Navient Corporation · NASDAQ:NAVI
Navient — Q1 2017 Earnings Presentation
70 slides from Navient's earnings presentation, Apr 28, 2017
Slide 1: 2017 1st Quarter Investor Deck
NAVIENT. 2017 1St Quarter Investor Deck April 28, 2017
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements; Non-GAAP Financial Measures ‘The following information is current 3s of March 31,2017 (unless otherwise noted) and shouldbe read in connection with Navient Corporation's (Navient) Annual Report on Form 10: forthe year ended December 31,2016 (the "2016 Form 10:K"), fied by
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. - $108 billion education lo
Slide 4: Operating Results
Operating Results “Core Earnings” Basis (In millions, except per share amounts) Q117 Q416 Q116 Adjusted Core EPS before regulatory-related costs and reserve for legal contingencies Regulatory-related costs Reserve for legal contingencies Reported Core EPS Average common stock equivalent Ending total
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 Soe Bilin Forte” Largest holder of Private Education over $85 billion outstanding loans with $23 billion outstanding + Average recent FICO score of 718 + Po
Slide 7: FFELP Loans Segment
FFELP Loans Segment “Core Earnings” Basis ($ In millions) Q117 | Q416 Q116 Net income $61 $68 $66 Average FFELP Loans $86,752 $88,914 $95,721 Net interest margin ' 0.77% 0.89%! 0.81% Provision for loan losses $10 $13 $7 Charge-offs $13 $12 $16 Annualized charge-off rate 0.07% 0.07% 0.09% Total delin
Slide 8: FFELP Loans Segment Credit Quality
FFELP Loans Segment Credit Quality “Core Earnings” Basis (S's In millions) FFELP Education Loan Portfollo March 31, 2017 March 31, 2016 Balance % Balance %. Loans In-school/grace/deferment ' $5,791 $7,974 Loans In forbearance * 10,627 12,373 Loans In repayment and percentage of each status Loans cur
Slide 9: Private Education Loans Segment
Private Education Loans Segment “Core Earnings” Basis ($ In millions) Q117 Q4 16 1Q 16 Net income $35 $41 $61 Average Private Education Loans $23,500 $24,237 $26,577 Net interest margin ! 3.16% 3.08%! 3.56% Provision for loan losses $95 $87 $104 Charge-offs $137 $130 $144 Annualized charge-off rate
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 March 31, 2017 March 31, 2016 Balance % Balance %. Loans In-school/grace/deferment ' $1,337 $1,927 Loans In forbearance 7 793 916 Loans in repayment and percentage of each status L
Slide 11: Private Education Loans Segment Default Performance
Private Education Loans Segment Default Performance Private Education Loan Historical Defaults by Payments Made Private Education Loans Outstanding by Payments Made 00% 100% 99%493%94%,.95% 96% 8% 9074 on, 00000% £ 3 € ‘S a = 55% e 50% S € 5 Fe Fa 5 a mo ie eB 0% VP HPD MH HPAP HP PPL NotYetin 0-12
Slide 12: Private Education Loan Seasoning
Private Education Loan Seasoning — “Core Earnings” Basis arch 31,2017 Tragrienl Portfotio oan States 2:12 payments 33:24 payments 25:26 payments 37.48 payments Move tan 48 payers Tout Tenvern Repament Tae toons Forbearance 7 20% &s 0% % a8 “ 40% 282 1% 702 say onnsin Repayment Cent am ax m 74% 1239
Slide 13: Troubled Debt Restructurings (TDR)
Private Education Loans Segment Troubled Debt Restructurings (TDR) TDR Loans ($ in millions) | 1017 | 4016 Total delinquencies $1,240 $1,365 $1,164 Total delinquency rate as a % of loans 13.0% 14.2% 12.4% in repayment Greater than 90-day delinquencies $657 $686 $610 Greater than 90-day delinquency r
Slide 14: Business Services Segment
Business Services Segment “Core Earnings” Basis (In Millions) Q1i7 Q416 Q116 Net income Number of accounts serviced for Department of Education 61 62 63 Total federal loans serviced (in billions) $295 $293 $291 Contingent collections receivables inventory (in billions): Education loan inventory $8.8
Slide 15: Business Processing Solutions
Business Processing Solutions Well-positioned to expand to additional clients and asset types 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 c
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 Q1 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: The 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,,” Tre
Slide 20: On An Individual Basis, Student Debt Is More Reasonable
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: Class Of 2015 Student Loan Delinquency Rates
Class Of 2015 Student Loan Delinquency Rates Approximately 3 Times Lower Than 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 24 Delinquency Rate (
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 Obtaining A College Degree
The Benefits Of Obtaining A College Degree Outweigh The Costs By A Wide Margin Cumulative earnings net of college repayment costs — High School Diploma —— Bachelor's Degree $1.2M > $1.0M 4 437.63%> $0.8M + Cumulative earnings (2011 USD) $0.6M - $0.4M + $0.2M 4 A college degree pays for itself by age
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: Borrowing Status Of Young Adults
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: Program Complexity Can Be Streamlined
Program Complexity Can Be Streamlined Forbearance Discretionary Forbearance + Hardship Forbearance Mandatory Forbearance Medical or Dental Internship Residency + Department of Defense Student Loan Repayment Programs + National Service + Active Military State Duty + Student Loan Debt Burden + Teacher
Slide 29: Funding & Liquidity
Funding & Liquidity
Slide 30: 1st Quarter 2017 Capital Markets Summary
1st Quarter 2017 Capital Markets Summary Acquired $798 million of education loans - OnApril 18, 2017 announced agreement to purchase $6.9 billion education loan portfolio Issued two FFELP ABS transactions totaling $1.9 billion - FFELPABS spreads continue to improve - OnApril 10, 2017 priced an addit
Slide 31: Navient Among Largest ABS Issuers
Secured Funding 1 Ford $3,843 Auto/Floorplan 2 AMEX $3,099 Credit Card 3. AmeriCredit / GM Financial $3,003 Auto/Floorplan 4 Capital One $3,000 Credit Card 5 Ally $2,670 Auto. 6 Citigroup $2,500 Credit Card 7 Hyundai $2,257 Auto/Floorplan 8 Drive $2,097 Auto 9g Bank America $2,000 Credit Card ho _Wa
Slide 32: Recent FFELP ABS Transactions
Recent FFELP ABS Transactions NAVSL 2017-3 NAVSL 2017-2 Pricing Date: April 10, 2017 March 16, 2017 Settlement Date: April 20, 2017 March 23, 2017 Issuance Amount: $1,001M $921.4M US Govt. Guaranteed US Govt. Guaranteed Collateral: FFELP Stafford, Plus and Consolidation Loans FFELP Stafford, Plus an
Slide 33: Recent Private Education Loan ABS Transactions
Recent Private Education Loan ABS Transactions NAVSL Trust 2016-A NAVSL Trust 2015-C Pricing Date: January 28, 2016 December 1, 2015 Settlement Date: February 4, 2016 December 10, 2015 Issuance Amount: $488M $359M Collateral: Private Education Loans Private Education Loans Prepayment Speed *: 4% Con
Slide 34: Managing Unsecured Debt Maturities
Managing Unsecured Debt Maturities (par value, $ in billions) $2.5$24 a | $14 $1.5 Puded $1.481.4 $1.781.6 cl PPE, ees | 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+ wAs of March 31, 2016 wAs of March 31, 2017 Term Conservative Funding Approach + Important to maintain our credit rati
Slide 35: Conservative Unsecured Debt Profile
Conservative Unsecured Debt Profile Unsecured Debt Profile Highlights $35 Years Ending December 31 saa (par value, $ in billions) Total education loan portfolio is 78% funded to term $25 Issued $0.8 billion of unsecured debt and paid down $20 $0.6 billion in 1Q 2017. $15 $10 $5 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 $’s in Billions FFELP Cash Flows 03/34/17 Secured Residual (including O/C) $7.4 Floor Income 19 Servicing 3.0 Total Secured $12.3 Unencumbered 0.9 Total FFELP Cash Flows $13.2 Private Credit Ca
Slide 37: FFELP Cash Flows Highly Predictable
FFELP Cash Flows Highly Predictable $'s in millions as of 3/31/2017 2017 2018 2019 2020 2021 2022 2023 2024 |Projected FFELP Average Balance $81,740 $75,575 $68,297 $61,283 $54,531 $47,795 $41,293 $35,020 |Projected Excess Spread $635 $840 $773 $694 $654 $627 $563 $502 Projected Servicing Revenue $2
Slide 38: Secured Cash Flow
Secured Cash Flow Milli 217YTD 201 014 FFELP Term Securitized Servicing (Cash Paid) $ 80 ¢ 342 $ 387 § 407 Net Residual’ (Excess Distributions) 174 624 724 680 Other Secured FFELP Net Cash Flow ** 168 503 244 216 Total FFELP s 422, $1409 $1,354 _ S$ 7302 Private Credit Term Securitized Servicing (Ca
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 97% of issue structure + Floating rate tied to 1 month LIBOR + Amortizing tranches with 1 to 15(+) year average lives + Compliant with
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 12.8 Sit 12. 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 Repaymen
Slide 48: Portfolio Transition to Seasoned Collateral
Percent of Total Defaults 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
Slide 49: Private Education Loan Trusts Prepayment Analysis
Navient Private Education Loan Trusts — Prepayment Analysis * Constant prepayment rates increased in 2007 due to the introduction of Private Education Consolidation loans, then declined following our decision to suspend our consolidation loan program in 2008 14% Constant Prepayment Rate (CPR) 2D oe
Slide 50: Cohort Default Triangles
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 meet such subsidiaries’ securitization criteria (including those criteria listed below): - Program
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 dergraduate/Graduate 1 Disbursed Principal Entering Periodic Defaults by Years in Repayment 2° Repayment Year__Repayment(sm) 0 4. 2 +39 4 #4=+5 6 7 8 9 10 M1 12 16 ‘14 ‘19 ‘Total 1998 $11 10.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.4% 0.8% 0.4% 0.2% 1.5% 0.8% 0.4% 0.4% 0.0% 0.1% 5.2% 1
Slide 53: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate * With C r Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year _Repayment($m) 0 1 2 3 4 5S 6 7 8 9 10 1% 12 «+18 +44 ‘15 Total 1998 $6 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.6% 1.0% 0.4% 0.0% 0.2% 1.1% 0.1% 0.0% 0.0% 0.1% 3.
Slide 54: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate ' Without Co-signer Disbursed Principal Entering Periodic Defaults by Years in Repayment 2° Repayment Year Repayment ($m) 0. 1 2 3 4 5 6 it 89 40 11 12 «13814 15_—‘Total 1998 $5 0.0% 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%
Slide 55: Cohort Default Triangles
Cohort Default Triangles Undergraduate/ luate 1 No! 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% 1999 $2
Slide 56: Cohort Default Triangles
Cohort Default Triangles Und luate/Graduate 1 For-Profit Disbursed Principal Entering Periodic Defaults by Years in Repayment *° Repayment Year__ Repayment ($m) __0 1 2 3 4 5 6 7 8 9 10, 11 12-1314 15__—‘Total 1998 $0.41 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 11.7% 0.0% 0.0% 10.9% 3.5% 4.4% 0.0% 0.3% 0.
Slide 57: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate * Loans, FICO 740-850 2 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 iL 8.9 10.11 12,1314 15_—‘Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.4% 0.4% 0.9% 0.9% 0.0% 0.
Slide 58: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate 1 Loans, FICO 700-739 2 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 iL 8.9 10.11 12,1314 15_—‘Total 1998 $3 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 2.2% 0.0% 0.0% 0.0% 0.0% 0.1% 0
Slide 59: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate 1 Loans, FICO 670-699 2 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year __ Repayment ($m) __0 1 2 3 4 5 6 7 8 9 10.11 12,1314 15_—‘Total 1998 $3 10.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.3% 0.5% 0.3% 2.8% 0.0% 0.5% 0.
Slide 60: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate 1 Loans, FICO 640-669 2 Disbursed Principal Entering Periodic Defaults by Years in Repayment ** Repayment Year _ Repayment ($m) __0 1 2 3 4 5 6 iL 8.9 10.11 12,1314 15_—‘Total 1998 $2 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.5% 0.8% 0.0% 2.9% 2.8% 1.3% 0.
Slide 61: Cohort Default Triangles
Cohort Default Triangles Private Consolidation Loans With C ner Disbursed Principal Entering Periodic Defaults by Years in Repayment *? Repayment Year__ Repayment ($m) 0 al 72 3 4 5 6 us 8 9 10 Total 2006 $249 0.0% 0.1% 01% 05% 06% 06% 04% 0.3% 04% 04% 04% 3.8% 2007 $675 0.0% 0.0% 02% 04% 06% 05% 04
Slide 62: Cohort Default Triangles
Cohort Default Triangles Disbursed Principal Entering Periodic Defaults by Years in Repayment '? Repayment Year _ Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 1 12 Total 2004 $10 0.0% 0.0% 01% 0.1% 04% 1.3% 06% 0.6% 0.0% 0.1% 0.0% 0.2% 0.1% 3.5% 2005 $90 0.0% 0.2% 12% 0.9% 21% 29% 1.6% 1.4% 1.2% 1.3% 0.8%
Slide 63: Cohort Default Triangles
Cohort Default Triangles DTC Loans, FICO 740-8501 Disbursed Principal Entering Periodic Defaults by Years in Repayment 2° Repayment Year ___ Repayment ($m)__0- 1 2 3 4 5 6 7 8 9 0 1 12__ Total 2004 $5 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% 1.8% 2005 $39 0.0% 0.2% 07% 1.1% 1
Slide 64: Cohort Default Triangles
Cohort Default Triangles Disbursed Principal Entering Periodic Defaults by Years in Repayment 7° Repayment Year _Repayment(sm) 0. 7 2 3 4 #45 6 7 8 9 10 4 12 Total 2004 $3 0.0% 0.0% 0.2% 09% 0.4% 3.0% 12% 1.7% 0.1% 0.5% 0.0% 0.0% 0.0% 8.1% 2005 $25 0.0% 0.4% 2.0% 1.8% 3.0% 4.2% 26% 1.5% 2.1% 1.3% 1.
Slide 65: Cohort Default Triangles
Cohort Default Triangles Career Training Loans 1 Disbursed Principal Entering Periodic Defaults by Years in Repayment *> Repayment Year _Repayment($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Total 2003 $389 0.0% 0.6% 1.9% 2.1% 2.3% 1.7% 1.6% 1.2% 0.9% 0.6% 0.4% 0.3% 0.2% 0.1% 14.0% 2004 $510 0.0% 0.5% 2.0%
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) 1Q17 Q416 1Q16 | Net income $88 $145 $181 EPS $0.30 $0.48 $0.53 Operating expenses $238 $246 $247 Provision $107 $102 $111 Average Student Loans $110,252 $113,151 $122,298 Consdentiat and proprietary informaton © 2017 Navient Solutions, LLC, AN ig
Slide 68: Differences between Core Earnings and GAAP
Differences between “Core Earnings” and GAAP “Core Earnings” adjustments to GAAP: “Core Earnings” net income Net impact of derivative accounting Net impact of goodwill and acquired intangible assets Net income tax effect Total “Core Earnings” adjustments to GAAP GAAP net income Quarters Ended Mar. 3
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.