Navient Corporation (NASDAQ:NAVI) Q2 2024 Earnings Call Transcript July 24, 2024 8:00 AM ET
Company Participants
Jen Earyes - VP, IR
David Yowan - CEO
Joe Fisher - CFO
Conference Call Participants
Rick Shane - JPMorgan
Terry Ma - Barclays
Sanjay Sakhrani - KBW
Jeff Adelson - Morgan Stanley
Bill Ryan - Seaport Research Partners
Moshe Orenbuch - TD Cowen
John Hecht - Jefferies
Operator
Good day, and thank you for standing by. Welcome to the Navient Second Quarter 2024 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 second quarter of 2024. With me today are David Yowan, Navient’s CEO, and Joe Fisher, Navient’s CFO. After their prepared remarks, we will open up the call for questions. A presentation accompanies today's discussion, which you can find 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, 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 the reconciliation of core earnings to GAAP results can be found in Navient's second quarter 2024 earnings release, which is posted on our website.
Thank you, and I now will turn the call over to Dave.
David Yowan
Thanks, Jen. Good morning everyone. Thank you for joining the call and for your interest in Navient. I will start by providing an update on the three strategic actions we announced six months ago. I'm pleased that we've completed several key steps in our journey to becoming more focused, flexible and efficient. Further, we're aggressively and deliberately making meaningful progress on future milestones. We remain confident that we can achieve the significant expense reductions we presented in January. These are in the hundreds of millions of dollars annually. We're already beginning to deliver on these planned reductions and believe we can attain these expense goals within the original 18 month to 24 month time frame.