National Research Corporation, dba NRC Health, (NASDAQ:NRC)
today announced results for the first quarter 2024.
CEO Commentary
Michael Hays, Chief Executive Officer, commented: “NRC continues
to be strongly positioned for growth in our expanding markets. Our
decades of benchmarks and trusted thought leadership afford
healthcare insights unavailable to most competitors, while our
client service remains unmatched, and we continue to roll out
innovative new products and technologies. Our mission to enhance
outcomes and experiences for everyone in the healthcare journey,
while improving our clients’ bottom lines, provides true alignment
with our clients.
“Healthcare systems are facing unprecedented competition and
financial pressure, magnifying the importance of every experience
across their enterprise – consumer, patient, employee. Our clients
want a broader experience perspective, greater strategic alignment,
innovation, and actionable insights that deliver more value. Next
quarter, we will launch an expanded product suite that extends
across the experience spectrum, recognizing and responding to
consumers, patients, and caregivers as unique individuals. Our
thought leadership assets, used by hundreds of health care systems,
will be coordinated under our new Chief Experience Officer, who
will use her decades of health system leadership roles to deliver
them in increasingly targeted ways. And our expanded sales and
product technology teams are working intensely with clients to
develop a new generation of solutions, many powered by generative
AI, that push analytics to managers and real-time, actionable
insights to front line associates. We expect to offer new AI
features and solutions this year and to integrate them across our
products and business over time.”
Financial Summary
Linda Stacy, Principal Financial Officer, commented on the
financial results, “During the first quarter, we made significant
investments in our technology, sales and service teams as we
prepared to launch new products and solutions later this year. For
the balance of the year, we expect to continue building our AI and
other technology capabilities, as well as our sales and thought
leadership resources while seeking operating efficiencies.”
The Company continued to execute the entire range of capital
allocation alternatives, including funding innovation and growth
investments, dividends, and share repurchases. During the first
quarter of 2024, the Company returned $18 million to stockholders
in the form of dividends and stock repurchases. Funding for organic
innovation and growth investments was $4 million consisting of
facilities improvements and investments in our Human Understanding
solutions. The Company is highly focused on product innovation and
expects to see expansion in funding for innovation and growth
investments for the remainder of the year.
The Company had strong cash flow from operations during the
first quarter of 2024 and, at March 31, 2024, had other sources of
liquidity including borrowing availability of $23 million on its
line of credit and $56 million on its delayed draw term facility.
At March 31, 2024, the Company had approximately $40 million of net
debt.
Dividend
The Company’s Board of Directors has declared a quarterly cash
dividend of $0.12 (twelve cents) per share payable Monday, July 15,
2024, to shareholders of record as of the close of business on
Friday, June 28, 2024.
Conference Call
A live simulcast of National Research Corporation’s 2024 first
quarter conference call will be available online at
https://events.q4inc.com/attendee/554254445 May 8, 2024, beginning
at 11:00 a.m. Eastern time. The online replay will follow
approximately one hour later and continue for 30 days.
About NRC
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 the roll out of new products,
thought leadership assets, future use of AI, investment in product
innovation, sales, technology, and thought leadership resources,
operating efficiency, client profitability, the potential to expand
Human Understanding and increase market share, and future revenue
growth, and capital allocation 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 March
31,
2024
2023
Revenue
$
35,313
$
36,473
Operating expenses:
Direct
13,856
14,280
Selling, general and administrative
11,250
11,783
Depreciation and amortization
1,447
1,394
Total operating expenses
26,553
27,457
Operating income
8,760
9,016
Other income (expense):
Interest income
44
250
Interest expense
(605
)
(241
)
Other, net
(5
)
(14
)
Total other income (expense)
(566
)
(5
)
Income before income taxes
8,194
9,011
Provision for income taxes
1,835
2,047
Net income
$
6,359
$
6,964
Earnings Per Share of Common Stock:
Basic Earnings Per Share
$
0.27
$
0.28
Diluted Earnings Per Share
$
0.27
$
0.28
Weighted average shares and share
equivalents outstanding
Basic
23,868
24,585
Diluted
23,963
24,738
NATIONAL RESEARCH CORPORATION
AND SUBSIDIARY
Unaudited Condensed
Consolidated Balance Sheets
(Dollars in thousands, except
share amounts and par value)
March 31,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$
1,699
$
6,653
Accounts receivable, net
11,127
12,378
Other current assets
7,188
5,329
Total current assets
20,014
24,360
Property and equipment, net
31,530
28,205
Goodwill
61,614
61,614
Other, net
7,753
8,258
Total assets
$
120,911
$
122,437
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of notes payable
$
7,504
$
7,214
Line of credit
7,000
--
Accounts payable and accrued expenses
8,129
6,194
Accrued compensation
5,385
3,953
Deferred revenue
15,194
14,834
Dividends payable
2,865
2,906
Other current liabilities
2,773
1,102
Total current liabilities
48,850
36,203
Notes payable, net of current portion and
unamortized debt issuance costs
27,569
29,470
Other non-current liabilities
7,547
7,809
Total liabilities
83,966
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 31,078,202 in 2024 and 31,002,919 in
2023, outstanding 23,877,315 in 2024 and 24,219,887 in 2023
31
31
Additional paid-in capital
179,929
178,213
Retained earnings (accumulated
deficit)
(27,036
)
(30,530
)
Treasury stock
(115,979
)
(98,759
)
Total shareholders’ equity
36,945
48,955
Total liabilities and shareholders’
equity
$
120,911
$
122,437
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version on businesswire.com: https://www.businesswire.com/news/home/20240507960874/en/
Linda A. Stacy Principal Financial Officer 402-475-2525
National Research (NASDAQ:NRC)
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