NATIONAL RESEARCH CORP
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
NRC$26.85+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
| Nine months ended | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Cash flows from operating activities: | |||
| Net income | $18,223 | $22,113 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 4,506 | 4,469 | |
| Deferred income taxes | (118) | (721) | |
| Reserve for uncertain tax positions | 211 | 250 | |
| Non-cash share-based compensation expense | 96 | 677 | |
| Change in fair value of contingent consideration | 23 | - | |
| Net changes in assets and liabilities: | |||
| Trade accounts receivable | 1,752 | (6) | |
| Prepaid expenses and other current assets | 91 | (3,257) | |
| Deferred contract costs, net | 212 | 800 | |
| Operating lease assets and liabilities, net | 9 | (75) | |
| Accounts payable | 599 | 230 | |
| Accrued expenses, wages and bonuses | 1,789 | 493 | |
| Income taxes receivable and payable | (706) | 392 | |
| Deferred revenue | 1,559 | 1,040 | |
| Net cash provided by operating activities | 28,246 | 26,405 | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (11,004) | (12,009) | |
| Acquisitions, net of cash acquired | (4,833) | - | |
| Proceeds from the sale of property and equipment | - | 1 | |
| Net cash used in investing activities | (15,837) | (12,008) | |
| Cash flows from financing activities: | |||
| Payments on notes payable | (5,044) | (3,373) | |
| Borrowings on notes payable | 17,000 | - | |
| Borrowings on line of credit | 39,000 | 5,000 | |
| Payments on line of credit | (34,000) | - | |
| Payments on finance lease obligations | (19) | (279) | |
| Payment of debt issuance costs | (37) | (8) | |
| Proceeds from the exercise of share-based awards | - | 584 | |
| Payment of payroll tax withholdings on share-based awards exercised | (317) | - | |
| Repurchase of shares for treasury | (23,548) | (4,100) | |
| Payment of dividends on common stock | (8,636) | (33,419) | |
| Net cash used in financing activities | (15,601) | (35,595) | |
| Change in cash and cash equivalents | (3,192) | (21,198) | |
| Cash and cash equivalents at beginning of period | 6,653 | 25,026 | |
| Cash and cash equivalents at end of period | $3,461 | $3,828 | |
| Supplemental disclosure of cash paid for: | |||
| Interest expense, net of capitalized amounts | $1,699 | $600 | |
| Income taxes | $6,270 | $6,484 | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans | $1,752 | $ | - |
| Purchase of property and equipment in accounts payable and accrued expenses | $2,610 | $1,819 | |
| Repurchase of shares for treasury in accounts payable and accrued expenses | $238 | $24 | |
| Contingent consideration recorded in connection with acquisition | $776 | $ | - |
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