NAVI - Navient Corporation. (NAVI) Q4 2023 Earnings Call Transcript
2024-01-31 15:47:09 ET
Navient Corporation. (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
Presentation
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.
Thank you. And now I 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. As you know, the Board and management began an in-depth review of our business a few months ago. It's been a rigorous and comprehensive process. I've asked Ed Bramson, Vice Chair of the Navient Board to join me this morning. Ed and I will describe the steps we're taking, the rationale and objectives and what they mean for Navient. After that, Joe will share our Q4 results and 2024 outlook. We will then open it up for Q&A.
There are three actions that we're taking coming out of our in-depth review; outsourcing loan servicing, exploring strategic options for BPS, and reshaping our shared service infrastructure and corporate footprint. At a high-level and in the near-term, these actions are intended to simplify our business, reduce our expense base and increase our financial and operating flexibility....
Navient Corporation. (NAVI) Q4 2023 Earnings Call Transcript