NNI Stock Cash Flow Statements

Nelnet Quarterly Cash Flow Statements Chart

Quarterly

Annual

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Nelnet Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

net income attributable to nelnet, inc.	181,458,000	82,560,000	63,159,000	2,388,000	45,288,000	73,210,000	-8,554,000	45,332,000	28,267,000	26,487,000	30,774,000	104,797,000	85,129,000	186,647,000	132,683,000	53,138,000	83,867,000	123,598,000	234,991,000	71,502,000	86,482,000	-40,532,000	42,380,000	33,213,000	24,619,000	41,591,000	113,925,000	56,634,000	36,828,000	41,394,000	43,141,000
net income attributable to noncontrolling interests	-3,605,000	-1,430,000	268,000	-4,329,000	-1,867,000	-2,202,000	-21,359,000	-3,096,000	-9,172,000	-3,470,000	-2,791,000	-4,328,000	-2,226,000	-1,761,000	-3,536,000	-1,919,000	-854,000	-694,000	-3,385,000	-327,000	128,000	767,000	-547,000	-77,000	59,000	56,000	-740,000
net income	177,853,000	81,130,000	63,427,000	-1,941,000	43,421,000	71,008,000	-29,913,000	42,236,000	19,095,000	23,017,000	27,983,000	100,469,000	82,903,000	184,886,000	129,147,000	51,219,000	83,013,000	122,904,000	231,606,000	71,175,000	86,610,000	-39,765,000	41,833,000	33,136,000	24,678,000	41,647,000	113,185,000	56,653,000	36,952,000	41,530,000	43,293,000	64,879,000	47,451,000	37,125,000	54,880,000			49,993,000	54,322,000	59,063,000	46,404,000	8,203,000	25,455,000	30,997,000	23,785,000	43,705,000	-69,825,000
adjustments to reconcile net income to net cash from operating activities, net of acquisitions:
depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	29,283,000	23,123,000	26,505,000	36,399,000	35,666,000	33,957,000	16,735,000	35,085,000	59,362,000	34,211,000	62,593,000	39,575,000	37,745,000	36,335,000	18,674,000	36,897,000	38,339,000	38,415,000	49,298,000	49,893,000	50,519,000	48,763,000	50,143,000	48,398,000	47,173,000	46,948,000	43,301,000
loan discount and deferred lender fees accretion	-23,095,000	-19,407,000	-17,215,000	-14,300,000
benefit from loan losses	17,930,000	15,337,000	22,056,000	18,111,000	3,512,000	10,928,000		10,659,000											-10,116,000	-5,821,000	2,998,000	76,299,000	13,000,000	10,000,000	9,000,000	7,000,000	4,000,000	3,500,000	5,000,000	7,000,000	6,000,000	7,000,000	5,250,000	5,250,000	3,750,000	6,000,000	5,500,000	6,200,000	5,000,000	6,000,000	7,500,000	8,000,000	7,500,000	7,000,000	7,000,000	6,000,000	5,000,000
derivative market value adjustments	3,866,000	6,324,000	-13,792,000	13,165,000	-1,533,000	-7,964,000	9,507,000	-3,141,000	-2,004,000	37,411,000	7,434,000	-52,990,000	-40,401,000	-145,734,000	-48,358,000	-7,261,000	1,615,000	-38,809,000	7,072,000	-3,441,000	3,911,000	20,602,000	2,930,000	5,630,000	37,061,000	30,574,000
(payments to) proceeds from clearinghouse - initial and variation margin	-3,220,000	-810,000					-3,755,000	-282,000	398,000	-210,284,000													-10,718,000	17,262,000	-63,255,000	-13,974,000
gain on partial redemption of allo investment
(gain) loss on sale of loans	0	-909,000
(gain) loss on investments	-11,343,000	-8,307,000
deferred income tax benefit				-17,893,000	-2,580,000	-2,234,000														3,787,000	11,238,000	-26,000,000							-8,658,000											11,597,000	-3,790,000			14,511,000	258,000	3,152,000	-27,389,000
non-cash compensation expense	3,398,000	3,115,000	3,091,000	2,950,000	2,838,000	3,166,000	4,495,000	4,171,000	3,972,000	3,838,000	4,304,000	3,701,000	3,251,000	2,920,000	2,849,000	2,844,000	2,928,000	2,052,000	11,201,000	1,957,000	1,724,000	1,857,000	1,833,000	1,810,000	1,662,000	1,476,000	1,161,000	854,000	754,000	712,000	700,000	455,000	482,000	535,000	557,000	561,000	600,000	596,000	523,000					1,650,000	1,298,000	1,273,000	3,099,000
impairment expense and benefit from beneficial interests	10,288,000	1,591,000	5,764,000	29,052,000
changes in operating assets and liabilities:
decrease in loan and investment accrued interest receivable	1,730,000	13,488,000				79,841,000				16,630,000
decrease in accounts receivable	2,436,000	30,087,000		6,224,000	-25,165,000	61,494,000		5,596,000	15,467,000	43,675,000																																					1,332,000
decrease in other assets																3,140,000	27,094,000	5,147,000										-8,000	66,000	1,124,000	1,140,000					10,433,000	-12,013,000				-60,000				4,509,000
decrease in the carrying amount of rou asset	1,004,000	954,000	1,007,000	946,000	958,000	953,000	1,022,000	1,469,000	1,139,000	1,251,000	1,226,000	1,741,000	1,296,000	1,439,000	1,518,000	1,690,000			2,444,000	3,202,000
decrease in accrued interest payable	-3,098,000	-2,974,000			-4,842,000	-3,408,000									125,000	-481,000	-605,000	-23,174,000		-3,148,000								-1,866,000	-1,551,000	-1,094,000	-353,000				-3,566,000	-574,000			-3,017,000		-10,052,000	-13,165,000	-33,500,000			-6,244,000	-36,706,000
increase in other liabilities			38,791,000				66,405,000				34,613,000				-11,265,000				3,174,000				-15,601,000				-36,205,000	1,408,000			14,040,000	-9,622,000			-11,637,000	7,338,000	7,437,000	-4,625,000	1,319,000	-31,898,000	23,959,000	7,799,000	2,817,000	-15,816,000	26,586,000
decrease in the carrying amount of lease liability	-2,487,000	-897,000	-939,000	-886,000	-957,000	-1,025,000	-1,444,000	-1,340,000	-1,293,000	-1,275,000	-1,415,000	-1,367,000	-1,360,000	-1,500,000	-1,820,000	-1,870,000	-2,041,000	-1,247,000	-917,000	-3,655,000	-2,447,000	-2,382,000
other	15,000	996,000		-116,000	-329,000	-36,000								-110,000									-2,506,000	73,000	-194,000	-20,000	-4,302,000
total adjustments	-96,093,000	10,039,000
net cash from operating activities	81,760,000	91,169,000	180,533,000	137,038,000	133,404,000	211,915,000	79,761,000	154,235,000	76,134,000	122,845,000	27,187,000	173,158,000	298,249,000	185,465,000	155,174,000	202,082,000	138,953,000	48,658,000	39,780,000	278,636,000	38,854,000	-144,455,000	155,997,000	160,753,000	121,830,000	-139,665,000	57,952,000	38,721,000	99,330,000	60,696,000	100,571,000	98,916,000	43,730,000	86,549,000	81,667,000	179,038,000	-45,581,000	58,725,000	2,686,000	110,056,000	58,634,000	45,650,000	110,366,000	63,526,000	70,480,000	112,154,000	74,943,000
capex	-3,696,000	-3,378,000	17,377,000	-4,438,000	-10,617,000	-23,225,000	-21,448,000	-15,351,000	-12,823,000	-24,430,000	-14,998,000	-10,271,000	-18,358,000	-15,794,000	-16,358,000	-13,810,000	-10,886,000	-17,898,000	-32,614,000	-33,704,000	-21,433,000	-25,561,000	-24,818,000	-23,966,000	-18,902,000	-24,813,000	-28,068,000	-2,574,000	-2,965,000	-2,099,000	-2,306,000	-4,391,000	-1,495,000	-5,289,000	-2,992,000	-5,274,000	-2,826,000	-1,787,000	-2,883,000	-738,000	-22,000	-382,000	-62,000	-47,000	-1,373,000	-2,371,000	-1,350,000
free cash flows	78,064,000	87,791,000	197,910,000	132,600,000	122,787,000	188,690,000	58,313,000	138,884,000	63,311,000	98,415,000	12,189,000	162,887,000	279,891,000	169,671,000	138,816,000	188,272,000	128,067,000	30,760,000	7,166,000	244,932,000	17,421,000	-170,016,000	131,179,000	136,787,000	102,928,000	-164,478,000	29,884,000	36,147,000	96,365,000	58,597,000	98,265,000	94,525,000	42,235,000	81,260,000	78,675,000	173,764,000	-48,407,000	56,938,000	-197,000	109,318,000	58,612,000	45,268,000	110,304,000	63,479,000	69,107,000	109,783,000	73,593,000
cash flows from investing activities, net of acquisitions:
purchases and originations of loans, including cash paid for student loan trusts, net of cash and restricted cash acquired	-194,568,000	-173,931,000
purchases of loans from a related party	0	-136,667,000					0	-35,000			-68,000	-567,000	-6,626,000	-1,049,000	-1,202,000	-629,000	-1,116,000	-19,731,000	-72,421,000	0	-33,901,000	-41,217,000		0
net proceeds from loan repayments, claims, and capitalized interest	457,279,000	423,817,000	434,668,000	620,032,000	977,639,000	1,147,413,000	649,005,000	561,552,000	663,865,000	684,962,000	1,439,086,000	1,162,167,000	944,742,000	848,188,000	1,093,131,000	963,000,000	410,370,000	637,275,000	434,550,000	409,511,000	1,282,939,000	517,347,000
proceeds from sale of loans	124,000	72,502,000	402,557,000	-19,317,000	111,047,000	199,963,000	211,258,000	50,803,000	133,513,000	157,444,000	84,570,000	23,281,000	108,000	15,170,000	0	20,682,000			0	45,661,000	4,000	90,461,000	154,349,000	0
proceeds from sale of loans to a related party	242,000	59,939,000
purchases of available-for-sale securities	-101,469,000	-139,007,000	-212,534,000	-118,987,000	-108,421,000	-163,610,000	-70,718,000	-214,336,000	-54,098,000	-242,370,000	-84,850,000	-209,448,000	-595,945,000	-139,195,000	-213,252,000	-158,080,000	-319,150,000	-44,335,000	-250,083,000	-108,752,000	-83,017,000	-29,658,000	0	0			-28,164,000	-35,193,000	-101,395,000	-25,943,000	-27,719,000
proceeds from sales of available-for-sale securities	34,828,000	74,781,000	75,050,000	105,009,000	112,854,000	153,033,000	187,021,000	198,548,000	85,375,000	492,173,000	60,667,000	130,705,000	205,772,000	113,980,000	56,456,000	66,009,000	20,434,000	18,077,000	76,506,000	73,906,000	1,175,000	22,197,000	-64,000	-23,000			21,951,000	53,000,000	84,638,000	21,373,000	6,843,000
proceeds from beneficial interest in loan securitizations	19,287,000	18,948,000	18,336,000	14,385,000	13,638,000	5,875,000		10,516,000	8,512,000	4,725,000		4,542,000	5,941,000	7,271,000				8,603,000	9,842,000	12,606,000	10,501,000	11,264,000
purchases of other investments and issuance of notes receivable	-81,737,000	-80,091,000	-196,124,000	-90,150,000	-126,465,000	-70,975,000	-165,286,000	-39,503,000	-69,620,000	-70,509,000	-70,573,000	-45,373,000
proceeds from other investments and repayments of notes receivable	439,161,000	15,668,000	18,789,000	25,460,000	42,815,000	10,820,000
redemption of held-to-maturity debt securities	4,020,000	3,776,000	12,888,000	6,849,000	3,262,000	1,779,000	1,686,000	1,406,000
purchases of property and equipment	-3,696,000	-3,378,000	17,377,000	-4,438,000	-10,617,000	-23,225,000	-21,448,000	-15,351,000	-12,823,000	-24,430,000	-14,998,000	-10,271,000	-18,358,000	-15,794,000	-16,358,000	-13,810,000	-10,886,000	-17,898,000	-32,614,000	-33,704,000	-21,433,000	-25,561,000	-24,818,000	-23,966,000	-18,902,000	-24,813,000	-28,068,000	-2,574,000	-2,965,000	-2,099,000	-2,306,000	-4,391,000	-1,495,000	-5,289,000	-2,992,000	-5,274,000	-2,826,000	-1,787,000	-2,883,000	-738,000	-22,000	-382,000	-62,000	-47,000	-1,373,000	-2,371,000	-1,350,000
net cash from investing activities	573,471,000	136,357,000	334,866,000	254,245,000	737,543,000	1,086,079,000	631,607,000	416,142,000	166,401,000	723,932,000	532,753,000	902,320,000	233,885,000	603,069,000	642,493,000	786,864,000	-711,784,000	468,362,000	-332,418,000	236,351,000	611,614,000	105,672,000	331,951,000	337,135,000	469,179,000	386,301,000	102,330,000	-2,168,141,000	924,171,000	114,481,000	336,835,000	309,583,000	311,452,000	466,336,000	352,452,000	2,493,233,000	251,921,000	-1,869,875,000	-1,036,576,000	1,639,709,000	529,423,000	97,442,000	-452,969,000	1,015,933,000	-487,375,000	1,507,579,000	-976,211,000
nelnet, inc. and subsidiaries
consolidated statements of cash flows
cash flows from financing activities, net of acquisitions:
payments on bonds and notes payable	-770,635,000	-347,217,000	-633,744,000	-727,533,000	-1,007,221,000	-1,276,160,000	-609,244,000	-579,294,000	-1,002,198,000	-1,415,424,000	-1,304,082,000	-1,339,385,000	-777,427,000	-918,270,000	-1,204,188,000	-1,406,059,000	-489,220,000	-584,303,000	-326,271,000	-729,504,000	-810,506,000	-1,263,204,000	-980,027,000	-1,711,368,000	-1,075,476,000	-932,007,000	-901,008,000	-1,649,080,000	-1,274,892,000	-827,719,000	-692,408,000	-552,152,000	-603,508,000	-692,156,000	-1,090,797,000	-3,022,961,000	-763,523,000	-749,738,000	-1,028,622,000	-2,665,743,000	-1,794,398,000	-1,563,514,000	-620,595,000	-1,551,044,000	115,626,000	-4,894,090,000	-550,318,000
proceeds from issuance of bonds and notes payable			-54,385,000	85,000,000	-18,071,000	18,108,000	4,914,000	-49,880,000	601,264,000	204,884,000	888,163,000	253,460,000	146,419,000	13,512,000	209,154,000	623,584,000	1,107,021,000	7,800,000	424,165,000	208,164,000	58,972,000	1,193,388,000	587,609,000	1,318,177,000	521,654,000	570,532,000	756,700,000	3,834,700,000	295,690,000	656,893,000	279,667,000	104,740,000	250,090,000	212,457,000	533,097,000	347,773,000	517,881,000	2,524,743,000	2,061,893,000	926,861,000	1,176,863,000	1,544,738,000	1,039,942,000	415,317,000	464,405,000	3,301,721,000	1,459,422,000
payments of debt issuance costs	-3,930,000	-69,000	-136,000	-1,498,000	-662,000	-31,000	-3,511,000	-19,000	-2,045,000	-169,000	-2,635,000	-309,000	-539,000	-312,000	-315,000	-3,743,000	-2,421,000	-614,000	-1,530,000	-1,281,000	-1,009,000	-4,854,000	-3,879,000	-5,012,000	-2,739,000	-2,776,000	-1,650,000	-10,567,000	-2,037,000	-3,998,000	-1,595,000	0	-776,000	-46,000	-1,460,000	-1,347,000	-928,000	-2,974,000	-4,069,000	-3,363,000	-3,046,000	-1,382,000	-1,448,000	-108,000	-144,000	-11,450,000	-3,184,000
increase in bank deposits	68,635,000	127,276,000	115,373,000	180,286,000	88,411,000	58,462,000	25,546,000	-12,993,000	55,279,000	-15,555,000	110,497,000	-7,649,000	104,427,000	139,732,000	143,664,000	-2,190,000	91,011,000	57,197,000
decrease in due to customers	49,687,000	-99,176,000		15,457,000	114,070,000	-150,712,000				-67,642,000				-89,884,000				-70,849,000		17,543,000	48,634,000	-217,851,000			62,546,000	-153,207,000	-58,606,000
dividends paid	-10,161,000	-10,161,000	-10,160,000	-10,148,000	-10,158,000	-10,370,000	-10,370,000	-9,701,000	-9,694,000	-9,654,000	-9,648,000	-8,925,000	-8,972,000	-9,063,000	-9,138,000	-8,407,000	-8,475,000	-8,437,000	-8,435,000	-7,664,000	-7,733,000	-7,946,000	-7,939,000	-7,143,000	-7,171,000	-7,232,000	-6,506,000	-52,051,000	-4,737,000	-4,737,000	-4,712,000	-4,713,000	-4,811,000	-4,852,000	-3,387,000	-23,695,000	-3,435,000	-3,507,000	-3,494,000					0	0	0	-3,458,000
repurchases of common stock	-21,360,000	-4,458,000	-403,000	-576,000	-46,842,000	-35,469,000	-23,718,000	-543,000	-465,000	-3,302,000	-4,461,000	-14,293,000	-46,032,000	-32,899,000	-30,625,000	-25,078,000	-399,000	-2,009,000	-213,000	-4,618,000	-67,274,000	-1,253,000	-149,000	-221,000	-23,683,000	-16,358,000	-11,418,000	-21,293,000	-206,000	-199,000	-1,116,000	-6,004,000	-20,595,000	-225,000	-310,000	-133,000	-26,614,000	-12,822,000	-236,000	-260,000	-108,000	-26,000	-36,000	-766,000	-103,000	-179,000	-488,000
proceeds from issuance of common stock	579,000	341,000	522,000	457,000	593,000	374,000	465,000	425,000	495,000	395,000	427,000	405,000	366,000	435,000	357,000	419,000	308,000	381,000	403,000	469,000	370,000	411,000	381,000	447,000	263,000	461,000	274,000	131,000	100,000	133,000	116,000	106,000	141,000	141,000	124,000	157,000	124,000	130,000	117,000	120,000	98,000	113,000	118,000	144,000	143,000
acquisition of noncontrolling interest			0	0															1,400,000	0							-13,449,000
issuance of noncontrolling interests	6,711,000	8,869,000	28,380,000	23,849,000	13,298,000	14,098,000	55,808,000	18,563,000	12,817,000	1,201,000	36,397,000	14,238,000	3,138,000	2,004,000	36,811,000	6,425,000	5,540,000	1,940,000					512,000
distribution to noncontrolling interests	-1,501,000	-1,850,000	-2,388,000	-1,252,000	-1,536,000	-799,000	-2,138,000	-599,000	-927,000	-993,000	-2,395,000	-454,000	-334,000	-365,000	-330,000	-125,000	-321,000	-102,000	-428,000	-327,000	-311,000	-22,000	-62,000	-60,000	-91,000	-22,000	-19,000
net cash from financing activities	-685,894,000	-326,445,000	-482,757,000	-435,958,000	-868,443,000	-1,382,499,000	-478,644,000	-591,735,000	-326,560,000	-1,306,259,000	-245,940,000	-1,205,923,000	-535,410,000	-805,226,000	-854,610,000	-815,174,000	703,044,000	-528,147,000	349,492,000	-534,761,000	-829,491,000	-83,480,000	-403,554,000	-413,678,000	-588,637,000	-387,402,000	-177,076,000	2,101,777,000	-986,082,000	-179,622,000	-419,276,000	-458,023,000	-379,429,000	-484,681,000	-669,783,000	-2,704,831,000	-164,740,000	1,755,832,000	1,025,788,000	-1,745,877,000	-620,591,000	-19,970,000	396,461,000	-1,214,619,000	603,448,000	-1,605,450,000	913,693,000
effect of exchange rate changes on cash and restricted cash	312,000	26,000	-640,000	290,000	76,000	-163,000
net decrease in cash, cash equivalents, and restricted cash	-30,351,000	-98,893,000		-44,385,000	2,580,000	-84,668,000		-21,480,000	-84,018,000	-459,573,000				-16,523,000				-11,204,000		-19,774,000	-179,023,000	-122,263,000				-140,766,000	-16,794,000
cash, cash equivalents, and restricted cash, beginning of period	0	931,020,000	0	0	0	1,025,491,000	0	0	0	1,357,616,000	0	0	0	1,194,189,000	0	0	0	958,395,000		0	0	1,222,601,000		0	0	1,192,391,000	942,066,000
cash, cash equivalents, and restricted cash, end of period	-30,351,000	832,127,000	32,002,000	-44,385,000	2,580,000	940,823,000	232,946,000	-21,480,000	-84,018,000	898,043,000	314,287,000	-130,713,000	-3,624,000	1,177,666,000	-56,889,000	173,705,000	130,182,000	947,191,000		-19,774,000	-179,023,000	1,100,338,000		84,210,000	2,372,000	1,051,625,000	925,272,000
deferred income tax expense		4,316,000									-22,993,000	7,743,000	10,447,000	39,443,000	22,544,000	14,905,000	2,768,000	15,405,000									16,883,000								100,000			-280,000	7,509,000				1,323,000
increase in other assets		-18,886,000							-1,720,000	-9,760,000	62,016,000	-65,276,000	-6,052,000	-1,963,000									10,911,000	-20,433,000	30,781,000	-32,324,000													-51,071,000								-11,678,000
decrease in other liabilities		-37,102,000			-12,420,000	-50,218,000			-5,187,000	-3,729,000			-376,000	-11,824,000			-3,288,000	-10,375,000			15,230,000	-42,047,000			1,072,000	-5,741,000																					-26,027,000
proceeds from termination of derivative instruments							0	0	0	164,079,000	0	23,765,000													0	2,119,000																		4,965,000	7,856,000	0	7,547,000
proceeds from (payments to) clearinghouse - initial and variation margin					1,662,000	4,054,000									50,261,000	2,593,000	359,000	38,081,000
loss on sale of loans			-42,000	106,000																																						196,000	206,000
proceeds from sale of equity securities, net of purchases
deferred income tax (benefit) expense							-27,251,000	-8,568,000	-2,394,000	-13,750,000													2,327,000	5,431,000	-12,216,000	-2,807,000					-7,190,000
decrease (increase) in loan and investment accrued interest receivable							41,604,000						-10,510,000	10,694,000
decrease (increase) in accounts receivable												2,728,000	26,344,000	18,442,000					-4,595,000	3,867,000	-10,577,000	52,185,000					177,000					-4,760,000	-7,778,000											6,551,000	-2,653,000
decrease (increase) in other assets					29,224,000	10,443,000	-3,179,000												39,691,000	-3,501,000	-8,371,000	31,363,000					49,415,000					356,000			1,016,000								7,236,000
increase in accrued interest payable			-4,534,000				-1,000,000	465,000	1,552,000	-1,675,000	14,253,000	8,833,000	5,747,000	2,650,000								-3,411,000	-5,060,000	-4,126,000	-5,687,000	479,000	4,213,000					2,669,000	-1,147,000											-10,536,000
purchases and originations of loans, including purchase of student loan residual interests
purchases of held-to-maturity debt securities							-1,100,000	-8,436,000
business acquisitions, net of cash and restricted cash acquired
years ended december 31, 2024, 2023, and 2022
increase in due to customers											41,797,000	-103,011,000			11,393,000	51,400,000							128,447,000
net increase in cash, cash equivalents, and restricted cash											314,287,000	-130,713,000			-56,889,000	173,705,000								84,210,000
adjustments to reconcile net income to net cash from operating activities:
payments to clearinghouse - initial and variation margin																				4,048,000	-4,067,000	-20,386,000
loss on investments				-390,000				20,680,000	22,916,000	24,344,000			406,000	2,801,000
cash flows from investing activities:
purchases and originations of loans				-181,020,000	-273,528,000	-157,047,000	-178,748,000	-144,387,000	-122,691,000	-289,177,000	-912,900,000	-142,632,000	-235,152,000	-161,334,000	-172,830,000	-105,202,000	-888,244,000	-152,329,000
purchases of restricted available-for-sale securities				0	-5,001,000	-18,287,000
proceeds from sales of restricted available-for-sale securities				620,000	320,000	340,000
cash flows from financing activities:
loan discount accretion						-7,433,000	-8,286,000	-7,115,000	-7,736,000	-7,676,000	-39,517,000	-8,409,000	-9,627,000	-9,927,000	17,058,000	-10,442,000	-7,388,000	-7,218,000	-7,471,000	-8,618,000	-9,754,000	-9,442,000	-8,270,000	-8,748,000	-9,113,000	-9,693,000	-11,691,000
gain on sale of loans						41,000	-6,988,000	-5,362,000	-15,511,000	-11,812,000	2,713,000	-2,627,000	0	-2,989,000						-14,817,000								-36,000	-47,000			-33,000	0	0	-1,345,000
loss on investments, net of gains						8,348,000
adjustments to reconcile net income to net cash from operating activities, net of business acquisitions:
provision (negative provision) for loan losses										34,275,000	27,801,000	9,666,000
gain on investments											11,038,000
impairment expense							26,951,000													0	332,000	34,087,000																						0	0	0	18,834,000
increase in accounts receivable															-84,845,000	7,309,000	-5,615,000	-3,831,000					-48,312,000	-1,665,000	10,599,000	-16,571,000			-4,398,000	-2,786,000	-561,000				-198,000	16,099,000	-11,277,000	3,268,000	-18,661,000		2,838,000	-9,531,000	-487,000
cash flows from investing activities, net of business acquisitions:
proceeds from and sale of beneficial interest in loan securitizations															9,791,000	11,734,000
cash flows from financing activities, net of business acquisitions:
effect of exchange rate changes on cash							222,000	-122,000	7,000	-91,000	287,000	-268,000	-348,000	169,000	54,000	-67,000	-31,000	-77,000
adjustments to reconcile net income to net cash from operating activities, net of business acquisition:
proceeds from sale of equity securities								0	0	75,000
proceeds from other investments								15,365,000	3,289,000	11,114,000	22,845,000	18,569,000	14,179,000	9,776,000	-17,813,000	41,813,000	57,531,000	110,290,000	4,483,000	1,758,000	3,635,000	3,135,000
business acquisition, net of cash acquired																											-109,152,000										0	0	-3,000,000
increase in loan and investment accrued interest receivable											-22,294,000					-1,443,000	-40,374,000	-114,000	-33,898,000
gain from deconsolidation of allo, including cash impact
(gain) income from repurchases of debt											0	-160,000
proceeds from sale (purchases) of equity securities											-22,000	465,000	41,826,000	572,000
proceeds from clearinghouse - initial and variation margin, net of payments												93,826,000	-16,027,000	149,649,000
benefit from beneficial interests and impairment expense															4,137,000
business acquisitions, net of cash acquired																																												0	0	0	-18,000,000
provision (negative provision) for beneficial interests and impairment expense
negative benefit from loan losses														-435,000
negative benefit from beneficial interests
purchases of other investments														-73,944,000	-87,230,000	-38,653,000	-56,421,000	-71,590,000	-45,632,000	-4,986,000	-84,706,000	-32,892,000
(negative provision) benefit from loan losses															-1,579,000	5,827,000	374,000	-17,048,000
payments to terminate derivative instruments																																												-12,688,000
gain from sale of loans															0	-3,444,000						-18,206,000	-15,549,000	0
gain from investments															-3,518,000	-1,105,000			23,711,000	10,636,000
loss on (gain from) repurchases and extinguishments of debt
purchases of equity securities
payments to extinguish debt
gain from repurchases of debt																3,269,000
purchases of equity securities - trading																-21,827,000	-6,252,000	-13,512,000
(negative provision) benefit from beneficial interests and impairment expense																	500,000	-2,436,000
income from investments																		13,849,000				4,046,000
decrease (increase) in the carrying amount of rou asset																		1,418,000
cash flows from investing activities, net of acquisition:
(payments to) proceeds from termination of derivative instruments
(gain from) loss on repurchases and extinguishment of debt
purchases of loans																			-427,060,000	-159,649,000	-463,583,000	-409,404,000	-647,334,000	-363,750,000	-652,492,000	-344,631,000	-610,855,000
net increase in cash, cash equivalents and restricted cash
cash, cash equivalents, and restricted cash, beginning of year
cash, cash equivalents, and restricted cash, end of year
payments from termination of derivative instruments
(gain) loss on repurchases and extinguishment of debt																				-105,000
increase in accrued interest receivable																					-90,109,000	-33,167,000	3,278,000	-12,897,000	-8,245,000	-36,722,000											-20,588,000	-61,253,000	-6,929,000
increase in the carrying amount of rou asset																						-1,000,000
unrealized foreign currency transaction adjustment
loss on extinguishment of debt																							874,000	14,014,000
purchases of investments and issuance of notes receivable																							-32,650,000	-44,286,000	-10,344,000	-15,970,000	-16,370,000
proceeds from investments and notes receivable																							15,653,000	30,088,000	23,012,000	1,719,000	9,718,000
business (acquisitions) sale, net of cash and restricted cash acquired
payment of contingent consideration
adjustments to reconcile net income to net cash from operating activities, net of acquisition:
gain from debt repurchases																											-359,000	-2,973,000	-148,000			0	0	0	-6,962,000
gain from investments and notes receivable																								-1,921,000	-4,121,000	1,151,000
net proceeds from loan repayments, claims, capitalized interest, and other																								739,072,000	1,119,088,000	769,996,000	863,270,000
business acquisition, net of cash and restricted cash acquired
payment of debt extinguishment costs																								-12,636,000
derivative market value adjustment																											-60,033,000	-39,516,000	5,426,000	78,758,000	-16,835,000	31,830,000	87,341,000	-2,208,000	-66,450,000	-17,405,000	-73,662,000	100,631,000	67,570,000	13,060,000	-42,182,000	-29,852,000	52,122,000	-33,823,000	119,861,000	-11,459,000	-36,003,000
proceeds (payments) from termination of derivative instruments
payments to enter into derivative instruments
proceeds from clearinghouse - initial and variation margin
(gain) income from investments and notes receivable
increase in loan accrued interest receivable																											-59,038,000
proceeds from sale of business
proceeds from clearinghouse to settle variation margin																											62,689,000
gain from equity securities, net of losses																											-6,838,000
depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
student loan discount accretion
(gain) income from sales of available-for-sale securities
proceeds (purchases) related to trading securities
purchases of student loans																													-146,071,000
net proceeds from student loan repayments, claims, capitalized interest, and other
proceeds from sale of student loans																												14,944,000	32,184,000	27,373,000	32,592,000	26,166,000	47,000	0	95,131,000	2,175,236,000	6,155,000	1,004,000	20,032,000	1,766,917,000	549,835,000	216,000	125,000	539,987,000	0	426,739,000	841,087,000
purchases of investments and loans receivable and issuance of notes receivable
proceeds from investments and other receivables
decrease (increase) in restricted cash
net decrease in cash and cash equivalents																																	-24,247,000	68,204,000	-235,664,000
cash and cash equivalents, beginning of period																													0	0	42,570,000		0	0	283,801,000		0	0	338,181,000		0	0	189,847,000		0	0	111,746,000
cash and cash equivalents, end of period																													37,419,000	-4,445,000	60,700,000		-24,247,000	68,204,000	48,137,000		41,600,000	-55,318,000	330,079,000		-32,534,000	123,122,000	243,705,000		186,553,000	14,283,000	124,171,000
cash disbursements made for:
interest
income taxes, net of refunds
foreign currency transaction adjustment																												25,747,000	20,798,000	-59,226,000	32,242,000	-43,608,000	-73,452,000	19,020,000	65,334,000	-22,113,000	106,467,000	-93,400,000	-71,675,000	-18,325,000	39,356,000	63,865,000	-47,242,000	-12,526,000	-128,890,000	-4,407,000	92,937,000
net increase in cash and cash equivalents																												-27,643,000	37,419,000	-4,445,000	18,130,000					-32,560,000	41,600,000	-55,318,000	-8,102,000	3,888,000	-32,534,000	123,122,000	53,858,000	-135,160,000	186,553,000	14,283,000	12,425,000
supplemental noncash operating activities:
increase in other assets related to centrally cleared variation margin settlements on derivative instruments
proceeds from termination of derivative instruments, net of payments
payment to enter into interest rate caps
gain from sales of available-for-sale securities
decrease (increase) in accrued interest receivable																																22,670,000	-9,121,000	6,003,000	9,668,000									58,224,000	-28,558,000	25,000,000	66,778,000
purchases of student loans and student loan residual interests
increase in restricted cash and investments																												90,099,000	7,394,000	-207,002,000	-91,631,000				-127,472,000	23,945,000	-22,813,000	57,969,000	-102,366,000			136,032,000	-221,240,000	84,743,000
cash flows from financing activities, net of borrowings assumed:
noncash activity:
investing activity - student loans and other assets acquired
financing activity - borrowings and other liabilities assumed in acquisition of student loans
payments for purchases of trading securities
(payments for) proceeds from (purchases) sales of trading securities
net income attributable to noncontrolling interest																												19,000	124,000	136,000	152,000
purchases of trading investments
decrease in accrued interest receivable																												-39,662,000	18,277,000	10,245,000	12,023,000										-4,080,000	3,157,000	83,563,000
purchase of student loans from a related party
net proceeds from student loan repayments, claims, capitalized interest, participations, and other																												612,739,000	1,050,395,000	852,576,000	597,034,000	456,990,000	428,385,000	719,738,000	630,606,000			434,281,000	615,431,000	365,685,000	330,526,000	443,010,000	734,445,000	708,897,000	476,624,000	637,195,000	424,315,000
decrease in restricted cash and investments
issuance of noncontrolling interest																												0
distribution to noncontrolling interest
adjustments to reconcile net income to net cash from operating activities, net of asset acquisitions:
proceeds from the termination/amendment of derivative instruments, net of payments
cash flows from investing activities, net of asset acquisitions:
purchases of student loans from a related party																													-9,000	-69,000	-221,000						-4,000
decrease (increase) in restricted cash and investments																																-13,104,000	42,982,000							173,144,000
asset acquisitions, including contingency payments
payments received on employee stock notes receivable																												368,000	0	0	772,000	0				0	80,000	0	199,000	0	0			0	0	177,000	398,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
payments to terminate and/or amend derivative instruments, net of proceeds
purchases of student loans - held for sale
supplemental disclosures of cash flow information:
interest paid																												55,599,000	58,184,000	59,485,000	61,338,000	52,950,000	52,160,000	47,333,000	53,674,000		68,873,000	53,006,000	49,777,000	54,291,000	86,502,000	116,831,000	177,210,000	242,171,000	224,891,000	234,674,000	354,904,000
income taxes paid, net of refunds																												27,960,000	29,685,000	54,193,000	2,920,000	35,540,000	34,309,000	31,038,000	32,293,000	28,181,000	25,887,000	26,764,000	25,123,000	31,567,000	39,625,000	22,203,000	8,096,000	-244,000	10,176,000	8,783,000	5,343,000
purchases of cost-method investments
business acquisition contingency payment
adjustments to reconcile net income to net cash from operating activities, net of business and asset acquisitions:
(payments) proceeds to terminate and/or amend derivative instruments																												425,000
originations and purchases of student loans - held for sale
change in investments - trading securities																												277,000	-1,795,000	523,000	-752,000	-946,000	-18,170,000	6,055,000	5,517,000	-10,154,000	-2,065,000
other non-cash items																												304,000	1,923,000	-605,000	-697,000	677,000	-232,000	297,000	-189,000	611,000	-697,000	241,000	254,000	-1,593,000	-5,123,000	7,668,000	1,024,000	530,000	914,000	153,000	191,000
cash flows from investing activities, net of business and asset acquisitions:
originations and purchases of student loans																															-176,212,000
business and asset acquisitions, including contingency payments
distribution from equity method investment
distribution made to noncontrolling interest
depreciation and amortization, including loan and debt premiums/discounts and deferred origination costs																													18,153,000	18,003,000	17,521,000
gain from sale of available-for-sale securities
business and asset acquisition contingency payments																															-1,550,000
payments on bonds payable due to a related party																																0	0	0	-107,050,000
investing activity - student loans acquired
operating activity - other assets acquired and other liabilities assumed
financing activity - borrowings assumed in acquisition of student loans and other assets
proceeds to terminate and/or amend derivative instruments																																1,238,000	0	0	12,369,000			13,909,000	855,000	50,000	2,388,000	1,382,000	50,000
issuance of minority membership interest																														0	5,000
payments to terminate and/or amend derivative instruments																																-174,000	-9,546,000	-381,000	-141,000	-2,586,000	0			-3,359,000	0	50,000	-11,760,000
originations and purchases of student loans, including loan premiums and deferred origination costs, net of discounts
proceeds from sale of student loans to a related party																																								14,996,000	21,419,000	20,017,000	20,016,000
business and asset acquisitions, net of cash acquired, including contingency payments
proceeds from issuance of bonds payable due to a related party
adjustments to reconcile net income to net cash from operating activities,
net of business and asset acquisitions:
depreciation and amortization, including loan premiums/discount and deferred origination costs																																	18,621,000	16,877,000	18,964,000
originations and purchases of student loans-held for sale
accrued litigation settlement
originations and purchases of student loans, including loan premiums/discounts
and deferred origination costs																																								-672,323,000
purchases of student loans, including loan premiums, from a related party																																	-30,000	0	-29,000				-535,907,000	-7,972,000	-19,257,000	-6,589,000	-13,803,000	0	0	-35,100,000	-177,788,000
business and asset acquisitions, net of cash acquired, including contingency payments/receipts
supplemental disclosures of non-cash operating, investing, and financing activities regarding the company's acquisition of student loans from an affiliate of greystone & co., inc. are contained in note 2.
see accompanying notes to consolidated financial statements.
cash flows from investing activities, net of business acquisition:
originations and purchases of student loans, including loan premiums/discounts and deferred origination costs																																		-426,725,000	-235,599,000
adjustments to reconcile income to net cash from operating activities, net of business acquisition:
business acquisitions, net of cash acquired, including contingency payments																																			-7,193,000
income from discontinued operations																																												837,000	0
income from continuing operations																																								59,063,000	46,404,000			30,160,000	23,785,000	42,724,000	-69,825,000
adjustments to reconcile income from continuing operations to net cash from operating activities, net of business acquisition:
change in value of put options issued in business acquisitions																																												0	2,945,000	111,000	427,000
gain from repurchase of bonds and notes payable																																				-16,062,000	-9,885,000	-8,759,000	-10,177,000	-22,498,000
(gain) loss on sale of student loans
net cash flows from operating activities - continuing operations																																								110,056,000
net cash flows from operating activities - discontinued operations
originations, purchases, and consolidations of student loans, including loan premiums and deferred origination costs																																										-494,862,000	-972,450,000	-317,647,000	-887,924,000	-305,939,000	-1,174,366,000
purchase of equity method investment
net cash flows from investing activities - continuing operations																																								1,639,709,000
net cash flows from investing activities - discontinued operations
payments on bonds and notes payable due to a related party
proceeds from issuance of bonds and notes payable due to a related party
payment on settlement of put option
net cash flows from financing activities - continuing operations
net cash flows from financing activities - discontinued operations
interest paid:
adjustments to reconcile income to net cash from operating
activities, net of business acquisition:
depreciation and amortization, including loan premiums
proceeds received to terminate and/or amend derivative instruments
originations and purchases of student loans, including loan
premiums/discounts and deferred origination costs
net proceeds from student loan repayments, claims,
capitalized interest, participations, and other
depreciation and amortization, including loan premiums and deferred origination costs																																						23,329,000	26,864,000	27,920,000	30,228,000	27,756,000	30,134,000	33,661,000	33,632,000	35,360,000	38,952,000
originations and purchases of student loans, including loan premiums and deferred origination costs																																							-1,027,883,000
adjustments to reconcile income from continuing operations to net cash provided
by operating activities:
loss on sale of business
gain on sale of equity method investment
originations, purchases, and consolidations of student loans, including loan premiums
purchases of equity method investments																																												0	0	-1,270,000	-1,718,000
distributions from equity method investments
sale of business, net of cash sold
business acquisitions - contingent consideration and purchase price adjustments
proceeds from sale of equity method investment
payments from issuance of notes payable due to a related party
effect of exchange rate fluctuations on cash
supplemental disclosures of noncash financing activities:
notes payable assumed in connection with an acquisition of an entity under common control
common stock issued in consideration for notes receivable
business acquisition - contingent consideration
(payments) proceeds from issuance of notes payable due to a related party																																									0	0	-21,520,000
net cash flows used in financing activities - continuing operations
net cash flows used in financing activities - discontinued operations
adjustments to reconcile income from continuing operations to net cash from operating activities:
change in value of put options issued in business combinations
gain from purchase of debt
net cash flows from operating activities — continuing operations																																												63,526,000			74,943,000
net cash flows from operating activities — discontinued operations
business acquisition — contingent consideration
net cash flows from investing activities — continuing operations																																												1,015,933,000			-976,211,000
net cash flows from investing activities — discontinued operations
net cash flows from financing activities — continuing operations																																												-1,214,619,000			913,693,000
net cash flows from financing activities — discontinued operations
gain from purchase of unsecured debt																																											-8,075,000
adjustments to reconcile income from continuing operations to net cash from operating activities, net of business acquisitions:
proceeds from sale of floor contracts
gain on sale of student loans																																												3,988,000	0
loans to employees for purchases of common stock
notes payable assumed in connection with acquisition of entities under common control
proceeds (payments) from issuance of notes payable due to a related party																																													23,521,000	-2,052,000	11,321,000
payments to terminate floor contracts
increase in restricted cash																																														787,977,000	-858,209,000
purchases of restricted investments																																														-80,936,000	-89,576,000
proceeds from maturities of restricted investments																																														81,284,000	79,394,000
proceeds from sale of business, net of cash sold
gain on sale of student loans and reduction in fair value related to loans held for sale																																															47,474,000
proceeds from termination of interest rate swaps
purchase of loan origination rights
consideration paid to expand customer relationships
depreciation and amortization, including amortization of loan premiums and deferred origination costs
income from equity method investments
gain on sale of fixed asset
provision (recovery) for loan losses
proceeds from sale of fixed asset
purchase of equity method investments
proceeds from issuance of notes payable due to a related party
note payable assumed in connection with purchase of property
supplemental disclosures of noncash operating, investing, and financing activities regarding business acquisitions and the company’s cash flow hedge are contained in notes 4 and 8, respectively.

We provide you with 20 years of cash flow statements for Nelnet stock, allowing you to gain comprehensive visibility into the fundamentals of the company. Our detailed breakdowns include key financial metrics such as operating cash flows, cash levels, capital expenditures, profits, stock-based compensations and profit margins. This in-depth information is essential for making informed investment decisions and understanding the financial health and performance of Nelnet stock. Explore the full financial landscape of Nelnet stock with our expertly curated income statements.

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