National Research Corporation Announces Second Quarter Results

About this update from Nrc Health

[{"type":"text","content":" LINCOLN, Neb.--(BUSINESS WIRE)--\nNational Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the second quarter 2024 and several other corporate developments.\n\n\nFinancial Results\n\n\nRevenue for the quarter was approximately $35 million compared with approximately $36 million in the 2023 quarter. Earnings per diluted share were $0.26 compared with $0.29 for the 2023 quarter. At June 30, 2024, the Company’s net indebtedness (total borrowing minus cash and cash equivalents) was approximately $42 million. Total recurring contract value (TRCV) was approximately $138 million at June 30, 2024.\n\n\nCredit Agreement Amendment\n\n\nEffective August 5, 2024, the Company and its lender entered into a Third Amendment to Amended and Restated Credit Agreement, with material amendments including the following: (i) extended the maturity of the revolving loan facility to May 28, 2027, (ii) provided that all term loans will amortize over a ten-year amortization schedule (rather than the prior seven-year schedule) and bear interest at floating annual rate of SOFR + 235 basis points, with the maturity date for all term loans remaining May 28, 2027, (iii) extended the commitment period for making delayed draw-down term loans to May 28, 2026, (iv) expanded the permitted uses of delayed draw-down term loans to include dividends, stock repurchases, acquisitions, and capital expenditures as permitted by the agreement, and (v) increased the amount of capital expenditures to be excluded from fixed charge coverage ratio by $2.5 million.\n\n\nStock Repurchase Plan\n\n\nThe Company has approximately 1.1 million shares remaining under its existing stock repurchase plan. The Company did not repurchase any shares in the second quarter of 2024 pending the credit agreement amendments discussed above. Management is authorized to complete the plan in its discretion, credit agreement limitations, and future capital allocation decisions.\n\n\nDividend\n\n\nThe Company’s Board of Directors has declared a quarterly cash dividend of $0.12 (twelve cents) per share payable Friday, October 11, 2024, to stockholders of record as of the close of business on Friday, September 27, 2024.\n\n\nPortfolio and Strategy Update\n\n\nOn July 15, 2024, the Company acquired NOBL Health, a leading provider of patient rounding insights and workflow appli...

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