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National Research Corporation Announces Fourth Quarter and Calendar Year 2022 Results

LINCOLN, Neb., Feb. 14, 2023 (GLOBE NEWSWIRE) -- National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the fourth quarter and calendar year 2022.

Regarding the Company’s 2022 annual performance, Kevin Karas, Chief Financial Officer, said, “We continued to grow revenue from core offerings, including our Human Understanding Program, resulting in 7% year-over-year revenue growth, partially offset by the phase out of our Canadian operations and other non-core offerings. Adoption of the Human Understanding Program has continued to increase with recent new client additions including St. Bernards Healthcare, Longstreet Clinic, and Legacy Community Health. In addition, we are proud to have recently received the Best in KLAS 2023 Award for Patient Experience Improvement. This recognition affirms our leadership position and focus on transforming the healthcare industry with a human-first approach.”

The Company’s Board of Directors maintained its capital allocation priorities of funding innovation and growth investments, including merger and acquisition activity as well as internal projects, shareholder dividends and share repurchases during 2022. For the full year, the Company funded $12.2 million for innovation and growth, $21.0 million for dividend payments, and $27.6 million for share repurchases.

Related to the fourth quarter ended December 31, 2022, other expense increased primarily due to a $2.6 million reclassification of the cumulative translation adjustment into earnings from the substantial liquidation of our investment in our Canadian subsidiary.

Diluted earnings per share decreased to $0.27 for the quarter ended December 31, 2022, from diluted earnings per share of $0.38 for the quarter ended December 31, 2021. Diluted earnings per share decreased to $1.27 for the year ended December 31, 2022, from diluted earnings per share of $1.46 for the year ended December 31, 2021.

A live simulcast of National Research Corporation’s 2022 fourth quarter conference call will be available online at on February 15, 2023, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately one hour later and continue for 30 days.

For more than 40 years, NRC Health (NASDAQ: NRC) has led the charge to humanize healthcare and support organizations in their understanding of each unique individual. NRC Health’s commitment to Human Understanding® helps leading healthcare systems get to know each person they serve not as point-in-time insights, but as an ongoing relationship. Guided by its uniquely empathic heritage, NRC Health’s patient-focused approach, unmatched market research, and emphasis on consumer preferences are transforming the healthcare experience, creating strong outcomes for patients and entire healthcare systems. For more information, email, or visit

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “believes,” “expect,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements, including those risks and uncertainties as set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2021 and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)

  Three months ended
December 31
  Twelve months ended
December 31
  2022  2021  2022  2021 
Revenue $38,144  $38,298  $151,568  $147,954 
Operating expenses:                
Direct  13,987   14,167   57,049   52,350 
Selling, general and administrative  10,541   9,901   42,699   38,960 
Depreciation, amortization and impairment  1,375   1,357   5,277   6,374 
Total operating expenses  25,903   25,425   105,025   97,684 
Operating income  12,241   12,873   46,543   50,270 
Other income (expense):                
Interest income  134   4   168   14 
Interest expense  (286)  (399)  (1,209)  (1,667)
Reclassification of cumulative translation into earnings  (2,569)  --   (2,569)  -- 
Other, net  (49)  13   (118)  4 
Total other income (expense)  (2,770)  (382)  (3,728)  (1,649)
Income before income taxes  9,471   12,491   42,815   48,621 
Provision for income taxes  2,830   2,858   11,015   11,155 
Net income $6,641  $9,633  $31,800  $37,466 
Earnings Per Share of Common Stock:                
Basic Earnings Per Share $0.27  $0.38  $1.28  $1.47 
Diluted Earnings Per Share $0.27  $0.38  $1.27  $1.46 
Weighted average shares and share equivalents outstanding:                
Basic  24,648   25,419   24,922   25,422 
Diluted  24,775   25,597   25,052   25,640 

Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts and par value)

  December 31,
  December 31,
Current assets:        
Cash and cash equivalents $25,026  $54,361 
Accounts receivable, net  14,461   13,728 
Other current assets  4,229   5,618 
Total current assets  43,716   73,707 
Property and equipment, net  17,248   12,391 
Goodwill  61,614   61,614 
Other, net  7,883   9,828 
Total assets $130,461  $157,540 
Liabilities and Shareholders’ Equity        
Current liabilities:        
Current portion of notes payable, net unamortized debt issuance costs $4,491  $4,278 
Accounts payable and accrued expenses  5,136   7,393 
Accrued compensation  4,551   7,139 
Deferred revenue  15,198   17,213 
Dividends payable  2,956   3,044 
Other current liabilities  1,085   1,321 
Total current liabilities  33,417   40,388 
Notes payable, net of current portion and unamortized debt issuance costs  17,690   22,269 
Other non-current liabilities  7,321   9,546 
Total liabilities  58,428   72,203 
Shareholders’ equity:        
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued  --   -- 
Common stock, $0.001 par value; authorized 110,000,000 shares, issued 30,922,181 in 2022 and 30,898,600 in 2021, outstanding 24,628,173 in 2022 and 25,361,409 in 2021  31   31 
Additional paid-in capital  175,453   173,942 
Retained earnings (accumulated deficit)  (25,184  (36,112
Accumulated other comprehensive loss, foreign currency translation adjustment  --   (2,375)
Treasury stock  (78,267)  (50,149)
Total shareholders’ equity  72,033   85,337 
Total liabilities and shareholders’ equity $130,461  $157,540 

Contact:  Kevin R. Karas        
Chief Financial Officer


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