NATIONAL RESEARCH CORP
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
| ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---|
In April 2025 our Board of Directors authorized the 2025 Program.
Our Credit Agreement provides that, in order for us to pay dividends or repurchase our common stock, there must be no default or event of default existing or that would result from such payment and we must show that we would comply with the Credit Agreement’s fixed charge coverage ratio and consolidated cash flow leverage ratio after giving pro forma effect to such payment.
The table below summarizes repurchases of common stock during the three months ended September 30, 2025.
| Period | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
|---|---|---|---|---|
| Jul 1 – Jul 30, 2025 | 40,168 | 12.84 | 40,168 | 578,096 |
| Aug 1 – Aug 31, 2025 | 344,843 | 14.92 | 344,843 | 233,253 |
| Sep 1 – Sep 30, 2025 | 233,253 | 15.48 | 233,253 | - |
| Total | 618,264 | 618,264 |
| (1) | The average price paid per share excludes excise tax incurred on stock repurchases. For the quarter ended September 30, 2025, excise tax expense totaled $92,693. |
| (2) | Shares were repurchased pursuant to the 2025 Program. |
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