Navient Corporation (NASDAQ:NAVI) Q2 2023 Earnings Conference Call July 26, 2023 8:00 AM ET

Company Participants

Jen Earyes - VP, IR

Dave Yowan - CEO

Joe Fisher - CFO

Conference Call Participants

Bill Ryan - Seaport Research Partners

Jeff Adelson - Morgan Stanley

Rick Shane - JPMorgan

Sanjay Sakhrani - KBW

Giuliano Bologna - Compass Point

Operator

Good day. And thank you for standing by. Welcome to the Navient Second Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jen Earyes, Vice President Investor Relations. Please go ahead.

Jen Earyes

Thank you, Shannon. Hello, good morning and welcome to Navient's earnings call for the second quarter of 2023. With me today are Dave Yowan, Navient's CEO, and Joe Fisher, Navient's CFO. After their prepared remarks, we will open the call up for questions. You can view and download presentation slides, including slides you may find useful during this call on navient.com/investors.

But before we begin, keep in mind our discussion will contain predictions expectations, forward-looking statements and other information about our business that is based on management's current expectations as of the date of this presentation. Actual results in the future may be materially different from those discussed here. This could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-K and other filings with the SEC.

During this conference call, we will refer to non-GAAP financial measures including core earnings, adjustable tangible equity ratio and other various non-GAAP financial measures that are also derived from core earnings. Our GAAP results and description of our non-GAAP financial measures can be found in the second quarter 2023 supplemental earnings disclosure which is also posted on navient.com/investor. You will find more information about these measures beginning on Page 18 of Navient's second quarter 2023 earnings release. There's also a full reconciliation of core earnings to GAAP included in the disclosure.

Thank you. And I will now turn the call over to Dave.

Dave Yowan

Thanks, Jen. Good morning, everyone. Thank you for joining the call and for your interest in Navient. I want to begin with thanks to my new colleagues, team Navient for the open and warm welcome, they've provided me since I assumed this role. As most of you know, about halfway through the second quarter, I transition from a member of Navient's Board of Directors to the role of Navient's CEO.