SLM - Earnings call transcript Q3 2024

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Operator

Welcome to the Sallie Mae Third Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Melissa Bronaugh, Head of Investor Relations. Please go ahead.

Melissa Bronaugh

Thank you, Madison. Good evening, and welcome to Sallie Mae's Third Quarter 2024 Earnings Call. to Pete today Graham, pleasure our Jon my and CEO; our is be with here Witter, It CFO. After open the the will call for prepared questions. remarks, we

other discussion and Before to contain be the with should factors a materially filings discussed those in mind variety keep those we may in our discussion from Form due begin, the future of predictions, statements. XX-Q forward-looking SEC. the refer here expectations different Actual of results in Listeners and will the company's to factors.

Mae, these that forward-looking financial to of obligation business. Sallie to statements after any as factors For our results include, or no or October Wednesday, today, impacts of conditions well update reflect events among or operations, XX, various potential occur flows on XXXX. undertake others, external revise factors and/or circumstances any cash We expectations as predictions,

And Thank now the Jon. to turn you. call I'll over

Jonathan Witter

evening, today hope Mae's you and Thank Thank for everyone. Melissa away take you'll quarter us joining today. third key X Madison. you, messages Sallie discuss results. Good to I

First, peak season. successful we a had very

continuing results we the encouraged we well improvements And strong the to sustained third, in drive to are and seeing business serve Second, we our deliver credit remain we our by by believe year our are positioned performance. for customers.

with elongate season demand. but peak season begin results. a the would delays impact Last a on peak me discussion of that not Let for quarter, we [indiscernible] hypothesized material have

growth 'XX to ago increased September, new peak billion the season $X.X education timing very prior total, quarter of our X% were $X.X XXXX originations the peak the period. in successful a our played XX% in even growth year have own and and unfunded quarter quarter the almost year season, compared when billion. we expected, third volume through loan to end and In the shift this billion originations outperformed of This the Private total compared quarter. of up for or originations. in as with were While has out wraps XX% $X we seen committed estimates our commitments year-to-date, we in

continued repayment. million, Turning Private XXXX average QX versus to required quality to $X.XX. approval per of due that in 'XX also which see year the lower These from year year the we primarily quarter's success. results. net quarter share and the build season XXX $XX than originations improvement. common in for was education charge-offs the allowance QX Cosigner were score was XXX the for quarter, to We new quarter. due FICO were rates to loan results our of average increased loss this credit Credit of our to X.XX% prior to significant to net to pleased was performance improve. XX% commitments, loans peak 'XX were the of in QX continue ago ago of quarter, education representing in show in were had private XX% GAAP

stabilize establish compared $XX throughout enhanced September our were a was need We Our programs loan programs see will trend positive anticipate to pleased the assistance, payment of the who down are payment borrowers helping continue. to August, we million modification usage habits. quarter. enrollment

price quarter, return capital of million third at our continue the average an repurchasing X.X in shares We strategy share $XX.XX.

of We XX% [ by we reduced an ]. in since at have shares XXXX the strategy this began outstanding $XX.XX price average

quarter we $X.XX our paid which excited $X.XX, be dividend will Additionally, to fourth common December. common per increasing will in that announce we to are be from share

financial the through some you take quarter. Pete? additional now will highlights Pete of

Peter Graham

Thank you, everyone. Good Jon. evening,

Let's earnings. continue a with of of discussion key drivers

second million the quarter million higher and than quarter. year interest the of XXXX, higher $XX For quarter than ago $X of the $XXX third XXXX we of earned income, million

quarters. lower than margin Our the interest year was X%, ago for the and quarter net both previous

see to drove compression decrease. our the as expected majority of asset is rates this the XXXX NIM what up caught yields, funding in and to We

the that believe of We longer to low term over a continue appropriate mid-X% range to NIM is target. the

for third of quarter $XXX the from of up total the million XXXX. quarter credit was in million in $XXX XXXX, Our provision third losses

was successful was Our third end the of equaled commitments main billion the driver including allowance of our unfunded allowance loans the peak and total reserve. losses at for third billion, season our quarter. The volume private education in provision increase the for for on the of quarter $X.X the $X.X

plus believe the from in of of X.X% modification total programs and third improvements incremental We we the the see our over and balance will second our the loan reserve quarters accrued quarter earnings realize of in loans receivable in as improvement quarter the XXXX continue the the the we loan originations. to and seen the in portfolio quality coming funded table X unfunded XXXX. includes benefits of a presentation, of of was credit rate X.XX% of in As on percentage the allowance as commitments interest which Slide ending down exposure, X.XX%,

Net average repayment. the X.XX% quarter point and charge-offs million reduction year quarter basis ago This for and loan point portfolio quarter. prior of loans were or private a the in represents our third $XX from reduction XXXX from the an education basis XX of XX

repayment, or quarter. the days the from of education from quarter Private X.X% loans down increase were prior and XX an more but ago year delinquent loans

our has monitor continued. in the grace we that delinquency of quarter, line will program But first this understand it to our programs, positive to seasonality mitigation our some take with programs. in mentioned success. continue as to of those believe loans borrowers of the loss we we're level for the that the performance new enhanced pleased time As share exiting last remain We pleased wave expectations, these we and were performance with of extended

we modified XX% loan made over of with just remain Additionally, borrowers through monitoring first quarter, the successfully encouraged borrowers payments. qualifying that for over X the of loans previous their modifications

in in the modification quarter, caused third do I loan uptick an programs procedural want modification refinement mention our made volumes. to a which to loan

overall have observed on we impact not quarter-over-quarter this delinquencies, material and However, fact, in decline and did year-over-year. a late-stage delinquencies in change a

borrowers programs and believe We through to our of establish continue manage periods our positive that loss adversity patterns. helping payment are mitigation

Third expenses compared million the noninterest were the ago $XXX in $XXX quarter million year to prior million and quarter quarter. in $XXX

quarter Third dramatically year ago were quarter the up originations, over slightly levels noninterest carry despite only costs. of higher expenses variable which meaningful

was liquidity third remain quarter solid. We the end was Finally, capital total XX.X% our common XX.X% capital the of and risk-based liquidity XX.X%. and positions ended of assets. equity of with Tier At total X quarter, capital the

loss equity assets, XX.X%. the of measure loss loan Another plus reserves of which risk-weighted absorption the balance a strong sheet over GAAP capacity was

well to continue grow going shareholders our that we're We return capital business to forward. and believe positioned continue to to

now turn Jon. I'll the to call back

Jonathan Witter

third my Thanks, you quarter I strong Pete. share positioned trend and hope that that well continue performance are we through the XXXX. that in we the to had close belief of

that to the We origination me for now trend quarter growth. mind, the believe led peak was guidance. see to for to the originations has season are goals that X% how this This to of expect remainder discussion will on . The year. the higher origination through our the and We continue us private positions excited saw growth that continue for than us we success to guidance this growth growth and revise of expected, year. in conclude we loan X% education third we With the set out execute let XXXX with the about in this year. that

X.X% credit between Additionally, the loans charge-offs are and average with for to million expressed tightening and of continued positive loan between total percentage million performance, repayment, or and portfolio range we a as expected $XXX net $XXX as X.X%.

earnings call this At we per that are time, on common GAAP our for diluted earnings the share noninterest XXXX and guidance reaffirming we expense. last communicated

With that, questions. some for let's you. call Pete, the open up Thank

Operator

move our with question with Barclays. next question KBW. And will Sanjay we'll [Operator Our to Ma from from Instructions] first Sakhrani come Terry

Terry Ma

of X% So some term, rate mid- still frame over the NIM recent the like as time you and the target? And kind for think is called short the most get the of rate but intermediate below cuts . see NIM, I X%? what's the cuts round and that that we the up out think to long-term to right potentially head, of dip kind target low can the impact more term back range to we of of about and kind long

Peter Graham

Yes.

we've rates will deposit this rate of origination in dynamic last borrowers changes peak our particularly predominantly with sort rates, had fixed X choosing rates. I the of funding reprice the think, seasons. again, in And our

higher as rate dynamic And compression had environment. rates year so lower the the we've continued environment we and the pressure a in term the rate deposits That's increase through on NIM. in for reprice of at this seen we've put funding on that

in this on were seeing to rate. I'd ago, the that environment. next kind X we're of a But and first repricing year years we at we'll the tail of ago put longer-term year, deposits of say lower continue a X repriced that that part put on over deposits also new see

we'll think in I But pressure balance, normalize. on year. see think of start part move that I the as through So will year, we next the some to beginning

so we to mid-X% range perspective, X% think is a that target. right And from again, longer-term the

Terry Ma

Got it.

quite appreciate Okay. to quarter, attributed seasonality on on ticked How much XX-day the anything to the mod that delinquencies bucket. look there? particularly a going the else? and commentary. reserve And this the color of of up But I color then I it kind what's XX- at on programs as bit, Any in was or

Peter Graham

delinquency the trends buckets think borrowers the those I the programs mostly of focused thing we're help to been later-stage and are Again, new role to as is in need have assistance. And the on improving, Yes. we've utilized default. that who

performance of stage early with to delinquency. feel And concerns really programs regards have comfortable so and movements any don't we about in those

Operator

And question Sanjay we from will . with take KBW. our Sakhrani next

Sanjay Sakhrani

already. apologies. on this we bit quarter just dropped a to provisions But when was guess maybe I a -- sorry full weaker off got was number, NIM. asked this you relative little I about consensus, weaker My year -- reiterating could and and the I'm Pete, just think earlier. if higher Sorry,

fourth As think trying get can full back those to dynamics. what's make up the the reserve going we for provisions about to and down . I'm it quarter, to rate in it is really through is? number come what help that us year can think just

Peter Graham

the with probably down reserve come my driver that, year-over-year we're improvement coupled originations, the continue quarters. new charge-off, remarks anticipating big in in that's likely the that as trend will the the improvements -- think talked higher improvements think as overall continued see That's that quarter-over-quarter. prepared given sequentially net that, we We well of -- that we will about to And over trend in rate. quality that credit continued likely in

Sanjay Sakhrani

far next maybe? as the . like quarter progression NIM from like as into here? And

Peter Graham

deposit for Again, of X or deposits Yes. some the that reprice. in the lower we same we or on we've term deposits up put come call and at that on the to going X will repricing But also, a book, years the another X-year term seeing of we prior we're are ago year rate that on quarter be I time, a got got in X at that the touched ago rate. that put probably lower priced

anticipating, we currently got January sort next we're the the have kind as extent And we a any potential other the regulatory higher smaller position then fourth of the quarter that in of a capital always outperformance, we adjustment manage final is into capital. carryover To rate later the the year. year for there's of If of CECL originations a and to peak. our transition in growth take what than loan continued wildcard from sale our in we've have

Sanjay Sakhrani

loans on the talk held about follow-up we you it. reclassification decision of and Got . my for to how federal sell sale. the can the just that I think should is impact? about And mean just

Peter Graham

It's creates spin the Thanks off of at a program down got really for that operational a The a of probably the lot question. was time, significant overall was FFELP to It to business. billion has asking number. $X.X run billion Over like part $X profile close that complexity. of and Yes. noncore.

expect find those And in that, another the quarter. buyer, so strategy to of fourth we assets. transaction be find able were for the pursue and home a to to close the We trying we to for happy

Operator

Mark . from question And Deutsche with take we will next Bank. DeVries our

Mark DeVries

Yes.

to that expect those Should of kind any gain we just follow loss point. First, the disposition loans? or up FFELP on last of on

Peter Graham

mark slight No. moved lower a move or cost When market. for that took to we into held we sale, to

close total got we transaction. park So to for the in

Mark DeVries

Or new quarter's you post thinking share And is in about reflect it. think world? kind originations, or going Got with be lot Okay. the jockeying the market of still do a on did just this of volumes run lost? rate a share could that there discover gained then

Jonathan Witter

Yes, I'll Mark, that it's Jon. one. take

Others the year, pretty chosen numbers, different and numbers. but some our the quarter of to reminder quick have probably sector last slightly that's of leave there, competitor Those XX% a As somewhere internal who between out had has share might good. third XX%. are market probably

little growth, capturing sort final kind numbers even Our the sense the ahead. share really, got about growth you and momentum. our you what know their sort And in of the if able look like Again, we'll the of were that reports formal good from think of as share come we that it at share the see bit a do at saw that. of is building market XX% in market really will roughly more and studies than share feel months originations out market look we and that But we our the likely market sort our you to quarter, if of feels first share. us we getting about we

clearly in also and to exit a it. competitive we've and dynamics, that the to I our that this And able think I the it's be testament to made of originations well go for marketing part But capabilities think there compete was in in improvements player.

Now share. that for every have quarter, to every peak mistake, make season, recompete no we'll

great continue feel core make done, we of sort of now going protecting share our forward. about hard growth to after but our go a and we expectations to of So part what continuing will kind that we've

think numbers and we that every But start as that to forward. to you more will think out it I during saw run Yes, quarter sort how growth probably about So to a volume the rewin think sort fully market peak. as we change can shakes of we've know that of I share got we this understand of again, But go more going rate.

Mark DeVries

then just payment repayment balances you updated helpful. into Got from loan who direct also you may borrowers may months? be observations do on any went it. in And your have that That's recent have observing behavior

Jonathan Witter

take that too. one, Mark, Yes. I'll

bureaus of available our from don't who over of a sort sort glean publicly federal things divergent ability study payment loans like have and think, Our time. limited and of by at of is to looking analyze precisely do data. those cohort approach of try We sort and who I the this kind patterns can we what the sophisticated to pretty, borrowers by

As loans us to we And causing an fair federal customers most is yet coming our that our conditions. loans, core resumption of to it believe have with say that holiday, underwriting end that not the customers not is our it not an say of federal have lots the customers. sort federal think that while anything payment of even think our of on are and I federal leads probably satisfy have to also is of payment fair I to seen who people would issue

creditworthy I average federal So program pretty of set able I'm comment the a not a broader the is making with do. customers. and federal to But about we customer have think

that point concern. think us evidence I not this causes any we've anything of performing they're and seen at well, material any

Operator

[indiscernible]

Unknown Analyst

modestly. to up I speaks year-over-year were reorigination in and acquisition your that were nicely very think Originations up only costs. expenses part And pretty customer Sorry.

a You touched improvements but you've the bit to made extent a like further there? you bit can improve you efficiencies other can And on it and expand digital before, marketing capabilities? what about

Jonathan Witter

Yes.

about origination talking there? You're expenses

Unknown Analyst

Yes, incremental costs. acquisition

Jonathan Witter

had to I by position Look, got with an well, relationships historically customer the company, it as competitive think start as a -- I we our let sure. me We've Yes, have, school saying thing think great strong biggest partners. relates incredibly acquisition.

of on virtually are all preferred We or the lists. of all

years, we kind investing tier of we growing for I have we our with at the think, schools in digital even And their on, companies relationships . have out higher clearly, think as have who focus capabilities. deeper many there. many really when schools been, we look and I

of customers customers course the engage of very acquire years all I after. the and of not search and to think the go then strategy. subsequent to year through subsequent the necessarily pay maintain engagement with of first And couple hard academic has are And last organic for search about having is whole academic to is say, I those out have more we not a that over just those in strategies, through have think would different trying created of that but put marketing we I biggest obviously us, work their marketing and think then organically of biggest place, strategy digital the customer this thing company. would that strategies there and we the for range sort way advent years changed at one customers really the differentiators and that organic you is content-driven of a I

great got over synonymous that investments content-led I industry. model X great school is Yes, and we've right [ a is the forward. X have it we going and think that's last really other Yes, But So differentiated and the yes, made years. to engage relationships. with ] all exciting that we've really we brand the think martech strategy a

Unknown Analyst

further helpful. thinking And and that certain rate on like the XXXX going into a interest more how . like prospect about there be fed there for inflection an cuts, thinking rate just is And That's could activity? you level you are where consolidation rate on forward? then think Great.

Peter Graham

our it's pick will the environment create for down consolidation expectation moves an opportunity up. that to that, Yes. Certainly, that as rate

levels Our points folks we that or I've business. consolidation really their won't belief is were rate would we go peak basis saw to in of needed decline few that more that back uptick saying be heard for Anecdotally, [indiscernible] loan. ago rates are years a the XXX meaningful when

that's we see good that think of some start up. to pick for start when probably I to proxy So actively a

Operator

JPMorgan. with Shane Rick from question next our take will we And

Richard Shane

would the size deeper be that stronger set your asset the terms you want was There raised of versus a Is in a back of in growth in I sort your fourth Sanjay optics of just growth the good prior earnings, you guidance. small about because the your to expectations that way a start of we related that should the you've could sale, consider comment little about it? of et -- issues thinking to volume that think would terms roughly . that to quarter. a reiterated of loan Look, When the it sale it fact -- delve bit on cetera? that variance objectives, in

Peter Graham

said guidance I year. given would rephrasing Yes. I had balance a we I for just sheet X% X% guess growth this what of kind previously, to around

originations, little to high And the we the develop extent that, commitments anticipate for over. probably earnings quarter, trending doesn't year. have way share higher the the of we're fourth guidance the we per our end With terms will in to maybe the that's meet in to avenue a bit that the performance an it of

my so I another going but to loan possibility right in think a now, priority. And our forecast do think I not we're first that's do sale,

Richard Shane

distortion growth, the context, and is constructive. not clearly optical guess, is that you look, short you could gaining possibility like the again, volume business and And I it. thing that think building is understand earnings obviously market be we interesting. in sound has -- an where doesn't a share clear But that -- about, to term have there. Got but in related to a stronger guys it a to in be it way there that that distorts go will strong want that is it guidance keeping virtuous framing the I

Jonathan Witter

is a Jon. difficult. bit always it's I Rick, here, hypotheticals little think we're about Yes, which Look, talking

But predictable, sheet I think sort all that with being other equal, year in of but sheet than growth balance we not. like clear have like sheet pretty that more were rather the last little said, growth. growth, investor we a balance being things stable we'd we balance forum

where of our to we sheet if that and that involved and attractive so I had disappointing think level I today. discussion a us all having so we open growth thought with we it and are would on That's forth. earnings, we think And balance just really be not you investors

making growth rate. continue pressure said was decided I And that because even in as overall ] has we consider, we've do that is if think clearly, us see point nice that we we reserve our believe Pete that. to reaffirming above to our really can do see today, start but really going we to allows Pete think the I that been is are we're guidance expected not a [ this strategy what's that to improvement

go really We to back we So the what last point. agree thing. growth. strategy constraints. investor want a we we're a And high-quality December. part attractive forum like optimizing We the That's it. key loan balance a again, about potential I talked growth in organic thoughtful in sure would being Good, is with of sheet your that deliver. all are sales trying to just We make to part of the is

we other said. And Pete what reiterate priority have to. first in to point the I our we now. Again, It's business not performance right again, think

Operator

will We next Jeff Stanley. our Instructions] [Operator with from question Adelson take Morgan

Jeffrey Adelson

modification I entirety I driver around us so color DQ own sure if quarters. was it think the Pete, just XX given And program some quarters could we was far. quarter? that gave know what reason your total put DQ early-stage prior understood, on modifications refinement bps make of was I But lower just this color your but appreciate procedural And wondering buckets on you the of the excluding also rate increase that I that rate, you've which in running the modifications? prior that, on the did you in in this you've the given why wanted of than know words. the to

give maybe as update you just could So an on that number us well?

Peter Graham

Yes.

involve we So change effective. to be mod to that the loan when procedural a really consider

to be you'll created fact borrowers. the X confusion that So we the they about modification. it were retrospect, complexity operational we loan and an talked that rolled programs in that effective In when payments to out borrowers the created recall we qualifying before with required considered make first also

that So we quarter. the in to change process decided

status. mod. payments to X that's evaluation loan that, borrower the of in modifications to be was that to quarter, -- current a in once reage folks those to They been caused loan still the they're loan the jump through ability mod the of the if be otherwise offered process order a a forward and in qualifying Now and and essentially the qualifying to Q&A have considered is make what they're have in pull in eligible goes would But in kind their accepts periods. pay of

really because by impact the didn't borrowers just already quarter. delinquency the it on in It's any amount status buckets loan those were metrics of have And in. were the in they more modifications the reported that

Jeffrey Adelson

Okay.

anything there driving was the stage early this maybe was else . quarter? So that

Peter Graham

Nothing other than normal seasonality, no.

Jeffrey Adelson

Okay. to thinking And low are you charge-offs guys as still below we're see and of X%. your outperformed just this that that could into come X% at a something . low is thinking even about the next a given have chance year, you reasonable end high in And quarter, end X%? target low the there the slightly

Peter Graham

us what now, juncture, will, year that target. if there thinking level that's long-term certainly you the pleased faster, ready we'll guidance had to gotten right some regards we're we've with Again, still to for be our that this have this for But quarter-to-quarter. change we're than At we that, at. long-term overall not variability in anticipated. We're to

Operator

take Arfstrom question Markets. will Jon RBC from next we . our Capital And with

Jon Arfstrom

Pete, stage the think on I delinquencies. early you're

that's just look at at look don't to sequential, year-over-year, way the right look You're it. at but saying,

Peter Graham

Correct.

Jonathan Witter

they distress repayment financial to minor We graduated. most our know into especially come course is that to the customers the when deeper a time know go primary on into for little Jon, have throughout repayment. Yes, We X that on waves sort when coming of just they're first folks of likely that. the year in based bit

kinds lumpy. one And the see you seasonalities into where sort P&I. Each of so because it do of is XX our of we months, not business these consistent is have entry

are And . at. do metrics the I the to so think metrics look right year-over-year

Jon Arfstrom

Yes.

percentage And those Pete, you're you any pace signaling reserves what clients? give us there, little think and of that could of things to kind potentially you're the possible you some of of in bit thinking of better, that Can terms trend clues what's timing getting tell down. a reserve Okay. to are enough comfortable us

Peter Graham

I would highlighted year-over-year sort as presentation. point improvement of investor to in the we the

That get quarter. You continued of modification of programs seasoning continue impact linearly quarter ultimately number, -- can into I'm will process, look quarter-over-quarter baked the we that and at net second doesn't CECL a trend it the does into because charge-offs. that, believe but translate will the sequentially on but to and going we third seasoning catch the pinpoint the think trend reserving up I reserves. to that have the not

-- last our And That, those criteria a than sort box overall into for to been the originations reserve. changed are higher we the coupled also, book. last with back quality will underwriting the of year on tighten we've of and year our credit putting as season that factor the

Jon Arfstrom

money Fair that Okay. to bringing average, is? out. I your if big one couldn't it could. I in how more new compares gap here, and you in just then that how And but you're enough. figure give But your rates that can probably quite It's us deposit on of kind

Peter Graham

is XX difficult middle to What tend a depending have the rate-based XX last That's in from to middle sort market of money. the on basis gatherers. of term the quarter or sort kind kind difference to and say deposit terms price anywhere of so. bit sort of We -- the I between the demand in in in of we tenor, the points overall of generalize of moved deposits rates those of pack the little one have because a do would

Fed cut trend June cycle in And continues, quarter. that the that, to of as in terms continue ]. will quickly so month rate the we benefited the from rates in the repricing tend And expect pretty [ of we've deposit in will tend things that move to

Operator

take we Jefferies. from next will And Instructions] Hecht [Operator our with question John

John Hecht

asked like that a of some question. brokered the maybe you Maybe pricing. been meaning regard, and that are my what's talk moving? like and -- deposits you like talked the have stack when of stuff the about profile questions But deposit maturity of do that in guys most follow-on move Actually, to the markets so can last I maybe markets and the about you answered. how guess

Peter Graham

higher of to the in Again, that gap do NIM sort a the deposit funding term X will pressure and profile. those of put obviously to at order on we duration Yes, same reprice deposits the that of for term ago we've repricing question over sure. reprice have same that originate at touched at book on rate, I that got deposits will we that X that up our total X out our year bit. sort got in come We in And an the that we things rate. longer-dated assets mix a manage next on that our but years early brokered ago primarily a a we lower months. point, X remaining put little will I on some between

think through again, I made on with and pretty first we'll comfortable as we NIM normalize we'll believe start we after to feel So compression half commitment But and I that target of move to of the next NIM mid-X% lower range. year. the have some longer-term

John Hecht

addressed if quarter. apologize in you but then And this, -- I you you beat the guys on the originations clearly

for of exit Are how able you're share attribute just increase in that getting to market overall in Discover's versus You're raising advancements? like guidance -- market you the much sort the year. from guidance

Jonathan Witter

X. bit the in a you a XX% to or XX% start in reminder, the a We'll and competitor studies market had player. probably the year, XX%. premature. of little little I the north a quick probably get But month some last We're market range here of as it's John, the think of share Yes, between QX referenced share market next

start you sort normal pretty volume think quarter, XX% growth, growth expected little even little of mid-single digits -- XX% seems to to to might we think consistent better. growth, a XX% this sort of with bit volume the about of originations if XX% share that saw a XX% about XX%, in getting bit even So and be you [indiscernible], that maybe start the

So this know and the of well math what that not we did we full I'll again, them We'll any And peak on don't learn we get to yet. we'll course, share. during as leads but full out trends nothing in data, the, there's believe around simple call, studies us fare the report that season.

Operator

over to Mr. to I for . like This Jon would Q&A turn concludes closing floor Witter portion remarks. call. of the now the today's

Jonathan Witter

in. thank time Thank today, you, dialing everyone, help for Madison. Appreciate and you, and your your

Sallie continue about really about X successful the to hope the and are business. are, you talking and for you We Melissa, we you to for guidance peak that turn your as XXXX. as I season and we close closing and months year back over to forward about appreciate look that, to in talking interest in Mae excited it to . With some I'll

Melissa Bronaugh

presentation you questions this on at your replay be Investors Thank today. will call page the and and time of salliemae.com. for the available A

me any directly. If further you feel concludes today's contact free This to call. have questions,

Operator

This Please this Mae you. XXXX Webcast. today's wonderful disconnect Call Thank and Sallie Quarter Conference Earnings your a Third evening. concludes and have time, line at

SLM (SLM) 23 Oct 242024 Q3 Earnings call transcript