National research corporation (NRC)
CashFlow / TTM
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

35,965

32,406

31,509

30,382

30,937

30,047

28,763

25,925

23,728

22,943

22,151

22,725

21,533

20,518

20,720

20,131

19,636

17,610

15,782

16,195

16,183

18,156

17,824

17,085

16,467

15,484

15,420

15,183

15,689

15,068

14,497

13,568

11,957

11,564

0

0

0

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

5,495

5,539

5,752

5,710

5,595

5,463

5,206

4,950

4,763

4,586

4,455

4,409

4,363

4,225

4,146

4,130

4,062

4,109

4,103

3,982

3,884

3,804

3,754

3,711

3,717

3,732

3,881

4,124

4,406

4,699

4,881

5,044

5,065

5,065

0

0

0

Deferred income taxes

1,472

1,099

620

952

1,123

1,476

907

-74

-759

-684

77

258

426

798

48

50

-549

-1,387

-342

-415

-52

107

-184

17

141

58

227

58

-609

-347

-255

180

894

1,297

0

0

0

Reserve for uncertain tax positions

99

39

-253

-631

-320

-288

-228

200

189

181

227

230

236

73

41

-4

-13

119

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-23

0

0

0

-

-

-

-

-

-

-

-

Write-off of purchase option

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

657

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-34

-35

-93

-101

-101

-100

-84

918

818

758

601

-362

-229

-167

66

0

0

0

Non-cash share-based compensation expense

1,254

1,224

1,176

1,128

1,362

1,514

1,827

2,048

1,849

1,845

1,654

1,640

1,843

1,929

2,006

1,911

1,735

1,383

1,269

1,165

1,038

742

647

628

625

955

915

763

554

388

404

347

595

763

0

0

0

Net changes in assets and liabilities:
Trade accounts receivable

1,641

-311

-1,266

4,276

1,562

-2,767

1,884

-3,914

-1,076

2,340

-762

2,211

-9

1,137

873

735

2,106

1,777

2,228

-1,047

-151

-2,914

-301

-3,118

-2,192

-970

-2,715

1,552

836

879

1,740

1,539

696

2,064

0

0

0

Unbilled revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

284

407

180

390

43

-165

108

-66

-988

-32

-244

386

1,274

273

569

11

-98

-436

-141

-194

0

0

0

Prepaid expenses and other current assets

-310

529

-1,777

-1,678

1,629

833

923

1,262

233

565

1,494

1,594

821

535

-171

-166

-327

-207

105

236

-105

2

-104

9

14

166

110

206

57

357

587

483

1,099

-253

0

0

0

Insurance receivable

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred contract costs, net

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease assets and liabilities, net

15

8

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred contract costs, net

-

-

-

-

-

113

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

-783

647

-117

-88

711

-39

267

271

-138

12

-196

133

-277

-15

-398

-656

386

-224

457

368

-21

163

-228

-168

-425

331

293

289

196

-516

-763

-34

310

52

0

0

0

Accrued expenses, wages, bonuses and profit sharing

2,507

806

882

1,583

262

-566

742

138

697

1,759

237

317

-1,224

440

-345

619

746

755

519

304

332

-367

577

347

817

212

-66

378

700

1,602

3,752

2,259

1,325

1,176

0

0

0

Income taxes receivable and payable

-2,406

11

411

1,040

1,046

686

-2,734

-440

-2,742

-1,023

1,738

-442

5,446

105

975

12

-1,325

1,504

-889

-255

-368

-715

300

-245

-1,571

-100

-241

-81

1,188

-303

279

1,582

2,405

1,420

0

0

0

Deferred revenue

914

97

481

239

1,277

-452

365

162

-80

1,351

1,035

618

-681

643

-1

-248

3,047

397

963

823

579

1,052

327

46

-972

-1,916

-991

-1,590

-779

-637

-821

-397

-2,270

-1,183

0

0

0

Net cash provided by operating activities

39,140

40,917

42,886

37,563

38,920

39,848

32,547

35,862

28,176

28,091

30,304

26,238

30,619

26,843

25,129

23,878

24,675

21,886

20,357

24,056

22,612

26,197

24,593

24,720

21,377

19,315

20,876

17,300

20,152

19,132

17,712

18,024

16,686

18,481

0

0

0

Cash flows from investing activities:
Purchases of property and equipment

4,112

4,656

4,542

5,478

5,807

5,971

6,079

4,951

4,441

4,568

4,254

4,146

4,314

3,973

3,798

3,524

3,266

2,939

2,599

2,699

2,644

2,492

2,727

2,647

2,377

2,188

2,019

2,030

2,131

2,348

2,426

2,789

2,685

2,812

0

0

0

Acquisition, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,115

0

0

0

Net cash used in investing activities

-4,112

-4,656

-4,542

-5,478

-5,807

-5,971

-6,079

-6,501

-5,991

-6,118

-5,581

-3,923

-4,091

-3,750

-2,185

-1,911

-1,653

-1,326

-5,830

-5,930

-5,875

-5,723

-2,727

-2,647

-2,377

-2,188

-2,019

-2,030

-2,131

-2,348

-2,427

-2,906

-5,236

-6,927

0

0

0

Cash flows from financing activities:
Borrowings on line of credit

-

21,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on line of credit

-

21,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,545

0

0

0

Payments on notes payable

3,756

3,715

3,668

3,622

2,922

3,071

2,796

2,326

2,724

2,473

2,251

2,440

2,421

2,199

2,383

2,364

2,346

2,328

2,310

2,292

2,274

2,256

2,238

2,402

2,344

2,112

2,200

1,944

1,909

2,050

1,718

3,102

4,188

6,218

0

0

0

Payments on finance lease obligations

230

229

276

260

186

157

131

113

109

108

103

102

97

95

98

121

148

173

187

195

177

156

146

115

112

110

100

100

104

108

115

120

110

130

0

0

0

Cash paid for non-controlling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

2,000

2,000

4,789

4,789

2,789

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

548

548

547

547

0

0

0

0

408

873

873

873

840

600

901

1,286

1,283

1,059

1,000

808

568

0

0

0

Common stock withheld from vested restricted shares for payroll tax withholdings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Excess tax benefit from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

240

198

191

188

622

711

711

708

755

1,300

1,754

2,054

2,078

1,406

1,110

935

407

0

0

0

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

1,900

1,103

2,162

1,624

1,801

1,853

2,275

2,275

2,098

1,668

105

162

162

204

204

147

147

92

132

131

131

348

308

309

309

55

55

55

116

527

0

0

0

-

-

-

-

Payment of dividends on common stock

19,426

31,299

30,773

30,251

29,750

16,859

16,868

16,881

16,875

16,867

16,021

15,174

14,325

28,552

27,689

26,834

25,983

10,054

0

0

0

-

-

-

-

2,142

14,206

15,980

17,743

17,363

6,776

6,481

6,197

5,912

0

0

0

Net cash used in financing activities

-27,062

-36,346

-36,879

-34,757

-65,466

-54,497

-54,627

-54,152

-21,806

-21,116

-18,480

-17,877

-17,004

-32,502

-31,737

-34,970

-34,393

-16,869

-14,394

-7,727

-4,905

-1,730

-1,108

-1,242

-1,184

-2,824

-14,661

-15,424

-16,532

-16,687

-6,671

-8,192

-6,790

-6,886

0

0

0

Effect of exchange rate changes on cash

-586

611

-380

-6

-484

-1,122

-318

-139

435

855

629

-2

-226

285

91

-360

-273

-1,588

-1,616

-1,383

-1,275

-794

-629

-94

-597

-497

-288

-212

-127

107

189

-222

-104

-105

0

0

0

Change in cash and cash equivalents

7,380

526

1,085

-2,678

-32,837

-21,742

-28,477

-24,930

814

1,712

6,872

4,436

9,298

-9,124

-8,702

-13,363

-11,644

2,103

-1,483

9,016

10,557

17,950

20,129

20,737

17,219

13,806

3,908

-366

1,362

204

8,803

6,704

4,556

4,563

0

0

0

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

1,939

2,014

2,073

2,092

1,794

1,282

778

288

60

76

105

118

133

192

197

212

231

207

228

248

267

284

300

345

367

368

446

454

496

554

487

512

521

542

0

0

0

Income taxes

6,869

6,946

6,225

5,336

2,672

2,635

7,095

6,991

12,815

12,827

10,458

12,018

5,724

9,963

9,292

10,099

11,845

9,377

10,159

9,794

9,548

9,874

9,164

9,106

10,143

8,181

7,282

6,508

4,657

5,108

4,905

4,041

3,904

3,383

0

0

0

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

-

192

0

0

0

-

-

-

-

74

74

64

173

109

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

6,130

3,618

2,964

1,949

5,994

6,098

5,761

5,273

1,580

2,455

2,123

2,336

2,009

397

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-