Sallie Mae 2011 Annual Report Download - page 34
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Results of Operations
We present the results of operations first on a consolidated basis in accordance with GAAP. As discussed
earlier, we have four business segments, Consumer Lending, Business Services, FFELP Loans and Other. Since
these segments operate in distinct business environments, the discussion following the Consolidated Earnings
Summary is presented on a segment basis and is shown on a “Core Earnings” basis. See Item 1 “Business —
Business Segments” for further discussion on the components of each segment.
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