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National Research Corporation (NRC+0.48%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $35,819,000 from $37,945,000 in the same quarter the previous year. The decrease is attributed primarily to decreased US recurring revenue in the existing client base.
Direct expenses for the quarter increased to $15,305,000 from $14,633,000, primarily due to higher conference expenses, partially offset by decreased data collection expenses.
The company reported an operating income of $7,980,000 for the quarter, compared to $9,955,000 in the previous year, with the decline attributed to the decrease in revenue.
Selling, general, and administrative expenses decreased to $10,988,000 from $11,802,000, primarily due to decreased marketing expenses and less web hosting and other software services.
Net income for the quarter was $5,688,000, down from $7,876,000 in the previous year. The effective tax rate remained consistent at 22%.
Cash provided by operating activities was $28,246,000 for the nine months ended September 30, 2024, compared to $26,405,000 in the previous year.
The filing also details the company's acquisition of Nobl Health, a provider of innovative rounding solutions for healthcare organizations, for a total consideration of $6,289,000.
National Research Corporation had a working capital deficit of $23,600,000 as of September 30, 2024, primarily due to decreases in cash and cash equivalents and trade accounts receivable.
The company has a credit agreement with First National Bank of Omaha, which includes a $30.0 million revolving credit facility, a $23.4 million term loan, and a $75.0 million delayed draw-down term facility.
The company repurchased 395,217 shares of its common stock during the three months ended September 30, 2024, under its 2022 stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Research Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.