# EDGAR Filing Document

**Accession Number:** 0000070487
**File Stem:** 0001437749-25-031819
**Filing Date:** 2025-10
**Character Count:** 20238
**Document Hash:** 351fba80b8e72bbbbe4d70a12ba562ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-031819.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001437749-25-031819

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251027

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL RESEARCH CORP
- **CENTRAL INDEX KEY:** 0000070487
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 470634000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35929
- **FILM NUMBER:** 251420546

**BUSINESS ADDRESS:**
- **STREET 1:** 1245 Q STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508
- **BUSINESS PHONE:** 4024752525

**MAIL ADDRESS:**
- **STREET 1:** 1245 Q STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68508

?xml version='1.0' encoding='ASCII'? nrc20251024_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**_____________________________________________________________________________**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

October 27, 2025

**_______________________________________________________________________________**

**National Research Corporation**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| Delaware | 001-35929 | 47-0634000 |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| 1245 Q Street, Lincoln, Nebraska | 68508 |
| (Address of principal executive offices) | (Zip Code) |

---

(402) 475-2525

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| $.001 Par Value Common Stock | NRC | The NASDAQ Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On October 27, 2025, National Research Corporation, a Delaware corporation (the "Company"), issued a press release announcing its financial and operating results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.<br>

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d)** **Exhibits.**

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| | |
|:---|:---|
| EXHIBIT<br> <u>NUMBER</u> | <u>EXHIBIT DESCRIPTION</u> |

---

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| | |
|:---|:---|
| 99.1 | [National Research Corporation press release announcing its financial and operating results for the third quarter ended September 30, 2025.](ex_875834.htm) |

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| | |
|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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The information contained in Items 2.02 and 9.01 of this report and the exhibits hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.<br>

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **NATIONAL RESEARCH CORPORATION** | **NATIONAL RESEARCH CORPORATION** |
|  | *(Registrant)* |  |
| Date: October 27, 2025 | By: | /s/ Shane Harrison |
|  |  | Shane Harrison |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![nrc01.jpg](nrc01.jpg) | 1245 Q Street, Lincoln, NE 68508<br> P: 1 800 388 4264 \| F: 402 475 9061<br> nrchealth.com |

---

**NRC HEALTH ANNOUNCES THIRD QUARTER 2025 RESULTS**

*Third quarter TRCV\* increased 8% year-over-year to $141.7 million*

*Cash flow from operations increased 46% year-over-year to $13.8 million*

LINCOLN, Nebraska, October 27, 2025 — National Research Corporation, dba NRC Health, (NASDAQ: NRC), a leader in healthcare experience improvement solutions, today announced results for the third quarter 2025.

"We delivered our fourth consecutive quarter of recurring contract value growth, driven by strong sales and meaningful improvement in customer retention," said Trent Green, CEO of NRC Health. "This sustained momentum reflects how our solutions deliver insights, engagement, and enablement that help healthcare organizations better understand, anticipate, and respond to the experiences of their patients and employees. Healthcare systems are placing their trust in NRC to drive continuous improvement — a trust we earn through authentic partnership, exceptional service, and unmatched expertise across the industry."

**Third Quarter 2025 Highlights**

● **Revenue:** Total revenue was $34.6 million for the three months ended September 30, 2025, up 2% quarter-over-quarter

● **Net Income**: GAAP net income was $4.1 million, representing 12% of revenue, and Adjusted Net Income\* was $5.0 million, representing 14% of revenue

● **Adjusted EBITDA**: Adjusted EBITDA\* was $10.9 million, up 11% year-over-year and representing 31% of revenue

● **Earnings Per Share**: GAAP net income per fully diluted share was $0.18 on 22.1 million fully diluted shares; Adjusted net income per diluted share\* was $0.23 on 22.1 million fully diluted shares

● **Cash Flow**: Net cash from operating activities was $13.8 million, representing 40% of total revenue

● **TRCV**: Total Recurring Contract Value (TRCV)\* was $141.7 million, up 8% year-over-year, and grew sequentially for the fourth consecutive quarter

*\* These financial measures are defined below under the headings* "*Non-GAAP Financial Measures*" *and* "*Total Recurring Contract Value.*" *Reconciliations of the non-GAAP measures to their most closely comparable GAAP measures are included in the tables in this release.*

------

NRC Announces Third Quarter 2025 Results

October 27, 2025

**Stock Repurchases and Dividends**

During the third quarter, NRC repurchased 618,264 shares at a weighted average price of $14.99 per share. During 2025, the company returned a total of $28.1 million to shareholders through dividends and stock repurchases.

The Company's Board of Directors on October 15, 2025, declared a quarterly cash dividend of $0.16 per share, an increase of 33% from the previously declared quarterly dividend of $0.12 per share. The dividend will be payable on Friday, January 9, 2026, to shareholders of record as of the close of business on Friday, December 26, 2025.

**Earnings Call Information**

The company will be hosting a conference call to discuss the financial results on Tuesday, October 28, 2025, at 4:00 p.m. ET. A live webcast and replay of the call will be available on the NRC Health Investor Relations website at nrchealth.com/investor-relations.

**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, leading to strong outcomes for patients and health systems. For more information, email info@nrchealth.com, or visit www.nrchealth.com.

**Total Recurring Contract Value**

Total Recurring Contract Value, or TRCV, is a measure of revenue expected under our renewable contracts for their respective annual renewal periods and is viewed by management as a projection of our subscription revenue for the next 12-month period.

**Non-GAAP Financial Measures**

In addition to consolidated GAAP financial measures, NRC Health reviews various non-GAAP financial measures that management believes to be important in the evaluation of its operating results and performance, including "Adjusted Net Income," "Adjusted Earnings per Share," and "Adjusted EBITDA." Reconciliations of GAAP to non-GAAP financial information are provided later in this release. NRC Health believes Adjusted Net Income, Adjusted Earnings per Share, and Adjusted EBITDA are helpful supplemental measures to assist management and investors in evaluating the Company's operating results as (i) they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of NRC Health's business, and (ii) the exclusion of non-cash stock compensation is useful for investors applying certain valuation metrics and is consistent with the leverage ratio for our credit facility. Adjusted Net Income represents net income adjusted to add back certain non-recurring executive compensation and non-cash stock compensation and the related tax. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-recurring executive compensation and non-cash stock compensation items. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.

------

NRC Announces Third Quarter 2025 Results

October 27, 2025

**Forward-Looking Statements**

**Media Contact** 

marketing@nrchealth.com

**Investor Contact** 

ir@nrchealth.com

------

NRC Announces Third Quarter 2025 Results

October 27, 2025

**NATIONAL RESEARCH CORPORATION AND SUBSIDIARY**

**Unaudited Condensed Consolidated Statements of Income**

(In thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenue | $34608 | $35819 | $102196 | $106154 |
| Operating expenses: |  |  |  |  |
| Direct | 12404 | 15305 | 38436 | 42583 |
| Selling, general and administrative | 12271 | 10988 | 40360 | 33459 |
| Depreciation and amortization | 2195 | 1546 | 5479 | 4506 |
| Total operating expenses | 26870 | 27839 | 84275 | 80548 |
| Operating income | 7738 | 7980 | 17921 | 25606 |
| Other income (expense): |  |  |  |  |
| Interest income | 41 | 34 | 82 | 103 |
| Interest expense | (1461) | (706) | (3393) | (1866) |
| Other, net | (45) | (12) | (34) | (28) |
| Total other expense | (1465) | (684) | (3345) | (1791) |
| Income before income taxes | 6273 | 7296 | 14576 | 23815 |
| Provision for income taxes | 2151 | 1608 | 4774 | 5592 |
| Net income | $4122 | $5688 | $9802 | $18223 |
| Earnings per share of common stock: |  |  |  |  |
| Basic | $0.18 | $0.24 | $0.43 | $0.76 |
| Diluted | $0.18 | $0.24 | $0.43 | $0.76 |
| Weighted average shares and share equivalents outstanding: |  |  |  |  |
| Basic | 22130 | 23721 | 22584 | 23820 |
| Diluted | 22130 | 23745 | 22590 | 23868 |

---

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NRC Announces Third Quarter 2025 Results

October 27, 2025

**NATIONAL RESEARCH CORPORATION AND SUBSIDIARY**

**Condensed Consolidated Balance Sheets**

(Dollars in thousands, except share amounts and par value)

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
|  | (unaudited) |  |
| <u>**Assets**</u> |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $2219 | $4233 |
| Accounts receivable, net | 12749 | 11054 |
| Other current assets | 5433 | 4313 |
| Total current assets | 20401 | 19600 |
| Property and equipment, net | 41413 | 38269 |
| Goodwill | 66152 | 66152 |
| Other, net | 7753 | 8518 |
| Total assets | $135719 | $132539 |
| **<u>Liabilities and Shareholders</u>**<u>'</u> **<u>Equity</u>** |  |  |
| Current liabilities: |  |  |
| Current portion of notes payable, net of unamortized debt issuance costs | $4012 | $4789 |
| Accounts payable and accrued expenses | 4994 | 6285 |
| Accrued compensation | 7124 | 4774 |
| Deferred revenue | 17814 | 15786 |
| Dividends payable | 2698 | 2770 |
| Other current liabilities | 1924 | 1454 |
| Total current liabilities | 38566 | 35858 |
| Notes payable, net of current portion and unamortized debt issuance costs | 76025 | 57895 |
| Other non-current liabilities | 6814 | 7502 |
| Total liabilities | 121405 | 101255 |
| 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 31,954,158 in 2025 and 31,072,144 in 2024, outstanding 22,657,421 in 2025 and 23,083,116 in 2024 | 32 | 31 |
| Additional paid-in capital | 181783 | 180249 |
| Retained earnings (accumulated deficit) | (15470) | (17064) |
| Treasury stock | (152031) | (131932) |
| Total shareholders' equity | $14314 | 31284 |
| Total liabilities and shareholders' equity | $135719 | $132539 |

---

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NRC Announces Third Quarter 2025 Results

October 27, 2025

**NATIONAL RESEARCH CORPORATION AND SUBSIDIARY**

**Condensed Consolidated Statements of Cash Flows**

(In thousands, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Nine months ended | Nine months ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Cash flows from operating activities: |  |  |  |  |
| Net income | $4122 | $5688 | $9802 | $18223 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| Depreciation and amortization | 2195 | 1546 | 5479 | 4506 |
| Deferred income taxes | (49) | 17 | (80) | (118) |
| Reserve for uncertain tax positions | (45) | 72 | 103 | 211 |
| Non-cash share-based compensation expense | 925 | 189 | 1403 | 96 |
| Change in fair value of contingent consideration | 49 | 23 | 131 | 23 |
| Loss on extinguishment of debt |  |  | 67 |  |
| Amortization of debt issuance costs | 28 | 11 | 75 | 29 |
| Net changes in assets and liabilities: |  |  |  |  |
| Trade accounts receivable | (332) | (569) | (1694) | 1752 |
| Prepaid expenses and other current and noncurrent assets | 1794 | 207 | (1021) | 91 |
| Deferred contract costs, net | (348) | (45) | (359) | 212 |
| Operating lease assets and liabilities, net | 13 | 47 | (40) | 9 |
| Accounts payable | (91) | 567 | 66 | 599 |
| Accrued expenses, wages and bonuses | 1478 | 151 | 2146 | 1760 |
| Income taxes receivable and payable | 1896 | (362) | 1246 | (706) |
| Deferred revenue | 2129 | 1880 | 1947 | 1559 |
| Net cash provided by operating activities | 13764 | 9422 | 19271 | 28246 |
| Cash flows from investing activities: |  |  |  |  |
| Purchases of property and equipment | (3589) | (1596) | (9585) | (11004) |
| Acquisitions, net of cash acquired |  | (4833) |  | (4833) |
| Net cash used in investing activities | (3589) | (6429) | (9585) | (15837) |
| Cash flows from financing activities: |  |  |  |  |
| Borrowings on notes payable |  | 17000 | 47681 | 17000 |
| Payments on notes payable | (947) | (1563) | (30393) | (5044) |
| Borrowings on revolving loan | 5000 | 15500 | 33000 | 39000 |
| Payments on revolving loan | (5000) | (19500) | (33003) | (34000) |
| Payment of debt issuance costs |  | (37) | (135) | (37) |
| Payments on finance lease obligations | (2) | (4) | (7) | (19) |
| Proceeds from the exercise of share-based awards |  |  | 132 |  |
| Payment of payroll tax withholdings on share-based awards exercised |  |  |  | (317) |
| Payment of acquisition contingent consideration | (236) |  | (516) |  |
| Repurchase of shares for treasury | (9269) | (8548) | (20179) | (23548) |
| Payment of dividends on common stock | (2776) | (2865) | (8280) | (8636) |
| Net cash provided by (used in) financing activities | (13230) | (17) | (11700) | (15601) |
| Change in cash and cash equivalents | (3055) | 2976 | (2014) | (3192) |
| Cash and cash equivalents at beginning of period | 5274 | 485 | 4233 | 6653 |
| Cash and cash equivalents at end of period | $2219 | $3461 | $2219 | $3461 |

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NRC Announces Third Quarter 2025 Results

October 27, 2025

**NATIONAL RESEARCH CORPORATION AND SUBSIDIARY**

**Reconciliation of GAAP Net Income to Adjusted Net Income**

(In thousands, except per share data, unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30 | Three months ended<br> September 30 | Nine months ended<br> September 30 | Nine months ended<br> September 30 |
|  | 2025 | 2024 | 2025 | 2024 |
| Net income | $4122 | $5688 | $9802 | $18233 |
| Add back: |  |  |  |  |
| Non-recurring executive compensation |  |  | 6640 |  |
| Tax on non-recurring executive compensation |  |  | (468) |  |
| Non-cash stock compensation | 925 | 189 | 1403 | 96 |
| Tax on stock compensation | (39) | (46) | (60) | (24) |
| Adjusted net income | $5008 | $5831 | $17317 | $18295 |
| Earnings per share of common stock: |  |  |  |  |
| Basic | $0.18 | $0.24 | $0.43 | $0.76 |
| Diluted | $0.18 | $0.24 | $0.43 | $0.76 |
| Adjusted earnings per share of common stock: |  |  |  |  |
| Basic | $0.23 | $0.25 | $0.77 | $0.77 |
| Diluted | $0.23 | $0.25 | $0.77 | $0.77 |
| Weighted average shares and share equivalents outstanding: |  |  |  |  |
| Basic | 22130 | 23721 | 22584 | 23820 |
| Diluted | 22130 | 23745 | 22590 | 23868 |

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NRC Announces Third Quarter 2025 Results

October 27, 2025

**NATIONAL RESEARCH CORPORATION AND SUBSIDIARY**

**Reconciliation of GAAP Net Income to Adjusted EBITDA**

(In thousands, unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net income | $4122 | $5688 | $9802 | $18223 |
| Add back: |  |  |  |  |
| Interest expense | 1461 | 706 | 3393 | 1866 |
| Income taxes | 2151 | 1608 | 4774 | 5592 |
| Depreciation and amortization | 2195 | 1546 | 5479 | 4506 |
| Non-recurring executive compensation |  |  | 6640 |  |
| Non-cash stock compensation | 925 | 189 | 1403 | 96 |
| Adjusted EBITDA | $10854 | $9737 | $31491 | $30283 |
| Adjusted EBITDA margin | 31.4% | 27.2% | 30.8% | 28.5% |

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