Sallie Mae 2002 Annual Report Download - page 4
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Please find page 4 of the 2002 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Financial Highlights(1)
(Dollars in millions, e xce pt share and pe r s hare amo unts)
Increas e
(decreas e)
2002 2001 %
At December 31:
On-balance sheet student loans, net $42,339 $41,001
Off-balance sheet student loans, net 35,785 30,725
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Managed student loans, net $78,124 $ 71,726 9
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Fo r the years ended Dec ember 31:
Net income $ 792 $ 38 4 106
Diluted earnings per common share $ 4.93 $ 2.28 116
Pro-forma “core cash”(1) net income $ 690 $ 624 11
Pro-forma “core cash”(1) diluted earnings per common share $ 4.29 $ 3.75 14
Dividends per common share $ .85 $ .73 16
Average common and common equivalent shares outstanding 158,173,386 163,399,582 (3)
(1) The pro-fo rma “ co re cash” pre se ntations as we ll as the state me nts co nce rning “ co re cash” re sults in the fo llowing le tte rs are no t prepare d in
acco rdance with Ge ne rally Acce pte d Acco unting Principle s (“ GAAP” ). Se e pag e s 14 and 15 for a prese ntatio n o f GAAP Conso lidate d Balance She e ts and
State me nts of Inco me ; page 16 for a Re co nciliatio n o f GAAP Ne t Inco me to “ Co re Cash” Ne t Inco me ; and pag e 17 for an e xplanatio n o f the diffe rence s
be twe e n GAAP and “ co re cas h” re sults.
$4.5—
4.0—
3.5—
3.0—
2.5—
2.0—
1.5—
Diluted EPS
“Core Cash”(1) Diluted EPS
$ 8 00 —
700 —
60 0 —
500 —
400 —
300 —
Net Income
“Core Cash”(1) Net Income
(In millio ns)
$ 80 —
70 —
60 —
50 —
40 —
30 —
20 —
Ending Managed
Student Loans, Net
(In billio ns)
98 99 00 01 02
98 99 00 01 02 98 99 00 01 02
$700 —
600 —
500 —
400 —
300 —
200 —
100 —
— 50%
— 40
— 30
— 20
— 10
“Core Cash”(1) Operating Efficiency
“Core Cash”(1) Operating Expenses
(In millions)
98 99 00 01 02