Navient Corporation. (NASDAQ:NAVI) Q4 2023 Earnings Conference Call January 31, 2024 8:00 AM ET

Company Participants

Jen Earyes - Vice President, Investor Relations

David Yowan - President and Chief Executive Officer

Edward Bramson - Vice Chair of the Board of Directors

Joe Fisher - Executive Vice President and Chief Financial Officer

Conference Call Participants

Mark DeVries - Deutsche Bank

Arren Cyganovich - Citi

Moshe Orenbuch - TD Cowen

William Ryan - Seaport Research Partners

Sanjay Sakhrani - KBW

John Hecht - Jefferies

Richard Shane - JPMorgan

Jeffrey Adelson - Morgan Stanley

Operator

Good day and thank you for standing by. Welcome to the Navient Strategy Update and Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a 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

Hello, good morning and welcome to Navient's earnings call for the fourth quarter of 2023. With me today are David Yowan, Navient's CEO; Edward Bramson, Vice Chair of the Navient Board of Directors; and Joe Fisher, Navient's, CFO. Navient has a lot to share with you this morning and has posted two separate presentations that will be referred to during this call. Both are available on navient.com/investors.

We will refer to a strategy update presentation, which you find posted on our website. Our in-depth review and strategy update discussion may take us past the half-hour. Following this update, Joe will discuss the fourth quarter results and outlook for 2024. He will refer to the fourth quarter 2023 presentation, which you will also find posted on navient.com/investors. After the prepared remarks, we will open the call up for questions.

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 those factors in the discussion of them on the company's Form 10-K and other filings to the SEC.

During this conference call, we will refer to non-GAAP financial measures, including core earnings, adjusted tangible equity ratio and various other non-GAAP financial measures that are derived from core earnings. Our GAAP results description of our non-GAAP financial measures and a reconciliation of core earnings to GAAP results can be found beginning on page 18 of Navient's fourth quarter 2023 earnings release, which is posted on our website.