NELNET INC, DEF 14A filed on 4/4/2024
Proxy Statement (definitive)
v3.24.1
Cover
12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name NELNET, INC.
Entity Central Index Key 0001258602
v3.24.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
YearSummary compensation table total for CEO ($)Compensation actually paid to CEO ($)(a)Average summary compensation table total for non-CEO Named Executive Officers ($)(b)Average compensation actually paid to non-CEO Named Executive Officers ($)(a)(b)Value of initial fixed $100 investment based on:Net income (in thousands) ($)Net income, excluding derivative market value adjustments (in thousands) ($)(e)
Total shareholder return ($)(c)Peer group total shareholder return ($)(c)(d)
20231,842,156 1,791,032 1,636,444 1,596,230 159.00 133.20 91,532 123,279 
20222,224,882 2,161,604 1,984,696 1,937,237 161.65 118.77 407,347 231,262 
20212,732,315 3,047,713 2,302,547 2,539,095 172.04 132.75 393,286 322,748 
20201,568,311 1,568,311 1,523,191 1,519,833 124.04 98.31 352,443 373,832 
     
Company Selected Measure Name Net income, excluding derivative market value adjustments,      
Named Executive Officers, Footnote The Company's non-CEO Named Executive Officers for 2023 were Mr. Heimes, Mr. Kruger, Mr. Tewes, and Mr. Matthew Dunlap. For 2022, 2021, and 2020, the Company's non-CEO Named Executive Officers were Mr. Michael Dunlap, Mr. Heimes, Mr. Kruger, and Mr. Tewes.      
Peer Group Issuers, Footnote The S&P 500 Financials index, which is comprised of approximately 70 companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard financials sector, was selected as the Company's peer group.      
PEO Total Compensation Amount $ 1,842,156 $ 2,224,882 $ 2,732,315 $ 1,568,311
PEO Actually Paid Compensation Amount $ 1,791,032 2,161,604 3,047,713 1,568,311
Adjustment To PEO Compensation, Footnote The following adjustments were made to calculate the compensation actually paid from the compensation included in the summary compensation table for the CEO and non-CEO Named Executive Officers.
YearSummary compensation table total for CEO ($)Less: Issuance date fair value of restricted stock awards issued in respective year ($)Plus: Year-end fair value of restricted stock awards issued during respective year and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards from the end of the prior year of any awards granted in prior years that are outstanding and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards as of the vesting date from the end of the prior year of restricted shares issued in prior years and vested during respective year ($)Compensation actually paid to CEO ($)
20231,842,156 (500,013)482,828 (32,690)(1,249)1,791,032 
20222,224,882 (500,016)549,219 (74,657)(37,824)2,161,604 
20212,732,315 (1,000,059)1,315,457 — — 3,047,713 
20201,568,311 — — — — 1,568,311 
     
Non-PEO NEO Average Total Compensation Amount $ 1,636,444 1,984,696 2,302,547 1,523,191
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,596,230 1,937,237 2,539,095 1,519,833
Adjustment to Non-PEO NEO Compensation Footnote
YearAverage summary compensation table total for non-CEO Named Executive Officers ($)Less: Issuance date fair value of restricted stock awards issued in respective year ($)Plus: Year-end fair value of restricted stock awards issued during respective year and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards from the end of the prior year of any awards granted in prior years that are outstanding and unvested at respective year-end ($)Plus: Change in fair value of restricted stock awards as of the vesting date from the end of the prior year of restricted shares issued in prior years and vested during respective year ($)Average compensation actually paid to non-CEO Named Executive Officers ($)
20231,636,444 (375,010)362,121 (26,448)(877)1,596,230 
20221,984,696 (375,012)411,914 (55,993)(28,368)1,937,237 
20212,302,547 (750,044)986,592 — — 2,539,095 
20201,523,191 — — — (3,358)1,519,833 
     
Compensation Actually Paid vs. Total Shareholder Return
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the cumulative total shareholder return ("TSR") of the Company and the Peer Group (the S&P 500 Financials index) for 2023, 2022, 2021, and 2020 is represented by the graph below:
vs TSR.jpg
     
Compensation Actually Paid vs. Net Income
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the Company's net income for 2023, 2022, 2021, and 2020 is represented by the graph below:
vs Net Income.jpg
     
Compensation Actually Paid vs. Company Selected Measure
The relationship between the compensation actually paid to the CEO and the average compensation actually paid to the non-CEO Named Executive Officers and the Company's net income, excluding derivative market value adjustments, for 2023, 2022, 2021, and 2020 is represented by the graph below:
vs Adj Net Income.jpg
     
Tabular List, Table
Most important financial performance measures linked to Executive Compensation:
Net income, excluding derivative market value adjustments
Annual growth in Nelnet, Inc. per share book value (with dividends included)
     
Total Shareholder Return Amount $ 159.00 161.65 172.04 124.04
Peer Group Total Shareholder Return Amount 133.20 118.77 132.75 98.31
Net Income (Loss) $ 91,532,000 $ 407,347,000 $ 393,286,000 $ 352,443,000
Company Selected Measure Amount 123,279,000 231,262,000 322,748,000 373,832,000
Additional 402(v) Disclosure Total shareholder return assumes a $100 investment on December 31, 2019 in each of the Company's Class A common stock and in the Company's selected peer group, and that all dividends, if applicable, were reinvested. The shareholder return represents past performance and should not be considered an indication of future performance.      
Measure:: 1        
Pay vs Performance Disclosure        
Name Net income, excluding derivative market value adjustments      
Non-GAAP Measure Description Net income, excluding derivative market value adjustments, is a non-GAAP financial measure, and there is no comprehensive, authoritative guidance for the presentation of this measure. For information on how this measure is calculated from the Company’s financial statements, reconciliation to the most directly comparable financial measure for the respective years presented in this table under GAAP, and other information about this measure, please refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - GAAP Net Income and Non-GAAP Net Income, Excluding Adjustments on page 40 of the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 27, 2024 (for years ended December 31, 2023, 2022, and 2021), and page 40 of the Company's 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022 (for the year ended December 31, 2020).      
Measure:: 2        
Pay vs Performance Disclosure        
Name Annual growth in Nelnet, Inc. per share book value (with dividends included)      
PEO | Equity Awards Issued During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (500,013) $ (500,016) $ (1,000,059) $ 0
PEO | Equity Awards Issued During The Year, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 482,828 549,219 1,315,457 0
PEO | Equity Awards Issued In Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (32,690) (74,657) 0 0
PEO | Equity Awards Issued In Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,249) (37,824) 0 0
Non-PEO NEO | Equity Awards Issued During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (375,010) (375,012) (750,044) 0
Non-PEO NEO | Equity Awards Issued During The Year, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 362,121 411,914 986,592 0
Non-PEO NEO | Equity Awards Issued In Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (26,448) (55,993) 0 0
Non-PEO NEO | Equity Awards Issued In Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (877) $ (28,368) $ 0 $ (3,358)