2015 Q1 Form 10-Q Financial Statement

#000125860215000027 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $10.80M $14.48M
YoY Change -25.4% -75.21%
Gross Profit -$10.80M -$14.48M
YoY Change -25.4% -114.65%
Gross Profit Margin
Selling, General & Admin $72.80M $67.00M
YoY Change 8.66% -0.74%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.23M $22.00M
YoY Change 37.39% 9.56%
% of Gross Profit
Operating Expenses $115.2M $107.4M
YoY Change 7.32% 0.47%
Operating Profit -$126.0M -$121.8M
YoY Change 3.43% 1410.77%
Interest Expense $71.55M $60.00M
YoY Change 19.25% 2.82%
% of Operating Profit
Other Income/Expense, Net $30.10M $30.22M
YoY Change -0.41% -13.5%
Pretax Income $102.4M $114.9M
YoY Change -10.86% 7.6%
Income Tax $37.63M $40.61M
% Of Pretax Income 36.74% 35.34%
Net Earnings $64.77M $73.79M
YoY Change -12.23% 8.38%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $1.409M $1.587M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0M $107.0M
YoY Change -6.54% 114.0%
Cash & Equivalents $100.0M $107.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $27.95B $25.67B
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.05B $25.78B
YoY Change 8.83% 1.83%
LONG-TERM ASSETS
Property, Plant & Equipment $51.00M $33.30M
YoY Change 53.15% 7.06%
Goodwill $126.2M $117.1M
YoY Change 7.75% 0.0%
Intangibles $40.18M $9.089M
YoY Change 342.11% 6.23%
Long-Term Investments $277.0M $166.0M
YoY Change 66.87% 4.4%
Other Assets $938.0M $886.0M
YoY Change 5.87% 2.78%
Total Long-Term Assets $1.902B $1.710B
YoY Change 11.22% 28.45%
TOTAL ASSETS
Total Short-Term Assets $28.05B $25.78B
Total Long-Term Assets $1.902B $1.710B
Total Assets $29.96B $27.49B
YoY Change 8.98% 3.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.00M $180.0M
YoY Change -60.0% 282.98%
Accrued Expenses $27.00M $22.00M
YoY Change 22.73% 37.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $99.00M $202.0M
YoY Change -50.99% 220.63%
LONG-TERM LIABILITIES
Long-Term Debt $27.82B $25.59B
YoY Change 8.7% 1.85%
Other Long-Term Liabilities $260.0M $181.0M
YoY Change 43.65% -21.3%
Total Long-Term Liabilities $28.08B $25.77B
YoY Change 8.94% 1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.00M $202.0M
Total Long-Term Liabilities $28.08B $25.77B
Total Liabilities $28.17B $25.97B
YoY Change 8.47% 2.18%
SHAREHOLDERS EQUITY
Retained Earnings $1.763B $1.483B
YoY Change 18.89% 24.3%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.781B $1.513B
YoY Change
Total Liabilities & Shareholders Equity $29.96B $27.49B
YoY Change 8.98% 3.16%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $64.77M $73.79M
YoY Change -12.23% 8.38%
Depreciation, Depletion And Amortization $30.23M $22.00M
YoY Change 37.39% 9.56%
Cash From Operating Activities $129.3M $88.60M
YoY Change 45.98% 4.25%
INVESTING ACTIVITIES
Capital Expenditures $8.372M $3.146M
YoY Change 166.12% 13.25%
Acquisitions $0.00 $1.909M
YoY Change -100.0%
Other Investing Activities $49.95M $14.47M
YoY Change 245.29%
Cash From Investing Activities $31.83M $340.5M
YoY Change -90.65% -353.56%
FINANCING ACTIVITIES
Cash Dividend Paid $4.614M $4.641M
YoY Change -0.58% -0.11%
Common Stock Issuance & Retirement, Net $7.691M $720.0K
YoY Change 968.19% -88.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$191.6M -$385.3M
YoY Change -50.27% -1255.78%
NET CHANGE
Cash From Operating Activities $129.3M $88.60M
Cash From Investing Activities $31.83M $340.5M
Cash From Financing Activities -$191.6M -$385.3M
Net Change In Cash -$30.44M $43.84M
YoY Change -169.43% -374.57%
FREE CASH FLOW
Cash From Operating Activities $129.3M $88.60M
Capital Expenditures $8.372M $3.146M
Free Cash Flow $121.0M $85.46M
YoY Change 41.56% 3.95%

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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, 2015</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, 2015 and 2014</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, 2014</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, 2015</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, 2015</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, 2014</font><font style="font-family:inherit;font-size:10pt;"> (the "2014 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 style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</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;">Certain amounts previously reported within the Company's consolidated balance sheet and statements of income have been reclassified to conform to the current period presentation. These reclassifications include:</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><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reclassifying certain investments and notes receivable, which were previously included in "other assets" to "investments and notes receivable."</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reclassifying third-party loan servicing fees, which were previously included in "other" operating expenses to "loan servicing fees."</font></div></td></tr></table><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;">The reclassifications had no effect on consolidated net income or consolidated assets and liabilities.</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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