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 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 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.

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)

	Three months ended						Twelve months ended
	December 31						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

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts and par value)

	December 31,			December 31,
	2024			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

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Michelle Bachman

402-475-2525