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Nelnet Reports Second Quarter 2024 Results
Prnewswire· 2024-08-08 20:15
Core Insights - Nelnet reported a significant increase in GAAP net income for Q2 2024, reaching $45.1 million or $1.23 per share, compared to $27.4 million or $0.73 per share in Q2 2023 [1][3][29] Financial Performance - The company's net income, excluding derivative market value adjustments, was $43.9 million or $1.20 per share for Q2 2024, up from $25.9 million or $0.69 per share in the same period last year [3][29] - Nelnet's total interest income for Q2 2024 was $242.9 million, a decrease from $284.0 million in Q2 2023 [24] - The Asset Generation and Management segment reported net interest income of $35.8 million in Q2 2024, compared to $21.5 million in Q2 2023, with a decrease in the average balance of loans outstanding from $13.6 billion to $10.5 billion [5][24] Segment Performance - Nelnet Bank reported a net loss after tax of $2.8 million for Q2 2024, down from a net income of $1.3 million in Q2 2023, with a provision for loan losses of $7.8 million [8][24] - The Loan Servicing and Systems segment generated revenue of $109.1 million in Q2 2024, down from $122.0 million in Q2 2023, attributed to lower revenue under the new Unified Servicing and Data Solution contract [9][13] - The Education Technology Services and Payments segment saw revenue increase to $116.9 million in Q2 2024 from $109.9 million in Q2 2023, with net income after tax rising to $19.5 million from $13.7 million [14][15] Corporate Activities - The company reported a loss of $4.8 million in its solar engineering, procurement, and construction business for Q2 2024, an improvement from a loss of $8.2 million in Q2 2023 [17] - Nelnet's Board of Directors declared a third-quarter cash dividend of $0.28 per share, payable on September 13, 2024 [19] Share Repurchases - In the first half of 2024, Nelnet repurchased 884,704 Class A common shares for $82.3 million, with 487,980 shares repurchased for $46.8 million in Q2 2024 [18]
Nelnet (NNI) Upgraded to Strong Buy: Here's What You Should Know
ZACKS· 2024-07-29 17:00
Nelnet (NNI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationshi ...
FACTS Expands Education Technology Suite to Serve Corporate and Faith-Based Organizations
Prnewswire· 2024-07-23 19:30
Core Insights - FACTS has consolidated multiple Nelnet brands into a single brand, enhancing its offerings in education technology and services [5] - The new website aims to serve as a hub for K–12 schools, businesses, and faith-based organizations to access a comprehensive suite of solutions [4][7] - FACTS serves over 12,000 organizations and more than 4 million learners globally, focusing on maximizing learning outcomes and financial stability for educational institutions [8] Company Overview - FACTS has over 35 years of experience supporting K–12 schools with education technology and services, now expanding into corporate and faith-based markets [2] - The brand unification allows FACTS to leverage its experience and enhance support for educators and learners across various industries [4][6] - The integration of CD2 Learning and other brands under FACTS creates opportunities for businesses to improve employee development through a learning management system and flexible courses [3][6] Product and Service Offerings - FACTS now offers a range of solutions including faith-centered learning courses, online giving solutions, and comprehensive website services tailored for faith-based organizations [6] - The FACTS Elevate Conference serves as a premier event for K–12 independent and faith-based schools, providing training sessions, discussions, and networking opportunities [9]
Nelnet to Announce Second Quarter Results
Prnewswire· 2024-07-11 20:30
SOURCE Nelnet, Inc. Learn more about Nelnet at www.nelnetinc.com. LINCOLN, Neb., July 11, 2024 /PRNewswire/ -- Nelnet, Inc. (NYSE: NNI) today announced it will release earnings for the second quarter ended June 30, 2024, after the close of the New York Stock Exchange on Thursday, August 8, 2024. Upon release, additional earnings information will be available at www.nelnetinvestors.com. ...
Why NelNet Stock Is Popping Higher Today
The Motley Fool· 2024-05-10 20:32
Strong earnings remind investors the company's business plan is on track.Financial conglomerate Nelnet (NNI 10.80%) reported better-than-expected first-quarter results, and investors are taking notice. Nelnet shares traded up 10% in the final hour of trading Friday following the strong report.Strong showing in a challenging economyNelnet is a collection of assets including student and consumer lending, payment processing, banking, as well as an investment portfolio with exposure to a number of different sec ...
Nelnet(NNI) - 2024 Q1 - Quarterly Report
2024-05-09 20:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of ...
Nelnet(NNI) - 2024 Q1 - Quarterly Results
2024-05-09 20:16
For Release: May 9, 2024 Investor Contact: Phil Morgan, 402.458.3038 Nelnet, Inc. supplemental financial information for the first quarter 2024 (All dollars are in thousands, except per share amounts, unless otherwise noted) The following information should be read in connection with Nelnet, Inc.'s (the "Company's") press release for first quarter 2024 earnings, dated May 9, 2024, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Q1 2024 10-Q Quarterly Report"). Forw ...
Nelnet(NNI) - 2023 Q4 - Annual Report
2024-02-27 21:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . COMMISSION FILE NUMBER 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of incor ...
Nelnet(NNI) - 2023 Q4 - Annual Results
2024-02-27 21:27
For Release: February 27, 2024 Investor Contact: Phil Morgan, 402.458.3038 Nelnet, Inc. supplemental financial information for the fourth quarter 2023 (All dollars are in thousands, except per share amounts, unless otherwise noted) The following information should be read in connection with Nelnet, Inc.'s (the "Company's") press release for fourth quarter 2023 earnings, dated February 27, 2024, and the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking and cautionary ...
Nelnet(NNI) - 2023 Q3 - Quarterly Report
2023-11-07 21:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 121 South 13th Street, Suite 100 (Address of principal executive offices) (Zip Code) Lincoln, Nebrask ...