EX-99.1 2 ex_770300.htm EXHIBIT 99.1 ex_770300.htm

Exhibit 99.1

 

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1245 Q Street, Lincoln, NE 68508

P: 1 800 388 4264 | F: 402 475 9061

nrchealth.com

 

 

Contact:

Michelle Bachman

402-475-2525

 

 

NATIONAL RESEARCH CORPORATION ANNOUNCES

FOURTH QUARTER RESULTS

 


 

LINCOLN, Nebraska, January 27, 2025 — 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  [email protected], or visit www.nrchealth.com.

 

 

 

NRC Announces Fourth Quarter 2024 Results
Page 2
January 27, 2025

 

 

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 Announces Fourth Quarter 2024 Results
Page 3
January 27, 2025

 

 

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)

 

   

Three months ended
December 31

   

Twelve months ended
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  

 

 

 

NRC Announces Fourth Quarter 2024 Results
Page 4
January 27, 2025

 

 

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY

Unaudited Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts and par value)

 

   

December 31,

2024

   

December 31,

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