Navient Corporation. (NASDAQ:NAVI) Q3 2023 Earnings Conference Call October 25, 2023 8:00 AM ET

Company Participants

Jen Earyes - VP, IR

Dave Yowan - CEO

Joe Fisher - CFO

Conference Call Participants

Sanjay Sakhrani - KBW

Richard Shane - JPMorgan

Bill Ryan - Seaport Research Partners

Arren Cyganovich - Citi

Jeffrey Adelson - Morgan Stanley

Operator

Good day. And welcome to the Navient Third Quarter 2023 Earnings Conference 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, Head of Investor Relations. Please go ahead.

Jen Earyes

Thank you, Abigail. Hello, good morning and welcome to Navient’s earnings call for the third quarter of 2023. With me today are Dave Yowan, Navient’s CEO, and Joe Fisher, Navient’s CFO. After their prepared remarks, we’re going to 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.

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 third quarter 2023 earnings release which is also posted on navient.com/investor. You will find more information about these measures beginning on Page 18 of Navient’s third 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. Our results for the quarter reflect our strong foundation of assets and capabilities as well as initial actions we are taking to deliver more value to shareholders. We received consistent net interest margins and credit performance, generated strong revenue growth in traditional business processing services and lowered our operating expense.