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.
NRC Health SEC filings document an operating company that provides healthcare experience improvement and healthcare experience management solutions under the NRC ticker on Nasdaq. Its current filings include 8-K reports for quarterly financial and operating results, Regulation FD updates on Total Recurring Contract Value, and exhibits containing company press releases.
The filing record also covers governance and capital-structure matters, including the completed corporate name change from National Research Corporation to NRC Health, charter and bylaw amendments, board declassification, executive officer appointments and compensation arrangements, equity award terms, proxy disclosures, director elections, executive compensation, and common-stock matters.
National Research Corp EVP and COO updates equity holdings through option exercise and share withholding. On 12/15/2025, the executive exercised employee stock options to acquire 12,346 shares of National Research Corp common stock at $15.23 per share. On the same date, 11,244 shares of common stock were disposed of in a transaction reported with code "F" at $17.64 per share, typically used for shares withheld to cover taxes or similar obligations. Following these transactions, the executive directly beneficially owns 140,518 shares of common stock and holds no remaining employee stock options from this grant.
National Research Corporation (NRC) reported Q3 2025 results. Revenue was $34.6 million versus $35.8 million a year ago, and net income was $4.1 million with diluted EPS of $0.18. Operating income was $7.7 million, producing a 22% operating margin. The effective tax rate rose to 34%.
Year to date, revenue totaled $102.2 million and operating income $17.9 million, with cash provided by operating activities of $19.3 million. NRC ended the quarter with cash of $2.2 million, $80.4 million outstanding on its Delayed Draw Term Loan at a floating rate of 6.63%, and full availability on a $30.0 million revolver. Total Recurring Contract Value was $141.7 million as of September 30, 2025. The company paid common dividends of $8.3 million and repurchased shares for $20.2 million in the first nine months. Effective September 29, 2025, Shane Harrison became Executive Vice President and Chief Financial Officer.
National Research Corp (NRC) reported an initial beneficial ownership statement (Form 3) for Executive Vice President Jason Russell Rau, effective 10/15/2025. The filing states that no securities are beneficially owned by the reporting person. The form was submitted as a single reporting person filing and executed via attorney-in-fact under a power of attorney.
National Research Corp (NRC) reported a director equity award on Form 4. On 10/17/2025, the reporting person received a Director Stock Option grant for 22,625 options at an exercise price of $11.61 per share. The award vests/becomes exercisable on 10/17/2025 and expires on 10/17/2035, with 22,625 derivative securities beneficially owned directly after the grant. The filing notes the grant was made under the Issuer’s 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.
National Research Corp (NRC) reported a director equity grant. On 10/17/2025, a Director received a Director Stock Option (Right to Buy) for 22,625 shares at an exercise price of $11.61, expiring on 10/17/2035. The transaction was coded “A” (grant) and recorded as direct ownership.
The award was made under the company’s 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.
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.