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Navient (NAVI) Q1 FY2024 earnings: revenue $287 million, down 10.9% on the year

Navient Corp. (NAVI) reported revenue of $287 million for Q1 FY2024, the quarter ended 31 March 2024, down 10.9% on the same quarter a year earlier. Net income was $73 million, down 34.2% on the year, and diluted earnings per share $0.64. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$287 milliondown 10.9%
Net income$73 milliondown 34.2%
Diluted EPS$0.64
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue287220n/an/a
Operating income10420.0n/an/a
Operating margin36.2%9.1%n/a
Interest expense875922n/an/a
Pre-tax income88.0-37.0n/an/a
Income tax15.0-9.0n/an/a
Effective tax rate17.0%n/an/a
Net income73.0-28.0n/an/a
Net margin25.4%-12.7%n/a
Diluted EPS$0.64-$0.18n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow182310n/an/a
Cash from investing2,3302,024n/an/a
Cash from financing-2,357-2,342n/an/a
Share-based compensation5.03.0n/an/a
Buybacks43.070.0n/an/a
Dividends paid18.019.0n/an/a
Dividend per share$0.16n/an/an/a
Diluted shares, weighted114m123mn/an/a
Shares outstanding at period end112m113mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity2,7662,760n/an/a
Debt55,27557,628n/an/a
Other liabilities988987n/an/a
Total liabilities and equity59,02961,375n/an/a
Fixed assets61.062.0n/an/a
Goodwilln/a670n/an/a
Intangible assetsn/a25.0n/an/a
Cash and equivalents823839n/an/a
Other assets58,14559,779n/an/a
Total assets59,02961,375n/an/a

Questions

What was Navient's revenue in Q1 FY2024?

Navient (NAVI) reported revenue of $287 million for Q1 FY2024, the quarter ended 31 March 2024, down 10.9% on the same quarter a year earlier.

How much did Navient earn in Q1 FY2024?

Net income for Q1 FY2024 was $73 million, down 34.2% on the year, and diluted earnings per share $0.64.

When did Navient report Q1 FY2024 results?

Navient filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 24 April 2024.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue422220287247396222156156161137152150
Operating income18920.010481.0n/an/an/an/an/an/an/an/a
Operating margin45%9%36%33%n/an/an/an/an/an/an/an/a
Interest expense879922875843n/an/an/an/an/an/an/an/a
Pre-tax income110-37.088.048.012.026.0-5.018.0-117-7.032.039.0
Tax rate28%n/a17%25%117%8%n/a22%n/an/a47%36%
Net income79.0-28.073.036.0-2.024.0-2.014.0-86.0-6.017.025.0
Net margin19%-13%25%15%-1%11%-1%9%-53%-4%11%17%
Diluted EPS$0.65-$0.18$0.64$0.32-$0.02$0.24-$0.02$0.13-$0.87-$0.05$0.17$0.26
Operating cash flow122310182279-10.08.071.012670.0174-47.0143
Buybacks75.070.043.038.033.065.035.024.026.026.023.03.0
Dividends paid19.019.018.017.018.017.016.016.016.015.015.015.0
Shares outstanding118m113m112m109m107m102m101m99m98m95m94m94m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 24 April 2024, accession 0000950170-24-047619: the filing on EDGAR. All of Navient Corp.'s filings: EDGAR company page.

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