National Research Corporation Announces Third Quarter 2021 Results

About this update from Nrc Health

[{"type":"text","content":"LINCOLN, Neb., Nov. 02, 2021 (GLOBE NEWSWIRE) -- National Research Corporation (NASDAQ:NRC) today announced results for the third quarter of 2021. Financial Results (Q3 2021 compared to Q3 2020): Total Recurring Contract Value of $151.5 millionRevenue increased 13% to $37.8 millionOperating Income increased 9% to $13.1 million We continued to achieve strong revenue growth in the third quarter which is in line with our focus on increasing revenue growth and enabling human understanding for the clients we serve. Our primary emphasis is on organic growth levers of increasing revenue from our core offerings within our existing client base, as well as adding new clients to increase market share. As a result, revenue from our Voice of the Customer offerings increased by 20% in the third quarter of 2021 compared to 2020, and we continued our momentum of winning new clients including Sharp Healthcare and UConn Health. We believe our solutions are highly differentiated in our clients’ eyes against competitive offerings from firms outside of the healthcare industry and legacy vendors within as we continue to add new clients. We believe that every added client deepens our moat and brings additive value to all current partners through the network effect and the efficiencies inherent in our subscription model have led to long-term margin improvements, a hallmark of our financial performance. On a year-to-date basis, revenue has grown by 11% and operating income increased by 15% over the prior year. This success has been driven by the efforts of all of our associates and their ability to perform at a high level in our distributed work environment. Our cash balance increased to $52.5 million at the end of the third quarter 2021. We have adopted a capital allocation strategy that we expect will leverage our available liquidity, along with our continued strong free cash flow to support additional M&A activity, as well as provide returns to shareholders through our dividends. Third quarter 2021 revenue was $37.8 million, an increase of 13% over third quarter 2020. This was primarily due to new customer sales, as well as an increase in sales to the existing client base. Top-line growth was also driven by partner organizations fully redeploying our services reduced during the same period in 2020, a testament to the indispensable value we provide. C...

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