Nelnet Inc 10-Q Filing

Ticker: NNI · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1258602

Nelnet Inc 10-Q Filing Summary
FieldDetail
CompanyNelnet Inc (NNI)
Form Type10-Q
Filed DateAug 8, 2024
Pages16
Reading Time20 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Nelnet Inc (ticker: NNI) to the SEC on Aug 8, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.01 (stered Class A Common Stock, Par Value $0.01 per Share NNI New York Stock Exchange).

How long is this filing?

Nelnet Inc's 10-Q filing is 16 pages with approximately 4,937 words. Estimated reading time is 20 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,937 words · 20 min read · ~16 pages · Grade level 15.2 · Accepted 2024-08-08 16:20:48

Key Financial Figures

  • $0.01 — stered Class A Common Stock, Par Value $0.01 per Share NNI New York Stock Exchange

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 2

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 70

Controls and Procedures

Item 4. Controls and Procedures 75

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 76

Risk Factors

Item 1A. Risk Factors 76

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76

Other Information

Item 5. Other Information 77

Exhibits

Item 6. Exhibits 77

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NELNET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (unaudited) As of As of June 30, 2024 December 31, 2023 Assets: Loans and accrued interest receivable (net of allowance for loan losses of $ 96,764 and $ 104,643 , respectively) $ 10,939,519 13,108,204 Cash and cash equivalents: Cash and cash equivalents - not held at a related party 33,000 34,912 Cash and cash equivalents - held at a related party 112,478 133,200 Total cash and cash equivalents 145,478 168,112 Investments and notes receivable (including investments at fair value of $ 948,792 and $ 988,841 , respectively) 1,896,433 1,846,707 Restricted cash 538,446 488,723 Restricted cash - due to customers 259,479 368,656 Restricted investments 50,358 17,969 Accounts receivable (net of allowance for doubtful accounts of $ 4,272 and $ 4,304 , respectively) 159,836 196,200 Goodwill 158,029 158,029 Intangible assets, net 40,521 44,819 Property and equipment, net 131,666 127,008 Other assets 181,428 187,957 Total assets $ 14,501,193 16,712,384 Liabilities: Bonds and notes payable $ 9,567,708 11,828,393 Accrued interest payable 27,141 35,391 Bank deposits 890,472 743,599 Other liabilities 406,974 479,387 Due to customers 388,876 425,507 Total liabilities 11,281,171 13,512,277 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 25,585,840 shares and 26,400,630 shares, respectively 256 264 Class B, convertible, $ 0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,663,088 shares 107 107 Additional paid-in capital 657 3,096 Retained earnings 3,295,301 3,270,403 Accumulated other comprehensive loss, net ( 2,260 ) ( 20,119 ) Total Nelnet, Inc. shareholders' equity

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 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 and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report"). 2. Reclassifications and Immaterial Error Corrections During the second quarter of 2024, the Company identified certain immaterial errors in the previously issued consolidated financial statements that have been corrected to conform to the June 30, 2024 presentation. Loan Sales The Company determined the reversal of provision for loan losses resulting from the sale of loans should be presented as a reduction to the provision for loan losses rather than the historical presentation as a gain/(loss) on sale of loans included in "other income (expense)" on the consolidated statements of income. Pr

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