v3.25.3

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,219	$ 4,233
Trade accounts receivable, less allowance for doubtful accounts of $50 and $40, respectively	12,749	11,054
Prepaid expenses	4,460	3,480
Income taxes receivable	0	141
Other current assets	973	692
Total current assets	20,401	19,600
Net property and equipment	41,413	38,269
Intangible assets, net	2,324	2,616
Goodwill	66,152	66,152
Operating lease right-of-use assets	1,269	1,627
Deferred contract costs, net	1,921	1,562
Other noncurrent assets	2,239	2,713
Total assets	135,719	132,539
Current liabilities:
Current portion of notes payable, net of unamortized debt issuance costs	4,012	4,789
Accounts payable	1,094	1,194
Accrued wages and bonuses	7,124	4,774
Accrued expenses	3,900	5,091
Dividends payable	2,698	2,770
Deferred revenue	17,814	15,786
Income taxes payable	1,459	353
Other current liabilities	465	1,101
Total current liabilities	38,566	35,858
Notes payable, net of current portion and unamortized debt issuance costs	76,025	57,895
Deferred income taxes	3,451	3,531
Other long-term liabilities	3,363	3,971
Total liabilities	121,405	101,255
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued	0	0
Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,954,158 in 2025 and 31,072,144 in 2024, outstanding 22,657,421 in 2025 and 23,083,116 in 2024	32	31
Additional paid-in capital	181,783	180,249
Retained earnings (accumulated deficit)	(15,470)	(17,064)
Treasury stock, at cost; 9,296,737 and 7,989,028 Common shares in 2025 and 2024, respectively	(152,031)	(131,932)
Total shareholders’ equity	14,314	31,284
Total liabilities and shareholders’ equity	$ 135,719	$ 132,539

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

NATIONAL RESEARCH CORP 10-Q