2014 Q1 Form 10-Q Financial Statement

#000125860214000037 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $14.48M $58.40M
YoY Change -75.21% -15.73%
Gross Profit -$14.48M $98.80M
YoY Change -114.65% 16.37%
Gross Profit Margin
Selling, General & Admin $67.00M $67.50M
YoY Change -0.74% -4.66%
% of Gross Profit 68.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $20.08M
YoY Change 9.56% -28.47%
% of Gross Profit 20.32%
Operating Expenses $107.4M $106.9M
YoY Change 0.47% -3.87%
Operating Profit -$121.8M -$8.065M
YoY Change 1410.77% -69.3%
Interest Expense $60.00M $58.36M
YoY Change 2.82% -15.79%
% of Operating Profit
Other Income/Expense, Net $30.22M $34.94M
YoY Change -13.5% -208.3%
Pretax Income $114.9M $106.8M
YoY Change 7.6% 60.54%
Income Tax $40.61M $38.45M
% Of Pretax Income 35.34% 36.0%
Net Earnings $73.79M $68.08M
YoY Change 8.38% 57.81%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $1.587M $1.458M
COMMON SHARES
Basic Shares Outstanding 46.66M shares
Diluted Shares Outstanding 46.66M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.0M $50.00M
YoY Change 114.0% -18.03%
Cash & Equivalents $107.1M $68.58M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $25.67B $24.96B
Other Receivables $0.00 $305.0M
Total Short-Term Assets $25.78B $25.31B
YoY Change 1.83% 4.35%
LONG-TERM ASSETS
Property, Plant & Equipment $33.30M $31.11M
YoY Change 7.06% -8.83%
Goodwill $117.1M $117.1M
YoY Change 0.0% 0.0%
Intangibles $9.089M $8.556M
YoY Change 6.23% -63.87%
Long-Term Investments $166.0M $159.0M
YoY Change 4.4% 123.94%
Other Assets $886.0M $862.0M
YoY Change 2.78% 15.7%
Total Long-Term Assets $1.710B $1.331B
YoY Change 28.45% 12.03%
TOTAL ASSETS
Total Short-Term Assets $25.78B $25.31B
Total Long-Term Assets $1.710B $1.331B
Total Assets $27.49B $26.65B
YoY Change 3.16% 4.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.0M $47.00M
YoY Change 282.98% 20.51%
Accrued Expenses $22.00M $16.00M
YoY Change 37.5% -15.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $202.0M $63.00M
YoY Change 220.63% 8.62%
LONG-TERM LIABILITIES
Long-Term Debt $25.59B $25.13B
YoY Change 1.85% 4.42%
Other Long-Term Liabilities $181.0M $230.0M
YoY Change -21.3% 4.55%
Total Long-Term Liabilities $25.77B $25.36B
YoY Change 1.64% 4.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.0M $63.00M
Total Long-Term Liabilities $25.77B $25.36B
Total Liabilities $25.97B $25.42B
YoY Change 2.18% 4.44%
SHAREHOLDERS EQUITY
Retained Earnings $1.483B $1.193B
YoY Change 24.3% 12.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.513B $1.226B
YoY Change
Total Liabilities & Shareholders Equity $27.49B $26.65B
YoY Change 3.16% 4.71%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $73.79M $68.08M
YoY Change 8.38% 57.81%
Depreciation, Depletion And Amortization $22.00M $20.08M
YoY Change 9.56% -28.47%
Cash From Operating Activities $88.60M $84.99M
YoY Change 4.25% -15.49%
INVESTING ACTIVITIES
Capital Expenditures $3.146M $2.778M
YoY Change 13.25% 20.47%
Acquisitions $1.909M $0.00
YoY Change
Other Investing Activities $14.47M $0.00
YoY Change -100.0%
Cash From Investing Activities $340.5M -$134.3M
YoY Change -353.56% -139.87%
FINANCING ACTIVITIES
Cash Dividend Paid $4.641M $4.646M
YoY Change -0.11% -1.4%
Common Stock Issuance & Retirement, Net $720.0K $6.530M
YoY Change -88.97% 553.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$385.3M $33.34M
YoY Change -1255.78% -107.95%
NET CHANGE
Cash From Operating Activities $88.60M $84.99M
Cash From Investing Activities $340.5M -$134.3M
Cash From Financing Activities -$385.3M $33.34M
Net Change In Cash $43.84M -$15.97M
YoY Change -374.57% -188.06%
FREE CASH FLOW
Cash From Operating Activities $88.60M $84.99M
Capital Expenditures $3.146M $2.778M
Free Cash Flow $85.46M $82.21M
YoY Change 3.95% -16.34%

Facts In Submission

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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, 2014</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, 2014 and 2013</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, 2013</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, 2014</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, 2014</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, 2013</font><font style="font-family:inherit;font-size:10pt;"> (the "2013 Annual Report").</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>
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CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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4520000 USD
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CY2013Q1 us-gaap Other Expenses
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CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2013Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6704000 USD
CY2014Q1 us-gaap Payments Of Debt Issuance Costs
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4700000 USD
CY2013Q1 us-gaap Payments Of Debt Issuance Costs
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CY2013Q1 us-gaap Payments Of Dividends
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4646000 USD
CY2014Q1 us-gaap Payments Of Dividends
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4641000 USD
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
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CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
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PaymentsToAcquireFinanceReceivables
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PaymentsToAcquireFinanceReceivables
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2778000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3146000 USD
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PreferredStockParOrStatedValuePerShare
0.01
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q1 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
688387000 USD
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ProceedsFromCollectionOfFinanceReceivables
686908000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
149000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
174000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
972384000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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5000 USD
CY2014Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
201000 USD
CY2013Q1 us-gaap Proceeds From Payments For Trading Securities
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0 USD
CY2014Q1 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
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CY2013Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2013Q1 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
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CY2014Q1 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
0 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
74299000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
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CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33302000 USD
CY2014Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
2500000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33829000 USD
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ProvisionForLoanLeaseAndOtherLosses
5000000 USD
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RepaymentsOfDebtAndCapitalLeaseObligations
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CY2014Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
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CY2013Q4 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
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CY2014Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
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RetainedEarningsAccumulatedDeficit
1482637000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1413492000 USD
CY2014Q1 us-gaap Revenues
Revenues
0 USD
CY2013Q1 us-gaap Revenues
Revenues
0 USD
CY2013Q1 us-gaap Servicing Fees Net
ServicingFeesNet
55601000 USD
CY2014Q1 us-gaap Servicing Fees Net
ServicingFeesNet
64757000 USD
CY2013Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1273000 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2246000 USD
CY2013Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6704000 USD
CY2014Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
869000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1512919000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1443662000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1513674000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1443990000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1226404000 USD
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46658031 shares
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46527917 shares
CY2014Q2 nni Asset Purchase Price
AssetPurchasePrice
139000000 USD
CY2013Q4 nni Cash And Cash Equivalents Not Held At Related Party
CashAndCashEquivalentsNotHeldAtRelatedParty
8537000 USD
CY2014Q1 nni Cash And Cash Equivalents Not Held At Related Party
CashAndCashEquivalentsNotHeldAtRelatedParty
18374000 USD
CY2013Q4 nni Cash And Cash Equivalents Related Party
CashAndCashEquivalentsRelatedParty
54730000 USD
CY2014Q1 nni Cash And Cash Equivalents Related Party
CashAndCashEquivalentsRelatedParty
88728000 USD
CY2013Q1 nni Corporate Overhead Allocation
CorporateOverheadAllocation
0 USD
CY2014Q1 nni Corporate Overhead Allocation
CorporateOverheadAllocation
0 USD
CY2014Q1 nni Cost To Provide Enrollment Services
CostToProvideEnrollmentServices
14475000 USD
CY2013Q1 nni Cost To Provide Enrollment Services
CostToProvideEnrollmentServices
19642000 USD
CY2014Q1 nni Derivative Assets Not Designated As Hedging Instruments Net
DerivativeAssetsNotDesignatedAsHedgingInstrumentsNet
48366000 USD
CY2013Q4 nni Derivative Assets Not Designated As Hedging Instruments Net
DerivativeAssetsNotDesignatedAsHedgingInstrumentsNet
31111000 USD
CY2014Q1 nni Derivative Liabilities Not Designated As Hedging Instruments Net
DerivativeLiabilitiesNotDesignatedAsHedgingInstrumentsNet
-1906000 USD
CY2014Q1 nni Derivative Market Value And Foreign Currency Adjustment
DerivativeMarketValueAndForeignCurrencyAdjustment
1964000 USD
CY2013Q4 nni Derivative Liabilities Not Designated As Hedging Instruments Net
DerivativeLiabilitiesNotDesignatedAsHedgingInstrumentsNet
-1098000 USD
CY2014Q1 nni Derivative Market Value Adjustment
DerivativeMarketValueAdjustment
-2916000 USD
CY2013Q1 nni Derivative Market Value Adjustment
DerivativeMarketValueAdjustment
19507000 USD
CY2013Q1 nni Derivative Market Value And Foreign Currency Adjustment
DerivativeMarketValueAndForeignCurrencyAdjustment
9256000 USD
CY2014Q1 nni Derivative Market Value And Foreign Currency Adjustments And Derivative Settlements Net
DerivativeMarketValueAndForeignCurrencyAdjustmentsAndDerivativeSettlementsNet
-4265000 USD
CY2013Q1 nni Derivative Market Value And Foreign Currency Adjustments And Derivative Settlements Net
DerivativeMarketValueAndForeignCurrencyAdjustmentsAndDerivativeSettlementsNet
1072000 USD
CY2013Q1 nni Derivative Settlements
DerivativeSettlements
-8184000 USD
CY2014Q1 nni Derivative Settlements
DerivativeSettlements
-6229000 USD
CY2014Q1 nni Enrollment Services Revenue
EnrollmentServicesRevenue
22011000 USD
CY2013Q1 nni Enrollment Services Revenue
EnrollmentServicesRevenue
28957000 USD
CY2013Q1 nni Gain On Sale Of Financing Receivables
GainOnSaleOfFinancingReceivables
33000 USD
CY2014Q1 nni Gain On Sale Of Financing Receivables
GainOnSaleOfFinancingReceivables
0 USD
CY2014Q1 nni Gain On Sale Of Loans And Debt Repurchases Net
GainOnSaleOfLoansAndDebtRepurchasesNet
39000 USD
CY2013Q1 nni Gain On Sale Of Loans And Debt Repurchases Net
GainOnSaleOfLoansAndDebtRepurchasesNet
1407000 USD
CY2013Q1 nni Income Loss Before Income Taxes And Corporate Overhead Allocation
IncomeLossBeforeIncomeTaxesAndCorporateOverheadAllocation
106797000 USD
CY2014Q1 nni Income Loss Before Income Taxes And Corporate Overhead Allocation
IncomeLossBeforeIncomeTaxesAndCorporateOverheadAllocation
114910000 USD
CY2013Q1 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2014Q1 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2014Q2 nni Lineofcreditfuturemaximum
Lineofcreditfuturemaximum
500000000 USD
CY2014Q1 nni Loan Interest
LoanInterest
156896000 USD
CY2013Q1 nni Loan Interest
LoanInterest
155539000 USD
CY2013Q1 nni Payments To Terminate Andor Amend Derivative Instruments
PaymentsToTerminateAndorAmendDerivativeInstruments
-2900000 USD
CY2013Q1 nni Proceeds To Terminate And Or Amend Derivative Instruments
ProceedsToTerminateAndOrAmendDerivativeInstruments
-2700000 USD
CY2013Q1 nni Purchases Of Student Loans From Related Party
PurchasesOfStudentLoansFromRelatedParty
0 USD
CY2014Q1 nni Purchases Of Student Loans From Related Party
PurchasesOfStudentLoansFromRelatedParty
137000 USD
CY2013Q4 nni Repurchase Obligation
RepurchaseObligation
16143000 USD
CY2012Q4 nni Repurchase Obligation
RepurchaseObligation
16130000 USD
CY2014Q1 nni Repurchase Obligation
RepurchaseObligation
15413000 USD
CY2013Q1 nni Repurchase Obligation
RepurchaseObligation
15011000 USD
CY2013Q4 nni Restricted Cash Due To Customers
RestrictedCashDueToCustomers
167576000 USD
CY2014Q1 nni Restricted Cash Due To Customers
RestrictedCashDueToCustomers
180469000 USD
CY2013Q1 nni Student Loan Discount Accretion
StudentLoanDiscountAccretion
-9075000 USD
CY2014Q1 nni Student Loan Discount Accretion
StudentLoanDiscountAccretion
-10023000 USD
CY2013Q1 nni Transfer To Or From Repurchase Obligation Related To Loans Sold Or Purchased And Other Net
TransferToOrFromRepurchaseObligationRelatedToLoansSoldOrPurchasedAndOtherNet
1119000 USD
CY2014Q1 nni Transfer To Or From Repurchase Obligation Related To Loans Sold Or Purchased And Other Net
TransferToOrFromRepurchaseObligationRelatedToLoansSoldOrPurchasedAndOtherNet
730000 USD
CY2013Q1 nni Tuition Payment Processing And Campus Commerce Revenue
TuitionPaymentProcessingAndCampusCommerceRevenue
23411000 USD
CY2014Q1 nni Tuition Payment Processing And Campus Commerce Revenue
TuitionPaymentProcessingAndCampusCommerceRevenue
25235000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001258602
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Entity Public Float
EntityPublicFloat
940529760.75 USD
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
NELNET INC
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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