$NNI
NELNET INC

2012 Q1 Form 10-Q Financial Statement

#000125860212000032 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $154.2M $138.1M
YoY Change 11.64% -40.17%
Cost Of Revenue $69.30M $52.30M
YoY Change 32.5% 2.75%
Gross Profit $84.90M $178.8M
YoY Change -52.52% -0.61%
Gross Profit Margin 55.08% 129.49%
Selling, General & Admin $70.80M $66.80M
YoY Change 5.99% 6.54%
% of Gross Profit 83.39% 37.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.07M $19.00M
YoY Change 47.75% -34.93%
% of Gross Profit 33.06% 10.63%
Operating Expenses $111.2M $99.63M
YoY Change 11.58% 78.87%
Operating Profit -$26.27M $79.17M
YoY Change -133.19% -36.26%
Interest Expense $69.30M $52.31M
YoY Change 32.48% 1175.78%
% of Operating Profit 66.07%
Other Income/Expense, Net -$32.26M -$26.11M
YoY Change 23.59% -35.06%
Pretax Income $66.52M $87.81M
YoY Change -24.24% 1.04%
Income Tax -$23.23M -$32.93M
% Of Pretax Income -34.92% -37.5%
Net Earnings $43.14M $54.88M
YoY Change -21.39% 1.07%
Net Earnings / Revenue 27.99% 39.74%
Basic Earnings Per Share $0.91 $1.13
Diluted Earnings Per Share $0.91 $1.13
COMMON SHARES
Basic Shares Outstanding 47.30M shares 48.17M shares
Diluted Shares Outstanding 47.30M shares 48.36M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.00M $48.00M
YoY Change 27.08% -85.45%
Cash & Equivalents $66.03M $42.57M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $23.90B $23.59B
Other Receivables $296.0M $309.0M
Total Short-Term Assets $24.26B $23.95B
YoY Change 1.3% -6.32%
LONG-TERM ASSETS
Property, Plant & Equipment $34.12M $31.00M
YoY Change 10.06% 10.71%
Goodwill $117.1M
YoY Change
Intangibles $23.68M
YoY Change
Long-Term Investments $71.00M $38.00M
YoY Change 86.84%
Other Assets $745.0M $860.0M
YoY Change -13.37% 12.13%
Total Long-Term Assets $1.188B $1.349B
YoY Change -11.91% 5.39%
TOTAL ASSETS
Total Short-Term Assets $24.26B $23.95B
Total Long-Term Assets $1.188B $1.349B
Total Assets $25.45B $25.30B
YoY Change 0.6% -5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.00M $63.00M
YoY Change -38.1% 61.54%
Accrued Expenses $19.00M $16.00M
YoY Change 18.75% -5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.00M $79.00M
YoY Change -26.58% 41.07%
LONG-TERM LIABILITIES
Long-Term Debt $24.06B $24.07B
YoY Change -0.02% -6.56%
Other Long-Term Liabilities $220.0M $194.0M
YoY Change 13.4% 1.57%
Total Long-Term Liabilities $24.28B $24.26B
YoY Change 0.09% -6.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.00M $79.00M
Total Long-Term Liabilities $24.28B $24.26B
Total Liabilities $24.34B $24.34B
YoY Change 0.0% -6.4%
SHAREHOLDERS EQUITY
Retained Earnings $1.056B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.108B $955.0M
YoY Change
Total Liabilities & Shareholders Equity $25.45B $25.30B
YoY Change 0.6% -5.76%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $43.14M $54.88M
YoY Change -21.39% 1.07%
Depreciation, Depletion And Amortization $28.07M $19.00M
YoY Change 47.75% -34.93%
Cash From Operating Activities $100.6M $81.67M
YoY Change 23.15% 2924.7%
INVESTING ACTIVITIES
Capital Expenditures $2.306M $2.992M
YoY Change -22.93% -203.17%
Acquisitions
YoY Change
Other Investing Activities $339.1M $355.4M
YoY Change -4.59% -134.38%
Cash From Investing Activities $336.8M $352.5M
YoY Change -4.43% -134.0%
FINANCING ACTIVITIES
Cash Dividend Paid $4.712M $3.387M
YoY Change 39.12%
Common Stock Issuance & Retirement, Net $1.000M $186.0K
YoY Change 437.63% 86.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$419.3M -$669.8M
YoY Change -37.4% -165.29%
NET CHANGE
Cash From Operating Activities $100.6M $81.67M
Cash From Investing Activities $336.8M $352.5M
Cash From Financing Activities -$419.3M -$669.8M
Net Change In Cash $18.13M -$235.7M
YoY Change -107.69% 2809.43%
FREE CASH FLOW
Cash From Operating Activities $100.6M $81.67M
Capital Expenditures $2.306M $2.992M
Free Cash Flow $98.27M $78.68M
YoY Change 24.9% 1304.91%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccountsReceivableNet
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CY2012Q1 us-gaap Assets
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CY2012Q1 us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Financial Reporting</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the &#8220;Company&#8221;) as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;"> and for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March 31, 2012 and 2011</font><font style="font-family:inherit;font-size:10pt;"> have been prepared on the same basis as the audited consolidated financial statements for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;"> and, in the opinion of the Company&#8217;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 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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">. The unaudited consolidated financial statements should be read in conjunction with the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Noncontrolling Interest</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling interest reflects the proportionate share of membership interest (equity) and net income attributable to the holders of minority membership interests in Whitetail Rock Capital Management, LLC ("WRCM"), a subsidiary of the Company that issued minority membership interests on January 1, 2012. </font></div></div>
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CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0.00 shares
CY2012Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0.00 shares
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0.00 shares
CY2012Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0.00 shares
CY2012Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
116000 USD
CY2011Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
124000 USD
CY2011Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
533097000 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
279667000 USD
CY2012Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
5000 USD
CY2011Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2012Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
597034000 USD
CY2011Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
630606000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0 USD
CY2012Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
6843000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
32592000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
95131000 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
43293000 USD
CY2011Q1 us-gaap Profit Loss
ProfitLoss
54880000 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34119000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34819000 USD
CY2012Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
6000000 USD
CY2011Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
3750000 USD
CY2012Q1 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
-368000 USD
CY2011Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
-1140000 USD
CY2011Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1090797000 USD
CY2012Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
692408000 USD
CY2011Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
107050000 USD
CY2012Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2011Q4 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
614322000 USD
CY2012Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
705953000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1017629000 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1056058000 USD
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
557000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
700000 USD
CY2011Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3089000 USD
CY2012Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2426000 USD
CY2011Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-310000 USD
CY2012Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-1116000 USD
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
1107716000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
1066205000 USD
CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1107873000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1066205000 USD
CY2011Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
955367000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
906633000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47184079 shares
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48363035 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46989773 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48171317 shares
CY2012Q1 nni Business And Asset Acquisitions Net Of Cash Acquired Including Contingency Payments
BusinessAndAssetAcquisitionsNetOfCashAcquiredIncludingContingencyPayments
-1550000 USD
CY2011Q1 nni Business And Asset Acquisitions Net Of Cash Acquired Including Contingency Payments
BusinessAndAssetAcquisitionsNetOfCashAcquiredIncludingContingencyPayments
-7193000 USD
CY2012Q1 nni Cash And Cash Equivalents Not Held At Related Party
CashAndCashEquivalentsNotHeldAtRelatedParty
6693000 USD
CY2011Q4 nni Cash And Cash Equivalents Not Held At Related Party
CashAndCashEquivalentsNotHeldAtRelatedParty
7299000 USD
CY2011Q4 nni Cash And Cash Equivalents Related Party
CashAndCashEquivalentsRelatedParty
35271000 USD
CY2012Q1 nni Cash And Cash Equivalents Related Party
CashAndCashEquivalentsRelatedParty
54007000 USD
CY2011Q1 nni Contingency Payment Related To Business Combination
ContingencyPaymentRelatedToBusinessCombination
-5893000 USD
CY2012Q1 nni Cost To Provide Enrollment Services
CostToProvideEnrollmentServices
21678000 USD
CY2011Q1 nni Cost To Provide Enrollment Services
CostToProvideEnrollmentServices
22839000 USD
CY2012Q1 nni Depreciation And Amortization Including Loan Premiums Discount And Deferred Origination Costs
DepreciationAndAmortizationIncludingLoanPremiumsDiscountAndDeferredOriginationCosts
17521000 USD
CY2011Q1 nni Depreciation And Amortization Including Loan Premiums Discount And Deferred Origination Costs
DepreciationAndAmortizationIncludingLoanPremiumsDiscountAndDeferredOriginationCosts
18964000 USD
CY2012Q1 nni Derivative Market Value Adjustment
DerivativeMarketValueAdjustment
-16835000 USD
CY2011Q1 nni Derivative Market Value Adjustment
DerivativeMarketValueAdjustment
-66450000 USD
CY2011Q1 nni Derivative Market Value And Foreign Currency Adjustments And Derivative Settlements Net
DerivativeMarketValueAndForeignCurrencyAdjustmentsAndDerivativeSettlementsNet
-3036000 USD
CY2012Q1 nni Derivative Market Value And Foreign Currency Adjustments And Derivative Settlements Net
DerivativeMarketValueAndForeignCurrencyAdjustmentsAndDerivativeSettlementsNet
-15180000 USD
CY2012Q1 nni Enrollment Services Revenue
EnrollmentServicesRevenue
31664000 USD
CY2011Q1 nni Enrollment Services Revenue
EnrollmentServicesRevenue
33868000 USD
CY2011Q1 nni Gain From Debt Repurchases
GainFromDebtRepurchases
6962000 USD
CY2012Q1 nni Gain From Debt Repurchases
GainFromDebtRepurchases
0 USD
CY2012Q1 nni Gain On Sale Of Loans And Debt Repurchases Net
GainOnSaleOfLoansAndDebtRepurchasesNet
0 USD
CY2011Q1 nni Gain On Sale Of Loans And Debt Repurchases Net
GainOnSaleOfLoansAndDebtRepurchasesNet
8307000 USD
CY2011Q1 nni Loan And Guaranty Servicing Revenue
LoanAndGuarantyServicingRevenue
40413000 USD
CY2012Q1 nni Loan And Guaranty Servicing Revenue
LoanAndGuarantyServicingRevenue
49488000 USD
CY2011Q1 nni Loan Interest
LoanInterest
137358000 USD
CY2012Q1 nni Loan Interest
LoanInterest
153058000 USD
CY2011Q1 nni Payments Received On Employee Stock Notes Receivable
PaymentsReceivedOnEmployeeStockNotesReceivable
0 USD
CY2012Q1 nni Payments Received On Employee Stock Notes Receivable
PaymentsReceivedOnEmployeeStockNotesReceivable
772000 USD
CY2011Q1 nni Payments To Terminate Andor Amend Derivative Instruments
PaymentsToTerminateAndorAmendDerivativeInstruments
-141000 USD
CY2012Q1 nni Payments To Terminate Andor Amend Derivative Instruments
PaymentsToTerminateAndorAmendDerivativeInstruments
0 USD
CY2011Q1 nni Proceeds To Terminate Andor Amend Derivative Instruments
ProceedsToTerminateAndorAmendDerivativeInstruments
-12369000 USD
CY2012Q1 nni Proceeds To Terminate Andor Amend Derivative Instruments
ProceedsToTerminateAndorAmendDerivativeInstruments
0 USD
CY2011Q1 nni Purchases Of Student Loans From Related Party
PurchasesOfStudentLoansFromRelatedParty
29000 USD
CY2012Q1 nni Purchases Of Student Loans From Related Party
PurchasesOfStudentLoansFromRelatedParty
221000 USD
CY2012Q1 nni Reduction Of Employee Stock Notes Receivable
ReductionOfEmployeeStockNotesReceivable
772000 USD
CY2011Q4 nni Restricted Cash Due To Customers
RestrictedCashDueToCustomers
109809000 USD
CY2012Q1 nni Restricted Cash Due To Customers
RestrictedCashDueToCustomers
38642000 USD
CY2011Q4 nni Student Loans Receivable Net
StudentLoansReceivableNet
24297876000 USD
CY2012Q1 nni Student Loans Receivable Net
StudentLoansReceivableNet
23836832000 USD
CY2012Q1 nni Tuition Payment Processing And Campus Commerce Revenue
TuitionPaymentProcessingAndCampusCommerceRevenue
21913000 USD
CY2011Q1 nni Tuition Payment Processing And Campus Commerce Revenue
TuitionPaymentProcessingAndCampusCommerceRevenue
19369000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001258602
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
NELNET INC

Files In Submission

Name View Source Status
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0001258602-12-000032-index.html Edgar Link pending
0001258602-12-000032.txt Edgar Link pending
0001258602-12-000032-xbrl.zip Edgar Link pending
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nni-20120331.xml Edgar Link completed
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nni-20120331_def.xml Edgar Link unprocessable
nni-20120331_lab.xml Edgar Link unprocessable
nni-20120331_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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studentloanspreads.jpg Edgar Link pending