Navient Corporation · NASDAQ:NAVI
Navient — Q2 2017 Earnings Presentation
70 slides from Navient's earnings presentation, Aug 2, 2017
Slide 1: 2017 2nd Quarter Investor Deck
NAVIENT. 2017 24 Quarter Investor Deck August 2, 2017
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements; Non-GAAP Financial Measures ‘The following information is current 3s of lune 30, 2017 (unless otherwise noted) and should be read in connection with Navient Corporation’ (Navient) Annual Report on Form 10-K forthe year ended December 31, 2016 (the "2016 Form 104%"), fled
Slide 3: Navient company overview
NAVIENT. Navient provides asset management and business processing solutions to education, healthcare, and government clients at the federal, state, and local levels. We help our clients and millions of Americans achieve financial success through our services and support. - $110 billion education lo
Slide 4: Operating Results
Operating Results “Core Earnings” Basis (In millions, except per share amounts) Adjusted Core EPS before regulatory-related costs Regulatory-related costs Reported Core EPS Average common stock equivalent Ending total education loans, net Average total education loans Consdentiat and proprietary inf
Slide 5: Opportunities for Growth in 2017 and Beyond
Opportunities for Growth in 2017 and Beyond Legacy Education Loans ¢ Loan servicing ¢ Portfolio acquisitions + Default prevention & portfolio management Business Processing Solutions * Healthcare + State and Municipal + Federal Asset Generation ¢ Refinancing Education Loans ¢ Non-compete for new Pri
Slide 6: High Quality, Well Seasoned Education Loan Portfolio
High Quality, Well Seasoned Education Loan Portfolio FFELP Portfolio Private Education Loan Portfolio + Largest holder of FFELP loans with Teel meer ev yatta Forte” Largest holder of Private Education over $86 billion outstanding loans with $24 billion outstanding + Average recent FICO score of 721
Slide 7: FFELP Loans Segment
FFELP Loans Segment “Core Earnings” Basis ($ In millions) Qii7 216 Net income $67 $51 $68 Average FFELP Loans $85,321 $86,752 $93,900 Net interest margin 0.80% 0.77% 0.85% Provision for loan losses $10 $10 $10 Charge-offs $13 $13 $13 Annualized charge-off rate 0.08% 0.07% 0.07% Total delinquency rat
Slide 8: FFELP Loans Segment Credit Quality
FFELP Loans Segment Credit Quality “Core Earnings” Basis (S's In millions) FFELP Education Loan Portfollo June 30, 2017 June 30, 2016 Balance % Balance %. Loans In-school/grace/deferment ' $5,538 $7,138 Loans In forbearance * 9,814 12,496 Loans In repayment and percentage of each status Loans curren
Slide 9: Private Education Loans Segment
Private Education Loans Segment “Core Earnings” Basis ($ In millions) | Q217 Qi17 Q2 16 Net income $39. $35 $57 Average Private Education Loans $23,114 $23,500 $25,700 Net interest margin 3.28% 3.16% 3.50% Provision for loan losses $95 $95 $100 Charge-offs $122 $137 $127 Annualized charge-off rate 2
Slide 10: Private Education Loans Segment Credit Quality
Private Education Loans Segment Credit Quality “Core Earnings” Basis (S's In millions) Private Education Loan Portfollo June 30, 2017 June 30, 2016 Balance % Balance % Loans In-school/grace/deferment ' $1,236 $1,636 Loans In forbearance 7 870 892 Loans in repayment and percentage of each status Loan
Slide 11: Private Education Loans Segment Default Performance
Private Education Loans Segment Default Performance Private Education Loan Historical Defaults by Payments Made Private Education Loans Outstanding by Payments Made 100% Percent of Total Defaults s se 0% 12 24 36 48 60 72 84 96 108120132144 156 168180 NotYetin. 0-12 13-24 25-36 37-48 More than Repay
Slide 12: Private Education Loan Seasoning
Private Education Loan Seasoning — “Core Earnings” Basis June 20, 2017 Traditional Portfolio Monthly Scheduled Payments Received Loan Status 0-12 payments 13.24 payments 25.36 payments 37-48 payments eee han 48 payrnants Total Naivatn Repayrere Taz Loans in Forbearance 208 162% 883% 7 8T% 2 38% 29 1
Slide 13: Troubled Debt Restructurings (TDR)
Private Education Loans Segment Troubled Debt Restructurings (TDR) Delinquency & Forbearance Usage Allowance for Loan Loss TDR Loans ($ in millions) | 2017 | 1017 Total delinquencies $1,145 $1,240 $1,138 Total delinquency rate as a % of loans 12.0% 13.0% 11.9% in repayment Greater than 90-day delinq
Slide 14: Business Services Segment
Business Services Segment “Core Earnings” Basis (In Millions) Q217 Q117 Q2 16 Net income Number of accounts serviced for Department of Education 6.0 64 62 Total federal loans serviced (in billions) $293, $295 $289 Contingent collections receivables inventory (in billions): Education loan inventory $
Slide 15: Business Processing Solutions
Business Processing Solutions Well-positioned for growth Business Services Revenue! + Strong business franchise $800 - Capacity to process large volume of $700 transactions and manage complex $595 $625 administrative requirements $600 - Robust compliance-driven culture driven by a 2 5500 “customer f
Slide 16: Federal Loan Servicing
Business Services Segment Federal Loan Servicing Total Federal Loans Serviced $325 $300 a c¢ s 5 $275 £ a a $250 [ $225 + . : : 1 2015 2016 2Q 2017 2013 2014 Consdentiat and proprietary informaton © 2017 Navient Solutions, LLC, AN igs reserves:
Slide 17: Higher Education Industry
Higher Education Industry
Slide 18: Navient's Role As Student Loan Servicer
In Its Role As Student Loan Servicer, Navient Helps Borrowers Successfully Repay Their Loans {== | sets interest (2) rate formula, loan limits, = Colleges set tuition and fees. ond = | Sy an eee — Families select the college, and borrow to pay the cost of attendance to the school. ©) 5 4 Navient wor
Slide 19: Majority Of Student Loan Balances Are Less Than $20,000
The Majority Of Student Loan Balances Are Less Than $20,000 Distribution Of Borrowers By Average Balance, 2015 Ml Less than $5,000 [ll $5,000-$9,999 Ml $10,000-$19,999 Hl $20,000-$39,999 Hl $40,000 or more College Board, “Distribution Of Borrowers By Amount Of Outstanding Education Debt, 2015,” Tren
Slide 20: Student Debt Is More Reasonable Than May Be Evident
On An Individual Basis, Student Debt Is More Reasonable Than May Be Evident The average debt of bachelor's degree ... This translates to an increase in holders is now around $28,000 in real monthly payments of about $60 terms... compared to 1999-00 graduates. Average debt of four-year bachelor's Mon
Slide 21: Borrowers Who Struggle Most Are Often Non-Completers
The Borrowers Who Struggle The Most Are Often Non-Completers With Low Levels Of Debt Borrowers who do not complete a degree ... As a result, borrowers who run into trouble default at a rate almost three times higher repaying usually have below-average amounts than borrowers who earned a degree ... o
Slide 22: Recent College Graduates Have Seen Wages Increase
Recent College Graduates Have Seen Wages Increase Since The Great Recession Median wages for recent graduates by degree type — Bachelor's degree —— High school diploma Dollars, $ (2016) 2008 2009 + 2010 5 2011 + 2012 5 2013 5 2014 5 2015 5 2016 - + Median wages for recent college graduates have cont
Slide 23: Delinquency Rates for Class of 2016 Are One-Third of Class of 2010
Delinquency Rates for the Class of 2016 are One-Third that of the Class of 2010 Federal loan delinquency rates six months after end of grace period and unemployment for bachelor's degree holders —— Unemployment 30, 29 Ml 31+ Days Delinquent ) 27 Hl 91+ Days Delinquent 60 g 24 r 5.5 s > 21 p§.0 3 E 1
Slide 24: Navient's Default Prevention Expertise
Navient’s Default Prevention Expertise Was A Key Factor In The Decline Of The National Default Rate + The cohort default rate (CDR) 2013 three-year cohort default rate measures the percent of borrowers 11.3% who defaulted on a student loan within three years of entering Nevien ! COR is ercent lower
Slide 25: Benefits Of A College Degree Outweigh The Costs
The Benefits Of Obtaining A College Degree Outweigh The Costs By A Wide Margin Cumulative earnings net of college repayment costs Cumulative earnings (2014 USD) $1.2M $1.0M $0.8M $0.6M $0.4M $0.2M $0.0M — High School Diploma —— Bachelor’s Degree 1 4 A college degree pays for itsel age 34 T T T T T T
Slide 26: Young Adults With Degrees Score Higher On Financial Health
Young Adults Who Complete A College Degree Score Higher On Financial Health, Including Employment & Incomes Financial health index score 100 TE No college degree 80 4 Ill College degree (associate or higher) 60% 59% Percent (%) “Excellent” “Good” “Poor” Financial health self-assessment Advanced degr
Slide 27: Young Adults' College Borrowing Status
Overall, 4 In 10 Did Not Borrow For Their Education & 2 In 10 Borrowed & Finished Paying Their Student Loans HI Did not borrow [ll Borrowed, paid off [lj Borrowed, still have debt College borrowing status College borrowing status by age 100% 80% 60% 40% 20% Age Age Age Age Age 22-24 25-27 28-30 31-3
Slide 28: Today's repayment options are numerous and complex
Today’s repayment options are numerous and complex Deferment Forbearance T School) Discretionary Forbearance ‘School Full-Time (2) + Hardship Forbearance ‘School Half-Time (2) Mandatory Forbearance Post Enrollment (1) Medical or Dental internship Residency Department of Defense Student Loan Repaymen
Slide 29: Funding & Liquidity
Funding & Liquidity
Slide 30: 2nd Quarter 2017 Capital Markets Summary
24 Quarter 2017 Capital Markets Summary Purchased $7.1 billion of education loans - Closed $2.0 billion private education asset backed commercial paper facility, maturing June 2020 - Increased the maximum financing amount of FFELP ABCP facility from $6.75 billion to $7.75 billion and extended its ma
Slide 31: Secured Funding
Secured Funding Navient is among the largest issuers of 1 Citigroup $7,575 Credit Card ABS globally, having issued over $280 2 AmeriCredit / GM Financial $7,088 Auto/Floorplan billion of Private Education and FFELP = a ABS transactions to date 4 Ford $6,393 Auto/Floorplan 5 Santander $5,554 Auto 6 A
Slide 32: FFELP ABS Transactions
FFELP ABS Transactions NAVSL 2017-4 NAVSL 201 Pricing Date: July 18, 2017 April 10, 2017 Settlement Date: July 27, 2017 April 20, 2017 Issuance Amount: $1,015M $1,001M Coll . US Govt. Guaranteed US Govt. Guaranteed . FFELP Stafford, Plus and Consolidation Loans FFELP Stafford, Plus and Consolidation
Slide 33: Private Education Loan ABS Transactions
Private Education Loan ABS Transactions Pricing Date: Settlement Date: Issuance Amount: Collateral: Prepayment Speed *: Tranching: Class AV A2A AQB B NAVSL Trust 2016: January 28, 2016 February 4, 2016 $488M Private Education Loans 4% Constant Prepayment Rate Rating (Moody's) Aaa Aaa Aaa Aad Amt. (S
Slide 34: Managing Unsecured Debt Maturities
Managing Unsecured Debt Maturities (par value, $ in billions) S14 $15 S15 g4sta S1.7816 $1.0 $0.6 SO-tpmmy $0,080. $0.0$0.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+ mAs of June 30, 2016 wAs of June 30, 2017 ng Term Conservative Funding Approach + Important to maintain our credit
Slide 35: Conservative Unsecured Debt Profile
Conservative Unsecured Debt Profile Unsecured Debt Profile Highlights $35 Years Ending December 31 * Total education loan portfolio is 76% funded to term 0 (par value, $ in billions) $25 + Issued $0.5 billion of unsecured debt and paid down $20 $0.3 billion in 2Q 2017 $15 $10 + Tangible net asset ra
Slide 36: Education Loan Portfolio Generates Significant Cash Flows
Education Loan Portfolio Generates Significant Cash Flows Projected Life of Loan Cash Flows over ~20 Years Enhancing Cash Flows + Generated $1.7 billion of cash flows in YTD 2017 $’s in Billions ERELP/Casti Flows — oso. Issued $1.4 billion of unsecured debt and paid down $0.8 Secured billion in YTD
Slide 37: FFELP Cash Flows Highly Predictable
FFELP Cash Flows Highly Predictable $'s in millions as of 6/30/2017 2017 2018 2019 2020 2021 2022 2023 2024 Projected FFELP Average Balance $83,103 $77,970 $70,742 $63,559 $56,744 $49,984 $43,384 $37,008 Projected Excess Spread $429 $865 $811 $727 $680 $657 $590 $527 Projected Servicing Revenue $202
Slide 38: Secured Cash Flow
Secured Cash Flow 2a17¥TD 201 2015 2014 FFELP Term Securitized Servicing (Cash Paid) s 160 $ 342 $ 387 $ 407 Net Residual’ (Excess Distributions) 364 624 724 680 ‘Other Secured FFELP Net Cash Flow *? 343 503 244 216 Total FFELP. = 367_S___ 1400 8 1354S 7302 Private Credit Term Securitized Servicing
Slide 39: FFELP ABS
FFELP ABS
Slide 40: Recent FFELP ABS Issuance Characteristics
Recent FFELP ABS Issuance Characteristics FFELP ABS Transaction Features + Issue size of $500M to $1.0B + Denominated in US$ + Triple-A rated senior notes make up to 100% of issue structure + Floating rate tied to 1 month LIBOR + Amortizing tranches with 1 to 15(+) year average lives + Compliant wit
Slide 41: FFELP Loan Program Characteristics
FFELP Loan Program Characteristics Subsidized Stafford Unsubsidized Stafford | PLUS/Grad PLUS Consolidation Borrower student Student Parents or Graduate Students Student or Parents Needs Based Yes No No NA Fo Ce Ee 97- 100% 97 - 100% 97 - 100% 97 - 100% Interest Subsidy Payments Yes No No Yes! Spel
Slide 42: Navient Stafford & PLUS Loan Prepayments
Navient Stafford & PLUS Loan Prepayments + Annualized CPRs for Stafford/PLUS ABS trusts have decreased from pre-2008 levels as incentives for borrowers to consolidate have declined + Higher prepayment activity in mid 2012 was related to the short term availability of the Special Direct Consolidation
Slide 43: Navient Consolidation Loan Prepayments
Navient Consolidation Loan Prepayments + CPRs for Consolidation ABS trusts declined significantly following legislation effective in 2006 that prevented in-school and re-consolidation of borrowers’ loans + Higher prepayment activity in mid 2012 was related to the short term availability of the Speci
Slide 44: Private Education Loan ABS
Private Education Loan ABS
Slide 45: Recent Private Education Loan ABS Issuance Characteristics
Recent Private Education Loan ABS Issuance Characteristics Private Education Loan ABS Transaction Features + Issue size of $250M to $750M * Triple-A rated senior notes, Single-A rated subordinated notes * 20-40% Triple-A overcollateralization + Amortizing tranches with 1 to 10 year average lives « F
Slide 46: Navient Private Education Loan Programs
Navient Private Education Loan Programs SSE Parent ‘$10k avg orig bal, 10 yr avg term, in-school payments of $10k avg orig bal, 15 yrterm, $12k avg orig bal, 15 yr term, [pen Lona] interest onty, $25 or fully deferred payments. deferred payments deferred Origination Period March 2009 to April 2014 A
Slide 47: Navient Private Education Trusts
Navient Private Education Trusts Navient 15-8 NAV 15.8 Bond Amount (Smil) Initial AKA Enhancement (%) Initial Enhancement (%) Loan Program (%) ‘Signature/LawMBA/Med ‘Smart Option Consolidation Direct to Consumer Career Training Total Payment Status (%) ‘School, Grace, Oelerment Repayment Forbearance
Slide 48: Navient Portfolio Transition to Seasoned Collateral
Navient Portfolio Transition to Seasoned Collateral ¢ Securitized collateral will continue to season given the company transitioned from originations to portfolio acquisition and management + Most defaults occur early in repayment; loan performance improves as loans season « As of June 2017, the pri
Slide 49: Private Education Loan Trusts Prepayment Analysis
Navient Private Education Loan Trusts — Prepayment Analysis Constant Prepayment Rate (CPR) 0% PP FS SF Y FF SH — 2002-4 — 2005-8 — 2010-4 2012.8 — 2014-4 —— 2003-4, — 2006-4 —2010-8 —2012.¢ —2014.cT s 3s ws sv = Se ee Pes ry PS eg SY ge es JP ey eg ee BP FP FG FH FG FH FG OF GT OF GT GO GT OF GT get
Slide 50: Cohort Default Triangles introduction
ena Cohort Default Triangles + The following cohort default triangles provide loan performance information for certain Private Education Loans of Navient Corporation and its consolidated subsidiaries that such subsidiaries’ securitization criteria (including those criteria listed below): - Program t
Slide 51: Cohort Default Triangles
Cohort Default Triangles + The cohort default triangles featured on subsequent slides are segmented by loan program type, FICO score, cosigner status, and school type + Terms and calculations used in the cohort default triangles are defined below: - Repayment Year — The calendar year loans entered r
Slide 52: Cohort Default Triangles
Cohort Default Triangles Unde \duate/Graduate’ Disbursed Principal Entering Periodic Defaults by Years in Repayment 2° Repayment Year__Repayment(sm) 0. 1. 2 #49 4 #4=+5 6 7 8 9 10 1 12 16 ‘44 (‘19 ‘Total 1998 $11 10.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.4% 0.8% 0.4% 0.2% 1.5% 0.8% 0.4% 0.4% 0.0% 0.1% 5.2% 1
Slide 53: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate' With Co-signer Disbursed Principal Entering Periodic Defaults by Years in Repayment Repayment Year Repayment ($m) __0 1 2 3 4 5 6 7 8 ] 10 11 12 +13 «14 ~=©15 ‘Total 1998 $6 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.6% 1.0% 0.4% 0.0% 0.2% 1.1% 0.1% 0.0% 0.0% 0.
Slide 54: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate' Without Co-signer Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 0 1% 12 #13 14 15 Total 1998 $5 10.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.2% 0.6% 0.4% 0.4% 3.1% 0.5% 0.8% 0.9% 0.0% 0.2
Slide 55: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate’ Non-Profit Disbursed Principal Entering Periodic Defaults by Years in Repayment *° Repayment Year__Repayment(sm) 0 1 2 3 4 #5 6 7 8 9 10 1% 12 13 14 15 ‘Total 1998 $1 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.4% 0.4% 0.4% 0.2% 1.1% 0.7% 0.3% 0.4% 0.0% 0.1% 4.2%
Slide 56: Cohort Default Triangles
Cohort Default Triangles Disbursed Principal Entering Periodic Defaults by Years in Repayment *? Repayment Year__Repayment(sm) 0 1 2 3 4 #5 6 7 8 9 10 1 12 13 14 15 Total 1998 $0.41 (0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 11.7% 0.0% 0.0% 10.9% 3.5% 4.4% 0.0% 0.3% 0.0% 30.8% 1999 $2 0.0% 0.0% 0.0% 2.0% 1
Slide 57: Cohort Default Triangles
1 2 3. 4. Cohort Default Triangles duate/Graduate’ Loans, FICO 740-8502 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 7 8 9 10.11 12,1314 15_—‘Total 1998 $3 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.4% 0.4% 0.9% 0.9% 0.0% 0.
Slide 58: Cohort Default Triangles
1 2 3. 4. Cohort Default Triangles duate/Graduate’ Loans, FICO 700-7392 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 7 89 10.11 12,1314 15_—‘Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 2.2% 0.0% 0.0% 0,0% 0.0% 0.1% 0.8%
Slide 59: Cohort Default Triangles
Aone Cohort Default Triangles duate/Graduate’ Loans. ICO 67 i992 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 7 8 9 10.11 12,1314 15_—‘Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.3% 0.5% 0.3% 28% 0.0% 0.5% 0.5% 0.1% 0
Slide 60: Cohort Default Triangles
Aone Cohort Default Triangles duate/Graduate’ Loans, FICO 640-6692 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year _ Repayment ($m) __0 1 2 3 4 5 6 7 8 9 10.11 12,1314 15_—‘Total 1998 $2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.5% 0.8% 0.0% 2.9% 2.8% 1.3% 0.2% 0.0%
Slide 61: Cohort Default Triangles
Cohort Default Triangles Private Consolidati Disbursed Principal Entering Periodic Defaults by Years in Repayment *? Repayment Year __ Repayment ($m) __0 1 2 ith C igner 3 4 5 6 tt 8 9 10 114 Total 2006 $249 0.0% 0.1% 0.1% 05% 0.6% 0.6% 0.4% 0.3% 04% 0.4% 0.4% 0.2% 3.8% 2007 $675 0.0% 0.0% 0.2% 0.4%
Slide 62: Cohort Default Triangles
Cohort Default Triangles DTC With Co-signer Disbursed Principal Entering Periodic Defaults by Years in Repayment *? Repayment Year Repayment ($m) __0 1 2 3 4 5 6 is 8 9 10 11 12 13 Total 2004 $10 0.0% 0.0% 0.1% 0.1% 0.4% 1.3% 0.6% 0.6% 0.0% 0.1% 00% 0.2% 01% 0.2% 3.5% 2005 $90 0.0% 0.2% 1.2% 0.9% 21
Slide 63: Cohort Default Triangles
Cohort Default Triangles DTC Loans, FICO 740-8501 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year__Repayment(§m) 0 1 2 3 4 5 6 7 8 9 10 4% 12 13 Total 2004 ay (0.0% 0.0% 0.1% 0.0% 0.0% 0.2% 0.4% 1.0% 0.0% 0.0% 0.0% 0.2% 0.0% 05% 1.8% 2005 $39 0.0% 0.2% 0.7% 1.1
Slide 64: Cohort Default Triangles
Cohort Default Triangles DTC Loans, FICO 670-6991 Disbursed Principal Entering Periodic Defaults by Years in Repayment *° Repayment Year Repayment ($m) 0. 1 2 3 4 5 6 7 & 9 10 11 12 13 Total 2004 3 0.0% 0.0% 0.2% 0.9% 0.4% 3.0% 12% 1.7% 0.1% 0.5% 0.0% 0.0% 0.0% 0.0% 81% 2005 $25 0.0% 0.4% 20% 18% 3.
Slide 65: Cohort Default Triangles
Cohort Default Triangles Disbursed Principal Entering Periodic Defaults by Years in Repayment *° Repayment Year _Repayment($m) 0 1 2 3 4 § 6 7 8 9 10 11 12 #13 14 Total 2003 $389 0.0% 0.6% 1.9% 2.1% 23% 1.7% 1.6% 1.2% 0.9% 0.6% 0.4% 0.3% 0.2% 0.1% 0.1% 14.0% 2004 $510 0.0% 0.5% 2.0% 29% 2.1% 2.2% 1.
Slide 66: Appendix
Navient Corporation Appendix Consdentiat and proprietary informaton © 2017 Navient Solutions, LLC, AN igs reserves:
Slide 67: GAAP Results
GAAP Results (In millions, except per share amounts) 2Q17 1Q17 2Q 16 | Net income $112 $88 $125 EPS $0.39 $0.30 $0.38 Operating expenses $230 $238 $230. Provision $105 $107 $110 Average Student Loans $108,435 $110,252 $119,600 Consdentiat and proprietary informaton © 2017 Navient Solutions, LLC, AN
Slide 68: Differences between Core Earnings and GAAP
Differences between “Core Earnings” and GAAP Quarters Ended “Core Earnings” adjustments to GAAP: Jun. 30, Mar. 31, Jun, 30, (Dollars in Millions) 2017 2017 2016 “Core Earnings” net income $123 $107 $154 Net impact of derivative accounting (15) (23) (32) Net impact of goodwill and acquired intangible
Slide 69: Investor Relations Website
Investor Relations Website www.navient.com/investors www.navient.com/abs + NAVI/ SLM student loan trust data (Debt/asset backed securities - NAVI / SLM Student Loan Trusts) Static pool information — detailed portfolio stratifications by trust as of the cutoff date Accrued interest factors Quarterly
Slide 70: NAVIENT.
NAVIENT.