National Research Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	4.14	4.23	6.65	25.03	54.36
Cash & Short-Term Investments	4.14	4.23	6.65	25.03	54.36
Cash Growth	-2.22%	-36.38%	-73.42%	-53.96%	56.71%
Accounts Receivable	11.11	11.24	12.46	14.56	13.83
Other Receivables	-	0.14	0.16	0.73	0.75
Receivables	11.11	11.38	12.62	15.3	14.58
Prepaid Expenses	-	3.48	4.23	2.39	3.88
Other Current Assets	4.96	0.51	0.86	1.01	0.88
Total Current Assets	20.21	19.6	24.36	43.72	73.71
Property, Plant & Equipment	40.47	39.9	30.27	17.8	13.37
Long-Term Investments	-	1.3	1.3	-	1.3
Goodwill	66.15	66.15	61.61	61.61	61.61
Other Intangible Assets	-	2.62	1.47	1.61	1.79
Long-Term Deferred Tax Assets	-	-	-	0.01	0.01
Long-Term Deferred Charges	-	1.56	1.45	2.44	3.77
Other Long-Term Assets	8.04	1.41	1.97	3.26	1.98
Total Assets	134.88	132.54	122.44	130.46	157.54
Accounts Payable	4.07	1.19	1.3	1.15	1.94
Accrued Expenses	7.22	9.87	8.85	8.53	12.59
Current Portion of Long-Term Debt	4.01	4.79	7.21	4.49	4.28
Current Portion of Leases	1.5	0.56	0.6	0.83	0.96
Current Income Taxes Payable	-	0.35	0.22	-	-
Current Unearned Revenue	16.2	15.79	14.83	15.2	17.21
Other Current Liabilities	3.63	3.31	3.18	3.21	3.4
Total Current Liabilities	36.62	35.86	36.2	33.42	40.39
Long-Term Debt	75.02	57.9	29.47	17.69	22.27
Long-Term Leases	-	1.17	1.67	0.37	1.17
Long-Term Deferred Tax Liabilities	-	3.53	4.14	5.27	7
Other Long-Term Liabilities	9.25	2.81	2	1.68	1.38
Total Liabilities	120.89	101.26	73.48	58.43	72.2
Common Stock	0.03	0.03	0.03	0.03	0.03
Additional Paid-In Capital	183.88	180.25	178.21	175.45	173.94
Retained Earnings	-17.3	-17.06	-30.53	-25.18	-36.11
Treasury Stock	-152.62	-131.93	-98.76	-78.27	-50.15
Comprehensive Income & Other	-	-	-	-	-2.38
Shareholders' Equity	13.99	31.28	48.96	72.03	85.34
Total Liabilities & Equity	134.88	132.54	122.44	130.46	157.54
Total Debt	80.53	64.41	38.96	23.39	28.68
Net Cash (Debt)	-76.39	-60.18	-32.3	1.64	25.68
Net Cash Growth	-	-	-	-93.61%	1666.37%
Net Cash Per Share	-3.41	-2.53	-1.31	0.07	1.00
Filing Date Shares Outstanding	22.64	22.95	23.85	24.58	24.39
Total Common Shares Outstanding	22.64	23.08	24.21	24.62	24.55
Working Capital	-16.41	-16.26	-11.84	10.3	33.32
Book Value Per Share	0.62	1.36	2.02	2.93	3.48
Tangible Book Value	-52.16	-37.48	-14.13	8.81	21.93
Tangible Book Value Per Share	-2.30	-1.62	-0.58	0.36	0.89
Land	-	0.43	0.43	0.43	0.43
Buildings	-	33.39	22.43	12.56	9.27
Machinery	-	4.89	5.61	5.69	5.87

Source: S&P Global Market Intelligence. Standard template. Financial Sources.