2022 Q1 Form 10-Q Financial Statement

#000125860222000042 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $125.2M $129.1M
YoY Change -3.03% -31.76%
Cost Of Revenue $35.55M $27.05M
YoY Change 31.4% -4.71%
Gross Profit $89.65M $102.1M
YoY Change -12.15% -36.54%
Gross Profit Margin 71.61% 79.05%
Selling, General & Admin $149.4M $115.8M
YoY Change 29.03% -3.42%
% of Gross Profit 166.66% 113.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.34M $38.42M
YoY Change -5.41% -21.22%
% of Gross Profit 40.53% 37.64%
Operating Expenses $205.9M $172.7M
YoY Change 19.22% -9.55%
Operating Profit -$116.2M -$70.62M
YoY Change 64.56% 134.57%
Interest Expense $48.08M $27.77M
YoY Change 73.11% -79.29%
% of Operating Profit
Other Income/Expense, Net $39.50M $36.70M
YoY Change 7.63% -15.41%
Pretax Income $240.6M $157.8M
YoY Change 52.49% -416.17%
Income Tax $55.70M $34.86M
% Of Pretax Income 23.15% 22.1%
Net Earnings $186.6M $123.6M
YoY Change 51.01% -404.94%
Net Earnings / Revenue 149.08% 95.74%
Basic Earnings Per Share $4.91 $3.20
Diluted Earnings Per Share $4.91 $3.20
COMMON SHARES
Basic Shares Outstanding 38.04M shares 38.60M shares
Diluted Shares Outstanding 38.04M shares 38.60M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.173B $583.3M
YoY Change 101.04% 102.42%
Cash & Equivalents $162.8M $144.2M
Short-Term Investments $1.010B $439.1M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $144.9M $80.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $307.7M $224.0M
YoY Change 37.36% -16.42%
LONG-TERM ASSETS
Property, Plant & Equipment $120.8M $130.5M
YoY Change -7.41% -62.85%
Goodwill $142.1M $142.1M
YoY Change 0.0% -9.44%
Intangibles $49.54M $66.72M
YoY Change -25.74% -10.0%
Long-Term Investments $1.650B $973.0M
YoY Change 69.54% 283.07%
Other Assets $1.015B $803.0M
YoY Change 26.39% -10.28%
Total Long-Term Assets $20.68B $21.94B
YoY Change -5.75% -4.65%
TOTAL ASSETS
Total Short-Term Assets $307.7M $224.0M
Total Long-Term Assets $20.68B $21.94B
Total Assets $20.99B $22.17B
YoY Change -5.31% -4.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.2M $231.0M
YoY Change 19.56% 5.0%
Accrued Expenses $7.216M $6.000M
YoY Change 20.27% -86.36%
Deferred Revenue
YoY Change
Short-Term Debt $484.0M $112.0M
YoY Change 332.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $767.5M $349.0M
YoY Change 119.9% 32.2%
LONG-TERM LIABILITIES
Long-Term Debt $16.74B $18.76B
YoY Change -10.76% -8.36%
Other Long-Term Liabilities $400.5M $315.0M
YoY Change 27.15% 40.63%
Total Long-Term Liabilities $17.14B $19.07B
YoY Change -10.14% -7.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $767.5M $349.0M
Total Long-Term Liabilities $17.14B $19.07B
Total Liabilities $17.90B $19.42B
YoY Change -7.79% -7.33%
SHAREHOLDERS EQUITY
Retained Earnings $3.092B $2.737B
YoY Change 12.98% 16.03%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.088B $2.752B
YoY Change
Total Liabilities & Shareholders Equity $20.99B $22.17B
YoY Change -5.31% -4.78%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $186.6M $123.6M
YoY Change 51.01% -404.94%
Depreciation, Depletion And Amortization $36.34M $38.42M
YoY Change -5.41% -21.22%
Cash From Operating Activities $185.5M $48.66M
YoY Change 281.16% -133.68%
INVESTING ACTIVITIES
Capital Expenditures $15.79M $17.90M
YoY Change -11.76% -29.98%
Acquisitions
YoY Change
Other Investing Activities $618.9M $486.3M
YoY Change 27.26% 1378.48%
Cash From Investing Activities $603.1M $468.4M
YoY Change 28.76% 343.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.46M $1.628M
YoY Change 1894.1% 93.35%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$805.2M -$528.1M
YoY Change 52.46% 532.66%
NET CHANGE
Cash From Operating Activities $185.5M $48.66M
Cash From Investing Activities $603.1M $468.4M
Cash From Financing Activities -$805.2M -$528.1M
Net Change In Cash -$16.52M -$11.20M
YoY Change 47.47% -90.84%
FREE CASH FLOW
Cash From Operating Activities $185.5M $48.66M
Capital Expenditures $15.79M $17.90M
Free Cash Flow $169.7M $30.76M
YoY Change 451.6% -118.09%

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Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 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 ("GAAP") 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, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. 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, 2021 (the "2021 Annual Report").
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P94M
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49544000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
52029000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2500000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8400000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7454000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9830000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7457000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4644000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4517000 USD
CY2022Q1 nni Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
15642000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49544000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
142092000 USD
CY2022Q1 us-gaap Goodwill
Goodwill
142092000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
186647000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
186647000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
123598000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
123598000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38041834 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38041834 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38603555 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38603555 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.91
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.91
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.20
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.20
CY2022Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
125196000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
48079000 USD
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
77117000 USD
CY2022Q1 nni Financing Receivable Credit Loss Including Off Balance Liabilities Expense Reversal
FinancingReceivableCreditLossIncludingOffBalanceLiabilitiesExpenseReversal
-435000 USD
CY2022Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
77552000 USD
CY2022Q1 nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
CY2022Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
9877000 USD
CY2022Q1 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
2989000 USD
CY2022Q1 nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
-2809000 USD
CY2022Q1 nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
145734000 USD
CY2022Q1 nni Noninterest Income Expense
NoninterestIncomeExpense
404445000 USD
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
35545000 USD
CY2022Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
149414000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
16956000 USD
CY2022Q1 us-gaap Other Expenses
OtherExpenses
39499000 USD
CY2022Q1 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
205869000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
240583000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55697000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
184886000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1761000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
186647000 USD
CY2022Q1 us-gaap Assets
Assets
20989741000 USD
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 nni Financing Receivable Credit Loss Including Off Balance Liabilities Expense Reversal
FinancingReceivableCreditLossIncludingOffBalanceLiabilitiesExpenseReversal
-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
-2168000 USD
CY2021Q1 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
0 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
CY2022Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
11856000 USD
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
8498000 USD
CY2022Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
2431000 USD
CY2021Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
442000 USD
CY2022Q1 us-gaap Equity Securities Fv Ni Realized Gain
EquitySecuritiesFvNiRealizedGain
2117000 USD
CY2021Q1 us-gaap Equity Securities Fv Ni Realized Gain
EquitySecuritiesFvNiRealizedGain
2321000 USD
CY2022Q1 nni Provision Negative Provision For Beneficial Interests
ProvisionNegativeProvisionForBeneficialInterests
0 USD
CY2021Q1 nni Provision Negative Provision For Beneficial Interests
ProvisionNegativeProvisionForBeneficialInterests
-2436000 USD
CY2022Q1 us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
13130000 USD
CY2021Q1 us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
22219000 USD
CY2022Q1 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
6351000 USD
CY2021Q1 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
5336000 USD
CY2022Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
9877000 USD
CY2021Q1 nni Other Income Expense Other
OtherIncomeExpenseOther
-2168000 USD
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1009884000 USD
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1001655000 USD
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1009884000 USD
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1001655000 USD

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