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National Research (NRC Health) reported its Q3 2024 financial results, showing revenue of $35.8 million, down from $37.9 million in Q3 2023. Earnings per diluted share decreased to $0.24 from $0.32 year-over-year. The company’s net indebtedness stood at $50.2 million, with total recurring contract value of $131.6 million. During the quarter, NRC returned $11.5 million to stockholders through dividends ($2.9 million) and stock repurchases ($8.6 million), buying back approximately 395,000 shares. The Board declared a quarterly dividend of $0.12 per share, payable January 10, 2025.
National Research (NRC Health) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di $35.8 milioni, in calo rispetto ai $37.9 milioni del terzo trimestre 2023. L’utile per azione diluita è sceso a $0.24 rispetto a $0.32 dell’anno precedente. L’indebitamento netto dell’azienda ammonta a $50.2 milioni, con un valore totale dei contratti ricorrenti di $131.6 milioni. Durante il trimestre, NRC ha restituito $11.5 milioni agli azionisti attraverso dividendi ($2.9 milioni) e riacquisti di azioni ($8.6 milioni), riacquistando circa 395.000 azioni. Il Consiglio ha dichiarato un dividendo trimestrale di $0.12 per azione, pagabile il 10 gennaio 2025.
National Research (NRC Health) informó sus resultados financieros del tercer trimestre de 2024, mostrando ingresos de $35.8 millones, una disminución respecto a los $37.9 millones del tercer trimestre de 2023. Las ganancias por acción diluida cayeron a $0.24 desde $0.32 en comparación con el año anterior. La deuda neta de la compañía se situó en $50.2 millones, con un valor total de contratos recurrentes de $131.6 millones. Durante el trimestre, NRC devolvió $11.5 millones a los accionistas a través de dividendos ($2.9 millones) y recompra de acciones ($8.6 millones), comprando aproximadamente 395,000 acciones. La Junta declaró un dividendo trimestral de $0.12 por acción, pagadero el 10 de enero de 2025.
National Research (NRC Health)는 2024년 3분기 재무 결과를 발표하며, 2023년 3분기 $37.9 백만에서 감소한 $35.8 백만의 수익을 나타냈습니다. 희석 주당 수익은 작년 같은 기간의 $0.32에서 $0.24로 감소했습니다. 회사의 순부채는 $50.2 백만으로, 총 반복 계약 가치는 $131.6 백만에 달합니다. 이번 분기 동안 NRC는 배당금($2.9 백만)과 자사주 매입($8.6 백만)을 통해 주주들에게 $11.5 백만을 환급하며, 약 395,000주를 매입했습니다. 이사회는 주당 $0.12의 분기 배당금을 선언했으며, 2025년 1월 10일에 지급될 예정입니다.
National Research (NRC Health) a annoncé ses résultats financiers du troisième trimestre 2024, affichant un chiffre d’affaires de 35,8 millions de dollars, en baisse par rapport à 37,9 millions de dollars au troisième trimestre 2023. Le bénéfice par action dilué a diminué à 0,24 dollar contre 0,32 dollar l’année précédente. L’endettement net de l’entreprise s’élevait à 50,2 millions de dollars, avec une valeur totale des contrats récurrents de 131,6 millions de dollars. Au cours du trimestre, NRC a restitué 11,5 millions de dollars aux actionnaires par le biais de dividendes (2,9 millions de dollars) et de rachats d’actions (8,6 millions de dollars), rachetant environ 395 000 actions. Le Conseil a déclaré un dividende trimestriel de 0,12 dollar par action, payable le 10 janvier 2025.
National Research (NRC Health) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit Einnahmen von 35,8 Millionen Dollar, die von 37,9 Millionen Dollar im 3. Quartal 2023 gesunken sind. Der verwässerte Gewinn pro Aktie fiel auf 0,24 Dollar im Vergleich zu 0,32 Dollar im Vorjahr. Die Nettoverschuldung des Unternehmens betrug 50,2 Millionen Dollar, bei einem Gesamtwert der laufenden Verträge von 131,6 Millionen Dollar. Im Laufe des Quartals gab NRC 11,5 Millionen Dollar an Aktionäre zurück in Form von Dividenden ($2,9 Millionen) und Aktienrückkäufen ($8,6 Millionen) und kaufte etwa 395.000 Aktien zurück. Der Vorstand hatte eine vierteljährliche Dividende von 0,12 Dollar pro Aktie erklärt, die am 10. Januar 2025 zahlbar ist.
Positive
- Maintained quarterly dividend of $0.12 per share
- Returned $11.5 million to shareholders through dividends and buybacks
- Strong total recurring contract value of $131.6 million
Negative
- Revenue declined 5.5% YoY to $35.8 million
- Earnings per share decreased 25% YoY to $0.24
- Net indebtedness of $50.2 million
Insights
The Q3 results reveal concerning trends with revenue declining by 5.5% year-over-year to $35.8 million, while EPS dropped 25% to $0.24. The company’s net debt position of $50.2 million and Total Recurring Contract Value of $131.6 million suggest moderate financial leverage but stable recurring revenue streams.
Notable is the significant capital return to shareholders, with $11.5 million distributed through dividends ($2.9 million) and share repurchases ($8.6 million). While maintaining shareholder returns, the declining operational performance warrants attention, particularly as the company operates in the competitive healthcare analytics sector. The continuation of the $0.12 quarterly dividend signals management’s confidence in sustained cash flow generation despite headwinds.
LINCOLN, Neb.–(BUSINESS WIRE)– National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the third quarter 2024 and other corporate developments.
Financial Results
Revenue for the quarter was approximately $35.8 million compared with approximately $37.9 million in the 2023 quarter. Earnings per diluted share were $0.24 compared with $0.32 for the 2023 quarter. At September 30, 2024, the Company’s net indebtedness (total borrowing minus cash and cash equivalents) was approximately $50.2 million. Total recurring contract value (TRCV) was approximately $131.6 million at September 30, 2024.
Dividends and Stock Repurchases
During the quarter, the Company returned approximately $11.5 million to stockholders in the form of dividends and stock repurchases. The Company repurchased approximately 395,000 shares for approximately $8.6 million and paid its regular quarterly dividend of $0.12 (twelve cents) per share, or approximately $2.9 million.
The Company’s Board of Directors has declared a quarterly cash dividend of $0.12 (twelve cents) per share payable Friday, January 10, 2025, to stockholders of record as of the close of business on Friday, December 27, 2024.
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.
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NATIONAL RESEARCH CORPORATION AND SUBSIDIARY Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data) |
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Three months ended |
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Nine months ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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$ |
35,819 |
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|
$ |
37,945 |
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|
$ |
106,154 |
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$ |
110,579 |
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Operating expenses: |
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|
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Direct |
|
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15,305 |
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|
|
14,633 |
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|
|
42,583 |
|
|
|
42,222 |
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|
Selling, general and administrative |
|
|
10,988 |
|
|
|
11,802 |
|
|
|
33,459 |
|
|
|
35,552 |
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Depreciation and amortization |
|
|
1,546 |
|
|
|
1,555 |
|
|
|
4,506 |
|
|
|
4,469 |
|
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Total operating expenses |
|
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27,839 |
|
|
|
27,990 |
|
|
|
80,548 |
|
|
|
82,243 |
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|
|
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|
|
|
|
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|
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|
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|
|
|
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Operating income |
|
|
7,980 |
|
|
|
9,955 |
|
|
|
25,606 |
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|
|
28,336 |
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|
|
|
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Other income (expense): |
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|
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|
|
|
|
|
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Interest income |
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|
34 |
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|
|
256 |
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|
103 |
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|
|
779 |
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Interest expense |
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(706 |
) |
|
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(160 |
) |
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(1,866 |
) |
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(594 |
) |
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Other, net |
|
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(12 |
) |
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|
(12 |
) |
|
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(28 |
) |
|
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(27 |
) |
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|
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|
|
|
|
|
|
|
|
|
|
|
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Total other income (expense) |
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(684 |
) |
|
|
84 |
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(1,791 |
) |
|
|
158 |
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Income before income taxes |
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7,296 |
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10,039 |
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23,815 |
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28,494 |
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Provision for income taxes |
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1,608 |
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2,163 |
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5,592 |
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6,381 |
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Net income |
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$ |
5,688 |
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$ |
7,876 |
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$ |
18,223 |
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$ |
22,113 |
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Earnings Per Share of Common Stock: |
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Basic Earnings Per Share |
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$ |
0.24 |
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$ |
0.32 |
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$ |
0.76 |
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$ |
0.90 |
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Diluted Earnings Per Share |
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$ |
0.24 |
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$ |
0.32 |
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$ |
0.76 |
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$ |
0.89 |
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Weighted average shares and share equivalents outstanding: |
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Basic |
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23,721 |
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24,560 |
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23,820 |
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|
|
24,574 |
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Diluted |
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23,745 |
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|
|
24,695 |
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|
|
23,868 |
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|
|
24,715 |
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NATIONAL RESEARCH CORPORATION AND SUBSIDIARY Unaudited Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts and par value) |
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September 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,461 |
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$ |
6,653 |
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Accounts receivable, net |
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11,059 |
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|
|
12,378 |
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Other current assets |
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6,180 |
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|
|
5,329 |
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Total current assets |
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20,700 |
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|
|
24,360 |
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|
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|
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Property and equipment, net |
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36,320 |
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28,205 |
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Goodwill |
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66,209 |
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61,614 |
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Other, net |
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8,569 |
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|
8,258 |
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Total assets |
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$ |
131,798 |
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$ |
122,437 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Current portion of notes payable, net of unamortized debt issuance costs |
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$ |
3,721 |
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$ |
7,214 |
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Line of credit |
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5,000 |
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— |
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Accounts payable and accrued expenses |
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|
9,373 |
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6,194 |
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Accrued compensation |
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|
5,392 |
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|
3,953 |
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Deferred revenue |
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|
17,301 |
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|
|
14,834 |
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Dividends payable |
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|
2,817 |
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|
2,906 |
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Other current liabilities |
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|
673 |
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|
1,102 |
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Total current liabilities |
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44,277 |
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36,203 |
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Notes payable, net of current portion and unamortized debt issuance costs |
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44,910 |
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29,470 |
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Other non-current liabilities |
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|
7,988 |
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|
7,809 |
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Total liabilities |
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|
97,175 |
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|
|
73,482 |
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Shareholders’ equity: |
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Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued |
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|
— |
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— |
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Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,072,144 in 2024 and 31,002,919 in 2023, outstanding 23,476,040 in 2024 and 24,219,887 in 2023 |
|
|
31 |
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|
|
31 |
|
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Additional paid-in capital |
|
|
180,061 |
|
|
|
178,213 |
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Retained earnings (accumulated deficit) |
|
|
(20,855 |
) |
|
|
(30,530 |
) |
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Treasury stock |
|
|
(124,614 |
) |
|
|
(98,759 |
) |
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Total shareholders’ equity |
|
$ |
34,623 |
|
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$ |
48,955 |
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Total liabilities and shareholders’ equity |
|
$ |
131,798 |
|
|
$ |
122,437 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241025365406/en/
Linda A. Stacy
Principal Financial Officer
402-475-2525
Source: National Research Corporation
FAQ
What was NRC Health’s revenue in Q3 2024?
NRC Health reported revenue of $35.8 million in Q3 2024, compared to $37.9 million in Q3 2023.
How much did NRC Health pay in dividends for Q3 2024?
NRC Health paid a quarterly dividend of $0.12 per share, totaling approximately $2.9 million.
How many shares did NRC repurchase in Q3 2024?
NRC Health repurchased approximately 395,000 shares for $8.6 million during Q3 2024.
What is NRC Health’s total recurring contract value as of Q3 2024?
NRC Health’s total recurring contract value (TRCV) was approximately $131.6 million as of September 30, 2024.
