National Research Corporation Announces Second Quarter 2023 Results
01 Agosto 2023 - 11:00PM
National Research Corporation, dba NRC Health, (NASDAQ:NRC) today
announced results for the second quarter 2023.
Regarding the Company’s 2023 second quarter,
Kevin Karas, Chief Financial Officer, said, “Our continued
expansion of sales and marketing resources over the past several
quarters have been effective in building our sales pipeline. In the
second quarter of 2023, we gained momentum in converting pipeline
opportunities which resulted in a 53% increase in new sales
compared to the second quarter of 2022. Sales have also been driven
by consistent growth in our Human Understanding Program, with
adoption through June 30, 2023, of 39 healthcare organizations. We
have also focused on aligning our cost structure with business
requirements based on our current level of revenue to increase
operating margins. We realized improved operating margins in the
second quarter as compared to the first quarter and will continue
cost alignment changes to achieve margin expansion in future
quarters.”
The Company’s Board of Directors maintained its
capital allocation priorities of funding innovation and growth
investments, including merger and acquisition activity, as well as
internal projects, shareholder dividends and share repurchases
during 2023. In the second quarter of 2023, the Company funded $4.2
million for innovation and growth, $3.0 million for dividend
payments, and $1.8 million for share repurchases.
Diluted earnings per share decreased to $0.29
for the quarter ended June 30, 2023, from diluted earnings per
share of $0.33 for the quarter ended June 30, 2022.
A live simulcast of National Research
Corporation’s 2023 first quarter conference call will be available
online at https://events.q4inc.com/attendee/554395066 August 2,
2023, beginning at 11:00 a.m. Eastern time. The online replay will
follow approximately one hour later and continue for 30
days.
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,” derivations thereof, and
similar terms and phrases. 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, 2022 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
SUBSIDIARYUnaudited Condensed Consolidated
Statements of Income(In thousands, except per share
data)
|
|
Three months endedJune 30 |
|
|
Six months endedJune 30 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
36,161 |
|
|
$ |
37,292 |
|
|
$ |
72,634 |
|
|
$ |
75,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
|
13,309 |
|
|
|
13,758 |
|
|
|
27,589 |
|
|
|
28,537 |
|
Selling, general and administrative |
|
|
11,966 |
|
|
|
10,748 |
|
|
|
23,750 |
|
|
|
21,397 |
|
Depreciation and amortization |
|
|
1,521 |
|
|
|
1,290 |
|
|
|
2,915 |
|
|
|
2,606 |
|
Total operating expenses |
|
|
26,796 |
|
|
|
25,796 |
|
|
|
54,254 |
|
|
|
52,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
9,365 |
|
|
|
11,496 |
|
|
|
18,380 |
|
|
|
23,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
273 |
|
|
|
14 |
|
|
|
523 |
|
|
|
19 |
|
Interest expense |
|
|
(192 |
) |
|
|
(318 |
) |
|
|
(433 |
) |
|
|
(635 |
) |
Other, net |
|
|
(2 |
) |
|
|
(128 |
) |
|
|
(15 |
) |
|
|
(81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
|
79 |
|
|
|
(432 |
) |
|
|
75 |
|
|
|
(697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,444 |
|
|
|
11,064 |
|
|
|
18,455 |
|
|
|
22,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
2,171 |
|
|
|
2,742 |
|
|
|
4,219 |
|
|
|
5,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,273 |
|
|
$ |
8,322 |
|
|
$ |
14,236 |
|
|
$ |
16,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common
Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share |
|
$ |
0.30 |
|
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.67 |
|
Diluted Earnings Per Share |
|
$ |
0.29 |
|
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,578 |
|
|
|
25,083 |
|
|
|
24,582 |
|
|
|
25,166 |
|
Diluted |
|
|
24,716 |
|
|
|
25,211 |
|
|
|
24,727 |
|
|
|
25,300 |
|
NATIONAL RESEARCH CORPORATION AND
SUBSIDIARYUnaudited Condensed Consolidated Balance
Sheets(Dollars in thousands, except share amounts and par
value)
|
|
June
30, |
|
|
December
31, |
|
2023 |
2022 |
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
22,496 |
|
|
$ |
25,026 |
|
Accounts receivable, net |
|
|
11,891 |
|
|
|
14,461 |
|
Other current assets |
|
|
6,600 |
|
|
|
4,229 |
|
Total current assets |
|
|
40,987 |
|
|
|
43,716 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
22,609 |
|
|
|
17,248 |
|
Goodwill |
|
|
61,614 |
|
|
|
61,614 |
|
Other, net |
|
|
8,417 |
|
|
|
7,883 |
|
Total assets |
|
$ |
133,627 |
|
|
$ |
130,461 |
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current
portion of notes payable |
|
|
$ |
4,606 |
|
|
$ |
4,491 |
|
Accounts payable and accrued expenses |
|
|
5,872 |
|
|
|
5,136 |
|
Accrued compensation |
|
|
4,578 |
|
|
|
4,551 |
|
Deferred revenue |
|
|
14,828 |
|
|
|
15,198 |
|
Dividends payable |
|
|
2,949 |
|
|
|
2,956 |
|
Other current liabilities |
|
|
903 |
|
|
|
1,085 |
|
Total current liabilities |
|
|
33,736 |
|
|
|
33,417 |
|
|
|
|
|
|
|
|
|
|
Notes payable, net of current portion and unamortized debt issuance
costs |
|
|
15,358 |
|
|
|
17,690 |
|
Other non-current liabilities |
|
|
6,783 |
|
|
|
7,321 |
|
Total liabilities |
|
|
55,877 |
|
|
|
58,428 |
|
|
|
|
|
|
|
|
|
|
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 30,963,119 in 2023 and 30,922,181 in 2022, outstanding
24,576,092 in 2023 and 24,628,173 in 2022 |
|
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
|
176,646 |
|
|
|
175,453 |
|
Retained earnings (accumulated deficit) |
|
|
(16,849 |
) |
|
|
(25,184 |
) |
|
|
|
|
|
|
|
|
|
Treasury stock |
|
|
(82,078 |
) |
|
|
(78,267 |
) |
Total shareholders’ equity |
|
|
77,750 |
|
|
|
72,033 |
|
Total liabilities and shareholders’ equity |
|
$ |
133,627 |
|
|
$ |
130,461 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Kevin R.
Karas Chief
Financial
Officer402-475-2525
Grafico Azioni National Research (NASDAQ:NRC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni National Research (NASDAQ:NRC)
Storico
Da Giu 2023 a Giu 2024