This document provides financial information for SLM Corporation for quarters ending December 31, 2006, September 30, 2006, and December 31, 2005 and years ending December 31, 2006 and December 31, 2005. It includes selected financial information such as net income, earnings per share, and return on assets calculated on a GAAP and "Core Earnings" basis. It also provides details on average and ending loan balances, interest income and expense, net interest income, and provisions for losses.
This document provides financial information for SLM Corporation for the quarters ending March 31, 2007, December 31, 2006, and March 31, 2006. Some key details include:
- Net income for the quarters was $116 million, $18 million, and $152 million respectively.
- "Core Earnings" net income, which excludes certain items, was $251 million, $326 million, and $287 million respectively.
- Average managed student loans increased from $124.9 billion to $146.2 billion.
- Total assets increased from $97.8 billion to $126.9 billion over the period reported.
This document provides quarterly and year-to-date financial information for SLM Corporation. Some key details:
- For Q3 2007, SLM reported a net loss of $344 million (GAAP), compared to net income of $966 million in Q2 2007 and $263 million in Q3 2006. Core earnings were $259 million in Q3 2007.
- Total assets increased to $150.8 billion in Q3 2007 from $132.8 billion in Q2 2007 and $107.1 billion in Q3 2006, driven largely by growth in student loan portfolios.
- Average managed student loans increased to $156.1 billion in Q3 2007 from $152.3
This document provides supplemental financial information for SLM Corporation for the first quarter of 2007. It includes key statements of income figures for the quarters ending March 31, 2007, December 31, 2006, and March 31, 2006. Net income for the quarter increased significantly from the previous quarter due to higher gains on student loan securitizations. The company's net income was also up compared to the same quarter last year, driven by growth in interest income from its student loan portfolios.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
This document provides financial highlights and selected financial data for Republic Industries from 1993-1997. It shows that during this period, Republic Industries significantly increased its revenue, total assets, income, and shareholders' equity through both internal growth and strategic acquisitions across its automotive retail, vehicle rental, and solid waste business segments.
This document summarizes selected financial data for Mohawk Industries from 1999 to 1995. It shows that net sales increased from $2.04 billion in 1995 to $3.08 billion in 1999, while net earnings increased from $11.8 million to $157.2 million over the same period. Total assets also increased substantially from $1.11 billion to $1.68 billion from 1995 to 1999. The document also provides notes on restructuring costs, asset write-downs, stock option expenses, and acquisition costs over the years.
Advance Auto Parts is the second largest aftermarket auto parts retailer in the US, with over 2,500 stores across 39 states, Puerto Rico, and the Virgin Islands. In 2003, their nearly 35,000 team members provided excellent customer service, building momentum for future growth. Advance aims to be "ready in advance" for customers' needs. Their expanding store network and growing sales demonstrate their success in meeting this goal.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
This document provides financial information for SLM Corporation for the quarters ending March 31, 2007, December 31, 2006, and March 31, 2006. Some key details include:
- Net income for the quarters was $116 million, $18 million, and $152 million respectively.
- "Core Earnings" net income, which excludes certain items, was $251 million, $326 million, and $287 million respectively.
- Average managed student loans increased from $124.9 billion to $146.2 billion.
- Total assets increased from $97.8 billion to $126.9 billion over the period reported.
This document provides quarterly and year-to-date financial information for SLM Corporation. Some key details:
- For Q3 2007, SLM reported a net loss of $344 million (GAAP), compared to net income of $966 million in Q2 2007 and $263 million in Q3 2006. Core earnings were $259 million in Q3 2007.
- Total assets increased to $150.8 billion in Q3 2007 from $132.8 billion in Q2 2007 and $107.1 billion in Q3 2006, driven largely by growth in student loan portfolios.
- Average managed student loans increased to $156.1 billion in Q3 2007 from $152.3
This document provides supplemental financial information for SLM Corporation for the first quarter of 2007. It includes key statements of income figures for the quarters ending March 31, 2007, December 31, 2006, and March 31, 2006. Net income for the quarter increased significantly from the previous quarter due to higher gains on student loan securitizations. The company's net income was also up compared to the same quarter last year, driven by growth in interest income from its student loan portfolios.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
This document provides financial highlights and selected financial data for Republic Industries from 1993-1997. It shows that during this period, Republic Industries significantly increased its revenue, total assets, income, and shareholders' equity through both internal growth and strategic acquisitions across its automotive retail, vehicle rental, and solid waste business segments.
This document summarizes selected financial data for Mohawk Industries from 1999 to 1995. It shows that net sales increased from $2.04 billion in 1995 to $3.08 billion in 1999, while net earnings increased from $11.8 million to $157.2 million over the same period. Total assets also increased substantially from $1.11 billion to $1.68 billion from 1995 to 1999. The document also provides notes on restructuring costs, asset write-downs, stock option expenses, and acquisition costs over the years.
Advance Auto Parts is the second largest aftermarket auto parts retailer in the US, with over 2,500 stores across 39 states, Puerto Rico, and the Virgin Islands. In 2003, their nearly 35,000 team members provided excellent customer service, building momentum for future growth. Advance aims to be "ready in advance" for customers' needs. Their expanding store network and growing sales demonstrate their success in meeting this goal.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes:
- Condensed income statements and balance sheets for the periods ended September 30, 2004 and 2003.
- A statement of cash flows for the nine month periods ended September 30, 2004 and 2003.
- Notes to the financial statements regarding stock-based compensation, inventories, comprehensive income, and investments.
The financial statements show the company's revenues, expenses, assets, liabilities, cash flows, and notes for the periods.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
This annual report summarizes the financial statements and performance of China Youth Media, Inc. for the years ending December 31, 2008 and December 31, 2007. Some key details:
- Total assets increased from $911,444 in 2007 to $8,961,778 in 2008 primarily due to an increase in intangible assets.
- Total liabilities increased from $2,496,206 to $3,421,146 over the same period mainly due to increases in convertible notes payable and accrued liabilities.
- Revenue decreased from $592,365 in 2007 to $106,898 in 2008 while total operating expenses declined slightly. This resulted in an operating loss of $2,
This document provides financial information for SLM Corporation for the quarter ending June 30, 2007 and comparisons to previous periods. Some key details include:
- Net income for the quarter was $966 million compared to $116 million in the previous quarter and $724 million in the same quarter last year.
- "Core earnings" which is a non-GAAP measure of profitability was $189 million for the quarter compared to $251 million in the previous quarter and $320 million in the same quarter last year.
- Average managed student loans for the quarter were $152.3 billion compared to $146.2 billion in the previous quarter and $128.4 billion in the same quarter last year.
The annual report summarizes Host Marriott Corporation's performance in 2002. It states that while 2002 was a challenging time for the lodging industry due to economic conditions, Host Marriott was able to renegotiate management agreements for 90% of its portfolio, maintain over $360 million in cash reserves, purchase the Boston Marriott Copley Place hotel at a discount, streamline its business by selling interests in partnerships, and maintain its portfolio's revenue per available room premium over competitors. However, key financial figures such as earnings, EBITDA, and revenue per available room declined compared to 2001 due to the difficult operating environment.
This document provides supplemental financial information for SLM Corporation for the fourth quarter of 2006. It includes statements of income for the fourth quarter of 2006, the third quarter of 2006, and the fourth quarter of 2005, as well as for the full years 2006 and 2005. It also summarizes certain income statement items that were separately disclosed in the Company's earnings press releases and conference calls for each period. Key figures include net income of $18 million for Q4 2006, $263 million for Q3 2006, and $431 million for Q4 2005. For full year 2006, net income was $1.16 billion compared to $1.38 billion for 2005.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2007. It includes Illinois Tool Works' statement of income and statement of financial position for this quarter. The statement of income shows revenues of $4.1 billion and net income of $491 million. The statement of financial position lists the company's assets of $14.9 billion including cash, receivables, inventory and plant/equipment. It also lists liabilities of $5.4 billion including debt and payables, and stockholders' equity of $9.4 billion.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
This document provides financial information about Chubb Corporation's property and casualty underwriting results for 2007 and 2006. It summarizes key metrics like net premiums written, losses incurred, expenses incurred, underwriting income, and combined loss/expense ratios for different business lines including personal, commercial, and specialty insurance. It also notes that beginning in 2008, foreign currency fluctuations will be accounted for differently in the reporting of losses paid and outstanding losses. Overall underwriting income increased from $1.886 billion to $2.064 billion from 2006 to 2007.
The document provides explanatory notes on non-GAAP financial information presented by MetLife. It defines various non-GAAP measures used by MetLife to analyze performance, such as operating earnings and operating return on common equity. These measures exclude items like investment gains and losses and discontinued operations to highlight underlying profitability. The document also includes reconciliations of the non-GAAP measures to the most directly comparable GAAP measures for historical periods.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2003. It includes Illinois Tool Works' statement of income, balance sheet, cash flows statement, and notes to the financial statements. For the quarter, Illinois Tool Works reported net income of $268.9 million on revenues of $2.531 billion. Total assets as of September 30, 2003 were $10.795 billion, with total stockholders' equity of $7.399 billion. Cash provided by operating activities for the first nine months of 2003 was $888.5 million.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2006. The summary provides key financial information including operating revenues of $3.5 billion for the quarter and $10.4 billion for the nine months, with net income of $446 million and $1.28 billion respectively. Total assets as of September 30, 2006 were $13.25 billion with total stockholders' equity of $8.71 billion. Notes to the financial statements provide additional details on investment income, comprehensive income, inventories, goodwill and intangible assets.
Ryder System, Inc. and Subsidiaries reported financial results for the third quarter and first nine months of 2008. Revenue for the third quarter was $1.626 billion, down slightly from the prior year. Net earnings for the quarter were $70.2 million. Fleet Management Solutions saw an 11% increase in revenue for the quarter due to higher fuel sales and contractual revenue growth. Supply Chain Solutions revenue declined 22% for the quarter.
The document outlines the Compensation Committee Charter for Terex Corporation. It establishes the purpose, membership, responsibilities and authority of the Compensation Committee. The Committee is responsible for approving and evaluating executive compensation plans, reviewing and determining CEO compensation, overseeing regulatory compliance regarding compensation, and reporting on executive compensation in the company's proxy statement. It must meet at least quarterly and work with other Board committees on compensation and management evaluation matters.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2004. It provides an overview of SLM Corporation's business operations, financial results, risks, and other disclosures required by the SEC. Key details include that SLM Corporation operates in the student loan industry, primarily originating and servicing Federal Family Education Loan Program loans. It also discusses various loan types, income sources such as floor income, and risk factors that could impact financial performance.
dana holdings CADF2722-6DAB-4150-AF59-82832D202677_Barclays021009finance42
Dana Holding Corporation presented at the Barclays Capital Industrial Select Conference on February 10, 2009. The presentation focused on Dana's key priorities in 2008, which included rebuilding its team with new leadership, jump-starting operations through cost reduction initiatives, addressing strategic issues, and improving financial performance. Dana outlined actions taken in each area, including leadership changes, plant closures and workforce reductions, and aggressive pricing negotiations. The presentation also provided an overview of Dana's diverse markets, geographic revenues, customers, and debt maturity profile as context.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
dana holdings AuditCommitteeAccountingComplaintsPolicy_013108finance42
The Dana Holding Corporation Audit Committee Policy establishes procedures for receiving, reviewing, and addressing complaints regarding accounting and auditing matters. Employees can submit complaints confidentially and anonymously to the Audit Committee or an ethics helpline. The Office of Business Conduct will review complaints and determine if further investigation is warranted. Investigations will be conducted and results reported to the Audit Committee. No retaliation will occur against employees who report issues in good faith. Records of complaints will be retained for three years.
The document discusses Tenet Supply Chain Management's efforts to reduce costs. It describes the Medication Use Management program which uses strategies like evaluation, standardization, and utilization review to address high pharmacy spending therapeutic categories like antimicrobials and cardiovascular drugs. It also details initiatives to reduce costs for anticoagulants and hematopoietics. The MUM program has helped decrease Tenet's annual pharmacy spend over the last 4 years. Additionally, the document outlines Tenet's approach to rising orthopedic implant costs which includes custom pricing and educating surgeons, resulting in anticipated cost reductions of over $4 million in 2008.
Tenet Healthcare Corporation reported financial results for the second quarter of 2008, with a net loss of $15 million compared to a net loss of $30 million in the second quarter of 2007. Same-hospital admissions increased 1.9% year-over-year, the strongest growth in four years, driven by growth in commercial managed care admissions. Adjusted EBITDA increased 4.5% to $163 million. Tenet maintained its outlook for 2008 and $1 billion adjusted EBITDA target for 2009.
Tenet Healthcare Corporation reported financial results for the third quarter of 2006 with a net loss of $89 million compared to a net loss of $401 million in the third quarter of 2005. Admissions declined 3.3% year-over-year due to actions under Tenet's Targeted Growth Initiative and new Medicare admission criteria. Revenues decreased 1.5% to $2.117 billion due to increases in discounts provided to uninsured patients. However, pricing increases partially offset the impact of declining volumes, with net inpatient revenue per admission increasing 4.5% after adjusting for discounts provided to uninsured patients.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes:
- Condensed income statements and balance sheets for the periods ended September 30, 2004 and 2003.
- A statement of cash flows for the nine month periods ended September 30, 2004 and 2003.
- Notes to the financial statements regarding stock-based compensation, inventories, comprehensive income, and investments.
The financial statements show the company's revenues, expenses, assets, liabilities, cash flows, and notes for the periods.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
This annual report summarizes the financial statements and performance of China Youth Media, Inc. for the years ending December 31, 2008 and December 31, 2007. Some key details:
- Total assets increased from $911,444 in 2007 to $8,961,778 in 2008 primarily due to an increase in intangible assets.
- Total liabilities increased from $2,496,206 to $3,421,146 over the same period mainly due to increases in convertible notes payable and accrued liabilities.
- Revenue decreased from $592,365 in 2007 to $106,898 in 2008 while total operating expenses declined slightly. This resulted in an operating loss of $2,
This document provides financial information for SLM Corporation for the quarter ending June 30, 2007 and comparisons to previous periods. Some key details include:
- Net income for the quarter was $966 million compared to $116 million in the previous quarter and $724 million in the same quarter last year.
- "Core earnings" which is a non-GAAP measure of profitability was $189 million for the quarter compared to $251 million in the previous quarter and $320 million in the same quarter last year.
- Average managed student loans for the quarter were $152.3 billion compared to $146.2 billion in the previous quarter and $128.4 billion in the same quarter last year.
The annual report summarizes Host Marriott Corporation's performance in 2002. It states that while 2002 was a challenging time for the lodging industry due to economic conditions, Host Marriott was able to renegotiate management agreements for 90% of its portfolio, maintain over $360 million in cash reserves, purchase the Boston Marriott Copley Place hotel at a discount, streamline its business by selling interests in partnerships, and maintain its portfolio's revenue per available room premium over competitors. However, key financial figures such as earnings, EBITDA, and revenue per available room declined compared to 2001 due to the difficult operating environment.
This document provides supplemental financial information for SLM Corporation for the fourth quarter of 2006. It includes statements of income for the fourth quarter of 2006, the third quarter of 2006, and the fourth quarter of 2005, as well as for the full years 2006 and 2005. It also summarizes certain income statement items that were separately disclosed in the Company's earnings press releases and conference calls for each period. Key figures include net income of $18 million for Q4 2006, $263 million for Q3 2006, and $431 million for Q4 2005. For full year 2006, net income was $1.16 billion compared to $1.38 billion for 2005.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2007. It includes Illinois Tool Works' statement of income and statement of financial position for this quarter. The statement of income shows revenues of $4.1 billion and net income of $491 million. The statement of financial position lists the company's assets of $14.9 billion including cash, receivables, inventory and plant/equipment. It also lists liabilities of $5.4 billion including debt and payables, and stockholders' equity of $9.4 billion.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
This document provides financial information about Chubb Corporation's property and casualty underwriting results for 2007 and 2006. It summarizes key metrics like net premiums written, losses incurred, expenses incurred, underwriting income, and combined loss/expense ratios for different business lines including personal, commercial, and specialty insurance. It also notes that beginning in 2008, foreign currency fluctuations will be accounted for differently in the reporting of losses paid and outstanding losses. Overall underwriting income increased from $1.886 billion to $2.064 billion from 2006 to 2007.
The document provides explanatory notes on non-GAAP financial information presented by MetLife. It defines various non-GAAP measures used by MetLife to analyze performance, such as operating earnings and operating return on common equity. These measures exclude items like investment gains and losses and discontinued operations to highlight underlying profitability. The document also includes reconciliations of the non-GAAP measures to the most directly comparable GAAP measures for historical periods.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2003. It includes Illinois Tool Works' statement of income, balance sheet, cash flows statement, and notes to the financial statements. For the quarter, Illinois Tool Works reported net income of $268.9 million on revenues of $2.531 billion. Total assets as of September 30, 2003 were $10.795 billion, with total stockholders' equity of $7.399 billion. Cash provided by operating activities for the first nine months of 2003 was $888.5 million.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2006. The summary provides key financial information including operating revenues of $3.5 billion for the quarter and $10.4 billion for the nine months, with net income of $446 million and $1.28 billion respectively. Total assets as of September 30, 2006 were $13.25 billion with total stockholders' equity of $8.71 billion. Notes to the financial statements provide additional details on investment income, comprehensive income, inventories, goodwill and intangible assets.
Ryder System, Inc. and Subsidiaries reported financial results for the third quarter and first nine months of 2008. Revenue for the third quarter was $1.626 billion, down slightly from the prior year. Net earnings for the quarter were $70.2 million. Fleet Management Solutions saw an 11% increase in revenue for the quarter due to higher fuel sales and contractual revenue growth. Supply Chain Solutions revenue declined 22% for the quarter.
The document outlines the Compensation Committee Charter for Terex Corporation. It establishes the purpose, membership, responsibilities and authority of the Compensation Committee. The Committee is responsible for approving and evaluating executive compensation plans, reviewing and determining CEO compensation, overseeing regulatory compliance regarding compensation, and reporting on executive compensation in the company's proxy statement. It must meet at least quarterly and work with other Board committees on compensation and management evaluation matters.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2004. It provides an overview of SLM Corporation's business operations, financial results, risks, and other disclosures required by the SEC. Key details include that SLM Corporation operates in the student loan industry, primarily originating and servicing Federal Family Education Loan Program loans. It also discusses various loan types, income sources such as floor income, and risk factors that could impact financial performance.
dana holdings CADF2722-6DAB-4150-AF59-82832D202677_Barclays021009finance42
Dana Holding Corporation presented at the Barclays Capital Industrial Select Conference on February 10, 2009. The presentation focused on Dana's key priorities in 2008, which included rebuilding its team with new leadership, jump-starting operations through cost reduction initiatives, addressing strategic issues, and improving financial performance. Dana outlined actions taken in each area, including leadership changes, plant closures and workforce reductions, and aggressive pricing negotiations. The presentation also provided an overview of Dana's diverse markets, geographic revenues, customers, and debt maturity profile as context.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
dana holdings AuditCommitteeAccountingComplaintsPolicy_013108finance42
The Dana Holding Corporation Audit Committee Policy establishes procedures for receiving, reviewing, and addressing complaints regarding accounting and auditing matters. Employees can submit complaints confidentially and anonymously to the Audit Committee or an ethics helpline. The Office of Business Conduct will review complaints and determine if further investigation is warranted. Investigations will be conducted and results reported to the Audit Committee. No retaliation will occur against employees who report issues in good faith. Records of complaints will be retained for three years.
The document discusses Tenet Supply Chain Management's efforts to reduce costs. It describes the Medication Use Management program which uses strategies like evaluation, standardization, and utilization review to address high pharmacy spending therapeutic categories like antimicrobials and cardiovascular drugs. It also details initiatives to reduce costs for anticoagulants and hematopoietics. The MUM program has helped decrease Tenet's annual pharmacy spend over the last 4 years. Additionally, the document outlines Tenet's approach to rising orthopedic implant costs which includes custom pricing and educating surgeons, resulting in anticipated cost reductions of over $4 million in 2008.
Tenet Healthcare Corporation reported financial results for the second quarter of 2008, with a net loss of $15 million compared to a net loss of $30 million in the second quarter of 2007. Same-hospital admissions increased 1.9% year-over-year, the strongest growth in four years, driven by growth in commercial managed care admissions. Adjusted EBITDA increased 4.5% to $163 million. Tenet maintained its outlook for 2008 and $1 billion adjusted EBITDA target for 2009.
Tenet Healthcare Corporation reported financial results for the third quarter of 2006 with a net loss of $89 million compared to a net loss of $401 million in the third quarter of 2005. Admissions declined 3.3% year-over-year due to actions under Tenet's Targeted Growth Initiative and new Medicare admission criteria. Revenues decreased 1.5% to $2.117 billion due to increases in discounts provided to uninsured patients. However, pricing increases partially offset the impact of declining volumes, with net inpatient revenue per admission increasing 4.5% after adjusting for discounts provided to uninsured patients.
This document outlines amended and restated bylaws for Terex Corporation. Key points include:
- Procedures for annual and special stockholder meetings, including requirements for submitting nominations of directors and proposals.
- Requirements for providing notice of stockholder meetings and fixing the record date.
- Quorum requirements and voting procedures for stockholder actions.
- Conduct of stockholder meetings and allowance for voting by proxy.
The document is a supplemental earnings disclosure from SLM Corporation (Sallie Mae) for the quarter ending June 30, 2008. Some key details:
- For the quarter, Sallie Mae reported a GAAP net income of $266 million compared to a net loss of $104 million last quarter and net income of $966 million the same quarter last year.
- On a non-GAAP "Core Earnings" basis, Sallie Mae reported net income of $156 million for the quarter compared to $188 million last quarter and $189 million the same quarter last year.
- Average managed student loans for the quarter were $171.9 billion, up slightly from the previous quarter but
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.
- $380M of inventory and land-related impairment charges were incurred in 4Q 2008, with backlog falling to 2
The document summarizes KBR's acquisition of BE&K, Inc. for $550 million in cash. BE&K is an engineering, construction, and facilities services company with $2 billion in annual revenue and backlog. The acquisition expands KBR's construction, industrial services, and engineering capabilities. It doubles the size of KBR's industrial services and provides a commercial construction presence. The transaction is expected to be earnings neutral in 2008 and accretive thereafter, while achieving revenue and cost synergies.
Tenet Healthcare reported financial results for the first quarter of 2006 with net income of $15 million. While pricing increases helped offset revenue declines from falling volumes, particularly in commercial managed care, weak volumes continued to be a major challenge affecting profits. The company reported improvements in quality metrics and cost controls but significant cash outflows in the quarter due to unusual payments for litigation, restructuring, and 401k matching contributions. Tenet aims to boost volumes through quality initiatives to gain designations as Centers of Excellence from major health plans and consumer incentives for policyholders.
The document is a transcript of a conference call by Tenet Healthcare Corporation executives Trevor Fetter, Stephen Newman, and Biggs Porter on May 6, 2008 to discuss the company's financial results for the first quarter. Some key points:
1) Tenet saw positive same-hospital admissions growth for the second consecutive quarter and improved EBITDA margins, signs that the company's strategies are taking effect.
2) Physician recruitment efforts increased medical staff numbers and admissions from targeted physicians. Commercial pricing also improved due to contract negotiations.
3) Cost control measures helped boost profits. April volumes showed continued growth in admissions and outpatient visits.
4) Financial results met or exceeded expectations, putting Ten
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.
This annual report summarizes the financial performance in 2000 of USA Education, Inc., a company that provides student loans and related financial services. Some key highlights include operating income increasing 21% to $492 million compared to 1999, managed student loans growing 27% to $67.5 billion, and student loan origination through their own systems growing 42%. The report discusses their strategic focus on direct origination through school partnerships and improving the customer experience to continue strong financial results and better achieve their mission of making education affordable.
Tenet Healthcare Corporation operates 80 general hospitals across 13 states in the United States. In 2004, Tenet announced plans to divest 27 hospitals to focus resources on remaining core operations. By the end of 2004, Tenet had completed the divestiture of 18 hospitals and entered agreements to divest 4 more. Going forward, Tenet will focus on its remaining 69 general hospitals and related operations. Tenet aims to provide quality healthcare and adapt its strategies to changes in the regulatory and economic environment.
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.
- SLM Corporation will hold its Annual Shareholders' Meeting on May 15, 2003 at 11:00 am at its offices in Reston, Virginia.
- Shareholders are being asked to vote on electing the Board of Directors, amending the corporation's certificate of incorporation to increase authorized shares, and ratifying the appointment of PricewaterhouseCoopers LLP as independent auditors.
- Shareholders who owned stock as of March 17, 2003 are eligible to vote, and the meeting details and voting procedures are provided.
This document provides financial information for SLM Corporation for quarters ending September 30, 2006, June 30, 2006, and September 30, 2005 and for the nine month periods ending September 30, 2006 and 2005. It includes key metrics like net income, earnings per share, return on assets, and amounts of student loans on and off the balance sheet. The document also provides explanatory notes on items reported on a GAAP and "Core Earnings" non-GAAP basis and the impact of adopting new accounting standards.
This document provides financial information for SLM Corporation for the fourth quarter and full year of 2008. It shows that on a GAAP basis, SLM had a net loss of $216 million for Q4 2008 and $213 million for the full year. However, using a non-GAAP "Core Earnings" measure, SLM had net income of $65 million for Q4 2008 and $526 million for the full year. The document also provides information on SLM's loan portfolios, average loan balances, financial position, and key operating metrics.
- SLM Corporation reported a net loss of $1.6 billion for the quarter ending December 31, 2007 compared to a net loss of $344 million for the previous quarter.
- "Core earnings", which excludes certain one-time items, was a loss of $139 million for the quarter ending December 31, 2007 compared to core earnings of $259 million for the previous quarter.
- Total assets increased to $155.6 billion as of December 31, 2007 from $150.8 billion as of September 30, 2007, driven largely by growth in the student loan portfolio.
This document provides financial information for SLM Corporation for the quarters ending March 31, 2008, December 31, 2007 and March 31, 2007. Some key details include:
- For the quarter ending March 31, 2008, SLM Corporation reported a net loss of $104 million compared to a net loss of $1.6 billion for the quarter ending December 31, 2007 and net income of $116 million for the quarter ending March 31, 2007.
- "Core earnings" which excludes certain items, was a net income of $188 million for the quarter ending March 31, 2008, a net loss of $139 million for the quarter ending December 31, 2007 and a net income of $251 million for the quarter ending
Advance Auto Parts experienced strong growth in 2003, building momentum across key metrics. With over 2,500 stores in 39 states, Puerto Rico and the Virgin Islands, the company served over 200 million customers in 2003. Same store sales grew 3.1% as initiatives like expanded private brands and improved supply chain efficiencies increased the number of customers and average transaction size. Operating margins increased to 8.3% of sales, up from 7.2% the prior year. Earnings per share also grew substantially.
plains all american pipeline 2005 10-K part 2finance13
- The document provides financial and operating data for Plains All American Pipeline, L.P. for the years 2001-2005, including revenues, expenses, assets, liabilities, net income, cash flows, and common unit price and distribution information.
- It discusses that Plains All American's common units are publicly traded on the NYSE and provides unit price and distribution data for 2004-2005.
- It also summarizes Plains All American's cash distribution policy to unitholders and incentive distribution rights for its general partner.
The document is Crown Holdings' 2006 annual report. It includes:
1) An invitation for shareholders to attend Crown's annual meeting on April 26, 2007 to vote on proposals.
2) Financial highlights showing Crown's 2006 sales increased 4.6% over 2005 while income from continuing operations increased significantly.
3) A letter from the CEO stating Crown achieved solid results in 2006 despite challenges, and is well positioned for continued success and growth in 2007.
The document is Crown Holdings' 2006 annual report. It includes:
1) An invitation for shareholders to attend Crown's annual meeting on April 26, 2007.
2) Financial highlights showing Crown's 2006 sales increased 4.6% over 2005 while income from continuing operations increased significantly.
3) A letter from the CEO stating Crown achieved solid results in 2006 despite challenges, and is well positioned for continued success and growth in 2007.
The document is Crown Holdings' 2006 annual report. It includes:
1) An invitation for shareholders to attend Crown's annual meeting on April 26, 2007.
2) Financial highlights showing Crown's 2006 sales increased 4.6% over 2005 while income from continuing operations increased significantly.
3) A letter from the CEO stating Crown achieved solid results in 2006 despite challenges, and is well positioned for continued success and growth in 2007.
- Crown Holdings is inviting shareholders to attend its annual meeting on April 26, 2007 to review the 2006 Annual Report.
- In 2006, Crown Holdings saw a 4.6% increase in net sales to $6.982 billion. Income from continuing operations was $342 million compared to a loss of $320 million in 2005.
- The company faced challenges from increased commodity prices and lost beverage can volume in North America but overcame these issues, positioned itself well for 2007, and achieved overall positive results for 2006.
- Qwest Communications International Inc. reported financial results for the three months and full year ended December 31, 2007.
- For the quarter, revenue decreased 1.5% to $3.435 billion while net income increased 88.7% to $366 million.
- For the full year, revenue decreased 1% to $13.778 billion while net income increased significantly to $2.917 billion.
- SLM Corporation reported a net loss of $159 million for the quarter ended September 30, 2008 compared to net income of $266 million for the previous quarter and a net loss of $344 million for the same quarter last year.
- "Core earnings", which excludes certain one-time items, were $117 million for the quarter compared to $156 million for the previous quarter and $259 million for the same quarter last year.
- Total assets increased slightly to $165 billion from $164 billion at the end of the previous quarter.
This document provides supplemental financial information for SLM Corporation for Q3 2006. It includes their statement of income for Q3 2006, Q2 2006, Q3 2005, and the first nine months of 2006 and 2005. It shows interest income increased from $1.2 billion to $1.7 billion from Q3 2005 to Q3 2006. Net income was $263 million for Q3 2006. The document also provides adjustments to net income figures to exclude special one-time items.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging for beverages, food, personal care and household products globally. It saw organic volume growth in international beverage cans.
- Crown Holdings invested in new production facilities in regions with fast growing demand, such as the Middle East, Europe, Vietnam, Cambodia and Brazil, and expects continued momentum in 2008 with additional new capacity planned or under construction.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging for beverages, food, personal care and household products globally. It saw organic volume growth in international beverage cans.
- Crown Holdings invested in new production facilities in regions with fast growing demand, such as the Middle East, Europe, Vietnam, Cambodia and Brazil, and expects continued momentum in 2008 with additional new capacity planned or under construction.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging for beverages, food, personal care and household products globally. It saw organic volume growth in international beverage cans.
- Crown Holdings invested in new production facilities in regions with fast growing demand, such as the Middle East, Europe, Vietnam, Cambodia and Brazil, and expects continued momentum in 2008.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging and has operations in the Americas, Europe, and Asia-Pacific regions.
- For 2008, Crown Holdings expects continued momentum as demand remains strong and recently added production capacity in various regions comes online.
This document is the 2003 annual report financials for an unnamed company. It includes selected financial data from 1999-2003, including metrics like net revenue, income/loss from continuing operations, and income/loss per share. It also lists consolidated statement of operations data and consolidated balance sheet data for the same years. The financial data shows declining net revenue and losses from continuing operations in recent years. Notes provide additional context for restructuring charges and other factors impacting the yearly results.
The annual meeting of shareholders of Common Stock will be held on April 27, 2006 at 9:30 am at the Company's Corporate Headquarters in Philadelphia, Pennsylvania. Shareholders of record as of March 14, 2006 are entitled to vote. Shareholders are requested to sign and return proxy cards or vote by telephone or internet in advance of the meeting.
The annual meeting of shareholders of Common Stock will be held on April 27, 2006 at 9:30 am at the Company's Corporate Headquarters in Philadelphia, Pennsylvania. Shareholders of record as of March 14, 2006 are entitled to vote. Shareholders are requested to sign and return proxy cards or vote by telephone or internet in advance of the meeting.
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.
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.
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 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.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
1. SLM CORPORATION
Supplemental Earnings Disclosure
December 31, 2006
(Dollars in millions, except earnings per share)
Quarters ended Years ended
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
SELECTED FINANCIAL
INFORMATION AND RATIOS
GAAP Basis
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 18 $ 263 $ 431 $ 1,157 $ 1,382
Diluted earnings per common share(1)(2) . . . . $ .02 $ .60 $ .96 $ 2.63 $ 3.05
Return on assets . . . . . . . . . . . . . . . . . . . . . . .07% 1.10% 1.88% 1.22% 1.68%
“Core Earnings” Basis(3)
“Core Earnings” net income . . . . . . . . . . . . . $ 326 $ 321 $ 284 $ 1,253 $ 1,131
“Core Earnings” diluted earnings per
common share(1)(2) . . . . . . . . . . . . . . . . . . $ .74 $ .73 $ .63 $ 2.83 $ 2.51
“Core Earnings” return on assets . . . . . . . . . . .84% .86% .84% .86% .89%
OTHER OPERATING STATISTICS
Average on-balance sheet student loans . . . . . $ 91,522 $ 84,241 $ 82,914 $ 84,856 $ 74,724
Average off-balance sheet student loans. . . . . 47,252 48,226 38,497 46,336 41,220
Average Managed student loans . . . . . . . . . . $138,774 $132,467 $121,411 $131,192 $115,944
Ending on-balance sheet student loans, net . . $ 95,920 $ 88,038 $ 82,604
Ending off-balance sheet student loans, net . . 46,172 48,897 39,925
Ending Managed student loans, net . . . . . . . . $142,092 $136,935 $122,529
Ending Managed FFELP Stafford and Other
Student Loans, net . . . . . . . . . . . . . . . . . . $ 39,869 $ 39,787 $ 40,658
Ending Managed Consolidation Loans, net . . 79,635 75,947 65,434
Ending Managed Private Education Loans,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,588 21,201 16,437
Ending Managed student loans, net . . . . . . . . $142,092 $136,935 $122,529
(1)
In December 2004, the Company adopted the Emerging Issues Task Force (“EITF”) Issue No. 04-8, “The Effect of Contingently
Convertible Debt on Diluted Earnings per Share,” as it relates to the Company’s $2 billion in contingently convertible debt
instruments (“Co-Cos”) issued in May 2003. EITF No. 04-8 requires the shares underlying Co-Cos to be included in diluted earnings
per common share computations regardless of whether the market price trigger or the conversion price has been met, using the “if-
converted” method. The impact of Co-Cos to diluted earnings per common share is as follows:
Quarters ended Years ended
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Impact of Co-Cos on GAAP diluted earnings
$ —(A)
per common share . . . . . . . . . . . . . . . . . . $— $(.03) $(.03) $(.11)
Impact of Co-Cos on “Core Earnings” diluted
earnings per common share . . . . . . . . . . . . $(.01) $(.01) $(.02) $(.04) $(.07)
(A)
There is no impact on diluted earnings per common share because the effect of the assumed conversion is antidilutive.
1
2. (2)
During the first quarter of 2006, the Company adopted the Financial Accounting Standards Board’s (“FASB’s”) Statement of
Financial Accounting Standards (“SFAS”) No. 123(R), “Share-Based Payment,” which is a revision of SFAS No. 123, “Accounting
for Stock-Based Compensation.” SFAS No. 123(R) requires all share based payments to employees to be recognized in the income
statement based on their fair values. For the quarters ended December 31, 2006 and September 30, 2006, reported net income
attributable to common stock included $9 million and $10 million, respectively, related to stock option compensation expense, net of
related tax effects. The following table is a pro forma presentation of the Company’s results had SFAS No. 123(R) been in effect for
all periods presented.
Quarters ended Years ended
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Pro forma GAAP diluted earnings per common
share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.02 $.60 $.93 $2.63 $2.97
Pro forma “Core Earnings” diluted earnings per
common share . . . . . . . . . . . . . . . . . . . . . . . . $.74 $.73 $.61 $2.83 $2.43
(3)
See explanation of “Core Earnings” performance measures under “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net
Income.”
2
5. SLM CORPORATION
Segment and “Core Earnings”
Consolidated Statements of Income
(In thousands)
Quarter ended December 31, 2006
Corporate Total ‘‘Core Total
Lending DMO and Other Earnings” Adjustments GAAP
(unaudited)
Interest income:
FFELP Stafford and Other
Student Loans . . . . . . . . . . . $ 700,961 $ — $ — $ 700,961 $ (292,234) $ 408,727
Consolidation Loans . . . . . . . . 1,305,744 — — 1,305,744 (338,904) 966,840
Private Education Loans . . . . . 620,092 — — 620,092 (328,667) 291,425
Other loans . . . . . . . . . . . . . . . 26,556 — — 26,556 — 26,556
Cash and investments . . . . . . . 197,161 — 2,225 199,386 (58,231) 141,155
Total interest income . . . . . . . . . . 2,850,514 — 2,225 2,852,739 (1,018,036) 1,834,703
Total interest expense . . . . . . . . . 2,189,781 6,440 5,630 2,201,851 (739,118) 1,462,733
Net interest income . . . . . . . . . . . 660,733 (6,440) (3,405) 650,888 (278,918) 371,970
Less: provisions for losses . . . . . . 87,895 — 298 88,193 3,812 92,005
Net interest income after
provisions for losses . . . . . . . . 572,838 (6,440) (3,703) 562,695 (282,730) 279,965
Fee income . . . . . . . . . . . . . . . . . — 92,501 33,089 125,590 — 125,590
Collections revenue . . . . . . . . . . . — 57,473 — 57,473 405 57,878
Other income . . . . . . . . . . . . . . . 40,034 — 59,690 99,724 (80,090) 19,634
Total other income . . . . . . . . . . . 40,034 149,974 92,779 282,787 (79,685) 203,102
Operating expenses(1) . . . . . . . . . 164,289 91,833 71,567 327,689 25,058 352,747
Income before income taxes and
minority interest in net
earnings of subsidiaries . . . . . . 448,583 51,701 17,509 517,793 (387,473) 130,320
Income tax expense(2) . . . . . . . . . 165,976 19,178 6,429 191,583 (79,831) 111,752
Minority interest in net earnings
of subsidiaries . . . . . . . . . . . . . — 463 — 463 — 463
Net income . . . . . . . . . . . . . . . . . $ 282,607 $ 32,060 $11,080 $ 325,747 $ (307,642) $ 18,105
(1)
Operating expenses for the Lending, DMO, and Corporate and Other business segments include $8 million, $3 million, and $3 million,
respectively, of stock option compensation expense due to the implementation of SFAS No. 123(R) in the first quarter of 2006.
(2)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
5
6. Quarter ended September 30, 2006
Corporate Total ‘‘Core Total
Lending DMO and Other Earnings” Adjustments GAAP
(unaudited)
Interest income:
FFELP Stafford and Other Student
Loans . . . . . . . . . . . . . . . . . . . . . . . . $ 701,615 $ — $ — $ 701,615 $ (336,994) $ 364,621
Consolidation Loans . . . . . . . . . . . . . . . 1,241,999 — — 1,241,999 (325,908) 916,091
Private Education Loans . . . . . . . . . . . . . 557,787 — — 557,787 (303,040) 254,747
Other loans . . . . . . . . . . . . . . . . . . . . . . 24,550 — — 24,550 — 24,550
Cash and investments . . . . . . . . . . . . . . . 206,837 — 2,782 209,619 (68,536) 141,083
Total interest income . . . . . . . . . . . . . . . . . 2,732,788 — 2,782 2,735,570 (1,034,478) 1,701,092
Total interest expense . . . . . . . . . . . . . . . . 2,124,587 6,088 3,515 2,134,190 (770,919) 1,363,271
Net interest income . . . . . . . . . . . . . . . . . . 608,201 (6,088) (733) 601,380 (263,559) 337,821
Less: provisions for losses . . . . . . . . . . . . . 79,774 — (3) 79,771 (12,529) 67,242
Net interest income after provisions for
losses . . . . . . . . . . . . . . . . . . . . . . . . . . 528,427 (6,088) (730) 521,609 (251,030) 270,579
Fee income . . . . . . . . . . . . . . . . . . . . . . . — 122,556 38,848 161,404 — 161,404
Collections revenue . . . . . . . . . . . . . . . . . . — 57,744 — 57,744 169 57,913
Other income . . . . . . . . . . . . . . . . . . . . . . 46,074 — 40,988 87,062 244,793 331,855
Total other income . . . . . . . . . . . . . . . . . . 46,074 180,300 79,836 306,210 244,962 551,172
Operating expenses(1) . . . . . . . . . . . . . . . . 156,168 91,341 69,644 317,153 36,341 353,494
Income before income taxes and minority
interest in net earnings of subsidiaries . .. 418,333 82,871 9,462 510,666 (42,409) 468,257
Income tax expense(2) . . . . . . . . . . . . . . .. 154,783 30,662 3,502 188,947 14,739 203,686
Minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . . . . . .. — 1,099 — 1,099 — 1,099
Net income . . . . . . . . . . . . . . . . . . . . . .. $ 263,550 $ 51,110 $ 5,960 $ 320,620 $ (57,148) $ 263,472
(1)
Operating expenses for the Lending, DMO, and Corporate and Other business segments include $8 million, $4 million, and $4 million,
respectively, of stock option compensation expense due to the implementation of SFAS No. 123(R) in the first quarter of 2006.
(2)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
6
7. Quarter ended December 31, 2005
Corporate Total “Core Total
Lending(2) DMO(2) and Other(2) Earnings” Adjustments GAAP
(unaudited)
Interest income:
FFELP Stafford and Other Student
Loans . . . . . . . . . . . . . . . . . . . . . . . $ 619,987 $ — $ — $ 619,987 $(304,823) $ 315,164
Consolidation Loans . . . . . . . . . . . . . . 934,096 — — 934,096 (173,758) 760,338
Private Education Loans . . . . . . . . . . . . 373,801 — — 373,801 (169,809) 203,992
Other loans . . . . . . . . . . . . . . . . . . . . . 22,851 — — 22,851 — 22,851
Cash and investments . . . . . . . . . . . . . . 127,418 — 1,564 128,982 (39,061) 89,921
Total interest income . . . . . . . . . . . . . . . . 2,078,153 — 1,564 2,079,717 (687,451) 1,392,266
Total interest expense . . . . . . . . . . . . . . . 1,506,852 5,531 1,455 1,513,838 (511,705) 1,002,133
Net interest income . . . . . . . . . . . . . . . . . 571,301 (5,531) 109 565,879 (175,746) 390,133
Less: provisions for losses . . . . . . . . . . . . 69,243 — (7) 69,236 (3,918) 65,318
Net interest income after provisions for
losses . . . . . . . . . . . . . . . . . . . . . . . . . 502,058 (5,531) 116 496,643 (171,828) 324,815
Fee income . . . . . . . . . . . . . . . . . . . . . . — 98,839 21,555 120,394 — 120,394
Collections revenue . . . . . . . . . . . . . . . . . — 48,112 — 48,112 192 48,304
Other income . . . . . . . . . . . . . . . . . . . . . 37,696 — 28,355 66,051 384,995 451,046
Total other income . . . . . . . . . . . . . . . . . 37,696 146,951 49,910 234,557 385,187 619,744
Operating expenses . . . . . . . . . . . . . . . . . 138,778 83,920 55,895 278,593 18,070 296,663
Income before income taxes and minority
interest in net earnings of subsidiaries . . 400,976 57,500 (5,869) 452,607 195,289 647,896
Income tax expense(1) . . . . . . . . . . . . . . . 148,362 21,275 (2,172) 167,465 48,442 215,907
Minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . . . . . . — 954 — 954 — 954
Net income . . . . . . . . . . . . . . . . . . . . . . $ 252,614 $ 35,271 $ (3,697) $ 284,188 $ 146,847 $ 431,035
(1)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
(2)
In the first quarter of 2006, the Company changed its method for allocating certain Corporate and Other expenses to the other
business segments. All periods presented have been updated to reflect the new allocation methodology.
7
8. Year ended December 31, 2006
Corporate Total ‘‘Core Total
Lending DMO and Other Earnings” Adjustments GAAP
(unaudited)
Interest income:
FFELP Stafford and Other Student
Loans. . . . . . . . . . . . . . . . . . . . . . . $ 2,771,236 $ —$ — $ 2,771,236 $(1,362,298) $1,408,938
Consolidation Loans . . . . . . . . . . . . . . 4,690,060 — — 4,690,060 (1,144,203) 3,545,857
Private Education Loans . . . . . . . . . . . 2,092,068 — — 2,092,068 (1,070,847) 1,021,221
Other loans . . . . . . . . . . . . . . . . . . . . 97,954 — — 97,954 — 97,954
Cash and investments . . . . . . . . . . . . . 704,336 — 6,989 711,325 (208,323) 503,002
Total interest income . . . . . . . . . . . . . . . 10,355,654 — 6,989 10,362,643 (3,785,671) 6,576,972
Total interest expense . . . . . . . . . . . . . . . 7,877,263 23,150 11,768 7,912,181 (2,789,326) 5,122,855
Net interest income . . . . . . . . . . . . . . . . 2,478,391 (23,150) (4,779) 2,450,462 (996,345) 1,454,117
Less: provisions for losses . . . . . . . . . . . . 302,498 — 282 302,780 (15,818) 286,962
Net interest income after provisions for
losses . . . . . . . . . . . . . . . . . . . . . . . . 2,175,893 (23,150) (5,061) 2,147,682 (980,527) 1,167,155
Fee income . . . . . . . . . . . . . . . . . . . . . . — 396,830 132,100 528,930 — 528,930
Collections revenue . . . . . . . . . . . . . . . . — 238,970 — 238,970 859 239,829
Other income . . . . . . . . . . . . . . . . . . . . . 177,451 — 155,025 332,476 1,073,036 1,405,512
Total other income . . . . . . . . . . . . . . . . . 177,451 635,800 287,125 1,100,376 1,073,895 2,174,271
Operating expenses(1) . . . . . . . . . . . . . . . 645,057 357,797 249,958 1,252,812 93,340 1,346,152
Income before income taxes and minority
interest in net earnings of subsidiaries . . 1,708,287 254,853 32,106 1,995,246 28 1,995,274
Income tax expense(2) . . . . . . . . . . . . . . . 632,067 94,344 11,830 738,241 96,070 834,311
Minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . . . . . — 4,007 — 4,007 — 4,007
Net income . . . . . . . . . . . . . . . . . . . . . . $ 1,076,220 $156,502 $ 20,276 $ 1,252,998 $ (96,042) $1,156,956
(1)
Operating expenses for the Lending, DMO, and Corporate and Other business segments include $34 million, $12 million, and
$17 million, respectively, of stock option compensation expense due to the implementation of SFAS No. 123(R) in the first quarter of
2006.
(2)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
8
9. Year ended December 31, 2005
Corporate Total ‘‘Core Total
Lending(2) DMO(2) and Other(2) Earnings” Adjustments GAAP
(unaudited)
Interest income:
FFELP Stafford and Other Student
Loans. . . . . . . . . . . . . . . . . . . $2,298,256 $ — $ — $2,298,256 $(1,283,405) $1,014,851
Consolidation Loans . . . . . . . . . . 3,014,383 — — 3,014,383 (514,375) 2,500,008
Private Education Loans . . . . . . . 1,160,239 — — 1,160,239 (526,355) 633,884
Other loans . . . . . . . . . . . . . . . . 84,664 — — 84,664 — 84,664
Cash and investments . . . . . . . . . 395,613 — 4,734 400,347 (123,591) 276,756
Total interest income . . . . . . . . . . . 6,953,155 — 4,734 6,957,889 (2,447,726) 4,510,163
Total interest expense . . . . . . . . . . . 4,797,271 19,176 5,998 4,822,445 (1,763,727) 3,058,718
Net interest income . . . . . . . . . . . . 2,155,884 (19,176) (1,264) 2,135,444 (683,999) 1,451,445
Less: provisions for losses . . . . . . . . 138,026 — 177 138,203 64,803 203,006
Net interest income after provisions
for losses . . . . . . . . . . . . . . . . . . 2,017,858 (19,176) (1,441) 1,997,241 (748,802) 1,248,439
Fee income . . . . . . . . . . . . . . . . . . — 359,907 115,477 475,384 — 475,384
Collections revenue . . . . . . . . . . . . — 166,648 — 166,648 192 166,840
Other income . . . . . . . . . . . . . . . . . 109,700 1 126,086 235,787 1,129,341 1,365,128
Total other income . . . . . . . . . . . . . 109,700 526,556 241,563 877,819 1,129,533 2,007,352
Operating expenses. . . . . . . . . . . . . 547,405 287,050 235,430 1,069,885 68,443 1,138,328
Income before income taxes and
minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . 1,580,153 220,330 4,692 1,805,175 312,288 2,117,463
Income tax expense(1) . . . . . . . . . . . 584,657 81,522 1,736 667,915 60,852 728,767
Minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . 1,749 4,403 — 6,152 260 6,412
Net income . . . . . . . . . . . . . . . . . . $ 993,747 $134,405 $ 2,956 $1,131,108 $ 251,176 $1,382,284
(1)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
(2)
In the first quarter of 2006, the Company changed its method for allocating certain Corporate and Other expenses to the other
business segments. All periods presented have been updated to reflect the new allocation methodology.
9
10. SLM CORPORATION
Reconciliation of “Core Earnings” Net Income to GAAP Net Income
(In thousands, except per share amounts)
Quarters ended Years ended
December 31, September 30, December 31, December 31, December 31,
2006 2006 2005 2006 2005
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
“Core Earnings” net income(A) . . . $ 325,747 $ 320,620 $284,188 $1,252,998 $1,131,108
“Core Earnings” adjustments:
Net impact of securitization
accounting . . . . . . . . . . . . . . . (67,984) 159,468 117,520 532,506 (60,069)
Net impact of derivative
accounting . . . . . . . . . . . . . . . (242,614) (112,699) 149,755 (229,452) 637,460
Net impact of Floor Income . . . . (51,762) (52,781) (56,108) (209,445) (203,943)
Net impact of acquired
intangibles(B) . . . . . . . . . . . . . (25,113) (36,397) (15,878) (93,581) (61,160)
Total “Core Earnings” adjustments
before income taxes and
minority interest in net earnings
of subsidiaries . . . . . . . . . . . . . . (387,473) (42,409) 195,289 28 312,288
Net tax effect(C) . . . . . . . . . . . . . . . 79,831 (14,739) (48,442) (96,070) (60,852)
Total “Core Earnings” adjustments
before minority interest in net
earnings of subsidiaries . . . . . . . (307,642) (57,148) 146,847 (96,042) 251,436
Minority interest in net earnings of
subsidiaries . . . . . . . . . . . . . . . . — — — — (260)
Total “Core Earnings”
adjustments . . . . . . . . . . . . . . . . (307,642) (57,148) 146,847 (96,042) 251,176
GAAP net income . . . . . . . . . . . . $ 18,105 $ 263,472 $431,035 $1,156,956 $1,382,284
GAAP diluted earnings per
common share . . . . . . . . . . . . . . $ .02 $ .60 $ .96 $ 2.63 $ 3.05
(A)
“Core Earnings” diluted earnings per
common share . . . . . . . . . . . . . . . . . $ .74 $ .73 $ .63 $ 2.83 $ 2.51
(B)
Represents goodwill and intangible impairment and the amortization of acquired intangibles.
(C)
Such tax effect is based upon the Company’s “Core Earnings” effective tax rate for the year. The net tax effect results primarily from
the exclusion of the permanent income tax impact of the equity forward contracts.
“Core Earnings”
In accordance with the Rules and Regulations of the Securities and Exchange Commission (“SEC”), we
prepare financial statements in accordance with generally accepted accounting principles in the United States
of America (“GAAP”). In addition to evaluating the Company’s GAAP-based financial information, manage-
ment evaluates the Company’s business segments on a basis that, as allowed under SFAS No. 131, “Disclo-
sures about Segments of an Enterprise and Related Information,” differs from GAAP. We refer to
management’s basis of evaluating our segment results as “Core Earnings” presentations for each business
segment and we refer to this information in our presentations with credit rating agencies and lenders. While
“Core Earnings” are not a substitute for reported results under GAAP, we rely on “Core Earnings” to manage
each operating segment because we believe these measures provide additional information regarding the
operational and performance indicators that are most closely assessed by management.
10
11. Our “Core Earnings” are the primary financial performance measures used by management to evaluate
performance and to allocate resources. Accordingly, financial information is reported to management on a
“Core Earnings” basis by reportable segment, as these are the measures used regularly by our chief operating
decision maker. Our “Core Earnings” are used in developing our financial plans and tracking results, and also
in establishing corporate performance targets and determining incentive compensation. Management believes
this information provides additional insight into the financial performance of the Company’s core business
activities. Our “Core Earnings” are not defined terms within GAAP and may not be comparable to similarly
titled measures reported by other companies. “Core Earnings” reflect only current period adjustments to GAAP
as described below. Accordingly, the Company’s “Core Earnings” presentation does not represent another
comprehensive basis of accounting. A more detailed discussion of the differences between GAAP and “Core
Earnings” follows.
Limitations of “Core Earnings”
While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above,
management believes that “Core Earnings” are an important additional tool for providing a more complete
understanding of the Company’s results of operations. Nevertheless, “Core Earnings” are subject to certain
general and specific limitations that investors should carefully consider. For example, as stated above, unlike
financial accounting, there is no comprehensive, authoritative guidance for management reporting. Our “Core
Earnings” are not defined terms within GAAP and may not be comparable to similarly titled measures
reported by other companies. Unlike GAAP, “Core Earnings” reflect only current period adjustments to GAAP.
Accordingly, the Company’s “Core Earnings” presentation does not represent a comprehensive basis of
accounting. Investors, therefore, may not compare our Company’s performance with that of other financial
services companies based upon “Core Earnings.” “Core Earnings” results are only meant to supplement GAAP
results by providing additional information regarding the operational and performance indicators that are most
closely used by management, the Company’s board of directors, rating agencies and lenders to assess
performance.
Other limitations arise from the specific adjustments that management makes to GAAP results to derive
“Core Earnings” results. For example, in reversing the unrealized gains and losses that result from
SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” on derivatives that do not
qualify for “hedge treatment,” as well as on derivatives that do qualify but are in part ineffective because they
are not perfect hedges, we focus on the long-term economic effectiveness of those instruments relative to the
underlying hedged item and isolate the effects of interest rate volatility, changing credit spreads and changes
in our stock price on the fair value of such instruments during the period. Under GAAP, the effects of these
factors on the fair value of the derivative instruments (but not on the underlying hedged item) tend to show
more volatility in the short term. While our presentation of our results on a Managed Basis provides important
information regarding the performance of our Managed portfolio, a limitation of this presentation is that we
are presenting the ongoing spread income on loans that have been sold to a trust managed by us. While we
believe that our Managed Basis presentation presents the economic substance of our Managed loan portfolio, it
understates earnings volatility from securitization gains. Our “Core Earnings” results exclude certain Floor
Income, which is real cash income, from our reported results and therefore may understate earnings in certain
periods. Management’s financial planning and valuation of operating results, however, does not take into
account Floor Income because of its inherent uncertainty, except when it is economically hedged through Floor
Income Contracts.
Pre-Tax Differences between “Core Earnings” and GAAP
Our “Core Earnings” are the primary financial performance measures used by management to evaluate
performance and to allocate resources. Accordingly, financial information is reported to management on a
“Core Earnings” basis by reportable segment, as these are the measures used regularly by our chief operating
decision maker. Our “Core Earnings” are used in developing our financial plans and tracking results, and also
in establishing corporate performance targets and determining incentive compensation. Management believes
this information provides additional insight into the financial performance of the Company’s core business
11
12. activities. “Core Earnings” reflect only current period adjustments to GAAP, as described in the more detailed
discussion of the differences between GAAP and “Core Earnings” that follows, which includes further detail
on each specific adjustment required to reconcile our “Core Earnings” segment presentation to our GAAP
earnings.
1) Securitization Accounting: Under GAAP, certain securitization transactions in our Lending operating
segment are accounted for as sales of assets. Under “Core Earnings” for the Lending operating
segment, we present all securitization transactions on a Managed Basis as long-term non-recourse
financings. The upfront “gains” on sale from securitization transactions as well as ongoing “servicing
and securitization revenue” presented in accordance with GAAP are excluded from “Core Earnings”
and are replaced by the interest income, provisions for loan losses, and interest expense as they are
earned or incurred on the securitization loans. We also exclude transactions with our off-balance sheet
trusts from “Core Earnings” as they are considered intercompany transactions on a Managed Basis.
2) Derivative Accounting: “Core Earnings” exclude periodic unrealized gains and losses arising
primarily in our Lending business segment, and to a lesser degree in our Corporate and Other business
segment, that are caused primarily by the one-sided mark-to-market derivative valuations prescribed
by SFAS No. 133 on derivatives that do not qualify for “hedge treatment” under GAAP. Under “Core
Earnings,” we recognize the economic effect of these hedges, which generally results in any cash paid
or received being recognized ratably as an expense or revenue over the hedged item’s life. “Core
Earnings” also exclude the gain or loss on equity forward contracts that under SFAS No. 133 are
required to be accounted for as derivatives and marked-to-market through earnings.
3) Floor Income: The timing and amount (if any) of Floor Income earned in our Lending operating
segment is uncertain and in excess of expected spreads. Therefore, we exclude such income from
“Core Earnings” when it is not economically hedged. We employ derivatives, primarily Floor Income
Contracts and futures, to economically hedge Floor Income. As discussed above in “Derivative
Accounting,” these derivatives do not qualify as effective accounting hedges, and therefore, under
GAAP, they are marked-to-market through the “gains (losses) on derivative and hedging activities,
net” line on the income statement with no offsetting gain or loss recorded for the economically hedged
items. For “Core Earnings,” we reverse the fair value adjustments on the Floor Income Contracts and
futures economically hedging Floor Income and include the amortization of net premiums received in
income.
4) Acquired Intangibles: We exclude goodwill and intangible impairment and the amortization of
acquired intangibles.
12