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National Research Corporation (NRC-2.38%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenue to $143,060,000 from $148,580,000 in the previous year. This decrease is attributed to a decline in recurring revenue from existing clients.
Direct expenses increased slightly to $56,933,000 from $56,015,000, primarily due to higher conference expenses and contracted services, partially offset by decreased salary costs.
Selling, general, and administrative expenses decreased to $44,911,000 from $46,621,000, driven by reductions in marketing and professional development expenses.
Depreciation, amortization, and impairment expenses rose to $6,022,000 from $5,899,000 due to increased software investment amortization.
Operating income decreased to $35,194,000 from $40,045,000, with the decline attributed to reduced revenue.
Interest expense increased significantly to $2,595,000 from $862,000, due to higher borrowings and interest rates.
Net income for the year was $24,783,000, down from $30,971,000 in the previous year. The effective tax rate increased to 24% from 22%.
Cash provided by operating activities was $34,625,000, while cash used in investing and financing activities was $20,281,000 and $16,764,000, respectively.
The company completed the acquisition of Nobl Health, expanding its portfolio of solutions. The acquisition was funded through cash and borrowings.
National Research Corporation continues to focus on providing analytics and insights to healthcare organizations, with an emphasis on humanizing healthcare experiences.
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 annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.