Welcome to our dedicated page for National Resh SEC filings (Ticker: NRC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for National Research Corporation (NRC Health, NASDAQ: NRC) provides direct access to the company’s official U.S. Securities and Exchange Commission documents, along with AI-powered summaries to help interpret them. As a Delaware corporation and public company, NRC files current reports, periodic reports, and other disclosures that describe its financial condition, operations, and governance.
Among the most relevant filings for NRC Health are its annual reports on Form 10-K and quarterly reports on Form 10-Q, which present audited or reviewed financial statements, management’s discussion and analysis, and details about revenue, operating expenses, cash flows, and risk factors. Investors use these filings to understand trends in NRC Health’s healthcare experience management business, including subscription-based activity reflected in measures such as Total Recurring Contract Value (TRCV), and to see reconciliations for non-GAAP metrics like Adjusted EBITDA and Adjusted Net Income.
The company also files current reports on Form 8-K to announce material events. Recent 8-Ks reference press releases about quarterly financial and operating results and the appointment of an Executive Vice President and Chief Financial Officer, including a description of related compensation arrangements. These filings help readers track significant corporate developments between periodic reports.
On this page, AI-generated highlights summarize key points from lengthy filings, making it easier to locate information about earnings, capital allocation decisions such as dividends and share repurchases, and changes in leadership or governance. Users interested in executive roles, compensation structures, or other governance matters can review proxy-related disclosures when available, while those focused on trading activity can consult forms related to insider transactions, such as Form 4, when they are filed. Real-time updates from EDGAR ensure that new NRC Health filings appear here promptly, with plain-language explanations to support faster analysis.
National Research Corp (NRC): Director stock option grant reported. A Form 4 shows Donald M. Berwick, a director, was granted 22,625 stock options on 10/17/2025 under the Issuer's 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.
The options have an exercise price of $11.61 per share, became exercisable on 10/17/2025, and expire on 10/17/2035. The derivative acquisition price was listed as $0. Ownership is reported as Direct (D).
National Research Corporation appointed Shane Harrison as Executive Vice President and Chief Financial Officer effective on or about September 25, 2025. On that date Harrison will become the company's principal financial officer and Michael D. Hays will cease serving in that role. The Talent and Compensation Committee approved an annualized base salary of $400,000, a $100,000 cash signing bonus (subject to pro-rated return if Harrison departs before the first anniversary except for certain terminations), and a grant of 172,000 restricted shares that vest 25% after 90 days and 25% on each of the first three anniversaries thereafter. The equity award includes double-trigger vesting on a change in control plus a holding requirement to retain shares until their value equals at least two times his annual base salary. If terminated without cause or resigning for good reason, Harrison is entitled to one year of continued base salary. The filing states no related-party arrangements and includes a press release exhibit announcing the appointment.
National Research Corporation (NRC) Q2-25 10-Q highlights
- Revenue: Q2-25 fell 3% YoY to $34.0 m; 1H-25 down 4% to $67.6 m as subscription services (92% of total) softened.
- Profitability: Q2 operating income collapsed 82% to $1.6 m and the company posted a net loss of $0.1 m (-$0.01 EPS) versus $6.2 m profit a year ago, driven by $6.6 m one-time CEO & executive cash bonuses and higher stock-based comp. Operating margin shrank to 5% (25% prior year). 1H-25 net income was $5.7 m ($0.25 EPS), down 55%.
- Cash & leverage: Cash rose to $5.3 m (from $4.2 m), but operating cash flow plunged 71% to $5.5 m. Debt jumped to $81.4 m (vs. $48.5 m) after drawing on a new delayed-draw term loan; net leverage now 3.8× EBITDA (company must stay ≤3.5×).
- Equity & buybacks: Treasury share repurchases of $10.9 m plus the Q2 loss cut shareholders’ equity to $21.3 m (-32% YTD). 700 k restricted shares issued under new 2025 Omnibus Plan.
- Contract metrics: Total Recurring Contract Value (TRCV) declined 1% YoY to $137 m but improved sequentially for two quarters; retention rate +2 ppts.
- Tax impact: Effective tax rate spiked to 118% due to non-deductible executive pay.
- Leadership: Trent Green appointed CEO 1 Jun 25; former CEO became Chairman.
Management expects margins to recover once executive compensation normalizes but flagged higher interest expense as debt increases.