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ITEM 1. FINANCIAL STATEMENTSNELNET, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share data)(unaudited)As ofMarch 31, 2014December 31, 2013Assets:Student loans receivable (net of allowance for loan losses of $54,628 and $55,122, respectively)Cash and cash equivalents:Cash and cash equivalents - not held at a related partyCash and cash equivalents - held at a related partyTotal cash and cash equivalentsInvestmentsRestricted cash and investmentsRestricted cash - due to customersAccrued interest receivableAccounts receivable (net of allowance for doubtful accounts of $2,556 and $3,845, respectively)GoodwillIntangible assets, netProperty and equipment, netOther assetsFair value of derivative instrumentsTotal assetsLiabilities:Bonds and notes payableAccrued interest payableOther liabilitiesDue to customersTotal liabilitiesCommitments and contingenciesEquity:Nelnet, Inc. shareholders' equity:Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding—Common stock:Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 35,019,924 shares and 34,881,338 shares, respectivelyClass B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,491,932 shares and 11,495,377 shares, respectivelyAdditional paid-in capitalRetained earningsAccumulated other comprehensive earningsTotal Nelnet, Inc. shareholders' equityNoncontrolling interestTotal equityTotal liabilities and equitySupplemental information - assets and liabilities of consolidated variable interest entities:Student loans receivableNet assets of consolidated variable interest entitiesCONSOLIDATED STATEMENTS OF INCOMEThree monthsended March 31,20142013Interest income:Loan interestInvestment interestTotal interest incomeInterest expense:Interest on bonds and notes payableNet interest incomeLess provision for loan lossesNet interest income after provision for loan lossesOther income (expense):Loan and guaranty servicing revenueTuition payment processing and campus commerce revenueEnrollment services revenueOther incomeGain on sale of loans and debt repurchasesDerivative market value and foreign currency adjustments and derivative settlements, netTotal other incomeOperating expenses:Salaries and benefitsCost to provide enrollment servicesDepreciation and amortizationOtherTotal operating expensesIncome before income taxesIncome tax expenseNet incomeNet income attributable to noncontrolling interestNet income attributable to Nelnet, Inc.Earnings per common share:Net income attributable to Nelnet, Inc. shareholders - basic and dilutedWeighted average common shares outstanding - basic and dilutedCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Dollars in thousands)Other comprehensive income:Available-for-sale securities:Unrealized holding gains arising during period, net of lossesLess reclassification adjustment for gains recognized in net income, net of lossesIncome tax effectTotal other comprehensive (loss) incomeComprehensive incomeComprehensive income attributable to noncontrolling interestComprehensive income attributable to Nelnet, Inc.CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITYNelnet, Inc. ShareholdersPreferred stock sharesCommon stock sharesPreferred stockClass A common stockClass B common stockClass AClass BBalance as of December 31, 2012$—Issuance of noncontrolling interestOther comprehensive incomeCash dividends on Class A and Class B common stock - $0.10 per shareIssuance of common stock, net of forfeituresCompensation expense for stock based awardsRepurchase of common stockBalance as of March 31, 2013Balance as of December 31, 2013Other comprehensive lossDistribution to noncontrolling interestConversion of common stockBalance as of March 31, 2014CONSOLIDATED STATEMENTS OF CASH FLOWSAdjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costsStudent loan discount accretionProvision for loan lossesDerivative market value adjustmentForeign currency transaction adjustmentGain on sale of loansGain from debt repurchasesGain from sales of available-for-sale securities, netDeferred income tax expensePurchases of trading investments, netDecrease in accrued interest receivableIncrease in accounts receivableDecrease in other assetsIncrease in accrued interest payable(Decrease) increase in other liabilitiesNet cash provided by operating activitiesCash flows from investing activities:Purchases of student loansPurchase of student loans from a related partyNet proceeds from student loan repayments, claims, capitalized interest, participations, and otherProceeds from sale of student loansPurchases of available-for-sale securitiesProceeds from sales of available-for-sale securitiesPurchases of other investments, netPurchases of property and equipment, netDecrease in restricted cash and investments, netBusiness acquisition, net of cash acquiredNet cash provided by (used in) investing activitiesCash flows from financing activities:Payments on bonds and notes payableProceeds from issuance of bonds and notes payablePayments of debt issuance costsDividends paidRepurchases of common stockProceeds from issuance of common stockNet cash (used in) provided by financing activitiesNet increase (decrease) in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of periodCash disbursements made for:InterestIncome taxes, net of refundsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSFederally insured loansStafford and otherConsolidationTotalNon-federally insured loansLoan discount, net of unamortized loan premiums and deferred origination costs (a)Allowance for loan losses – federally insured loansAllowance for loan losses – non-federally insured loansActivity in the Allowance for Loan LossesThree months ended March 31,Balance at beginning of periodProvision for loan losses:Total provision for loan lossesCharge-offs:Total charge-offsRecoveries - non-federally insured loansPurchase (sale) of federally insured loans, netTransfer from repurchase obligation related to non-federally insured loans repurchased, netBalance at end of periodAllocation of the allowance for loan losses:Total allowance for loan lossesRepurchase ObligationsBeginning balanceLoans repurchasedEnding balanceRehabilitation Loans and Delinquent Loans Funded in FFELP Warehouse FacilitiesAs of March 31, 2014As of December 31, 2013As of March 31, 2013Federally insured loans, excluding rehabilitation loans:Loans in-school/grace/defermentLoans in forbearanceLoans in repayment status:Loans current87.2%86.1%87.8%Loans delinquent 31-60 daysLoans delinquent 61-90 daysLoans delinquent 91-120 daysLoans delinquent 121-270 daysLoans delinquent 271 days or greaterTotal loans in repayment100.0%Total federally insured loans, excluding rehabilitation loansRehabilitation loans:56.9%51.8%42.4%Total rehabilitation loansTotal federally insured loans3. Bonds and Notes PayableCarryingamountInterest raterangeFinal maturityVariable-rate bonds and notes issued in asset-backed securitizations:Bonds and notes based on indices0.24% - 6.90%5/25/18 - 8/26/52Bonds and notes based on auction or remarketing0.07% - 2.18%5/1/28 - 11/26/46Total variable-rate bonds and notesFFELP warehouse facilities0.16% - 0.24%1/17/16 - 9/30/16Unsecured line of credit3/28/18Unsecured debt - Junior Subordinated Hybrid Securities3.61%9/15/61Other borrowings1.65% - 5.10%8/11/14 - 11/11/15Discount on bonds and notes payable0.25% - 6.90%0.07% - 2.17%0.17% - 0.25%1/17/16 - 6/12/161.67%3.62%1.67% - 5.10%4/11/14 - 11/11/15FFELP Warehouse FacilitiesNHELP-IIINFSLW-I (a)NHELP-IIMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFebruary 5, 2015June 12, 2014September 30, 2014Final maturity dateJanuary 17, 2016June 12, 2016September 30, 2016Maximum advance rates92.2 - 95.0%92.0 - 98.0%84.5 - 94.5%Minimum advance rates84.0 - 90.0%Advanced as equity supportAsset-backed Securitizations2014-12014-2Class A-1 notesClass A-2 notesClass A-3 notes2014-2 totalDate securities issued2/6/143/12/14Total original principal amountClass A senior notes:Bond discountIssue priceCost of funds (1-month LIBOR plus:)0.57%0.28%0.60%0.85%9/25/416/25/213/25/307/27/37Class B subordinated notes:1.50%10/25/476/25/41Basis SwapsMaturityNotional amount202120222023202420262028(a)(b)(c)Interest Rate Swaps – Floor Income HedgesWeighted average fixed rate paid by the Company (a)0.71%2015201620170.81%Foreign Currency Exchange Risk2013 (b)Re-measurement of Euro NotesChange in fair value of cross-currency interest rate swapsTotal impact to consolidated statements of income - income (expense) (a)Consolidated Financial Statement Impact Related to DerivativesFair value of asset derivativesFair value of liability derivativesMarch 31,
2014December 31,
20131:3 basis swapsInterest rate swaps - floor income hedgesInterest rate swaps - hybrid debt hedgesCross-currency interest rate swapsOffsetting of Derivative Assets/LiabilitiesGross amounts not offset in the consolidated balance sheetsDerivative assetsGross amounts of recognized assets presented in the consolidated balance sheetsDerivatives subject to enforceable master netting arrangementCash collateral receivedNet asset (liability)Balance as of March 31, 2014Derivative liabilitiesGross amounts of recognized liabilities presented in the consolidated balance sheetsCash collateral pledgedSettlements:Total settlements - expenseChange in fair value:Total change in fair value - income (expense)Re-measurement of Euro Notes (foreign currency transaction adjustment) - (expense) incomeDerivative market value and foreign currency adjustments and derivative settlements, net - (expense) income5. InvestmentsAmortized costGross unrealized gainsGross unrealized losses (a)Fair valueGross unrealized lossesInvestments:Available-for-sale investments:Student loan asset-backed and other debt securities (b)Equity securitiesTotal available-for-sale investmentsTrading investments:Student loan asset-backed and other debt securitiesTotal available-for-sale and trading investmentsRestricted Investments (c):Guaranteed investment contracts - held-to-maturityAffected line item in the consolidated statements of income - income (expense):Net6. Earnings per Common ShareCommon shareholdersUnvested restricted stock shareholdersNumerator:Denominator:Weighted-average common shares outstanding - basic and dilutedEarnings per share - basic and diluted7. Segment ReportingThree months ended March 31, 2014Fee-BasedStudent Loan and Guaranty ServicingTuition Payment Processing and Campus CommerceEnrollmentServicesTotal Fee-BasedAssetGeneration andManagementCorporateActivityandOverheadEliminationsInterest expenseIntersegment servicing revenueDerivative market value and foreign currency adjustments, netDerivative settlements, netTotal other income (expense)Intersegment expenses, netIncome before income taxes and corporate overhead allocationCorporate overhead allocationThree months ended March 31, 201310. Fair ValueLevel 1Level 2Student loan asset-backed securitiesDebt securitiesTotal investmentsCarrying valueLevel 3Financial assets:Cash and cash equivalentsRestricted cashRestricted cash – due to customersRestricted investmentsDerivative instrumentsFinancial liabilities:OVERVIEWGAAP net income attributable to Nelnet, Inc.Derivative market value and foreign currency adjustments, net of taxNet income, excluding derivative market value and foreign currency adjustments (a)Earnings per share:Borrower late fee incomeInvestment advisory feesRealized and unrealized gains/(losses) on investments, netSTUDENT LOAN AND GUARANTY SERVICING OPERATING SEGMENT – RESULTS OF OPERATIONSCompany owned% of total38.6%29.8%21.8%18.5%17.7%15.3%15.5%14.3%Number of servicing borrowers:Government servicing:FFELP servicing:Private servicing:Total:Number of remote hosted borrowers:Summary and Comparison of Operating ResultsAdditional informationSee table below for additional analysis.Represents revenue earned by the LGS operating segment as a result of servicing loans for the AGM operating segment.Increase due to additional personnel to support the increase in volume under the government servicing contract.Other expensesBefore tax operating margin28.5%26.9%TUITION PAYMENT PROCESSING AND CAMPUS COMMERCE OPERATING SEGMENT – RESULTS OF OPERATIONSIncrease due to an increase in the number of managed tuition payment plans, campus commerce customer transaction volume, and new school customers.Increase due to additional personnel to support the increase in payment plans and continued system maintenance and enhancements.Increase due to additional expenses to support the increase in payment plans and continued system maintenance and enhancements.36.0%37.9%ENROLLMENT SERVICES OPERATING SEGMENT – RESULTS OF OPERATIONSDecrease due to cost saving measures initiated by the Company in reaction to the ongoing decline in revenue.0.2%1.2%Inquiry management (marketing) (a)Inquiry management (software)Inquiry generation (a)Digital marketingContent solutions (b)Gross profitGross profit %11.7%37.3%10.7%37.7%ASSET GENERATION AND MANAGEMENT OPERATING SEGMENT – RESULTS OF OPERATIONSLoan acquisitionsRepayments, claims, capitalized interest, participations, and otherConsolidation loans lost to external partiesLoans soldStudent Loan Spread AnalysisThree months endedMarch 31,
2013Variable student loan yield, gross2.50%2.58%2.57%Consolidation rebate feesDiscount accretion, net of premium and deferred origination costs amortizationVariable student loan yield, netStudent loan cost of funds - interest expenseStudent loan cost of funds - derivative settlementsVariable student loan spreadFixed rate floor income, net of settlements on derivativesCore student loan spread1.44%1.56%Average balance of student loansAverage balance of debt outstandingMarch 31, 2013Fixed rate floor income, grossDerivative settlements (a)Fixed rate floor income, netFixed rate floor income contribution to spread, net0.59%LIQUIDITY AND CAPITAL RESOURCESBonds and notes issued in asset-backed securitizationsNFSLW-IFebruary 5, 2015June 11, 2015September 30, 2014January 17, 2016June 11, 2017September 30, 2016ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKDollarsPercentFixed-rate loan assets42.5%Variable-rate loan assetsFixed-rate debt instruments—%Variable-rate debt instrumentsBorrower/EstimatedFixedlendervariableinterestweightedconversionLoanrate rangeaverage yieldrate (a)balance< 3.0%2.87%0.23%3.0 - 3.49%3.20%0.56%3.5 - 3.99%3.65%1.01%4.0 - 4.49%4.20%4.5 - 4.99%4.72%2.08%5.0 - 5.49%5.24%2.60%5.5 - 5.99%5.67%3.03%6.0 - 6.49%6.18%3.54%6.5 - 6.99%6.70%4.06%7.0 - 7.49%7.17%4.53%7.5 - 7.99%7.71%5.07%8.0 - 8.99%8.17%5.53%> 9.0%9.04%6.40%IndexFrequency of variable resetsAssetsDebt outstanding that funded student loan assets1 month LIBOR (a)Daily3 month Treasury bill3 month LIBOR (a) (b)Quarterly1 month LIBORMonthlyAuction-rate or remarketing (c)VariesAsset-backed commercial paper (d)Other (e)Sensitivity AnalysisInterest ratesAsset and funding index mismatchesChange from increase of 100 basis pointsChange from increase of 300 basis pointsIncrease of 10 basis pointsIncrease of 30 basis pointsEffect on earnings:Decrease in pre-tax net income before impact of derivative settlements(14.7)%(24.9(3.5(10.6Impact of derivative settlementsIncrease (decrease) in net income before taxes(4.36.3%(1.9(5.7Increase (decrease) in basic and diluted earnings per share(15.4(26.0(4.2(12.60.8%22.5%(2.8(8.4ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSPeriodTotal number of shares purchased (a)Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programs (b)Maximum number of shares that may yet be purchased under the plans or programs (b)January 1 - January 31, 2014February 1 - February 28, 2014March 1 - March 31, 2014Nelnet INCDate:May 8, 2014/s/ JEFFREY R. NOORDHOEKJeffrey R. Noordhoek Chief Executive Officer
Principal Executive Officer/s/ JAMES D. KRUGERJames D. KrugerChief Financial Officer Principal Financial Officer and Principal Accounting OfficerBy: /s/ JEFFREY R. NOORDHOEKName: Jeffrey R. NoordhoekTitle: Chief Executive OfficerPrincipal Executive OfficerBy: /s/ JAMES D. KRUGERName: James D. KrugerTitle: Chief Financial OfficerPrincipal Financial Officer and Principal Accounting OfficerPK ! & docProps/app.xml
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