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National Research Owner Earnings per Share (TTM)

: 1.35 (As of Mar. 2022)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

National Research's Owner Earnings per Share (TTM) ended in Mar. 2022 was $1.35. It's Price-to-Owner-Earnings ratio for today is 24.76.


The historical rank and industry rank for National Research's Owner Earnings per Share (TTM) or its related term are showing as below:

NRC' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 13.82   Med: 27.25   Max: 51.13
Current: 24.7


During the past 13 years, the highest Price-to-Owner-Earnings ratio of National Research was 51.13. The lowest was 13.82. And the median was 27.25.


NRC's Price-to-Owner-Earnings is ranked worse than
61.39% of 259 companies
in the Healthcare Providers & Services industry
Industry Median: 19.03 vs NRC: 24.70

National Research's Earnings per Share (Diluted) for the three months ended in Mar. 2022 was $0.34. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2022 was $1.45. It's PE Ratio ratio for today is 23.05.

National Research's EPS without NRI for the three months ended in Mar. 2022 was $0.34. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2022 was $1.45. It's PE Ratio without NRI ratio for today is 23.05.


National Research Owner Earnings per Share (TTM) Historical Data

The historical data trend for National Research's Owner Earnings per Share (TTM) 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 Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.92 1.18 1.38 1.40 1.61

National Research Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.76 1.86 1.78 1.61 1.35

Competitive Comparison

For the Health Information Services subindustry, National Research's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

National Research Owner Earnings per Share (TTM) Distribution

For the Healthcare Providers & Services industry and Healthcare sector, National Research's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where National Research's Owner Earnings per Share (TTM) falls into.



National Research Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

National Research's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 36.8
Depreciation, Depletion and Amortization 5.7
Change In Deferred Tax -0.6
5Y Average of Maintenance Capital Expenditure 4.9
Change In Working Capital -2.7
Shares Outstanding (Diluted Average) 25.4

1. Start with "Net Income" from income statement. National Research's Net Income for the trailing twelve months (TTM) ended in Mar. 2022 was $36.8 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. National Research's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2022 was $5.7 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. National Research's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2022 was $-0.6 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $4.9 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

National Research's 5-Year Average Maintenance Capital Expenditure = $4.9 Mil

5. "Change In Working Capital" is from cashflow statement. National Research's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2022 was $-2.7 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. National Research's Shares Outstanding (Diluted Average) for the months ended in Mar. 2022 was 25.390 Mil.

National Research's Onwer Earnings Per Share for Mar. 2022 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 36.773 +5.706+-0.605
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-4.877307690396+-2.65)/25.390
=1.35

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=33.42/1.35
=24.76

* 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.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


National Research Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of National Research's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


National Research Business Description

National Research logo
Industry
Traded in Other Exchanges
Address
1245 Q Street, Lincoln, NE, USA, 68508
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 US and Canada, of which key revenue is derived from the US.
Executives
Jackson Steven D. officer: President C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Martin Joann M director 6221 ANDREW COURT LINCOLN NE 68512
Nunnelly John N director P.O. BOX 2175 AMHERST MA 01004
Karas Kevin R officer: SVP Finance, CFO, Treas & Secy C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Berwick Donald M director C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Mowry Barbara director P.O. BOX 103115 DENVER CO 80250
Amandla Mk Trust 10 percent owner C/O THE BRYN MAWR TRUST COMPANY OF DELAW 20 MONTCHANIN RD, SUITE 100 GREENVILLE DE 19807
Hays Michael D. director, officer: CEO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
K/i/e Trust Under Agreement 10/24/18 10 percent owner C/O BESSEMER TRUST COMPANY OF DELAWARE 1007 N. ORANGE ST., SUITE 1450 WILMINGTON DE 19801
Endacott Kent E. 10 percent owner C/O WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
Beans Patrick E director, officer: CFO and Secretary AMANDLA LLC 709 PIER 2 LINCOLN NE 68528
Warden Gail L director 250 WASHINGTON RD GROSSE POINTE MI 48230
Henricks Susan L officer: President and COO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Schorr Paul C Iii director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SCHORR PAUL C III a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Peetz Jeffery T 10 percent owner WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
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