Company Quick10K Filing
Quick10K
Nelnet
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-17 Other Events
8-K 2019-05-23 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-14 Enter Agreement, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2018-11-08 Earnings, Officers, Exhibits
8-K 2018-09-25 Regulation FD, Other Events, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-06-28 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-05-24 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-04-17 Other Events, Exhibits
8-K 2018-02-07 Regulation FD, Other Events, Exhibits
SYF Synchrony Financial 21,941
CACC Credit Acceptance 8,634
PPDF Ppdai Group 6,062
DNB DUN & Bradstreet 4,624
TREE LendingTree 3,903
WRLD World Acceptance 1,284
ONDK On Deck Capital 255
ELVT Elevate Credit 194
HJV MS Structured Saturns Series 2002-14 0
COOP Cooperative Bankshares 0
NNI 2019-06-30
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-3.2 compositethirdamendedand.htm
EX-10.1 exhibit101redactedamen.htm
EX-10.2 exhibit102redactedinte.htm
EX-10.7 ubthudlnnisubordinationa.htm
EX-31.1 nni-63019xex311.htm
EX-31.2 nni-63019xex312.htm
EX-32 nni-63019xex32.htm

Nelnet Earnings 2019-06-30

NNI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 2019 
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 July 31, 2019, there were 28,403,007 and 11,279,641 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
June 30, 2019


 
 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
 June 30, 2019December 31, 2018
Assets:  
Loans receivable (net of allowance for loan losses of $62,591 and $60,388, respectively)
$21,455,758 22,377,142 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party14,065 9,472 
Cash and cash equivalents - held at a related party70,335 111,875 
Total cash and cash equivalents84,400 121,347 
Investments and notes receivable221,936 249,370 
Restricted cash690,580 701,366 
Restricted cash - due to customers279,017 369,678 
Accrued interest receivable724,011 679,197 
Accounts receivable (net of allowance for doubtful accounts of $4,054 and $3,271, respectively)
65,414 59,531 
Goodwill156,912 156,912 
Intangible assets, net97,477 114,290 
Property and equipment, net337,418 344,784 
Other assets106,647 45,533 
Fair value of derivative instruments230 1,818 
Total assets$24,219,800 25,220,968 
Liabilities:  
Bonds and notes payable$21,294,192 22,218,740 
Accrued interest payable56,471 61,679 
Other liabilities263,502 256,092 
Due to customers279,017 369,678 
Total liabilities21,893,182 22,906,189 
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 28,399,526
     shares and 28,798,464 shares, respectively
284 288 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     11,279,641 shares and 11,459,641 shares, respectively
113 115 
Additional paid-in capital1,670 622 
Retained earnings2,317,115 2,299,556 
Accumulated other comprehensive earnings3,144 3,883 
Total Nelnet, Inc. shareholders' equity2,322,326 2,304,464 
Noncontrolling interests4,292 10,315 
Total equity2,326,618 2,314,779 
Total liabilities and equity$24,219,800 25,220,968 
Supplemental information - assets and liabilities of consolidated education and other lending variable interest entities:
Loans receivable$21,498,948 22,359,655 
Restricted cash657,953 677,611 
Loan accrued interest receivable and other assets724,227 679,735 
Bonds and notes payable(21,276,901)(22,146,374)
Accrued interest payable and other liabilities (202,371)(163,327)
Net assets of consolidated education and other lending variable interest entities$1,401,856 1,407,300 
See accompanying notes to consolidated financial statements.

2


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(unaudited)
 Three months endedSix months ended
 June 30,June 30, 
 2019201820192018
Interest income:    
Loan interest$238,222 223,371 480,555 421,094 
Investment interest8,566 5,818 16,819 10,952 
Total interest income246,788 229,189 497,374 432,046 
Interest expense:  
Interest on bonds and notes payable186,963 171,450 378,733 306,999 
Net interest income59,825 57,739 118,641 125,047 
Less provision for loan losses9,000 3,500 16,000 7,500 
Net interest income after provision for loan losses50,825 54,239 102,641 117,547 
Other income:  
Loan servicing and systems revenue113,985 114,545 228,883 214,687 
Education technology, services, and payment processing revenue
60,342 48,742 139,502 108,963 
Communications revenue15,758 10,320 30,300 19,509 
Other income16,152 9,580 25,219 28,135 
Derivative market value adjustments and derivative settlements, net
(24,088)17,031 (35,628)83,829 
Total other income182,149 200,218 388,276 455,123 
Cost of services:
Cost to provide education technology, services, and payment processing services
15,871 11,317 36,930 25,000 
Cost to provide communications services5,101 3,865 9,860 7,583 
Total cost of services20,972 15,182 46,790 32,583 
Operating expenses:    
Salaries and benefits111,214 111,118 222,272 207,760 
Depreciation and amortization24,484 21,494 48,697 39,951 
Loan servicing fees to third parties3,156 3,204 6,049 6,341 
Other expenses42,261 40,409 83,184 73,826 
Total operating expenses181,115 176,225 360,202 327,878 
Income before income taxes30,887 63,050 83,925 212,209 
Income tax expense6,209 13,511 17,600 49,487 
Net income24,678 49,539 66,325 162,722 
Net (income) loss attributable to noncontrolling interests
(59)(104)(115)637 
Net income attributable to Nelnet, Inc.
$24,619 49,435 66,210 163,359 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$0.61 1.21 1.65 3.99 
Weighted average common shares outstanding - basic and diluted
40,050,065 40,886,617 40,210,787 40,918,396 

See accompanying notes to consolidated financial statements.

3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months endedSix months ended
June 30,June 30,
2019201820192018
Net income$24,678 49,539 66,325 162,722 
Other comprehensive loss:
Available-for-sale securities:
Unrealized holding losses arising during period, net of gains(537)(413)(972)(1,474)
Reclassification adjustment for gains recognized in net income, net of losses
 (5) (52)
Income tax effect129 100 233 356 
Total other comprehensive loss(408)(318)(739)(1,170)
Comprehensive income24,270 49,221 65,586 161,552 
Comprehensive (income) loss attributable to noncontrolling interests(59)(104)(115)637 
Comprehensive income attributable to Nelnet, Inc.$24,211 49,117 65,471 162,189 

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 March 31, 2018  29,289,689 11,468,587 $ 293 115 448 2,231,875 3,022 9,473 2,245,226 
Issuance of noncontrolling interests— — — — — — — — — 495 495 
Net income— — — — — — — 49,435 — 104 49,539 
Other comprehensive loss— — — — — — — — (318)— (318)
Distribution to noncontrolling interests— — — — — — — — — (238)(238)
Cash dividend on Class A and Class B common stock - $0.16 per share— — — — — — — (6,508)— — (6,508)
Issuance of common stock, net of forfeitures— 134,933 — — 1 — 1,910 — — — 1,911 
Compensation expense for stock based awards— — — — — — 1,506 — — — 1,506 
Repurchase of common stock— (93,620)— — (1)— (1,278)(3,631)— — (4,910)
Balance as of June 30, 2018 29,331,002 11,468,587 $ 293 115 2,586 2,271,171 2,704 9,834 2,286,703 
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 
Issuance of noncontrolling interests— — — — — — — — — 26 26 
Net income— — — — — — — 24,619 — 59 24,678 
Other comprehensive loss— — — — — — — — (408)— (408)
Distribution to noncontrolling interests— — — — — — — — — (91)(91)
Cash dividend on Class A and Class B common stock - $0.18 per share— — — — — — — (7,172)— — (7,172)
Issuance of common stock, net of forfeitures— 10,138 — — — — 1,384 — — — 1,384 
Compensation expense for stock based awards— — — — — — 1,590 — — —