Nelnet Q1 GAAP EPS $0.71 vs $4.91 YoY; adjusted EPS $1.47; new DoEd servicing contract

NELNET INC

2023-Q1 EPS reported $0.71

GAAP net income $26.5M ($0.71/sh) down from $186.6M ($4.91/sh) YoY; adjusted net income $54.9M ($1.47/sh) down from $75.9M ($1.99/sh).
AGM segment net interest income $45.5M; provision for loan losses $31.9M vs negative provision in prior year.
Terminated derivative portfolio on March 15 for $183.2M proceeds; post-quarter debt redemption caused $25.9M non-cash expense.
Loan Servicing revenue $139.2M; awarded five-year USDS contract from Department of Education on April 24.
Board declared $0.26/sh dividend, payable June 15 to holders of record June 1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NELNET INC reported the first quarter of 2023 results: net income $26.5 million, EPS $0.71 per share.

Period: the first quarter of 2023
Net income: $26.5 million
EPS: $0.71 per share
Result: reported results

Exact text from the filing

Nelnet (NYSE: NNI) today reported GAAP net income of $26.5 million, or $0.71 per share, for the first quarter of 2023

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Source: SEC EDGAR

accession 0001258602-23-000047

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