SLM FY 2022 Earnings Report — SLM Corporation Revenue & Financial Results | Market Cap Arena

SLM CorporationSLM

FY 2022 Earnings

Reported February 23, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.4B	—	-1.8%
Op. Income	$631M	—	$1.5B	—	-59.1%
Gross Margin	50.3%	—	85.5%	—	-35.2pp
Net Margin	19.8%	—	48.2%	—	-28.3pp
EPS (Diluted)	$1.76	—	$3.61	—	-51.2%
Free Cash Flow	$5M	—	-$50M	—	110.1%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$291M
SG&A Expenses	$291M
Other Expenses	$268M
Operating Expenses	$559M
Cost & Expenses	$1.7B
OPERATING INCOME	$631M
Interest Income	$2.0B
Interest Expense	$543M
Other Income/Expenses	$0
INCOME BEFORE TAX	$631M
Income Tax Expense	$162M
Net Income from Continuing Ops	$469M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$469M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$460M
D&A	$17M
EBIT	$631M
EBITDA	$648M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$291M
SG&A Expenses	$291M
Other Expenses	$268M
Operating Expenses	$559M
Cost & Expenses	$1.7B
OPERATING INCOME	$631M
Interest Income	$2.0B
Interest Expense	$543M
Other Income/Expenses	$0
INCOME BEFORE TAX	$631M
Income Tax Expense	$162M
Net Income from Continuing Ops	$469M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$469M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$460M
D&A	$17M
EBIT	$631M
EBITDA	$648M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$469M
Depreciation & Amortization	$25M
Stock-Based Compensation	$34M
Deferred Income Tax	-$88M
Other Non-Cash Items	$414M
Change in Working Capital	-$849M
OPERATING CASH FLOW	$5M
Capital Expenditure	$0
Acquisitions (Net)	-$128M
Purchases of Investments	-$753M
Sales/Maturities of Investments	$960M
Other Investing Activities	$998M
NET CASH FROM INVESTING	$1.1B
Net Debt Issuance	-$706M
Common Stock Repurchased	-$713M
Common Dividends Paid	-$113M
Other Financing Activities	$686M
NET CASH FROM FINANCING	-$855M
FREE CASH FLOW	$5M
Net Change in Cash	$227M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.6B
Short-Term Investments	$2.3B
Net Receivables	$1.6B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.5B
PP&E (Net)	$141M
Goodwill	$51M
Intangible Assets	$68M
Long-Term Investments	$19.8B
Tax Assets	$0
Other Non-Current Assets	$258M
TOTAL NON-CURRENT ASSETS	$20.3B
TOTAL ASSETS	$28.8B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$21.4B
TOTAL CURRENT LIABILITIES	$21.4B
Long-Term Debt	$5.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$401M
TOTAL NON-CURRENT LIABILITIES	$5.6B
TOTAL LIABILITIES	$27.1B
Common Stock	$87M
Additional Paid-In Capital	$1.1B
Retained Earnings	$3.2B
Treasury Stock	-$2.8B
Accum. Other Comp. Income	-$94M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$28.8B
Total Debt	$5.2B
Net Debt	$619M