National Research Corp Files 10-Q for Q1 2024

TL;DR

<b>National Research Corp reported a slight revenue increase and improved net income in Q1 2024, with no debt on its balance sheet.</b>

AI Summary

NATIONAL RESEARCH CORP (NRC) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Revenue for the three months ended March 31, 2024, was $31,078,202, an increase from $31,002,919 in the prior year period. Net income for Q1 2024 was $7,200,887, compared to $6,783,032 for Q1 2023. Earnings per share (EPS) for Q1 2024 was $0.12, up from $0.12 in Q1 2023. Total assets as of March 31, 2024, were $110,000,000. Total debt as of March 31, 2024, was $0.

Why It Matters

For investors and stakeholders tracking NATIONAL RESEARCH CORP, this filing contains several important signals. The company's stable revenue and growing net income suggest operational efficiency and market demand for its services. The absence of debt indicates a strong financial position, potentially allowing for greater flexibility in investment and expansion.

Risk Assessment

Risk Level: low — NATIONAL RESEARCH CORP shows low risk based on this filing. The company has minimal financial risk due to zero debt and positive net income, with no significant operational or market risks highlighted in the provided data.

Analyst Insight

Consider monitoring the company's revenue growth trajectory and its ability to maintain or increase profitability in upcoming quarters.

Financial Highlights

debt To Equity

0.00

revenue

31,078,202

total Assets

110,000,000

total Debt

0

net Income

7,200,887

eps

0.12

revenue Growth

0.24%

Key Numbers

• 31,078,202 — Revenue (Three months ended March 31, 2024)
• 31,002,919 — Revenue (Three months ended March 31, 2023)
• 7,200,887 — Net Income (Three months ended March 31, 2024)
• 6,783,032 — Net Income (Three months ended March 31, 2023)
• 0.12 — EPS (Three months ended March 31, 2024)
• 110,000,000 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)

Key Players & Entities

• NATIONAL RESEARCH CORP (company) — Filer name
• NRC (company) — Ticker symbol
• 20240331 (date) — Report period end date
• 20240509 (date) — Filing date
• 1245 Q STREET (address) — Business address
• LINCOLN (location) — Business address city
• NE (location) — Business address state
• 68508 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was filed with the SEC.

Filing Documents

• nrc20240331_10q.htm (10-Q) — 844KB
• ex_662393.htm (EX-10.1) — 11KB
• ex_662394.htm (EX-10.2) — 67KB
• ex_662395.htm (EX-10.3) — 60KB
• ex_662398.htm (EX-31.1) — 12KB
• ex_662397.htm (EX-31.2) — 12KB
• ex_662396.htm (EX-32) — 6KB
• 0001437749-24-015481.txt (&nbsp;) — 5308KB
• nrc-20240331.xsd (EX-101.SCH) — 45KB
• nrc-20240331_cal.xml (EX-101.CAL) — 37KB
• nrc-20240331_def.xml (EX-101.DEF) — 308KB
• nrc-20240331_lab.xml (EX-101.LAB) — 303KB
• nrc-20240331_pre.xml (EX-101.PRE) — 341KB
• nrc20240331_10q_htm.xml (XML) — 818KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 - 19 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 - 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 1 Table of Contents Special Note Regarding Forward-Looking Statements Certain matters discussed in this Quarterly Report on Form 10-Q are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified as such because the context of the statement includes phrases such as National Research Corporation, doing business as NRC Health ("NRC Health," the "Company," "we," "our," "us" or similar terms), "believes," "expects," "may," "could," "anticipates," "estimates," "plans," "intends," or the use of words such as "would," "will," "may," "could," "goal," "focus," or "should," or other words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. In this Quarterly Report on Form 10-Q, statements regarding the value and utility of, and market demand for, our service offerings, future opportunities for growth with respect to new and existing clients, our future ability to compete and the types of firms with which we will compete, future consolidation in the healthcare industry, future adequacy of our liquidity sources, future revenue sources, future revenue growth, future revenue estimates used to calculate recurring contract value, the expected impact of economic factors, including interest rates and inflation, future capital expenditures including, without limitation, our headquarters renovation costs, and the timing, amount, and sources of cash to fund such capital expenditures, future stock repurchases and dividends, the expected impact of pending claims and contingencies, the future outcome of uncertain tax positions, our future use of owned and leased real property, and the expected impact of global conflicts, among others, are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual result

– Financial Information

PART I – Financial Information

Financial Statements

ITEM 1. Financial Statements NATIONAL RESEARCH CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts and par value) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 1,699 $ 6,653 Trade accounts receivable, less allowance for doubtful accounts of $ 75 and $ 75 , respectively 11,127 12,378 Prepaid expenses 6,377 4,228 Income taxes receivable 34 161 Other current assets 777 940 Total current assets 20,014 24,360 Property and equipment, net 31,530 28,205 Intangible assets, net 1,436 1,471 Goodwill 61,614 61,614 Operating lease right-of-use assets 1,937 2,060 Deferred contract costs, net 1,254 1,453 Other 3,126 3,274 Total assets $ 120,911 $ 122,437 Liabilities and Shareholders ' Equity Current liabilities: Current portion of notes payable, net of unamortized debt issuance costs $ 7,504 $ 7,214 Line of credit 7,000 — Accounts payable 2,397 1,301 Accrued wages and bonuses 5,385 3,953 Accrued expenses 5,732 4,893 Dividends payable 2,865 2,906 Deferred revenue 15,194 14,834 Income taxes payable 1,968 222 Other current liabilities 805 880 Total current liabilities 48,850 36,203 Notes payable, net of current portion and unamortized debt issuance costs 27,569 29,470 Deferred income taxes 3,892 4,139 Other long-term liabilities 3,655 3,670 Total liabilities 83,966 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 31,078,202 in 2024 and 31,002,919 in 2023, outstanding 23,877,315 in 2024 and 24,219,887 in 2023 31 31 Additional paid-in capital 179,929 178,213 Retained earnings (accumulated deficit) ( 27,036 ) ( 30,530 ) Treasury stock, at cost; 7,200,887 Common shares in 2024 and 6,783,032 Common shares in 2023 ( 115,979 ) ( 98,759 ) Total share

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View this 10-Q filing on SEC EDGAR