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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, 2022 
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
nni-20220331_g1.jpg
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, 2022, there were 26,994,698 and 10,674,892 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, 2022







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, 2022December 31, 2021
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $117,825 and
   $127,113, respectively)
$17,621,576 18,335,197 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party36,111 30,128 
Cash and cash equivalents - held at a related party126,674 95,435 
Total cash and cash equivalents162,785 125,563 
Investments1,649,578 1,588,919 
Restricted cash757,954 741,981 
Restricted cash - due to customers256,927 326,645 
Accounts receivable (net of allowance for doubtful accounts of $1,098 and $1,160, respectively)
144,902 163,315 
Goodwill142,092 142,092 
Intangible assets, net49,544 52,029 
Property and equipment, net120,779 119,413 
Other assets83,604 82,887 
Total assets$20,989,741 21,678,041 
Liabilities:  
Bonds and notes payable$16,736,701 17,631,089 
Accrued interest payable7,216 4,566 
Bank deposits484,047 344,315 
Other liabilities400,523 379,231 
Due to customers276,191 366,002 
Total liabilities17,904,678 18,725,203 
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 27,151,270
     shares and 27,239,654 shares, respectively
272 272 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,674,892 shares and 10,676,642 shares, respectively
107 107 
Additional paid-in capital1,208 1,000 
Retained earnings3,092,226 2,940,523 
Accumulated other comprehensive (loss) earnings, net(5,500)9,304 
Total Nelnet, Inc. shareholders' equity3,088,313 2,951,206 
Noncontrolling interests(3,250)1,632 
Total equity3,085,063 2,952,838 
Total liabilities and equity$20,989,741 21,678,041 
Supplemental information - assets and liabilities of consolidated education and other lending
     variable interest entities:
Loans and accrued interest receivable$17,162,119 17,981,414 
Restricted cash666,369 674,073 
Bonds and notes payable(16,660,541)(17,462,456)
Accrued interest payable and other liabilities(48,267)(36,276)
Net assets of consolidated education and other lending variable interest entities$1,119,680 1,156,755 
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 ended
 March 31,
 20222021
Interest income:  
Loan interest$111,377 124,117 
Investment interest13,819 4,986 
Total interest income125,196 129,103 
Interest expense on bonds and notes payable and bank deposits48,079 27,773 
Net interest income77,117 101,330 
Less negative provision for loan losses(435)(17,048)
Net interest income after provision for loan losses77,552 118,378 
Other income/expense: 
Loan servicing and systems revenue136,368 111,517 
Education technology, services, and payment processing revenue112,286 95,258 
Other9,877 (2,168)
Gain on sale of loans2,989  
Derivative market value adjustments and derivative settlements, net142,925 34,505 
Total other income/expense404,445 239,112 
Cost to provide education technology, services, and payment processing services35,545 27,052 
Operating expenses:  
Salaries and benefits149,414 115,791 
Depreciation and amortization16,956 20,184 
Other expenses39,499 36,698 
Total operating expenses205,869 172,673 
Income before income taxes240,583 157,765 
Income tax expense55,697 34,861 
Net income184,886 122,904 
Net loss attributable to noncontrolling interests1,761 694 
Net income attributable to Nelnet, Inc.$186,647 123,598 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$4.91 3.20 
Weighted average common shares outstanding - basic and diluted
38,041,834 38,603,555 

See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended March 31,
20222021
Net income$184,886 122,904 
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments$9 1 
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net(16,698)4,349 
Reclassification of gains recognized in net income, net of losses(2,793)(508)
Income tax effect4,678 (14,813)(922)2,919 
Other comprehensive (loss) income (14,804)2,920 
Comprehensive income170,082 125,824 
Comprehensive loss attributable to noncontrolling interests1,761 694 
Comprehensive income attributable to Nelnet, Inc.$171,843 126,518 

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, 2020 27,193,154 11,155,571 $ 272 112 3,794 2,621,762 6,102 (3,693)2,628,349 
Issuance of noncontrolling interests— — — — — — — — — 1,400 1,400 
Net income (loss)— — — — — — — 123,598 — (694)122,904 
Other comprehensive income— — — — — — — — 2,920 — 2,920 
Distribution to noncontrolling interests— — — — — — — — — (102)(102)
Cash dividends on Class A and Class B common stock - $0.22 per share
— — — — — — — (8,437)— — (8,437)
Issuance of common stock, net of forfeitures— 199,442 — — 2 — 2,089 — — — 2,091 
Compensation expense for stock based awards— — — — — — 1,985 — — — 1,985 
Repurchase of common stock— (26,199)— — — — (2,009) — — (2,009)
Conversion of common stock— 1,400 (1,400)— — — — — — —  
Balance as of March 31, 2021 27,367,797 11,154,171 $ 274 112 5,859 2,736,923 9,022 (3,089)2,749,101 
Balance as of December 31, 2021 27,239,654 10,676,642 $ 272 107 1,000 2,940,523 9,304 1,632 2,952,838 
Issuance of noncontrolling interests— — — — — — — — — 2,004 2,004 
Net income (loss)— — — — — — — 186,647 — (1,761)184,886 
Other comprehensive loss— — — — — — — — (14,804)— (14,804)
Distribution to noncontrolling interests— — — — — — — — — (5,125)(5,125)
Cash dividends on Class A and Class B common stock - $0.24 per share
— — — — — — — (9,063)— — (9,063)
Issuance of common stock, net of forfeitures— 289,919 — — 3 — 4,382 — — — 4,385 
Compensation expense for stock based awards— — — — — — 2,841 — — — 2,841 
Repurchase of common stock— (380,053)— — (3)— (7,015)(25,881)— — (32,899)
Conversion of common stock— 1,750 (1,750)— — — — — — —  
Balance as of March 31, 2022 27,151,270 10,674,892 $ 272 107 1,208 3,092,226 (5,500)(3,250)3,085,063 

See accompanying notes to consolidated financial statements.






5


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
 Three months ended
March 31,
 20222021
Net income attributable to Nelnet, Inc.$186,647 123,598 
Net loss attributable to noncontrolling interests(1,761)(694)
Net income184,886 122,904 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs36,335 38,415 
Loan discount accretion(9,927)(7,218)
Negative provision for loan losses(435)(17,048)
Derivative market value adjustments(145,734)(38,809)
Proceeds from clearinghouse - initial and variation margin, net of payments149,649 38,081 
Gain on sale of loans(2,989) 
Loss on investments, net2,801 13,849 
Proceeds from sale (purchases) of equity securities, net572 (13,512)
Deferred income tax expense39,443 15,405 
Non-cash compensation expense2,920 2,052 
Negative provision for beneficial interests (2,436)
Decrease (increase) in loan and investment accrued interest receivable10,694 (114)
Decrease (increase) in accounts receivable18,442 (3,831)
(Increase) decrease in other assets, net(1,963)5,147 
Decrease in the carrying amount of ROU asset, net1,439 1,418 
Increase (decrease) in accrued interest payable2,650 (23,174)
Decrease in other liabilities, net(11,824)(10,375)
Decrease in the carrying amount of lease liability(1,500)(1,247)
Decrease in due to customers(89,884)(70,849)
Other(110) 
Net cash provided by operating activities185,465 48,658 
Cash flows from investing activities:
 
 
Purchases and originations of loans(161,334)(152,329)
Purchases of loans from a related party(1,049)(19,731)
Net proceeds from loan repayments, claims, and capitalized interest848,188 637,275 
Proceeds from sale of loans15,170  
Purchases of available-for-sale securities(139,195)(44,335)
Proceeds from sales of available-for-sale securities113,980 18,077 
Proceeds from beneficial interest in loan securitizations7,271 8,603 
Purchases of other investments(73,944)(71,590)
Proceeds from other investments9,776 110,290 
Purchases of property and equipment(15,794)(17,898)
Net cash provided by investing activities603,069 468,362 
6


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Three months ended
March 31,
20222021
Cash flows from financing activities:  
Payments on bonds and notes payable$(918,270)(584,303)
Proceeds from issuance of bonds and notes payable13,512 7,800 
Payments of debt issuance costs(312)(614)
Increase in bank deposits, net139,732 57,197 
Dividends paid(9,063)(8,437)
Repurchases of common stock(32,899)(2,009)
Proceeds from issuance of common stock435 381 
Issuance of noncontrolling interests2,004 1,940 
Distribution to noncontrolling interests(365)(102)
Net cash used in financing activities(805,226)(528,147)
Effect of exchange rate changes on cash169 (77)
Net decrease in cash, cash equivalents, and restricted cash(16,523)(11,204)
Cash, cash equivalents, and restricted cash, beginning of period1,194,189 958,395 
Cash, cash equivalents, and restricted cash, end of period$1,177,666 947,191 
Supplemental disclosures of cash flow information:
Cash disbursements made for interest$33,895 39,686 
Cash disbursements made for income taxes, net of refunds and credits received (a)$466 199 
Cash disbursements made for operating leases$1,887 2,098 
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations$746 740 
Receipt of beneficial interest in consumer loan securitization$3,660  
Distribution to noncontrolling interests$4,760  
Issuance of noncontrolling interests$ 540 
(a) The Company utilized $1.1 million and $2.0 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2022 and 2021, respectively.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows.
As ofAs ofAs ofAs of
March 31, 2022December 31, 2021March 31, 2021December 31, 2020
Total cash and cash equivalents$162,785 125,563 144,229 121,249 
Restricted cash757,954 741,981 609,881 553,175 
Restricted cash - due to customers256,927 326,645 193,081 283,971 
Cash, cash equivalents, and restricted cash
$1,177,666 1,194,189 947,191 958,395 
See accompanying notes to consolidated financial statements.
7


NELNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise noted)
(unaudited)

1.  Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report").
2.  Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,741,495 3,904,000 
Consolidation12,553,882 13,187,047 
Total16,295,377 17,091,047 
Private education loans278,537 299,442 
Consumer loans44,713 51,301 
Non-Nelnet Bank loans16,618,627 17,441,790 
Nelnet Bank:
Federally insured student loans82,789 88,011 
Private education loans285,468 169,890 
Nelnet Bank loans368,257 257,901 
 
Accrued interest receivable774,774 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,257)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(95,995)(103,381)
Private education loans(14,622)(16,143)
Consumer loans(5,710)(6,481)
Non-Nelnet Bank allowance for loan losses(116,327)(126,005)
Nelnet Bank:
Federally insured loans(247)(268)
Private education loans(1,251)(840)
Nelnet Bank allowance for loan losses(1,498)(1,108)
 $17,621,576 18,335,197 
8


The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.59 %0.60 %
Private education loans5.25 %5.39 %
Consumer loans12.77 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.30 %0.30 %
Private education loans0.44 %0.49 %
(a) As of March 31, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively.
Gain on Sale of Loans
On January 26, 2022, the Company sold $18.1 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent residual interest in the consumer loan securitization, which is included in "investments" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761) 123  95,995 
Private education loans16,143 (400)(1,299)176  2 14,622 
Consumer loans6,481 2,284 (937)166  (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)    247 
Private education loans840 426 (13)  (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
Three months ended March 31, 2021
Non-Nelnet Bank:
Federally insured loans$128,590 (7,483)