NELNET, INC. NNI Income Statement

Nelnet, inc. (NNI)

Income statement / TTM

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
853,716	914,256	953,870	957,127	942,276	897,666	846,973	807,740	774,247	757,731	0	0	0	-	-	-	-	726,258	718,263	718,424	718,055	703,007	686,089	656,902	639,499	638,142	626,940	618,793	611,718	609,237	611,013	617,440	605,386	589,686	592,534	590,932	0	0	0
Investment interest
33,566	34,421	34,721	32,467	29,719	26,600	21,658	17,830	15,212	12,695	0	0	0	-	-	-	-	7,851	7,318	7,424	7,019	6,793	7,029	7,029	7,030	6,668	5,988	5,566	5,138	4,616	4,204	3,736	3,537	3,168	3,423	4,055	0	0	0
Total interest income
887,282	948,677	988,591	989,594	971,995	924,266	868,631	825,570	789,459	770,426	0	0	0	-	-	-	-	734,109	725,581	725,848	725,074	709,800	693,118	663,931	646,529	644,810	632,928	624,359	616,856	613,853	615,217	621,176	608,923	592,854	595,957	594,987	0	0	0
Interest expense:
Interest on bonds and notes payable
641,675	699,327	733,952	741,639	726,126	669,906	610,578	552,053	493,839	465,188	0	0	0	-	-	-	-	302,210	293,405	288,178	284,787	273,237	260,311	243,689	232,581	230,935	237,191	248,278	257,627	268,566	267,237	261,701	245,279	228,289	232,470	230,847	0	0	0
Net interest income
245,607	249,350	254,637	247,953	245,867	254,358	258,053	273,517	295,620	305,238	310,964	335,522	347,880	372,564	405,819	418,017	430,913	431,899	432,176	437,670	440,287	436,563	432,807	420,242	413,948	413,875	395,737	376,081	359,229	345,287	347,980	359,475	363,644	364,565	363,487	364,140	0	0	0
Less provision for loan losses
108,299	39,000	31,000	31,500	26,000	23,000	21,750	17,950	17,450	14,450	13,700	13,000	12,000	13,500	13,500	10,500	10,650	10,150	10,650	9,650	9,000	9,500	9,500	12,500	16,000	18,500	30,500	30,500	32,500	21,500	23,500	13,250	11,500	21,250	9,250	20,700	0	0	0
Net interest income after provision for loan losses
137,308	210,350	223,637	216,453	219,867	231,358	236,303	255,567	278,170	290,788	297,264	322,522	335,880	359,064	392,319	407,517	420,263	421,749	421,526	428,020	431,287	427,063	423,307	407,742	397,948	395,375	377,237	357,581	338,729	323,787	322,980	334,225	340,144	343,315	343,737	343,440	0	0	0
Other income/expense:
Gain on sale of loans
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Software services revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other income
64,394	65,180	48,656	51,890	45,318	54,808	55,665	58,748	61,653	55,728	60,091	55,485	52,765	53,929	50,298	47,430	49,650	47,262	68,515	63,883	67,213	73,936	57,077	58,040	55,013	46,298	37,340	41,426	37,938	39,476	44,717	35,949	33,975	29,513	26,681	31,246	0	0	0
Loan servicing fees to third parties
-	-	12,062	11,767	-	12,058	12,491	17,421	19,845	-	25,396	23,259	24,847	25,750	27,408	29,321	29,525	30,213	30,023	29,307	29,204	27,009	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost to provide communications services
-	-	-	-	-	-	-	-	-	-	-	-	7,116	6,865	5,168	3,384	1,703	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost to provide enrollment services
-	-	-	-	-	-	-	-	-	-	-	-	-	3,623	12,813	24,162	34,557	41,733	0	0	0	-	-	-	-	-	-	0	0	-	79,947	83,621	85,387	86,548	92,513	92,799	0	0	0
Impairment expense
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from debt repurchases
-	-	-	-	-	-	-	-	-	-	11,258	13,302	12,860	7,981	2,427	864	2,379	5,153	8,581	7,984	6,487	3,651	856	2,994	10,331	11,699	13,909	11,966	5,546	4,139	1,163	968	33	8,340	18,192	26,951	0	0	0
Derivative market value and foreign currency transaction adjustments and derivative settlements, net
-35,615	-30,789	-63,802	-48,372	-7,253	71,085	107,941	98,016	53,075	-18,554	57,620	86,448	73,656	49,795	-1,757	-68,416	-21,212	4,401	-32,882	21,979	17,047	15,860	15,853	-24,998	13,620	18,957	31,269	16,642	-45,164	-61,416	-56,718	-39,074	-37,791	-25,647	-72,393	-48,154	0	0	0
Total other income/expense
815,743	831,245	768,221	765,684	783,753	832,532	791,404	714,931	605,828	479,062	0	0	0	-	-	-	-	468,112	439,060	484,986	486,127	494,966	500,112	467,440	505,186	499,142	499,025	481,343	405,307	384,282	389,671	391,306	379,556	386,130	338,823	350,691	0	0	0
Cost of services:
Cost of services
104,596	102,026	98,210	90,700	84,910	76,492	70,362	64,748	61,284	58,628	0	0	0	-	-	-	-	-	-	-	-	-	56,632	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Operating expenses:
Salaries and benefits
472,323	463,504	453,190	450,692	450,596	436,180	403,134	363,155	326,665	301,885	288,701	278,251	264,546	255,925	252,770	252,242	250,106	247,914	243,661	241,544	236,645	228,079	219,590	207,204	200,748	196,169	192,682	190,365	191,636	192,826	191,219	188,956	183,134	177,951	172,010	168,840	0	0	0
Depreciation and amortization
108,484	105,049	100,351	95,642	92,652	86,896	74,797	61,856	49,400	39,541	36,803	35,746	34,891	33,933	32,020	30,003	28,321	26,343	24,784	23,300	22,013	21,134	20,764	19,611	18,717	18,311	21,898	25,960	29,866	33,625	33,046	32,561	31,104	29,744	30,487	32,298	0	0	0
Restructure expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Litigation settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Other expenses
187,302	187,734	187,976	178,223	176,371	165,972	180,209	164,515	150,368	143,112	113,168	110,059	113,206	115,421	112,760	117,973	121,289	123,014	127,868	125,863	126,198	126,303	109,333	119,621	120,926	125,661	144,771	134,873	131,416	128,738	122,799	121,714	119,573	113,415	110,493	114,937	0	0	0
Total operating expenses
774,646	762,824	750,686	733,431	728,541	701,106	647,897	584,213	523,544	484,538	0	0	0	-	-	-	-	469,217	466,900	463,407	460,369	452,510	449,211	439,373	429,487	428,983	426,620	423,950	429,257	433,564	427,011	426,852	419,198	407,658	465,254	468,697	0	0	0
(Loss) income before income taxes
73,809	176,745	142,964	158,008	190,171	286,294	309,448	321,537	299,170	226,684	0	0	0	-	-	-	-	420,644	393,686	449,599	457,045	469,519	474,208	435,809	473,647	465,534	449,642	414,974	314,779	274,505	285,640	298,679	300,502	321,787	217,306	225,434	0	0	0
Income tax benefit (expense)
13,927	35,451	21,830	26,883	34,185	58,770	57,883	69,563	72,084	64,863	124,477	146,630	145,634	141,312	134,579	113,863	139,183	152,380	135,021	154,535	157,257	160,238	167,758	151,689	163,357	161,193	159,736	151,162	111,294	96,077	98,986	101,526	107,754	117,452	78,218	83,804	0	0	0
Net (loss) income
59,882	141,294	121,134	131,125	155,986	227,524	251,565	251,974	227,086	161,821	215,037	255,865	257,392	257,501	242,088	206,702	251,487	268,264	258,665	295,064	299,788	309,281	306,450	284,120	310,290	304,341	289,906	263,812	203,485	178,428	186,654	197,153	192,748	204,335	0	0	0	-	-
Net income attributable to noncontrolling interests
203	-508	86	362	407	-389	-2,822	-5,789	-9,979	-11,345	-8,375	-5,538	-1,424	750	333	286	312	285	425	560	1,199	1,671	1,931	1,990	1,911	1,669	1,120	1,028	550	431	412	288	152	0	0	0	0	-	-
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-
Net (loss) income attributable to Nelnet, Inc.
59,679	141,802	121,048	130,763	155,579	227,913	254,387	257,763	237,065	173,166	223,412	261,403	258,816	256,751	241,755	206,416	251,175	267,979	258,240	294,504	298,589	307,610	304,519	282,130	308,379	302,672	288,786	262,784	202,935	177,997	186,242	196,865	192,596	204,335	139,088	141,630	0	0	0
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
453,092	455,255	454,930	454,223	454,783	440,026	383,187	326,558	268,912	223,000	220,842	219,242	216,745	214,846	217,776	224,946	234,377	239,858	239,702	230,841	233,468	240,414	247,043	258,966	252,584	243,428	234,845	223,548	215,861	209,748	206,124	195,388	184,732	175,657	158,161	152,264	0	0	0
Education technology, services, and payment processing
Revenue
281,846	277,330	268,341	252,499	240,899	221,961	210,698	202,647	197,385	193,188	180,381	163,094	150,097	132,730	129,771	127,139	124,342	120,365	117,493	113,453	107,601	98,156	92,456	85,984	82,506	80,682	79,429	77,430	75,908	74,410	73,568	72,414	70,341	67,797	65,431	61,452	0	0	0
Cost of services
83,350	81,603	78,080	71,496	66,942	59,566	55,309	51,373	49,571	48,678	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Communications services
Revenue
67,908	64,270	60,097	55,445	50,007	44,653	39,451	34,384	29,783	25,700	22,068	19,660	18,419	17,659	13,167	8,824	4,346	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of services
21,246	20,423	20,129	19,203	17,967	16,925	15,053	13,375	11,713	9,950	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Enrollment services revenue
Revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	4,326	15,605	29,346	42,026	51,073	37,651	46,846	54,311	62,949	86,827	86,454	91,132	98,078	102,233	110,331	115,218	117,925	120,817	125,661	128,266	130,470	138,127	138,025	0	0	0