Nelnet(US:NNI) Prnewswire·2024-08-08 20:15Core 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]