Start Time: 09:00 January 1, 0000 9:58 AM ET

OneMain Holdings, Inc. (NYSE:OMF)

Q1 2023 Earnings Conference Call

April 25, 2023, 09:00 AM ET

Company Participants

Doug Shulman - Chairman and CEO

Micah Conrad - EVP and CFO

Peter Poillon - Head, IR

Conference Call Participants

John Hecht - Jefferies

Kevin Barker - Piper Sandler

Michael Kaye - Wells Fargo

Moshe Orenbuch - Credit Suisse

David Scharf - JMP Securities

Rick Shane - JPMorgan

Vincent Caintic - Stephens

Operator

Welcome to the OneMain Financial First 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. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions, following the presentation. [Operator Instructions].

It is now my pleasure to turn the call over to Peter Poillon. Sir, you may begin.

Peter Poillon

Thank you. Good morning, everyone, and thank you for joining us. Let me begin by directing you to Page 2 of the first quarter 2023 investor presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP measures. The presentation can be found in the Investor Relations section of our Web site.

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.

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, April 25 and have not been updated subsequent to this call.

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 would now like to turn the call over to Doug.

Doug Shulman

Thanks, Pete, and good morning, everyone. Thanks for joining us today. Today I will cover our results for the quarter, our positioning in this uncertain macroeconomic environment and our strategic initiatives. Let me start with some highlights of our performance in the first quarter. We produced net income of $179 million and $179 million of capital generation in the quarter. We continue to see strong demand for our loan products. In what is typically a seasonally lower quarter for our lending business, we had $2.8 billion of originations despite our continued tight credit box.