Sallie Mae is the leading provider of education funding in the U.S., helping millions access college. In 2003, Sallie Mae had record loan origination and fee income growth from debt management. It is nearing full privatization from the government-sponsored enterprise program. The company provides a range of education loan, servicing, and debt collection products and services to help students and families at every stage of the education financing process.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
The document is Prudential Financial's 2007 Annual Report. It summarizes that in 2007:
- Prudential continued to grow its businesses and capitalize on opportunities, with all operating divisions posting double-digit earnings growth.
- It strengthened its financial position and delivered solid financial performance and shareholder value, with a 21% increase in earnings per share.
- It remains well-positioned for future growth due to its diverse business mix, risk management capabilities, and strong talent base.
The document is AES Corporation's 2006 Annual Report. It summarizes that 2006 was a strong year for AES where they continued to expand their core power business into high growth economies. It also discusses how AES is adapting to changing energy needs by expanding into alternative energy sources like wind and pursuing opportunities in related markets. The report emphasizes AES's commitment to pursuing disciplined and responsible growth to serve stakeholders both in familiar and new directions.
This document provides a summary of salaries and hiring trends in the United Arab Emirates (UAE) for 2013. It discusses starting salary ranges for finance/accounting, financial services, human resources, technology and legal roles. The salaries include housing and transport allowances. Hiring is expected to remain strong in the UAE despite global economic uncertainties. In-demand roles include financial analysts, managers/controllers, and compliance/regulatory professionals in finance and banking. Companies seek candidates with skills like foreign certifications, languages, and experience implementing systems like SAP.
The document summarizes several solutions updates in the travel and transportation industry. It describes a new procurement tool launched by logistics company C.H. Robinson called Procure IQ that leverages data from shippers and carriers to provide a personalized approach to purchasing freight transportation. Procure IQ analyzes an individual customer's shipping lanes and integrates it with market data to determine the optimal way to purchase transportation, disrupting the traditional annual bidding process.
The document discusses compensation trends for accounting and finance professionals. It notes that demand for these professionals is rising due to economic growth and regulatory changes. This has created a competitive job market where candidates can be more selective. The document then provides detailed salary and total compensation figures for a variety of accounting and finance roles based on company size and location to help employers attract and retain top talent.
The document summarizes various financial and M&A updates related to the business services industry:
- Air Lease Corporation initiated the sale of 19 aircraft to Thunderbolt III Aircraft Lease Limited for $1.5 billion.
- American Tower Corporation reported 9.4% revenue growth to $1.95 billion in Q3 2019.
- Broadridge acquired ClearStructure to expand its portfolio management solutions for private debt markets.
CommerceTel Corporation ($MFON) was listed in the "Top Picks" for communications technology in the January 18, 2012 issue of Dick Davis Investment Digest.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
The document is Prudential Financial's 2007 Annual Report. It summarizes that in 2007:
- Prudential continued to grow its businesses and capitalize on opportunities, with all operating divisions posting double-digit earnings growth.
- It strengthened its financial position and delivered solid financial performance and shareholder value, with a 21% increase in earnings per share.
- It remains well-positioned for future growth due to its diverse business mix, risk management capabilities, and strong talent base.
The document is AES Corporation's 2006 Annual Report. It summarizes that 2006 was a strong year for AES where they continued to expand their core power business into high growth economies. It also discusses how AES is adapting to changing energy needs by expanding into alternative energy sources like wind and pursuing opportunities in related markets. The report emphasizes AES's commitment to pursuing disciplined and responsible growth to serve stakeholders both in familiar and new directions.
This document provides a summary of salaries and hiring trends in the United Arab Emirates (UAE) for 2013. It discusses starting salary ranges for finance/accounting, financial services, human resources, technology and legal roles. The salaries include housing and transport allowances. Hiring is expected to remain strong in the UAE despite global economic uncertainties. In-demand roles include financial analysts, managers/controllers, and compliance/regulatory professionals in finance and banking. Companies seek candidates with skills like foreign certifications, languages, and experience implementing systems like SAP.
The document summarizes several solutions updates in the travel and transportation industry. It describes a new procurement tool launched by logistics company C.H. Robinson called Procure IQ that leverages data from shippers and carriers to provide a personalized approach to purchasing freight transportation. Procure IQ analyzes an individual customer's shipping lanes and integrates it with market data to determine the optimal way to purchase transportation, disrupting the traditional annual bidding process.
The document discusses compensation trends for accounting and finance professionals. It notes that demand for these professionals is rising due to economic growth and regulatory changes. This has created a competitive job market where candidates can be more selective. The document then provides detailed salary and total compensation figures for a variety of accounting and finance roles based on company size and location to help employers attract and retain top talent.
The document summarizes various financial and M&A updates related to the business services industry:
- Air Lease Corporation initiated the sale of 19 aircraft to Thunderbolt III Aircraft Lease Limited for $1.5 billion.
- American Tower Corporation reported 9.4% revenue growth to $1.95 billion in Q3 2019.
- Broadridge acquired ClearStructure to expand its portfolio management solutions for private debt markets.
CommerceTel Corporation ($MFON) was listed in the "Top Picks" for communications technology in the January 18, 2012 issue of Dick Davis Investment Digest.
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
This document provides guidance on key elements to include in a business plan, including an overview of ownership structures, factors to consider when choosing a structure, tips for choosing a business name, the importance of networking, what investors seek in startup pitches, possible financing options, conducting industry and market analyses, outlining management needs, describing operations, and creating financial projections. It stresses that the executive summary should concisely summarize the business, management, market, operations, competition, and financials to entice readers to learn more.
Lincoln National Corporation's 2004 annual report summarizes the company's strong financial performance in 2004. The company reached record levels of gross deposits and net flows, demonstrating the company's ability to attract new business and retain existing customers. The company benefited from an economic upturn as well as its focus on product excellence, distribution reach, and brand strength. Looking ahead, the company is optimistic about its future prospects due to the large retirement savings needs of aging baby boomers and its product offerings that are well-positioned to meet those needs.
This document provides an overview of the destination club industry in 2009 following the economic downturn. It discusses how some clubs have failed while others have adapted new strategies or business models to survive. Exclusive Resorts and Ultimate Escapes restructured their models and saw membership growth despite challenges. New clubs like Emperum partner with hotels rather than own real estate. Equity Estates continues expanding successfully with its investment model. The future remains uncertain but some clubs see opportunities for continued growth.
IIR Middle East recently conducted a qualitative study of leading companies in the GCC to gain some insights into how they see the predicted changes and how they are responding to the challenges they face.
For more info on the Forum: http://www.iirme.com/compensation
For a PDF of the report: http://www.iirme.com/Global/IIRME/Conferences/AY2014/brochure/Report-GCCCompensationandBenefitsTrendsin2013.pdf
- Lincoln Financial Group reported record earnings per share in 2006 of $5.13, up from 2005. Key accomplishments included integrating Jefferson-Pilot Financial and achieving growth across most business lines.
- The annual report discusses strong financial performance, progress on integration of the Jefferson-Pilot merger, and growth strategies for each business segment including Individual Markets, Employer Markets, Lincoln Financial Distributors, Lincoln Financial Network, and Investment Management.
- Looking ahead to 2007, Lincoln Financial aims to build on its strengths and market presence to continue driving business growth and providing solid returns for customers and shareholders.
The document outlines standards of business conduct for members of the Dana Holding Corporation board of directors. It discusses avoiding conflicts of interest, maintaining confidentiality, complying with laws and regulations, and encouraging ethical behavior. Directors must disclose any conflicts, not take corporate opportunities for personal gain, and obtain approval before accepting gifts from entities doing business with the company. Any violations of the standards should be reported to the board chairman or governance committee chair. Waivers can only be granted by the governance committee or full board.
Terex Corporation is one of the largest manufacturers of construction equipment in the world. It has a diverse portfolio balanced across different construction product categories and geographies. Terex Construction is currently undergoing process improvements and restructuring to optimize costs and margins as North American and Western European markets have softened. However, emerging markets continue to see strong growth and present opportunities. Terex Construction's goals are to achieve $12 billion in sales and 12% operating margins by 2010 through initiatives in supply chain efficiency, pricing discipline, and acquisitions integration.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
dana holdings AuditCommitteeCharter_013108finance42
The Audit Committee Charter establishes the purpose, composition, and duties of Dana Holding Corporation's Audit Committee. The Audit Committee is responsible for overseeing the company's financial reporting and audit process. It is tasked with retaining independent auditors, overseeing their work, and reviewing Dana Holding's financial statements, disclosure controls and procedures, and risk management practices. The Committee is also responsible for establishing procedures for complaints regarding financial reporting or accounting policies.
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- Inventory and land-related impairment charges were $380M in 4Q 2008, with backlog falling to 2,174
dana holdings NominatingCommitteeCharter_013108finance42
The Nominating and Corporate Governance Committee Charter establishes the purpose, composition, duties, and responsibilities of Dana Holding Corporation's Nominating and Corporate Governance Committee. The Committee is responsible for identifying and recommending new board members, evaluating current directors, overseeing corporate governance policies and board evaluations, and ensuring compliance with regulatory governance requirements. The Committee is composed of at least three independent directors and meets as frequently as needed to fulfill its responsibilities of identifying qualified board candidates, developing governance policies, and advising the board on succession planning and compensation matters.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditations. The report also discusses Tenet's strategies, recent facility acquisitions, divestitures and openings, and factors that affect its operating results.
This document outlines the bylaws of Dana Holding Corporation. It discusses various topics related to stockholder meetings (including time/place of meetings, annual/special meetings, notice requirements, quorum, voting), the board of directors (including number, vacancies, committees), notices, officers, stock, and general provisions. Key details include requirements for stockholder proposals and nominations (notice must be given no earlier than 120 days and no later than 90 days before the anniversary of the prior year's annual meeting) and provisions regarding the order of business and conduct at stockholder meetings.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended December 31, 2002. It provides information on SLM's business operations, including that it is the largest holder and servicer of Federal Family Education Loan Program (FFELP) student loans, managing $79 billion in student loans. It discusses the student lending marketplace and trends driving growth, including rising tuition costs and the growing number of students relying on education loans. The report also outlines key terms and programs related to SLM's student lending business.
This document is SLM Corporation's annual report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ended December 31, 2007. It provides information on SLM Corporation's business, operations, financial results, subsidiaries, legal proceedings, risks and other disclosures required by the SEC. Specifically, the document includes SLM Corporation's audited financial statements, discusses its student loan portfolio and business segments, discloses legal and regulatory risks, and incorporates portions of its proxy statement by reference.
Trevor Fetter, President and CEO of Tenet Healthcare, discusses Tenet's strategy for progress and growth. He outlines that Tenet's culture and values are driving measurable improvements in operations, performance, and innovation. Key points include that same hospital adjusted EBITDA and margins have been expanding, volume trends are favorable, pricing growth has been strong, and they have effectively contained cost growth. Fetter also discusses strategic initiatives proving effective in quality, targeted growth, physician relationships, and capital investment. He believes Tenet has reached an "inflection point" in its turnaround over the past 12-18 months.
Tenet Healthcare reported strong operating results for Q4 2008 despite challenges from the weak economy. Same hospital metrics like admissions, outpatient visits, and revenues improved. However, the stock price declined sharply in Q4. Tenet has taken actions to improve physician recruitment and quality of care. For 2009, Tenet expects adjusted EBITDA in the range of $735 million to $800 million, flat to 9% growth over 2008. Tenet will focus on managing volumes, costs, and capital expenditures prudently given economic uncertainties. Physician recruitment exceeded targets and new physicians are contributing to volume growth. Cost control was strong in Q4 and pay-for-performance programs will provide $7 million in new revenues. Ten
The document provides a summary of a conference call discussing Tenet Healthcare Corporation's financial results for Q4 2008.
1) Tenet reported strong operating results for Q4 2008, with improvements in same-hospital volumes, revenues, and profits. However, Tenet's stock price declined sharply in Q4.
2) Despite economic uncertainties, the speaker remains optimistic about Tenet's business fundamentals due to progress in physician recruitment, outpatient business stabilization, growth in targeted service lines, and quality achievements.
3) Tenet expects its 2009 adjusted EBITDA to range from $735 million to $800 million, either flat or up 9% from 2008, due to uncertainties around volumes, payor
This document is KBR's 2007 Annual Report. It discusses KBR's positioning for growth after separating from Halliburton. Key points include:
- KBR restructured into six business units to better serve customers and capture market opportunities. The business units are seeing success with new contract awards.
- KBR delivered record financial performance in 2007 while also transitioning to an independent company and positioning itself for future growth. Income increased 177% and net income set an all-time record.
- Moving forward, KBR aims to leverage its expertise and capabilities to strengthen customer relationships, continue improving risk management, and create shareholder value through stable, predictable growth across its business units.
The IT department at Tenet Healthcare remains focused on supporting key business objectives such as improving clinical outcomes, growing patient volumes, recruiting and retaining staff, and improving cost metrics through initiatives like expanding clinical systems, developing consumer tools, and streamlining registration processes to enhance the patient experience. IT also aims to deliver effective technologies at a lower cost than peers through standardization, outsourcing, and leveraging centralized expertise.
Tenet Healthcare Corporation reported financial results for the fourth quarter of 2007 with improvements over the prior year. Net loss narrowed to $75 million compared to $386 million in the prior year. Same-hospital adjusted EBITDA increased 9.8% to $168 million. Admissions increased 0.1% with growth in managed care admissions, while outpatient visits declined 1.4%. Tenet provided guidance for 2008 of adjusted EBITDA between $775-850 million and earnings per share between negative 3 cents to positive 6 cents.
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
This document provides guidance on key elements to include in a business plan, including an overview of ownership structures, factors to consider when choosing a structure, tips for choosing a business name, the importance of networking, what investors seek in startup pitches, possible financing options, conducting industry and market analyses, outlining management needs, describing operations, and creating financial projections. It stresses that the executive summary should concisely summarize the business, management, market, operations, competition, and financials to entice readers to learn more.
Lincoln National Corporation's 2004 annual report summarizes the company's strong financial performance in 2004. The company reached record levels of gross deposits and net flows, demonstrating the company's ability to attract new business and retain existing customers. The company benefited from an economic upturn as well as its focus on product excellence, distribution reach, and brand strength. Looking ahead, the company is optimistic about its future prospects due to the large retirement savings needs of aging baby boomers and its product offerings that are well-positioned to meet those needs.
This document provides an overview of the destination club industry in 2009 following the economic downturn. It discusses how some clubs have failed while others have adapted new strategies or business models to survive. Exclusive Resorts and Ultimate Escapes restructured their models and saw membership growth despite challenges. New clubs like Emperum partner with hotels rather than own real estate. Equity Estates continues expanding successfully with its investment model. The future remains uncertain but some clubs see opportunities for continued growth.
IIR Middle East recently conducted a qualitative study of leading companies in the GCC to gain some insights into how they see the predicted changes and how they are responding to the challenges they face.
For more info on the Forum: http://www.iirme.com/compensation
For a PDF of the report: http://www.iirme.com/Global/IIRME/Conferences/AY2014/brochure/Report-GCCCompensationandBenefitsTrendsin2013.pdf
- Lincoln Financial Group reported record earnings per share in 2006 of $5.13, up from 2005. Key accomplishments included integrating Jefferson-Pilot Financial and achieving growth across most business lines.
- The annual report discusses strong financial performance, progress on integration of the Jefferson-Pilot merger, and growth strategies for each business segment including Individual Markets, Employer Markets, Lincoln Financial Distributors, Lincoln Financial Network, and Investment Management.
- Looking ahead to 2007, Lincoln Financial aims to build on its strengths and market presence to continue driving business growth and providing solid returns for customers and shareholders.
The document outlines standards of business conduct for members of the Dana Holding Corporation board of directors. It discusses avoiding conflicts of interest, maintaining confidentiality, complying with laws and regulations, and encouraging ethical behavior. Directors must disclose any conflicts, not take corporate opportunities for personal gain, and obtain approval before accepting gifts from entities doing business with the company. Any violations of the standards should be reported to the board chairman or governance committee chair. Waivers can only be granted by the governance committee or full board.
Terex Corporation is one of the largest manufacturers of construction equipment in the world. It has a diverse portfolio balanced across different construction product categories and geographies. Terex Construction is currently undergoing process improvements and restructuring to optimize costs and margins as North American and Western European markets have softened. However, emerging markets continue to see strong growth and present opportunities. Terex Construction's goals are to achieve $12 billion in sales and 12% operating margins by 2010 through initiatives in supply chain efficiency, pricing discipline, and acquisitions integration.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
dana holdings AuditCommitteeCharter_013108finance42
The Audit Committee Charter establishes the purpose, composition, and duties of Dana Holding Corporation's Audit Committee. The Audit Committee is responsible for overseeing the company's financial reporting and audit process. It is tasked with retaining independent auditors, overseeing their work, and reviewing Dana Holding's financial statements, disclosure controls and procedures, and risk management practices. The Committee is also responsible for establishing procedures for complaints regarding financial reporting or accounting policies.
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- Inventory and land-related impairment charges were $380M in 4Q 2008, with backlog falling to 2,174
dana holdings NominatingCommitteeCharter_013108finance42
The Nominating and Corporate Governance Committee Charter establishes the purpose, composition, duties, and responsibilities of Dana Holding Corporation's Nominating and Corporate Governance Committee. The Committee is responsible for identifying and recommending new board members, evaluating current directors, overseeing corporate governance policies and board evaluations, and ensuring compliance with regulatory governance requirements. The Committee is composed of at least three independent directors and meets as frequently as needed to fulfill its responsibilities of identifying qualified board candidates, developing governance policies, and advising the board on succession planning and compensation matters.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditations. The report also discusses Tenet's strategies, recent facility acquisitions, divestitures and openings, and factors that affect its operating results.
This document outlines the bylaws of Dana Holding Corporation. It discusses various topics related to stockholder meetings (including time/place of meetings, annual/special meetings, notice requirements, quorum, voting), the board of directors (including number, vacancies, committees), notices, officers, stock, and general provisions. Key details include requirements for stockholder proposals and nominations (notice must be given no earlier than 120 days and no later than 90 days before the anniversary of the prior year's annual meeting) and provisions regarding the order of business and conduct at stockholder meetings.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended December 31, 2002. It provides information on SLM's business operations, including that it is the largest holder and servicer of Federal Family Education Loan Program (FFELP) student loans, managing $79 billion in student loans. It discusses the student lending marketplace and trends driving growth, including rising tuition costs and the growing number of students relying on education loans. The report also outlines key terms and programs related to SLM's student lending business.
This document is SLM Corporation's annual report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ended December 31, 2007. It provides information on SLM Corporation's business, operations, financial results, subsidiaries, legal proceedings, risks and other disclosures required by the SEC. Specifically, the document includes SLM Corporation's audited financial statements, discusses its student loan portfolio and business segments, discloses legal and regulatory risks, and incorporates portions of its proxy statement by reference.
Trevor Fetter, President and CEO of Tenet Healthcare, discusses Tenet's strategy for progress and growth. He outlines that Tenet's culture and values are driving measurable improvements in operations, performance, and innovation. Key points include that same hospital adjusted EBITDA and margins have been expanding, volume trends are favorable, pricing growth has been strong, and they have effectively contained cost growth. Fetter also discusses strategic initiatives proving effective in quality, targeted growth, physician relationships, and capital investment. He believes Tenet has reached an "inflection point" in its turnaround over the past 12-18 months.
Tenet Healthcare reported strong operating results for Q4 2008 despite challenges from the weak economy. Same hospital metrics like admissions, outpatient visits, and revenues improved. However, the stock price declined sharply in Q4. Tenet has taken actions to improve physician recruitment and quality of care. For 2009, Tenet expects adjusted EBITDA in the range of $735 million to $800 million, flat to 9% growth over 2008. Tenet will focus on managing volumes, costs, and capital expenditures prudently given economic uncertainties. Physician recruitment exceeded targets and new physicians are contributing to volume growth. Cost control was strong in Q4 and pay-for-performance programs will provide $7 million in new revenues. Ten
The document provides a summary of a conference call discussing Tenet Healthcare Corporation's financial results for Q4 2008.
1) Tenet reported strong operating results for Q4 2008, with improvements in same-hospital volumes, revenues, and profits. However, Tenet's stock price declined sharply in Q4.
2) Despite economic uncertainties, the speaker remains optimistic about Tenet's business fundamentals due to progress in physician recruitment, outpatient business stabilization, growth in targeted service lines, and quality achievements.
3) Tenet expects its 2009 adjusted EBITDA to range from $735 million to $800 million, either flat or up 9% from 2008, due to uncertainties around volumes, payor
This document is KBR's 2007 Annual Report. It discusses KBR's positioning for growth after separating from Halliburton. Key points include:
- KBR restructured into six business units to better serve customers and capture market opportunities. The business units are seeing success with new contract awards.
- KBR delivered record financial performance in 2007 while also transitioning to an independent company and positioning itself for future growth. Income increased 177% and net income set an all-time record.
- Moving forward, KBR aims to leverage its expertise and capabilities to strengthen customer relationships, continue improving risk management, and create shareholder value through stable, predictable growth across its business units.
The IT department at Tenet Healthcare remains focused on supporting key business objectives such as improving clinical outcomes, growing patient volumes, recruiting and retaining staff, and improving cost metrics through initiatives like expanding clinical systems, developing consumer tools, and streamlining registration processes to enhance the patient experience. IT also aims to deliver effective technologies at a lower cost than peers through standardization, outsourcing, and leveraging centralized expertise.
Tenet Healthcare Corporation reported financial results for the fourth quarter of 2007 with improvements over the prior year. Net loss narrowed to $75 million compared to $386 million in the prior year. Same-hospital adjusted EBITDA increased 9.8% to $168 million. Admissions increased 0.1% with growth in managed care admissions, while outpatient visits declined 1.4%. Tenet provided guidance for 2008 of adjusted EBITDA between $775-850 million and earnings per share between negative 3 cents to positive 6 cents.
This document is Tenet Healthcare Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2003. It includes their consolidated balance sheets as of December 31, 2002 and September 30, 2003, consolidated statements of operations for the quarters and year-to-date periods ended September 30, 2002 and 2003, and consolidated statements of cash flows for the year-to-date periods ended September 30, 2002 and 2003.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing substantially in recent years. They are the third largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
This document is a notice and proxy statement for USA Education Inc.'s 2001 annual meeting of shareholders. It notifies shareholders that the meeting will be held on May 10, 2001 to elect directors, vote on increasing authorized shares of common stock, ratify auditors, and conduct other business. It provides information about each item of business, the board of directors, executive compensation, and share ownership. Shareholders are urged to vote by proxy to establish a quorum for the meeting.
Sallie Mae achieved record results in 2005, its first year as a fully private company. It originated over $21 billion in preferred-channel loans and over $6 billion in private education loans. Its portfolio of managed federal loans exceeded $100 billion. It also grew its fee-based businesses such as debt management, which served federal, state, and education clients. The company aims to continue fulfilling its mission of increasing access to higher education as demand for college rises.
Sallie Mae - Financials - Total Return: NARogelio Rea
1. Sallie Mae is the dominant player in the private student loan industry with over 50% market share. It is currently trading at a price to earnings ratio of ~8x for 2018, which is viewed as undervalued given its consistent earnings growth and returns.
2. The document discusses various risks to Sallie Mae's business, including potential legislative changes, increased refinancing activity, and competitive threats. However, it argues these risks are overestimated and not likely to significantly impact Sallie Mae's growth over the next few years.
3. The investment thesis is that Sallie Mae can continue growing its portfolio and earnings over the coming years through organic growth in private student loans as well
Reenvisioning Retail: The Future of Retail (Hosted by Lives Empowered)project-equity
This document discusses the future of retail and employee ownership. It summarizes a presentation on how retail jobs are becoming more skilled and how employee ownership can benefit both businesses and workers. The presentation outlines how retail jobs require skills in areas like sales, marketing, business, and supply chain management. It also discusses how employee ownership leads to higher wages, job stability, and business success compared to traditional ownership structures. The document advocates for government and philanthropic support of employee ownership as a way to address economic insecurity and wealth inequality.
This annual report summarizes the activities of the Flagship Enterprise Center (FEC) for the 2010 fiscal year. The FEC is a business incubator and accelerator located in Anderson, Indiana that provides services to startup businesses to help them grow. In the past year, the FEC engaged with 85 client companies, provided over 1700 hours of student training, and helped clients create 79 new jobs despite economic challenges. The FEC also assisted clients in raising $34.7 million in capital for the local economy. Looking forward, the FEC is constructing an new 80,000 square foot accelerator building and a 3,200 square foot lab addition to expand its facilities and programs.
JPMorgan Chase reported record revenue and earnings for 2007. Key points:
- Total revenue was $71.4 billion, up 15% from 2006, and earnings were $15.4 billion.
- Most business lines achieved record or near-record earnings, but results were mixed with areas of weakness like mortgage trading.
- The Investment Bank had a record first half but struggled in the second half with difficult market conditions.
- Retail and card services grew customer accounts and sales, but earnings fell due to higher credit costs, especially in subprime mortgages.
- Commercial and treasury/securities services achieved record revenue and profits with strong loan and asset growth.
- Asset management
This document summarizes an interview with Gale Klappa, Executive Vice President and CFO of Southern Company, about the company's strong financial performance in 2002 and outlook for 2003. Some of the factors contributing to 2002 results were regional growth, favorable weather, a strong balance sheet, and successful competitive generation business. The company expects earnings of $1.84 per share in 2003, assuming no significant industrial demand growth. Investors can be confident in Southern Company's financial reporting and dividend history. Progress on a $35 million annual goal for the products and services business by 2004 was also discussed.
The document provides an overview of Goldman Sachs' performance and priorities for the past year. Some key points:
- Goldman Sachs generated solid results in 2013, with net revenues of $34.2 billion and net earnings of $8.0 billion, up 8% from 2012.
- Over the past 5 years since the financial crisis, Goldman Sachs has taken significant steps to strengthen its balance sheet, allocate capital efficiently, and manage costs prudently to adapt to the new regulatory environment.
- Going forward, Goldman Sachs is committed to improving shareholder returns while focusing on revenues, expenses, and capital efficiency to generate operating leverage for shareholders.
This document is Marshall & Ilsley Corporation's 2005 annual report. It includes their mission statement, 2005 financial highlights showing increases in net income, earnings per share, assets, loans, and other measures. It discusses their strategic acquisitions of Gold Banc Corporation and Trustcorp Financial to expand in high-growth regions. It also discusses the strong performance of their commercial banking, wealth management, and Metavante Corporation subsidiaries. Marshall & Ilsley ended the year as one of the top performing financial companies.
Embrace Home Loans is a mortgage lender that has been in business for over 28 years. It employs 600 people across 46 states and focuses on customer service, innovative products, and investing in its employees. Embrace is committed to community involvement through charitable donations and employee volunteer programs. Despite economic downturns, the company has remained profitable for 11 consecutive years due to a strong financial position and ability to adapt to market changes.
This letter summarizes JPMorgan Chase's financial performance in 2007. It reports that the company achieved record revenue of $71.4 billion and earnings of $15.4 billion, despite turbulence in the financial markets in the second half of the year. The Investment Bank delivered strong first half results but struggled in the second half due to issues in mortgage-related trading and leveraged finance. Retail Financial Services earnings were down due to increased credit costs in home equity and subprime loans, though the company has increased its home lending market share. Card Services also reported strong results.
The document is CIT's 2005 annual report. It summarizes that in 2005, CIT capitalized on its strengths to execute a differentiated strategy focused on sector alignment, customer focus, and risk management. This resulted in strong financial results for 2005 and positioned CIT for future growth. CIT emerged from 2005 as an even stronger company by taking advantage of new opportunities while leveraging its established strengths and legacy in the commercial lending space.
The document summarizes CIT's 2005 annual report. In 2005, CIT emerged stronger by capitalizing on its strengths and opportunities. It executed a differentiated strategy focused on sector alignment, customer focus, productivity, prudent risk management, and capital discipline. This resulted in strong 2005 financial results and a foundation for future growth.
[1] The chairman reports that while 2001 presented challenges from mild weather and a weak economy, the company delivered solid financial results including $1.12 billion in net income and 6.6% growth in earnings per share.
[2] Key accomplishments in 2001 that positioned the company for continued success included focusing on their Southeast region after the Mirant spinoff, concluding major rate reviews with regulators, and strengthening executive management.
[3] Going forward, the company will continue concentrating on their regulated utilities in the Southeast and growing their competitive generation business, which produces reliable returns. The outlook for 2002 and beyond remains excellent due to the company's strong fundamentals and focus on shareholders and customers.
Embrace Home Loans is a mortgage lender that has been in business for over 30 years. It has over 600 employees operating in 18 retail branch offices across 46 states. The company values investing in its employees through professional development opportunities and an atmosphere of appreciation, growth, and accountability. Embrace originated over $3.7 billion in loans in 2012 through a variety of mortgage products and is approved to service loans through government agencies like Fannie Mae and Freddie Mac. The company donates a portion of its profits to charitable causes and encourages employees to volunteer through a matching donation program.
Embrace Home Loans is a mortgage lender that has been in business for over 30 years. It has over 600 employees operating in 18 retail branch offices across the US. The document discusses Embrace's leadership, values, community involvement, products, benefits, locations, and recent additions to help recruit new employees. It emphasizes investing in employees and an atmosphere of appreciation, growth, and accountability.
Embrace Home Loans is a mortgage lender that has been in business for over 30 years. It has over 600 employees operating in 18 retail branch offices across 46 states. The company values investing in its employees through professional development opportunities and an atmosphere of appreciation, growth, and accountability. Embrace originated over $3.7 billion in loans in 2012 through a variety of mortgage products and is approved to service loans through government agencies like Fannie Mae and Freddie Mac.
Embrace Home Loans is a mortgage lender that has been in business for over 30 years. It has over 600 employees operating in 18 retail branch offices across the US. The document discusses Embrace's leadership, values, community involvement, products, benefits, locations, and recent additions to help recruit new employees. It emphasizes investing in employees and an atmosphere of appreciation, growth, and accountability.
The competitive market conditions in 2007 were the toughest the CEO had seen. Nevertheless, Allstate delivered the second-highest annual profit ever. However, total shareholder return was negative 17% for the year. Allstate aims to reinvent protection and retirement for consumers by focusing more intently on the consumer and differentiating itself competitively. This will require operating outside normal conventions and innovating in products like Your Choice Auto. Allstate also wants to lead positive change in society by advocating for catastrophe preparedness and continuing education. The future is bright for Allstate as it continues reinventing protection and retirement.
Morgan Stanley had a very successful 2004 fiscal year, with net revenues increasing 14% and earnings per share growing 18%. However, the firm's stock price did not increase and it did not achieve a higher return on equity than its competitors. The letter discusses Morgan Stanley's strategic focus on growth areas like payments, financial advice, asset management and capital markets. It emphasizes the firm's commitment to putting clients and employees first to generate superior long-term returns for shareholders.
The document discusses Halifax's student current account marketing campaign in 2008. Some key challenges included having a low share of voice compared to competitors due to a reduced budget, low consideration levels among students, and the perception that a competitor offered the largest interest-free overdraft (Halifax's key product differential). Halifax aimed to improve marketing efficiency by opening as many accounts as in 2007 with half the budget, in part by shifting over 80% of spending online and using a creative approach that distinguished it from competitors. The campaign exceeded targets with a 99% increase in account openings over 2007 levels.
SAIC's employees are dedicated to delivering innovative solutions to support clients worldwide, particularly those on the front lines of homeland security and the war in Iraq. The document discusses several ways SAIC supports homeland security, including through emergency preparedness and response training, securing borders and transportation, and responding to nuclear, biological, and chemical threats. SAIC has extensive experience supporting government agencies and was chosen to integrate the new Department of Homeland Security's data network.
This document provides a 3-page annual report for SAIC, a technology and engineering company, for their 35th anniversary in 2004. It summarizes SAIC's history and accomplishments over 35 years, including helping analyze nuclear weapons, undertaking projects in nuclear energy and healthcare, and solving difficult problems for customers in many fields. It discusses SAIC's continued commitment to employee ownership and customer focus. The message to stockholders outlines SAIC's strategies under new CEO Ken Dahlberg to better serve customers, recommit to traditional values, and drive continued growth, including reorganizing into fewer customer-focused units and setting a goal to double the company's value in 5 years.
SAIC delivered strong financial and technical performance in fiscal year 2005. Revenues increased 23% to $7.2 billion and operating income rose 24%. SAIC won many new contracts and saw record contract awards and backlog. Going forward, SAIC aims to capture larger systems integration contracts while maintaining an entrepreneurial culture and pursuing new opportunities in areas like digital oilfield technology. SAIC also seeks to strengthen workforce diversity and development.
The document is SAIC's annual report for fiscal year 2006. It summarizes SAIC's financial performance for the year, highlighting increased revenues of $7.8 billion, net income of $927 million, and diluted earnings per share of $5.15. It also outlines SAIC's strategic business areas of homeland security, intelligence solutions, defense transformation, logistics and transportation, systems engineering and integration, and research and development. The report discusses SAIC's response to hurricanes Katrina and Rita and its commitment to customers, employees, and shareholders.
SAIC provides technical solutions and operational support to government agencies and commercial customers in key areas such as homeland security, intelligence, defense, logistics, and IT. In fiscal year 2007, SAIC achieved revenue growth of 7% and operating income growth of 19% while making strategic acquisitions to expand capabilities. SAIC is committed to executing strategies to accelerate organic growth, expand operating margins, and make additional strategic acquisitions.
1) SAIC achieved strong financial results in FY2008, with revenues of $8.94 billion, up 11% from FY2007, and operating income of $666 million, up 16% from the previous year.
2) SAIC completed strategic acquisitions to expand in energy, infrastructure, and environment areas and appointed a new COO, Larry Prior, to lead organizational transition efforts.
3) Project Alignment is a major multi-year initiative to improve performance by integrating HR, finance, IT and other functions into a shared services model across the company.
The document provides an overview of Terex Corporation for a May 2008 investor conference. It discusses Terex's purpose, mission, and vision. It summarizes Terex's sales, operating profit, and geographic diversity for 2007. It also outlines goals to achieve $12 billion in sales and 12% operating margin by 2010. Finally, it discusses opportunities to improve margins through pricing actions, supply management, productivity initiatives, and The Terex Way values.
The document provides an overview of Terex Corporation and its business segments for an investor conference. It summarizes that Terex has a diversified portfolio across industries and geographies that provides balance through economic cycles. It also outlines opportunities to improve margins through pricing actions, supply management initiatives, and productivity improvements. The goal is to achieve $12 billion in sales and a 12% operating margin by 2010.
The document provides an overview of Terex Corporation for a Merrill Lynch conference. It discusses Terex's purpose, mission, and vision. It also summarizes Terex's diversified business segments and product lines, with aerial work platforms, construction equipment, cranes, material processing and mining equipment being the largest segments. The document outlines Terex's goals for 2010 of achieving $12 billion in sales and 12% operating margins.
The document provides an overview of Terex Corporation from its Basics Industrials Conference presentation on May 8, 2008. It discusses Terex's purpose, mission, and vision. It highlights Terex's strong and diversified revenue base, with income from operations increasing 36% in 2007 and 28% in Q1 2008. It outlines Terex's goals for 2010 of $12 billion in sales and 12% operating margin. The document also provides an overview of each of Terex's business segments.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing significantly in recent years. They are the 3rd largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
The annual shareholder meeting presentation covered the following key points in 3 sentences:
Terex aims to achieve $12 billion in sales and 12% operating margin by 2010 through executing on supply chain management, pricing discipline, and lean initiatives to improve margins. The company has a diverse portfolio of products and geographic presence to balance performance across economic cycles. Opportunities for margin improvement include coordinating supply efforts, optimizing manufacturing footprint, and pricing actions to offset rising costs.
1) The annual shareholder meeting presentation discusses Terex Corporation's financial goals for 2010, including achieving $12 billion in sales with a 12% operating margin and 15% working capital to sales ratio.
2) It provides an overview of Terex's business segments and their market positions, with approximately 75% of sales generated in markets where Terex has a leading position.
3) The presentation highlights Terex's sales and backlog figures by business segment for the last twelve months through March 2008, with aerial work platforms sales up 9% and cranes sales up 26% compared to the prior year.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers of the aerial work platform industry and Terex AWP's strategy to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain through partnerships with customers and suppliers.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers for the aerial work platform industry and Terex AWP's strategies to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain and customer relationships.
Terex is a leading manufacturer of construction and mining equipment with strong market positions. It aims to grow sales to $12 billion by 2010 through executing on initiatives to improve supply chain management, pricing discipline, and productivity. Terex has a diversified business across products and geographies to balance performance through different economic cycles.
Terex is a leading manufacturer of construction and mining equipment with sales of $9.1 billion in 2007. It aims to grow sales to $12 billion by 2010 through organic growth and acquisitions while improving operating margins to 12% and reducing working capital to sales ratio to 15%. Terex has a diversified business across products and geographies that provides balance throughout the economic cycle.
Terex is the 3rd largest manufacturer of construction equipment in the world based on last twelve months of available Construction Equipment Sales. Terex has a strong and diversified revenue base with almost 70% of 2007 sales generated outside of the USA. Approximately 75% of 2007 sales were generated in markets where Terex has a larger market presence than competitors and/or a significant market share.
Sales and backlog for Terex's business segments through March 31, 2008:
- Aerial Work Platform sales increased 9% with backlog up 4% from the previous period.
- Crane segment sales rose 26% and backlog grew 70% over the same period.
- Material Processing & Mining sales were flat while backlog declined slightly.
Overall, Terex is experiencing growth across most segments though some backlogs decreased slightly from the prior period.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
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1. We Stand Behind Our Customers
S L M C O R P O R AT I O N S U M M A RY A N N UA L R E P O RT 2 0 0 3
2. Financial Highlights
Managed Student Loans Preferred Channel Originations
(in billions) (in billions)
Percent of Loans Funded Fee Income as a Percent of
Outside of the GSE Operating Expenses
We Stand Behind Our Customers
In preparing this year’s Annual Report, we asked ourselves the following question: What
does it mean to be the nation’s leading provider of education funding — to help millions of
Americans access the dream of a college education?
For the answer, we turned to both our customers and our own Sallie Mae employees. In
the pages that follow, they describe how Sallie Mae stands behind its customers, providing
the tools and support to serve students and families across the country.
On the cover: Adrienne Weible of Sallie Mae’s Northeast higher education sales team.
3. Letter from the Chairman
As the lucky person with the longest tenure at Sallie
Mae, my perspective is shaped by more than three
rewarding decades with this unique company. While
no amount of experience provides a crystal ball into
the future, I can say with great confidence that we
are at perhaps our most important crossroads—full
Edward A. Fox
privatization and the opportunities it presents. CHAIRMAN OF THE BOARD
Nearly 31 years ago, Sallie Mae was that fills me — the very first employee
conceived under government sponsor- of Sallie Mae — with great pride.
ship to deliver on the promise of access In 2003, Sallie Mae’s employees
to higher education for all Americans. served our customers — schools,
Today, education finance is a thriving borrowers, lenders and guarantors —
industry and Sallie Mae, near the finish more effectively and efficiently,
line of privatization, is its leader. thereby helping more students
No company is better positioned in pursue a college education.
the higher education marketplace to Our employees are truly the Sallie
provide all of the financing and service Mae story. It is why we chose to
needs of schools. No company is better highlight them in this year’s annual
equipped with a range of products to report, along with the support that
meet all the life stages of education they provide to our valued customers.
credit. No company can match the These individuals, often far from the
training and dedication of our sales spotlight, dedicate their energies and
and service associates. And no company talents to serving our customers every
in our industry has the history and day. And it is through the trusted rela-
achievement of Sallie Mae. tionships they build with our clients
As I look back over 2003, I see a that not only Sallie Mae succeeds, but
year of great accomplishment and students and families succeed as well.
progress at Sallie Mae. Our financial As this report makes clear — whether
accomplishments are highlighted in it is a school, a student, a government
this report and in our 10-K, but in agency or a guarantor — we stand
short, 2003 was our best loan delivery behind our customers.
year to date — both in volume and in Thank you for your continued confi-
the service we delivered to customers. dence in Sallie Mae.
It also was Sallie Mae’s best sales year,
with our core brands growing at a
remarkable rate. And, it was our best
financing year. Indeed, we are closing
EDWARD A. FOX
in on full privatization, an achievement CHAIRMAN OF THE BOARD
1
4. Letter from the CEO & President
Dear Fellow Shareholders:
Whether you are a longtime owner or a recent investor,
we thank you for your trust and confidence in Sallie
Mae and its management team. You own a business
with a 30-year record of performance, and an outlook
Albert L. Lord
VICE CHAIRMAN AND
that we see as even brighter than our past achievement.
CHIEF EXECUTIVE OFFICER
With several months of 2004 as guarantee and loan servicing, together
perspective, it is now clear that 2003 with our collection businesses — all
was a very special year for the student for the higher education industry —
loan business. Last year marked a now produce about 40 percent of
confluence of three critical events: our revenue.
Sallie Mae again registered record Our 2003 earnings growth was
earnings; American taxpayers recorded achieved even as we undertook mas-
their first cash surplus from FFELP sive balance sheet transformation.
operations; and students enjoyed the We issued $45 billion of debt in the
lowest interest rates in the history private capital market, refinancing
of the student loan program! Our half of our liabilities, and found our-
three principal constituents: students, selves entering 2004 nearly 80 per-
shareholders and taxpayers, have cent private. FFELP margins are now
cause to applaud. nearly 40 basis points narrower than
Our 29 percent core cash EPS during our GSE days (excluding the
growth (net of non-recurring revenue) margin enhancement generated by
was produced by record loan origina- our private credit portfolio). Com-
tions and strong fee income growth, pounding the privatization squeeze
largely from debt management oper- has been extensive consolidation of
ations (collections of defaulted stu- student loan assets at lower spreads:
dent loans). Our bedrock business, in 2003, our borrowers consolidated
FFELP originations, grew 19 percent $8.6 billion in student loans. The
to $12 billion, with $80 billion in cumulative negative impact on our
FFELP assets earning for us at year- revenue growth rate from these
end. Nonetheless, related revenues asset and liability conversions will
have fallen to about 60 percent of peak this year. We expect the combi-
our total revenues, a proportion that nation of the growth in our fee-based
illustrates the rapid diversification of and private credit businesses, along
our income stream. Private credit, with continued operating efficiencies,
2
5. Letter from the CEO & President
Projected Enrollment Trends
(in millions)
will help offset this squeeze and choice than being debt free without
allow us to deliver on our 2004 EPS an education.
growth expectations. After 20 years of no growth in
Margin pressures notwithstanding, America’s college-age population,
we will continue to push hard to that group will grow 13 percent just
accelerate our final privatization in this decade. These new students
efforts. Led by Jack Remondi, our will join and compete with the rap-
finance team delivered huge funding idly growing mid-career adult popula-
volume in 2003 at better-than- tion returning to school. Growing
Source: U.S. Department of Education, “Projections of
expected spreads. Our post-GSE demand has pushed prices upward Education Statistics to 2013,” Table 10, p. 57.
market access and capital adequacy and spawned particularly explosive
questions were clearly answered by growth in the for-profit sector of
Federal Student Loan Originations
that performance. As shareholders higher education, which provides (in billions)
you have absorbed these refinancing much-needed seats and focused edu-
costs as the price for earnings diver- cation to working and “transitioning”
sification and better control of our adults. We have worked closely with
destiny. We believe that our new this segment of the market, which is
freedom will improve long-term fueling both our FFELP and private
results and produce valuations more credit loan originations.
closely related to the economics of Today, our nearly 8,000 employees
the higher education marketplace deliver service to schools and students.
that we serve. Our 300-person sales force connects
Source: U.S. Department of Education, “Federal Student
Financial Assistance Programs Loan Value Updates.”
And we love the higher education us with as many as 1,500 schools per
market dynamics. Today, the average week. Campus presence combined
value of a bachelor’s degree is about with our products and delivery system
Federal Entitlement Spending
$1.5 million higher than a high make up our franchise. We are now (% change in constant $, 1991 to 2001)
school diploma, a differential that is the leading player in loan origination,
growing as rapidly as today’s tuition loan servicing, guarantee servicing,
costs. The American economy places and student loan collection. While we
so high a value on education that its experience robust competition in each
cost is each citizen’s most rewarding segment, we also see potential for
investment. As involved Americans, ample share growth. This, combined
we, too, fret about the sizeable finan- with the market’s expansion, underlies
cial obligations undertaken by some our long-term optimism.
of our young adults. Yet it is clear: It is a rare shareholder conversa- Source: U.S. Department of Education, “Federal Student Loan
Program Databook,” FY1997–FY2000, Table 1 adjusted to
borrowing to attend college is a wiser tion for us that omits discussion of constant dollars; Historical Tables, President’s Budget FY2004.
3
6. Letter from the CEO & President
political risk. Yet, today we believe
political risk. Yet, today we believe We thank you for this generous level,
the FFELP success story makes this and we promise to use the option
public/private partnership more stable authorization we seek from you this
than ever. The American taxpayer has year prudently.
underwritten the $210 billion FFELP Last year, we increased our commit-
Thomas J. Fitzpatrick
loans outstanding today and as noted ment to philanthropic activities with a
PRESIDENT AND
CHIEF OPERATING OFFICER
earlier, that investment actually one-time $40 million contribution to
returned cash to them in 2003. We The Sallie Mae Fund. With assets of
are excited by that result and, as the about $90 million, the Fund supports
program’s largest participant, we feel strategic K-12 and higher education
quite proud of the achievement. projects in the nation’s capital and
Sallie Mae foresees continued throughout the country. On behalf of
financial equilibrium for FFELP once the Fund’s beneficiaries, we thank you
Congress considers the structural flaw for your support.
in the current consolidation loan pro- We close this letter with recogni-
gram, which sets 30-year loan inter- tion of our employees. Thanks to their
est rates with rates appropriate for attention to the needs of financial
90-day loans. This mismatched aid officers, and to their high quality
financing technique — lending long service to our 7 million loan cus-
and borrowing short — virtually tomers, we have concluded another
erased the thrift industry and cost year of solid performance and con-
taxpayers billions of dollars. Unless tinuous improvement.
changed, today’s consolidation pro-
gram will transfer billions of taxpayer
dollars from those who are seeking a
college education to those who have
already obtained their degrees. ALBERT L. LORD
VICE CHAIRMAN AND
We owe our shareholders a special CHIEF EXECUTIVE OFFICER
thank you in this era of heightened
corporate scrutiny and sensitivity. Your
CEO, COO and Board of Directors are
proponents and holders of long-term
THOMAS J. FITZPATRICK
stock options as is every employee of
PRESIDENT AND
Sallie Mae. These options in aggregate CHIEF OPERATING OFFICER
reward us with about a 10 percent
share of Sallie Mae’s value creation.
4
7. Sallie Mae at a Glance
LOAN PRODUCTS LOAN DELIVERY SCHOOL SUPPORT CONSUMER SERVICES CORPORATE ENTITIES
FEDERAL LOANS LOAN ORIGINATION FINANCIAL AID EDUCATION LENDER BRANDS/
AND DELIVERY OFFICE SUPPORT EDUCATION CREDIT
Stafford Loans CollegeAnswer.com
OpenNet Online School Portal
PLUS Loans ParentAnswer.com EDUCATION LOANS
E-Signature Online Award Letters
Consolidation Loans Sallie Mae
LOAN SERVICING
CollegeServ Financial Aid Education Trust
Sallie Mae Servicing
STAFFORD & PRIVATE
Support Services Nellie Mae Corporation
LOAN PACKAGES GUARANTOR SERVICES
Student Loan Funding
ONLINE ACCOUNT
Signature Student Loans BUSINESS OFFICE SUITE Resources LLC
LOAN SERVICING MANAGEMENT
MBA LOANS Tuition Payment Plans Academic Management
Account Access
LAWLOANS One-time Services Corporation
Payment
Payment Solutions
MEDLOANS Education One Group,
Forms
Campus Collections Inc. (Bank One)
E-Signature
PRIVATE LOANS Receivables Education First
Career Training Loans Management Marketing, LLC
LIFETIME SERVICES (Chase)
K-12 Family Outsourced Solutions
TrueCareers.com
Education Loans E-Commerce CAREER TRAINING,
SUCCESS by Sallie Mae CONSUMER FINANCE
Registration
SLM Financial
Bookstore
Corporation
Tickets
Giving DEBT MANAGEMENT
Student Assistance
CAMPUS CONSULTING Corporation
SERVICES
General Revenue
Noel-Levitz Corporation
Pioneer Credit
Recovery, Inc.
SERVICE SUPPORT: Nearly 8,000 employees stand behind our customers.
As this chart shows, Sallie Mae is much more than a loan originator. In fact, Sallie Mae and its subsidiaries participate in every
stage of the student loan life cycle, from origination, to delivery of funds, to servicing, to debt management and beyond.
5
8. Adrienne Weible
ACCOUNT EXECUTIVE FOR THE NORTHEAST
“Our number one goal is to help school
customers,” explains Adrienne Weible
of Sallie Mae’s higher education sales
team. “When we get clients the answer
they need, they are able to focus on
the important work at hand: helping
students and families with their higher
education goals.”
6
9. HigherEd Sales
LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
Providing electronic solutions is not new to Sallie Mae, but the challenge never
grows old for us. From sales to servicing, we are constantly looking for ways
to tap the power of technology to make the loan process easier for students,
families and schools.
Sallie Mae’s commitment to higher education is just one
of the reasons Daniel Pinch, associate vice president of
Student Administrative Services at Emerson College, has
referred to his school as a “poster child” for Sallie Mae.
Located in Boston, Emerson College is internationally
acclaimed for its communications and arts specialization.
Between its undergraduate and graduate programs, the stu-
dent enrollment is 4,000. Many of these students require
several funding sources —Stafford, PLUS and private loans —
to meet the prerequisites of attending school at Emerson.
Total annual costs, including tuition, fees and room and
board, are more than $30,000. When the one-time direct
lending school began its transition to the Federal Family
Education Loan Program (FFELP) in 1998, it did so in part
Daniel Pinch
because Sallie Mae offers broader, more competitive financ-
ASSOCIATE VICE PRESIDENT
OF STUDENT ADMINISTRATIVE SERVICES
ing options for students. Quality service also played a role
AT EMERSON COLLEGE
in its decision.
Says Adrienne Weible, Sallie Mae account executive for
the Northeast: “At the time, Emerson was looking for more
customized support. They also wanted additional funding
choices for their borrowers. We were able to meet their
request, and provide a breadth of products and services,
including an alternative loan program.”
Sallie Mae’s emphasis on technology also brought and
continues to bring additional value to the school.
“There is an ongoing effort at Emerson to make every-
thing electronic — to provide 24x7 access for our students,”
says Emerson’s Pinch. “Sallie Mae has allowed us to do just
that. From servicing our entire loan volume, to providing
online bill payment with the Net.PaySM product, to creating
processes that enable students to apply for loans online,
Sallie Mae is there all the way.”
7
10. Janice Morse
COLLEGESERV REPRESENTATIVE
Located in our Texas, Florida, Indiana
and Arizona centers, CollegeServ pro-
vides “on-the-spot” service and support
to schools throughout the country. Says
Janice Morse, a CollegeServ representa-
tive in Killeen, Texas: “Accountability and
responsiveness to a school’s needs and
the needs of students are at the fore-
front of what we do every day.”
8
11. CollegeServ
LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
CollegeServ represents a central “hub” of Sallie Mae. Here, 200 representatives
with extensive knowledge of the student loan process provide school customers
across the country with the information and support they need to manage the
delivery of education loans to a financial aid office.
Janice Morse is something of a modern-day Sherlock Holmes.
As a service coordinator for CollegeServ in Killeen, Texas,
Janice says she relies heavily on “investigative skills” and her
ability to ask the kind of probing questions that ultimately
deliver effective service resolutions for school customers.
“Customer service means being a good listener,” says
Janice. “Sallie Mae’s ability to really listen to what financial
aid administrators are saying sets us apart. A school, big or
small, knows we are there for them. When an issue comes
up, we find an answer. And we continue to be proactive,
looking for ways to create an even better customer experi-
ence for the school and, ultimately, the students.”
University of Southern California (USC) is a prime exam-
ple. The university, which has 31,000 students who attend
Catherine Thomas
multiple campuses, has seen its lending volume skyrocket
DIRECTOR OF FINANCIAL AID
UNIVERSITY OF SOUTHERN CALIFORNIA
in recent years. More than $45 million in Federal Family
Education Loan Program (FFELP) volume was disbursed to
USC students by Sallie Mae on just one day in January 2004.
Despite this significant volume, Sallie Mae’s single point-of-
contact approach ensured service and response standards
were at their highest throughout the process.
“We depend on Sallie Mae as a business partner, not sim-
ply a lender/servicer,” says Catherine Thomas, USC’s director
of financial aid.
“USC is known as a high-touch, high-tech school, and
Sallie Mae has a like-minded philosophy,” she adds. “And
that’s made all the difference for us and our students.”
9
12. Sudip Patnaik
MANAGING DIRECTOR OF
LOAN DELIVERY PRODUCTS
As of March 1, 2004, Sallie Mae had
launched OpenNetSM at 367 schools,
with nearly $750 million in student
loans successfully guaranteed. At
Louisiana State University, OpenNet
went “live” March 1, 2004. Spearheading
the implementation of OpenNet at LSU
and other major schools is Sallie Mae’s
Sudip Patnaik.
10
13. OpenNet
LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
Leaving his native country of India behind in 1984, Sudip Patnaik signed on for a
position with Sallie Mae in its IT department. Little did he know his decision
would evolve into a lifelong career. Today, as managing director of loan delivery
products, Sudip says he has found a “permanent home” with the nation’s leading
student loan provider.
When school customers consider you their trusted advisor,
you know you’re doing something right. For Sudip Patnaik,
it’s all in a day’s work.
Last fall, Sudip delivered a presentation to financial aid
officials at Louisiana State University (LSU). The subject:
OpenNet, Sallie Mae’s Web-based platform for exchanging
student loan file data with any lender, guarantor or servicer.
For LSU, the idea of converting its systems was not part of
the school’s strategic plan.
“Sudip wowed everyone in attendance,” says Mary Parker,
LSU’s newly appointed financial aid director. “More impor-
tantly, the transition process since then has been nothing
short of remarkable. Having previously dealt with imple-
menting other systems, what Sallie Mae has accomplished
Mary Parker
for us is by far a step above. They have set the standard.
FINANCIAL AID DIRECTOR
LOUISIANA STATE UNIVERSITY
“LSU is embarking on a National Flagship Agenda to bring
new levels of excellence to the school,” adds Parker. “OpenNet
is an excellent companion piece to that plan, creating greater
efficiencies for the school and, most important, better service
for students.”
Successfully carrying out a project on the scale of
OpenNet means communication between Sallie Mae and a
school is critical. To ensure LSU was informed at every step
of the process, a team of IT and servicing representatives
maintained constant contact with LSU officials. The end
result? A flawless execution, says LSU’s Parker.
Sudip sums it up this way: “Finding a competitive edge in
this industry means building and delivering products that
schools are compelled to move to. OpenNet is that product.”
11
14. Ted Sparks
VICE PRESIDENT OF USA FUNDS SERVICES
Guarantor servicing represents one of
Sallie Mae’s first entries into fee-based
business, and continues to serve as a key
growth driver for the company. With the
support of USA Funds Services, USA
Funds’ new loan guarantee volume
(not including consolidation loans)
increased 19 percent in 2003, reaching
nearly $10 billion.
12
15. USA Funds Services
LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
It was 1961 when USA Funds guaranteed its first student loan to a college stu-
dent named Ronald Evans. Forty-two years later, USA Funds continues to fulfill
higher education dreams for young people like Evans. In 2003, the Indianapolis-
based guarantor delivered record levels of service to higher education, with loan
guarantee volume reaching $16.7 billion. Default prevention efforts were equally
impressive, with nearly $10.9 billion in potential loan defaults averted.
Key to this success is USA Funds’ relationship with
Sallie Mae. Working together, each company strengthens
the other’s ability to better serve thousands of schools and
millions of students and families. Sallie Mae has the tech-
nological know-how, along with a proven track record of
operational and technical expertise, to deliver and collect
education loans. For USA Funds, these core competencies
enhance the guarantor’s own product and service offerings,
such as its financial-literacy program, USA Funds Life Skills,
and an early awareness program for middle-school students
called USA Funds Unlock the Future.
“We view the role of a guarantor not solely as an admin-
istrator of student loans but as a catalyst for college access
that works in partnership with educational institutions, state
Carl Dalstrom
and federal governments, financial-service organizations and,
PRESIDENT AND CEO OF USA FUNDS
of course, families to make higher education a reality for
more Americans,” says Carl Dalstrom, president and CEO
of USA Funds.
Ted Sparks, vice president of USA Funds Services,
echoes those sentiments, adding: “Historically, USA Funds
was the investor and builder of the guarantor servicing
capabilities that exist within Sallie Mae today. Our charge
at Sallie Mae is to build on that foundation and provide
best-in-class advantages for USA Funds to distinguish itself
in the marketplace.”
The ultimate benefactors, of course, are students and
schools. Says Dalstrom of USA Funds:
“The Sallie Mae/USA Funds relationship makes for a com-
pelling combination for our customers. It also permits us to
concentrate efforts on our nonprofit mission to deliver dis-
tinctive programs that help students prepare for higher edu-
cation, access college and successfully complete their studies.”
13
16. Joan Ludwick
CEO, PIONEER CREDIT RECOVERY
Industry collection efforts have lowered
the cost of student loan defaults in the
Federal Family Education Loan Program
(FFELP) by $1 billion since 1991.
Contributing to that performance is
Pioneer Credit Recovery and its CEO,
Joan Ludwick.
14
17. Pioneer Credit Recovery
LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
In 1997, Joan Ludwick started work as an analyst at Pioneer Credit Recovery, Inc.
The company had 30 employees. Six years later, the once-fledgling business has
grown to 750 employees, and is considered a national leader in federal contract
collections. Joan grew with the company, as well, becoming its chief executive
officer in 2004.
Collections is a revolving door, says Lawannah Howell, a
25-year veteran of the U.S. Department of Education. “If
payments on defaulted loans are not recovered, future gen-
erations of students ultimately will pay the price,” she says.
Joan Ludwick, CEO of Pioneer Credit Recovery, agrees.
“Collection work affects many, many stakeholders. The
amount of dollars that we have helped return to the
Department of Education has an impact on everyone from
borrowers to taxpayers. In collecting these ‘lost’ dollars, we
are helping to ensure that programs are available for future
students to secure loans for their education.”
For the past six years, Pioneer has served as one of the top
collection agencies for the U.S. Department of Education, total-
ing more than $155 million in gross collections in 2003. The
Lawannah Howell
reason for the success is simple, says Ludwick. “We truly care
ASSISTANT CONTRACTING OFFICER’S REPRESENTATIVE FOR
THE U.S. DEPARTMENT OF EDUCATION
about the end customer. Both the Department and Pioneer
strive for the same goals, helping borrowers meet their stu-
dent loan obligations and putting dollars back in taxpayers’
pockets by collecting outstanding federal debt.”
And that goal is critical. Effective counseling programs not
only spare borrowers the serious repercussions that follow
default, but also protect the integrity of the entire student
loan program, as well as the interests of schools and
American taxpayers.
The Department’s Howell gives kudos to Pioneer for its
collection efforts. “Pioneer stands out. They are indeed a
consistent top performer,” she says.
Adds Pioneer’s Ludwick: “Our approach is about treating
consumers with respect. We work with borrowers, not against
them. The idea is to counsel, provide options and get them
into the right program that fits their needs. When this hap-
pens, everyone wins.”
15
18. Consolidated Balance Sheets
DECEMBER 31,
(Dollars and shares in thousands, except per share amounts) 2003 2002
ASSETS
Federally insured student loans (net of allowance
for losses of $23,787 and $36,325, respectively) $29,216,914 $37,172,120
Federally insured student loans in trust (net of allowance
for losses of $19,710) 16,354,805 —
Private credit student loans (net of allowance
for losses of $168,212 and $194,359, respectively) 4,475,510 5,167,555
Academic facilities financings and other loans 1,030,907 1,202,045
Investments 5,268,179 4,231,501
Cash and cash equivalents 1,652,470 486,692
Restricted cash 1,080,702 271,610
Retained interest in securitized receivables 2,475,836 2,145,523
Goodwill and acquired intangible assets 592,112 586,127
Other assets 2,463,216 1,911,832
Total assets $64,610,651 $53,175,005
LIABILITIES
Short-term borrowings $18,735,385 $25,618,955
Borrowings collateralized by loans in trust 16,597,396 —
Long-term notes 23,210,778 22,242,115
Other liabilities 3,437,046 3,315,985
Total liabilities 61,980,605 51,177,055
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, Series A, par value $.20 per share, 20,000 shares authorized:
3,300 and 3,300 shares issued, respectively, at stated value of $50 per share 165,000 165,000
Common stock, par value $.20 per share, 1,125,000 shares authorized:
472,643 and 624,552 shares issued, respectively 94,529 124,910
Additional paid-in-capital 1,553,240 1,102,574
Accumulated other comprehensive income
(net of tax of $229,181 and $319,178, respectively) 425,621 592,760
Retained earnings 941,284 2,718,226
Stockholders’ equity before treasury stock 3,179,674 4,703,470
Common stock held in treasury at cost: 24,965 and 166,812 shares, respectively 549,628 2,705,520
Total stockholders’ equity 2,630,046 1,997,950
Total liabilities and stockholders’ equity $64,610,651 $53,175,005
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed with the Securities and Exchange Commission.
16
19. Consolidated Statements of Income
YEARS ENDED DECEMBER 31,
(Dollars and shares in thousands, except per share amounts) 2003 2002 2001
Interest income:
Federally insured student loans $1,813,368 $2,111,463 $2,463,789
Private credit student loans 307,477 338,591 324,276
Academic facilities financings and other loans 76,740 96,025 125,540
Investments 150,690 87,889 344,373
Total interest income 2,348,275 2,633,968 3,257,978
Interest expense 1,021,906 1,209,501 2,132,071
Net interest income 1,326,369 1,424,467 1,125,907
Less: provision for losses 147,480 116,624 65,991
Net interest income after provision for losses 1,178,889 1,307,843 1,059,916
Other income:
Gains on student loan securitizations 744,289 337,924 75,199
Servicing and securitization revenue 666,409 838,609 754,837
Derivative market value adjustment (237,815) (1,082,100) (1,005,533)
Guarantor servicing fees 128,189 106,172 112,160
Debt management fees 258,544 185,881 120,923
Other 252,335 218,842 207,540
Total other income 1,811,951 605,328 265,126
Operating expenses 807,871 689,772 707,654
Income before income taxes, minority interest in net earnings
of subsidiary and cumulative effect of accounting change 2,182,969 1,223,399 617,388
Income taxes 779,380 431,403 223,322
Minority interest in net earnings of subsidiary — — 10,070
Income before cumulative effect of accounting change 1,403,589 791,996 383,996
Cumulative effect of accounting change 129,971 — —
1,533,560 791,996 383,996
NET INCOME
Preferred stock dividends 11,501 11,501 11,501
Net income attributable to common stock $1,522,059 $ 780,495 $ 372,495
Basic earnings per common share:
Before cumulative effect of accounting change $ 3.08 $ 1.69 $ .78
Cumulative effect of accounting change .29 — —
BASIC EARNINGS PER COMMON SHARE, AFTER CUMULATIVE EFFECT
$ 3.37 $ 1.69 $ .78
OF ACCOUNTING CHANGE
Average common shares outstanding 452,037 462,294 477,233
Diluted earnings per common share:
Before cumulative effect of accounting change $ 3.01 $ 1.64 $ .76
Cumulative effect of accounting change .28 — —
DILUTED EARNINGS PER COMMON SHARE, AFTER CUMULATIVE EFFECT
$ 3.29 $ 1.64 $ .76
OF ACCOUNTING CHANGE
Average common and common equivalent shares outstanding 463,335 474,520 490,199
$ .59 $ .28 $ .24
DIVIDENDS PER COMMON SHARE
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed with the Securities and Exchange Commission.
17
20. Pro Forma “Core Cash”(1) Consolidated Statements of Income
YEARS ENDED DECEMBER 31,
(Dollars in thousands) 2003 2002 2001
(UNAUDITED) (UNAUDITED) (UNAUDITED)
Managed interest income:
Managed federally insured student loans $2,666,416 $2,864,215 $4,000,347
Managed private credit student loans 426,456 346,237 324,276
Academic facilities financings and other loans 76,740 96,025 125,540
Investments 163,208 87,577 342,979
Total managed interest income 3,332,820 3,394,054 4,793,142
Managed interest expense 1,680,873 2,035,274 3,521,985
Net managed interest income 1,651,947 1,358,780 1,271,157
Less: provision for losses 130,138 130,869 89,145
Net managed interest income after provision for losses 1,521,809 1,227,911 1,182,012
Other income:
Guarantor servicing fees 128,189 106,172 112,160
Debt management fees 258,544 185,881 120,923
Other 257,322 210,739 222,095
Total other income 644,055 502,792 455,178
Operating expenses 780,961 663,487 660,555
Income before income taxes and minority interest in net earnings of subsidiary 1,384,903 1,067,216 976,635
Income taxes 459,021 376,893 342,553
Minority interest in net earnings of subsidiary — — 10,070
925,882 690,323 624,012
“CORE CASH” NET INCOME
Preferred stock dividends 11,501 11,501 11,501
“Core cash” net income attributable to common stock $ 914,381 $ 678,822 $ 612,511
Reconciliation of GAAP Net Income to “Core Cash”(1) Net Income
YEARS ENDED DECEMBER 31,
(Dollars in thousands) 2003 2002 2001
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$1,533,560 $ 791,996 $ 383,996
GAAP NET INCOME
“Core cash” adjustments:
Net impact of securitization accounting (306,789) (282,226) (79,987)
Net impact of derivative accounting (502,339) 199,994 460,545
Net impact of floor income (22,897) (92,280) (84,442)
Amortization of acquired intangibles and other 33,959 18,329 63,131
Total “core cash” adjustments before income taxes and
cumulative effect of accounting change (798,066) (156,183) 359,247
Net tax effect (2) 320,359 54,510 (119,231)
Total “core cash” adjustments before cumulative effect of accounting change (477,707) (101,673) 240,016
Cumulative effect of accounting change (129,971) — —
Total “core cash” adjustments (607,678) (101,673) 240,016
$ 925,882 $ 690,323 $ 624,012
“CORE CASH” NET INCOME
(1)
Please see the definition of “core cash” under Selected Financial Data on page 19.
(2)
Such tax effect is generally based upon the Company’s marginal tax rate for the respective period. The net tax effect excludes the impact of disallowed losses on equity forward contracts and income
tax expense attributed to the residual interests in the securitized loans.
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed with the Securities and Exchange Commission.
18
21. Selected Financial Data 1999 – 2003
The following table sets forth selected financial and other operating information of the Company. The selected financial data in the
following table should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” included in the Company’s Form 10-K to the Securities and Exchange Commission.
(Dollars in millions, except per share amounts) 2003 2002 2001 2000 1999
OPERATING DATA:
Net interest income $ 1,326 $ 1,425 $ 1,126 $ 642 $ 694
Net income 1,534 792 384 465 501
Basic earnings per common share, before cumulative
effect of accounting change 3.08 1.69 .78 .95 1.04
Basic earnings per common share, after cumulative
effect of accounting change 3.37 1.69 .78 .95 1.04
Diluted earnings per common share, before cumulative
effect of accounting change 3.01 1.64 .76 .92 1.02
Diluted earnings per common share, after cumulative
effect of accounting change 3.29 1.64 .76 .92 1.02
Dividends per common share .59 .28 .24 .22 .20
Return on common stockholders’ equity 66% 46% 30% 49% 78%
Net interest margin 2.54 2.92 2.33 1.52 1.85
Return on assets 2.91 1.60 .78 1.06 1.28
Dividend payout ratio 18 17 32 24 20
Average equity/average assets 4.19 3.44 2.66 2.34 1.59
BALANCE SHEET DATA:
Student loans, net $50,048 $42,339 $41,001 $37,647 $33,809
Total assets 64,611 53,175 52,874 48,792 44,025
Total borrowings 58,543 47,861 48,350 45,375 41,988
Stockholders’ equity 2,630 1,998 1,672 1,415 841
Book value per common share 5.51 4.00 3.23 2.54 1.43
OTHER DATA:
Off-balance sheet securitized student loans, net $38,742 $35,785 $30,725 $29,868 $19,467
PRO-FORMA “CORE CASH”(1) RESULTS (UNAUDITED):
Net interest income $ 1,652 $ 1,359 $ 1,271 $ 1,039 $ 927
Net income 926 690 624 492 405
Diluted earnings per common share 1.97 1.43 1.25 .98 .83
Net interest margin 1.80% 1.68% 1.62% 1.53% 1.68%
Return on assets 1.00 .84 .78 .71 .71
(1)
In addition to evaluating the Company’s GAAP-based financial information, management, credit rating agencies, lenders and analysts also evaluate the Company on certain non-GAAP performance
measures that the Company refers to as “core cash” measures. While “core cash” measures are not a substitute for reported results under GAAP, the Company relies on “core cash” measures in operating
its business because the Company believes the “core cash” measures provide additional information on operational and performance indicators that are most closely assessed by management.
The Company reports pro forma “core cash” measures, which are the primary financial performance measure used by management not only in developing the financial plans and tracking results, but
also in establishing corporate performance targets and determining incentive compensation. Management also relies on several other non-GAAP performance measures related to “core cash” measures
to evaluate the Company’s performance. The Company’s “core cash” measures are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies.
“Core cash” measures reflect only current period adjustments to GAAP as described below. Accordingly, the Company’s “core cash” measures presentation does not represent another comprehensive
basis of accounting. A more detailed discussion of the differences between GAAP and “core cash” measures calculations follows.
Securitization: Under GAAP, certain securitization transactions are accounted for as sales of assets. Under “core cash”measures, the Company presents all securitization transactions as long-term
non-recourse financings. The upfront “gains” on sale from securitization as well as ongoing “servicing and securitization revenue” presented by GAAP are excluded from “core cash” measures, and
replaced by the interest income, provision for loan losses, and interest expense as they are earned or incurred on the securitized loans.
Floor Income: The timing and amount (if any) of floor income earned is uncertain and in excess of expected spreads and, therefore, the Company excludes such income when it is not economically
hedged from “core cash” measures. The Company employs derivatives, primarily floor income contracts and futures, to economically hedge floor income. These derivatives do not qualify as effective
accounting hedges and, therefore, are marked-to-market through the derivative market value adjustment. For “core cash” measures, the Company reverses the fair value adjustments on the floor
income contracts and includes the amortization of net premiums received in income. Since the Company excludes floor income that is not economically hedged, it also excludes net settlements on
derivative contracts, the amortization of certain derivative gains and losses and gains and losses on sales of securities that were economically hedging floor income.
Derivative Accounting: “Core cash” measures exclude the periodic unrealized gains and losses caused by the one-sided mark-to-market derivative valuations prescribed by GAAP’s Statement of
Financial Accounting Standard No. 133, “Accounting for Derivative Instruments and Hedging Activities” (SFAS No. 133), and recognize the economic effect of these hedges, which results in any cash paid
or received being recognized ratably as an expense or revenue over the hedged item’s life.
The Company also excludes the gain or loss on equity forward contracts including the gain recorded upon the adoption of Statement of Financial Accounting Standard No. 150, “Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and Equity,” that was recorded as a “cumulative effect of accounting change.”
Other items: “Core cash” measures exclude certain transactions that are not considered part of the Company’s core business including the amortization of acquired intangibles, as well as gains and
losses on certain sales of securities.
19
22. SLM Corporation Officers and Directors
Left to Right: A. Alexander Porter Jr., Wolfgang Schoellkopf, Ronald F. Hunt, Diane Suitt Gilleland, Earl A. Goode, Albert L. Lord, Edward A. Fox, Thomas J. Fitzpatrick,
Steven L. Shapiro, Ann Torre Grant, Charles L. Daley, Benjamin J. Lambert III, Barry L. Williams, William M. Diefenderfer III. Not pictured: Barry A. Munitz.
SLM Corporation Board of Directors
Edward A. Fox William M. Diefenderfer III* Earl A. Goode Barry A. Munitz Barry L. Williams
Chairman Vice Chairman & Co-founder Chairman President & CEO President
enumerate Solutions, Inc. Indiana Sports Corporation The J. Paul Getty Trust Williams Pacific Ventures, Inc.
Albert L. Lord*
Vice Chairman & CEO Thomas J. Fitzpatrick Ann Torre Grant Wolfgang Schoellkopf
President & COO Strategic & Managing Director
A. Alexander Porter Jr.
Financial Consultant Lykos Capital Management, LLC
Lead Independent Director Diane Suitt Gilleland
Visiting Associate Professor in Ronald F. Hunt* Steven L. Shapiro
Charles L. Daley
Higher Education Attorney Certified Public
Director, Executive Vice
University of Arkansas, Accountant & Personal
President & Secretary Benjamin J. Lambert III
Little Rock Financial Specialist
TEB Associates, Inc. Senator
Alloy, Silverstein, Shapiro, * Also serves as Director on the
Commonwealth of Virginia
Adams, Mulford, Cicalese, Student Loan Marketing
Wilson & Co. Association’s (GSE) Board.
Student Loan Marketing Association Board of Directors
CHAIRMAN William M. Diefenderfer III Dennis E. Logue Richard J. Ramsden Randolph H. Waterfield Jr.
Duane W. Acklie† Vice Chairman & Co-founder Dean Consultant Certified Public Accountant
Chairman enumerate Solutions, Inc. Michael F. Price School & Accounting Consultant
Michelle M. Ridge†
Crete Carrier Corp. of Business
Kathleen MacLellen Gregg† Director Pat Williams
University of Oklahoma
VICE CHAIRMAN Director Strategic Development for Senior Fellow
Ronald F. Hunt New Hampshire Task Force Albert L. Lord Community Prevention Center for the Rocky
Attorney on Child Neglect & Abuse Vice Chairman & CEO Planning Mountain West
SLM Corporation The Channing Bete Company University of Montana
Eloise Anderson† Catherine L. Hanaway
Cory T. Shade†
Director, Program for Attorney Marie V. McDemmond
the American Family Speaker, Missouri House President Attorney
The Claremont Institute of Representatives Norfolk State University
Kenneth A. Shaw
John T. Casteen Ronald A. Homer J. Bonnie Newman Chancellor & President
President CEO Executive Dean Syracuse University
University of Virginia Access Capital Strategies, LLC John F. Kennedy School
Sara Martinez Tucker†
of Government
Jeannemarie Devolites† James C. Lintzenich President & CEO
Harvard University
Member Certified Public Accountant Hispanic Scholarship Fund †
Presidential appointees
Virginia State Senate
Sallie Mae Executive Management
Albert L. Lord C.E. Andrews Robert R. Levine John F. Remondi
Vice Chairman & CEO Executive Vice President, Executive Vice President, Executive Vice President,
Accounting & Risk Servicing Finance
Thomas J. Fitzpatrick
Management
President & COO June M. McCormack John F. Whorley Jr.
Marianne M. Keler Executive Vice President, Executive Vice President,
Executive Vice President Guarantor Services & Debt Management
& General Counsel Sales Marketing Operations
20