NRC Files Q3 2024 10-Q with Financial Updates

TL;DR

NRC's Q3 2024 10-Q is in: check financials for the latest performance.

AI Summary

National Research Corporation (NRC) filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, comparing them to the same periods in 2023. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for National Research Corporation, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• Nine Months 2024 — Reporting Period (First nine months financial results)

Key Players & Entities

• NATIONAL RESEARCH CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241108 (date) — Filing Date
• 0000070487 (company) — Central Index Key

FAQ

Filing Documents

• nrc20240930_10q.htm (10-Q) — 1120KB
• ex_739487.htm (EX-10.1) — 33KB
• ex_739484.htm (EX-31.1) — 12KB
• ex_739485.htm (EX-31.2) — 12KB
• ex_739486.htm (EX-32) — 7KB
• 0001437749-24-034119.txt ( ) — 6162KB
• nrc-20240930.xsd (EX-101.SCH) — 52KB
• nrc-20240930_cal.xml (EX-101.CAL) — 47KB
• nrc-20240930_def.xml (EX-101.DEF) — 377KB
• nrc-20240930_lab.xml (EX-101.LAB) — 338KB
• nrc-20240930_pre.xml (EX-101.PRE) — 401KB
• nrc20240930_10q_htm.xml (XML) — 1052KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Shareholders' Equity 5 - 6 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 - 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 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, future use of AI and the cost associated therewith, and the expected impact of global conflicts, among others, are forward-looking statements. Such forward-looking statements are subject to certain ris

– 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) September 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 3,461 $ 6,653 Trade accounts receivable, less allowance for doubtful accounts of $ 45 and $ 75 , respectively 11,059 12,378 Prepaid expenses 4,871 4,228 Income taxes receivable 645 161 Other current assets 664 940 Total current assets 20,700 24,360 Property and equipment, net 36,320 28,205 Intangible assets, net 2,713 1,471 Goodwill 66,209 61,614 Other noncurrent assets 5,856 6,787 Total assets $ 131,798 $ 122,437 Liabilities and Shareholders ' Equity Current liabilities: Current portion of notes payable, net of unamortized debt issuance costs $ 3,721 $ 7,214 Line of credit 5,000 - Accounts payable 2,588 1,301 Accrued wages and bonuses 5,392 3,953 Accrued expenses 6,279 4,893 Dividends payable 2,817 2,906 Deferred revenue 17,301 14,834 Income taxes payable - 222 Contingent consideration 506 - Other current liabilities 673 880 Total current liabilities 44,277 36,203 Notes payable, net of current portion and unamortized debt issuance costs 44,910 29,470 Deferred income taxes 4,131 4,139 Contingent consideration, net of current portion 293 - Other long-term liabilities 3,564 3,670 Total liabilities 97,175 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 23,476,040 in 2024 and 24,219,887 in 2023 31 31 Additional paid-in capital 180,061 178,213 Retained earnings (accumulated deficit) ( 20,855 ) ( 30,530 ) Treasury stock, at cost; 7,596,104 Common s

View Full Filing

View this 10-Q filing on SEC EDGAR