NELNET, INC. NNI Cash Flow

Nelnet, inc. (NNI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Net (loss) income attributable to Nelnet, Inc.
-40,532	42,380	33,213	24,619	41,591	21,626	42,928	49,434	113,925	48,101	46,302	28,737	50,026	98,346	84,294	26,150	47,961	83,350	48,955	70,909	64,765	73,611	85,219	74,994	73,786	70,520	62,830	101,243	68,079	56,634	36,828	41,394	43,141	64,879	47,451	37,125	54,880
Net income attributable to noncontrolling interests
767	-547	-77	59	56	49	199	103	-740	-2,385	-2,768	-4,086	-2,106	585	68	29	68	168	22	54	41	308	157	693	513	568	216	614	271	19	124	136	152	0	0	0	0
Net (loss) income
-39,765	41,833	33,136	24,678	41,647	21,675	43,127	49,537	113,185	45,716	43,534	24,651	47,920	98,931	84,362	26,179	48,029	83,518	48,977	70,963	64,806	73,919	85,376	75,687	74,299	71,088	63,046	101,857	68,350	56,653	36,952	41,530	43,293	64,879	47,451	37,125	54,880
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs
48,763	50,143	48,398	47,173	46,948	47,866	47,591	45,924	43,301	37,997	33,021	32,495	34,310	38,559	21,690	31,220	31,078	32,691	30,854	29,966	30,225	29,651	29,112	27,207	21,999	21,154	19,170	19,081	20,079	31,411	26,989	30,309	28,072	-	-	-	-
Loan discount accretion
-9,442	-8,270	-8,748	-9,113	-9,693	-9,485	-9,516	-10,108	-11,691	-11,992	-9,886	-10,920	-12,014	-10,178	-8,915	-10,607	-10,917	-11,082	-11,178	-10,760	-10,746	-11,086	-11,306	-11,064	-10,023	-9,925	-8,564	-8,694	-9,075	-12,687	-8,836	-12,306	-10,551	-	-	-	-
Provision for loan losses
76,299	13,000	10,000	9,000	7,000	5,000	10,500	3,500	4,000	3,750	6,700	3,000	1,000	3,000	6,000	2,000	2,500	3,000	3,000	2,150	2,000	3,500	2,000	1,500	2,500	3,500	5,000	5,000	5,000	3,500	5,000	19,000	-6,000	-	-	5,250	3,750
Derivative market value adjustments
-20,602	-2,930	-5,630	-37,061	-30,574	-48,895	-5,226	-4,898	60,033	3,998	21,430	-287	1,238	61,451	47,093	-44,975	-3,674	28,029	-23,722	26,615	-46,072	-19,879	-8,381	5,034	2,916	-	-	-	-34,844	-	-	-	-	-	-	-	-
Derivative market value adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-30,014	-63,236	19,507	-	5,426	78,758	-16,835	-	87,341	-2,208	-66,450
Unrealized foreign currency transaction adjustment
-	-	-	-	-	-	-	-	-	35	-13,684	-27,261	-4,690	25,392	-4,831	9,768	-18,480	11,321	-1,058	-14,671	48,209	18,797	37,418	2,750	-952	-9,383	-39,974	-14,691	28,763	-25,747	-20,798	59,226	-32,242	43,608	73,452	-19,020	-65,334
Proceeds from termination of derivative instruments
0	-	-	0	2,119	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Payments to) proceeds from clearinghouse - initial and variation margin, net
-20,386	-10,718	17,262	-63,255	-13,974	-6,036	6,157	-22,428	62,689	17,425	7,384	51,516	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to terminate and/or amend derivative instruments, net of proceeds
-	-	-	-	-	-	-	-	-	-	-	-	-	-1,169	693	-1	-3,522	-9,900	-3,680	-17,500	-34,447	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-141
Payments to enter into derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from sale of loans
18,206	15,549	0	1,712	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	351	-2,964	0	0	0	-1	0	1	33	36	47	33	0	33	0	0	1,345
Loss from investments, net
-4,046	-	-	-	-1,151	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds to terminate and/or amend derivative instruments, net of payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,064	9,546	522	-12,369
Gain from debt repurchases
-	-	-	-	-	-	0	0	359	-	116	441	4,980	5,721	2,159	0	101	166	597	1,515	2,524	6,558	0	18	39	800	2,138	7,354	1,374	2,973	148	902	0	0	0	0	6,962
Gain from investments and notes receivable, net
-	-	-	-	-	-	2,278	-1,421	8,249	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from equity securities, net of losses
-	-	-	-	-	-	-	-	-	-	0	0	0	-1,061	491	-277	-132	585	73	2,092	205	187	8	1,238	7,073	3,692	730	559	957	950	2,634	966	1,248	-	-	-	-
Proceeds related to trading securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,427	3,201	-3,436	-	3,529	-13,001	1,304	6,508	-3,380	731	-731	-	-	-	0	-	-	-	-	-	-	-	-
Change in investments - trading securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,170	-6,055	-5,517
Deferred income tax benefit
-26,000	2,327	5,431	-12,216	-2,807	-12,593	2,280	4,411	16,883	13,468	237	-13,496	-1,753	34,638	12,627	-16,000	-4,260	14,950	-11,020	2,895	224	-1,732	15,738	3,156	2,497	-10,740	-7,965	16,370	4,874	5,312	-8,658	-13,293	-7,190	8,190	-7,201	-8,815	100
Non-cash compensation expense
1,857	1,833	1,810	1,662	1,476	1,758	2,046	1,574	1,161	1,046	1,110	1,139	1,121	785	1,175	1,146	1,242	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	455	482	535	557
Depreciation and amortization, including loan and debt premiums/discounts and deferred origination costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,964
Impairment expense
34,087	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	11,019	1,840	-4,701	2,891	5,861	-874	-2,335	-242	352	2,000	-1,691	-1,990	5,834	-213	-3,261	-3,115	-1,489	-671	-2,682	-2,285	2,445	-2,584	-328	355	-1,182	1,123	-1,387	-499	2,270	232	-297	189
Increase in accrued interest receivable
33,167	-3,278	12,897	8,245	36,722	54,943	33,228	101,660	59,038	33,631	1,102	2,980	1,490	9,460	1,664	-4,137	452	3,384	-308	-3,041	3,784	-902	-7,870	12,448	-8,881	-4,173	6,812	-8,639	-2,341	39,662	-18,277	-10,245	-12,023	-22,670	9,121	-6,003	-9,668
Decrease (increase) in accounts receivable
-52,185	48,312	1,665	-10,599	16,571	-18,387	17,728	-2,223	-177	-14,975	7,113	11,814	282	-12,649	11,444	-3,501	-5,961	-15,149	3,747	4,925	5,416	-8,574	1,189	-5,063	5,758	-6,879	-3,065	-7,223	9,601	-7,761	4,398	2,786	561	4,760	7,778	-1,696	198
Decrease (increase) in other assets, net
-31,363	-10,911	20,433	-31,897	33,440	53,324	4,994	-4,834	-49,415	33,610	2,326	4,937	1,397	4,275	-1,438	-343	2,922	1,473	-3,815	2,572	-605	351	-1,340	-80	-1,303	2,338	3,011	-273	-293	8	-66	-1,124	-1,140	4,241	2,193	-2,242	-1,016
(Increase) decrease in the carrying amount of ROU asset, net
1,000	-	-	-	-1,096	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) increase in accrued interest payable
-3,411	-5,060	-4,126	-5,687	479	1,021	-2,568	8,974	4,213	2,215	760	637	750	2,837	2,914	976	7,443	-125	2,676	1,195	1,371	695	882	819	613	119	-542	-1,101	1,091	-1,866	-1,551	-1,094	-353	2,669	-1,147	1,506	-3,566
Decrease in other liabilities
-42,047	-15,601	60,692	-991	-3,678	-5,347	39,413	-10,367	-36,205	-22,889	28,439	-14,845	6,954	-9,178	21,593	-12,557	2,551	-26,714	22,504	-20,940	16,414	-18,088	14,249	-16,505	-185	4,184	9,045	-22,061	13,614	1,408	19,647	-19,051	14,040	-9,622	13,425	1,347	-11,637
Decrease in the carrying amount of lease liability, net
-2,382	-	-	-	-2,063	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in due to customers
-217,851	128,447	30,292	62,546	-153,207	57,918	33,831	26,245	-58,606	81,822	-31,601	43,201	-26,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in operating activities
-144,455	155,997	160,753	121,830	-139,665	77,335	121,926	13,679	57,952	85,179	62,169	127,089	47,830	41,361	83,598	70,715	104,514	84,010	115,370	62,637	129,348	94,382	106,595	67,868	88,604	184,574	49,420	68,195	84,991	38,721	99,330	60,696	100,571	98,916	43,730	86,549	81,667
Cash flows from investing activities:
Purchases of loans
409,404	647,334	363,750	679,201	317,922	734,817	594,202	1,982,377	610,855	142,010	56,022	77,318	50,126	85,241	50,895	74,832	108,543	195,034	356,766	793,530	844,120	542,608	368,092	2,457,136	386,100	696,423	538,008	399,737	758,508	2,901,455	145,781	553,342	176,433	156,025	158,488	426,725	235,599
Purchases of loans from a related party
41,217	-	0	5,871	26,709	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases Of Student Loans From Related Party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	466,941	0	0	-	-	-	-	53	30	0	29
Net proceeds from loan repayments, claims, and capitalized interest
517,347	834,235	739,072	1,119,088	769,996	838,187	789,767	831,559	863,270	843,329	711,333	855,166	953,698	827,034	981,419	1,056,421	870,898	825,183	889,682	1,012,530	940,907	978,119	1,009,536	1,025,442	686,908	582,924	875,304	705,562	688,387	612,739	1,050,395	852,576	597,034	456,990	428,385	719,738	630,606
Proceeds from sale of loans
90,461	154,349	0	42,215	0	-	-	-	-	-	-	-	-	0	22	0	44,738	0	0	0	3,996	50,182	2	6	0	32,005	0	3	11,284	14,944	32,184	27,373	32,592	26,166	47	0	95,131
Purchases of available-for-sale securities
29,658	0	0	1,010	0	8,360	0	9,900	28,164	18,857	32,548	23,588	53,530	27,940	14,998	37,140	14,595	93,537	1,389	5,038	512	49,303	7,805	65,960	69,930	23,237	64,161	45,720	86,776	35,193	101,395	25,943	27,719	0	0	0	0
Proceeds from sales of available-for-sale securities
22,197	-64	-23	192	0	12,821	26,809	9,834	21,951	15,334	74,714	28,683	37,809	43,829	42,191	13,557	44,675	46,480	1,327	46,634	1,317	41,695	4,160	96,139	99,799	50,517	15,077	24,251	13,405	53,000	84,638	21,373	6,843	0	0	0	0
Purchases of other investments
32,892	32,650	44,286	10,344	15,970	17,824	24,992	7,854	16,370	7,516	15,293	1,632	4,898	6,599	4,690	7,201	3,021	28,400	11,778	3,817	49,953	10,471	8,443	12,544	14,467	-	-	3,893	0	-	-	-	-	-	-	-	-
Proceeds from beneficial interest in loan securitizations
11,264	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from other investments
3,135	15,653	30,088	23,012	1,719	1,578	5,369	6,374	9,718	5,371	1,722	2,847	1,605	3,729	6,809	2,273	3,087	2,026	18,949	4,115	4,709	4,813	7,185	3,821	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
25,561	24,818	23,966	18,902	24,813	28,543	31,471	36,941	28,068	49,349	35,842	44,345	26,469	20,781	17,244	14,319	15,258	4,005	3,237	1,147	8,372	4,797	12,669	5,876	3,146	5,290	2,162	6,780	2,778	2,574	2,965	2,099	2,306	4,391	1,495	5,289	2,992
Business (acquisitions) sale, net of cash and restricted cash acquired
-	-	-	-	-	-96,590	0	0	109,152	-4,511	0	0	0	-	-	-	-	-	-	-	-	-92,416	0	43,674	1,909	-	-	0	0	-	-	-	-1,550	0	51	-6,887	-7,193
Decrease (increase) in restricted cash, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-91,925	39,024	92,301	-63,497	12,921	-32,679	16,147	18,415	5,473	56,603	-29,356	-7,207	-4,801	-135,040	-695	-90,099	-7,394	207,002	91,631	13,104	-42,982	-185,499	127,472
Net cash provided by investing activities
105,672	331,951	337,135	469,179	386,301	204,154	149,078	-1,187,913	102,330	704,016	648,064	739,813	858,089	743,798	1,034,539	899,735	729,680	569,244	523,867	292,426	31,825	447,965	618,401	-1,516,385	340,511	402,658	-180,513	408,726	-134,291	-2,168,141	924,171	114,486	336,830	309,583	311,452	466,336	352,452
Cash flows from financing activities:
Payments on bonds and notes payable
1,263,204	980,027	1,711,368	1,075,476	932,007	964,054	505,799	742,642	901,008	1,723,632	1,130,403	1,420,290	1,128,899	1,136,873	1,025,137	1,114,733	858,147	884,376	854,239	1,169,758	1,459,807	619,363	1,191,655	474,206	1,347,517	993,978	620,642	1,294,171	2,244,266	1,649,080	1,274,892	827,719	692,408	659,202	603,508	692,156	1,090,797
Proceeds from issuance of bonds and notes payable
1,193,388	587,609	1,318,177	521,654	570,532	918,114	277,436	1,970,712	756,700	806,531	565,748	574,783	37,496	496,290	-71,575	158,496	67,698	212,602	168,363	947,870	1,285,760	140,089	460,588	1,929,255	972,384	423,948	745,160	847,747	2,295,865	3,834,700	295,690	656,893	279,667	104,740	250,090	212,457	533,097
Payments on bonds payable due to a related party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	107,050
Payments of debt issuance costs
4,854	3,879	5,012	2,739	2,776	2,855	5,508	3,795	1,650	2,086	2,155	1,892	364	3,747	1,014	920	164	1,303	1,152	3,451	5,256	1	2,692	7,541	4,700	402	1,810	4,392	7,093	10,567	2,037	3,998	1,595	0	776	46	1,460
Dividends paid
7,946	7,939	7,143	7,171	7,232	7,300	6,525	6,508	6,506	6,528	5,766	5,907	5,896	5,895	5,101	5,099	5,093	5,366	4,486	4,559	4,614	4,628	4,630	4,643	4,641	4,637	4,637	4,649	4,646	52,051	4,737	4,737	4,712	4,713	4,811	4,852	3,387
Repurchases of common stock
1,253	149	221	23,683	16,358	28,811	192	4,910	11,418	5,565	45,136	16,826	1,369	8,948	7,675	399	52,069	29,526	15,615	43,089	7,939	2,376	4,033	8,435	869	121	4,026	2,285	6,704	21,293	206	199	1,116	6,004	20,595	225	310
Proceeds from issuance of common stock
411	381	447	263	461	366	492	227	274	221	236	221	0	233	239	189	228	184	186	183	248	180	181	146	149	124	134	129	174	131	100	133	116	106	141	141	124
Acquisition of noncontrolling interest
-	-	-	-	-	0	0	0	13,449	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments received on employee stock notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	368	0	0	772	0	30	0	0
Issuance of noncontrolling interests
-	-	-	-	-	-	-	-	-	-2	6,875	0	12,600	-98	27	357	955	3,670	4	19	0	0	0	0	201	0	0	0	5	0	0	0	5	0	0	0	0
Distribution to noncontrolling interests
22	62	60	91	22	174	95	237	19	371	759	205	310	353	0	122	97	108	80	44	0	3,594	-275	-1,062	-287	2,412	-279	-782	0	-	-	-	-	-	-	-	-
Net cash used in financing activities
-83,480	-403,554	-413,678	-588,637	-387,402	-84,564	-239,891	1,213,315	-177,076	-932,282	-611,360	-870,116	-1,086,742	-659,391	-1,110,236	-962,231	-846,689	-704,223	-707,019	-272,829	-191,608	-486,445	-742,516	1,433,514	-385,280	-575,356	113,900	-458,403	33,335	2,101,777	-986,082	-179,627	-419,271	-458,023	-379,429	-484,681	-669,783
Net decrease in cash, cash equivalents, and restricted cash
-122,263	84,394	84,210	2,372	-140,766	196,925	31,113	39,081	-16,794	-143,087	98,873	-3,214	-180,823	125,768	7,901	8,219	-12,495	-50,969	-67,782	82,234	-30,435	55,902	-17,520	-15,003	43,835	11,876	-17,193	18,518	-15,965	-27,643	37,419	-4,445	18,130	-49,524	-24,247	68,204	-235,664
Supplemental disclosures of cash flow information:
Cash disbursements made for interest
125,184	138,879	163,655	178,026	176,876	165,612	165,802	145,737	114,243	103,013	103,444	95,755	88,066	81,446	77,226	76,355	66,091	62,363	57,449	55,201	53,235	54,738	58,294	48,918	48,750	42,516	48,190	51,596	48,696	55,599	58,184	59,485	61,338	52,950	52,160	47,333	53,674
Cash disbursements made (refunds and credits received) for income taxes, net
80	2,852	3,291	11,538	-9	6,964	799	-37,859	30,569	24,840	25,238	45,013	1,180	27,782	31,645	54,665	1,323	42,832	37,192	67,166	45	36,962	35,160	70,328	13,378	40,096	44,878	64,377	5,489	27,960	29,685	54,193	2,920	35,540	34,309	31,038	32,293
Cash disbursements made for operating leases
2,702	-	-	-	2,376	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations
1,411	-	-	-	3,233	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receipt of beneficial interest in consumer loan securitization
38,490	31,859	0	7,921	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution to noncontrolling interest
33	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash and cash equivalents:
Increase in other assets related to centrally cleared variation margin settlements on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-