SLM FY 2023 Earnings Report — SLM Corporation Revenue & Financial Results | Market Cap Arena

SLM CorporationSLM

FY 2023 Earnings

Reported February 22, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$2.8B	—	$2.4B	—	20.0%
Op. Income	$778M	—	$631M	—	23.4%
Gross Margin	51.6%	—	50.3%	—	1.3pp
Net Margin	20.5%	—	19.8%	—	0.7pp
EPS (Diluted)	$2.41	—	$1.76	—	36.9%
Free Cash Flow	-$145M	—	$5M	—	-2997.4%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.4B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$372M
SG&A Expenses	$372M
Other Expenses	$313M
Operating Expenses	$686M
Cost & Expenses	$2.1B
OPERATING INCOME	$778M
Interest Income	$2.6B
Interest Expense	$1.0B
Other Income/Expenses	$0
INCOME BEFORE TAX	$778M
Income Tax Expense	$197M
Net Income from Continuing Ops	$581M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$581M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$564M
D&A	$18M
EBIT	$778M
EBITDA	$796M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.4B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$372M
SG&A Expenses	$372M
Other Expenses	$313M
Operating Expenses	$686M
Cost & Expenses	$2.1B
OPERATING INCOME	$778M
Interest Income	$2.6B
Interest Expense	$1.0B
Other Income/Expenses	$0
INCOME BEFORE TAX	$778M
Income Tax Expense	$197M
Net Income from Continuing Ops	$581M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$581M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$564M
D&A	$18M
EBIT	$778M
EBITDA	$796M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$581M
Depreciation & Amortization	$84M
Stock-Based Compensation	$36M
Deferred Income Tax	-$20M
Other Non-Cash Items	$224M
Change in Working Capital	-$1.1B
OPERATING CASH FLOW	-$145M
Capital Expenditure	$0
Acquisitions (Net)	-$15M
Purchases of Investments	-$106M
Sales/Maturities of Investments	$266M
Other Investing Activities	-$157M
NET CASH FROM INVESTING	-$12M
Net Debt Issuance	-$19M
Common Stock Repurchased	-$350M
Common Dividends Paid	-$101M
Other Financing Activities	$172M
NET CASH FROM FINANCING	-$316M
FREE CASH FLOW	-$145M
Net Change in Cash	-$473M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.1B
Short-Term Investments	$2.4B
Net Receivables	$1.7B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.3B
PP&E (Net)	$130M
Goodwill	$56M
Intangible Assets	$13M
Long-Term Investments	$20.4B
Tax Assets	$0
Other Non-Current Assets	$266M
TOTAL NON-CURRENT ASSETS	$20.9B
TOTAL ASSETS	$29.2B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$21.7B
TOTAL CURRENT LIABILITIES	$21.7B
Long-Term Debt	$5.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$408M
TOTAL NON-CURRENT LIABILITIES	$5.6B
TOTAL LIABILITIES	$27.3B
Common Stock	$88M
Additional Paid-In Capital	$1.1B
Retained Earnings	$3.6B
Treasury Stock	-$3.2B
Accum. Other Comp. Income	-$75M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$29.2B
Total Debt	$5.2B
Net Debt	$1.1B