Nelnet Inc. Files 2023 Annual Report on Form 10-K

Ticker: NNI · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1258602

Nelnet Inc 10-K Filing Summary
FieldDetail
CompanyNelnet Inc (NNI)
Form Type10-K
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time17 min
Key Dollar Amounts$0.01, $96.48, $11.7 billion, $532.6 billion, $494.7 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Nelnet Inc., Financial Report, Education Finance, Loan Servicing

TL;DR

<b>Nelnet Inc. has submitted its 2023 10-K annual report, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

NELNET INC (NNI) filed a Annual Report (10-K) with the SEC on February 27, 2024. Nelnet Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is identified under SIC code 6141: Personal Credit Institutions. Nelnet Inc. is incorporated in Nebraska with its principal business address in Lincoln, NE. The filing includes data for fiscal years 2021, 2022, and 2023, with some historical data points from 2020.

Why It Matters

For investors and stakeholders tracking NELNET INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nelnet's financial health, operational segments, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The detailed financial data and segment information within the report allow for a thorough analysis of Nelnet's business segments, including Loan Servicing and Systems, Education Technology Services and Payments, and Solar Construction Revenue.

Risk Assessment

Risk Level: medium — NELNET INC shows moderate risk based on this filing. The company operates in the personal credit and education finance sectors, which are subject to regulatory changes and economic fluctuations that could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Nelnet's exposure to interest rate changes and regulatory environments.

Revenue Breakdown

SegmentRevenueGrowth
Loan Servicing and Systems
Education Technology Services and Payments
Solar Construction Revenue

Key Numbers

  • 2023-12-31 — Fiscal Year End (The end date of the reporting period)
  • 2024-02-27 — Filing Date (The date the 10-K was filed with the SEC)
  • 2023 — Reporting Period Year (The primary year covered by the report)
  • 2022 — Prior Year (Data for the previous fiscal year is included for comparison)
  • 2021 — Two Years Prior (Data for the fiscal year prior to the previous year is included)

Key Players & Entities

  • Nelnet Inc. (company) — Filer of the 10-K report
  • 2023-12-31 (date) — Fiscal year end date
  • 2024-02-27 (date) — Filing date
  • 6141 (other) — Standard Industrial Classification code for Personal Credit Institutions
  • Nebraska (other) — State of incorporation
  • Lincoln, NE (location) — Business and mailing address city and state

FAQ

When did NELNET INC file this 10-K?

NELNET INC filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by NELNET INC (NNI).

Where can I read the original 10-K filing from NELNET INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NELNET INC.

What are the key takeaways from NELNET INC's 10-K?

NELNET INC filed this 10-K on February 27, 2024. Key takeaways: Nelnet Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business is identified under SIC code 6141: Personal Credit Institutions..

Is NELNET INC a risky investment based on this filing?

Based on this 10-K, NELNET INC presents a moderate-risk profile. The company operates in the personal credit and education finance sectors, which are subject to regulatory changes and economic fluctuations that could impact its financial performance.

What should investors do after reading NELNET INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Nelnet's exposure to interest rate changes and regulatory environments. The overall sentiment from this filing is neutral.

Risk Factors

  • Derivative Market Value Adjustments and Derivative Settlements Net [medium — financial]: The filing references adjustments and settlements related to derivative financial instruments.
  • Other Income Expense Other Net [medium — financial]: The filing references other net income and expense items.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.

Filing Stats: 4,364 words · 17 min read · ~15 pages · Grade level 16.5 · Accepted 2024-02-27 16:32:38

Key Financial Figures

  • $0.01 — stered Class A Common Stock, Par Value $0.01 per Share NNI New York Stock Exchange
  • $96.48 — 's Class A Common Stock on that date of $96.48 per share, was $ 1,631,360,831 . The re
  • $11.7 billion — of December 31, 2023, the Company had a $11.7 billion FFELP loan portfolio. Interest income o
  • $532.6 billion — December 31, 2023, the Company serviced $532.6 billion of loans for 16.1 million borrowers. Se
  • $494.7 billion — ber 31, 2023, the Company was servicing $494.7 billion of student loans for 14.5 million borro
  • $10 billion — ving the servicing of its approximately $10 billion private education loan portfolio, repre

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 35 Item 1C. C ybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 83 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 85 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 PART III Item 10. Directors, Executive Officers, and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accountant Fees and Services 85 PART IV Item 15. Exhibits and Financial Statement Schedules 86 Item 16. Form 10-K Summary 92

Signatures

Signatures 93 FORWARD-LOOKING AND CAUTIONARY STATEMENTS This report contains forward-looking statements and information that are based on management's current expectations as of the date of this document. Statements that are not historical facts, including statements about the Company's plans and expectations for future financial condition, results of operations or economic performance, or that address management's plans and objectives for future operations, and statements that assume or are dependent upon future events, are forward-looking statements. The words "anticipate," "assume," "believe," "continue," "could," "ensure," "estimate," "expect," "forecast," "future," "intend," "may," "plan," "potential," "predict," "scheduled," "should," "will," "would," and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements. The forward-looking statements are based on assumptions and analyses made by management in light of management's experience and its perception of historical trends, current conditions, expected future developments, and other factors that management believes are appropriate under the circumstances. These statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in "Risk Factors" and elsewhere in this report, and include such risks and uncertainties as: risks related to the ability to successfully maintain and increase allocated volumes of student loans serviced by the Company under existing and future servicing contracts with the U.S. Department of Education (the "Department"), risks related to unfavorable contract modifications or interpretations, and risks related to the Company's ability to comply with agreem

BUSINESS

ITEM 1. BUSINESS Overview Nelnet is a diverse, innovative company with a purpose to serve others and a vision to make dreams possible. The largest operating businesses engage in loan servicing and education technology services and payments. A significant portion of the Company's revenue is net interest income earned on a portfolio of federally insured student loans. The Company also makes investments to further diversify both within and outside of its historical core education-related businesses including, but not limited to, investments in a fiber communications company (ALLO), early-stage and emerging growth companies (venture capital investments), real estate, and renewable energy (solar). Substantially all revenue from external customers is earned, and all long-lived assets are located, in the United States. The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the Federal Family Education Loan Program. The Health Care and Education Reconciliation Act of 2010 (the "Reconciliation Act of 2010") discontinued new loan originations under the FFEL Program, effective July 1, 2010, and requires all new federal student loan originations be made directly by the Department through the Federal Direct Loan Program. This law does not alter or affect the terms and conditions of existing FFELP loans. Subsequent to the Reconciliation Act of 2010, the Company no longer originates FFELP loans. However, a significant portion of the Company's income continues to be derived from its existing FFELP student loan portfolio. As of December 31, 2023, the Company had a $11.7 billion FFELP loan portfolio. Interest income on the Company's existing FFELP loan portfolio will decline over time as the portfolio is paid down. To reduce its reliance on

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