們總投資組合的約 50%。這些產品的表現繼續符合我們的預期，預計到年底將占我們投資組合的 65% 至 70%。

The performance of our front book is supporting a return to more normal seasonal patterns in our portfolio. 30-plus delinquency of 5.09% was down 20 basis points in the second quarter and down 71 basis points year-to-date, very much in line with prepandemic comparison periods and a stark improvement from what we saw a year ago. And while we continue to be encouraged by the performance of our new originations, our older vintages continue to track above pre-pandemic levels and we are proactively working with customers through what continues to be a challenging time.

我們前線的表現正在支持我們的投資組合回歸更正常的季節性模式。 30 歲以上的拖欠率為 5.09%，第二季度下降了 20 個基點，今年迄今下降了 71 個基點，與大流行前的比較時期非常一致，並且比我們一年前看到的情況有了明顯改善。雖然我們繼續對新產品的表現感到鼓舞，但我們的老年份葡萄酒繼續保持在大流行前水平之上，並且我們正在積極與客戶合作，度過仍然充滿挑戰的時期。

Turning to Slide 11. C&I operating expenses were $370 million in the quarter, up 5% year-over-year, while our operating expense ratio remained unchanged at 7.1%. The majority of our expense growth came from investment in our new products and channels, with our core expense up just 2% versus the second quarter of 2022 despite higher levels of growth in receivables. We continue to manage our expenses closely and expect our full year OpEx ratio to be approximately 7.1% of average receivables unchanged from our previous guidance.

轉向幻燈片 11。本季度工商業運營費用為 3.7 億美元，同比增長 5%，而我們的運營費用率保持在 7.1% 不變。我們的大部分費用增長來自對新產品和渠道的投資，儘管應收賬款增長水平較高，但與 2022 年第二季度相比，我們的核心費用僅增長了 2%。我們繼續密切管理我們的支出，預計全年運營支出占平均應收賬款的比例約為 7.1%，與我們之前的指導保持不變。

Let's now turn to Slide 12 for an update on our balance sheet and our funding. One of the fundamental advantages of our business is our proven access to funding and the capital markets. That was on display once again this quarter as we successfully tapped both the ABS and unsecured debt markets to raise more than $1.3 billion. Importantly, both debt issuances in the quarter had maturities of over 5 years, as we begin to fill out the longer end of our balance maturity profile.

現在讓我們轉向幻燈片 12，了解我們的資產負債表和資金的最新情況。我們業務的基本優勢之一是我們可靠的融資和資本市場渠道。本季度，我們成功利用 ABS 和無擔保債務市場籌集了超過 13 億美元的資金，這一點再次得到體現。重要的是，本季度兩次債券發行的期限都超過 5 年，因為我們開始填寫餘額期限概況的較長期限。

In May, we issued in the ABS market for the second time in 2023 with an $825 million 5-year revolving deal at 5.8%. The issuance was well supported with long-term investors and a great lineup of new investors. In June, we issued in the unsecured market for the first time since August of 2021, with a $500 million 9% note due in January 2029. We saw participation from more than 20 new investors in this issuance, and we were pleased with the execution in what has proven to be a choppy market.

5月份，我們在2023年第二次在ABS市場發行了8.25億美元的5年期循環交易，利率為5.8%。此次發行得到了長期投資者和眾多新投資者的大力支持。 6 月，我們自 2021 年 8 月以來首次在無擔保市場發行了 5 億美元、利率為 9% 的票據，將於 2029 年 1 月到期。我們看到超過 20 名新投資者參與了本次發行，我們對執行情況感到滿意事實證明，這是一個動蕩的市場。

Each of our unsecured issuances since 2020 have contained a callable feature, which for this 2029 bond will begin in the middle of 2025. This is yet another important tool for us to manage our interest expense and our debt profile over time. Our secured funding mix at quarter end was 55% of outstanding debt, flat to the prior quarter due to the balance of our issuance in 2Q. Our liquidity remains strong and is supported by $7.4 billion of committed bank facilities spread across 15 geographically diverse and well-established financial institutions.

自 2020 年以來，我們的每一次無擔保發行都包含可贖回功能，該 2029 年債券將於 2025 年中期開始。這是我們隨著時間的推移管理利息支出和債務狀況的另一個重要工具。由於第二季度的發行餘額，我們季度末的擔保融資組合佔未償債務的 55%，與上一季度持平。我們的流動性依然強勁，並得到分佈在 15 個地理位置不同且信譽良好的金融機構的 74 億美元承諾銀行融資的支持。

During the quarter, we renewed 3 of these facilities totaling more than $1 billion of capacity extended beyond 2026, and we have now renewed 12 of our facilities since the beginning of last year, showing the strength of our key bank relationships and our liquidity position. And to wrap up the balance sheet, our capital adequacy also remains strong with net leverage of 5.5x, up modestly from 5.4x last quarter.

本季度，我們續簽了其中 3 項貸款，總產能超過 10 億美元，並延長至 2026 年之後，自去年年初以來，我們現已續簽了 12 項貸款，這顯示了我們與主要銀行的關係和流動性狀況的實力。就資產負債表而言，我們的資本充足率也依然強勁，淨槓桿率為 5.5 倍，略高於上季度的 5.4 倍。

With that, I'd like to turn the call back over to Doug.

有了這個，我想把電話轉回給道格。

Thanks, Micah. OneMain remains in a very strong competitive position as we continue to provide access to credit for our customers and help them through this uncertain time. Our delinquencies are in line with seasonal trends and the loans we have originated post tightening are performing well. Our balance sheet is strong enabling us to make every loan that meets our risk return criteria.

謝謝，米迦。 OneMain 仍然處於非常強大的競爭地位，我們繼續為客戶提供信貸服務並幫助他們度過這個不確定的時期。我們的拖欠情況符合季節性趨勢，而且我們在緊縮政策後發放的貸款表現良好。我們的資產負債表強勁，使我們能夠發放符合風險回報標準的每筆貸款。

And we continue to invest in new products and channels allowing us to better serve more customers over time. Before I end, I want to thank all of the OneMain team members for the dedication and passion they bring to work every day to help hard-working Americans improve their financial well-being.

我們繼續投資新產品和新渠道，使我們能夠隨著時間的推移更好地服務更多客戶。在結束之前，我要感謝所有 OneMain 團隊成員每天為幫助辛勤工作的美國人改善財務狀況而付出的奉獻和熱情。

With that, let me open it up for questions.

接下來，讓我開始提問。

(Operator Instructions) We'll take our first question from Vincent Caintic with Stephens.

（操作員說明）我們將回答 Vincent Caintic 和 Stephens 提出的第一個問題。

Nice to see the loan growth this quarter and raising the loan growth range for the year. Just curious if you could talk about what you're seeing that's different and what gives you confidence in higher growth given your conservative stance.

很高興看到本季度的貸款增長並提高了全年的貸款增長幅度。只是好奇您能否談談您所看到的不同之處，以及鑑於您的保守立場，是什麼讓您對更高的增長充滿信心。

Vince, thanks for the questions. This is Micah. I mean we've been pleasantly surprised and happy, of course, but where sort of the receivables are tracking, I think it's a bit of a mix question or answer, I suppose. We've seen certainly some improved payment behavior in the existing portfolio. So payments, as I mentioned in the prepared remarks, we're seeing them down versus prior periods.

文斯，謝謝你的提問。這是彌迦。我的意思是，當然，我們感到驚喜和高興，但是在跟踪應收賬款的情況下，我認為這有點混合問題或答案。我們確實看到現有投資組合中支付行為有所改善。因此，正如我在準備好的評論中提到的那樣，我們看到付款額比前期有所下降。

These are really early payoffs in terms of the loans that are getting paid out by our customers in full. And we think that's partially a function of the competitive environment. So those receivables are sticking around a lot longer. Importantly, those are receivables that are paying. We've also seen strong demand as we mentioned. The competitive environment has been really good. So those 2, 3 things really are causing us to lead us to increase our estimates for the year.

就我們的客戶全額償還的貸款而言，這些確實是早期回報。我們認為這部分是競爭環境的結果。因此，這些應收賬款的存在時間會更長。重要的是，這些是正在支付的應收賬款。正如我們提到的，我們也看到了強勁的需求。競爭環境真的很好。因此，這兩、三件事確實促使我們提高了今年的預測。

I want to make sure and mention that, that's also allowed us to continue to tighten credit as well and be really selective about the loans that we're putting on our books and making sure they really have returns that we like. And so all of that gets incorporated into our receivables expectation. But I think the net-net of all this is a little bit better growth, we're going up 5% to 8% but with also much stronger and better credit quality growth.

我想確認並提及的是，這也使我們能夠繼續收緊信貸，並對我們賬上的貸款進行真正的選擇性，並確保它們真正獲得我們喜歡的回報。因此，所有這些都被納入我們的應收賬款預期中。但我認為所有這一切的淨增長是更好一點，我們將增長 5% 到 8%，但信貸質量增長也更加強勁和更好。

Okay. Great. And second question, talking about the credit reserve range. So just a slight increase quarter-to-quarter. If you could talk about your comfort level about the credit reserves at this current level and what expectations are built into that?

好的。偉大的。第二個問題，關於信貸準備金範圍。因此，季度環比略有增長。您能否談談您對當前信貸儲備水平的滿意程度以及對此有何期望？

Yes. I think they haven't changed much, Vincent, from quarter to quarter. So I think we certainly feel comfortable with them. We've been monitoring the environment closely, really looking at the portfolio on a quarter-to-quarter basis is anything dramatically changing. And I think what you'll see in our credit results, obviously, is very normal seasonal trends. So that leads us to not really feel like we have to put aside any additional reserves.

是的。文森特，我認為每個季度的情況都沒有太大變化。所以我認為我們和他們在一起肯定感覺很舒服。我們一直在密切監視環境，真正每季度觀察投資組合是否會發生巨大變化。我認為您將在我們的信用結果中看到的顯然是非常正常的季節性趨勢。因此，這讓我們並不真正覺得我們必須留出任何額外的儲備。

I think it also gives us confidence that the reserve level is good. We do have a degree of caution and I guess you can call it conservatism, but we'll see how the macro environment plays out. We do have some caution in the reserves. We continue to have a 4.5% to 5% unemployment rate factored into our macro period. And as I've mentioned before, I want to make sure I mention again that macro overlay could cover unemployment increases, but also persistent levels of inflation.

我認為這也讓我們對儲備水平良好充滿信心。我們確實有一定程度的謹慎，我想你可以稱之為保守主義，但我們將看看宏觀環境如何發揮作用。我們在儲備方面確實持謹慎態度。我們的宏觀時期失業率仍然為 4.5% 至 5%。正如我之前提到的，我想確保再次提到宏觀疊加可以涵蓋失業率的增加，但也可以涵蓋持續的通脹水平。

And so those 2 are factored in. It's roughly $100 million, $115 million macro overlay. So we feel really comfortable with the reserves at 11%. As you know, this quarter-over-quarter, we went up about 6 basis points with the majority of that increase of $94 million coming from growth in our portfolio.

因此，將這 2 個因素考慮在內。宏觀疊加大約為 1 億美元和 1.15 億美元。因此，我們對 11% 的準備金率感到非常滿意。如您所知，本季度環比增長了約 6 個基點，其中 9400 萬美元的增長大部分來自我們投資組合的增長。

We'll take our next question from Michael Kaye with Wells Fargo.

我們將接受富國銀行邁克爾·凱提出的下一個問題。

I wanted to dig more into the loan growth. It's coming in better than expectations. You've raised the guidance, but the origination growth still seems kind of lackluster at least versus what my estimates are. So I wanted to just talk more about that decline in payment rate that you've been mentioning. I mean, is this really good or bad for the company in terms of maybe credit? Is this really what's driving the payment rate decreases? Is this more normalization? And could you give us some like historical perspective of these payment rates where they stand today versus pandemic versus historical averages? And do you expect these payment rates to continue to moderate?

我想更多地了解貸款增長情況。它的表現比預期要好。您已經提高了指導意見，但至少與我的估計相比，起源增長似乎仍然乏善可陳。所以我想更多地談談你提到的付款率下降的問題。我的意思是，就信用而言，這對公司來說真的是好事還是壞事？這真的是導致付款率下降的原因嗎？這是更加正常化嗎？您能否給我們提供一些類似的歷史視角，以了解這些支付率目前的情況、大流行病與歷史平均水平的情況？您預計這些付款率會繼續放緩嗎？

Yes. So let me give a little bit more context there. And maybe my answer was not completely fulsome. But as I said, the receivables growth certainly is driven by stronger demand. And I would call that stronger demand in a really constructive competitive environment, offset by our continued credit tightening that Doug had mentioned in his prepared remarks.

是的。因此，讓我提供更多背景信息。也許我的回答並不完全令人滿意。但正如我所說，應收賬款的增長肯定是由更強勁的需求推動的。我認為，在一個真正具有建設性的競爭環境中，需求更加強勁，但被道格在他準備好的講話中提到的我們持續的信貸緊縮所抵消。

Now take those -- that sort of answers or at least gets to your originations question. So originations in the quarter, they were down 4% year-over-year in light of the aggressive tightening that we made in August of last year as well as July and continue to make throughout this year, I think down 4% on originations we're pretty happy about that given the aggressive tightening we made. I mean I think last year, when we did our August tightening, we had called out approximately $1 billion of annual originations being affected. And so I think you've got to keep that in context when you look at the year-over-year originations performance.

現在就拿這些——這類答案或至少回答你的起源問題。因此，鑑於我們在去年 8 月和 7 月實施的積極緊縮政策，以及今年全年的持續收緊政策，本季度的創始量同比下降了 4%，我認為我們的創始量下降了 4%。考慮到我們採取的積極緊縮措施，我們對此感到非常高興。我的意思是，我認為去年，當我們進行 8 月份的緊縮政策時，我們已經宣布大約 10 億美元的年度資金受到影響。因此，我認為，當您查看逐年的原創表現時，必須將這一點放在上下文中。

In terms of the receivables growth and the impact of payments, I'll call out a couple of things and the metrics that we track. When you look at number of customers making a payment, it's relatively close or within earshot of what -- the number of customers making a payments in the high 80s versus prepandemic levels. What we are seeing is customers are paying, in some cases, can't make the full payment.

就應收賬款增長和付款影響而言，我將指出一些事情和我們跟踪的指標。當你觀察付款的客戶數量時，你會發現，80 多歲的客戶付款數量與大流行前的水平相對接近或在可聽範圍內。我們看到的是，客戶正在付款，但在某些情況下無法全額付款。

So we're using some of our borrower assistance tools to help them through this difficult time. And the reference I made to early payoffs are really loans that are paying in full. And so -- we saw a lot of it in 2021 when the government was throwing cash at our customers. They had excess cash to pay off loans. We also think that, that's a function of the competitive environment where loans are not getting written away from us as frequently as they may have been in the past. And so -- those -- again, those are the pieces that contribute to the receivables growth because those are loans that are on the books and would presumably be written away. We think they're customers who are paying, and I look at it as a good thing net-net.

因此，我們正在使用一些借款人援助工具來幫助他們度過這段困難時期。我提到的提前還款實際上是全額償還的貸款。因此，我們在 2021 年看到了很多這樣的情況，當時政府向我們的客戶扔了現金。他們有多餘的現金來償還貸款。我們還認為，這是競爭環境的結果，貸款不再像過去那樣頻繁地被註銷。因此，這些都是有助於應收賬款增長的部分，因為這些是賬面上的貸款，可能會被沖銷。我們認為他們是付費的客戶，我認為這是一件好事。

Okay. Okay. That's helpful. I want to talk a little bit about the asset yields. I get surprised they haven't been a bit stronger than what you've been reporting. I know you've been guiding that modest improvement, I think they've come in below what I would consider a modest improvement or declining. So I wanted to understand what's the dynamic that's holding the asset yields back. I know you mentioned borrower assistance just in your last response. So is that part of it that's creating a challenging for the asset yields?

好的。好的。這很有幫助。我想談談資產收益率。我很驚訝他們並沒有比你報導的強一點。我知道你一直在指導這種適度的改進，我認為他們的表現低於我認為的適度改進或下降。所以我想了解是什麼因素阻礙了資產收益率。我知道您在上次回復中提到了借款人援助。那麼這是否對資產收益率構成了挑戰？

Yes. So in general, Michael, yields are still being impacted by the macro environment. And I think you hit on the 2 of them that are most impactful. One is the higher level of 90-plus. As a reminder, we reversed our -- any accrued interest when a loan becomes 90 days past due, and we stop accruing on that loan at that point. So the higher levels of 90-plus there do create a downward pressure on overall yield.

是的。所以總的來說，邁克爾，收益率仍然受到宏觀環境的影響。我認為你找到了其中最有影響力的兩個。一種是90後以上的水平。提醒一下，當貸款逾期 90 天時，我們會沖銷任何應計利息，屆時我們將停止累積該貸款。因此，90 以上的較高水平確實對整體收益率造成了下行壓力。

Also, some of the borrower payment assistance that we do creates some timing differences in yield where if we extend the temporary modification to a customer for 3 months, we will -- we may take the accrued interest on that loan, put it on the back of the loan and recognize it on a cash basis. And those 2 things do have an impact on yield. And given the higher levels of activity in 90-plus and also borrower assistance, it's creating that temporary pressure in that area.

此外，我們提供的一些借款人付款援助會造成收益率方面的一些時間差異，如果我們將臨時修改延長至客戶 3 個月，我們可能會將該貸款的應計利息計入背面貸款並以收付實現制確認。這兩件事確實會對產量產生影響。鑑於 90 歲以上老年人的活動水平較高以及借款人援助，這在該地區造成了暫時的壓力。

I also mentioned, and we had called out -- maybe fourth quarter of last year, we had shown some pictures in our earnings deck around our prime pricing and also our secured distribution channel. So Doug called out the strong growth we're seeing in that secured distribution channel. And those do have lower APRs. They, of course, have lower losses and we think very, very attractive returns. But the growth in that channel certainly has given a little bit of pressure to yield as well with future earnings to come.

我還提到，我們已經呼籲——也許是去年第四季度，我們在收益表中展示了一些關於我們的優惠定價和我們安全的分銷渠道的圖片。因此，道格指出了我們在安全分銷渠道中看到的強勁增長。這些的年利率確實較低。當然，他們的損失較低，而且我們認為回報非常非常有吸引力。但該渠道的增長無疑給收益率以及未來的盈利帶來了一些壓力。

And I think also, we're certainly mentioning again, we continue to actively manage our originations and our receivables. We have made some significant pricing increases over the last 6 weeks in certain segments that we do expect will help yield as we move into the latter part of '23 and into 2024. And some of these things in terms of the macro environment certainly is what we're looking for to get back to a regular way yield. But I think in the medium term, we can definitely see gaining back 100 basis points on our yield.

我想，我們肯定會再次提到，我們繼續積極管理我們的起源和應收賬款。過去 6 週，我們在某些​​細分市場進行了一些大幅提價，我們確實預計，隨著我們進入 23 世紀下半年和 2024 年，這將有助於提高收益。就宏觀環境而言，其中一些事情肯定是我們正在尋求恢復正常產量。但我認為，從中期來看，我們肯定可以看到收益率回升 100 個基點。

Folks, this is Doug. I just want to hop in since there are 2 questions about growth and just remind everyone we don't manage the business to growth targets. We gave you what we think the growth is going to be. Our view is that growth is an outcome of we're going to have the credit box that meets our risk return thresholds. And then we're going to have excellent marketing, excellent customer experience, excellent product set.

各位，這是道格。我只是想插話，因為有兩個關於增長的問題，只是提醒大家，我們並沒有管理業務以實現增長目標。我們為您提供了我們認為的增長情況。我們的觀點是，增長是我們將擁有滿足風險回報閾值的信貸箱的結果。然後我們將擁有出色的營銷、出色的客戶體驗和出色的產品組合。

I think we're very pleased given how tight our credit box is. And remember, our credit box -- we tightened it because we saw some elevated delinquency in the spring of 2022. And then we layered on a metric for recession. So we're now booking loans that even if we go into a mild recession, unemployment goes up into the 5-ish percent, they still meet our return on equity threshold given that we think it's because of our strong competitive position that 65% of the loans we're booking today are in our top 2 risk grades.

我認為考慮到我們的信用額度如此緊張，我們感到非常高興。請記住，我們的信用箱 - 我們收緊了它，因為我們在 2022 年春季發現拖欠率有所上升。然後我們制定了衰退指標。因此，我們現在正在預訂貸款，即使我們陷入溫和的衰退，失業率上升到百分之五左右，它們仍然符合我們的股本回報率門檻，因為我們認為這是因為我們強大的競爭地位，65％的人我們今天預訂的貸款屬於我們的前 2 級風險等級。

And so we're pleased with the output. But as someone told me when I came into this job who's been in the business a long time. Anyone can make a loan, the question is can you make good loans that pay you back. And so we're pleased with the growth but not managing the growth. But we did give you the number where we think it will come in.

所以我們對輸出感到滿意。但正如我剛開始這份工作時有人告訴我的那樣，他已經在這個行業工作了很長時間。任何人都可以貸款，問題是你能貸出好的貸款來還本付息嗎？因此，我們對增長感到滿意，但對增長的管理卻不滿意。但我們確實給了你我們認為會出現的數字。

And we'll take our next question from Mihir Bhatia with Bank of America.

我們將回答美國銀行 Mihir Bhatia 提出的下一個問題。

I wanted to -- I have a couple of credit questions. So maybe I'll just start with the allowance ratio or the coverage ratio question. I guess, Micah, where do you expect it to trend from here? And the reason I ask you is your guidance implies a meaningful improvement in credit losses over the next couple of quarters, which you see some evidence of that in the delinquencies.

我想——我有幾個信用問題。所以也許我會從準備金率或覆蓋率問題開始。我想，Micah，你預計它的趨勢會如何？我問你的原因是你的指導意味著未來幾個季度信貸損失將出現有意義的改善，你可以在拖欠中看到一些證據。

Then you have -- you also talked about the higher quality borrowers you are adding becoming a larger and larger part of the portfolio. So when does that manifest itself into a lower allowance ratio? It does sound like there's some level of conservatism that you're putting into the allowances, but is the level of conservatism higher today than it was 3 months ago? Just trying to understand some of those moving pieces within that allowance ratio.

然後你還談到了你正在添加的更高質量的借款人將成為投資組合中越來越大的一部分。那麼什麼時候這會體現為較低的準備金率呢？聽起來您確實在津貼中加入了一定程度的保守主義，但今天的保守主義程度是否比 3 個月前更高？只是想了解在這個津貼比率內的一些移動部分。

Yes. Thanks, Mihir, for the question. I think in general, our expectations embedded in our reserves on the macro environment going forward are pretty consistent with what you see from peers. Somewhere in that 4.5% to 5% unemployment rate going forward. So that is certainly a part of why our reserves are at a level that are higher than CECL Day 1 or what we might consider a normal level of reserves, I'd put that at probably about 60 basis points, roughly speaking.

是的。謝謝米希爾的提問。我認為總的來說，我們對未來宏觀環境的儲備的預期與您從同行那裡看到的非常一致。未來失業率將在 4.5% 至 5% 之間。因此，這肯定是我們的儲備金處於高於 CECL 第一天水平或我們可能認為的正常儲備水平的部分原因，粗略地說，我認為可能約為 60 個基點。

And we'll see. I think with these reserves, we are required under CECL to have a view on the future macro. We use a number of different macroeconomic sources to do that. And there's some judgment calls there as well. And I think what we'll be looking to see is, number one, we start to see real improvement in delinquency. We've been following seasonal trends, but we'd like to see that trend down given where the portfolio is headed, as you mentioned.

我們拭目以待。我認為有了這些儲備，CECL要求我們對未來的宏觀有一個看法。我們使用許多不同的宏觀經濟來源來做到這一點。那裡也有一些判斷。我認為我們希望看到的是，第一，我們開始看到犯罪率得到真正的改善。我們一直在跟踪季節性趨勢，但正如您提到的，考慮到投資組合的走向，我們希望看到這種趨勢下降。

I also would point out that we've got to have a view on the macro environment that continues to improve. And that's either unemployment doesn't -- starts to look like we're sort of in the soft landing category, if you -- if I can use that term, or else inflation continues to moderate itself down over time. But I think -- who knows when that will happen (inaudible) here, but it's probably a quarter or 2 away before we start thinking in that direction.

我還想指出，我們必須對持續改善的宏觀環境有一個看法。要么失業率不 - 開始看起來我們有點像軟著陸類別，如果你 - 如果我可以使用這個詞，或者通貨膨脹隨著時間的推移繼續放緩。但我認為 - 誰知道這什麼時候會發生（聽不清），但可能還需要四分之一或兩個時間才能開始朝這個方向思考。

Got it. And then maybe just staying on the credit side of the equation. Just can you talk to us a little bit about some of the internal metrics you are seeing in terms of the pace of credit normalization or deterioration, however you describe it, right? And like what I mean is from the outside, we see the consolidated picture, which is, of course, impacted by the credit tightening actions you took.

知道了。然後也許只是停留在等式的信用方面。您能否與我們談談您在信貸正常化或惡化速度方面看到的一些內部指標，無論您如何描述，對嗎？就像我的意思是從外部來看，我們看到的是綜合情況，這當然受到你們所採取的信貸緊縮行動的影響。

So what I was curious about is, when you look at your customer subsegments, so on a like-for-like basis, using a similar risk score risk rate, how much credit weakening are you seeing? Are you seeing signs of stability? Are you seeing the pace of normalization accelerate, decelerate? Like where are we on that kind of core customer health, like question?

所以我很好奇的是，當你查看你的客戶細分時，在同類基礎上，使用類似的風險評分風險率，你會看到多少信用減弱？您看到穩定的跡象了嗎？您認為正常化的步伐是加快還是放緩？比如我們在核心客戶健康狀況方面處於什麼位置，比如問題？

Yes. I mean, I think that's a very broad question. I'll try to answer some of it. I think there are certainly puts and takes in the macro environment right now, unemployment remains low, as you know. We are seeing some wage growth in our customer base in general, in the nonprime consumer, as Doug highlighted on his remarks. Costs are up, right?

是的。我的意思是，我認為這是一個非常廣泛的問題。我會嘗試回答其中的一些問題。我認為目前的宏觀環境肯定存在著看跌和拿走的情況，正如你所知，失業率仍然很低。正如道格在講話中強調的那樣，我們看到我們的客戶群（非主要消費者）的工資有所增長。成本上漲了，對嗎？

Mortgages, rent, all the things you see in the environment, food, gasoline, even with inflation 3%, 3.5%, 4% higher than prior year that's still a multiple of that higher than 3 years ago. So I would say, in general, the nonprime consumer is still struggling with inflation. We see that on a like-for-like basis across the FICO spectrum. If you were to look a year ago, probably we would have told you, and we did tell you that we were seeing more challenges in the lower income, lower FICO space.

抵押貸款、租金、所有你在環境中看到的東西、食品、汽油，即使通貨膨脹率比上年高出 3%、3.5%、4%，仍然是 3 年前的數倍。所以我想說，總的來說，非主要消費者仍在與通貨膨脹作鬥爭。我們在 FICO 範圍內的同類基礎上看到了這一點。如果你一年前看的話，我們可能會告訴你，而且我們確實告訴過你，我們在低收入、低 FICO 領域看到了更多挑戰。

A year later, that has kind of moved itself up into the higher levels of the FICO spectrum, and you're hearing that from other near prime and even prime lenders on their public calls. And so I would put it somewhere in the 20% to 30% higher delinquency level in general on a like-for-like basis. But through our aggressive tightening last year and our continued sort of surgical management of our originations and the way we're thinking about deploying capital, we've been able to generate a result that on our recent originations looks more like a 2019 level. And I think you pair that with continued growth, and we're pretty happy about where the book is right now.

一年後，這在某種程度上已經上升到了 FICO 範圍的更高水平，你可以從其他接近優質甚至優質貸款機構的公開電話中聽到這一點。因此，我認為在同類基礎上，拖欠率一般會高出 20% 到 30%。但通過我們去年積極的緊縮政策、對我們的起源進行持續的外科手術管理以及我​​們考慮部署資本的方式，我們已經能夠產生一個結果，在我們最近的起源上看起來更像是 2019 年的水平。我認為這與持續的增長相結合，我們對這本書目前的狀況感到非常高興。

Got it. And then just my last question, turning to the credit card product? I know it's early days, but maybe just update us on what are some of the key learnings so far? Are you seeing that product resonate with a certain type of one main customer more? I think you mentioned you've started rolling out loans within the app there. So just where have you needed to tweak? And also any changes to the full year expectations there?

知道了。然後是我的最後一個問題，轉向信用卡產品？我知道現在還為時過早，但也許只是向我們介紹一下迄今為止的一些關鍵經驗教訓？您是否發現該產品更能與某一類型的主要客戶產生共鳴？我想你提到你已經開始在應用程序內推出貸款。那麼哪裡需要調整呢？全年預期有什麼變化嗎？

Yes, Mihir, we -- we're still in the early days of credit card. And a couple of years ago, when we first started issuing the cards, we ran a lot of different test sales by customer type, credit quality, product type, different kinds of product features. And we put about 65,000 cards into market. Some of those -- and we pushed the envelope so we could see where the different breaking points were for profitability so that we could then decide where we wanted to start rolling things out.

是的，米希爾，我們——我們仍處於信用卡的早期階段。幾年前，當我們第一次開始發卡時，我們根據客戶類型、信用質量、產品類型、不同類型的產品功能進行了許多不同的測試銷售。我們向市場投放了大約 65,000 張卡。其中一些——我們挑戰了極限，這樣我們就可以看到盈利能力的不同突破點在哪裡，這樣我們就可以決定從哪裡開始推出產品。

And so the learnings are numerous, like depending on what fee you charged and what channel you went through, some of those, we didn't like the results we were seeing. And so we only used those in test, and we didn't put those in production. Similarly, depending on what we could charge for the card as far as yield depending on the credit results that met our return on equity thresholds. And so after we rolled out in 2021, we watched performance for most of 2022. And now we're rolling out cards in credit bands where we can price appropriately with the product features through the channels that make the most sense to us and that we're highly confident or profitable.

因此，學到的東西很多，比如取決於你收取的費用和你通過的渠道，其中一些，我們不喜歡我們看到的結果。所以我們只在測試中使用它們，而沒有將它們投入生產。同樣，取決於我們可以對卡收取什麼費用，以及收益率取決於符合我們股本回報率閾值的信貸結果。因此，在我們於 2021 年推出之後，我們觀察了 2022 年大部分時間的表現。現在我們正在推出信用級別的信用卡，我們可以通過對我們來說最有意義的渠道，根據產品功能進行適當定價。非常有信心或有利可圖。

And again, just like with our loans, we're only booking cards now that will be profitable even if losses are higher than our expectation because we have a very conservative credit book. So we've had tons of learnings as you roll out a new product. And we, as a company, just continue to grind on every single detail and analyze all of those different factors I said as we incrementally tweak our box, our customer experience and our product.

再說一遍，就像我們的貸款一樣，我們現在只預訂那些即使損失高於我們預期也會盈利的卡，因為我們的信用簿非常保守。因此，當您推出新產品時，我們學到了大量的知識。作為一家公司，我們將繼續研究每一個細節，並分析我所說的所有不同因素，同時逐步調整我們的盒子、客戶體驗和產品。

And so we like what we've seen. We think it's a good growth channel. Similar to loans, we're not managing to any sort of growth targets. We're managing to profitability and return on equity products. And so we like what we've seen with the rollout, and we plan to continue the rollout in some very specific segments that we have a lot of confidence in.

所以我們喜歡我們所看到的。我們認為這是一個很好的增長渠道。與貸款類似，我們無法實現任何增長目標。我們正在努力實現盈利和股本產品回報。因此，我們對此次推出所看到的結果感到滿意，並且計劃繼續在一些我們非常有信心的特定細分市場中進行推出。

We'll take our next question from Kevin Barker with Piper Sandler.

我們將回答凱文·巴克和派珀·桑德勒提出的下一個問題。

I just wanted to follow up on credit again one more time. So the year-over-year growth rate on your 30- to 90-day delinquency rate has slowed quite a bit. I think it's up only 3 basis points year-over-year versus the previous quarters, which have been much higher. Given that trend, do you expect your consolidated 30-day delinquency rates to have like negative growth by the end of the year? And is that embedded in the guidance for net charge-offs of 7% to 7.5%?

我只是想再一次跟進信用。因此，30 至 90 天的拖欠率的同比增長率已經放緩了很多。我認為與前幾個季度相比，同比僅上漲了 3 個基點，而前幾個季度的漲幅要高得多。鑑於這種趨勢，您預計到今年年底，綜合 30 天拖欠率會出現負增長嗎？這是否包含在 7% 至 7.5% 的淨沖銷指導中？

Kevin, it's Micah. As you probably know, by this point in the year, maybe we've got July and a little bit of August where 30 to 89 delinquency will actually impact charge-offs in 2023. So I think we feel very, very good about the charge-offs and the charge-off range because of that reason. It's effectively already embedded in our delinquency buckets at this point because we have a 180-day charge-off policy.

凱文，我是邁卡。正如您可能知道的那樣，到今年的這個時候，也許我們會在 7 月和 8 月的一段時間裡，30 到 89 起拖欠行為實際上會影響 2023 年的沖銷。所以我認為我們對這項指控感覺非常非常好-offs 以及因此原因的沖銷範圍。由於我們有 180 天的沖銷政策，因此此時它實際上已被納入我們的拖欠清單中。

So what we will start to see in the second half of the year will really start to inform where our losses will be in the first half of 2024. But to answer your question, with the front book now being 50% and growing, we do anticipate improvement in the 30 to 89 year-over-year. When that happens, I don't know. That is something that remains unseen. But over time, as that front book becomes bigger and bigger and performing at 2019, 2018-type levels, that would be a good assumption.

因此，我們將在今年下半年開始看到的情況將真正開始告訴我們 2024 年上半年的損失將在哪裡。但是為了回答你的問題，由於前賬本現在已經達到 50% 並且還在增長，我們確實預計同比將提高 30 至 89。當這種情況發生時，我不知道。那是看不見的東西。但隨著時間的推移，隨著這本書變得越來越大，並達到 2019 年、2018 年的水平，這將是一個很好的假設。

So given what you reported for the quarter and the improvement that we saw particularly in the first quarter, it would imply that we're probably already seeing some of that negative growth on a year-over-year basis on delinquencies. Are you seeing that maybe in the month of June and maybe the early part of here in July?

因此，考慮到您報告的本季度情況以及我們特別是在第一季度看到的改善，這意味著我們可能已經看到拖欠率同比出現一些負增長。您是否看到，也許是在六月，也許是七月初？

Yes. I mean I think that's why you pointed it out as well as I could that if you look at our 30 to 89 relative to '22 in the first quarter, we were up 35-or-so basis points. And in the second quarter, it's up only 3%. So we are seeing that performance improvement in the portfolio today, and we hope to see it continue.

是的。我的意思是，我認為這就是為什麼你和我一樣指出了這一點，如果你看看我們第一季度相對於 22 年的 30 到 89，我們上升了 35 個基點左右。而第二季度僅增長了 3%。因此，我們今天看到投資組合的績效有所改善，並且我們希望看到這種情況繼續下去。

And then a quick one on the macro overlays on the reserves. Are you anticipating some impact from the repayment of student debt in the fourth quarter on your customer base? And in general, what are your expectations for the impact of the repayment of student debt, particularly for your customers?

然後快速介紹一下儲備金的宏觀覆蓋情況。您預計第四季度學生債務償還會對您的客戶群產生一些影響嗎？總的來說，您對償還學生債務的影響有何期望，特別是對您的客戶？

Look, Kevin, we're monitoring it really closely. We obviously know what trade lines all our customers have. A lot of our customers have actually been paying their student loans all along. Historically speaking, we've tracked this and looked at it. Loans where a customer has a student loan trade line perform very much like loans that don't.

聽著，凱文，我們正在密切監視它。我們顯然知道所有客戶都有哪些貿易線路。我們的許多客戶實際上一直在償還學生貸款。從歷史上看，我們已經對此進行了跟踪和研究。客戶擁有學生貸款交易額度的貸款的表現與沒有學生貸款交易額度的貸款非常相似。

That said, since 2020 when the moratorium on payments started, out of abundance of caution, we actually have been imputing a monthly payment of a student loan into our net disposable income, our ability to pay calculations when we make a loan. And most of the loans on our books we've made since 2020. So we actually factored in a student loan payment when making loans to folks. Over the last year or so, we've also made some adjustments to thin-file applicants who have student loans on their bureau.

也就是說，自 2020 年開始暫停還款以來，出於謹慎考慮，我們實際上一直將學生貸款的每月還款額計入我們的可支配淨收入，即我們發放貸款時的支付能力。我們賬上的大部分貸款都是自 2020 年以來發放的。因此，我們在向人們發放貸款時實際上考慮了學生貸款付款。在過去一年左右的時間裡，我們還對在其部門擁有學生貸款的薄申請者進行了一些調整。

So generally, look, we understand the portfolio very well. We are not overly concerned because we think we've managed this going, but we're going to monitor the situation closely. There's some talk that there may be some extension of while not the moratorium because the Supreme Court ruled it down that Biden administration may do some sort of phased-in payment. So we're watching it not overly concerned, but we'll follow it and make any adjustments if we need to.

所以總的來說，我們非常了解這個投資組合。我們並不過分擔心，因為我們認為我們已經成功解決了這一問題，但我們將密切關注事態發展。有傳言稱，暫停付款可能會有所延長，因為最高法院裁定拜登政府可能會進行某種分階段付款。因此，我們不會過度關注它，但我們會遵循它並在需要時做出任何調整。

And we will take our next question from Rick Shane with JPMorgan.

我們將回答摩根大通的 Rick Shane 提出的下一個問題。

Just to continue that topic, and then I have something else I want to delve into. Have you provided or can you provide what percentage of your customers actually have student loans? I'm assuming you underindex versus the broader population for student loans?

只是為了繼續這個話題，然後我還有一些我想深入研究的東西。您是否提供過或能否提供您的客戶實際擁有學生貸款的比例是多少？我假設你的學生貸款指數低於更廣泛的人群？

Yes, Rick, I don't think we've disclosed that number.

是的，里克，我認為我們還沒有透露這個數字。

Any interest in doing it now?

現在有興趣做嗎？

No, I don't think we're going to do new disclosures. No.

不，我認為我們不會進行新的披露。不。

Okay. Fair enough. Anyway, if we could turn to Slide 9, I'd love to think about this a little bit. And the first question is going to be oddly precise. But when you talk about the portfolio mix by vintage here, are you talking on a gross or net basis? And the reason I ask is I am curious if there is a difference in the reserve rate for the -- let's describe the portfolio is essentially being 2 different cohorts. And should we see a roll down in reserve rate as the mix shifts towards the better cohort.

好的。很公平。不管怎樣，如果我們可以轉向幻燈片 9，我很樂意考慮一下這個問題。第一個問題將會異常精確。但是，當您在這裡談論按年份劃分的投資組合時，您是在談論總額還是淨額？我問的原因是我很好奇準備金率是否存在差異——讓我們描述一下投資組合本質上是兩個不同的群體。隨著組合轉向更好的群體，我們是否應該看到準備金率下降。

Rick, I'm going to ask you a question, if that's okay. When you say gross versus net, what do you mean by that?

瑞克，我想問你一個問題，如果可以的話。當你說總量與淨值時，你的意思是什麼？

I mean loan balances versus net of reserves.

我的意思是貸款餘額與準備金淨額的比較。

I see. Okay. So on the originations and the receivables that are on the left side of that page, those are pre-reserves. So in your terms, gross. They will match what we print on our managed receivables paid that you also have in the deck there, okay?

我懂了。好的。因此，在該頁面左側的起源和應收賬款上，這些都是預準備金。所以用你的話來說，很噁心。它們將與我們在已付管理應收賬款上打印的內容相匹配，您也在那裡，好嗎？

So I guess to go a little bit further into that, the 50% that's from the front book, as we would call it, they're both 50% obviously. But that is the balance of receivables related to all loans originated since August 2022. So some of them have paid down a little bit from August, some of them are brand new. Okay. Hopefully, that's helpful and clarifies your question.

所以我想更深入一點，50% 來自前面的書，正如我們所說，它們顯然都是 50%。但這是與 2022 年 8 月以來發放的所有貸款相關的應收賬款餘額。所以其中一些從 8 月開始還清了一些，其中一些是全新的。好的。希望這對您有所幫助並澄清您的問題。

In terms of the reserves, we are certainly incorporating that view into our reserve expectations. Now we're going to look at where the portfolio roll rates have been in the past, what we think they're going to look like in the future with those better vintages starting to build and those all get incorporated into our reserve expectations. But I think as you've heard us say numerous times, we do take a conservative or cautious view on our reserves. I don't feel at this point that there is any strong indication we should be taking those reserves down given the uncertainty in the environment, and we'll continue to watch that and of course, manage it on a quarterly basis based on what we see out there.

就儲備而言，我們當然會將這一觀點納入我們的儲備預期中。現在我們將看看過去的投資組合滾動利率，我們認為隨著更好的年份開始建立，它們在未來會是什麼樣子，所有這些都納入我們的儲備預期中。但我認為，正如您多次聽到我們所說，我們確實對我們的儲備持保守或謹慎的看法。鑑於環境的不確定性，我認為目前沒有任何強烈跡象表明我們應該減少這些儲備，我們將繼續關注這一點，當然，根據我們的情況按季度進行管理看看那裡。

Got it. So when we look at the reserve build during the quarter, and there are a couple of ways to look at it, obviously, there was 6 basis points of increasing reserve rate. That implies that 85% of the reserve growth -- actually 87% of the reserve growth in the quarter was due to growth and that made sense. And a 6 basis point increase in the reserve rate is really within the margin of error.

知道了。因此，當我們查看本季度的準備金建設時，可以通過多種方式來看待，很明顯，準備金率增加了 6 個基點。這意味著本季度 85% 的準備金增長——實際上 87% 的準備金增長是由於經濟增長所致，這是有道理的。而準備金率上調6個基點確實在誤差範圍內。

But if the portfolio is shifting towards front book, which is a better cohort than the back book, it does suggest that perhaps you took the reserve rate up on the front book a little bit as well. And again, I understand being conservative, but I just want to make sure that we understand what's going on there.

但如果投資組合正在轉向前書，這是一個比後書更好的群體，這確實表明也許你也將前書的準備金率提高了一點。再說一次，我理解保守，但我只是想確保我們了解那裡發生的事情。

Yes. I mean, Rick, I think absent handing over the model to you, there's really no way for me to easily explain that to you. There are a lot that go -- a lot of things that go on in our CECL model. You've got the back book aging. And when loans age, they have different reserve rates. You've got elevated levels of delinquency that have different level of reserve rates than current loans. The front book, as I mentioned, we are definitely considering the performance expectations on that front book, but we also can't predict the future.

是的。我的意思是，Rick，我認為如果沒有將模型交給您，我真的無法輕鬆地向您解釋這一點。我們的 CECL 模型中發生了很多事情。你的書本已經老化了。當貸款期限不同時，它們的準備金率也不同。拖欠率很高，準備金率水平與當前貸款不同。正如我所提到的，我們肯定會考慮前書的性能預期，但我們也無法預測未來。

And so we just continue to take a conservative and cautious view. We impute these macro overlays that are meant to kind of keep that conservatism at that level. And we'll manage it on a quarterly basis. It's hard for me to get into really granular discussions about that on this type of call.

因此，我們繼續採取保守和謹慎的觀點。我們認為這些宏觀疊加是為了將保守主義保持在這個水平。我們將按季度進行管理。我很難在這種類型的電話會議上對此進行真正細緻的討論。

Got it. Understood. And I guess the last part of this is that for the last couple of quarters, and I appreciate the disclosure in terms of showing the change in delinquencies on a year-over-year basis. But in the last couple of quarters, you provided cohort comparison versus 2019 on a 6-month basis and on a 3-month basis. And what you had illustrated previously was that the front book was performing highly consistently with the 2019 vintage on a like-for-like basis.

知道了。明白了。我想最後一部分是過去幾個季度的情況，我很欣賞在顯示拖欠情況同比變化方面的披露。但在過去幾個季度，你們提供了 6 個月和 3 個月與 2019 年的隊列比較。您之前已經說明過，前書的表現與 2019 年年份的業績非常一致。

That disclosure is not here. Just curious if there is any change there or if the performance for the front book is continuing to trend closely with the '19. And if you mentioned this before, I apologize, we're juggling a lot today, so I apologize.

該披露不在這裡。只是好奇那裡是否有任何變化，或者封面的表現是否繼續與 19 年密切相關。如果你之前提到過這一點，我很抱歉，我們今天有很多事情要做，所以我很抱歉。

No. No, it's okay. I mean we're -- we -- it's something we don't want to get into the habit every single quarter of looking at vintage level results. But I can tell you they are continuing to perform at our level of expectation. Some of the challenges with vintage, as I'll point out to you are, for instance, the late 2019 vintages by the time we get to June and July of 2020, those vintages started to be heavily influenced by government stimulus.

不，不，沒關係。我的意思是我們——我們——我們不想養成每個季度都關注復古水平結果的習慣。但我可以告訴你，他們的表現繼續符合我們的期望水平。正如我向您指出的，年份方面的一些挑戰是，例如，2019 年末的年份到 2020 年 6 月和 7 月時，這些年份開始受到政府刺激措施的嚴重影響。

And so there's just getting into those granular numbers creates a whole another sort of challenge with year-over-year comparisons. And we decided at this point, given that the front book is 50% of our portfolio, there's enough contribution that we can just sort of come back to our 30 to 89 and 30-plus metrics and really send the same message.

因此，僅僅了解這些細粒度的數字就會給逐年比較帶來另一種挑戰。我們在這一點上決定，考慮到前面的書占我們投資組合的 50%，有足夠的貢獻，我們可以回到我們的 30 到 89 以及 30 多個指標，並真正發送相同的信息。

But to your question, the front book is -- does continue to perform well.

但對於你的問題，前書確實繼續表現良好。

Great. Yes. And thank you for the clarification. It's a subtlety, I wouldn't have thought of, but it makes a ton of sense because of the way we're showing the aging on that other stuff.

偉大的。是的。感謝您的澄清。這是一個微妙之處，我不會想到，但它很有意義，因為我們在其他東西上展示老化的方式。

And we'll take our last question from Matthew Hurwit with Jefferies.

我們將回答 Matthew Hurwit 和 Jefferies 提出的最後一個問題。

Just one for me. You said last quarter that you expected yield to improve modestly from where it was. Just wondering if that's still the case, what underlies that expectation.

只給我一個。您上個季度表示，預計收益率將較當前水平小幅提高。只是想知道情況是否仍然如此，這種期望的基礎是什麼。

Yes. I mean, I definitely still feel like it will moderately increase over time. Again, as I said earlier, it's really going to be a function of the macro environment. And when we start to see improvement in customers needing help making payments and also our 90-plus, we are in a seasonal pattern now where 90-plus will gradually rise through the first quarter. So that becomes some -- an element of our forecasting and our expectations.

是的。我的意思是，我仍然覺得它會隨著時間的推移而適度增加。正如我之前所說，這實際上是宏觀環境的函數。當我們開始看到需要付款幫助的客戶以及 90 歲以上的客戶數量有所改善時，我們現在處於季節性模式，90 歲以上的客戶將在第一季度逐漸增加。因此，這成為我們預測和期望的一個要素。

I also talked about the secured distribution channels becoming a bigger part of our portfolio, which has created some pressure on yield. Of course, we love those loans. They have great returns, but they do have some pressure on the yield top line. But we've also made increased -- some really, I think, aggressive pricing moves. We feel good about them. We're at a level of APR that I think will continue to provide some support. And Matthew, it's just -- it's hard to predict exactly when that happens. But I think over the next 3, 4 quarters, we're certainly going to start to see some gradual improvement.

我還談到，安全的分銷渠道正在成為我們投資組合的重要組成部分，這對收益率造成了一些壓力。當然，我們喜歡這些貸款。他們有很高的回報，但他們的收益率確實面臨一些壓力。但我們也採取了更多的措施——我認為有些確實是激進的定價舉措。我們對他們感覺很好。我們的年利率水平我認為將繼續提供一些支持。馬修，只是——很難準確預測這種情況何時發生。但我認為在接下來的三四個季度，我們肯定會開始看到一些逐步的改善。

Thanks, Matt, and hey, thanks, everyone, for joining us. Appreciate you spending time with us this morning. Our team is here if you've got any follow-up, and hope everyone has a great day.

謝謝馬特，嘿，謝謝大家加入我們。感謝您今天早上與我們共度時光。如果您有任何後續行動，我們的團隊會隨時為您服務，祝大家度過愉快的一天。

Thank you. This does conclude today's OneMain Financial Second Quarter 2023 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的 OneMain Financial 2023 年第二季度收益電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。