NELNET, INC. NNI Income Statement

Nelnet, inc. (NNI)

Income statement / 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	Sep'10	Jun'10
Interest income:
Loan interest
181,793	204,638	229,063	238,222	242,333	244,252	232,320	223,371	197,723	193,559	193,087	189,878	181,207	-	-	-	-	190,778	187,701	175,835	171,944	182,783	187,862	175,466	156,896	165,865	158,675	158,063	155,539	154,663	150,528	150,988	153,058	156,439	156,955	138,934	137,358	159,287	155,353
Investment interest
7,398	7,720	9,882	8,566	8,253	8,020	7,628	5,818	5,134	3,078	3,800	3,200	2,617	-	-	-	-	2,303	1,456	1,887	2,205	1,770	1,562	1,482	1,979	2,006	1,562	1,483	1,617	1,326	1,140	1,055	1,095	914	672	856	726	1,169	1,304
Total interest income
189,191	212,358	238,945	246,788	250,586	252,272	239,948	229,189	202,857	196,637	196,887	193,078	183,824	-	-	-	-	193,081	189,157	177,722	174,149	184,553	189,424	176,948	158,875	167,871	160,237	159,546	157,156	155,989	151,668	152,043	154,153	157,353	157,627	139,790	138,084	160,456	156,657
Interest expense:
Interest on bonds and notes payable
134,118	148,106	172,488	186,963	191,770	182,731	180,175	171,450	135,550	123,403	121,650	113,236	106,899	-	-	-	-	80,866	77,164	72,626	71,554	72,061	71,937	69,235	60,004	59,135	55,315	58,127	58,358	65,391	66,402	67,476	69,297	64,062	60,866	51,054	52,307	68,243	59,243
Net interest income
55,073	64,252	66,457	59,825	58,816	69,539	59,773	57,739	67,307	73,234	75,237	79,842	76,925	78,960	99,795	92,200	101,609	112,215	111,993	105,096	102,595	112,492	117,487	107,713	98,871	108,736	104,922	101,419	98,798	90,598	85,266	84,567	84,856	93,291	96,761	88,736	85,777	92,213	97,414
Less 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	15,500	5,000	7,000	-6,000	17,500	-5,250	5,250	3,750	5,500	6,200
Net interest income after provision for loan losses
-21,226	51,252	56,457	50,825	51,816	64,539	49,273	54,239	63,307	69,484	68,537	76,842	75,925	75,960	93,795	90,200	99,109	109,215	108,993	102,946	100,595	108,992	115,487	106,213	96,371	105,236	99,922	96,419	93,798	87,098	80,266	77,567	78,856	86,291	91,511	83,486	82,027	86,713	91,214
Other income/expense:
Gain on sale of loans
18,206	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Software services revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,624	5,499
Other income
8,281	26,522	13,439	16,152	9,067	9,998	16,673	9,580	18,557	10,855	19,756	12,485	12,632	15,218	15,150	9,765	13,796	11,587	12,282	11,985	11,408	32,840	7,650	15,315	18,131	15,981	8,613	12,288	9,416	7,023	12,699	8,800	10,954	12,264	3,931	6,826	6,492	9,432	8,496
Loan servicing fees to third parties
-	-	3,382	3,156	-	2,631	3,087	3,204	3,136	-	8,017	5,628	6,025	5,726	5,880	7,216	6,928	7,384	7,793	7,420	7,616	7,194	7,077	7,317	5,421	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost to provide communications services
-	-	-	-	-	-	-	-	-	-	-	-	1,954	1,697	1,784	1,681	1,703	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost to provide enrollment services
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3,623	9,190	11,349	10,395	10,799	-	-	-	-	-	-	16,787	19,642	-	20,151	20,374	21,678	17,744	23,825	22,140	22,839	23,709	24,111
Impairment expense
34,087	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from debt repurchases
-	-	-	-	-	-	-	-	-	-	116	442	4,980	5,720	2,160	0	101	166	597	1,515	2,875	3,594	0	18	39	799	2,138	7,355	1,407	3,009	195	935	0	33	0	0	8,307	9,885	8,759
Derivative market value and foreign currency transaction adjustments and derivative settlements, net
-16,365	3,170	1,668	-24,088	-11,539	-29,843	17,098	17,031	66,799	7,013	7,173	-27,910	-4,830	83,187	36,001	-40,702	-28,691	31,635	-30,658	6,502	-3,078	-5,648	24,203	1,570	-4,265	-5,655	-16,648	40,188	1,072	6,657	-31,275	-21,618	-15,180	11,355	-13,631	-20,335	-3,036	-35,391	10,608
Total other income/expense
190,626	223,854	219,114	182,149	206,128	160,830	216,577	200,218	254,907	119,702	140,104	91,115	128,141	-	-	-	-	138,921	87,921	124,201	117,069	109,869	133,847	125,342	125,908	115,015	101,175	163,088	119,864	114,898	83,493	87,052	98,839	120,287	85,128	75,302	105,413	72,980	96,996
Cost of services:
Cost of services
28,388	24,329	30,907	20,972	25,818	20,513	23,397	15,182	17,400	14,383	17,783	11,718	14,744	-	-	-	-	-	-	-	-	-	14,178	13,311	14,475	-	14,668	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses:
Salaries and benefits
119,878	124,561	116,670	111,214	111,059	114,247	114,172	111,118	96,643	81,201	74,193	74,628	71,863	68,017	63,743	60,923	63,242	64,862	63,215	58,787	61,050	60,609	61,098	53,888	52,484	52,120	48,712	47,432	47,905	48,633	46,395	48,703	49,095	47,026	44,132	42,881	43,912	41,085	40,962
Depreciation and amortization
27,648	28,651	27,701	24,484	24,213	23,953	22,992	21,494	18,457	11,854	10,051	9,038	8,598	9,116	8,994	8,183	7,640	7,203	6,977	6,501	5,662	5,644	5,493	5,214	4,783	5,274	4,340	4,320	4,377	8,861	8,402	8,226	8,136	8,282	7,917	6,769	6,776	9,025	9,728
Restructure expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,751	72
Litigation settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55,000	-
Other expenses
43,384	46,710	54,947	42,261	43,816	46,952	45,194	40,409	33,417	61,189	29,500	26,262	26,161	31,245	26,391	29,409	28,376	28,584	31,604	32,725	30,101	33,438	29,599	33,060	30,206	16,468	39,887	34,365	34,941	35,578	29,989	30,908	32,263	29,639	28,904	28,767	26,105	26,717	33,348
Total operating expenses
190,910	199,921	202,700	181,115	179,088	187,783	185,445	176,225	151,653	134,574	121,761	115,556	112,647	-	-	-	-	117,223	120,938	115,828	115,228	114,906	117,445	112,790	107,369	111,607	107,607	102,904	106,865	109,244	104,937	108,211	111,172	102,691	104,778	100,557	99,632	160,287	108,221
(Loss) income before income taxes
-49,898	50,856	41,964	30,887	53,038	17,075	57,008	63,050	149,161	40,229	69,097	40,683	76,675	-	-	-	-	130,913	75,976	111,319	102,436	103,955	131,889	118,765	114,910	108,644	93,490	156,603	106,797	92,752	58,822	56,408	66,523	103,887	71,861	58,231	87,808	-594	79,989
Income tax benefit (expense)
-10,133	9,022	8,829	6,209	11,391	-4,599	13,882	13,511	35,976	-5,486	25,562	16,032	28,755	54,128	47,715	15,036	24,433	47,395	26,999	40,356	37,630	30,036	46,513	43,078	40,611	37,556	30,444	54,746	38,447	36,099	21,870	14,878	23,230	39,008	24,410	21,106	32,928	-226	29,996
Net (loss) income
-39,765	41,834	33,135	24,678	41,647	21,674	43,126	49,539	113,185	45,715	43,535	24,651	47,920	98,931	84,363	26,178	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	-	-
Net income attributable to noncontrolling interests
767	-546	-77	59	56	48	199	104	-740	-2,385	-2,768	-4,086	-2,106	585	69	28	68	168	22	54	41	308	157	693	513	568	216	614	271	19	124	136	152	0	0	0	0	-	-
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	124	136	-	-	-	-	-	-	-
Net (loss) income attributable to Nelnet, Inc.
-40,532	42,380	33,212	24,619	41,591	21,626	42,927	49,435	113,925	48,100	46,303	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	-368	49,993
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)
-1.01	1.06	0.83	0.61	1.03	0.53	1.05	1.21	2.78	1.17	1.11	0.68	1.18	2.32	1.98	0.61	1.11	1.86	1.09	1.54	1.40	1.58	1.84	1.61	1.59	1.52	1.35	2.17	1.46	1.20	0.78	0.87	0.91	-	-	-	-	-	-
Weighted average common shares outstanding - basic and diluted (in shares)
39,955	39,889	39,877	40,050	40,373	40,809	40,988	40,886	40,950	40,996	41,553	42,326	42,291	-	-	-	-	44,832	45,047	45,946	46,290	46,388	46,432	46,529	46,527	46,499	46,496	46,626	46,658	-	47,460	47,434	-	-	-	-	-	-	-
Net income attributable to Nelnet, Inc. shareholders - basic
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.98	0.76	1.13	-0.01	1.00
Net income attributable to Nelnet, Inc. shareholders - diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.98	0.76	1.13	-0.01	0.99
Basic
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	47,298	-	48,059	48,302	48,171	48,938	49,735
Diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	47,298	-	48,253	48,488	48,363	48,938	49,934
Dividends paid per common share
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.07	-	-
Loan servicing and systems
Revenue
112,735	113,086	113,286	113,985	114,898	112,761	112,579	114,545	100,141	55,922	55,950	56,899	54,229	53,764	54,350	54,402	52,330	56,694	61,520	63,833	57,811	56,538	52,659	66,460	64,757	63,167	64,582	60,078	55,601	54,584	53,285	52,391	49,488	50,960	42,549	41,735	40,413	33,464	36,652
Education technology, services, and payment processing
Revenue
83,675	63,578	74,251	60,342	79,159	54,589	58,409	48,742	60,221	43,326	50,358	43,480	56,024	30,519	33,071	30,483	38,657	27,560	30,439	27,686	34,680	24,688	26,399	21,834	25,235	18,988	19,927	18,356	23,411	17,735	17,928	16,834	21,913	16,893	16,774	14,761	19,369	14,527	12,795
Cost of services
22,806	19,002	25,671	15,871	21,059	15,479	19,087	11,317	13,683	11,222	15,151	9,515	12,790	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Communications services
Revenue
18,181	17,499	16,470	15,758	14,543	13,326	11,818	10,320	9,189	8,124	6,751	5,719	5,106	4,492	4,343	4,478	4,346	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of services
5,582	5,327	5,236	5,101	4,759	5,033	4,310	3,865	3,717	3,161	2,632	2,203	1,954	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Enrollment services revenue
Revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,326	11,279	13,741	12,680	13,373	-2,143	22,936	20,145	22,011	21,735	22,563	24,823	28,957	25,890	30,661	29,710	31,664	28,782	35,505	32,315	33,868	36,439	35,403