2015 Q3 Form 10-Q Financial Statement

#000125860215000041 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $11.35M $14.18M
YoY Change -19.95% -3.34%
Gross Profit -$11.35M -$14.18M
YoY Change -19.95% -3.34%
Gross Profit Margin
Selling, General & Admin $75.70M $75.30M
YoY Change 0.53% 18.77%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.600M $29.10M
YoY Change -84.19% 52.36%
% of Gross Profit
Operating Expenses $120.9M $117.4M
YoY Change 2.97% 9.14%
Operating Profit -$132.3M -$131.6M
YoY Change 0.5% 7.65%
Interest Expense $77.16M $71.94M
YoY Change 7.27% 30.05%
% of Operating Profit
Other Income/Expense, Net $31.60M $29.60M
YoY Change 6.77% -25.79%
Pretax Income $75.98M $131.9M
YoY Change -42.39% 41.07%
Income Tax $27.00M $46.51M
% Of Pretax Income 35.54% 35.27%
Net Earnings $48.96M $85.22M
YoY Change -42.55% 35.63%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $1.089M $1.836M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.0M $75.00M
YoY Change 52.0% 47.06%
Cash & Equivalents $114.5M $74.58M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $29.02B $28.76B
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.13B $28.84B
YoY Change 1.03% 16.07%
LONG-TERM ASSETS
Property, Plant & Equipment $46.71M $44.65M
YoY Change 4.61% 35.24%
Goodwill $126.2M $126.2M
YoY Change 0.0% 7.75%
Intangibles $35.39M $42.88M
YoY Change -17.47% 518.52%
Long-Term Investments $236.0M $148.0M
YoY Change 59.46% -36.48%
Other Assets $995.0M $940.0M
YoY Change 5.85% 22.24%
Total Long-Term Assets $1.912B $1.863B
YoY Change 2.67% 10.03%
TOTAL ASSETS
Total Short-Term Assets $29.13B $28.84B
Total Long-Term Assets $1.912B $1.863B
Total Assets $31.05B $30.70B
YoY Change 1.13% 15.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0M $73.00M
YoY Change 36.99% -22.34%
Accrued Expenses $32.00M $25.00M
YoY Change 28.0% 78.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $132.0M $98.00M
YoY Change 34.69% -9.26%
LONG-TERM LIABILITIES
Long-Term Debt $28.83B $28.74B
YoY Change 0.32% 15.6%
Other Long-Term Liabilities $251.0M $206.0M
YoY Change 21.84% 6.74%
Total Long-Term Liabilities $29.08B $28.94B
YoY Change 0.47% 15.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.0M $98.00M
Total Long-Term Liabilities $29.08B $28.94B
Total Liabilities $29.21B $29.04B
YoY Change 0.58% 15.43%
SHAREHOLDERS EQUITY
Retained Earnings $1.830B $1.634B
YoY Change 12.05% 21.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.835B $1.657B
YoY Change
Total Liabilities & Shareholders Equity $31.05B $30.70B
YoY Change 1.13% 15.68%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $48.96M $85.22M
YoY Change -42.55% 35.63%
Depreciation, Depletion And Amortization $4.600M $29.10M
YoY Change -84.19% 52.36%
Cash From Operating Activities $115.4M $106.6M
YoY Change 8.26% 115.79%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$12.70M
YoY Change -74.02% 504.76%
Acquisitions
YoY Change
Other Investing Activities $527.1M $631.1M
YoY Change -16.48% -453.76%
Cash From Investing Activities $523.8M $618.4M
YoY Change -15.3% -442.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -707.1M -742.5M
YoY Change -4.77% -751.89%
NET CHANGE
Cash From Operating Activities 115.4M 106.6M
Cash From Investing Activities 523.8M 618.4M
Cash From Financing Activities -707.1M -742.5M
Net Change In Cash -67.90M -17.50M
YoY Change 288.0% 1.74%
FREE CASH FLOW
Cash From Operating Activities $115.4M $106.6M
Capital Expenditures -$3.300M -$12.70M
Free Cash Flow $118.7M $119.3M
YoY Change -0.5% 131.65%

Facts In Submission

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dei Document Type
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dei Entity Central Index Key
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dei Entity Registrant Name
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289731000 USD
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21691000 USD
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49278000 USD
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235362000 USD
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Basis Of Accounting
BasisOfAccounting
<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;">September&#160;30, 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 and nine</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;">September 30, 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 and nine</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;">September&#160;30, 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 "</font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> 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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