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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, 2021 
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 October 31, 2021, there were 27,560,397 and 10,681,454 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, 2021







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, 2021December 31, 2020
Assets:  
Loans and accrued interest receivable (net of allowance for loan losses of $138,044 and
   $175,698, respectively)
$19,304,203 20,185,656 
Cash and cash equivalents:  
Cash and cash equivalents - not held at a related party31,966 33,292 
Cash and cash equivalents - held at a related party159,970 87,957 
Total cash and cash equivalents191,936 121,249 
Investments1,374,913 992,940 
Restricted cash764,089 553,175 
Restricted cash - due to customers295,053 283,971 
Accounts receivable (net of allowance for doubtful accounts of $1,458 and $1,824, respectively)
78,508 76,460 
Goodwill142,092 142,092 
Intangible assets, net55,176 75,070 
Property and equipment, net117,296 123,527 
Other assets79,473 92,020 
Total assets$22,402,739 22,646,160 
Liabilities:  
Bonds and notes payable$18,610,748 19,320,726 
Accrued interest payable4,441 28,701 
Bank deposits200,651 54,633 
Other liabilities375,393 312,280 
Due to customers354,543 301,471 
Total liabilities19,545,776 20,017,811 
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 27,556,370
     shares and 27,193,154 shares, respectively
276 272 
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding
     10,681,454 shares and 11,155,571 shares, respectively
107 112 
Additional paid-in capital1,593 3,794 
Retained earnings2,843,799 2,621,762 
Accumulated other comprehensive earnings, net13,479 6,102 
Total Nelnet, Inc. shareholders' equity2,859,254 2,632,042 
Noncontrolling interests(2,291)(3,693)
Total equity2,856,963 2,628,349 
Total liabilities and equity$22,402,739 22,646,160 
Supplemental information - assets and liabilities of consolidated education and other lending
     variable interest entities:
Loans and accrued interest receivable$19,032,669 20,132,996 
Restricted cash699,143 499,223 
Bonds and notes payable(18,465,230)(19,355,375)
Accrued interest payable and other liabilities (66,913)(83,127)
Net assets of consolidated education and other lending variable interest entities$1,199,669 1,193,717 
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 endedNine months ended
 September 30,September 30,
 2021202020212020
Interest income:  
Loan interest$124,096 134,507 370,219 462,439 
Investment interest12,558 5,238 29,122 18,379 
Total interest income136,654 139,745 399,341 480,818 
Interest expense: 
Interest on bonds and notes payable and bank deposits50,176 58,423 127,939 277,788 
Net interest income86,478 81,322 271,402 203,030 
Less provision (negative provision) for loan losses5,827 (5,821)(10,847)73,476 
Net interest income after provision for loan losses80,651 87,143 282,249 129,554 
Other income/expense: 
Loan servicing and systems revenue112,351 113,794 335,961 337,571 
Education technology, services, and payment processing revenue85,324 74,121 257,284 217,100 
Communications revenue 20,211  57,390 
Other11,867 1,502 30,183 69,910 
Gain on sale of loans3,444 14,817 18,715 33,023 
Impairment expense and provision for beneficial interests, net(14,159) (12,223)(34,419)
Derivative market value adjustments and derivative settlements, net1,351 1,049 28,868 (13,406)
Total other income/expense200,178 225,494 658,788 667,169 
Cost of services:
Cost to provide education technology, services, and payment processing services31,335 25,243 80,063 63,424 
Cost to provide communications services 5,914  17,240 
Total cost of services31,335 31,157 80,063 80,664 
Operating expenses:  
Salaries and benefits128,592 126,096 363,351 365,220 
Depreciation and amortization15,710 30,308 56,129 87,349 
Other expenses38,324 34,744 107,611 115,184 
Total operating expenses182,626 191,148 527,091 567,753 
Income before income taxes66,868 90,332 333,883 148,306 
Income tax expense15,649 19,156 76,747 30,286 
Net income51,219 71,176 257,136 118,020 
Net loss (income) attributable to noncontrolling interests1,919 327 3,467 (568)
Net income attributable to Nelnet, Inc.$53,138 71,503 260,603 117,452 
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$1.38 1.86 6.74 2.99 
Weighted average common shares outstanding - basic and diluted
38,595,721 38,538,476 38,646,892 39,229,932 

See accompanying notes to consolidated financial statements.
3


NELNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2021202020212020
Net income$51,219 71,176 257,136 118,020 
Other comprehensive income:
Net changes related to foreign currency translation adjustments$(9) (9) 
Net changes related to available-for-sale debt securities:
Unrealized gains during period, net4,524 1,893 11,770 2,114 
Reclassification of gains to net income, net(1,173)(513)(2,052)(390)
Income tax effect(804)2,547 (329)1,051 (2,332)7,386 (412)1,312 
Other comprehensive income 2,538 1,051 7,377 1,312 
Comprehensive income 53,757 72,227 264,513 119,332 
Comprehensive loss (income) attributable to noncontrolling interests1,919 327 3,467 (568)
Comprehensive income attributable to Nelnet, Inc.$55,676 72,554 267,980 118,764 

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 earnings, netNoncontrolling interestsTotal equity
 Class AClass B
Balance as of June 30, 2020 27,232,836 11,171,609 $ 272 112 1,867 2,331,312 3,233 3,990 2,340,786 
Issuance of noncontrolling interests— — — — — — — — — 14 14 
Net income (loss)— — — — — — — 71,503 — (327)71,176 
Other comprehensive income— — — — — — — — 1,051 — 1,051 
Distribution to noncontrolling interests— — — — — — — — — (331)(331)
Cash dividends on Class A and Class B common stock - $0.20 per share
— — — — — — — (7,664)— — (7,664)
Issuance of common stock, net of forfeitures— 24,132 — — — — 553 — — — 553 
Compensation expense for stock based awards— — — — — — 1,864 — — — 1,864 
Repurchase of common stock— (93,380)— —  — (2,580)(2,038)— — (4,618)
Balance as of September 30, 2020 27,163,588 11,171,609 $ 272 112 1,704 2,393,113 4,284 3,346 2,402,831 
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 

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 earnings, netNoncontrolling interestsTotal equity
Class AClass B
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— — — — — — — — — 66 66 
Net income— — — — — — — 117,452 — 568 118,020 
Other comprehensive income— — — — — — — — 1,312 — 1,312 
Distribution to noncontrolling interests— — — — — — — — — (920)(920)
Cash dividends on Class A and Class B common stock - $0.60 per share
— — — — — — — (23,343)— — (23,343)
Issuance of common stock, net of forfeitures— 196,407 — — 2 — 5,153 — — — 5,155 
Compensation expense for stock based awards— — — — — — 5,459 — — — 5,459 
Repurchase of common stock— (1,591,314)— — (16)— (14,623)(58,506)— — (73,145)
Impact of adoption of new accounting standard— — — — — — — (18,867)— — (18,867)
Conversion of common stock— 100,000 (100,000)— 1 (1)— — — —  
Acquisition of noncontrolling interest— — — — — — — (1,250)— (750)(2,000)
Balance as of September 30, 2020 27,163,588 11,171,609 $ 272 112 1,704 2,393,113 4,284 3,346 2,402,831 
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— —