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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 September 30, 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
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, | Nebraska | 68508 |
(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 class | Trading Symbol | Name of each exchange on which registered |
Class A Common Stock, Par Value $0.01 per Share | NNI | New 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 October 31, 2022, there were 26,437,070 and 10,673,659 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
September 30, 2022
| | | | | | | | | | | |
| |
| 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 |
| September 30, 2022 | | December 31, 2021 |
Assets: | | | |
Loans and accrued interest receivable (net of allowance for loan losses of $119,057 and $127,113, respectively) | $ | 15,876,251 | | | 18,335,197 | |
Cash and cash equivalents: | | | |
Cash and cash equivalents - not held at a related party | 30,800 | | | 30,128 | |
Cash and cash equivalents - held at a related party | 32,398 | | | 95,435 | |
Total cash and cash equivalents | 63,198 | | | 125,563 | |
Investments and notes receivable | 2,063,514 | | | 1,588,919 | |
Restricted cash | 799,212 | | | 741,981 | |
Restricted cash - due to customers | 180,919 | | | 326,645 | |
Accounts receivable (net of allowance for doubtful accounts of $3,195 and $1,160, respectively) | 121,945 | | | 163,315 | |
Goodwill | 172,033 | | | 142,092 | |
Intangible assets, net | 70,368 | | | 52,029 | |
Property and equipment, net | 127,094 | | | 119,413 | |
Other assets | 88,999 | | | 82,887 | |
| | | |
Total assets | $ | 19,563,533 | | | 21,678,041 | |
Liabilities: | | | |
Bonds and notes payable | $ | 15,042,595 | | | 17,631,089 | |
Accrued interest payable | 21,796 | | | 4,566 | |
Bank deposits | 580,825 | | | 344,315 | |
Other liabilities | 445,606 | | | 379,231 | |
Due to customers | 306,352 | | | 366,002 | |
| | | |
Total liabilities | 16,397,174 | | | 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 26,483,298 shares and 27,239,654 shares, respectively | 265 | | | 272 | |
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,673,659 shares and 10,676,642 shares, respectively | 107 | | | 107 | |
Additional paid-in capital | 837 | | | 1,000 | |
Retained earnings | 3,208,044 | | | 2,940,523 | |
Accumulated other comprehensive (loss) earnings, net | (28,639) | | | 9,304 | |
Total Nelnet, Inc. shareholders' equity | 3,180,614 | | | 2,951,206 | |
Noncontrolling interests | (14,255) | | | 1,632 | |
Total equity | 3,166,359 | | | 2,952,838 | |
Total liabilities and equity | $ | 19,563,533 | | | 21,678,041 | |
| | | |
Supplemental information - assets and liabilities of consolidated education lending variable interest entities: | | | |
Loans and accrued interest receivable | $ | 15,173,335 | | | 17,981,414 | |
Restricted cash | 712,435 | | | 674,073 | |
| | | |
Bonds and notes payable | (14,725,098) | | | (17,462,456) | |
Accrued interest payable and other liabilities | (96,004) | | | (36,276) | |
| | | |
Net assets of consolidated education lending variable interest entities | $ | 1,064,668 | | | 1,156,755 | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | |
NELNET, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands, except share data) |
(unaudited) |
| Three months ended | | Nine months ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Interest income: | | | | | | | |
Loan interest | $ | 176,244 | | | 124,096 | | | 422,327 | | | 370,219 | |
Investment interest | 26,889 | | | 12,558 | | | 57,589 | | | 29,122 | |
Total interest income | 203,133 | | | 136,654 | | | 479,916 | | | 399,341 | |
Interest expense on bonds and notes payable and bank deposits | 126,625 | | | 50,176 | | | 248,347 | | | 127,939 | |
Net interest income | 76,508 | | | 86,478 | | | 231,569 | | | 271,402 | |
Less provision (negative provision) for loan losses | 9,665 | | | 5,827 | | | 18,640 | | | (10,847) | |
Net interest income after provision for loan losses | 66,843 | | | 80,651 | | | 212,929 | | | 282,249 | |
Other income/expense: | | | | | | | |
Loan servicing and systems revenue | 134,197 | | | 112,351 | | | 395,438 | | | 335,961 | |
Education technology, services, and payment processing revenue | 106,894 | | | 85,324 | | | 310,211 | | | 257,284 | |
| | | | | | | |
Solar construction revenue | 9,358 | | | — | | | 9,358 | | | — | |
Other | 2,225 | | | 11,867 | | | 24,750 | | | 30,183 | |
Gain on sale of loans | 2,627 | | | 3,444 | | | 5,616 | | | 18,715 | |
| | | | | | | |
Impairment expense and provision for beneficial interests, net | 121 | | | (14,159) | | | (6,163) | | | (12,223) | |
Derivative market value adjustments and derivative settlements, net | 63,262 | | | 1,351 | | | 251,210 | | | 28,868 | |
Total other income/expense | 318,684 | | | 200,178 | | | 990,420 | | | 658,788 | |
Cost of services: | | | | | | | |
Cost to provide education technology, services, and payment processing services | 42,676 | | | 31,335 | | | 109,073 | | | 80,063 | |
| | | | | | | |
Cost to provide solar construction services | 5,968 | | | — | | | 5,968 | | | — | |
Total cost of services | 48,644 | | | 31,335 | | | 115,041 | | | 80,063 | |
Operating expenses: | | | | | | | |
Salaries and benefits | 147,198 | | | 128,592 | | | 438,010 | | | 363,351 | |
Depreciation and amortization | 18,772 | | | 15,710 | | | 53,978 | | | 56,129 | |
| | | | | | | |
| | | | | | | |
Other expenses | 43,858 | | | 38,324 | | | 120,297 | | | 107,611 | |
Total operating expenses | 209,828 | | | 182,626 | | | 612,285 | | | 527,091 | |
Income before income taxes | 127,055 | | | 66,868 | | | 476,023 | | | 333,883 | |
Income tax expense | 26,586 | | | 15,649 | | | 107,765 | | | 76,747 | |
Net income | 100,469 | | | 51,219 | | | 368,258 | | | 257,136 | |
Net loss attributable to noncontrolling interests | 4,329 | | | 1,919 | | | 8,315 | | | 3,467 | |
Net income attributable to Nelnet, Inc. | $ | 104,798 | | | 53,138 | | | 376,573 | | | 260,603 | |
Earnings per common share: | | | | | | | |
Net income attributable to Nelnet, Inc. shareholders - basic and diluted | $ | 2.80 | | | 1.38 | | | 9.99 | | | 6.74 | |
Weighted average common shares outstanding - basic and diluted | 37,380,493 | | | 38,595,721 | | | 37,708,425 | | | 38,646,892 | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NELNET, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(Dollars in thousands) |
(unaudited) |
| Three months ended September 30, | | Nine months ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income | | | $ | 100,469 | | | | | 51,219 | | | | | 368,258 | | | | | 257,136 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | |
Net changes related to foreign currency translation adjustments | $ | | 18 | | | | | (9) | | | | | 19 | | | | | (9) | |
Net changes related to available-for-sale debt securities: | | | | | | | | | | | | | | | |
Unrealized holding gains (losses) arising during period, net | 4,790 | | | | | 4,524 | | | | | (45,730) | | | | | 11,770 | | | |
Reclassification of gains recognized in net income, net of losses | (578) | | | | | (1,173) | | | | | (4,220) | | | | | (2,052) | | | |
Income tax effect | (1,011) | | | 3,201 | | | (804) | | | 2,547 | | | 11,988 | | | (37,962) | | | (2,332) | | | 7,386 | |
Other comprehensive income (loss) | | | 3,219 | | | | | 2,538 | | | | | (37,943) | | | | | 7,377 | |
Comprehensive income | | | 103,688 | | | | | 53,757 | | | | | 330,315 | | | | | 264,513 | |
Comprehensive loss attributable to noncontrolling interests | | | 4,329 | | | | | 1,919 | | | | | 8,315 | | | | | 3,467 | |
Comprehensive income attributable to Nelnet, Inc. | | | $ | 108,017 | | | | | 55,676 | | | | | 338,630 | | | | | 267,980 | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NELNET, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY |
(Dollars in thousands, except share data) |
(unaudited) |
| Nelnet, Inc. Shareholders | | | |
| Preferred stock shares | | Common stock shares | | Preferred stock | | Class A common stock | | Class B common stock | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive (loss) earnings | | Noncontrolling interests | | Total equity |
| | Class A | | Class B | | | | | | | | |
Balance as of June 30, 2021 | — | | | 27,494,942 | | | 11,054,171 | | | $ | — | | | 275 | | | 111 | | | 10,158 | | | 2,812,315 | | | 10,941 | | | (5,182) | | | 2,828,618 | |
Issuance of noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 4,935 | | | 4,935 | |
Net income (loss) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 53,138 | | | — | | | (1,919) | | | 51,219 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,538 | | | — | | | 2,538 | |
Distribution to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (125) | | | (125) | |
Cash dividends on Class A and Class B common stock - $0.22 per share | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8,407) | | | — | | | — | | | (8,407) | |
Issuance of common stock, net of forfeitures | — | | | 29,805 | | | — | | | — | | | — | | | — | | | 493 | | | — | | | — | | | — | | | 493 | |
Compensation expense for stock based awards | — | | | — | | | — | | | — | | | — | | | — | | | 2,770 | | | — | | | — | | | — | | | 2,770 | |
Repurchase of common stock | — | | | (341,094) | | | — | | | — | | | (3) | | | — | | | (11,828) | | | (13,247) | | | — | | | — | | | (25,078) | |
| | | | | | | | | | | | | | | | | | | | | |
Conversion of common stock | — | | | 372,717 | | | (372,717) | | | — | | | 4 | | | (4) | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance as of September 30, 2021 | — | | | 27,556,370 | | | 10,681,454 | | | $ | — | | | 276 | | | 107 | | | 1,593 | | | 2,843,799 | | | 13,479 | | | (2,291) | | | 2,856,963 | |
| | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2022 | — | | | 26,613,733 | | | 10,674,892 | | | $ | — | | | 266 | | | 107 | | | 1,180 | | | 3,127,687 | | | (31,858) | | | (6,237) | | | 3,091,145 | |
Issuance of noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 14,018 | | | 14,018 | |
Net income (loss) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 104,798 | | | — | | | (4,329) | | | 100,469 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,219 | | | — | | | 3,219 | |
Distribution to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (17,707) | | | (17,707) | |
Cash dividends on Class A and Class B common stock - $0.24 per share | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8,925) | | | — | | | — | | | (8,925) | |
Issuance of common stock, net of forfeitures | — | | | 38,192 | | | — | | | — | | | 1 | | | — | | | 476 | | | — | | | — | | | — | | | 477 | |
Compensation expense for stock based awards | — | | | — | | | — | | | — | | | — | | | — | | | 3,631 | | | — | | | — | | | — | | | 3,631 | |
Repurchase of common stock | — | | | (169,860) | | | — | | | — | | | (2) | | | — | | | (4,450) | | | (9,841) | | | — | | | — | | | (14,293) | |
Conversion of common stock | — | | | 1,233 | | | (1,233) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Other | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,675) | | | — | | | — | | | (5,675) | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance as of September 30, 2022 | — | | | 26,483,298 | | | 10,673,659 | | | $ | — | | | 265 | | | 107 | | | 837 | | | 3,208,044 | | | (28,639) | | | (14,255) | | | 3,166,359 | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
NELNET, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY |
(Dollars in thousands, except share data) |
(unaudited) |
| Nelnet, Inc. Shareholders | | | |
| Preferred stock shares | | Common stock shares | | Preferred stock | | Class A common stock | | Class B common stock | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive (loss) earnings | | Noncontrolling interests | | Total equity |
| | Class A | | Class 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 | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 11,823 | | | 11,823 | |
Net income (loss) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 260,603 | | | — | | | (3,467) | | | 257,136 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,377 | | | — | | | 7,377 | |
Distribution to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (6,954) | | | (6,954) | |
Cash dividends on Class A and Class B common stock - $0.66 per share | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (25,319) | | | — | | | — | | | (25,319) | |
Issuance of common stock, net of forfeitures | — | | | 261,760 | | | — | | | — | | | 3 | | | — | | | 4,406 | | | — | | | — | | | — | | | 4,409 | |
Compensation expense for stock based awards | — | | | — | | | — | | | — | | | — | | | — | | | 7,628 | | | — | | | — | | | — | | | 7,628 | |
Repurchase of common stock | — | | | (372,661) | | | — | | | — | | | (4) | | | — | | | (14,235) | | | (13,247) | | | — | | | — | | | (27,486) | |
| | | | | | | | | | | | | | | | | | | | | |
Conversion of common stock | — | | | 474,117 | | | (474,117) | | | — | | | 5 | | | (5) | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance as of September 30, 2021 | — | | | 27,556,370 | | | 10,681,454 | | | $ | — | | | 276 | | | 107 | | | 1,593 | | | 2,843,799 | | | 13,479 | | | (2,291) | | | |