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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, 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-20220630_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 July 31, 2022, there were 26,540,797 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
June 30, 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
 June 30, 2022December 31, 2021
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $120,424 and
   $127,113, respectively)
$16,916,344 18,335,197 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party32,849 30,128 
Cash and cash equivalents - held at a related party95,650 95,435 
Total cash and cash equivalents128,499 125,563 
Investments and notes receivable1,988,450 1,588,919 
Restricted cash754,693 741,981 
Restricted cash - due to customers290,850 326,645 
Accounts receivable (net of allowance for doubtful accounts of $1,342 and $1,160, respectively)
119,774 163,315 
Goodwill149,117 142,092 
Intangible assets, net70,086 52,029 
Property and equipment, net123,738 119,413 
Other assets82,462 82,887 
Total assets$20,624,013 21,678,041 
Liabilities:  
Bonds and notes payable$16,115,269 17,631,089 
Accrued interest payable12,963 4,566 
Bank deposits588,474 344,315 
Other liabilities406,686 379,231 
Due to customers409,476 366,002 
Total liabilities17,532,868 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 26,613,733
     shares and 27,239,654 shares, respectively
266 272 
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 capital1,180 1,000 
Retained earnings3,127,687 2,940,523 
Accumulated other comprehensive (loss) earnings, net(31,858)9,304 
Total Nelnet, Inc. shareholders' equity3,097,382 2,951,206 
Noncontrolling interests(6,237)1,632 
Total equity3,091,145 2,952,838 
Total liabilities and equity$20,624,013 21,678,041 
Supplemental information - assets and liabilities of consolidated education lending
     variable interest entities:
Loans and accrued interest receivable$16,294,069 17,981,414 
Restricted cash678,871 674,073 
Bonds and notes payable(15,823,651)(17,462,456)
Accrued interest payable and other liabilities(60,461)(36,276)
Net assets of consolidated education lending variable interest entities$1,088,828 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 endedSix months ended
 June 30,June 30,
 2022202120222021
Interest income:  
Loan interest$134,706 122,005 246,083 246,123 
Investment interest16,881 11,578 30,700 16,563 
Total interest income151,587 133,583 276,783 262,686 
Interest expense on bonds and notes payable and bank deposits73,642 49,991 121,721 77,764 
Net interest income77,945 83,592 155,062 184,922 
Less provision (negative provision) for loan losses9,409 374 8,974 (16,674)
Net interest income after provision for loan losses68,536 83,218 146,088 201,596 
Other income/expense: 
Loan servicing and systems revenue124,873 112,094 261,241 223,611 
Education technology, services, and payment processing revenue91,031 76,702 203,317 171,960 
Other12,647 22,921 22,524 18,317 
Gain on sale of loans 15,271 2,989 15,271 
Impairment expense and provision for beneficial interests, net(6,284)(500)(6,284)1,936 
Derivative market value adjustments and derivative settlements, net45,024 (6,989)187,949 27,516 
Total other income/expense267,291 219,499 671,736 458,611 
Cost to provide education technology, services, and payment processing services30,852 21,676 66,397 48,728 
Operating expenses:  
Salaries and benefits141,398 118,968 290,813 234,759 
Depreciation and amortization18,250 20,236 35,206 40,419 
Other expenses36,940 32,587 76,439 69,286 
Total operating expenses196,588 171,791 402,458 344,464 
Income before income taxes108,387 109,250 348,969 267,015 
Income tax expense25,483 26,237 81,180 61,098 
Net income82,904 83,013 267,789 205,917 
Net loss attributable to noncontrolling interests2,225 854 3,987 1,548 
Net income attributable to Nelnet, Inc.$85,129 83,867 271,776 207,465 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$2.26 2.16 7.18 5.36 
Weighted average common shares outstanding - basic and diluted
37,710,214 38,741,486 37,875,108 38,672,902 
    
See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended June 30,Six months ended June 30,
2022202120222021
Net income$82,904 83,013 267,789 205,917 
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments$(8)(1)1  
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net(33,822)2,897 (50,520)7,246 
Reclassification of gains recognized in net income, net of losses(849)(371)(3,642)(879)
Income tax effect8,321 (26,350)(606)1,920 12,999 (41,163)(1,528)4,839 
Other comprehensive (loss) income (26,358)1,919 (41,162)4,839 
Comprehensive income56,546 84,932 226,627 210,756 
Comprehensive loss attributable to noncontrolling interests2,225 854 3,987 1,548 
Comprehensive income attributable to Nelnet, Inc.$58,771 85,786 230,614 212,304 

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, 2021 27,367,797 11,154,171 $ 274 112 5,859 2,736,923 9,022 (3,089)2,749,101 
Issuance of noncontrolling interests— — — — — — — — — 5,488 5,488 
Net income (loss)— — — — — — — 83,867 — (854)83,013 
Other comprehensive income— — — — — — — — 1,919 — 1,919 
Distribution to noncontrolling interests— — — — — — — — — (6,727)(6,727)
Cash dividends on Class A and Class B common stock - $0.22 per share
— — — — — — — (8,475)— — (8,475)
Issuance of common stock, net of forfeitures— 32,513 — —  — 1,824 — — — 1,824 
Compensation expense for stock based awards— — — — — — 2,874 — — — 2,874 
Repurchase of common stock— (5,368)— — — — (399) — — (399)
Conversion of common stock— 100,000 (100,000)— 1 (1)— — — —  
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 
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 
Issuance of noncontrolling interests— — — — — — — — — 9,275 9,275 
Net income (loss)— — — — — — — 85,129 — (2,225)82,904 
Other comprehensive loss— — — — — — — — (26,358)— (26,358)
Distribution to noncontrolling interests— — — — — — — — — (10,037)(10,037)
Cash dividends on Class A and Class B common stock - $0.24 per share
— — — — — — — (8,973)— — (8,973)
Issuance of common stock, net of forfeitures— 20,720 — — — — 2,116 — — — 2,116 
Compensation expense for stock based awards— — — — — — 3,187 — — — 3,187 
Repurchase of common stock— (558,257)— — (6)— (5,331)(40,695)— — (46,032)
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 

See accompanying notes to consolidated financial statements.

5


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 capitalRetained 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— — — — — — — — — 6,888 6,888 
Net income (loss)— — — — — — — 207,465 — (1,548)205,917 
Other comprehensive income— — — — — — — — 4,839 — 4,839 
Distribution to noncontrolling interests— — — — — — — — — (6,829)(6,829)
Cash dividends on Class A and Class B common stock - $0.44 per share
— — — — — — — (16,912)— — (16,912)
Issuance of common stock, net of forfeitures— 231,955 — — 2 — 3,913 — — — 3,915 
Compensation expense for stock based awards— — — — — — 4,859 — — — 4,859 
Repurchase of common stock— (31,567)— —  — (2,408) — — (2,408)
Conversion of common stock— 101,400 (101,400)— 1 (1)— — — —  
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 
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— — — — — — — — — 11,279 11,279 
Net income (loss)— — — — — — — 271,776 — (3,987)267,789 
Other comprehensive loss— — — — — — — — (41,162)— (41,162)
Distribution to noncontrolling interests— — — — — — — — — (15,161)(15,161)
Cash dividends on Class A and Class B common stock - $0.48 per share
— — — — — — — (18,035)— — (18,035)
Issuance of common stock, net of forfeitures— 310,639 — — 3 — 6,498 — — — 6,501 
Compensation expense for stock based awards— — — — 6,027 — — — 6,027 
Repurchase of common stock— (938,310)— — (9)— (12,345)(66,577)— — (78,931)
Conversion of common stock— 1,750 (1,750)— — — — — — —