National research corporation (NRC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

11,755

8,698

8,119

7,393

8,196

7,801

6,992

7,948

7,306

6,517

4,154

5,751

6,521

5,725

4,728

4,559

5,506

5,927

4,139

4,064

3,480

4,099

4,552

4,052

5,453

3,767

3,813

3,434

4,470

3,703

3,576

3,940

3,849

3,132

2,647

2,329

3,456

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

1,371

1,254

1,430

1,440

1,415

1,467

1,388

1,325

1,283

1,210

1,132

1,138

1,106

1,079

1,086

1,092

968

1,000

1,070

1,024

1,015

994

949

926

935

944

906

932

950

1,093

1,149

1,214

1,243

1,275

1,312

1,235

1,243

Deferred income taxes

348

180

447

497

-25

-299

779

668

328

-868

-202

-17

403

-107

-21

151

775

-857

-19

-448

-63

188

-92

-85

96

-103

109

39

13

66

-60

-628

275

158

375

86

678

Reserve for uncertain tax positions

80

301

-11

-271

20

9

-389

40

52

69

39

29

44

115

42

35

-119

83

-3

26

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-22

0

0

-1

-

-

-

-

-

-

-

-

Write-off of purchase option

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

657

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-14

-20

0

-1

-72

-28

0

0

-56

974

-100

-60

-213

11

33

2

20

Non-cash share-based compensation expense

332

307

308

307

302

259

260

541

454

572

481

342

450

381

467

545

536

458

372

369

184

344

268

242

-112

249

249

239

218

209

97

30

52

225

40

278

220

Net changes in assets and liabilities:
Trade accounts receivable

5,886

-3,654

255

-846

3,934

-4,609

5,797

-3,560

-395

42

-1

-722

3,021

-3,060

2,972

-2,942

4,167

-3,324

2,834

-1,571

3,838

-2,873

-441

-675

1,075

-260

-3,258

251

2,297

-2,005

1,009

-465

2,340

-1,144

808

-1,308

3,708

Unbilled revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-497

389

-33

425

-374

162

177

78

-582

435

3

-844

374

223

633

44

-627

519

75

-65

-965

814

22

Prepaid expenses and other current assets

165

1,507

-860

-1,122

1,004

-799

-761

2,185

208

-709

-422

1,156

540

220

-322

383

254

-486

-317

222

374

-174

-186

-119

481

-280

-73

-114

633

-336

23

-263

933

-106

-81

353

-419

Insurance receivable

2,771

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred contract costs, net

693

-

-

-

158

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease assets and liabilities, net

4

-2

6

7

-3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred contract costs, net

-

-

-

-

-

114

1

-202

200

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

-623

578

-363

-375

807

-186

-334

424

57

120

-330

15

207

-88

-1

-395

469

-471

-259

647

-141

210

-348

258

43

-181

-288

1

799

-219

-292

-92

87

-466

437

252

-171

Accrued expenses, wages, bonuses and profit sharing

-139

668

360

1,618

-1,840

744

1,061

297

-2,668

2,052

457

856

-1,606

530

537

-685

58

-255

1,501

-558

67

-491

1,286

-530

-632

453

1,056

-60

-1,237

175

1,500

262

-335

2,325

7

-672

-484

Income taxes receivable and payable

-886

840

52

-2,412

1,531

1,240

681

-2,406

1,171

-2,180

2,975

-4,708

2,890

581

795

1,180

-2,451

1,451

-168

-157

378

-942

466

-270

31

73

-79

-1,596

1,502

-68

81

-327

11

514

1,384

496

-974

Deferred revenue

2,804

-2,775

2,176

-1,291

1,987

-2,391

1,934

-253

258

-1,574

1,731

-495

1,689

-1,890

1,314

-1,794

3,013

-2,534

1,067

1,501

363

-1,968

927

1,257

836

-2,693

646

239

-108

-1,768

47

1,050

34

-1,952

471

-823

1,121

Net cash provided by operating activities

5,523

11,943

12,868

8,806

7,300

13,912

7,545

10,163

8,228

6,611

10,860

2,477

8,143

8,824

6,794

6,858

4,367

7,110

5,543

7,655

1,578

5,581

9,242

6,211

5,163

3,977

9,369

2,868

3,101

5,538

5,793

5,720

2,081

4,118

6,105

4,382

3,876

Cash flows from investing activities:
Purchases of property and equipment

590

1,227

1,149

1,146

1,134

1,113

2,085

1,475

1,298

1,221

957

965

1,425

907

849

1,133

1,084

732

575

875

757

392

675

820

605

627

595

550

416

458

606

651

633

536

969

547

760

Acquisition, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

116

2,434

1,564

Net cash used in investing activities

-590

-1,227

-1,149

-1,146

-1,134

-1,113

-2,085

-1,475

-1,298

-1,221

-2,507

-965

-1,425

-684

-849

-1,133

-1,084

881

-575

-875

-757

-3,623

-675

-820

-605

-627

-595

-550

-416

-458

-606

-651

-633

-537

-1,085

-2,981

-2,324

Cash flows from financing activities:
Borrowings on line of credit

-

0

4,500

8,000

8,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on line of credit

-

0

5,500

8,750

6,750

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,500

2,045

Payments on notes payable

959

948

930

919

918

901

884

219

1,067

626

414

617

816

404

603

598

594

588

584

580

576

570

566

562

558

552

730

504

326

640

474

469

467

308

1,858

1,555

2,497

Payments on finance lease obligations

58

6

62

104

57

53

46

30

28

27

28

26

27

22

27

21

25

25

50

48

50

39

58

30

29

29

27

27

27

19

27

31

31

26

32

21

51

Cash paid for non-controlling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,000

0

2,789

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1

0

547

0

0

0

0

0

0

0

408

465

0

0

375

225

301

385

372

1

242

193

132

Common stock withheld from vested restricted shares for payroll tax withholdings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

72

0

74

Excess tax benefit from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

133

7

6

94

91

0

3

528

180

0

0

575

725

454

300

599

53

158

125

71

Payment of employee payroll tax withholdings on share-based awards exercised

1,280

82

538

0

483

1,141

0

177

535

1,563

0

0

105

0

57

0

147

0

0

0

92

40

-1

0

309

0

0

0

55

0

0

61

466

-

-

-

-

Payment of dividends on common stock

5,239

4,735

4,727

4,725

17,112

4,209

4,205

4,224

4,221

4,218

4,218

4,218

4,213

3,372

3,371

3,369

18,440

2,509

2,516

2,518

2,511

-

-

-

-

0

0

0

2,142

12,064

1,774

1,763

1,762

1,477

1,479

1,479

1,477

Net cash used in financing activities

-7,536

-5,771

-7,257

-6,498

-16,820

-6,304

-5,135

-37,207

-5,851

-6,434

-4,660

-4,861

-5,161

-3,798

-4,057

-3,988

-20,659

-3,033

-7,290

-3,411

-3,135

-558

-623

-589

40

64

-757

-531

-1,600

-11,773

-1,520

-1,639

-1,755

-1,757

-3,041

-237

-1,851

Effect of exchange rate changes on cash

-893

214

-124

217

304

-777

250

-261

-334

27

429

313

86

-199

-202

89

597

-393

-653

176

-718

-421

-420

284

-237

-256

115

-219

-137

-47

191

-134

97

35

-220

-16

96

Change in cash and cash equivalents

-3,496

5,159

4,338

1,379

-10,350

5,718

575

-28,780

745

-1,017

4,122

-3,036

1,643

4,143

1,686

1,826

-16,779

4,565

-2,975

3,545

-3,032

979

7,524

5,086

4,361

3,158

8,132

1,568

948

-6,740

3,858

3,296

-210

1,859

1,759

1,148

-203

Supplemental disclosure of cash paid for:
Interest, net of capitalized amounts

445

456

492

546

520

515

511

248

8

11

21

20

24

40

34

35

83

45

49

54

59

66

69

73

76

82

114

95

77

160

122

137

135

93

147

146

156

Income taxes

70

1,339

1,203

4,257

147

618

314

1,593

110

5,078

210

7,417

122

2,709

1,770

1,123

4,361

2,038

2,577

2,869

1,893

2,820

2,212

2,623

2,219

2,110

2,154

3,660

257

1,211

1,380

1,809

708

1,008

516

1,672

187

Supplemental disclosure of non-cash investing and financing activities:
Finance lease obligations originated for property and equipment

-

-14

39

142

25

-

-

-

-

0

10

0

64

0

0

109

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans

3,145

1,323

1,525

137

633

669

510

4,182

737

332

22

489

1,612

0

235

162

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-