National Research Corporation (NRC) empowers healthcare organizations across the United States and Canada with data-driven analytics and actionable insights to enhance both ...
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Operator: Good afternoon. Thank you for attending today's NRC Fourth Quarter 2025 Results. My name is Victoria, and I'll be your moderator today. I would now like to pass the conference over to Jordan Freeman. Thank you. You may proceed Jordan. Jordan Freeman: Welcome to NRC Health Earnings Conference Call for the Fourth Quarter ended December 31, 2025. I wanted to first let you know that we posted our earnings press release to the Investor Relations section on our website. On the call today, we have NRC Health's CEO, Trent Green and CFO, Shane Harrison. Before getting started, I'd like to emphasize that this call will include statements related to the expected future results of our company, which are, therefore, forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including those described in our earnings release and other SEC filings. Today's remarks will also be references to non-GAAP financial measures. Additional information, including definitions and reconciliations between non-GAAP financial information and GAAP financial information is provided in the corresponding earnings press release, which is posted on NRC's Investor Relations website. A replay of this call will also be posted to the same website. With that, let me turn our call over to our CEO, Trent Green. Trent Green: Good afternoon, everyone, and thank you for joining us for NRC Health's Fourth Quarter and Full Year 2025 Earnings Call. Today, we'll review our fourth quarter and full year results, highlight the progress we're seeing across the organization and outline our strategic priorities as we head into 2026. Starting with the fourth quarter. We delivered another strong period of execution, driven by deep engagement and alignment across our teams. Revenue for the quarter was $35 million, and adjusted EBITDA totaled $9 million. Importantly, total recurring contract value or TRCV, reached $144 million, up 8% year-over-year and marking our fifth consecutive quarter of sequential TRCV growth. With 99% of our revenue recurring, TRCV continues to be a reliable and predictable indicator of the revenue we expect to recognize over the next 12 months. This sustained momentum underscores the effectiveness of our go-to-market strategy and the strength of our value proposition as health care providers navigate an increasingly complex operating environment. Let me unpack what's driving this TRCV growth. At a high level, it reflects strong execution across our sales, customer success and product teams. First, our sales team reorganization and refined coverage model are clearly delivering results. Full year new sales increased 86% year-over-year, driven by a selling approach that more closely mirrors how health care systems are structured and how decisions are made. This realignment has enabled us to engage more effectively at multiple levels within customer organizations and drive larger, more strategic …
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Trent Green | CEO, Principal Executive Officer & Director | USD 5,704,640 | Male | 1972 | Active |
Helen L. Hrdy | EVP & COO | USD 1,234,847 |
| Female |
| 1965 |
| Active |
Andrew Monnich | EVP & Chief Corporate Development Officer | USD 1,234,817 | Male | 1976 | Active |
Jason R. Rau | Executive Vice President of Sales | USD 619,133 | Male | 1971 | Active |
Shane R. Harrison | Executive VP, CFO, Treasurer & Secretary | USD 447,347 | Male | 1977 | Active |
Michael D. Hays | Founder & Chairman | USD 308,222 | Male | 1955 | Active |
David Burik | Executive Vice President of Strategic Insights | — | Male | 1958 | Active |
Jennifer Baron | Chief Experience Officer | — | Female | — | Active |
Jordan N. Freeman | Chief Accounting Officer | — | Female | 1988 | Active |
Est. EPS $0.21 · Revenue $35.80M · 1 analysts
$0.60 per share
Est. EPS $0.25 · Revenue $36.60M · 1 analysts
| $137.4M |
| -4.0% |
| +1.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $11.6M | -53.2% | -201.9% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +56.3% | -6.4% | +83.3% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +16.4% | -33.2% | -157.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +8.4% | -51.3% | -200.2% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $15.7M | -17.9% | -98.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +11.5% | -14.5% | -98.9% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 564.9% | +174.4% | +137.7% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.55x | +1.0% | +25.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $134.9M | +1.8% | +1.2% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.52 vs 1.05 | -50.5% | -0.15 vs -0.15 | 0.0% |
| Revenue Surprise | $137.4M vs $154.5M | -11.1% | $35.4M vs $34.9M | +1.4% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 23, 2026 | Berwick Donald M | director | Common Stock | A | 7,697 | — |
| Jun 23, 2026 | Bhandari Parul | director | Common Stock | A | 7,697 | — |
| Jun 23, 2026 | Lockhart Stephen H | director | Common Stock | A | 7,697 | — |
| Jun 23, 2026 | NUNNELLY JOHN N | director | Common Stock | A | 7,697 | — |
| Jun 23, 2026 | Wheeler Penny Ann | director | Common Stock | A | 7,697 | — |
