v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Net cash provided by operating activities:    
Net income (loss) attributable to Nelnet, Inc. $ 264,018 $ 118,498
Net loss attributable to noncontrolling interests (5,035) (4,069)
Net income 258,983 114,429
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 52,406 69,623
Loan discount and deferred lender fees accretion (42,502) (22,538)
Provision for loan losses 33,267 14,440
Derivative market value adjustments 10,190 (9,497)
(Payments to) proceeds from clearinghouse - initial and variation margin, net (4,030) 5,716
Gain on partial redemption of ALLO investment (175,044) 0
(Gain) loss on sale of loans, net (909) 1,579
(Gain) loss on investments, net (19,650) 6,985
Deferred income tax benefit (88,924) (4,814)
Non-cash compensation expense 6,513 6,004
Impairment expense and provision for beneficial interests 11,879 7,813
Changes in operating assets and liabilities:    
Decrease in loan and investment accrued interest receivable 15,218 150,907
Decrease in accounts receivable 32,523 36,329
Decrease in other assets 23,510 39,667
Decrease in the carrying amount of ROU asset 1,958 1,911
Decrease in accrued interest payable (6,072) (8,250)
Increase (decrease) in other liabilities 65,986 (62,638)
Decrease in the carrying amount of lease liability (3,384) (1,982)
Other 1,011 (365)
Total adjustments (86,054) 230,890
Net cash provided by operating activities 172,929 345,319
Cash flows from investing activities, net of acquisitions:    
Net proceeds from loan repayments, claims, and capitalized interest 881,096 2,125,052
Purchases of available-for-sale securities (240,476) (295,319)
Proceeds from sales of available-for-sale securities 109,609 266,547
Proceeds from beneficial interest in loan securitizations 38,235 19,513
Purchases of other investments and issuance of notes receivable (161,828) (197,440)
Proceeds from other investments and repayments of notes receivable 454,829 53,635
Redemption of held-to-maturity debt securities 7,796 5,041
Purchases of property and equipment (7,074) (33,842)
Net cash provided by investing activities 709,828 1,823,622
Cash flows from financing activities, net of acquisitions:    
Payments on bonds and notes payable (1,117,852) (2,283,381)
Proceeds from issuance of bonds and notes payable 25 37
Payments of debt issuance costs (3,999) (693)
Increase in bank deposits, net 195,911 146,873
Decrease in due to customers (49,489) (36,642)
Dividends paid (20,322) (20,528)
Repurchases of common stock (25,818) (82,311)
Proceeds from issuance of common stock 920 967
Acquisition of noncontrolling interest (3,944) (325)
Issuance of noncontrolling interests 15,580 27,396
Distribution to noncontrolling interests (3,351) (2,335)
Net cash used in financing activities (1,012,339) (2,250,942)
Effect of exchange rate changes on cash and restricted cash 338 (87)
Net decrease in cash, cash equivalents, and restricted cash (129,244) (82,088)
Cash, cash equivalents, and restricted cash, beginning of period 931,020 1,025,491
Cash, cash equivalents, and restricted cash, end of period 801,776 943,403
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 244,109 355,943
Cash disbursements made for income taxes, net of refunds and credits received [1] 26,886 11,932
Cash disbursements made for operating leases 2,604 2,451
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 6,495 49
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 0 13,693
Distribution to noncontrolling interests 34,055 24,235
Issuance of noncontrolling interests 9,401 19,245
Nonrelated Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (368,499) (430,575)
Proceeds from sale of loans 72,626 111,316
Related Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (136,667) 0
Proceeds from sale of loans $ 60,181 $ 199,694
[1] The Company utilized $36.6 million and $20.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2025 and 2024, respectively.