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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number: 001-36228

 

Navient Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

46-4054283

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

123 Justison Street, Wilmington, Delaware

19801

(Address of principal executive offices)

(Zip Code)

(302) 283-8000

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes          No  

Securities registered pursuant to Section 12(b) of the Act.

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $.01 per share

 

NAVI

 

The NASDAQ Global Select Market

6% Senior Notes due December 15, 2043

 

JSM

 

The NASDAQ Global Select Market

 

As of March 31, 2020, there were 193,832,080 shares of common stock outstanding.

 


Table of Contents

 

NAVIENT CORPORATION

TABLE OF CONTENTS

 

Part I. Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements

1

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

72

 

 

 

Item 4.

Controls and Procedures

76

 

 

Part II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

77

 

 

 

Item 1A.

Risk Factors

79

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

 

 

 

Item 3.

Defaults Upon Senior Securities

81

 

 

 

Item 4.

Mine Safety Disclosures

81

 

 

 

Item 5.

Other Information

81

 

 

 

Item 6.

Exhibits

82

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1.   Financial Statements

NAVIENT CORPORATION

CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share amounts)

(Unaudited)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

FFELP Loans (net of allowance for losses of $311 and $64, respectively)

 

$

62,492

 

 

$

64,575

 

Private Education Loans (net of allowance for losses of $1,083 and $1,048,

   respectively)

 

 

22,338

 

 

 

22,245

 

Investments

 

 

 

 

 

 

 

 

Held-to-maturity

 

 

18

 

 

 

19

 

Other

 

 

298

 

 

 

192

 

Total investments

 

 

316

 

 

 

211

 

Cash and cash equivalents

 

 

1,084

 

 

 

1,233

 

Restricted cash and cash equivalents

 

 

2,684

 

 

 

2,548

 

Goodwill and acquired intangible assets, net

 

 

752

 

 

 

757

 

Other assets

 

 

3,579

 

 

 

3,334

 

Total assets

 

$

93,245

 

 

$

94,903

 

Liabilities

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

8,452

 

 

$

8,483

 

Long-term borrowings

 

 

81,297

 

 

 

81,715

 

Other liabilities

 

 

1,448

 

 

 

1,356

 

Total liabilities

 

 

91,197

 

 

 

91,554

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 1.125 billion shares authorized:

   453 million and 451 million shares issued, respectively

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

3,212

 

 

 

3,198

 

Accumulated other comprehensive loss (net of tax benefit of $97 and $30,

   respectively)

 

 

(300

)

 

 

(91

)

Retained earnings

 

 

2,905

 

 

 

3,664

 

Total Navient Corporation stockholders’ equity before treasury stock

 

 

5,821

 

 

 

6,775

 

Less: Common stock held in treasury at cost: 259 million and 236 million

   shares, respectively

 

 

(3,786

)

 

 

(3,439

)

Total Navient Corporation stockholders’ equity

 

 

2,035

 

 

 

3,336

 

Noncontrolling interest

 

 

13

 

 

 

13

 

Total equity

 

 

2,048

 

 

 

3,349

 

Total liabilities and equity

 

$

93,245

 

 

$

94,903

 

 

Supplemental information — assets and liabilities of consolidated variable interest entities:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

FFELP Loans

 

$

62,281

 

 

$

64,255

 

Private Education Loans

 

 

19,751

 

 

 

19,609

 

Restricted cash

 

 

2,631

 

 

 

2,506

 

Other assets, net

 

 

975

 

 

 

1,089

 

Short-term borrowings

 

 

6,941

 

 

 

7,089

 

Long-term borrowings

 

 

72,125

 

 

 

72,856

 

Net assets of consolidated variable interest entities

 

$

6,572

 

 

$

7,514

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

1


 

NAVIENT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

FFELP Loans

 

$

571

 

 

$

763

 

Private Education Loans

 

 

404

 

 

 

443

 

Other loans

 

 

 

 

 

1

 

Cash and investments

 

 

12

 

 

 

27

 

Total interest income

 

 

987

 

 

 

1,234

 

Total interest expense

 

 

714

 

 

 

949

 

Net interest income

 

 

273

 

 

 

285

 

Less: provisions for loan losses

 

 

95

 

 

 

76

 

Net interest income after provisions for loan losses

 

 

178

 

 

 

209

 

Other income (loss):

 

 

 

 

 

 

 

 

Servicing revenue

 

 

58

 

 

 

62

 

Asset recovery and business processing revenue

 

 

110

 

 

 

119

 

Other income (loss)

 

 

7

 

 

 

16

 

Gains on debt repurchases

 

 

 

 

 

15

 

Gains (losses) on derivative and hedging activities, net

 

 

(223

)

 

 

7

 

Total other income (loss)

 

 

(48

)

 

 

219

 

Expenses:

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

124

 

 

 

128

 

Other operating expenses

 

 

127

 

 

 

128

 

Total operating expenses

 

 

251

 

 

 

256

 

Goodwill and acquired intangible asset impairment and

   amortization expense

 

 

5

 

 

 

7

 

Restructuring/other reorganization expenses

 

 

5

 

 

 

1

 

Total expenses

 

 

261

 

 

 

264

 

Income (loss) before income tax expense (benefit)

 

 

(131

)

 

 

164

 

Income tax expense (benefit)

 

 

(25

)

 

 

36

 

Net income (loss)

 

$

(106

)

 

$

128

 

Basic earnings (loss) per common share

 

$

(.53

)

 

$

.52

 

Average common shares outstanding

 

 

200

 

 

 

244

 

Diluted earnings (loss) per common share

 

$

(.53

)

 

$

.52

 

Average common and common equivalent shares

   outstanding

 

 

200

 

 

 

247

 

Dividends per common share

 

$

.16

 

 

$

.16

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 


2


 

NAVIENT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(106

)

 

$

128

 

Net changes in cash flows hedges, net of taxes(1)

 

 

(209

)

 

 

(70

)

Total comprehensive income (loss)

 

$

(315

)

 

$

58

 

 

(1) 

See “Note 4 – Derivative Financial Instruments.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

3


 

NAVIENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in millions, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Shares

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Retained

 

 

Treasury

 

 

Stockholders'

 

 

Noncontrolling

 

 

Total

 

 

 

Issued

 

 

Treasury

 

 

Outstanding

 

 

Stock

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Stock

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at December 31, 2018

 

 

445,377,826

 

 

 

(197,940,553

)

 

 

247,437,273

 

 

$

4

 

 

$

3,145

 

 

$

113

 

 

$

3,218

 

 

$

(2,961

)

 

$

3,519

 

 

$

28

 

 

$

3,547

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128

 

 

 

 

 

 

128

 

 

 

 

 

 

128

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70

)

 

 

 

 

 

 

 

 

(70

)

 

 

 

 

 

(70

)

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

 

 

 

58

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock ($.16 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

(39

)

 

 

 

 

 

(39

)

Dividend equivalent units related to employee

   stock-based compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Issuance of common shares

 

 

4,429,464

 

 

 

 

 

 

4,429,464

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

17

 

Stock-based compensation expense