National Research (US:NRC)2026-02-03 14:06Financial Performance - Total Recurring Contract Value (TRCV) increased by 8% year-over-year to $144.1 million, marking the fifth consecutive quarter of sequential growth[6]. - Total revenue for Q4 2025 was $35.2 million, up 2% quarter-over-quarter, while full-year revenue reached $137.4 million[6]. - GAAP net income for Q4 2025 was $1.8 million, representing 5% of revenue, and adjusted net income was $3.4 million, representing 10% of revenue[6]. - GAAP net income for the full year 2025 was $11.6 million, representing 8% of revenue, while adjusted net income was $20.7 million, or 15% of revenue[6]. - Earnings per share for Q4 2025 was $0.08 on a fully diluted basis, with adjusted earnings per share at $0.16[6]. - Net income for Q4 2025 was $1,797,000, a decrease from $6,561,000 in Q4 2024, while total net income for the year 2025 was $11,600,000 compared to $24,783,000 in 2024[21]. - Adjusted net income for Q4 2025 was $3,420,000, down from $6,704,000 in Q4 2024, with annual adjusted net income for 2025 at $20,738,000 compared to $24,997,000 in 2024[21]. - The company reported a basic earnings per share of $0.08 for Q4 2025, down from $0.28 in Q4 2024, with annual basic earnings per share of $0.50 compared to $1.05 in 2024[21]. Cash Flow and Operations - Cash flow from operations increased by 13% year-over-year to $7.2 million, representing 20% of revenue for Q4 2025[6]. - Cash flows from operating activities for Q4 2025 were $7,179,000, an increase from $6,379,000 in Q4 2024, with total cash flows from operating activities for 2025 at $26,450,000 compared to $34,625,000 in 2024[19]. - The company reported a decrease in cash and cash equivalents at the end of Q4 2025 to $4,139,000 from $4,233,000 at the end of Q4 2024[19]. EBITDA and Margins - Adjusted EBITDA for Q4 2025 was $8.7 million, accounting for 25% of revenue, with full-year adjusted EBITDA at $40.2 million, or 29% of revenue[6]. - Adjusted EBITDA for Q4 2025 was $8,692,000, representing a margin of 24.7%, compared to $11,310,000 and a margin of 30.6% in Q4 2024; annual adjusted EBITDA for 2025 was $40,182,000 versus $41,591,000 in 2024[23]. Assets and Liabilities - The company reported total assets of $134.9 million as of December 31, 2025, compared to $132.5 million in 2024[17]. - Total liabilities increased to $120.9 million in 2025 from $101.3 million in 2024, reflecting a rise in notes payable and other liabilities[17]. Expenses and Investments - The company incurred interest expenses of $1,370,000 in Q4 2025, compared to $729,000 in Q4 2024, with total interest expenses for 2025 at $4,762,000 versus $2,595,000 in 2024[23]. - The company made no acquisitions in Q4 2025, while total cash used in investing activities for the year was $10,706,000 compared to $20,281,000 in 2024[19]. - Payments on notes payable in Q4 2025 were $1,031,000, compared to $941,000 in Q4 2024, with total payments for the year at $31,424,000 versus $5,986,000 in 2024[19]. Dividends - The company declared a quarterly cash dividend of $0.16 per share, payable on April 10, 2026[7].