National Research Corporation Announces Third Quarter 2023 Results
07 Novembre 2023 - 11:00PM
National Research Corporation, dba NRC Health, (NASDAQ:NRC) today
announced results for the third quarter 2023.
Regarding the Company’s 2023 third quarter,
Kevin Karas, Chief Financial Officer, said, “New sales increased
compared to the third quarter of 2022, supported by growth in our
Human Understanding Program, with adoption by 91 healthcare
organizations as of September 30, 2023. While building our sales
pipeline, we are also highly focused on controlling costs in an
inflationary environment. We have realized sequential quarterly
operating margin improvement in the last two quarters and will
continue to emphasize returning to our historical operating
margins.”
Mr. Karas continued: “From a capital standpoint,
NRC remains well-positioned to execute the entire range of capital
allocation alternatives, including funding innovation and growth
investments, shareholder dividends and share repurchases. At
September 30, 2023, the Company had approximately $20 million of
net debt and $25 million available on its revolving line of credit
after funding $3.7 million for innovation and growth, $27.5 million
for dividend payments, and $310,000 for share repurchases during
the quarter.”
Diluted earnings per share decreased to $0.32
for the quarter ended September 30, 2023, from diluted earnings per
share of $0.33 for the quarter ended September 30, 2022.
A live simulcast of National Research
Corporation’s 2023 third quarter conference call will be available
online at https://events.q4inc.com/attendee/533804877 November 8,
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,” “focus,” “will,”
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 ended September 30 |
|
|
Nine months ended September 30 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
37,945 |
|
|
$ |
37,691 |
|
|
$ |
110,579 |
|
|
$ |
113,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
|
14,633 |
|
|
|
14,524 |
|
|
|
42,222 |
|
|
|
43,062 |
|
Selling, general and administrative |
|
|
11,802 |
|
|
|
10,762 |
|
|
|
35,552 |
|
|
|
32,159 |
|
Depreciation and amortization |
|
|
1,555 |
|
|
|
1,296 |
|
|
|
4,469 |
|
|
|
3,902 |
|
Total operating expenses |
|
|
27,990 |
|
|
|
26,582 |
|
|
|
82,243 |
|
|
|
79,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
9,955 |
|
|
|
11,109 |
|
|
|
28,336 |
|
|
|
34,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
256 |
|
|
|
15 |
|
|
|
779 |
|
|
|
34 |
|
Interest expense |
|
|
(160 |
) |
|
|
(288 |
) |
|
|
(594 |
) |
|
|
(923 |
) |
Other, net |
|
|
(12 |
) |
|
|
11 |
|
|
|
(27 |
) |
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
|
84 |
|
|
|
(262 |
) |
|
|
158 |
|
|
|
(958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
10,039 |
|
|
|
10,847 |
|
|
|
28,494 |
|
|
|
33,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
2,163 |
|
|
|
2,549 |
|
|
|
6,381 |
|
|
|
8,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,876 |
|
|
$ |
8,298 |
|
|
$ |
22,113 |
|
|
$ |
25,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common
Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share |
|
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.90 |
|
|
$ |
1.01 |
|
Diluted Earnings Per Share |
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.89 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,560 |
|
|
|
24,716 |
|
|
|
24,574 |
|
|
|
25,014 |
|
Diluted |
|
|
24,695 |
|
|
|
24,847 |
|
|
|
24,715 |
|
|
|
25,147 |
|
NATIONAL RESEARCH CORPORATION AND
SUBSIDIARYUnaudited Condensed Consolidated Balance
Sheets(Dollars in thousands, except share amounts and par
value) |
|
|
|
September 30, |
|
|
December 31, |
|
2023 |
2022 |
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,828 |
|
|
$ |
25,026 |
|
Accounts receivable, net |
|
|
14,467 |
|
|
|
14,461 |
|
Other current assets |
|
|
6,448 |
|
|
|
4,229 |
|
Total current assets |
|
|
24,743 |
|
|
|
43,716 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
25,589 |
|
|
|
17,248 |
|
Goodwill |
|
|
61,614 |
|
|
|
61,614 |
|
Other, net |
|
|
8,190 |
|
|
|
7,883 |
|
Total assets |
|
$ |
120,136 |
|
|
$ |
130,461 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of notes payable |
|
|
$ |
4,665 |
|
|
$ |
4,491 |
|
Line of credit |
|
|
5,000 |
|
|
|
-- |
|
Accounts payable and accrued expenses |
|
|
6,027 |
|
|
|
5,136 |
|
Accrued compensation |
|
|
5,029 |
|
|
|
4,551 |
|
Deferred revenue |
|
|
16,238 |
|
|
|
15,198 |
|
Dividends payable |
|
|
2,947 |
|
|
|
2,956 |
|
Other current liabilities |
|
|
899 |
|
|
|
1,085 |
|
Total current liabilities |
|
|
40,805 |
|
|
|
33,417 |
|
|
|
|
|
|
|
|
|
|
Notes payable, net of current portion and unamortized debt issuance
costs |
|
|
14,164 |
|
|
|
17,690 |
|
Other non-current liabilities |
|
|
7,295 |
|
|
|
7,321 |
|
Total liabilities |
|
|
62,264 |
|
|
|
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 30,956,479 in 2023 and 30,922,181 in 2022, outstanding
24,562,068 in 2023 and 24,628,173 in 2022 |
|
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
|
176,714 |
|
|
|
175,453 |
|
Retained earnings (accumulated deficit) |
|
|
(36,482 |
) |
|
|
(25,184 |
) |
|
|
|
|
|
|
|
|
|
Treasury stock |
|
|
(82,391 |
) |
|
|
(78,267 |
) |
Total shareholders’ equity |
|
|
57,872 |
|
|
|
72,033 |
|
Total liabilities and shareholders’ equity |
|
$ |
120,136 |
|
|
$ |
130,461 |
|
|
|
|
|
|
|
|
|
|
|
Contact: Kevin R.
Karas Chief Financial
Officer402-475-2525
Grafico Azioni National Research (NASDAQ:NRC)
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