SLM FY 2010 Earnings Report — SLM Corporation Revenue & Financial Results | Market Cap Arena

SLM CorporationSLM

FY 2010 Earnings

Reported February 28, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$6.8B	—	$6.1B	—	11.2%
Op. Income	$1.1B	—	$808M	—	34.9%
Gross Margin	45.5%	—	31.8%	—	13.7pp
Net Margin	7.8%	—	5.3%	—	2.5pp
EPS (Diluted)	$0.94	—	$0.38	—	147.4%
Free Cash Flow	-$6.7B	—	-$15.9B	—	57.9%

Revenue Flow

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$3.7B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$561M
SG&A Expenses	$561M
Other Expenses	$1.4B
Operating Expenses	$2.0B
Cost & Expenses	$5.7B
OPERATING INCOME	$1.1B
Interest Income	$5.8B
Interest Expense	$2.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$493M
Net Income from Continuing Ops	$597M
Net Income from Discontinued Ops	-$67M
Other Adjustments	$0
NET INCOME	$530M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$458M
D&A	$39M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$3.7B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$561M
SG&A Expenses	$561M
Other Expenses	$1.4B
Operating Expenses	$2.0B
Cost & Expenses	$5.7B
OPERATING INCOME	$1.1B
Interest Income	$5.8B
Interest Expense	$2.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$493M
Net Income from Continuing Ops	$597M
Net Income from Discontinued Ops	-$67M
Other Adjustments	$0
NET INCOME	$530M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$458M
D&A	$39M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$530M
Depreciation & Amortization	$699M
Stock-Based Compensation	$40M
Deferred Income Tax	$1.0B
Other Non-Cash Items	-$9.6B
Change in Working Capital	$684M
OPERATING CASH FLOW	-$6.7B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$38.4B
Sales/Maturities of Investments	$39.6B
Other Investing Activities	$6.3B
NET CASH FROM INVESTING	$7.4B
Net Debt Issuance	-$3.5B
Common Stock Repurchased	$0
Common Dividends Paid	$151.0K
Other Financing Activities	$1.1B
NET CASH FROM FINANCING	-$2.4B
FREE CASH FLOW	-$6.7B
Net Change in Cash	-$1.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$4.3B
Short-Term Investments	$83M
Net Receivables	$4.9B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$9.4B
PP&E (Net)	$291M
Goodwill	$387M
Intangible Assets	$91M
Long-Term Investments	$187.9B
Tax Assets	$0
Other Non-Current Assets	$7.3B
TOTAL NON-CURRENT ASSETS	$195.9B
TOTAL ASSETS	$205.3B
Account Payables	$0
Short-Term Debt	$36.5B
Deferred Revenue	$0
Other Current Liabilities	$2.8B
TOTAL CURRENT LIABILITIES	$39.2B
Long-Term Debt	$155.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$6.0B
TOTAL NON-CURRENT LIABILITIES	$161.1B
TOTAL LIABILITIES	$200.3B
Common Stock	$119M
Additional Paid-In Capital	$5.9B
Retained Earnings	$309M
Treasury Stock	-$1.9B
Accum. Other Comp. Income	-$45M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.0B
Minority Interest	$0
TOTAL EQUITY	$5.0B
TOTAL LIABILITIES & EQUITY	$205.3B
Total Debt	$191.5B
Net Debt	$187.2B