Company Quick10K Filing
Nelnet
Price65.94 EPS3
Shares40 P/E22
MCap2,644 P/FCF19
Net Debt-1,138 EBIT694
TEV1,506 TEV/EBIT2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
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8-K 2020-06-18
8-K 2020-05-22
8-K 2020-05-20
8-K 2020-05-07
8-K 2020-03-30
8-K 2020-03-19
8-K 2020-03-18
8-K 2020-02-27
8-K 2019-12-16
8-K 2019-11-25
8-K 2019-11-12
8-K 2019-11-07
8-K 2019-08-08
8-K 2019-06-17
8-K 2019-05-23
8-K 2019-05-14
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-02-27
8-K 2018-11-08
8-K 2018-09-25
8-K 2018-08-07
8-K 2018-06-28
8-K 2018-05-24
8-K 2018-05-08
8-K 2018-04-17
8-K 2018-02-27
8-K 2018-02-07

NNI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 nni-3312020xex311.htm
EX-31.2 nni-3312020xex312.htm
EX-32 nni-3312020xex32.htm

Nelnet Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420162019
Rev, G Profit, Net Income
2.21.30.4-0.4-1.3-2.22012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020 
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to . 
Commission File Number: 001-31924
NELNET, INC.
(Exact name of registrant as specified in its charter)
Nebraska
84-0748903
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
121 South 13th Street, Suite 100
Lincoln,Nebraska68508
(Address of principal executive offices)
(Zip Code)
(402) 458-2370
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $0.01 per ShareNNINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer                                                Accelerated filer
Non-accelerated filer      Smaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
As of April 30, 2020, there were 27,903,522 and 11,271,609 shares of Class A Common Stock and Class B Common Stock, par value $0.01 per share, outstanding, respectively (excluding a total of 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries).




NELNET, INC.
FORM 10-Q
INDEX
March 31, 2020


 
 Item 1.
 Item 2.
 Item 3.
 Item 4.
    
 
Item 1.
 Item 1A.
 Item 2.
 Item 6.
    
 






PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(unaudited)
 
As of
As of
 March 31, 2020December 31, 2019
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $208,868 and
   $61,914, respectively)
$21,158,208  21,402,868  
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party16,045  13,922  
Cash and cash equivalents - held at a related party188,799  119,984  
Total cash and cash equivalents204,844  133,906  
Investments 253,939  247,099  
Restricted cash675,589  650,939  
Restricted cash - due to customers219,905  437,756  
Accounts receivable (net of allowance for doubtful accounts of $5,142 and $4,455, respectively)
63,206  115,391  
Goodwill156,912  156,912  
Intangible assets, net74,127  81,532  
Property and equipment, net351,097  348,259  
Other assets122,801  134,308  
Total assets$23,280,628  23,708,970  
Liabilities:  
Bonds and notes payable$20,466,730  20,529,054  
Accrued interest payable43,874  47,285  
Other liabilities224,319  303,781  
Due to customers219,905  437,756  
Total liabilities20,954,828  21,317,876  
Commitments and contingencies
Equity:
  Nelnet, Inc. shareholders' equity:  
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding
    
Common stock:
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 28,582,032
     shares and 28,458,495 shares, respectively
286  285  
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     11,271,609 shares
113  113  
Additional paid-in capital9,140  5,715  
Retained earnings2,310,282  2,377,627  
Accumulated other comprehensive earnings859  2,972  
Total Nelnet, Inc. shareholders' equity2,320,680  2,386,712  
Noncontrolling interests5,120  4,382  
Total equity2,325,800  2,391,094  
Total liabilities and equity$23,280,628  23,708,970  
Supplemental information - assets and liabilities of consolidated education and other lending variable interest entities:
Loans and accrued interest receivable$21,180,424  21,399,382  
Restricted cash659,624  639,816  
Other assets30  31  
Bonds and notes payable(20,625,388) (20,742,798) 
Accrued interest payable and other liabilities (108,801) (162,494) 
Net assets of consolidated education and other lending variable interest entities$1,105,889  1,133,937  
See accompanying notes to consolidated financial statements.
2



NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share data)
(unaudited)
 Three months ended
 March 31,
 20202019
Interest income:  
Loan interest$181,793  242,333  
Investment interest7,398  8,253  
Total interest income189,191  250,586  
Interest expense: 
Interest on bonds and notes payable134,118  191,770  
Net interest income55,073  58,816  
Less provision for loan losses76,299  7,000  
Net interest income after provision for loan losses(21,226) 51,816  
Other income/expense:   
Loan servicing and systems revenue112,735  114,898  
Education technology, services, and payment processing revenue
83,675  79,159  
Communications revenue18,181  14,543  
Gain on sale of loans18,206    
Other income8,281  9,067  
Impairment expense(34,087)   
Derivative market value adjustments and derivative settlements, net
(16,365) (11,539) 
Total other income/expense190,626  206,128  
Cost of services:
Cost to provide education technology, services, and payment processing services
22,806  21,059  
Cost to provide communications services5,582  4,759  
Total cost of services28,388  25,818  
Operating expenses:      
Salaries and benefits119,878  111,059  
Depreciation and amortization27,648  24,213  
Other expenses43,384  43,816  
Total operating expenses190,910  179,088  
(Loss) income before income taxes(49,898) 53,038  
Income tax benefit (expense)10,133  (11,391) 
Net (loss) income(39,765) 41,647  
Net income attributable to noncontrolling interests
(767) (56) 
Net (loss) income attributable to Nelnet, Inc.
$(40,532) 41,591  
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted
$(1.01) 1.03  
Weighted average common shares outstanding - basic and diluted
39,955,514  40,373,295  

See accompanying notes to consolidated financial statements.
3



NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Dollars in thousands)
(unaudited)
Three months ended
March 31,
20202019
Net (loss) income$(39,765) 41,647  
Other comprehensive loss:
Available-for-sale securities:
Unrealized holding losses arising during period, net of gains(3,015) (436) 
Reclassification adjustment for losses recognized in net income
235    
Income tax effect667  105  
Total other comprehensive loss(2,113) (331) 
Comprehensive (loss) income(41,878) 41,316  
Comprehensive income attributable to noncontrolling interests(767) (56) 
Comprehensive (loss) income attributable to Nelnet, Inc.$(42,645) 41,260  

See accompanying notes to consolidated financial statements.
4



NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except share data)
(unaudited)
 
Nelnet, Inc. Shareholders
 Preferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockAdditional paid-in capital Retained earningsAccumulated other comprehensive (loss) earningsNoncontrolling interestsTotal equity
 Class AClass B
Balance as of December 31, 2018    28,798,464  11,459,641  $  288  115  622  2,299,556  3,883  10,315  2,314,779  
Issuance of noncontrolling interests—  —  —  —  —  —  —  —  —  26  26  
Net income—  —  —  —  —  —  —  41,591  —  56  41,647  
Other comprehensive loss—  —  —  —  —  —  —  —  (331) —  (331) 
Distribution to noncontrolling interests—  —  —  —  —  —  —  —  —  (22) (22) 
Cash dividend on Class A and Class B common stock - $0.18 per share
—  —  —  —  —  —  —  (7,232) —  —  (7,232) 
Issuance of common stock, net of forfeitures—  131,391  —  —  1  —  2,493  —  —  —  2,494  
Compensation expense for stock based awards—  —  —  —  —  —  1,368  —  —  —  1,368  
Repurchase of common stock—  (301,327) —  —  (3) —  (3,847) (12,508) —  —  (16,358) 
Impact of adoption of new accounting standard—  —  —  —  —  —  —  —  —  (6,077) (6,077) 
Balance as of March 31, 2019  28,628,528  11,459,641  $  286  115  636  2,321,407  3,552  4,298  2,330,294  
Balance as of December 31, 2019    28,458,495  11,271,609  $  285  113  5,715  2,377,627  2,972  4,382  2,391,094  
Issuance of noncontrolling interests—  —  —  —  —  —  —  —  —  26  26  
Net (loss) income—  —  —  —  —  —  —  (40,532) —  767  (39,765) 
Other comprehensive loss—  —  —  —  —  —  —  —  (2,113) —  (2,113) 
Distribution to noncontrolling interests—  —  —  —  —  —  —  —  —  (55) (55) 
Cash dividend on Class A and Class B common stock - $0.20 per share
—  —  —  —  —  —  —  (7,946) —  —  (7,946) 
Issuance of common stock, net of forfeitures—  148,422  —  —  1  —  2,940  —  —  —  2,941  
Compensation expense for stock based awards—  —  —  —  —  —  1,738  —  —  —  1,738  
Repurchase of common stock—  (24,885) —  —  —  —  (1,253) —  —  —  (1,253) 
Impact of adoption of new accounting standard—  —  —  —  —  —  —  (18,867) —  —  (18,867) 
Balance as of March 31, 2020  28,582,032  11,271,609  $  286  113  9,140  2,310,282  859  5,120  2,325,800