NRC HEALTH

Listed Company

NRCCIK 0000070487NasdaqAcceleratedServices-Commercial Physical & Biological ResearchDelawareFY ends Dec 31

Period

FY 2025

Revenue

$137.39M

Net Income

$11.60M

Total Assets

—

Equity

—

Shares Out

22.54M

Op. Cash Flow

$26.45M

Business

NATIONAL RESEARCH CORP provides healthcare experience management services that capture, analyze, and deliver consumer, patient, employee, and market insights to healthcare organizations. It offers a subscription-based digital platform with AI-enabled analytics (Huey), patient and consumer experience surveys (including CAHPS-compliant methods), reputation and service-recovery tools, care-transition workflows, employee engagement solutions, market research, and advisory content. Key business segments include Human Understanding Solutions (Patient, Consumer, Employee, and Market Experience), Reputation and Experience solutions, and The Governance Institute membership and advisory services. Its clients are primarily U.S. healthcare providers and systems served via digital subscriptions, syndicated surveys, advisory conferences, publications, and online portals.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	137	143	149	152	148
Direct	52	57	56	57	52
Selling, general and administrative	55	45	47	43	39
Depreciation and amortization	8	6	6	—	—
Total operating expenses	115	108	109	105	98
Operating income	23	35	40	47	50
Interest income	111,000	125,000	820,000	168,000	14,000
Interest expense	−5	−3	−862,000	−1	—
Other, net	−95,000	−34,000	−41,000	−118,000	4,000
Total other income (expense)	−5	−3	−83,000	−4	−2
Income before income taxes	18	33	40	43	49
Provision for income taxes	6	8	9	11	11
Net income	12	25	31	32	37
Basic (in dollars per share)	50	1.05	1.26	1.28	1.47
Diluted (in dollars per share)	50	1.04	1.25	1.27	1.46
Basic (in shares)	22	24	25	25	25
Diluted (in shares)	22	24	25	25	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	4	7	25	54
Trade accounts receivable, less allowance for doubtful accounts of $80 and $40, respectively	11	11	12	14	14
Prepaid expenses	4	3	4	2	4
Income taxes receivable	528,000	141,000	161,000	733,000	752,000
Other current assets	520,000	692,000	940,000	1	982,000
Total current assets	20	20	24	44	74
Net property and equipment	40	38	28	—	—
Intangible assets, net	2	3	1	2	2
Goodwill	66	66	62	62	62
Deferred contract costs, net	3	2	2	2	4
Other noncurrent assets	3	4	3	3	3
Total assets	135	133	122	130	158
Current portion of notes payable, net of unamortized debt issuance costs	4	5	7	4	4
Accounts payable	1	1	1	1	2
Accrued wages and bonuses	7	5	4	5	7
Accrued expenses	3	5	5	4	5
Dividends payable	4	3	3	3	3
Deferred revenue	16	16	15	15	17
Income Taxes Payable	550,000	353,000	222,000	0	—
Other current liabilities	946,000	1	880,000	1	1
Total current liabilities	37	36	36	33	40
Notes payable, net of current portion and unamortized debt issuance costs	75	58	29	18	22
Deferred income taxes	6	4	4	5	7
Other long-term liabilities	3	4	4	2	3
Total liabilities	121	101	73	58	72
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued	0	0	0	0	0
Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,966,504 in 2025 and 31,072,144 in 2024, outstanding 22,637,252 in 2025 and 23,083,116 in 2024	32,000	31,000	31,000	31,000	31,000
Additional paid-in capital	184	180	178	175	174
Accumulated deficit	−17	−17	−31	−25	−36
Treasury stock, 9,329,252 and 7,989,028 Common shares in 2025 and 2024, respectively, at cost	−153	−132	−99	−78	−50
Total shareholders equity	14	31	49	72	85
Total liabilities and shareholders equity	135	133	122	130	158

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	2	−664,000	−1	−2	−277,000
Reserve for uncertain tax positions	174,000	258,000	404,000	488,000	310,000
Loss on disposal of property and equipment	61,000	17,000	0	11,000	7,000
Non-cash share-based compensation expense	3	284,000	935,000	1	623,000
Change in fair value of contingent consideration	141,000	83,000	0	0	—
Loss on extinguishment of debt	67,000	0	0	—	—
Amortization of debt issuance costs	102,000	28,000	39,000	—	—
Trade accounts receivable	−53,000	2	2	−733,000	343,000
Prepaid expenses and other current and noncurrent assets	24,000	2	−2	2	−842,000
Operating lease assets and liabilities, net	−41,000	−23,000	−127,000	−39,000	−34,000
Deferred contract costs, net	−936,000	−109,000	988,000	1	783,000
Accounts payable	170,000	−108,000	184,000	−589,000	4,000
Accrued expenses, wages and bonuses	2	174,000	−807,000	−3	−285,000
Income taxes receivable and payable	−191,000	155,000	795,000	6,000	484,000
Deferred revenue	273,000	219,000	−364,000	−2	1
Net cash provided by operating activities	26	35	38	36	46
Capital expenditures	−11	−15	−16	−10	−6
Acquisitions, net of cash acquired	0	−5	0	0	−3
Proceeds from the sale of property and equipment	0	0	1,000	0	0
Net cash used in investing activities	−11	−20	−16	−10	−9
Borrowings on notes payable	−31	−6	−5	−4	−4
Payment of debt issuance costs	−134,000	−42,000	−8,000	−92,000	0
Payments on notes payable	48	32	19	0	0
Borrowings on revolving loan	37	50	15	0	0
Payments on revolving loan	−37	−50	−15	0	0
Payments on finance lease obligations	−9,000	−21,000	−290,000	−469,000	−493,000
Proceeds from the exercise of stock options	132,000	0	584,000	0	446,000
Payment of payroll tax withholdings on share-based awards exercised	−407,000	−317,000	0	−190,000	−721,000
Payment of acquisition contingent consideration	−516,000	0	0	−2	0
Repurchase of shares for treasury	−20	−31	−19	−28	−4
Payment of dividends on common stock	−11	−11	−36	−21	−9
Net cash used in financing activities	−16	−17	−41	−56	−18
Effect of exchange rate changes on cash	0	0	−1,000	−182,000	3,000
Change in cash and cash equivalents	−94,000	−2	−18	−29	20
Interest expense, net of capitalized amounts	4	2	803,000	1	2
Income taxes	—	8	9	12	11
Income taxes (Federal)	2	—	—	—	—
Income taxes (State and local)	1	—	—	—	—
Purchase of property and equipment in accounts payable and accrued expenses	347,000	2	2	1	979,000
Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans	188,000	2	1	311,000	1
Repurchase of shares for treasury in accounts payable and accrued expenses	228,000	311,000	152,000	0	0
New debt issued to existing lender	34	0	0	—	—
Debt extinguished using proceeds from new debt	62	0	0	—	—
Noncash borrowings on long-term debt for accrued interest and debt issuance costs	351,000	0	0	—	—
Contingent consideration recorded in connection with acquisition	0	776,000	0	0	—

Filings

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