OneMain Holdings Inc (OMF) 2025 Q2 法說會逐字稿

To all sides on hold, we appreciate your patience. Please continue to stand by. (Operator Instructions)

對於所有暫停的各方，我們感謝您的耐心。請繼續等候。（操作員指示）

Welcome to the OneMain Financial second-quarter 2025 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 2025 年第二季財報電話會議和網路廣播。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。（操作員指示）

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, operator. Good morning, everyone, and thank you for joining us. Let me begin by directing you to Page 2 of the second-quarter 2025 investor presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP measures.

謝謝您，接線生。大家早安，感謝大家的收看。首先，請您參閱 2025 年第二季投資人簡報的第 2 頁，其中包含前瞻性陳述和非 GAAP 指標使用的重要揭露。

The presentation can be found in the Investor Relations section of the OneMain 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.

此簡報可以在 OneMain 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，反映管理層對公司未來財務表現和業務前景的當前看法。

And these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today. 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 25, and have not been updated subsequent to this call.

這些前瞻性陳述受固有風險和不確定性的影響，並且僅代表今天的觀點。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有重大差異的因素。我們提醒您不要過度依賴前瞻性陳述。如果您今天之後某個時間點透過重播收聽此訊息，我們提醒您，此處的評論截至今天（7 月 25 日）為止，並未在本次通話之後更新。

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

我們今天早上的電話會議將包括我們董事長兼首席執行官道格·舒爾曼 (Doug Shulman) 和首席財務官珍妮·奧斯特豪特 (Jenny Osterhout) 的正式演講。正式發言結束後，我們將進行問答環節。現在我想把電話轉給 Doug。

Thanks, Pete, and good morning, everyone. Thank you for joining us today. Let me start by saying we had a very strong second quarter, which demonstrated our expertise in credit management and best-in-class ability to serve the non-prime consumer. We continue to see growth in high-quality loan originations, good pricing and positive credit trends across the board, all leading to strong growth in capital generation.

謝謝，皮特，大家早安。感謝您今天加入我們。首先我要說的是，我們第二季的表現非常強勁，這證明了我們在信貸管理方面的專業知識以及為非優質消費者提供服務的最佳能力。我們繼續看到高品質貸款發放的成長、良好的定價和全面的積極信貸趨勢，所有這些都導致資本創造的強勁增長。

As you know, we've been very disciplined in the last three years in managing credit, optimizing pricing and executing strategic initiatives to drive growth without opening our credit box. All of this sets us up very well for the future. Let me provide a few of the highlights for the quarter. Capital generation was $222 million, up 63% year-over-year.

如您所知，過去三年來，我們在管理信貸、優化定價和執行策略舉措以推動成長方面非常嚴格，並且沒有打開信貸箱。所有這些都為我們的未來做好了準備。讓我介紹一下本季的一些亮點。資本創造額為 2.22 億美元，年增 63%。

C&I adjusted earnings were $1.45 per share, up 42%. Our total revenue grew 10% and receivables grew 7% year-over-year, crossing the $25 billion mark for the first time in the company's history. Originations grew 9%, driven by our expanded use of granular data and analytics as well as product and customer experience innovations to opportunistically drive growth through higher quality loans.

C&I 調整後每股收益為 1.45 美元，成長 42%。我們的總營收年增 10%，應收帳款年增 7%，在公司史上首次突破 250 億美元大關。貸款發放量增加了 9%，這得益於我們擴大了對細粒度數據和分析的使用，以及產品和客戶體驗創新，以便透過更高品質的貸款來推動成長。

Turning to credit. We continue to see positive trends. Our 30-plus delinquency was 5.07% which is down 29 basis points year-over-year as compared to up 27 basis points last year. C&I net charge-offs were 7.6% in the quarter down 60 basis points from last quarter and down 88 basis points compared to the second quarter of last year. Consumer loan net charge-offs were 7.2% down 64 basis points from last quarter and down 110 basis points year-over-year.

轉向信用。我們繼續看到積極的趨勢。我們的 30 歲以上拖欠率為 5.07%，年減 29 個基點，而去年則上升了 27 個基點。本季商業與工業淨沖銷率為 7.6%，較上一季下降 60 個基點，較去年第二季下降 88 個基點。消費貸款淨沖銷額為 7.2%，較上一季下降 64 個基點，較去年同期下降 110 個基點。

Due to the strength of the first two quarters of the year, we have updated our view on 2025 net charge-offs to be at the lower half of the range we provided you at the beginning of the year. Jenny will discuss the specifics in a few minutes, but we are quite pleased with the improvement in credit that we have seen during the first half of 2025.

由於今年前兩個季度的強勁表現，我們已更新 2025 年淨沖銷額的預測，將其調整為年初提供的範圍的下半部分。珍妮將在幾分鐘後討論具體細節，但我們對 2025 年上半年看到的信貸改善感到非常滿意。

Let me touch on some of the recent initiatives that are helping to drive originations in our core personal loan business. One initiative is loan consolidation. As many Americans have seen growth in credit card debt, we enhanced our debt consolidation offering. This product allows customers to refinance their debt with a OneMain loan with a single predictable payment and faster pay down.

讓我談談最近一些有助於推動我們核心個人貸款業務發展的舉措。其中一項舉措是貸款合併。由於許多美國人的信用卡債務正在增長，我們加強了債務合併服務。該產品允許客戶使用 OneMain 貸款為其債務進行再融資，只需支付一次可預測的費用，而且還款速度更快。

This year, we increased awareness of the product and made changes to the customer experience to make it easier to consolidate debt with OneMain. Let me give you a few other examples. We have added new data sources to further automate income verification and collateral details. We also have a new streamlined and faster process to renew a loan for select customers who have demonstrated excellent credit performance.

今年，我們提高了產品知名度，並改變了客戶體驗，以便更輕鬆地與 OneMain 合併債務。讓我再舉幾個例子。我們新增了新的資料來源，以進一步自動化收入驗證和抵押品詳細資料。我們也推出了新的簡化且更快速的流程，為信用表現優異的特定客戶提供貸款續約服務。

We're also growing a new loan origination channel as we enable credit card customers to cross-buy personal loans through our credit card app. While this is a small test, early results are showing excellent credit performance and low acquisition costs, laying the groundwork to expand this channel in the future. I've said before that to run a great business, it is 1,000 little things that add up to meaningful value creation.

我們也正在拓展新的貸款發放管道，讓信用卡客戶能夠透過我們的信用卡應用程式交叉購買個人貸款。雖然這只是小規模測試，但早期結果顯示其信用表現優異且收購成本較低，為未來拓展該管道奠定了基礎。我之前說過，要經營好一家企業，需要 1,000 件小事，這些小事加起來才能創造有意義的價值。

Initiatives like these are impactful in the aggregate as they expand our reach, improve our offers and increase application pull-through rate. This is a small sample of the many initiatives we are working on every day, enabling us to drive growth and efficiency across our loan business.

這些措施總體上影響巨大，因為它們擴大了我們的覆蓋範圍、改善了我們的服務、並提高了申請通過率。這只是我們每天開展的眾多舉措中的一小部分，這些舉措使我們能夠推動貸款業務的成長和效率。

Let me move on to the progress we are making on our strategic initiatives. Today, we provide access to responsible credit to more than 3.5 million customers, up 11% from a year ago. Much of the growth is attributable to the BrightWay credit card and OneMain Auto Finance business as we're engaging more customers across our expanded multiproduct platform.

讓我繼續介紹一下我們在策略舉措上取得的進展。今天，我們為超過 350 萬名客戶提供負責任的信貸服務，比一年前成長了 11%。大部分成長歸功於 BrightWay 信用卡和 OneMain 汽車金融業務，因為我們透過擴展的多產品平台吸引了更多客戶。

In our credit card business, we ended the quarter with $752 million of receivables, up 61% from a year ago. We now have more than 920,000 credit card customers. The revenue yield has improved 140 basis points year-over-year and portfolio credit performance remains in line with our expectations and will move down over time as the portfolio matures. The credit card portfolio represents only about 3% of our total receivables today as we remain measured in our credit card growth.

在我們的信用卡業務中，本季末我們的應收帳款為 7.52 億美元，比去年同期成長了 61%。我們目前擁有超過92萬名信用卡客戶。收益率年增了 140 個基點，投資組合的信用表現仍然符合我們的預期，並且隨著投資組合的成熟將逐漸下降。由於我們仍以信用卡成長來衡量，因此信用卡組合僅占我們目前總應收帳款的 3% 左右。

As a reminder, our goal is to grow this product conservatively with a focus on building the product for the long term. We are confident that as we scale this business to a mature steady state, its capital generation return on receivables will be similar to our personal loans business, albeit with higher revenue yield that absorbs higher losses.

提醒一下，我們的目標是保守地發展該產品，並專注於長期打造該產品。我們相信，隨著我們將這項業務擴展到成熟穩定的狀態，其應收帳款的資本產生回報將與我們的個人貸款業務相似，儘管其收入收益率更高，可以吸收更高的損失。

In the meantime, we're very focused on continuously improving the user experience, growing with our best customers and reducing marginal cost per account to ensure a profitable business for the long run. In our auto finance business, we ended the quarter with over $2.6 billion of receivables, up $119 million from the last quarter.

同時，我們非常注重不斷改善用戶體驗，與我們最好的客戶一起成長，並降低每個帳戶的邊際成本，以確保長期獲利。在我們的汽車金融業務中，本季末我們的應收帳款超過 26 億美元，比上一季增加了 1.19 億美元。

It has now been a little over a year since we closed the acquisition of Foresight and we are pleased with the evolution of our auto business since then. In the last year, our roster of active dealers grew by 14%, quarterly originations grew by 29%, and we've added more than $400 million of receivables.

距離我們完成對 Foresight 的收購已經過去了一年多的時間，我們對汽車業務自那時以來的發展感到非常滿意。去年，我們的活躍經銷商名單增加了 14%，季度發起量增加了 29%，我們增加了超過 4 億美元的應收帳款。

The auto portfolio pricing has moved up nicely, and the credit performance remains in line with expectations and better than comparable industry performance. We've made excellent strides in carefully growing the auto business within our disciplined credit policies and are very optimistic about our offering through both independent and franchise dealers.

汽車投資組合定價穩定上升，信用表現符合預期，且優於同類產業表現。我們在嚴格的信貸政策框架下，謹慎發展汽車業務，取得了長足進步，並且對我們透過獨立經銷商和特許經銷商提供的服務非常樂觀。

We continue to see the auto finance business as a driver of future profitable growth. Let me touch briefly on the current economic environment. This quarter, the macroeconomic environment remained consistent with past quarters with policy news causing some volatility, but our customer base continuing to manage their household balance sheets well.

我們繼續將汽車金融業務視為未來獲利成長的驅動力。讓我簡單談談當前的經濟環境。本季度，宏觀經濟環境與前幾季保持一致，政策新聞引起了一些波動，但我們的客戶群繼續很好地管理他們的家庭資產負債表。

The nonprime consumer remains resilient supported by a solid labor market and good wage growth. And there are provisions in the recent tax bill that could benefit our customers, including the reduction of taxes on tips and overtime and some of the expanded family tax benefits. I spoke last quarter about the resiliency of our business and our ability to manage profitably through the cycle.

在穩固的勞動市場和良好的薪資成長的支持下，非優質消費者依然保持韌性。最近的稅收法案中有一些條款可以使我們的客戶受益，包括減少小費和加班稅以及擴大一些家庭稅收優惠。上個季度我談到了我們業務的彈性以及我們在整個週期中實現盈利的能力。

Our confidence is supported by our long history of serving the nonprime consumer, a conservative underwriting approach that for the past three years has incorporated a 30% cushion to ensure that the loans we originate will remain profitable even if the environment experiences stress and a strong balance sheet with tremendous liquidity. Our second quarter execution offered further evidence of this business model.

我們長期以來為非優質消費者提供服務，這種保守的承保方式支持了我們的信心，過去三年來，我們採用了 30% 的緩衝，以確保即使在環境承受壓力的情況下，我們發放的貸款仍能保持盈利，並且擁有強勁的資產負債表和巨大的流動性。我們第二季的執行情況進一步證明了這個商業模式。

Our underwriting posture remains very conservative with more than 60% of our new originations coming from our top two credit tiers. And once again, we demonstrated best-in-class access to capital markets, raising $1.8 billion in the quarter, in both the ABS and unsecured markets, which provides us with a lot of flexibility for the coming quarters.

我們的核保態度仍然非常保守，超過 60% 的新貸款來自我們的前兩個信用等級。我們再次展示了一流的資本市場准入能力，本季在 ABS 和無擔保市場籌集了 18 億美元，這為我們未來幾季提供了巨大的靈活性。

Let me close on capital allocation, where our priorities remain the same. We continue to focus on the long-term success of our business, including strategically investing in our expanded product set, data science, digital innovation, as well as profitable growth. Our regular annual dividend of $4.16 per share yields about 7% at today's share price.

最後，讓我談談資本配置，我們的優先事項保持不變。我們繼續專注於業務的長期成功，包括對擴大的產品組合、數據科學、數位創新以及獲利成長進行策略性投資。我們的常規年度股息為每股 4.16 美元，以今天的股價計算，收益率約為 7%。

This quarter, we repurchased 460,000 shares at an average price of just below $46 per share. During the first half of 2025 we've repurchased about 780,000 shares for approximately $37 million, already outpacing the 755,000 shares we repurchased in all of 2024. We will continue to pace our repurchases based on a number of factors, including excess capital available economic conditions and market dynamics.

本季度，我們以每股略低於 46 美元的平均價格回購了 460,000 股。2025 年上半年，我們回購了約 78 萬股，價值約 3,700 萬美元，已經超過了 2024 年全年回購的 75.5 萬股。我們將繼續根據多種因素調整回購步伐，包括過剩資本、可用經濟狀況和市場動態。

In summary, it was a great quarter. We are seeing the results of initiatives and actions we put in motion over the past couple of years including careful management of our credit box, innovations in our core loan products to drive originations and new products and channels. all of which resulted in significant capital generation growth year-over-year. With that, let me turn the call over to Jenny.

總而言之，這是一個偉大的季度。我們看到了過去幾年採取的舉措和行動的成果，包括對我們的信貸箱進行精心管理、對我們的核心貸款產品進行創新以推動貸款發放以及新產品和新管道。所有這些都導致了資本創造量同比大幅增長。說完這些，讓我把電話轉給珍妮。

Thanks, Doug, and good morning, everyone. I'm pleased to start by summarizing another strong quarter marked by double-digit revenue growth, solid receivables growth and ongoing credit performance improvements. We demonstrated our industry-leading balance sheet management with great market access and funding execution, raising $1.8 billion in both the secured and unsecured markets providing additional flexibility for future issuances.

謝謝，道格，大家早安。我很高興首先總結一下又一個強勁的季度，其特點是兩位數的收入成長、穩健的應收帳款成長和持續的信貸業績改善。我們展示了行業領先的資產負債表管理，具有良好的市場准入和融資執行能力，在擔保和無擔保市場籌集了 18 億美元，為未來的發行提供了額外的靈活性。

Second quarter GAAP net income of $167 million or $1.40 per diluted share was up 137% and from $0.59 per diluted share in the second quarter of 2024. It is worth mentioning that last year's second quarter GAAP results included purchase accounting adjustments associated with the acquisition of Foresight, which were excluded from our C&I adjusted results. C&I adjusted net income of $1.45 per diluted share was up 42% from $1.02 in the second quarter of 2024.

第二季 GAAP 淨收入為 1.67 億美元，即每股攤薄收益 1.40 美元，較 2024 年第二季每股攤薄收益 0.59 美元成長 137%。值得一提的是，去年第二季的 GAAP 結果包括與收購 Foresight 相關的購買會計調整，這些調整不在我們的 C&I 調整結果中。C&I 調整後每股淨收入為 1.45 美元，較 2024 年第二季的 1.02 美元成長 42%。

Capital generation, the metric against which we manage and measure our business totaled $222 million up $86 million or 63% from $136 million in the second quarter of 2024, reflecting strong growth in our loan portfolio, improved portfolio yield and the notable improvement in our credit performance.

資本生成是我們管理和衡量業務的指標，總額為 2.22 億美元，較 2024 年第二季度的 1.36 億美元增加 8,600 萬美元或 63%，這反映了我們貸款組合的強勁增長、組合收益率的提高以及信貸表現的顯著改善。

Given the strong growth in capital generation through the first six months of 2025, we are well positioned to generate significantly more capital this year than we did in either of the past two years. Managed receivables ended the quarter at $25.2 billion, up $1.6 billion or 7% from a year ago. This compares to 6% organic growth last quarter.

鑑於 2025 年前六個月資本創造的強勁成長，我們完全有能力在今年創造比過去兩年多得多的資本。本季管理應收帳款為 252 億美元，比去年同期增加 16 億美元，增幅為 7%。相比之下，上一季的有機成長率為 6%。

It has now been a year since our acquisition of Foresight. So all growth discussed this quarter and going forward is organic. Our growth highlights OneMain's unique ability to find pockets of growth in higher quality origination segments in our personal loan product, while also carefully growing into our newer businesses and responsibly driving improved pricing across the portfolio.

我們收購 Foresight 已經有一年了。因此，本季及未來討論的所有成長都是有機的。我們的成長凸顯了 OneMain 的獨特能力，即在我們的個人貸款產品中尋找更高品質的發起部分的成長點，同時也謹慎地發展我們的新業務並負責任地推動整個投資組合的定價改進。

It was just three years ago in the second quarter of 2022 that we reached $20 billion in receivables. Since this time, we've been able to increase our receivables by 25% or $5 billion while maintaining a notably tightened credit box and driving new product growth, including $1.3 billion from the acquisition of Foresight.

就在三年前的 2022 年第二季度，我們的應收帳款達到了 200 億美元。自那時起，我們的應收帳款增加了 25% 或 50 億美元，同時保持了明顯收緊的信貸限制並推動了新產品的成長，其中包括收購 Foresight 所獲得的 13 億美元。

Second quarter originations of $3.9 billion were up 9% year-over-year despite our continued conservative credit box. As we look forward to the second half of this year, we expect a more normalized mid-single-digit year-on-year growth in originations as we are now more than a year into the successful personal loan growth initiatives that we started in June of last year.

儘管我們繼續保持保守的信貸政策，但第二季的信貸發放額仍達 39 億美元，年增 9%。展望今年下半年，我們預計貸款發放量將實現更正常的中個位數同比增長，因為我們自去年 6 月啟動個人貸款增長計劃以來，已經成功實施了一年多。

Importantly, we remain very comfortable with our full year managed receivables growth guidance of 5% to 8%. Second quarter consumer loan yield was 22.6%, up 19 basis points from the first quarter and up 67 basis points year-over-year. The improvement in yield was driven by the sustained benefit of the pricing actions we've taken and the seasonal improvement in 90-plus delinquencies partially offset by an increasing mix of lower yield, lower loss auto finance receivables.

重要的是，我們對全年管理應收帳款成長 5% 至 8% 的預期仍然非常滿意。第二季消費貸款收益率為22.6%，較一季上升19個基點，較去年同期上升67個基點。收益率的提高得益於我們採取的定價行動的持續效益以及 90 多種拖欠情況的季節性改善，但這一改善被收益率較低、損失較低的汽車金融應收帳款組合的增加所部分抵消。

While we're pleased with the improvement in yield this year, we expect it to moderate in the second half of the year, due to the typical seasonality of 90-plus delinquencies and growth in our auto portfolio. Total revenue this quarter was $1.5 billion, up 10% compared to the second quarter of 2024. Interest income of $1.3 billion grew 10% year-over-year driven by receivables growth and the yield improvement I just mentioned.

雖然我們對今年收益率的提高感到滿意，但我們預計下半年收益率將會放緩，因為 90 多個拖欠貸款的典型季節性以及我們汽車投資組合的成長。本季總營收為 15 億美元，較 2024 年第二季成長 10%。13 億美元的利息收入年增 10%，這得益於應收帳款成長和我剛才提到的收益率提高。

Other revenue of $195 million grew 6% compared to the second quarter of 2024. The primarily driven by higher gain on sale associated with our whole loan sale program and higher credit card revenue associated with the growing credit card portfolio. We now expect our 2025 revenue growth to be at the high end of our previously discussed range of 6% to 8%.

其他收入為 1.95 億美元，與 2024 年第二季相比增長了 6%。主要原因是我們的整個貸款銷售計劃帶來的銷售收益增加，以及信用卡組合不斷增長帶來的信用卡收入增加。我們現在預計 2025 年的營收成長將達到我們之前討論的 6% 至 8% 範圍的高端。

Interest expense for the quarter was $317 million, up $22 million compared to the second quarter of 2024, driven by the increase in average debt to support our receivables growth. Interest expense as a percentage of average net receivables in the quarter was 5.4%, consistent with the prior quarter and in line with our expectations for the full year.

本季利息支出為 3.17 億美元，與 2024 年第二季相比增加了 2,200 萬美元，這主要是由於平均債務增加以支持我們的應收帳款成長。本季利息支出占平均淨應收帳款的百分比為 5.4%，與上一季一致，也符合我們對全年的預期。

Second quarter provision expense was $511 million, comprising net charge-offs of $446 million and a $65 million increase to our reserves driven by the increase in receivables during the second quarter. Our loan loss ratio remained flat quarter-over-quarter at 11.5%.

第二季撥備支出為 5.11 億美元，其中包括 4.46 億美元的淨沖銷和因第二季應收帳款增加而導致的 6,500 萬美元的儲備金增加。我們的貸款損失率與上一季持平，為 11.5%。

I'll discuss credit in more detail momentarily. Policyholder benefits and claims expense for the quarter was $54 million, up from $47 million in the second quarter last year. As we have said before, we expect quarterly PBC expense in the low $50 million range.

我稍後會更詳細地討論信用。本季保單持有人福利和索賠費用為 5,400 萬美元，高於去年第二季的 4,700 萬美元。正如我們之前所說，我們預計季度 PBC 支出將在 5000 萬美元左右。

Let's turn to Slide 8 and look at consumer loan delinquency trends. 30-plus delinquency at June 30, excluding Foresight, was 5.07%, down 29 basis points compared to a year ago, benefiting from improvements in both early and late-stage delinquencies. As we look ahead, the sustained improvement in delinquency will result in continuing loss benefits into the second half of the year.

讓我們翻到幻燈片 8，看看消費者貸款拖欠趨勢。截至 6 月 30 日，30 歲以上的拖欠率（不包括 Foresight）為 5.07%，較去年同期下降 29 個基點，這得益於早期和後期拖欠率的改善。展望未來，拖欠率的持續改善將導致下半年損失收益的持續增加。

It is worth noting that we're seeing positive trends in both early and late-stage delinquency performance of our newer products, credit cards and auto finance, in addition to our personal loan product. So across the board, we are feeling good about the direction of travel.

值得注意的是，除了個人貸款產品外，我們的新產品、信用卡和汽車金融的早期和晚期拖欠表現都呈現正面趨勢。因此，總體而言，我們對旅行的方向感到滿意。

On Slide 9, you see our front book vintages comprised of consumer loans originated after August 2022 credit tightening now make up 90% of total receivables. The performance of the front book remains in line with expectations and is driving most of the delinquency and loss improvements we are seeing.

在投影片 9 上，您可以看到我們的前帳簿年份由 2022 年 8 月信貸緊縮之後發放的消費貸款組成，現在佔應收帳款總額的 90%。前帳簿的表現仍然符合預期，並推動了我們所看到的大部分拖欠和損失的改善。

While the back book continues to diminish, now making up only 10% of the total portfolio, it still represents 24% of our 30-plus delinquency. And as expected, as the back book continues to run down over the remainder of this year, we anticipate it will contribute less to our delinquency results.

儘管後期帳簿繼續減少，目前僅佔總投資組合的 10%，但它仍然占我們 30 多筆拖欠款項的 24%。正如預期的那樣，隨著今年剩餘時間內帳簿餘額繼續減少，我們預計它對我們的拖欠結果的貢獻將減少。

Let's now turn to charge-offs and reserves as shown on Slide 10. C&I net charge-offs, which include credit cards were 7.6% of average net receivables in the second quarter, down 88 basis points from a year ago. Consumer loan net charge-offs, which exclude credit cards, were 7.2% in the quarter, down 110 basis points year-over-year.

現在讓我們來看看投影片 10 上顯示的沖銷和儲備。包括信用卡在內的商業和工業淨沖銷額佔第二季平均淨應收帳款的 7.6%，比去年同期下降了 88 個基點。本季度，不包括信用卡的消費貸款淨沖銷率為 7.2%，較去年同期下降 110 個基點。

We remain confident in the continued year-over-year improvement of losses over the remainder of 2025. As we have discussed before, the difference between C&I net charge-offs and consumer loan net charge-offs, comes from our credit card portfolio. Let me spend a moment to update you on the credit trends of the small but growing portfolio.

我們仍相信，2025 年剩餘時間內虧損將繼續逐年改善。正如我們之前討論過的，C&I 淨沖銷和消費貸款淨沖銷之間的差額來自我們的信用卡組合。請允許我花一點時間向您介紹這個規模雖小但不斷增長的投資組合的信貸趨勢。

As a point of reference, we rolled out the credit card business in August 2021, yet the portfolio size remains approximately $750 million today. After our initial rollout of a test portfolio, we have been extremely prudent in the ramp of the business given the uncertain environment over that time frame as we continuously focused on improving the product and user experience.

作為參考，我們在 2021 年 8 月推出了信用卡業務，但今天的投資組合規模仍約為 7.5 億美元。在我們首次推出測試產品組合之後，考慮到當時的不確定環境，我們在業務成長方面非常謹慎，因為我們不斷專注於改進產品和用戶體驗。

Our losses this quarter in our card portfolio improved modestly to the mid-19% range. As we look forward, we expect continued improvement over the remainder of the year with credit card losses anticipated to decline by around 150 basis points in the second half of the year. This is primarily driven by the seasoning of the credit card portfolio, and improvements across both early and late-stage delinquencies.

本季度，我們的信用卡投資組合的損失略有改善，降至 19% 左右。展望未來，我們預計今年剩餘時間信用卡損失將繼續改善，預計下半年信用卡損失將下降約 150 個基點。這主要是由於信用卡組合的成熟以及早期和後期拖欠情況的改善。

We are pleased with the overall quality of the credit card portfolio and feel confident that we are building an enduring profitable business for the long term. More broadly, given the trajectory of our early and late-stage delinquencies through the first six months of the year, across all our products, we are confident that our full year net charge-offs will come in within the lower half of our original guidance range of 7.5% to 8%.

我們對信用卡組合的整體品質感到滿意，並有信心我們正在建立長期持久盈利的業務。更廣泛地說，考慮到今年前六個月我們所有產品的早期和晚期拖欠情況的走勢，我們有信心，全年淨沖銷額將在我們最初指導範圍 7.5% 至 8% 的下半部分。

Recoveries continue to remain strong, amounting to $87 million in the quarter or 1.5% of receivables as we continue to utilize the various strategies, we have available to optimize recoveries. Loan loss reserves ended the quarter at $2.8 billion. While the credit performance of our portfolio is improving as reflected in our delinquency and charge-off metrics, our 11.5% reserve coverage stayed flat during the quarter as we maintain an appropriately conservative macroeconomic overlay in our reserve.

隨著我們繼續利用各種策略來優化回收，回收率持續保持強勁，本季回收率達到 8,700 萬美元，佔應收帳款的 1.5%。本季末貸款損失準備金為 28 億美元。雖然我們的投資組合的信用表現正在改善（這反映在我們的拖欠和沖銷指標中），但由於我們在儲備中保持了適當保守的宏觀經濟覆蓋，我們的 11.5% 的儲備覆蓋率在本季度保持不變。

As a reminder, the higher loss, higher yield credit card portfolio contributes to the reserve adding 35 basis points to the overall reserve ratio at June 30. Now let's turn to Slide 11. Operating expenses were $415 million up 11% compared to a year ago. Our second quarter 2024 operating expenses were unusually low due to the expense actions we took in the first quarter of last year.

提醒一下，損失較大、收益較高的信用卡組合對準備金的貢獻使6月30日的總準備金率增加了35個基點。現在我們翻到第 11 張投影片。營運費用為 4.15 億美元，比去年同期成長 11%。由於我們去年第一季採取的費用行動，我們 2024 年第二季的營運費用異常低。

Adjusting for those benefits, expense growth was aligned to our receivables growth even as we continue to invest for the future. The 6.7% OpEx ratio this quarter is 9 basis points higher than last quarter and is in line with our expectations. As we've said before, our OpEx ratio can fluctuate from quarter to quarter, but we feel great about the inherent operating leverage of our business. We remain confident in our full year 2025 operating expense ratio guide of approximately 6.6%.

調整這些福利後，即使我們繼續為未來投資，費用成長也與我們的應收帳款成長一致。本季的營運支出率為 6.7%，比上一季高出 9 個基點，符合我們的預期。正如我們之前所說，我們的營運支出比率每季都會有所波動，但我們對我們業務固有的營運槓桿感到非常滿意。我們仍對 2025 年全年約 6.6% 的營運費用率指引充滿信心。

Now turning to funding and our balance sheet on Slide 12. During the quarter, we continued to optimize our balance sheet. We raised a total of $1.8 billion through two issuances. In May, we issued a seven-year $800 million unsecured bond at [7.125%], callable in three years. The bond proceeds were used to partially redeem a significant portion of the 7.125% bonds that mature in March 2026.

現在轉向投影片 12 上的資金和資產負債表。本季度，我們繼續優化資產負債表。我們透過兩次發行籌集了總計 18 億美元。五月份，我們發行了為期七年、利率為 7.125% 的 8 億美元無擔保債券，三年內可贖回。債券收益用於部分贖回2026年3月到期的7.125%債券的很大一部分。

As we proactively manage our balance sheet by reducing our nearest maturity. At quarter end, only about $400 million of the original $1.6 billion of March 2026 bonds remain outstanding with no further unsecured maturities until January 2027. In June, we also issued a three-year revolving $1 billion ABS with a cost of funds under 5%.

我們透過減少最接近到期日的金額來主動管理我們的資產負債表。截至本季末，2026 年 3 月發行的 16 億美元原始債券中僅剩約 4 億美元未償還，且直到 2027 年 1 月為止均無其他無擔保到期債券。6 月份，我們也發行了為期三年、金額達 10 億美元的循環 ABS，資金成本低於 5%。

Both of our issuances during the quarter had strong market demand, including a healthy number of new investors in our name, with $3.3 billion of funding raised through the first half of 2025, we have great flexibility on amount, purpose and timing of funding over the remainder of the year.

我們在本季發行的兩支債券都獲得了強勁的市場需求，其中包括大量以我們名義的新投資者，到 2025 年上半年已籌集 33 億美元資金，我們在剩餘時間內對融資金額、用途和時間擁有很大的靈活性。

Additionally, our bank facilities totaled $7.5 billion at quarter end with unencumbered receivables of $9.7 billion, contributing to our best-in-class liquidity profile. Net leverage at the end of the second quarter was 5.5 times, flat to last quarter.

此外，截至本季末，我們的銀行信貸總額為 75 億美元，其中無抵押應收帳款為 97 億美元，這為我們一流的流動性狀況做出了貢獻。第二季末淨槓桿率為5.5倍，與上季持平。

Turning to Slide 14, our full year 2025 guidance. Given the strong performance of revenues and net charge-offs in the first half of the year, we are updating our guidance on those metrics. Total revenue growth is now expected to come in at the high end of the previously provided 6% to 8% range.

翻到第 14 張投影片，這是我們 2025 年全年的指導。鑑於上半年收入和淨沖銷的強勁表現，我們正在更新這些指標的指導。目前預計總收入成長率將達到先前設定的 6% 至 8% 的高端。

C&I net charge-offs are expected to come in between 7.5% and 7.8%, narrowing to the lower half of the guidance range we gave you at the beginning of the year. We are maintaining our full year managed receivables growth in the 5% to 8% range our operating expense ratio guide of approximately 6.6%.

預計 C&I 淨沖銷額將在 7.5% 至 7.8% 之間，收窄至我們年初給出的指導範圍的下半部分。我們將全年管理應收帳款成長率保持在 5% 至 8% 之間，我們的營運費用率指導值約為 6.6%。

With all of these metrics moving in the right direction, capital generation in 2025 will significantly exceed 2024. So I'll end with how I opened. We had a really strong quarter with improved credit performance, excellent originations, growth in total revenue and continued balance sheet strength. We have notable momentum as we move into the second half of 2025 and look forward to delivering outstanding shareholder value in the quarters and years ahead.

隨著所有這些指標朝著正確的方向發展，2025 年的資本創造將大大超過 2024 年。因此我將以我的開場方式結束。我們本季表現非常強勁，信貸表現改善，業務發起良好，總收入成長，資產負債表持續強勁。進入 2025 年下半年，我們發展勢頭強勁，期待在未來幾季和幾年為股東創造卓越的價值。

And with that, let me turn the call back over to Doug.

說完這些，讓我把電話轉回給 Doug。

Thanks, Jenny. As I mentioned at the beginning of the year, as we actively managed the business over the past couple of years, we created very positive trends in credit and originations. These tailwinds that I spoke about then are clearly present now. as we are on pace to deliver significant capital generation growth in 2025.

謝謝，珍妮。正如我在今年年初提到的那樣，由於我們在過去幾年中積極管理業務，我們在信貸和發起方面創造了非常積極的趨勢。我當時談到的這些順風因素現在顯然已經出現，因為我們預計在 2025 年實現顯著的資本創造成長。

We are confident in the strength of our business model and our strategic initiatives, and we have positioned OneMain very well for the long term with intense focus on our core loan business as well as our new products and channels.

我們對我們的商業模式和策略舉措的實力充滿信心，並且我們已經為 OneMain 做好了長期定位，重點關注我們的核心貸款業務以及我們的新產品和管道。

We are operating from a position of strength with an experienced team, resilient business model, strong and diverse balance sheet, credit expertise and long experience serving the non-prime consumer, all of which should benefit our company, our customers and our shareholders, both in the near and the long term.

我們擁有強大的營運團隊、靈活的商業模式、強大而多樣化的資產負債表、信貸專業知識以及長期服務非優質消費者的經驗，所有這些都將在短期和長期內使我們的公司、客戶和股東受益。

I'll close by thanking all of the OneMain team members for their continued dedication to helping our customers improve their financial well-being. Their hard work and dedication to our customers is unmatched. With that, let me open it up for questions.

最後，我要感謝 OneMain 團隊的所有成員，感謝他們持續致力於幫助我們的客戶改善財務狀況。他們為客戶付出的辛勤工作和奉獻精神是無與倫比的。好了，現在讓我開始回答問題。

(Operator Instructions)

（操作員指示）

Moshe Orenbuch, TD Cowen

Moshe Orenbuch，TD Cowen

Great, and thanks for taking my questions. I guess, Doug and Jenny, you talked a little bit about the growth in originations and the changing rate of growth there. Could you just talk flesh out a little bit about the underlying competitive dynamic other factors that are causing this -- that are driving behind the success that you've had and kind of how you see that going forward?

太好了，感謝您回答我的問題。我想，道格和珍妮，你們談論了發起的成長以及那裡的成長率的變化。您能否詳細談談導致這種現象的其他潛在競爭動態因素—推動您成功的因素，以及您如何看待未來的發展？

Sure. Let me just talk, hi Moshe. How are you doing? I will talk about the competitive environment for a minute and then Jenny may want to add. The competitive environment remains quite constructive for us. As you mentioned, we've had nice origination growth despite continuing to have a very tight credit box.

當然。讓我說說，你好，Moshe。你好嗎？我將花一點時間談論競爭環境，然後珍妮可能想補充一些。競爭環境對我們來說仍然非常有利。正如您所提到的，儘管信貸限制仍然非常嚴格，但我們的貸款發放量仍然保持良好的成長。

I think you can look at our pricing, so we're able to take some price, which shows that our offers are quite competitive and 60% of our originations are in our higher risk grades, which is usually where there's more competition, and we seem to be getting our fair share.

我想您可以看看我們的定價，我們能夠接受一些價格，這表明我們的報價相當有競爭力，而且我們 60% 的發起都屬於較高風險等級，這通常是競爭更激烈的地方，我們似乎獲得了公平的份額。

I think in general, there are a lot of competitors out there, especially for unsecured loans. Half our loans are secured within auto, not very separate from our auto finance business. And so it's a competitive market, and we have to earn our customers' trust. There's a lot of capital available.

我認為總體來說，市場上有很多競爭對手，尤其是在無擔保貸款方面。我們的貸款有一半是以汽車作為抵押的，與我們的汽車金融業務並沒有太大區別。這是一個競爭激烈的市場，我們必須贏得客戶的信任。有大量可用資本。

So at different times in the market, if the capital markets are tight, competitors sometimes can't get access to capital, can't get it at a rate they want so can't loan. I think there's abundance of capital. So that's not a constraint on the competitive environment. But we feel quite good about our positioning.

因此，在市場的不同時期，如果資本市場緊張，競爭對手有時無法獲得資本，無法以他們想要的利率獲得資本，因此無法貸款。我認為資本充足。所以這並不是競爭環境的限制。但我們對我們的定位感覺很好。

We got loyal customers; we have this expanded product set, we're making the kinds of enhancements I talked about around product and customer experience. And so the competitive environment remains -- there's a lot of competition out there, but it's -- we feel good about our positioning in it.

我們擁有忠實的客戶；我們擁有擴展的產品系列，我們正在圍繞產品和客戶體驗進行我所談到的各種改進。因此競爭環境依然存在——競爭非常激烈，但我們對自己的定位感到滿意。

The only piece I'd add there is -- and Doug touched on this, but really, it's high-quality originations growth, which we like. So it starts with credit who are you underwriting and our ability to do that while maintaining a pretty tight credit appetite is very good. And then to be able to do that also while having good pricing, I think, is another piece that is very good. And the growth is really the outcome of choices there. And so I think we're quite happy with where it stands.

我唯一要補充的是——道格也提到了這一點，但實際上，它是高品質的起源增長，我們喜歡它。因此，首先要從信用開始，誰來承保，我們在保持相當嚴格的信貸需求的同時做到這一點的能力非常好。我認為，能夠做到這一點，同時也能獲得良好的定價，這是另一件非常好的事情。而成長實際上是選擇的結果。所以我認為我們對現狀非常滿意。

Got it. And as a follow-up and maybe kind of dovetailed with that a little bit, Jenny, you kind of alluded to a couple of times the stronger capital generation. And obviously, we see that you bought back some stock even kind of at the higher -- closer to the higher end of your leverage target. So maybe you could just talk a little bit about how you think about kind of deploying that in the next six to 12 months in terms of having that stronger capital generation and a relatively kind of constructive environment from a loan growth perspective.

知道了。作為後續問題，也許與此有點吻合，珍妮，你提到了幾次更強勁的資本生成。顯然，我們看到您以更高的價格回購了一些股票——更接近您的槓桿目標的高端。因此，也許您可以稍微談談您考慮如何在未來 6 到 12 個月內部署這些措施，以實現更強勁的資本生成能力以及從貸款成長角度來看相對積極的環境。

Yes. Let me take this on our capital generation and our capital allocation policy. We've been quite consistent for many years. First use of capital is building a great business and investing in our products, our people, our digital capabilities, our data science and putting money -- putting our capital into every loan that meets our risk-return criteria. Second is our dividend and we have about a 7% yield now.

是的。讓我談談我們的資本產生和資本配置政策。多年來我們一直保持一致。資本的首要用途是建立偉大的企業，投資我們的產品、我們的員工、我們的數位能力、我們的數據科學，並將我們的資本投入到每一筆符合我們風險回報標準的貸款中。第二是我們的股息，目前我們的股息殖利率約為 7%。

It's a strong dividend. It's part of the value proposition we have to shareholders. After that, we will use our capital in a discretionary manner where we think it has the highest return to shareholders. There's going to be more excess capital. I think you've seen that as capital generation goes up.

這是一筆豐厚的股息。這是我們向股東提供的價值主張的一部分。此後，我們將以我們認為能為股東帶來最高回報的方式酌情使用我們的資本。將會有更多的過剩資本。我想你已經看到了資本創造不斷增加的情況。

You've seen quarter-over-quarter higher share repurchases. You've now seen year-over-year already, higher share repurchases. We could use that for more share repurchases. We could use that for something strategic, and that's kind of how we think about it.

您已經看到股票回購量逐季上升。您現在已經看到股票回購量較去年同期增加。我們可以用它來回購更多股票。我們可以將其用於某些戰略目的，這就是我們的想法。

Thanks very much.

非常感謝。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Hey, thank you. Good morning. Maybe a question for you, Doug. You kind of called out the card portfolio to kind of mature and eventually kind of reach the same return on receivables as a personal lending business I guess, one, any sense on kind of timing of when that happens? And then two, as you kind of get to that point, how do you think about sizing that business and kind of growth going forward?

嘿，謝謝你。早安.道格，這可能是我想問你的問題。您曾呼籲信用卡組合逐漸成熟，並最終達到與個人貸款業務相同的應收帳款回報率，我想，首先，您知道這種情況何時會發生嗎？第二，當您達到這一點時，您如何看待該業務的規模以及未來的成長方式？

Yes. Look, we're not giving any like forward guidance on card per se, but let me tell you how I think about it, which is over time, the card yields will remain above 30%. They're already above 30%. They will move up and down a little bit, but in general, they'll -- we're confident they're going to be above 30%. Losses are kind of in the mid-teens.

是的。你看，我們並沒有給出任何關於信用卡本身的前瞻性指引，但讓我告訴你我的想法，那就是隨著時間的推移，信用卡收益率將保持在 30% 以上。他們的比例已經超過30%。它們會稍微上下波動，但總體而言，我們相信它們會高於 30%。損失大約在十幾歲左右。

You -- it's lower actual operating expense because it's a digital product and without needing the branch infrastructure to do it. And so if you add all of those things up, you get to a similar capital generation return on receivables. We're really not chasing growth in card. We're being quite measured.

您——它的實際營運費用較低，因為它是一種數位產品，不需要分支基礎設施來實現。因此，如果將所有這些因素加起來，您就會得到類似的應收帳款資本產生回報。我們其實並不是在追求卡片的成長。我們非常謹慎。

And right now, we're kind of perfecting the product making sure we feel really good about the cards we put on our book, driving -- when you're in the early stages yet higher unit costs. And then over time, those unit costs go down, they go down just by the nature of more receivables against the fixed cost base, but they also were actively working to drive those down in every year, they're going down some.

現在，我們正在完善產品，確保我們對放在書上的卡片感覺很好，當你處於早期階段時，單位成本會更高。然後隨著時間的推移，這些單位成本就會下降，它們的下降僅僅是因為相對於固定成本基礎而言應收帳款更多的性質，但他們也在積極努力地降低這些成本，每年都會有所下降。

And then we will ramp it as appropriate. We've actually been quite conservative. I mean we've been at this 40-years, and we still have under $1 billion of receivables. During that time, we had a non-prime consumer economic cycle. And so we're in no rush. We think this is a great product. We now have a bunch of customers. We have almost 1 million customers. We're seeing some really nice results from our test of cross-sell from people who have cards to loans, and we're just going to keep the pace as appropriate.

然後我們會酌情增加。我們其實一直相當保守。我的意思是我們已經處於這種情況 40 年了，但我們的應收帳款仍然不到 10 億美元。在那段時間裡，我們正處於非黃金消費經濟週期。所以我們並不著急。我們認為這是一個很棒的產品。我們現在有一大批客戶。我們有近100萬客戶。我們從信用卡和貸款交叉銷售測試中看到了一些非常好的結果，我們將繼續保持適當的步伐。

At some point, we probably will accelerate growth, but we're not at that point now.

在某個時候，我們可能會加速成長，但現在還沒有到那個時候。

Got it. Super helpful. And then as a follow-up, just on the recently passed one big beautiful bill, you kind of also called out a reduction of taxes on tips and over time and also the expanded credits. Any idea how -- what percentage of the portfolio this would kind of benefit for your borrower base?

知道了。超有幫助。然後作為後續行動，就在最近通過的一項美麗的大法案中，您還呼籲減少小費稅和加班稅，並擴大抵免額。您知道嗎—這會為您的借款人群體帶來多大比例的投資組合利益？

Thank you.

謝謝。

Yes. Look, first of all, I want to be really clear. My comments were that some of the provisions could help some of our customers. We are not baking anything into our internal projections or our guidance or anything around the bill. So I want to be really clear about that.

是的。你看，首先，我想說清楚一點。我的評論是，其中一些規定可以幫助我們的一些客戶。我們不會將任何內容納入我們的內部預測、指導或與該法案相關的任何內容中。所以我想非常清楚地說明這一點。

But just to dimension it, if you look at a bunch of industry segments, health care, manufacturing, construction and then you add retail and hospitality that is around 40% to 50% of our portfolio. Those are likely places that either have overtime or tips. The question is, how much of an impact is it going to be? How much are they going to save? And is it really going to affect payment patterns at all?

但只是為了衡量它，如果你看一系列行業領域，醫療保健，製造業，建築業，然後添加零售業和酒店業，它們約占我們投資組合的 40％ 至 50％。這些地方很可能有加班費或小費。問題是，它會產生多大的影響？他們要省多少錢？它真的會影響支付模式嗎？

I think it's TBD and way too early. And then there are some other provisions like childcare benefit, child tax credits. -- that generally could help our customers. And so that's the dimension of it. I mentioned it because it's a -- could be a net positive, but it's not something we've baked in.

我認為現在還未確定，而且為時過早。還有一些其他規定，如兒童保育福利、兒童稅收抵免——通常可以幫助我們的客戶。這就是它的維度。我提到這一點是因為它可能是淨收益，但這不是我們已經融入的東西。

Got it. Thank you.

知道了。謝謝。

Mark Devries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

Yeah, thanks. With the front book now 90% of the portfolio on the back book down to 24%, how much longer should we kind of expect this year-over-year an improvement in credit to (inaudible)? In other words, how much longer do we kind of have this tailwind?

是的，謝謝。現在前帳簿佔後帳簿投資組合的 90% 已降至 24%，我們還能預期今年的信貸年比改善還要多久？（聽不清楚）？換句話說，我們還能享受這種順風多久？

Thanks. I'll take that. Listen, I think overall, in terms of -- it's hard for me to give you exactly a sense of how long will we continue to see it. I think we really like what we're seeing, and we're really liking the trends and -- so we're -- the 30 to 89 being down 8 basis points compared to last year and that 30-plus down 29 basis points compared to last year. I mean I think we really like this direction of travel.

謝謝。我會接受的。聽著，我認為總體而言——我很難確切地告訴你我們還會繼續看到這種情況多久。我認為我們真的很喜歡我們所看到的，我們真的很喜歡這種趨勢——所以我們——30 到 89 與去年相比下降了 8 個基點，30 以上與去年相比下降了 29 個基點。我的意思是，我認為我們真的很喜歡這個旅行方向。

And the quarter-over-quarter improvement may vary some, but we're really liking where we're going. And we're also seeing better later stage roll rates which leads to better loss outcome. So I think generally, we're feeling quite good about this. I don't know that I can give you a specific moment when we'll get back to a place where year-over-year were not coming down.

雖然季度間的改善可能會有所不同，但我們真的很喜歡我們現在的進展。我們也看到後期滾動率有所改善，從而帶來更好的損失結果。所以我認為總體來說，我們對此感覺很好。我不知道我能否給你一個具體的時間，讓我們回到同比沒有下降的狀態。

Okay. Fair enough. And then I just wanted to clarify my understanding of, I think, Jenny, in your prepared comments calling out kind of a moderation of growth in the back half of the year, at least relative to the first half trend. Is that attributable more to just tougher comps? Or are you pulling back a little bit on credit?

好的。很公平。然後，我想澄清一下我的理解，珍妮，在你準備好的評論中，你提到下半年經濟成長會有所放緩，至少相對於上半年的趨勢而言。這是否更多地歸因於更激烈的競爭？或者說，你們會減少一些信貸支出嗎？

Really, if I look at our originations growth last quarter, last quarter, our originations growth was 20%. And then if you look at that organically, it's 13% -- it was 13%. And so this quarter, we were at 9% growth in originations -- and I think really, what you're seeing is we've been very focused on how growth outcomes while maintaining our credit box, and we've been doing that for about a year.

真的，如果我看一下上個季度的起源成長，上個季度，我們的起源成長是 20%。如果你從有機角度來看，它是 13% - 是 13%。因此，本季度我們的貸款發起量成長了 9%——我認為，實際上，您所看到的是我們一直非常關注成長結果，同時保持我們的信用額度，而且我們已經這樣做了大約一年。

So if I do think you're starting to lap some of those initiatives. And so you'll see that with some of the moderation in the origination growth. We're very pleased with where we are and sticking to our guidance of that 5% to 8% receivables growth for the year. So that should give you a sense of where we're expecting to land.

所以如果我確實認為你開始接受其中的一些措施。因此，您會看到起源增長有所放緩。我們對目前的狀況非常滿意，並堅持今年應收帳款成長 5% 至 8% 的預期。這樣你應該就能知道我們預計會降落在哪裡了。

Got it, thank you.

知道了，謝謝。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Thank you, guys, very much for taking my questions. Just a couple of things. I mean, I guess, touching on the on the credit side of the business. It looked like payment rates accelerated a little bit in the quarter. So I'm wondering if there's anything to take away from that? And then tag on to that is any impact from the, I guess, the student loan repayment update in terms of reporting and requirements.

非常感謝你們回答我的問題。僅舉幾例。我的意思是，我想，觸及業務的信用方面。看起來本季的支付率略有加快。所以我想知道從中能得到什麼嗎？然後，我想，這與學生貸款償還更新在報告和要求方面的影響有關。

I'll take that. I'd say in terms of payment, I don't think we see anything particularly unusual on payments. I had mentioned before, but we are seeing good trajectory on delinquency. I think what you see there is that customers are going delinquent but seem to be able to then make a payment after falling delinquent, and that's a phenomenon. We've seen for a while.

我會接受的。我想說，就付款而言，我認為我們沒有看到任何特別不尋常的付款情況。我之前提到過，但我們看到犯罪率呈現良好的趨勢。我認為你看到的是，客戶雖然拖欠還款，但似乎能夠在拖欠之後繼續付款，這是一種現象。我們已經見過一段時間了。

I don't know that I'd call it a trend yet. So that's just one interesting piece here. To move to your question on student loans. We monitor the whole portfolio very closely, and we've been highly focused on this since that deferral period ended in October of 2023.

我還不知道我是否可以稱其為一種趨勢。這只是其中一件有趣的事。回到您關於學生貸款的問題。我們密切監控整個投資組合，自 2023 年 10 月延期結束以來，我們一直高度關注這一點。

So it's been a while since the Fed collections action started in May, we have not noted any significant difference in the performance of the segment of the portfolio that has a student loan compared to the segment of the portfolio without a student loan.

因此，自從五月聯準會開始採取收款行動以來已經有一段時間了，我們尚未註意到有學生貸款的投資組合部分與沒有學生貸款的投資組合部分的表現有任何顯著差異。

And just one other piece to mention on this is that many of our customers are current on their student loans and many are also still in deferred status. But it's clearly something that we'll be watching and closely monitor versus our other population.

另外需要提到的一點是，我們的許多客戶目前都在償還學生貸款，還有許多客戶仍處於延期狀態。但很明顯，我們會注意並密切監測其他人群的情況。

Okay. Thank you. And then, Doug, just maybe your updated thoughts on the branch network versus the online channel. I know the branch network is important from a servicing and customer interaction perspective. But where are you now kind of on this journey of becoming more digital? And how does that impact your thinking about the branch network?

好的。謝謝。然後，道格，也許您對分支網絡與線上管道有什麼新的看法。我知道從服務和客戶互動的角度來看分支網絡很重要。但是，在數位轉型的旅程中，您現在處於什麼階段呢？這對您對分支網絡的思考有何影響？

Yes. Look, we view that we're going to be able to serve our customers across multiple channels, in person, on the phone, and online or on a mobile app. And we're always working to optimize exactly which of these channels it's a combination is most value added to our customers and our business model and then where the customer preference is.

是的。看，我們認為我們將能夠透過多種管道為客戶提供服務，包括面對面、電話、線上或行動應用程式。我們始終致力於優化這些管道中的哪一個組合能為我們的客戶和我們的商業模式帶來最大的附加價值，並滿足客戶的偏好。

Our real focus with the branch network is -- our customers really like having personalized service, someone to talk to someone to help think about managing their debt, getting them into the right size loan, thinking about a loan consolidation and paying off credit cards and getting into a single monthly payment. And then they also really like if they have a hiccup in their life.

我們分行網路的真正重點是——我們的客戶真正喜歡個人化服務，有人可以與他們交談，幫助他們思考如何管理債務，讓他們獲得適當規模的貸款，考慮貸款合併、償還信用卡並實現每月一次的還款。然後，如果他們的生活中出現了小問題，他們也會非常喜歡。

One spouse loses a job or they're between jobs that they have someone to call, and we will work with them. And so value-added is the customer interactions that our branch team members have. And our branch managers have average 10 years or 15 years, they really know their customer base and they know how to work with this customer.

如果配偶失業或處於待業狀態，需要有人可以打電話，我們會幫助他們。因此，我們的分行團隊成員與客戶之間的互動具有附加價值。我們的分行經理平均從業 10 年或 15 年，他們非常了解自己的客戶群，也知道如何與客戶合作。

So what we're always trying to do is our branch team members up to do value-added work. And so a lot of what we put into the app is make a payment, change your payment date, forgot my password, check my balance. And so we continually made that easier and gotten more and more people to use the app for that.

因此，我們一直在努力讓我們的分支團隊成員做增值工作。我們在應用程式中添加的許多功能包括付款、更改付款日期、忘記密碼、查看餘額。因此，我們不斷簡化這一過程，並讓越來越多的人使用該應用程式。

And then we've also supplemented our branches with our central call centers. So if there's overflow in collection or a branch is busy booking loans and they need to have some help -- and so a lot of what we're doing is optimizing the work for maximum efficiency for us, maximum efficiency for our customers and making sure our branches are focused on engaging with customers, which customers really like.

此外，我們也透過中央呼叫中心補充了我們的分公司。因此，如果收款過多或分行忙於預訂貸款，他們需要一些幫助——所以我們所做的工作很多都是優化工作，以實現我們自己的最高效率，為我們的客戶實現最高的效率，並確保我們的分行專注於與客戶互動，這是客戶真正喜歡的。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Hey, good morning, everybody. Look, you've done a good job sort of laying out the case of on credit of dilution of the back book, tightening in credit on the front book. The one factor that's probably a little bit harder for us to understand is what's really going on from a macro perspective.

嘿，大家早安。你看，你已經很好地闡述了後台帳簿信用稀釋、前台帳簿信用收緊的情況。我們可能比較難理解的一個因素是從宏觀角度真正發生的情況。

If you were to look at cohorts on a like-for-like basis on credit category, are you seeing your consumer stable, improving, deteriorating? Just to give us a sense of where we are in that cycle.

如果您以信用類別的同類群體為基礎進行觀察，您認為您的消費者狀況是穩定、改善還是惡化？只是為了讓我們了解我們處於這個週期的哪個階段。

Yes. Look, our consumer has been quite stable, I'd say, for over a year now, as you know, that there was deterioration in '22 and into '23. I think like for like, we're booking better quality credit than we did if you go way back to pre-pandemic and we're managing the book to be about the same. So we've got tools in our toolkit that allows us to kind of manage what we put on the book. But I do think the overall the nonprime consumer has been stable.

是的。你看，我想說，一年多來，我們的消費者一直很穩定，正如你所知，2022 年和 2023 年的情況已經惡化。我認為，就同類情況而言，我們預訂的信貸品質比疫情爆發前要好，而且我們的管理帳簿也大致相同。因此，我們的工具包中有一些工具可以讓我們管理書中的內容。但我確實認為非優質消費者總體上是穩定的。

I don't think they've seen their economic situation get wildly better, it also hasn't gotten worse. It's been stable the last 12 to 18 months. I think what you've seen us do is carefully manage the business. So our numbers have continued to get better. And we know how to kind of manage within any sort of economic environment to make -- to drive positive capital generation.

我認為他們的經濟狀況並沒有顯著好轉，也沒有惡化。過去 12 到 18 個月一直保持穩定。我想您看到我們所做的就是謹慎地管理業務。因此我們的業績持續好轉。我們知道在任何經濟環境下如何進行管理，以推動積極的資本創造。

Got it. And look, if we were to go back to 2022 in the April to August time frame where credit shifted rapidly. That was obviously triggered in part by the rapid spike in gas prices, we estimate that your customer probably their spending at the pump is high single digits of their spending.

知道了。如果我們回到 2022 年 4 月至 8 月這段時間，信貸會迅速改變。這顯然部分是由於汽油價格的快速飆升引起的，我們估計您的客戶在加油站的支出可能佔其總支出的個位數。

What are the inputs that you're looking at right now to sort of measure the health of your consumer? And what are you seeing? Obviously, gas prices have been a nice tailwind. What are the offsetting headwinds in terms of other expenses.

您現在透過哪些輸入來衡量消費者的健康狀況？你看到了什麼？顯然，汽油價格上漲是一大利多。在其他費用方面有哪些抵銷的阻力。

I mean, look, we we're interested in macro trends, and we're all over them. And we understand whether it's food or housing or transportation costs like we watch that. But the real inputs we look at is each customer that comes in, do they have a job, don't they? How much do they make? How much do they spend?

我的意思是，你看，我們對宏觀趨勢很感興趣，而且我們對它們非常關注。我們了解食品、住房或交通成本，就像我們所關注的。但我們真正關注的是每個進來的顧客，他們有工作嗎？他們賺多少錢？他們花了多少錢？

What's their net disposable income, what's their debt load and can they afford what can they afford to, a, take a loan from us? And if so, what is the price. So the main input is like customer by customer. I think in a macro setting, I do think -- and to your earlier question, wages in aggregate have over -- about a year ago, caught up with inflation in aggregate. And our customers now have more net disposable income than they did before all of this down cycle and even really before pre-pandemic.

他們的淨可支配收入是多少，他們的債務負擔是多少，他們能否負擔得起向我們借款？如果是的話，價格是多少？因此，主要的輸入就像是針對每個客戶。我認為，從宏觀角度來看，我確實認為——對於您之前的問題，總體工資大約在一年前就已經趕上了總體通貨膨脹率。現在，我們的客戶擁有的淨可支配收入比整個經濟下行週期之前甚至疫情爆發之前還要多。

And so we underwrite to net disposable income. I mean we obviously have we have 1,000 factors that go into our models, but it's relatively straightforward. How much do you make? How much do you spend? How much is left over? And can you afford the loan that we're putting you into.

因此我們承保淨可支配所得。我的意思是，我們的模型中顯然有 1,000 個因素，但它相對簡單。你賺多少錢？你花了多少錢？還剩下多少？您能負擔得起我們提供給您的貸款嗎？

Look, I appreciate that. The simple description of it. It's funny. Sometimes we lose sight of that, and you guys probably don't appreciate that as outsiders, it's hard to sort of appreciate that.

瞧，我很感激。對此進行簡單的描述。很有趣。有時我們會忽略這一點，而身為局外人，你們可能不會意識到這一點，很難意識到這一點。

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

All right, great. Thanks for taking my question, squeezing me in here. Doug, I actually wanted to just revisit. I think it was the very first question on just the competitive environment. We've been seeing pretty much across the board this reporting season so far, credit-related beats.

好的，太好了。感謝您回答我的問題並讓我參與其中。道格，我其實只是想再去看看。我認為這是關於競爭環境的第一個問題。到目前為止，我們在本報告季中幾乎全面看到了與信貸相關的業績超出預期。

So obviously, all lenders and not necessarily direct competitors to OneMain. I mean, it's a variety of asset classes, but credit's clearly been performing or outperforming for most. And I assume that also is the case for many of your private competitors and private credit has been flowing freely as you noted.

因此顯然，所有貸款機構並不一定是 OneMain 的直接競爭對手。我的意思是，資產類別多種多樣，但信貸顯然在大多數資產類別中表現良好或優於其他資產類別。我認為你們的許多私人競爭對手的情況也是如此，而且正如你們所說，私人信貸一直在自由流動。

Is -- are there any either early signs of more price competition? Or I'm wondering if past cycles are indicative of maybe how many quarters it is before you start to see competitors become much more aggressive on pricing or you mentioned it's constructive right now. But can you provide a little more color on kind of what you're seeing on the margin?

是否有任何價格競爭加劇的早期跡象？或者我想知道過去的周期是否可以表明，在你開始看到競爭對手在定價方面變得更加激進之前，需要多少個季度，或者你提到現在它是建設性的。但是，您能否提供更多關於您在邊緣看到的內容的詳細資訊？

Look, having been through -- I mean, in late '21 and early '22 as people were feeling more comfortable from the pandemic competitors flooded into the market and we watched it and we actually watched competitors take a little bit of share at that time. And we stuck to our knitting, and we have a credit box and we have our product and we have our marketing and we have our customer experience, and we work on that every day to make it better and more refined and more specific and more granular.

你看，經歷過——我的意思是，在 21 年末和 22 年初，隨著人們對疫情感到更加放心，競爭對手湧入市場，我們看著這一切，我們實際上看到競爭對手在當時佔據了一點份額。我們堅持自己的主業，我們有信用箱，有產品，有行銷，有客戶體驗，我們每天都在努力使它變得更好、更精緻、更具體、更細緻。

And whatever we can book, we book within those parameters. And we actually don't get too fast about if the numbers go up a little bit and go down a little bit. I mean I've talked about it before as growth is an output. I think some of the places where there's more price competition, like a Credit Karma or LendingTree, some of the aggregators, we're seeing plenty of competition.

無論我們可以預訂什麼，我們都會在這些參數範圍內預訂。事實上，我們不會太快判斷數字是上升一點還是下降一點。我的意思是我之前已經談論過它，因為成長是一種產出。我認為，在一些價格競爭更激烈的地方，例如 Credit Karma 或 LendingTree，以及一些聚合器，我們看到了激烈的競爭。

Some of the competitors that got burned in 2022 trying to manage nonprime credit and didn't have the expertise we had have come back in but haven't come as far into nonprime. And so there is more competition at the, call it, 660 and above, then the FICO than there is 660 and below. And so we track very carefully with the we can get our hands on, originations, volume product.

一些競爭對手在 2022 年試圖管理非優質信貸時遭遇損失，而且不具備我們所擁有的專業知識，他們雖然回來了，但在非優質信貸領域卻沒有走得太遠。因此，660 及以上的 FICO 競爭比 660 及以下的競爭更激烈。因此，我們非常仔細地追蹤我們可以獲得的資訊、起源和批量產品。

As I mentioned before, plenty of competition in the market right now, but we feel good about the fair share we're getting. And we, as a management team, always check any impulse to get too fast any given quarter about if origination growth is exactly some place. Instead, we just stick to our discipline have a great value proposition to our customer, and we're pretty confident that we do this very well for the nonprime consumer.

正如我之前提到的，目前市場競爭非常激烈，但我們對所獲得的公平份額感到滿意。作為管理團隊，我們始終檢查每季是否有任何過快成長的衝動，以確定起源成長是否確實存在。相反，我們只是堅持我們的紀律，為我們的客戶提供巨大的價值主張，並且我們非常有信心，我們為非優質消費者做得很好。

Got it. No, that's very helpful color. And maybe just a quick follow-up on the auto side. I mean, it's been a year since the Foresight acquisition closed. I know you gave some kind of growth metrics around originations in rooftops.

知道了。不，那是非常有用的顏色。也許只是對汽車方面進行快速跟進。我的意思是，Foresight 收購已經過去一年了。我知道您給了一些有關屋頂起源的成長指標。

But more specifically, can you provide just some -- maybe your observations about the franchise business in particular? How -- just how it's performed relative to kind of your expectations a year ago either in terms of kind of penetration of franchise rooftops and sort of just the traction you've gained within F&I managers?

但更具體地說，您能否提供一些——特別是您對特許經營業務的觀察？就特許經營屋頂的滲透率以及您在 F&I 經理中獲得的吸引力而言，與一年前您的預期相比，它的表現如何？

Yes. Look, we actually looked long and hard and debated whether we were going to build it ourselves and we found Foresight, which we think was a best-in-class auto lenders, they actually had very good sales team, a very good technology, which were -- have converted our whole auto business on to, which includes a portal for the dealers. They -- and we've grown that nicely.

是的。瞧，我們實際上進行了長期而艱苦的研究，並討論了是否要自己構建它，我們發現了 Foresight，我們認為它是一流的汽車貸款機構，他們實際上擁有非常優秀的銷售團隊，非常好的技術，他們已經將我們的整個汽車業務轉變為包括經銷商門戶在內的系統。他們——而且我們已經很好地成長了。

I mentioned that active dealers are up, and we've seen active dealers up. And so I think Foresight for a very small auto lender was very good at competing head-to-head with the bigger auto lenders inside franchise dealers. And so our growth has been in both franchise and independent dealers over time.

我提到活躍經銷商數量增加，我們也看到活躍經銷商數量增加。因此，我認為，對於一家規模很小的汽車貸款機構來說，Foresight 非常擅長與特許經銷商內部規模較大的汽車貸款機構進行正面競爭。因此，隨著時間的推移，我們的特許經營經銷商和獨立經銷商都實現了成長。

I think you probably know in the auto business, the dealer wants a good price for their customer, and they want fast execution, so they can move cars and free up their showroom and their F&I dealer to move to the next customer. and Foresight does a decision in under 15 seconds. And for franchise dealers, the bigger auto loans, they're usually a higher credit quality customer.

我想您可能知道，在汽車行業，經銷商希望為客戶提供好價格，並且希望快速執行，這樣他們就可以售出汽車並騰出展廳和 F&I 經銷商來接待下一位客戶。而 Foresight 可以在 15 秒內做出決定。對於特許經銷商來說，汽車貸款金額越大，他們通常就是信用品質較高的客戶。

And so we've been really pleased with it, and we're kind of growing it commensurate with the rest of our business. But again, we put the same discipline of stress. We're assuming we put a 30% extra stress on our underwriting models so that we've maintained a conservative credit posture even in our auto business.

因此，我們對此感到非常滿意，並且我們正在使其與我們的其他業務同步成長。但我們再次強調同樣的紀律。我們假設我們的核保模式會承受 30% 的額外壓力，這樣即使在汽車業務中我們也能保持保守的信貸姿態。

So that (multiple speakers). So we're up against the hour. Thank you all very much for joining the call. If we didn't get to your question, our IR team is happy to engage, and we look forward to seeing everybody during this quarter and on next quarter's call. So thank you very much.

以便（多位發言者）所以，我們正面臨時間的迫切。非常感謝大家參加此次電話會議。如果我們沒有回答您的問題，我們的 IR 團隊很樂意與您聯繫，我們期待在本季和下季的電話會議上見到大家。非常感謝。

Thank you. This does conclude today's OneMain Financial second-quarter 2025 earnings conference call. Please disconnect your lines at this time and have a wonderful day.

謝謝。今天的 OneMain Financial 2025 年第二季財報電話會議就此結束。請此時斷開您的線路並祝您度過美好的一天。