OneMain Holdings, Inc. (NYSE:OMF) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET

Company Participants

Peter Poillon - Head, IR

Douglas Shulman - Chairman, President & CEO

Micah Conrad - EVP & CFO

Conference Call Participants

Moshe Orenbuch - Crédit Suisse

Kevin Barker - Piper Sandler & Co.

Michael Kaye - Wells Fargo Securities

John Hecht - Jefferies

John Rowan - Janney Montgomery Scott

Richard Shane - JPMorgan Chase & Co.

Operator

Welcome to the OneMain Financial Third Quarter 2022 Earnings Conference Call and Webcast. Hosting the call today from OneMain is Peter Poillon, Head of Investor Relations. [Operator Instructions]. It is now my please to turn the floor over to Peter Poillon. Sir, you may begin.

Peter Poillon

Thank you, Chelsea. Good morning, everyone, and thank you for joining us. Let me begin by directing you to Page 2 of the third quarter 2022 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 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.

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, October 27, 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 Mike Conrad, our Chief Financial Officer. After the conclusion of our formal remarks, we will conduct a question-and-answer session. Let me turn the call over to Doug.

Douglas Shulman

Thanks, Pete, and good morning, everyone. Thanks for joining us today. This morning, I'll take some time to review our quarterly performance, the current credit and macroeconomic environment and provide an update on our key strategic initiatives. Our capital generation remains strong, coming in at $283 million for the quarter.

As I touched on last quarter, demand remains strong, and we've seen improvements in the competitive environment, which has led to an increase in attracting higher credit quality business. Originations were $3.6 billion for the quarter, down 8% from the third quarter last year, but relatively strong given our cautious underwriting posture. Originations this year have also been supported by our expanded products and distribution channels, which made a meaningful contribution to our 7% year-over-year receivables growth.