National Research (National Research) Operating Income : $40.0 Mil (TTM As of Dec. 2023)

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What is National Research Operating Income?

National Research's Operating Income for the three months ended in Dec. 2023 was $11.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $40.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. National Research's Operating Income for the three months ended in Dec. 2023 was $11.7 Mil. National Research's Revenue for the three months ended in Dec. 2023 was $38.0 Mil. Therefore, National Research's Operating Margin % for the quarter that ended in Dec. 2023 was 30.81%.

Warning Sign:

National Research Corp operating margin has been in a 5-year decline. The average rate of decline per year is -1.8%.

National Research's 5-Year average Growth Rate for Operating Margin % was -1.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. National Research's annualized ROC % for the quarter that ended in Dec. 2023 was 29.75%. National Research's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 164.67%.

National Research Operating Income Historical Data

The historical data trend for National Research's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

National Research Operating Income Chart

National Research Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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43.04

42.14

50.27

46.54

40.05

National Research Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															12.24	9.02	9.37	9.96	11.71

National Research Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $40.0 Mil.

National Research (NAS:NRC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

National Research's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	46.836 * ( 1 - 22.76% )	/	( (122.195	+	121.005)	/ 2 )
=	36.1761264	/	121.6
=	29.75 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	120.136	-	14.003	-	( 3.828	-	max(0, 40.805	-	24.743	+	3.828	))
=	122.195

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	122.437	-	13.275	-	( 6.653	-	max(0, 36.203	-	24.36	+	6.653	))
=	121.005

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

National Research's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	46.944	/	( ( (26.752 + max(-10.566, 0))	+	(30.265 + max(-11.443, 0)) )	/	2 )
=	46.944	/	( ( 26.752	+	30.265 )	/	2 )
=	46.944	/	28.5085
=	164.67 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(14.467	+	0	+	6.107)	-	(14.003	+	16.238	+	0.899)
=	-10.566

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(12.378	+	0	+	5.168)	-	(13.275	+	14.834	+	0.88)
=	-11.443

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

National Research's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	11.709	/	38.001
	=	30.81 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

National Research Operating Income Related Terms

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National Research (National Research) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » National Research Corp (NAS:NRC) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

1245 Q Street, Lincoln, NE, USA, 68508

Website

https://www.nrchealth.com

National Research Corp is a provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers, and other healthcare organizations. Its portfolio of solutions represents a set of capabilities that individually and collectively provide value to clients. The solutions are offered at an enterprise level through the Voice of the Customer platform, The Governance Institute, and legacy Experience solutions. It operates in the United States and Canada, of which key revenue is derived from the United States.

Executives

Amandla Mk Trust	10 percent owner	C/O THE BRYN MAWR TRUST COMPANY OF DELAW, 20 MONTCHANIN RD, SUITE 100, GREENVILLE DE 19807
Common Property Trust	10 percent owner	709 PIER 2, LINCOLN NE 68528
Parul Bhandari	director	1775 I STREET NW, SUITE 910, WASHINGTON DC 20006
Stephen H Lockhart	director	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
Penny Ann Wheeler	director	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
Donald M Berwick	director	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
Jona S Raasch	officer: Vice President and COO
Kevin R Karas	officer: SVP Finance, CFO, Treas & Secy	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
Michael & Karen Hays Grandchildren's Trust Dated March 9, 2009	10 percent owner	C/O BESSEMER TRUST COMPANY OF DELAWARE, 1007 N. ORANGE ST., SUITE 1450, WILMINGTON DE 19801
Joann M Martin	director	6221 ANDREW COURT, LINCOLN NE 68512
Helen Hrdy	officer: Chief Growth Officer	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
Steven D. Jackson	officer: President	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508
John N Nunnelly	director	P.O. BOX 2175, AMHERST MA 01004
Barbara Mowry	director	P.O. BOX 103115, DENVER CO 80250
Michael Hays	director, 10 percent owner, officer: President and CEO	C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET, LINCOLN NE 68508