Delaware
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001-35929
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47-0634000
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1245 Q Street, Lincoln, Nebraska
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68508
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(Address of principal executive offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
$.001 Par Value Common Stock | NRC | The NASDAQ Stock Market |
Item 2.02
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Results of Operations and Financial Condition.
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On April 28, 2025, National Research Corporation, a Delaware corporation (the "Company"), issued a press release announcing its financial and operating results for the first quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
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Item 7.01
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Regulation FD Disclosure.
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On April 25, 2025, the Company’s Board of Directors approved repurchasing up to one million additional shares of its common stock. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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EXHIBIT
NUMBER
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EXHIBIT DESCRIPTION
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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The information contained in Items 2.02, 7.01, and 9.01 of this report and the exhibits hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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The information in Items 2.02, 7.01, and 9.01 of this report and the exhibits hereto may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act 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 are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.
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NATIONAL RESEARCH CORPORATION
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(Registrant)
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Date: April 28, 2025
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By:
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/s/ Michael D. Hays
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Michael D. Hays
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Chief Executive Officer
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EXHIBIT 99.1
![]() |
1245 Q Street, Lincoln, NE 68508 P: 1 800 388 4264 | F: 402 475 9061 |
Contact: |
Michelle Bachman |
402-475-2525 |
NRC HEALTH ANNOUNCES FIRST QUARTER RESULTS
LINCOLN, Nebraska, April 28, 2025 — National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the first quarter 2025 and other corporate developments.
Highlights: | ||
■ |
Total Recurring Value Contract Value Increases Sequentially |
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■ |
Sales Force Expansion Accelerates |
|
■ |
New Share Repurchase Program Announced |
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■ |
Operating Expenses Decline |
|
■ |
Dividend Declared |
Overview
Michael D. Hays, Chief Executive Officer of NRC Health, commented on the Company’s performance and recent developments:
“The key milestone this quarter was a second consecutive quarter of sequential increase in total recurring contract value, which remains the leading indicator of revenue growth. This progress reflects the rebuilding of our sales force - never a quick process, but one that is already delivering results. We are seeing meaningful increases in our pipeline, win rates, and overall sales. Building on this momentum, we are now aggressively accelerating our sales force expansion plans to fully capitalize on our broader product offerings and a differentiated message that sets NRC Health apart in the marketplace.”
Hays continued, “I would also like to recognize Helen Hrdy, our Chief Operating Officer, for her relentless focus on driving organizational efficiencies. Her leadership continues to be instrumental in enhancing our ability to invest in future growth while delivering strong returns to shareholders through share repurchases and dividends.”
Hays concluded, “Finally, I welcome the opportunity to personally introduce you to Trent Green, who will be joining us as our incoming CEO in June. Introductory calls are available on June 9 and 10, 2025 and can be arranged by contacting MBachman@NRCHealth.com.
NRC Announces First Quarter 2025 Results
Page 2
April 28, 2025
Dividends and Share Repurchase
The Company’s Board of Directors on April 25, 2025, declared a quarterly cash dividend of $0.12 (twelve cents) per share payable Friday, July 11, 2025, to shareholders of record as of the close of business on Friday, June 27, 2025.
During the first quarter, the Company completed its prior share repurchase program adopted in 2022. On April 25, 2025, the Company’s Board of Directors approved repurchasing up to one million additional shares of its common stock.
About NRC Health
For more than 40 years, NRC Health’s (NASDAQ: NRC) commitment to Human Understanding® helps leading healthcare systems know each patient, caregivers, employees, and the communities they serve not as point-in-time insights, but to personalize an ongoing relationship at scale.
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, share repurchases, and revenue 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, 2024, 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 Announces First Quarter 2025 Results
Page 3
April 28, 2025
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three months ended |
||||||||
2025 |
2024 |
|||||||
Revenue |
$ | 33,551 | $ | 35,313 | ||||
Operating expenses: |
||||||||
Direct |
13,057 | 13,856 | ||||||
Selling, general and administrative |
10,356 | 11,250 | ||||||
Depreciation and amortization |
1,542 | 1,447 | ||||||
Total operating expenses |
24,955 | 26,553 | ||||||
Operating income |
8,596 | 8,706 | ||||||
Other income (expense): |
||||||||
Interest income |
19 | 44 | ||||||
Interest expense |
(899 | ) | (605 | ) | ||||
Other, net |
7 | (5 | ) | |||||
Total other income (expense) |
(873 | ) | (566 | ) | ||||
Income before income taxes |
7,723 | 8,194 | ||||||
Provision for income taxes |
1,936 | 1,835 | ||||||
Net income |
$ | 5,787 | $ | 6,359 | ||||
Earnings Per Share of Common Stock: |
||||||||
Basic Earnings Per Share |
$ | 0.25 | $ | 0.27 | ||||
Diluted Earnings Per Share |
$ | 0.25 | $ | 0.27 | ||||
Weighted average shares and share equivalents outstanding |
||||||||
Basic | 22,972 | 23,868 | ||||||
Diluted |
22,974 | 23,963 |
NRC Announces First Quarter 2025 Results
Page 4
April 28, 2025
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts and par value)
March 31, 2025 |
December 31, 2024 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 2,502 | $ | 4,233 | ||||
Accounts receivable, net |
11,326 | 11,054 | ||||||
Other current assets |
6,574 | 4,313 | ||||||
Total current assets |
20,402 | 19,600 | ||||||
Property and equipment, net |
40,390 | 38,269 | ||||||
Goodwill |
66,152 | 66,152 | ||||||
Other, net |
8,231 | 8,518 | ||||||
Total assets |
$ | 135,175 | $ | 132,539 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities: |
||||||||
Current portion of notes payable, net of unamortized debt issuance costs |
$ | 3,036 | $ | 4,789 | ||||
Line of credit |
3,500 | -- | ||||||
Accounts payable and accrued expenses |
6,743 | 6,285 | ||||||
Accrued compensation |
4,915 | 4,774 | ||||||
Deferred revenue |
15,507 | 15,786 | ||||||
Dividends payable |
2,735 | 2,770 | ||||||
Other current liabilities |
1,338 | 1,454 | ||||||
Total current liabilities |
37,774 | 35,858 | ||||||
Notes payable, net of current portion and unamortized debt issuance costs |
58,669 | 57,895 | ||||||
Other non-current liabilities |
9,060 | 7,502 | ||||||
Total liabilities |
105,503 | 101,255 | ||||||
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 31,082,158 in 2025 and 31,072,144 in 2024, outstanding 22,785,421 in 2025 and 23,083,116 in 2024 |
31 | 31 | ||||||
Additional paid-in capital |
180,552 | 180,249 | ||||||
Retained earnings (accumulated deficit) |
(14,012 | ) | (17,064 | ) | ||||
Treasury stock |
(136,899 | ) | (131,932 | ) | ||||
Total shareholders’ equity |
$ | 29,672 | $ | 31,284 | ||||
Total liabilities and shareholders’ equity |
$ | 135,175 | $ | 132,539 |