NRC HEALTH
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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.
Mar 31, 2025 · Filed May 9, 2025
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)
| Three months ended | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income | $5,787 | $6,359 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,542 | 1,447 |
| Deferred income tax expense (benefit) | 1,860 | (246) |
| Reserve for uncertain tax positions | 76 | 133 |
| Non-cash share-based compensation expense (benefit) | 171 | (36) |
| Change in fair value of contingent consideration | 31 | - |
| Loss on extinguishment of debt | 67 | - |
| Amortization of debt issuance costs | 15 | 9 |
| Net changes in assets and liabilities: | ||
| Trade accounts receivable | (272) | 1,251 |
| Prepaid expenses and other current and long-term assets | (2,419) | (1,620) |
| Deferred contract costs, net | 24 | 199 |
| Operating lease assets and liabilities, net | (26) | (22) |
| Accounts payable | 627 | (151) |
| Accrued expenses, wages and bonuses | (472) | 2,482 |
| Income taxes receivable and payable | (80) | 1,872 |
| Deferred revenue | (285) | 360 |
| Net cash provided by operating activities | 6,646 | 12,037 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (2,986) | (4,138) |
| Net cash used in investing activities | (2,986) | (4,138) |
| Cash flows from financing activities: | ||
| Borrowings on notes payable | 27,738 | - |
| Payments on notes payable | (28,724) | (1,621) |
| Borrowings on revolving loan | 8,000 | 13,000 |
| Payments on revolving loan | (4,503) | (6,000) |
| Payment of debt issuance costs | (62) | - |
| Payments on finance lease obligations | (2) | (11) |
| 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 | (280) | - |
| Repurchase of shares for treasury | (4,920) | (14,999) |
| Payment of dividends on common stock | (2,770) | (2,906) |
| Net cash used in financing activities | (5,391) | (12,854) |
| Effect of exchange rate changes on cash and cash equivalents | - | 1 |
| Change in cash and cash equivalents | (1,731) | (4,954) |
| Cash and cash equivalents at beginning of period | 4,233 | 6,653 |
| Cash and cash equivalents at end of period | $2,502 | $1,699 |
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued
(In thousands)
| Three months ended | ||||
|---|---|---|---|---|
| 2025 · 2024 | ||||
| Supplemental disclosure of cash paid for: | ||||
| Interest expense, net of capitalized amounts | $774 | $521 | ||
| Income taxes | $80 | $78 | ||
| 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 | $2,131 | $2,664 | ||
| Repurchase of shares for treasury in accounts payable and accrued expenses | $47 | $152 | ||
| Debt issuance costs included in accrued expenses | $81 | - | ||
| Debt extinguished with new debt | $34,396 | - | ||
| Noncash borrowings on long-term debt for accrued interest and debt issuance costs | $351 | $ | - | |
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