National Research (NRC) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $34.6 million, representing a 2% increase quarter-over-quarter[5] - GAAP net income was $4.1 million, accounting for 12% of total revenue, while adjusted net income was $5.0 million, or 14% of revenue[5] - Adjusted EBITDA for the quarter was $10.9 million, up 11% year-over-year, representing 31% of total revenue[5] - Net income for Q3 2025 was $4,122,000, a decrease of 27.7% compared to $5,688,000 in Q3 2024[21] - Adjusted net income for Q3 2025 was $5,008,000, down 14.1% from $5,831,000 in Q3 2024[21] - Adjusted EBITDA for Q3 2025 increased to $10,854,000, representing a 10.5% increase from $9,737,000 in Q3 2024[23] - The adjusted EBITDA margin for Q3 2025 was 31.4%, compared to 27.2% in Q3 2024[23] Cash Flow and Investments - Cash flow from operations rose 46% year-over-year to $13.8 million, which is 40% of total revenue[5] - Cash flows from operating activities for the nine months ended September 30, 2025, totaled $19,271,000, a decrease of 31.6% from $28,246,000 in the same period of 2024[19] - The company reported a cash and cash equivalents balance of $2,219,000 at the end of Q3 2025, down from $3,461,000 at the end of Q3 2024[19] - Total cash used in investing activities for the nine months ended September 30, 2025, was $9,585,000, a decrease from $15,837,000 in the same period of 2024[19] Shareholder Returns - The company repurchased 618,264 shares at an average price of $14.99 per share during Q3 2025[6] - A quarterly cash dividend of $0.16 per share was declared, reflecting a 33% increase from the previous dividend of $0.12 per share[7] - The company returned a total of $28.1 million to shareholders through dividends and stock repurchases in 2025[6] - The company repurchased shares for treasury amounting to $9,269,000 in Q3 2025, compared to $8,548,000 in Q3 2024[19] Assets and Liabilities - Total assets as of September 30, 2025, were $135.7 million, up from $132.5 million at the end of 2024[17] - Current liabilities increased to $38.6 million from $35.9 million at the end of 2024[17] Expenses - Non-cash stock compensation for Q3 2025 was $925,000, significantly higher than $189,000 in Q3 2024[21] - The company incurred interest expenses of $1,461,000 in Q3 2025, up from $706,000 in Q3 2024[23] Recurring Revenue - Total Recurring Contract Value (TRCV) increased by 8% year-over-year to $141.7 million, marking the fourth consecutive quarter of growth[5]