Nelnet reports Q4 GAAP net income $63.2M ($1.73/sh) vs loss of $7.9M; full-year doubles

NELNET INC

2024-FY EPS reported $5.02

GAAP net income Q4 $63.2M ($1.73/sh) vs net loss $7.9M ($0.21) YoY; adjusted net income $52.7M ($1.44).
Full-year 2024 GAAP net income $184.0M ($5.02) vs $89.8M ($2.40); adjusted $176.4M ($4.81).
AGM loan portfolio averaged $9.4B (down from $12.5B) but net interest income rose to $48.3M from $35.6M; provision $13.5M on consumer loans.
Loan Servicing revenue $138.0M (+7%) with $10.9M non-recurring USDS revenue and $4.0M conversion from Discover portfolio; 15.8M borrowers.
Solar construction loss $17.0M ($13.0M after-tax) as legacy projects wind down; operating cash flow $663M in 2024.

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