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- **Revenue and Margin Growth**: $34.6M revenue (+2% QoQ), 31% EBITDA margin (+4.2% YoY). TRCV up 8% YoY to $141.7M.
- **Customer Expansion**: Secured $2.5M+ in competitive deals, net retention rate at 6-year high. 50% reduction in TRCV losses.
- **Financial Strength**: 33% dividend increase, $9.3M share buybacks. 7% YoY reduction in diluted shares.
- **Strategic Focus**: Modernizing tech, accelerating cross-sell, and delivering health care-specific solutions.

**【CEO Summary Section】**
- **Q3 2025 Financial Highlights**: Revenue of $34.6 million (2% sequential growth), Adjusted EBITDA of $10.9 million (31% margin, +4.2% YoY). TRCV reached $141.7 million (+8% YoY), highest since 2020.
- **Customer Growth**: Secured over $2.5 million in TRCV from competitive takeaways, including a $1M+ expansion with a top 50 health system and a $500K+ new logo win. Net retention rate at 6-year high due to 50% reduction in TRCV losses.
- **Strategic Priorities**: Strengthen client partnerships, modernize tech platform, and accelerate cross-sell/new logo wins. Emphasized mission-driven focus on health care-specific solutions.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $0.23 per diluted share. Operating expenses down due to reduced compensation and marketing timing. 33% dividend increase to $0.16/share, with $9.3M in Q3 share repurchases.
- **Capital Allocation**: Committed to balanced approach of dividends, buybacks, and strategic investments. Weighted average diluted shares reduced 7% YoY to 22.1 million.

**【CEO Closing Remarks】**
- **Mission Reinforcement**: Focused on turning human understanding into measurable action through insights, engagement, and enablement. Highlighted Hub conference success and customer trust in NRC's exclusive health care solutions.
- **Future Outlook**: Confident in growth trajectory with modernized tech stack, improved client success capabilities, and disciplined capital management.

National Research (NRC)-28 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NRC

NRC fundamentals

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