OMF - Earnings call transcript Q2 2018

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Operator

Welcome to the OneMain Financial Second Quarter 2018 Earnings Conference Call and Webcast. Hosting the call today from OneMain is Kathryn Miller, Vice President of Investor Relations. Today's call is being recorded. [Operator Instructions]. It is now my pleasure to turn the floor over to Kathryn Miller.

begin. may You

Kathryn Miller

Good Brandi. thanks joining for Thank morning, us. you, and

important by Let XXXX Pages contain presentation statements can directing Investor measures. X in section of begin the investor concerning use and and which be quarter to The second of you me our non-GAAP forward-looking the X presentation, the found disclosures Relations of website.

as of not statements future you results are And from press today. will certain are and Factors differ forward-looking speak current caution statements. to actual We to the company's that place earnings management's these could risks forward-looking these our release. to beliefs cause prospects. undue business set statements reliance in reflecting Our financial forth statements contain uncertainties forward-looking materially on and discussion only subject today inherent forward-looking performance about and

If some at updated the of via not and you point you to made have after today, herein be may that this call. remind as to this are XX, remarks we replay listening July subsequent today, been

conduct Our include of and Chief Q&A formal President Jay our Parker, Levine, Scott we and CEO; Officer. will this remarks, will formal After period. the Financial morning our remarks conclusion from call a our

turn over the now So me let to Jay. call

Jay Levine

morning. Thanks, on we continue all strong Kathryn, to and We second good execute priorities. strategic of a had quarter as our key

our risk-adjusted our total mix Ending last with the credit receivables for versus key coupled and secured driven XX% year. secured of to portfolio, the year, their growth which portfolio's of drove a Secured were and provides last growth up returns our mix results. second quarter enhances financing our contributes customers our versus Our the focus. leverage XX% appropriate with ongoing reached The model underwriting the lending, of portfolio stronger been by primarily XX% options net needs. to operating commitment our secured growth performance has consistent lending portfolio's of of

net both delinquency continued the to versus improved In in quarter credit charge-offs strengthen, second ratio XX-day and addition, performance our year. last

while leverage, in We reinvesting business. our also operating achieved solid

our adjusted share. a Insurance & reported segment per earnings $X.XX of As result, Consumer a diluted

balance In second sheet during addition, strengthened further we quarter. our the

increase We increased proportion further conduit leverage duration most ratio. our capacity and facilities reduced we unsecured the we of borrowing, important, our to continue longer the tangible of

strategic our tangible portfolio, objectives these I'll management support that, conviction it's target before, Xx members. between worth year-end. So shareholders. the growth that the We in and fundamental our way XX%. of key repeating, resiliency strong the updating our few drive are over and and profitability all our execution results. X% in, leverage these to remain Värde now the a and across the between priorities. be turn XX,XXX to I'd receivables team of strategic by and key stability the it and priorities, team XX%, as is on our continued our we performance prioritization achieving economy, on well By call the of all of With half the overall our our long-term with we Meanwhile, said passion are U.S. priorities the we and and our net focus expect outlook funding net maintaining continued X.X% consumer benefit to for our And first XXXX and Apollo creation XX% business the of Scott. yielding Accordingly, ending between strategic financial enhancing secured value charge-offs X.X% in for mix our trends same with and while

Scott Parker

Thanks, Jay.

impact sale or of $X.XX of related million We included progress the The share. GAAP earned non-tax to $XXX income was Our $X deductible charge second of quarter our continued net and income stake. equity GAAP initiatives. neutral. noncash, results reflected all diluted Fortress along per million net its our OneMain key

Consumer Our diluted of $XXX basis per compared an on or earned million net to income quarter segment $XXX $X.XX quarter this the share XXXX. second adjusted million or & Insurance $X.XX in

transaction, earnings core the operations of remained of our growth impact by the acquisition-related declining our GAAP driven recurring Fortress's strong, trajectory and of impact the Excluding charges. the

further expect our trends income GAAP as We these in continue. improvement

almost was XX% Ending of Let's throughout versus year's last and secured. receivables X% with financial year, discuss continued grew net momentum $X.X We growth originations $X.X that the quarter. XX% key to drivers last the performance with our for June billion level. the C&I Originations saw grew XX% consistent at secured. billion about of were quarter secured,

our but of we by offset was updating our risk-adjusted delinquencies. was of we from for improvement in $XXX Yield was appropriate prioritize quarter, reflecting consistent are continue the to initiatives as ongoing assets. outlook the pricing growth XX.X% secured mentioned about maintaining levels, seasonal secured quarter XX% last full with partially returns. year's Jay in sequentially while focus year our on As reflecting and lending. XX.X% lending, was Yield can million income XX-plus ending net Interest credit receivables last second year up in expectations, higher-average largely the earlier, standards up our the benefit to compared the continued due growth second

charge-offs Credit XX-plus as and the and our lending. were in the to delinquencies secured underwriting points XX were the We was With the second disciplined losses prior continues expect to X.X%, million reflecting seasonally delinquencies declined X.X% the year grow second quarter. stage charge-offs million This $XXX mix last improvement receivables of compared first in an half and X.X% increase X.X%, quarter. to X.X% year. full benefits continue by delinquencies in X.X%, to and in quarter. lower associated $XX of of represented reserves increased our solid with the versus basis regard Total year. to second XXXX the X.X%, XX- of net to remain we yield performance secured outlook, between around expect to at stable late quarter the net to XX-day levels

our continue this expect trends We in stable to year. reserve ratio

by versus last $XXX reflected X% largely points about ratio our XX basis were highlighted. operating last up year. Even million, investments, increase The these investment year. versus quarter improved with the we previously initiatives, OpEx Second expenses

on and XX% to goal for issued the for the million and operating our in the secured, was of XX% issuing we We $XXX X-year of total an unsecured redemption investors, reporting the OneMain under entity. our both rating debt of unsecured enabled redeemed us entities notes a XXXX. milestone to quarter continue at of for as funding This bonds This important remaining liquidity. structure consolidate benefits financial end, due Springleaf's major legacy Moving legal $XXX X.XXX% of X.XX% Corp. our debt debt year. and and lenders Finance our was to our At simplify agencies. our of surpassing our us million

expect rating BX. now to XX% positive more year-end. billion July, upgraded recently B receivables and rating. continue also BB+ to of debt XX% standpoint, I'd As from our outlook. secured from upgraded equivalents. by million S&P a our be their a From like had BX we position. rating a and liquidity coverage and cash to with also corporate unencumbered maintained of than Moody's and cash to We $XXX $X.X May, result, a initiated between very And in in debt Kroll strong highlight we our that B+ in to be

years that liquidity achieve track billion. second of we bringing ratio quarter, no XXXX. leverage in forward We to mentioned X.Xx capacity I lastly, the addition, capacity by about than We And was $X.X new more two have our our In growth the on about to earnings of total end first currently quarter turn of fundings. conduit our remain expanded $X.X the by down tangible assuming undrawn accelerated primarily a Xx, at quarter, the from GAAP earlier. the in driven billion

remarks. forward building remainder with performance. of with on these We pleased it quarter over year. that, look to are I'll we this to the results second overall, for So Jay turn And operating the throughout closing

Jay Levine

momentum Scott. and In our results business, summary, continue forward. to quarter it our Thanks, demonstrate well positioned are to second drive we in

I'd first. thrilled As Doug partnering better commitment to rein through handing are I'll place for I'm all capable and the consumer millions track a the and to been likely over transition record Doug customers to the every staying affairs my who the express of happen overall CEO actively members are humbled be built very and resonates and will great the I'd who a financial our like of aware, thankful gifted we remain during appreciation with financial each of OneMain's always to serve announced forward the help my the of and able that with the of helping to and course, Q&A. importance Doug years turn heart business, team team very over get XX,XXX families beyond operator as strategy to to stepping you down that And Chairman enjoyed has members, be I'm service involved I day. experiences leader. deeply I've beyond. while as OneMain. we've furthering support I'm putting with and begin the long-term look to evolve, and the companies at grow of This, that, and the our all to make CEO. by to of and Shulman, financially external the wellbeing. we with and call Board the for

Operator

is Michael Instructions]. coming line Fargo. Wells our [Operator from first question the of from And Kaye

Michael Kaye

was for kind you out talk CEO? about Can what think under his on for does He what And have to question expect background, lending OneMain him quick from he secondarily, an a his fit new made made changes stand you of what experience? that him but had I leadership? doesn't vision change. of And him do right could any have consumer the we seem impressive you? the just management

Jay Levine

great a set of It's questions.

me it. let take So

is, I grow, tremendous a thoughtful most Doug leader. businesses, a exactly people. He has to needed about And for would and all, that's is entire EQ, really career. And company say think, got, I great of his about stood and is around really is I very First way drive what's strong think and been out. he that's Doug what what any what importantly, that's has

of I for a aware great team the out are decades. met The leader. that's good been the of doing and very board, him. across So think that of management there the in are just and really stood have and this that's the and it good very about finance a terms He have people myself, what experience rest is consumer for around company is thing XX,XXX lot company very

things is leadership and really and once think I great needed think any what's great the bring gets So I here. those around company will are that Doug vision, he

He have vision think say here, But will September. get in further We've vast I on just early team through and legs. I the way recently I answers it's on. recruiting to a both position what has And majority garden great of has he would I team. gets but changes, process, your is we exactly had around the He board time management shortly start Doug Future goes agreed arms to suspect confidence and gone sometime of get market it's he the in what that think, that, what total myself, is early his questions. currently entire the comment, is. join. to met his will to and a say to leave, we too hopefully see sort after as management

Michael Kaye

That's Okay. I that. appreciate helpful.

noticed I nicely down tangible question, Second came the leverage quarter-on-quarter.

next topic on on your early current get capital potential And that some thinking recurrence to may wanted with had be for Apollo? your you update on conversations Just year?

Scott Parker

Yes.

we've talked board expect the of well first the I the the achieving that, cash, clearly, we the we as And continues will talk quarter. as we we marketplace the to that in get the you generate know agencies. some think rating on But kind year. in that I came updates forward, as past, that about focused, capital to of quarter debt excess Xx through kind go through some of we the committed we've and past we as on about leverage. as in so you give had think leverage because excess We're issued second the Michael, very and of to something we as that mentioned, further

Operator

the of of line Your comes next Michael question Compass Point. from Tarkan

Michael Tarkan

quarters. is the competitive kind to of a what we're couple landscape. Whether think pretty the on up the any Growth wondering just efforts? you online the some pricing? there? significantly take I'm more grow picking bit, you Question past have update seeing And seeing over channel, online ability online you're on players the little the

Jay Levine

sort a us, us, take couple talked about it, seen upmarket, I'll market below considered of say. prime general, crack are decent at have landscape largely FICO. XXX a down a the I say, will of, -- to way competitive Scott, it think and and has remember of pretty we've I the stayed things we've as by similar sort what of and -- for be guys would in online would for

overwhelming the higher like you're not the So end. seeing at competition

support a think to I in want we're So good be. where place to we

Scott Parker

from providing customers very feel as Yes, point that returns of good at good kind we're spot, view, think we're portfolio. where pricing for a I a as our well we better our of for value risk-adjusted

we're as the of think part secured we from of anything in quarters, we of mentioned, to changed seen in but been couple But view, mentioned. we've that's our lending we last continuing kind As point I positive see haven't a test, stable business. pricing of pretty continue to Jay momentum the

Michael Tarkan

I terms that, of of to lower the guess, that side, we originations is, on about number should the moving Okay. X.X%. macro a a environment little XX% know bit but in if it's secured, I June XXXX, to expect continue X.X% And just given early the thinking to as kind hold forward? then credit drift as follow-up

Scott Parker

think, just I yes.

things the unsecured regards just loss those all macro the of rates of and just kind trends, charge-offs. improve our auto, we'll Assuming the remix you portfolio with direct impact because -- on mix mentioned and the to hard-secured of the half the in

Operator

comes question of next Kevin line Piper Your from of the Barker Jaffray.

Kevin Barker

operating the of XXXX, emerging You've just are picking at give the some markets? expect growth campaign trying like some even up the Can the end you're play how of of the last an and you idea is charge-offs into expense net out growth coming to us given the left year mentioned you of to out expense though and then ad places down. you where quarter grow and into your X% the

Scott Parker

Sure.

think we still is So X% year growth I for reasonable. think that this

not the us portfolio. the You was quarter for of one, -- lot saw the marketing, first quarter because in quarter, seasonally is of mentioned as in the in a growth we low first second around there quarter

we'll proposition, the revenue think time in relative in marketing improve leverage, leave that then there quarter is early there other to of of regards in of about We year, campaign second started is And kind as for to growth are next into year-end. business cost an make mentioned We invest -- our and customer we about to you, the talked of continue I we've still operating to engagement. think want our enhance April. investing expenses. kind that and both So the the still looking the in growth launch uptick the continue branding it going I'll it's borrowers. of some In business of to as we other our we're to and was in to of process. call, on to drive did landscape because thinking But good do sure at we're it's that regards and a mind top competitive our people especially a technology areas that capabilities

Kevin Barker

Do operating XXXX? and you of to you want year have then a target into leverage on generate this the amount

Scott Parker

kind year, the you're growth expenses. faster clearly this revenue think I -- of Well, growing our our than is seeing

bit it mid-year As year a think we've still to on board, I later about, of will framework in about think as is we will 'XX, be early trying 'XX. the it layout think in Doug XXXX I kind do and versus talked little coming

Operator

of line the comes next Sanjay KBW. Your from question Sakhrani of

Sanjay Sakhrani

on I the to revised little receivables guess, wanted follow-up bit I a more growth.

And can their Or more consumer on incomes Just Are to are just afford where it that leverage opportunities of take to on incremental sort they on through right related now. taking growing? trying that more is debt the they because the think health now? to of are the front? maybe

Jay Levine

in chunk would debt. just couple are of say other to a remember going loans out put and the put things, I a Look, context, we our big of dollars consolidate to

So used that other dollars are north loans. being to XX% of pay we customers our of to write off

to to a card. us, So be whether it happens whether auto it's an loan it's credit whether loan, existing

So other over I used about $XX it to billion, over debt. off even $X for was billion was last year, pay think,

not take So as XX, are XX the finding debt. more not to comfortable if And is we also what necessarily, customers of auto lower using we across is increasingly products. on the the getting think pay finding lend I range offering he are higher going we off auto the rate is the customer of What they additional better to loans they're with are on debt so a direct a into cost place. get board

then's, we're to imaginations otherwise a we're been, So always to that's wise free and a cash in customer a pay various in, flow, make like look you this trying all trying customer with a better if we lot place we're respect comes underwriting to with customer us if where in better loan, to you credit be be bureau, for a off, like the have and cases the out because to better when a do the cash our going customers. would it's to always for better place place of see on get flow what through to and

I So been few we're very card leverage few I steady quarters last stable. marginally about seeing more years. quarter-to-quarter talked debt very numbers. last as seeing over the the We're has But think credit

we've America. look We income a up like consumer So modestly. a healthy lot in general, with seen

customer base health loans say, the of about it would So up American that will writing we similar the to to customer we're And generally, X% the if writing both to. is good income feel up X%, we're our that. I and very

Sanjay Sakhrani

portfolio core the that yield then stable, down. it's about And assume Okay. that similar credits improving driving that at probably you loss guess, I else? but appropriate rate rate coming just may it guidance the and being guidance is the you Great. as to that versus the a follow-up, something a it down? loss mentioned? just just mix sort result things what's Or Is again talk Could of looking be. of

Scott Parker

of driver, in The really secured just of lending over of the couple is mix big years. shift loss is the the the continuation last

it some focused are through underwriting, also on for to two takes think the portfolio. So time I drivers our the disciplined that both those And grow charge-offs. of

Sanjay Sakhrani

last and return. part planning One of on return? you whether are it? play where then rating the Okay. they're it capital into apply And sort thinking question, utilize going through follow-up with CECL capital Is CECL or or does that process? a not of How agencies much how contemplate the debt the just to

Scott Parker

Good questions.

with I'll rating agencies. defer. We've conversations had I the think

there think be -- discussion and on levels lot still think is CECL of I that. I impact would the a capital don't how around conclusive of what decision capital is any in around there

input though clearly, the So pronouncement for process. the is XXXX even -- be of think, into effect overall in take is but planning early and around capital clarity others, the it that an kind work still, will the us in I accounting

Operator

[Operator Instructions].

DeVries Mark Your comes Barclays. the of next from question of line

Mark DeVries

how mix Could of how you give also the secured north a something us of of direct the that? could trending? XXXX? is you into a think potentially of And us can give Should much XX% sense mix around the you grow sense still of think more versus we hard-secured auto

Scott Parker

Sure.

of portfolio. It's to I XX%. get a is large think clearly, kind we've target mentioned the that, to

the secured, even XX%. portfolio year-over-year of So our XX% to with XX% we're from being to growth move able

'XX. portfolio held we think study mentioned my at get I XX-XX kind So quarters year the several would the in level. of the perspective of in we'll versus kind take But term there. probably direct From portfolio to that as as the having we kind that is for XX% to kind deck that a auto, of around order that from the Mark, XX%, about remarks, that to then kind showed a about of of getting go end quarter prepared XX% near through I ago. of have think, overall this that's will originations portfolio in of June of our And to us

the money So Back growth that loan have they're off loan. customer auto flow have can well kind we the advance that to looking to hard-secured. to and point, well new combination looking the to the Jay's our in other actually they're products clearly of I as at free and pay as both think as in we're for as have refinance direct that the getting we them regards that ability of then for the the have our cash

kind and direct customer auto, So continue in profile with product It's that we execution a explanation customers awareness. of walk the selling since it's it's looking for us really matter it's people a something of hard a our of don't effectiveness the of that improve that the sell. very we benefits taking to explaining for But effectiveness product. our and and and that

Mark DeVries

And of Great. a one had then about Okay. are generally these just comments, Jay, bit from follow-up some more lenders how your a question online of little upmarket.

having get that the stores why Is the more is? close customers have a you Is just management to of I credit it into a and go subprime point customers think also your that come some it in comfort is not has that Or physical hoping it that think Just a with big guys physical having to perspective? color made store generally credit? on need you loans? underwriting advantage from kind

Jay Levine

it of I serviced. a would well hard is the It's And above. Look, loan is the is, originated all to or yes. answer well combination say the always say,

let take start online. a me XX% second, plus it's for us -- think for step back a our I applications important of

savvy, relationship, a a maintaining that amount which the are good period us for is before comes of into to fair branch when to we're digitally into just but servicing, longer the coming chunk transaction. allows than a a customers that renewals, come branch, interacting of So enhance it important they our time relationship the

servicing model. the are then and both, to we you that better I the of loans leads fact the sort said, very fact there being it well I overtime. think, community-based, plays we as And stronger think can that So into leverage upfront

for not back it's it So us, and go try also, those back it's go was others, you think down, overtime I why and why if to challenging. that I -- and to the go did

if they else want make are that rates significantly were let's really any happens anyone loss customers have we that comes sure it to to wake and in relationship when good It's at the Most month paycheck every and in to my everything a because prioritize when be up I just touch building high customer the given needs paycheck, think thought ACH of who being higher to and would via than that matters. a they while are are to that They something rates of and chunk returns. there they like the plenty comes liquidity high the they're servicing. and top it month, community, of lend America account. we of of don't anticipated, I it front mind, going pay going list from it being in relationship say

Operator

next comes JPMorgan. line the from of Your of Shane Rick question

Richard Shane

addressed, seen is, used all topic at I that more the LTVs making the loans I'm mix. driven secured. the has of been Obviously, prices? sort of Or in to just volatility driven, going Sanjay customers, loan on originations that And some in changing But by sizes which accounts? you're to want that follow-up up? growth of is this the we've more it mix given guys has you car terms on the and are the curious are been

Scott Parker

Well, several questions.

kind in of on different our the that based the to it's each LTV. have leads LTV customers, really the -- think So to risk policy, regards I grading on of we

better And bit we'll have, a have credits. we so other credits than higher the little LTV

secured in count same also as count at the the loans, that, sizes unit our well as about unsecured talked than but as think kind kind growing are is regards to we've we average about when time. so the are and and times balances, many larger loans, unit loan question, of second modestly growing of You're

account combination and got So modest growth the both loan you growth. of

Richard Shane

Great.

Okay.

versus lenders over assumption? set auto follow, is we car level on your can What's that prices other these we year? expectation underlying the what next so And the the

Scott Parker

our actually kind we've but mean, cars we auction of mentioned Rick. to clearly, at before, we that, repossess that of think, small relative pretty of is number look sell to the we have I that kind portfolio. at I

and it's certain our not of percentages perspective move kind but used on there. impact a kind a of monitor, out are clearly From car of by up So we significant that published prices what losses. down

for that, of driver. losses we're So which driver portfolio is frequency, on mindful goes kind Key employment. back of but the our of key our kind not secured to it's

focus more on... So what we

Jay Levine

Definitely tied waiver, to I that. agree would with

Scott Parker

Correct.

Jay Levine

we to But writing the been customer that's than just and is I running almost we very I hard against any would We've not benchmark of we of it's underwriting, against look things. the in us loans which thing say, is and all add. through be just it the -- it's but -- X sub just customer newer still direct, of probably continue your different about so enough. of we frequently indirect why and And very appreciate X% impressed. we're With multiple so it wind losses. it the said, auto, up in think vintages, proposition, at I'd fully against call because challenge refinance years to in-directs, Look, car, but knowing those history terms why questions, cars, been of has is you in the different the a as just we different

Richard Shane

question my me to brings continuing look And and The back to the fair that. there the what congratulations. do forth forward metrics really way that about conversations. no last appreciated and diverge, enough. the really I the years credit over is really No, point. should by be Jay,

Jay Levine

Thank Awesome. you so much.

Operator

of comes Orenbuch question Moshe from line next Crédit of the Suisse. Your

Moshe Orenbuch

the or thinking of products of years? would more you over intermediate debt kind next set ad geography you talk done be having Maybe and there growth? kind or that of kind of little thinking campaign Is thoughts this in your a kind about just term if bit either about longer couple could of an expansion

Jay Levine

say, is front be to mind, would purpose on the I ad of campaign, right.

have know totally going someone borrowing when never need. is You a to

to of in said while early tell can related early and results, asking too phenomenal but to that are sort tell -- response, to other too is So especially have exactly, for those I tell. directly all but you still us our markets it the those

-- keep it's want doing. think to doing I we we're what

about places in, good markets geographies we feel the product we have, we we have. I the suite are, think we're the the

but I feel certainly assessment and think when execute across-the-board, team, the here, we we're to it. our I serving, against customers think Doug will the an early, about he products do it's standpoint of gets the we're management board, good and offering branches ability our are, the from where

Moshe Orenbuch

And plans very so given on what issuing the on success for just about term of been bit you have I how side. pretty you've that relative had intermediate we some a and good kind have of for think the the mean, little and success should had talk rates securitization spreads funding? Can about the financial mean, good done a debt. year the follow-up costs you've side, Because each? I mix and both

Scott Parker

this different that sources So, we Scott. X is we Moshe, have. have funding Clearly,

we for this think year that we been to pretty mix where in too to I get many want regards have explicit reasons.

So program ABS secured our the markets. unsecured we're relative balancing the cost to of

get duration. we've that to in had. last As unsecured We've we've about issuances achieve been longer X can we talked the before the markets, able that

a a sensitivity portfolio. to to as X-year So it our well which as the been first buffer of both enhances half we on transaction X- interest rate a of and year, for regards able the provides kind do in the profile have liquidity

that on year. the we place think we in to of kind priorities kind an be that of range XX this XX, is to update So provided our

benefits the I and of duration the longer than coupon, it's so a for our enhancing to just tertiary of of cost stack have also liquidity, other I the management building kind interest-rate liability more And really business. think think our about

Operator

from line comes question Arren next Cyganovich the Citi. of of Your

Arren Cyganovich

benefit get you tight you're running credit spread funds a you as up year? widening of How do Following those the about And that? the the of cost about bit into you that going or questions, a -- of ABS markets thinking credit out pretty overall on had recently. assume spreads think when next

Scott Parker

If we at recently. just you transaction an look -- ABS we auto it, did

So those at we look continue to markets.

kind we've rates. our short-term offset partially been come the able, kind about of of We before, last of couple in years spreads the over have have significantly in increase have the as talked that

unsecured the ABS model. market you will And kind secured overall at on a so forward, both the well basis fund market as routine look if to of to as business access going the continue we

Arren Cyganovich

you large just will And is around potential be you a allowance. obviously Xx within range kind return, Do XXXX, it XXXX? think in that for the fairly impact will end target going your to of at on from for I'm will CECL then think on you trying the be to capital return year capital but leverage, of doing preclude

Scott Parker

someone the on think call. earlier I asked Arren,

I potential in kind rating of will kind how others based think around on adoption. discussion agencies adjust CECL they're the process still calculations and of

reserves to too think on that advise piece. I for I the you about CECL way. losses, if they're capital abstractly, little think you think, those think kind early So don't about -- I a and a world, of it's thinking But to appropriate what bit in buffer are it's

around potential don't -- what in percentage of So matter just what answer for constant I to a an we're today, that. able as it's Now be degree but reserves of to have kind those are conversations you "Capital." commit

Arren Cyganovich

for to XXXX see impossibility they... an wait not how saying it's it's to just you You're have

Scott Parker

there -- think about kind the will Yes, and capital I is address more understanding go to parties work think I how of implementation of to there on relative CECL different is think still levels.

Operator

you. or any to to closing call for Thank Jay the turn over additional like now comments. I'd

Jay Levine

this express call, Sure. the leading that's as just country. the to we've call want years the last build on X-plus company to Thanks, a help in thrill continues what I need of for everybody the continuing as been on and led Americans And part everyone. I'm success, millions will of serve my I'll its and thanks to do. big And to it all watching have to a this that we but finance And it's again look play on company. to and the grow everybody again be nothing been journey you, the this say, honor been like

again, So thank a day. and have you great all

Operator

does conference. This you. conclude Thank today's

wonderful You your and lines, disconnect may now a day. have

OneMain (OMF) 31 Jul 182018 Q2 Earnings call transcript