SLM FY 2011 Earnings Report — SLM Corporation Revenue & Financial Results | Market Cap Arena

SLM CorporationSLM

FY 2011 Earnings

Reported February 27, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$5.7B	—	$6.8B	—	-16.5%
Op. Income	$925M	—	$1.1B	—	-15.1%
Gross Margin	34.7%	—	45.5%	—	-10.8pp
Net Margin	11.2%	—	7.8%	—	3.4pp
EPS (Diluted)	$1.18	—	$0.94	—	25.5%
Free Cash Flow	$3.1B	—	-$6.7B	—	146.0%

Revenue Flow

Item	Amount
REVENUE	$5.7B
Cost of Revenue	$3.7B
GROSS PROFIT	$2.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$493M
SG&A Expenses	$493M
Other Expenses	$545M
Operating Expenses	$1.0B
Cost & Expenses	$4.7B
OPERATING INCOME	$925M
Interest Income	$5.9B
Interest Expense	$2.4B
Other Income/Expenses	$0
INCOME BEFORE TAX	$925M
Income Tax Expense	$328M
Net Income from Continuing Ops	$597M
Net Income from Discontinued Ops	$35M
Other Adjustments	$0
NET INCOME	$633M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$615M
D&A	$21M
EBIT	$925M
EBITDA	$946M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$5.7B
Cost of Revenue	$3.7B
GROSS PROFIT	$2.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$493M
SG&A Expenses	$493M
Other Expenses	$545M
Operating Expenses	$1.0B
Cost & Expenses	$4.7B
OPERATING INCOME	$925M
Interest Income	$5.9B
Interest Expense	$2.4B
Other Income/Expenses	$0
INCOME BEFORE TAX	$925M
Income Tax Expense	$328M
Net Income from Continuing Ops	$597M
Net Income from Discontinued Ops	$35M
Other Adjustments	$0
NET INCOME	$633M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$615M
D&A	$21M
EBIT	$925M
EBITDA	$946M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$633M
Depreciation & Amortization	$24M
Stock-Based Compensation	$56M
Deferred Income Tax	$1.4B
Other Non-Cash Items	-$23M
Change in Working Capital	$949M
OPERATING CASH FLOW	$3.1B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$419M
Sales/Maturities of Investments	$458M
Other Investing Activities	$9.4B
NET CASH FROM INVESTING	$9.5B
Net Debt Issuance	-$15.1B
Common Stock Repurchased	-$300M
Common Dividends Paid	-$154M
Other Financing Activities	$1.5B
NET CASH FROM FINANCING	-$14.1B
FREE CASH FLOW	$3.1B
Net Change in Cash	-$1.5B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.8B
Short-Term Investments	$70M
Net Receivables	$5.3B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.2B
PP&E (Net)	$214M
Goodwill	$405M
Intangible Assets	$73M
Long-Term Investments	$177.9B
Tax Assets	$0
Other Non-Current Assets	$6.6B
TOTAL NON-CURRENT ASSETS	$185.2B
TOTAL ASSETS	$193.3B
Account Payables	$0
Short-Term Debt	$32.1B
Deferred Revenue	$0
Other Current Liabilities	$5.8B
TOTAL CURRENT LIABILITIES	$37.9B
Long-Term Debt	$143.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$6.9B
TOTAL NON-CURRENT LIABILITIES	$150.2B
TOTAL LIABILITIES	$188.1B
Common Stock	$106M
Additional Paid-In Capital	$4.1B
Retained Earnings	$770M
Treasury Stock	-$320M
Accum. Other Comp. Income	-$14M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.2B
Minority Interest	$8M
TOTAL EQUITY	$5.3B
TOTAL LIABILITIES & EQUITY	$193.3B
Total Debt	$175.4B
Net Debt	$172.6B