2021 Q1 Form 10-Q Financial Statement

#000125860221000047 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $129.1M $189.2M
YoY Change -31.76% -24.5%
Cost Of Revenue $27.05M $28.39M
YoY Change -4.71% 9.95%
Gross Profit $102.1M $160.8M
YoY Change -36.54% -28.46%
Gross Profit Margin 79.05% 85.0%
Selling, General & Admin $115.8M $119.9M
YoY Change -3.42% 5.27%
% of Gross Profit 113.47% 74.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.42M $48.76M
YoY Change -21.22% 3.87%
% of Gross Profit 37.64% 30.32%
Operating Expenses $172.7M $190.9M
YoY Change -9.55% 6.6%
Operating Profit -$70.62M -$30.11M
YoY Change 134.57% -165.91%
Interest Expense $27.77M $134.1M
YoY Change -79.29% -30.06%
% of Operating Profit
Other Income/Expense, Net $36.70M $43.38M
YoY Change -15.41% -0.99%
Pretax Income $157.8M -$49.90M
YoY Change -416.17% -194.08%
Income Tax $34.86M -$10.13M
% Of Pretax Income 22.1%
Net Earnings $123.6M -$40.53M
YoY Change -404.94% -197.45%
Net Earnings / Revenue 95.74% -21.42%
Basic Earnings Per Share $3.20
Diluted Earnings Per Share $3.20 -$1.028M
COMMON SHARES
Basic Shares Outstanding 38.60M shares
Diluted Shares Outstanding 38.60M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $583.3M $288.2M
YoY Change 102.42% 97.48%
Cash & Equivalents $144.2M $204.8M
Short-Term Investments $439.1M $83.31M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $80.00M $63.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $224.0M $268.0M
YoY Change -16.42% -69.09%
LONG-TERM ASSETS
Property, Plant & Equipment $130.5M $351.1M
YoY Change -62.85% 7.1%
Goodwill $142.1M $156.9M
YoY Change -9.44% 0.0%
Intangibles $66.72M $74.13M
YoY Change -10.0% -29.93%
Long-Term Investments $973.0M $254.0M
YoY Change 283.07% 9.96%
Other Assets $803.0M $895.0M
YoY Change -10.28% -8.39%
Total Long-Term Assets $21.94B $23.01B
YoY Change -4.65% -3.53%
TOTAL ASSETS
Total Short-Term Assets $224.0M $268.0M
Total Long-Term Assets $21.94B $23.01B
Total Assets $22.17B $23.28B
YoY Change -4.78% -5.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.0M $220.0M
YoY Change 5.0% 1.85%
Accrued Expenses $6.000M $44.00M
YoY Change -86.36% -54.64%
Deferred Revenue
YoY Change
Short-Term Debt $112.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $349.0M $264.0M
YoY Change 32.2% -15.65%
LONG-TERM LIABILITIES
Long-Term Debt $18.76B $20.47B
YoY Change -8.36% -6.27%
Other Long-Term Liabilities $315.0M $224.0M
YoY Change 40.63% -7.44%
Total Long-Term Liabilities $19.07B $20.69B
YoY Change -7.83% -6.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.0M $264.0M
Total Long-Term Liabilities $19.07B $20.69B
Total Liabilities $19.42B $20.95B
YoY Change -7.33% -6.42%
SHAREHOLDERS EQUITY
Retained Earnings $2.737B $2.359B
YoY Change 16.03% 1.61%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.752B $2.321B
YoY Change
Total Liabilities & Shareholders Equity $22.17B $23.28B
YoY Change -4.78% -5.83%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $123.6M -$40.53M
YoY Change -404.94% -197.45%
Depreciation, Depletion And Amortization $38.42M $48.76M
YoY Change -21.22% 3.87%
Cash From Operating Activities $48.66M -$144.5M
YoY Change -133.68% 3.43%
INVESTING ACTIVITIES
Capital Expenditures $17.90M $25.56M
YoY Change -29.98% 3.01%
Acquisitions
YoY Change
Other Investing Activities $486.3M $32.89M
YoY Change 1378.48% 105.96%
Cash From Investing Activities $468.4M $105.7M
YoY Change 343.22% -72.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.628M $842.0K
YoY Change 93.35% -94.7%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$528.1M -$83.48M
YoY Change 532.66% -78.45%
NET CHANGE
Cash From Operating Activities $48.66M -$144.5M
Cash From Investing Activities $468.4M $105.7M
Cash From Financing Activities -$528.1M -$83.48M
Net Change In Cash -$11.20M -$122.3M
YoY Change -90.84% -13.14%
FREE CASH FLOW
Cash From Operating Activities $48.66M -$144.5M
Capital Expenditures $17.90M $25.56M
Free Cash Flow $30.76M -$170.0M
YoY Change -118.09% 3.37%

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Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’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 three months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").
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CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7400000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
14690000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9939000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9830000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7457000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4644000 USD
CY2021Q1 nni Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
20158000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
66718000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
142092000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
142092000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
11800000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
20300000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
123598000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-40532000 USD
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38603555 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39955514 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
3.20
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.01
CY2021Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
129103000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
27773000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
101330000 USD
CY2021Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-17048000 USD
CY2021Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
118378000 USD
CY2021Q1 nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
CY2021Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
-4604000 USD
CY2021Q1 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
0 USD
CY2021Q1 nni Provision Negative Provision For Beneficial Interests And Impairment Expense
ProvisionNegativeProvisionForBeneficialInterestsAndImpairmentExpense
-2436000 USD
CY2021Q1 nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
-4304000 USD
CY2021Q1 nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
38809000 USD
CY2021Q1 nni Noninterest Income Expense
NoninterestIncomeExpense
239112000 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
27052000 USD
CY2021Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
115791000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
20184000 USD
CY2021Q1 us-gaap Other Expenses
OtherExpenses
36698000 USD
CY2021Q1 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
172673000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
157765000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34861000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
122904000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-694000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
123598000 USD
CY2021Q1 us-gaap Assets
Assets
22167208000 USD
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
189191000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
134118000 USD
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
55073000 USD
CY2020Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
76299000 USD
CY2020Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
-21226000 USD
CY2020Q1 nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
CY2020Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
8281000 USD
CY2020Q1 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
18206000 USD
CY2020Q1 nni Provision Negative Provision For Beneficial Interests And Impairment Expense
ProvisionNegativeProvisionForBeneficialInterestsAndImpairmentExpense
34087000 USD
CY2020Q1 nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
4237000 USD
CY2020Q1 nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
-20602000 USD
CY2020Q1 nni Noninterest Income Expense
NoninterestIncomeExpense
190626000 USD
CY2020Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
28388000 USD
CY2020Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
119878000 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
27648000 USD
CY2020Q1 us-gaap Other Expenses
OtherExpenses
43384000 USD
CY2020Q1 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
190910000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-49898000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10133000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-39765000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
767000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-40532000 USD
CY2020Q1 us-gaap Assets
Assets
23280628000 USD
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
8498000 USD
CY2020Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-1025000 USD
CY2021Q1 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
2321000 USD
CY2020Q1 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
0 USD
CY2021Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
442000 USD
CY2020Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
3188000 USD
CY2021Q1 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
4223000 USD
CY2020Q1 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
3525000 USD
CY2021Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
-4604000 USD
CY2020Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
8281000 USD
CY2021Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
439066000 USD
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
390648000 USD
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
439066000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
390648000 USD
CY2021Q1 us-gaap Trading Securities Equity
TradingSecuritiesEquity
13500000 USD
CY2021Q1 us-gaap Available For Sale Securities Equity Securities
AvailableForSaleSecuritiesEquitySecurities
14800000 USD

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