OneMain Holdings, Inc. Reports First Quarter 2019 Results
Reading Time: 14 minutes
- 1Q 2019 diluted EPS of $1.11
- 1Q 2019 C&I adjusted diluted EPS of $1.37
- 1Q 2019 C&I Ending Net Finance Receivables of $16.2 billion
- 1Q 2019 C&I Net Charge-Off ratio of 7.1%
EVANSVILLE, Ind.–(BUSINESS WIRE)–OneMain Holdings, Inc. (NYSE: OMF) today reported pretax income of $202
million and net income of $152 million for the first quarter of 2019,
compared to $168 million and $124 million, respectively, in the prior
year quarter. Earnings per diluted share were $1.11 in the first quarter
of 2019, compared to $0.91 in the prior year quarter.
On April 29, 2019, OneMain’s Board of Directors approved a regular
quarterly dividend of $0.25 per share, payable on June 14, 2019 to
record holders of our common stock as of the close of business on May
29, 2019.
“We delivered strong financial results for the first quarter of 2019,”
said Doug Shulman, President and CEO of OneMain. “Our credit performance
and operating efficiency continued to improve, and we further reinforced
our funding and liquidity. These results demonstrate the strength of our
business and I am confident that we are well positioned for the long
term.”
The following segment results are reported on a non-GAAP basis. Refer
to the required reconciliations of non-GAAP to comparable GAAP measures
at the end of this press release.
Consumer and Insurance Segment (“C&I”)
C&I generated adjusted pretax income of $246 million and adjusted net
income of $187 million for the first quarter of 2019, compared to $211
million and $160 million, respectively, in the prior year quarter.
Adjusted earnings per diluted share were $1.37 for the first quarter of
2019, compared to $1.18 in the prior year quarter.
Originations totaled $2.6 billion in the first quarter of 2019, up 2%
from $2.5 billion in the prior year quarter. The percentage of secured
originations was 56% in the first quarter of 2019, up from 44% in the
prior year quarter.
Ending net finance receivables reached $16.2 billion at March 31, 2019,
up 9% from $14.9 billion in the prior year quarter. Secured receivables
represented $1.5 billion of the increase in ending net finance
receivables from the prior year and were 49% of ending net finance
receivables at March 31, 2019, up from 43% in the prior year quarter.
Average net finance receivables were $16.2 billion in the first quarter
of 2019, up 9% from $14.9 billion in the prior year quarter.
Yield was 23.9% in the first quarter of 2019, up from 23.8% in the prior
year quarter, primarily reflecting improvement in late stage
delinquencies.
Interest income in the first quarter of 2019 was $954 million, up from
$873 million in the prior year quarter, reflecting higher average
receivables and higher yield.
The provision for finance receivable losses was $276 million in the
first quarter of 2019, up from $258 million in the prior year quarter,
primarily as a result of higher average receivables.
The 30-89 day delinquency ratio was 1.9% at March 31, 2019, down from
2.1% at March 31, 2018.
The 90+ day delinquency ratio was 2.1% at March 31, 2019, down from 2.3%
at March 31, 2018.
The net charge-off ratio was 7.1% in the first quarter of 2019, down
from 7.2% in the prior year quarter.
Operating expense for the first quarter of 2019 was $309 million, up 4%
from $298 million in the prior year quarter, primarily reflecting
inflationary increases and investment in the business.
Acquisitions and Servicing Segment (“A&S”)
A&S broke even in the first quarter of 2019 on an adjusted pretax income
basis, compared to adjusted pretax income of $1 million prior year
quarter.
Other
During the first quarter of 2019, Other generated an adjusted pretax
loss of $2 million, compared to an adjusted pretax loss of $10 million
in the prior year quarter. Other consists of our non-originating legacy
operations, which include our liquidating real estate loan portfolio.
During the first quarter of 2019, we sold a portion of our real estate
loans held for sale. The remaining real estate loans held for sale are
carried at $79 million compared to the unpaid principal balance of $136
million.
Funding and Liquidity
As of March 31, 2019, the company had principal debt balances
outstanding of $16.5 billion, 50% of which was secured and 50% of which
was unsecured. The company had $1.7 billion of cash and cash
equivalents, which included $312 million of cash and cash equivalents
held at our regulated insurance subsidiaries or for other operating
activities that are unavailable for general corporate purposes. The
company had $6.2 billion of undrawn revolving conduit facilities and
$6.9 billion of unencumbered personal loans.
Use of Non-GAAP Financial Measures
We report the operating results of Consumer and Insurance, Acquisitions
and Servicing, and Other using the Segment Accounting Basis, which (i)
reflects our allocation methodologies for interest expense and operating
costs, to reflect the manner in which we assess our business results and
(ii) excludes the impact of applying purchase accounting (eliminates
premiums/discounts on our finance receivables and long-term debt at
acquisition, as well as the amortization/accretion in future periods).
Consumer and Insurance adjusted pretax income (loss), Consumer and
Insurance adjusted net income (loss), Consumer and Insurance adjusted
earnings (loss) per diluted share, Acquisitions and Servicing adjusted
pretax income (loss), and Other adjusted pretax income (loss) are key
performance measures used by management in evaluating the performance of
our business. Consumer and Insurance adjusted pretax income (loss),
Acquisitions and Servicing adjusted pretax income (loss), and Other
adjusted pretax income (loss) represents income (loss) before income
taxes on a Segment Accounting Basis and excludes net losses resulting
from repurchases and repayments of debt, acquisition-related transaction
and integration expenses, restructuring charges, net gain on sale of
cost method investment, and net loss on sale of real estate loans.
Management believes these non-GAAP financial measures are useful in
assessing the profitability of our segments and uses these non-GAAP
financial measures in evaluating our operating performance and as a
performance goal under the company’s executive compensation programs.
These non-GAAP financial measures should be considered supplemental to,
but not as a substitute for or superior to, income (loss) before income
taxes, net income, or other measures of financial performance prepared
in accordance with U.S. generally accepted accounting principles
(“GAAP”).
Conference Call & Webcast Information
OneMain management will host a conference call and webcast to discuss
our first quarter 2019 results and other general matters at 8:00 am
Eastern Time on Tuesday, April 30, 2019. Both the call and webcast are
open to the general public. The general public is invited to listen to
the call by dialing 877-330-3668 (U.S. domestic) or 678-304-6859
(international), and using conference ID 7889473, or via a live audio
webcast through the Investor Relations section of the website. For those
unable to listen to the live broadcast, a replay will be available on
our website, or by dialing 800-585-8367 (U.S. domestic) or 404-537-3406,
and using conference ID 7889473, beginning approximately two hours after
the event. The replay of the conference call will be available via audio
webcast through May 11, 2019. An investor presentation will be available
on the Investor Relations page of OneMain’s website at https://www.omf.com
prior to the start of the conference call.
This document contains summarized information concerning OneMain
Holdings, Inc. (the “Company”) and the Company’s business, operations,
financial performance and trends. No representation is made that the
information in this document is complete. For additional financial,
statistical and business related information see the Company’s most
recent Annual Report on Form 10-K (“Form 10-K”) and Quarterly Reports on
Form 10-Q (“Form 10-Qs”) filed with the U.S. Securities and Exchange
Commission (the “SEC”), as well as the Company’s other reports filed
with the SEC from time to time. Such reports are or will be available in
the Investor Relations section of the Company’s website (https://www.omf.com)
and the SEC’s website (http://www.sec.gov).
Cautionary Note Regarding Forward-Looking Statements
This document contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical fact but instead represent
only management’s current beliefs regarding future events. By their
nature, forward-looking statements are subject to risks, uncertainties,
assumptions and other important factors that may cause actual results,
performance or achievements to differ materially from those expressed in
or implied by such forward-looking statements. We caution you not to
place undue reliance on these forward-looking statements that speak only
as of the date on which they were made. We do not undertake any
obligation to update or revise these forward-looking statements to
reflect events or circumstances after the date of this document or to
reflect the occurrence of unanticipated events or the non-occurrence of
anticipated events, whether as a result of new information, future
developments or otherwise, except as required by law. Forward-looking
statements include, without limitation, statements concerning future
plans (including statements regarding the timing, declaration, amount
and payment of any future dividends), objectives, goals, projections,
strategies, events or performance, and underlying assumptions and other
statements related thereto. Statements preceded by, followed by or that
otherwise include the words “anticipates,” “appears,” “are likely,”
“believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,”
“projects” and similar expressions or future or conditional verbs such
as “would,” “should,” “could,” “may,” or “will,” are intended to
identify forward-looking statements. Important factors that could cause
actual results, performance or achievements to differ materially from
those expressed in or implied by forward-looking statements include,
without limitation, the following: adverse changes in general economic
conditions, including the interest rate environment and the financial
markets; risks related to the acquisition or sale of assets or
businesses or the formation, termination or operation of joint ventures
or other strategic alliances, including increased loan delinquencies or
net charge-offs, integration or migration issues, increased costs of
servicing, incomplete records, and retention of customers; our estimates
of the allowance for finance receivable losses may not be adequate to
absorb actual losses, causing our provision for finance receivable
losses to increase, which would adversely affect our results of
operations; increased levels of unemployment and personal bankruptcies;
our strategy of increasing the proportion of secured loans may lead to
declines in or slower growth in our personal loan receivables and
portfolio yield; adverse changes in the rate at which we can collect or
potentially sell our finance receivables portfolio; our decentralized
branch loan approval process could expose us to greater than historical
delinquencies and charge-offs; natural or accidental events such as
earthquakes, hurricanes, tornadoes, fires, or floods affecting our
customers, collateral, or branches or other operating facilities; war,
acts of terrorism, riots, civil disruption, pandemics, disruptions in
the operation of our information systems, or other events disrupting
business or commerce; a failure in or breach of our operational or
security systems or infrastructure or those of third parties, including
as a result of cyber-attacks; or other cyber-related incidents involving
the loss, theft or unauthorized disclosure of personally identifiable
information, or “PII,” of our present or former customers; our credit
risk scoring models may be inadequate to properly assess the risk of
customer unwillingness or lack of capacity to repay; adverse changes in
our ability to attract and retain employees or key executives to support
our businesses; increased competition, lack of customer responsiveness
to our distribution channels, an inability to make technological
improvements, and the ability of our competitors to offer a more
attractive range of personal loan products than we offer; changes in
federal, state or local laws, regulations, or regulatory policies and
practices that adversely affect our ability to conduct business or the
manner in which we are permitted to conduct business, such as licensing
requirements, pricing limitations or restrictions on the method of
offering products, as well as changes that may result from increased
regulatory scrutiny of the sub-prime lending industry, our use of
third-party vendors and real estate loan servicing, or changes in
corporate or individual income tax laws or regulations, including
effects of the Tax Cuts and Jobs Act; risks associated with our
insurance operations, including insurance claims that exceed our
expectations or insurance losses that exceed our reserves; our ability
be unable to successfully implement our growth strategy for our consumer
lending business or successfully acquire portfolios of personal loans;
declines in collateral values or increases in actual or projected
delinquencies or net charge-offs; potential liability relating to
finance receivables which we have sold or securitized or may sell or
securitize in the future if it is determined that there was a
non-curable breach of a representation or warranty made in connection
with such transactions; the costs and effects of any actual or alleged
violations of any federal, state or local laws, rules or regulations,
including any litigation associated therewith; the costs and effects of
any fines, penalties, judgments, decrees, orders, inquiries,
investigations, subpoenas, or enforcement or other proceedings of any
governmental or quasi-governmental agency or authority and any
litigation associated therewith; our continued ability to access the
capital markets or the sufficiency of our current sources of funds to
satisfy our cash flow requirements; our ability to comply with our debt
covenants; our ability to generate sufficient cash to service all of our
indebtedness; any material impairment or write-down of the value of our
assets; the ownership of our common stock continues to be highly
concentrated, which may prevent minority stockholders from influencing
significant corporate decisions and may result in conflicts of interest;
the effects of any downgrade of our debt ratings by credit rating
agencies, which could have a negative impact on our cost of and/or
access to capital; our substantial indebtedness, which could prevent us
from meeting our obligations under our debt instruments and limit our
ability to react to changes in the economy or our industry or our
ability to incur additional borrowings; our ability to maintain
sufficient capital levels in our regulated and unregulated subsidiaries;
changes in accounting standards or tax policies and practices and the
application of such new standards, policies and practices; management
estimates and assumptions, including estimates and assumptions about
future events, may prove to be incorrect; any failure to achieve the
SpringCastle Portfolio performance requirements, which could, among
other things, cause us to lose our loan servicing rights over the
SpringCastle Portfolio; various risks relating to continued compliance
with the Settlement Agreement with the U.S. Department of Justice; and
other risks and uncertainties described in the “Risk Factors” and
“Management’s Discussion and Analysis” sections of the Company’s most
recent Form 10-K and Form 10-Qs filed with the SEC and in the Company’s
other filings with the SEC from time to time.
If one or more of these or other risks or uncertainties materialize, or
if our underlying assumptions prove to be incorrect, our actual results
may vary materially from what we may have expressed or implied by these
forward-looking statements. You should specifically consider the factors
identified in this document that could cause actual results to differ
before making an investment decision to purchase our common stock and
should not place undue reliance on any of our forward-looking
statements. Furthermore, new risks and uncertainties arise from time to
time, and it is impossible for us to predict those events or how they
may affect us.
| OneMain Holdings, Inc. | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
| Three Months Ended | ||||||||||||
| (unaudited, $ in millions, except per share amounts) | 3/31/19 | 12/31/18 | 3/31/18 | |||||||||
| Interest Income: | ||||||||||||
| Finance charges | $ | 953 | $ | 954 | $ | 859 | ||||||
| Finance receivables held for sale | 3 | 4 | 3 | |||||||||
| Total interest income | 956 | 958 | 862 | |||||||||
| Interest expense | (236 | ) | (229 | ) | (200 | ) | ||||||
| Provision for finance receivable losses | (286 | ) | (278 | ) | (254 | ) | ||||||
| Net interest income after provision for finance receivable losses | 434 | 451 | 408 | |||||||||
| Other Revenues: | ||||||||||||
| Insurance | 110 | 111 | 105 | |||||||||
| Investment | 26 | 16 | 13 | |||||||||
| Net gain on sale of real estate loans | 3 | 18 | — | |||||||||
| Net loss on repurchases and repayments of debt | (21 | ) | — | (1 | ) | |||||||
| Other (1) | 30 | 8 | 20 | |||||||||
| Total other revenues | 148 | 153 | 137 | |||||||||
| Other Expenses | ||||||||||||
| Salaries and benefits | (199 | ) | (208 | ) | (199 | ) | ||||||
| Other operating expenses | (136 | ) | (135 | ) | (133 | ) | ||||||
| Insurance policy benefits and claims | (45 | ) | (47 | ) | (45 | ) | ||||||
| Total other expenses | (380 | ) | (390 | ) | (377 | ) | ||||||
| Income before income taxes | 202 | 214 | 168 | |||||||||
| Income taxes | (50 | ) | (46 | ) | (44 | ) | ||||||
| Net income | $ | 152 | $ | 168 | $ | 124 | ||||||
| Share Data: | ||||||||||||
| Weighted average number of diluted shares: | 136.2 | 136.2 | 135.9 | |||||||||
| Diluted EPS | $ | 1.11 | $ | 1.24 | $ | 0.91 | ||||||
| Book value per basic share | $ | 29.03 | $ | 27.97 | $ | 24.93 | ||||||
|
(1) 1Q19 and 4Q18 include the fair value impairment of the remaining loans in held for sale after certain real estate loan sales. 1Q19 includes a gain on sale related to an investment held at cost. |
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| OneMain Holdings, Inc. | ||||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||
| As of | ||||||||||||
| (unaudited, $ in millions) | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 1,709 | $ | 679 | $ | 1,807 | ||||||
| Investment securities | 1,743 | 1,694 | 1,706 | |||||||||
| Net finance receivables: | ||||||||||||
| Personal loans | 16,136 | 16,164 | 14,858 | |||||||||
| Other receivables (1) | — | — | 129 | |||||||||
| Net finance receivables | 16,136 | 16,164 | 14,987 | |||||||||
| Unearned insurance premium and claim reserves | (668 | ) | (662 | ) | (585 | ) | ||||||
| Allowance for finance receivable losses | (733 | ) | (731 | ) | (689 | ) | ||||||
|
Net finance receivables, less unearned insurance premium and |
14,735 | 14,771 | 13,713 | |||||||||
| Finance receivables held for sale (1) | 78 | 103 | 126 | |||||||||
| Restricted cash and restricted cash equivalents | 575 | 499 | 679 | |||||||||
| Goodwill | 1,422 | 1,422 | 1,422 | |||||||||
| Other intangible assets | 372 | 388 | 428 | |||||||||
| Other assets | 724 | 534 | 586 | |||||||||
| Total assets | $ | 21,358 | $ | 20,090 | $ | 20,467 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Long-term debt | $ | 16,117 | $ | 15,178 | $ | 15,898 | ||||||
| Insurance claims and policyholder liabilities | 642 | 685 | 728 | |||||||||
| Deferred and accrued taxes | 81 | 45 | 72 | |||||||||
| Other liabilities | 568 | 383 | 387 | |||||||||
| Total liabilities | 17,408 | 16,291 | 17,085 | |||||||||
| Common stock | 1 | 1 | 1 | |||||||||
| Additional paid-in capital | 1,682 | 1,681 | 1,563 | |||||||||
| Accumulated other comprehensive loss | (2 | ) | (34 | ) | (12 | ) | ||||||
| Retained earnings | 2,269 | 2,151 | 1,830 | |||||||||
| Total shareholders’ equity | 3,950 | 3,799 | 3,382 | |||||||||
| Total liabilities and shareholders’ equity | $ | 21,358 | $ | 20,090 | $ | 20,467 | ||||||
|
(1) On September 30, 2018, the company transferred all of the real estate loans from Other Receivables to Finance Receivables Held for Sale. |
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| OneMain Holdings, Inc. | ||||||||||||
| CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED) | ||||||||||||
| Three Months Ended | ||||||||||||
| (unaudited, $ in millions) | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||
| Non-TDR Net Finance Receivables | $ | 15,634 | $ | 15,711 | $ | 14,582 | ||||||
| TDR Net Finance Receivables | 502 | 453 | 405 | |||||||||
| Net Finance Receivables | $ | 16,136 | $ | 16,164 | $ | 14,987 | ||||||
| Average Net Receivables | $ | 16,146 | $ | 15,964 | $ | 14,986 | ||||||
| Average Daily Debt Balances | 15,839 | 15,516 | 14,947 | |||||||||
| Origination Volume | 2,582 | 3,268 | 2,540 | |||||||||
| Non-TDR Allowance | $ | 537 | $ | 561 | $ | 524 | ||||||
| TDR Allowance | 196 | 170 | 165 | |||||||||
| Allowance | $ | 733 | $ | 731 | $ | 689 | ||||||
| Non-TDR Allowance Ratio | 3.4 | % | 3.6 | % | 3.6 | % | ||||||
| TDR Allowance Ratio | 39.0 | % | 37.5 | % | 40.7 | % | ||||||
| Allowance Ratio | 4.5 | % | 4.5 | % | 4.6 | % | ||||||
| Gross Charge-Off | $ | 311 | $ | 280 | $ | 290 | ||||||
| Recoveries | (27 | ) | (26 | ) | (28 | ) | ||||||
| Net Charge-Off | $ | 284 | $ | 254 | $ | 262 | ||||||
| Gross Charge-Off Ratio | 7.8 | % | 7.0 | % | 7.9 | % | ||||||
| Recoveries | (0.7 | )% | (0.7 | )% | (0.8 | )% | ||||||
| Net Charge-Off Ratio | 7.1 | % | 6.3 | % | 7.1 | % | ||||||
| 30-89 Delinquency | $ | 312 | $ | 390 | $ | 317 | ||||||
| 30+ Delinquency | 647 | 753 | 671 | |||||||||
| 60+ Delinquency | 468 | 524 | 490 | |||||||||
| 90+ Delinquency | 335 | 363 | 354 | |||||||||
| 30-89 Delinquency Ratio | 1.9 | % | 2.4 | % | 2.1 | % | ||||||
| 30+ Delinquency Ratio | 4.0 | % | 4.7 | % | 4.5 | % | ||||||
| 60+ Delinquency Ratio | 2.9 | % | 3.3 | % | 3.3 | % | ||||||
| 90+ Delinquency Ratio | 2.1 | % | 2.3 | % | 2.4 | % | ||||||
|
Note: Delinquency ratios are calculated as a percentage of net finance receivables. Charge-off ratios are calculated as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
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| OneMain Holdings, Inc. | ||||||||||||
| BALANCE SHEET METRICS (UNAUDITED) | ||||||||||||
| As of | ||||||||||||
| (unaudited, $ in millions) | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||
| Liquidity | ||||||||||||
| Cash and cash equivalents | $ | 1,709 | $ | 679 | $ | 1,807 | ||||||
| Unencumbered personal loans | 6,944 | 7,607 | 4,829 | |||||||||
| Undrawn conduit facilities | 6,200 | 5,950 | 4,900 | |||||||||
| Total Assets | $ | 21,358 | $ | 20,090 | $ | 20,467 | ||||||
| Less: Goodwill | (1,422 | ) | (1,422 | ) | (1,422 | ) | ||||||
| Less: Other intangible assets | (372 | ) | (388 | ) | (428 | ) | ||||||
| Tangible Managed Assets | $ | 19,564 | $ | 18,280 | $ | 18,617 | ||||||
| Long-term debt | $ | 16,117 | $ | 15,178 | $ | 15,898 | ||||||
| Less: Junior subordinated debt | (172 | ) | (172 | ) | (172 | ) | ||||||
| Adjusted Debt | $ | 15,945 | $ | 15,006 | $ | 15,726 | ||||||
| Total Shareholders’ Equity | $ | 3,950 | $ | 3,799 | $ | 3,382 | ||||||
| Less: Goodwill | (1,422 | ) | (1,422 | ) | (1,422 | ) | ||||||
| Less: Other intangible assets | (372 | ) | (388 | ) | (428 | ) | ||||||
| Plus: Junior subordinated debt | 172 | 172 | 172 | |||||||||
| Adjusted Tangible Common Equity | $ | 2,328 | $ | 2,161 | $ | 1,704 | ||||||
|
Adjusted Debt to Adjusted Tangible Common Equity (Tangible Leverage) |
6.8 | x | 6.9 | x | 9.2 | x | ||||||
| Adjusted Tangible Common Equity to Tangible Managed Assets | 11.9 | % | 11.8 | % | 9.2 | % | ||||||
| OneMain Holdings, Inc. | |||||||||
| CONSOLIDATED RETURN ON RECEIVABLES (UNAUDITED) | |||||||||
| Three Months Ended | |||||||||
| (unaudited, $ in millions) | 3/31/19 | 12/31/18 | 3/31/18 | ||||||
| Revenue (1) | 26.6 | % | 26.7 | % | 25.5 | % | |||
| Net Charge-Off | (7.1 | )% | (6.3 | )% | (7.1 | )% | |||
| Risk Adjusted Margin | 19.5 | % | 20.3 | % | 18.4 | % | |||
| Operating Expenses | (8.4 | )% | (8.6 | )% | (8.9 | )% | |||
| Unlevered Return on Receivables | 11.1 | % | 11.7 | % | 9.5 | % | |||
| Interest Expense | (5.9 | )% | (5.7 | )% | (5.3 | )% | |||
| Change in Allowance | (0.1 | )% | (0.6 | )% | 0.2 | % | |||
| Income Tax Expense | (1.3 | )% | (1.2 | )% | (1.2 | )% | |||
| Return on Receivables | 3.8 | % | 4.3 | % | 3.2 | % | |||
|
Note: All ratios are based on consolidated results as a percentage of average net finance receivables held for investment. Ratios may not sum due to rounding. |
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|
(1) Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
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| OneMain Holdings, Inc. | ||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||||
| Three Months Ended | ||||||||||||
| (unaudited, $ in millions) | 3/31/19 | 12/31/18 | 3/31/18 | |||||||||
| Consumer & Insurance | $ | 232 | $ | 234 | $ | 174 | ||||||
| Acquisitions & Servicing | — | — | 1 | |||||||||
| Other | (3 | ) | (9 | ) | (10 | ) | ||||||
| Segment to GAAP Adjustment | (27 | ) | (11 | ) | 3 | |||||||
| Income Before Income Taxes – GAAP basis | $ | 202 | $ | 214 | $ | 168 | ||||||
| Pretax Income – Segment Accounting Basis | $ | 232 | $ | 234 | $ | 174 | ||||||
| Net Loss on Repurchases and Repayments of Debt (1) | 16 | — | 27 | |||||||||
| Acquisition-Related Transaction and Integration Expenses (1) | 6 | 6 | 10 | |||||||||
| Restructuring Charges | 3 | 8 | — | |||||||||
| Net Gain on Sale of Cost Method Investment | (11 | ) | — | — | ||||||||
| Consumer & Insurance Adjusted Pretax Income (non-GAAP) | $ | 246 | $ | 248 | $ | 211 | ||||||
| Pretax Income – Segment Accounting Basis | — | — | 1 | |||||||||
| Adjustments | — | — | — | |||||||||
| Acquisitions & Servicing Adjusted Pretax Income (non-GAAP) | $ | — | $ | — | $ | 1 | ||||||
| Pretax Loss – Segment Accounting Basis | $ | (3 | ) | $ | (9 | ) | $ | (10 | ) | |||
| Net Loss on Sale of Real Estate Loans (2) | 1 | 6 | — | |||||||||
| Other Adjusted Pretax Loss (non-GAAP) | $ | (2 | ) | $ | (3 | ) | $ | (10 | ) | |||
| Springleaf Debt Discount Accretion | $ | (6 | ) | $ | (6 | ) | $ | (6 | ) | |||
| OMFH LLR Provision Catch-up | (10 | ) | (4 | ) | (4 | ) | ||||||
| OMFH Receivable Premium Amortization | (5 | ) | (8 | ) | (19 | ) | ||||||
| OMFH Receivable Discount Accretion | 3 | 4 | 10 | |||||||||
| Other | (9 | ) | 3 | 22 | ||||||||
| Total Segment to GAAP Adjustment | $ | (27 | ) | $ | (11 | ) | $ | 3 | ||||
Contacts
OneMain Holdings, Inc.
Investor Contact:
Kathryn
Miller, 475-619-8821
[email protected]
TORONTO and GLIL YAM, Israel, Oct. 2, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company“, “IMCannabis“, or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that the preliminary sales results in Germany by its German subsidiary, Adjupharm GmbH (“IMC Germany“), for the third quarter of 2024 have significantly exceeded expectations, showing a remarkable 50% increase in revenue compared to the second quarter, where IMC Germany sold about CAD$ 3.5M. This outstanding growth demonstrates IMC Germany’s successful execution of its strategic initiatives and strong market demand for its products.
Since the partial legalization of cannabis in Germany came into effect in April 2024, the demand for cannabis products in pharmacies has increased significantly, emphasizing the importance of a robust, reliable supply chain.
“Since April 1st, one of our key objectives was to ensure a supply chain strong enough to meet the increase in demand. This preliminary 50% growth is testament, in part, to delivering on this objective,” said Oren Shuster, CEO of IMC. “We are thrilled with our Q3 performance, which not only surpassed our own targets but also highlights the dedication and hard work of our entire team.”
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to statements relating to compliance with Nasdaq’s continued listing requirements, and timing and effect thereof; the potential outcome of the Licensing Agreement and the effect of collaboration with Carmel in the Israeli market and the potential exclusive launch of the BLKMKTTM brand this year in Germany.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East.
Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement.
The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled “Cautionary Note Regarding Future Oriented Financial Information” and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this press release and the documents incorporated by reference herein, are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including those assumptions discussed under the heading “Disclaimer for Forward-Looking Statements” and assumptions about: (i) the future pricing for the Company’s products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company’s business, and (iii) the Company continued ability to maintain its capital to fund its ongoing business development and future growth.
The FOFI or financial outlook contained in this press release do not purport to present the Company’s financial condition in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Cautionary Note Regarding Future Oriented Financial Information”, FOFI or financial outlook within this in this press release should not be relied on as necessarily indicative of future results.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, CEO
IM Cannabis Corp.
[email protected]
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Gedeon
Gedeon Richter presents analysis on cannabis usage among patients with schizophrenia: a new medical solution to a severe issue might be available
A novel psychiatric scale developed by colleagues of Gedeon Richter Plc. in collaboration with academia was also presented at the 37th ECNP conference
BUDAPEST, Hungary, Sept. 25, 2024 /PRNewswire/ — During the 37th Annual Meeting of the European College of Neuropsychopharmacology (ECNP), held between 21-24 September 2024, new analyses of cariprazine studies were presented by Gedeon Richter Plc. First of all, cariprazine seems to be an effective treatment option for patients with schizophrenia and comorbid cannabis use disorder, according to one of the five posters presented at the congress. Furthermore, during an industry sponsored session, a new transdiagnostic scale for quantifying and visualizing symptom severity of patients with different psychiatric conditions was also presented, that was developed by the medical team of Gedeon Richter Plc. and recognized professors.
Schizophrenia often co-occurs with cannabis use disorder however, available antipsychotic treatments frequently fail to address both disorders. In a scientific poster showcased by Gedeon Richter at ECNP in Milan, cariprazine was presented to be a potentially effective treatment option for patients with first-episode schizophrenia and comorbid cannabis use disorder according to the results of a 6-month observational study. Four other scientific posters were also presented at the congress by Gedeon Richter about the role of cariprazine in the treatment of schizophrenia such as the efficacy of cariprazine in patients who develop akathisia as a side effect or the impact of functioning on the risk of relapse in patients treated with cariprazine vs placebo. Cariprazine is a 3rd generation antipsychotic medication with a unique receptor profile and proven efficacy in schizophrenia, including negative symptoms.
Lacking biomarkers in psychiatry calls for valid and reliable assessments of psychopathology across mental disorders that are easy to use, bridge research and clinical care, and that can capture clinician and patient perspectives. Recognizing this problem, the Gedeon Richter medical team together with experienced psychiatric professors developed a scale to handle this challenge. Using this new transdiagnostic scale called the Transdiagnostic Global Impression – Psychopathology (TGI-P) scale could help CNS professionals and psychologists to quickly assess and visualize symptoms in several psychiatric conditions. During an industry sponsored session, the details and the usability of the tool were shown to the audience.
About Richter and About Cariprazine
Ottawa, Sept. 20, 2024 (GLOBE NEWSWIRE) — The global bioplastic packaging market size was valued at USD 17.99 billion in 2023 and is predicted to increase from USD 21.09 billion in 2024 to USD 87.98 billion by 2033, a study published by Towards Packaging a sister firm of Precedence Statistics.
Key Takeaways: Leading Factors of the Bioplastic Packaging Market
- Use of renewable resources due to growing sustainable demand is the major factor that drives the market.
- Eco-friendly alternatives perceive growth in North America due to growing environmental concerns.
- Food and beverage industry is the dominating sector in the market due to the increasing consumption of packed food.
- Limited infrastructure for bioplastic processing is an unceasing challenge for the market.
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Bioplastic Packaging Market: At a Glance
The bioplastic packaging market revolves around adoption renewable packaging which can be used multiple times and which is an alternative to the fossil fuel-derived plastics. Along with this, resource depletion, reduction of carbon footprint and material waste are the leading objectives of the market. The demand for sustainable packaging solution and the increasing plastic waste has increased the demand of the market.
The bio-degradable feature attributes to the reusable function of bioplastic packaging. The consumer demand for sustainable packaging has also increased the demand of the bioplastic packaging, given the reason it provides resistance and prevents denting as well. The bioplastic material tends to degrade easily which also reduces landfill waste.
Regional Insights
Europe thrives with its vision of sustainable packaging demand
Europe is the dominating region in bioplastic packaging market. The sustainability focus of Europeans has sustained the environment and the alternative packaging solutions have increased the popularity of eco-friendly packaging. The European vision of preserving sustainability is also about turning packaging materials into recyclable or reusable material by 2030 and this has increased exploration of alternative materials, design strategies and mostly importantly waste management system.
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Europe targets to reduce unnecessary packaging by 10% in 2035 and by 15% in 2040. The demand for bioplastic as an alternative increase as Europe has strict regulations against plastic usage which aims to reduce the utilization of single use-plastic to prevent environmental hazards, especially, in marine environment and human health. In addition, European Union also aims at promoting circular economy and innovative sustainable packaging solutions with specific targets which are 77% separate collection target for plastic bottles by 2025 and will be increased to 90% by 2029. Furthermore, 25% of recycled plastic will be incorporated in PET beverage bottles from 2025 and will be increased by 30% in all plastic beverage bottles from 2030.
- In January 2024, European retailers were relived to watch the inflation slow down as it had decreased the consumer rate by 0.1%. Despite the increasing rates and fleeting number of consumers, shopkeepers were committed to the sustainable drive. The UK consumer survey stated that 62% believed that high prices are pulling them back from being sustainable and 52% said that sustainable alternatives should have affordable prices.
North America is a steady region for the bioplastic packaging market due to its sustainable packaging demand which is also the growing consumer requirement. The impact of conventional plastic adds to the ocean litter hazard and as an alternative to reduce carbon print, sustainable solutions are being adopted. Although the American consumers worry more about convenience, price and quality given the increased purchasing rates and the tax-paying lifestyle, 40% of consumers pay more attention to the provided sustainable packaging.
The use of compostable packaging allows circular economy in the US and the companies are innovating new alternatives to support the sustainable drive and to increase their profit margin. According to U.S Environmental Protection Agency, reuse of plastic materials circulates the economy and reduces environmental impact if the material is in constant use instead of manufacturing new one. According to PEW’s research, reuse of plastics can accomplish 30% of reduction, substitution efforts by 17%, improved innovations in recycling by 20% and proper management at end-of-life can achieve a 23% reduction of plastic pollution in the environment.
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- In November 2023, Knox County, a startup had announced the of AgroRenew LLC and had also planned to build $83 million processing facility which was designed to convert food waste into eco-friendly bioplastics. The company had expected to establish itself in early 2024 and had aimed to produce 150,000 tons of bioplastic annually.
Asia-Pacific is the fastest growing region in bioplastic packaging market with its large population as a contributor and its rapidly increasing industrial sector. The packed food consumption and the boom of e-commerce also gave preference to sustainable packaging due to strict regulations and subsidies provided to promote the compostable packaging. According to Department of Biotechnology, Ministry of Science & Technology, Government of India, the usage of single-use plastic (SUPs) was intended to stop by December 2022. The policy of Government of India (GOI) was changed to promote the development of biodegradable plastic products instead of single-use plastic.
The method used for testing substances should be able to demonstrate biodegradability as per national and international standards and should also be interim approved and receive provisional certification of biodegradability. China having a large industrial production had signed the Paris agreement to reduce carbon footprint and oil dependency as well.
Although the National Development and Reform Commission and Ministry of Ecology and Environment had plans to reduce plastic garbage, the limited infrastructure for recycling and manufacturing biodegradable plastic came as a challenge. The Chinese Government had implemented ban on plastic recycled and prohibition of non-biodegradable single-use plastic.
- In February 2024, Balrampur Chini Mills Limited (BCML), which is a leading integrated sugar mill Kolkata-based company had announced a project with integration of ₹2,000 crore and it was going be the first industrial bioplastic plant in India. The company also stated that it had well-aligned sustainable goals to combat the climate change.
Driver
Government regulations drive the bioplastic packaging market
The major driving factor is the environmental regulations due to increasing plastic waste production which is a problem for the eco-system. The growing concern for climate change, increasing plastic pollution and landfill waste has led to the utilization of bioplastic packaging which is reliable and bio-degradable. The government policies promote the use of biodegradable and bioplastic packaging as it reduces the use of plastic and also its generation.
The government initiatives will increase sales, improve brand perception and also contribute to cost-savings. According to the Consumer Brands Association, FMCG manufacturers have adopted 100% recycled packaging by 2030.
Restraint
Limited infrastructure and higher costs of materials hinder the market growth
The leading challenges which hinder the growth of bioplastic packaging market is high material costs and limited infrastructure. The manufacturing process and raw materials can affect the production of biodegradable packaging. The limited infrastructure also poses as a challenge for the manufacturing and recycling processes.
Opportunity
Integration of Artificial Intelligence
The technological advancement offers new trends which are development of raw materials like algae, mushroom mycelium, and agricultural waste which poses as an emerging alternative. The major factor which technology can contribute is in biodegradability which will enhance the decomposing process of plastic and it also offers upcoming features like the antimicrobial properties which are significant for medical applications, use of UV resistance for outdoor use, and improved barrier properties for food packaging. Collaboration among leading industries can create more innovate and ground-breaking effective solutions for the bioplastic packaging market.
Top Companies Leading the Bioplastic Packaging Market
- Amcor plc
- Novamont S.p.A
- NatureWorks, LLC
- Coveris
- Sealed Air
- Alpha Packaging
- Constantia Flexibles Group GmbH
- Mondi plc
- Truegreen
- Transcontinental Inc.
- ALPLA
- Envigreen
- Nature’s Bio Plastic
- Raepak Ltd.
- Tipa-corp Ltd.
- Treemera GmbH
- Element Packaging Ltd
- Alpagro Packaging
Recent Development
| Company | Balrampur Sugar Mills Firm |
| Headquarters | Uttar Pradesh, India |
| Recent Development | In June 2024, the Uttar Pradesh Government had announced to build a bioplastic park in the Lakhimpur Kheri district which aimed at increasing local economy. The bioplastic park was designed to promotes the usage of bioplastic plastics. |
| Company | Praj Industries |
| Headquarters | Maharashtra |
| Recent Development | In February 2024, Praj Industries had announced that its pilot plant for polylactic acid (PLA) will be completed by April 2024. The company will develop renewable chemicals which is a part of R&D push. The Union Budget had also contemplated a policy for bio-manufacturing and bio foundry. |
Segmental Insights
By Type
The flexible segment is the dominating segment in the bioplastic packaging market. It is dominating due to its properties which are conserving resources and contributing to the sustainability. The flexible segment provides convenience, strong protection and reduces wastage of food and can also resist denting and breakage. Apart from this, it also increases shelf life of the products and the packaging is in demand due to its features like multi-layer construction and eco-friendly packaging solution. Lightness, safety and resistance are the factors which increase the demand of bioplastic packaging.
The rigid segment is the fastest growing segment in the bioplastic packaging market. It will dominate the market due to its properties which are providing protection, resistance and preserving product quality. The rigid segment offers a durable and reliable packaging which makes it preferred among the consumers. Customization and exceptional product protection are the essential features of the rigid segment.
By Application Type
The food and beverage segment are the dominating segment in the bioplastic packaging market. The segment dominates due extended shelf life provided to the food products and long-lasting convenience and visibility. The bioplastic packaging depends upon the type of packaging it provides which provides string barrier against external elements like oxygen, moisture and prevents food spoilage as well. Th global consumption of containers like boxes, bags, jars and pouches has increased the bioplastic packaging demand in food sector.
The consumer and goods segment are the fastest growing segment in the bioplastic films packaging market. The segment dominates due to sealed packaging and robust protection by bioplastic packaging.
More Insights of Towards Packaging
- The global end-of-line packaging market size is estimated to reach USD 9.50 billion by 2033, up from USD 6.14 billion in 2023, at a compound annual growth rate (CAGR) of 4.60% from 2024 to 2033.
- The global surgical instruments packaging market size reached US$ 24.8 billion in 2023 and is projected to hit around US$ 49.1 billion by 2034, expanding at a CAGR of 6.55% during the forecast period from 2024 to 2033.
- The global cannabis packaging market size reached USD 2.32 billion in 2023 and is projected to hit around USD 22.10 billion by 2034, expanding at a CAGR of 22.74% during the forecast period from 2024 to 2034.
- The global clinical trial packaging market size reached USD 2.95 billion in 2023 and is projected to hit around USD 9.12 billion by 2034, expanding at a CAGR of 10.80% during the forecast period from 2024 to 2033.
- The global panel level packaging market size is estimated to reach USD 11.13 billion by 2033, up from USD 0.43 billion in 2023, at a compound annual growth rate (CAGR) of 38.60% from 2024 to 2033.
- The global hazardous goods packaging market size reached US$ 11.50 billion in 2023 and is projected to hit around US$ 21.38 billion by 2034, expanding at a CAGR of 5.80% during the forecast period from 2024 to 2033.
- The global rigid tray market size reached US$ 11.65 billion in 2024 and is projected to hit around US$ 14.72 billion by 2034, expanding at a CAGR of 2.37% during the forecast period from 2024 to 2034.
- The global cider packaging market size is estimated to reach USD 7.05 billion by 2033, up from USD 4.08 billion in 2023, at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2033.
- The global boxboard packaging market size is estimated to reach USD 117.61 billion by 2033, up from USD 65.73 billion in 2023, at a compound annual growth rate (CAGR) of 6.12% from 2024 to 2033.
- The global corrugated plastic tray market size reached US$ 665.47 million in 2023 and is projected to hit around US$ 1190.73 million by 2034, expanding at a CAGR of 5.14% during the forecast period from 2024 to 2034.
Bioplastic Packaging Market Segment
By Material
- Biodegradable
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
- Non-biodegradable
- Bio Polyethylene
- Bio Polyethylene Terephthalate
- Bio Polyamide
- Others
By Type
- Flexible
- Rigid
By Application
- Food & Beverages
- Consumer Goods
- Cosmetic & Personal Care
- Pharmaceuticals
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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