Nelnet Inc-A 2025年季度报告

FORM10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30, 2025 orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto. NELNET, INC. (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company"in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of July31, 2025, there were25,515,182and10,658,604shares of Class A Common Stock and Class B Common Stock, par value $0.01 per share,outstanding, respectively (excluding 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries). NELNET, INC.FORM 10-QINDEXJune 30, 2025 PART I. FINANCIAL INFORMATIONItem 1.Financial Statements 2Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations38Item 3.Quantitative and Qualitative Disclosures About Market Risk72Item 4.Controls and Procedures77 PART II. OTHER INFORMATION Item 1.Legal Proceedings77Item 1A.Risk Factors77Item 2.Unregistered Sales of Equity Securities and Use of Proceeds78Item 5.Other Information78Item 6.Exhibits79 Signatures PART I. FINANCIAL INFORMATION NELNET, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(unaudited) NELNET, INC. AND SUBSIDIARIES (Continued)CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(unaudited) (a)The Company utilized $36.6million and $20.3million of federal and state tax credits related primarily to renewable energy during the six monthsended June 30, 2025 and 2024, respectively. Supplemental disclosures of non-cash activities regarding the Company's acquisition of certain student loan trusts are contained in note 3. The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to thetotal of the amounts reported in the consolidated statements of cash flows: NELNET, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Dollars in thousands, except per share amounts, unless otherwise noted)(unaudited) 1.Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30,2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financialstatements for the year ended December31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financialstatements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for theinterim 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 andaccompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2025 arenot necessarily indicative of the results for the year ending December31, 2025. The unaudited consolidated financial statements should be readin conjunction with the Company’s Annual Report on Form 10-K for the year ended December31, 2024 (the "2024 Annual Report"). 2.Partial Redemption of ALLO Investment Nelnet had both voting and preferred membership interest investments in ALLO Holdings, LLC (referred to collectively with its subsidiaryALLO Communications LLC as "ALLO"). In June 2025, ALLO exec