National Research Corporation Announces Fourth Quarter Results

LINCOLN, Neb.--(BUSINESS WIRE)--National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the fourth quarter 2024 and other corporate developments. Financial Results Revenue for the quarter was approximately $36.9 million compared with approximately $38.0 million in the 2023 quarter. Earnings per diluted share were $0.28 compared with $0.36 for the 2023 quarter. At December 31, 2024, the Company’s net indebtedness (total borrowing minus cash and cash equivalents) was approximately $58.5 million. Total recurring contract value (TRCV) was approximately $133.2 million at December 31, 2024. Dividends and Stock Repurchases During the quarter, the Company returned approximately $10.1 million to stockholders in the form of dividends and stock repurchases. The Company repurchased approximately 393,000 shares for approximately $7.3 million and paid its regular quarterly dividend of $0.12 (twelve cents) per share, or approximately $2.8 million. About NRC Health For more than 40 years, NRC Health (NASDAQ: NRC) has led the charge to humanize healthcare and support organizations in their understanding of each unique individual. NRC Health’s commitment to Human Understanding® helps leading healthcare systems get to know each person they serve not as point-in-time insights, but as an ongoing relationship. Guided by its uniquely empathic heritage, NRC Health’s patient-focused approach, unmatched market research, and emphasis on consumer preferences are transforming the healthcare experience, creating strong outcomes for patients and entire healthcare systems. For more information, email info@nrchealth.com, or visit www.nrchealth.com. This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “believes,” “expect,” “focus,” “potential,” “will,” derivations thereof, and similar terms and phrases. In this press release, the statements related to future dividends are forward-looking statements. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements, including those risks and uncertainties as set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information. © NRC Health NATIONAL RESEARCH CORPORATION AND SUBSIDIARY Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data) Three months ended Twelve months ended December 31 December 31 2024 2023 2024 2023 Revenue $ 36,907 $ 38,001 $ 143,060 $ 148,580 Operating expenses: Direct 14,350 13,793 56,933 56,015 Selling, general and administrative 11,452 11,070 44,911 46,621 Depreciation and amortization 1,516 1,429 6,022 5,899 Total operating expenses 27,318 26,292 107,866 108,535 Operating income 9,589 11,709 35,194 40,045 Other income (expense): Interest income 22 41 125 820 Interest expense (729 ) (269 ) (2,595 ) (862 ) Other, net (6 ) (13 ) (34 ) (41 ) Total other income (expense) (713 ) (241 ) (2,504 ) (83 ) Income before income taxes 8,876 11,468 32,690 39,962 Provision for income taxes 2,315 2,610 7,907 8,991 Net income $ 6,561 $ 8,858 $ 24,783 $ 30,971 Earnings Per Share of Common Stock: Basic Earnings Per Share $ 0.28 $ 0.36 $ 1.05 $ 1.26 Diluted Earnings Per Share $ 0.28 $ 0.36 $ 1.04 $ 1.25 Weighted average shares and share equivalents outstanding: Basic 23,354 24,437 23,703 24,540 Diluted 23,366 24,548 23,743 24,673 NATIONAL RESEARCH CORPORATION AND SUBSIDIARY Unaudited Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts and par value) December 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 4,233 $ 6,653 Accounts receivable, net 11,054 12,378 Other current assets 4,313 5,329 Total current assets 19,600 24,360 Property and equipment, net 38,269 28,205 Goodwill 66,152 61,614 Other, net 8,518 8,258 Total assets $ 132,539 $ 122,437 Liabilities and Shareholders’ Equity Current liabilities: Current portion of notes payable, net of unamortized debt issuance costs $ 4,789 $ 7,214 Accounts payable and accrued expenses 6,825 6,194 Accrued compensation 4,774 3,953 Deferred revenue 15,786 14,834 Dividends payable 2,770 2,906 Other current liabilities 914 1,102 Total current liabilities 35,858 36,203 Notes payable, net of current portion and unamortized debt issuance costs 57,895 29,470 Other non-current liabilities 7,502 7,809 Total liabilities 101,255 73,482 Shareholders’ equity: Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued -- -- Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,072,144 in 2024 and 31,002,919 in 2023, outstanding 23,083,116 in 2024 and 24,219,887 in 2023 31 31 Additional paid-in capital 180,249 178,213 Retained earnings (accumulated deficit) (17,064 ) (30,530 ) Treasury stock (131,932 ) (98,759 ) Total shareholders’ equity $ 31,284 $ 48,955 Total liabilities and shareholders’ equity $ 132,539 $ 122,437

National Research Corporation Announces Fourth Quarter Results

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