National Research Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	2.22	4.23	6.65	25.03	54.36	34.69
Cash & Short-Term Investments	2.22	4.23	6.65	25.03	54.36	34.69
Cash Growth	-35.89%	-36.38%	-73.42%	-53.96%	56.71%	156.64%
Accounts Receivable	12.86	11.24	12.46	14.56	13.83	14.23
Other Receivables	-	0.14	0.16	0.73	0.75	1.24
Receivables	12.86	11.38	12.62	15.3	14.58	15.47
Prepaid Expenses	4.46	3.48	4.23	2.39	3.88	2.65
Other Current Assets	0.86	0.51	0.86	1.01	0.88	1.31
Total Current Assets	20.4	19.6	24.36	43.72	73.71	54.11
Property, Plant & Equipment	42.68	39.9	30.27	17.8	13.37	13.03
Long-Term Investments	-	1.3	1.3	-	1.3	-
Goodwill	66.15	66.15	61.61	61.61	61.61	57.26
Other Intangible Assets	2.32	2.62	1.47	1.61	1.79	1.41
Long-Term Deferred Tax Assets	-	-	-	0.01	0.01	-
Long-Term Deferred Charges	1.92	1.56	1.45	2.44	3.77	4.56
Other Long-Term Assets	2.24	1.41	1.97	3.26	1.98	3.06
Total Assets	135.72	132.54	122.44	130.46	157.54	133.42
Accounts Payable	1.09	1.19	1.3	1.15	1.94	1.1
Accrued Expenses	11.02	9.87	8.85	8.53	12.59	9.64
Current Portion of Long-Term Debt	4.01	4.79	7.21	4.49	4.28	4.06
Current Portion of Leases	0.47	0.56	0.6	0.83	0.96	0.95
Current Income Taxes Payable	1.46	0.35	0.22	-	-	-
Current Unearned Revenue	17.81	15.79	14.83	15.2	17.21	15.59
Other Current Liabilities	2.7	3.31	3.18	3.21	3.4	0.34
Total Current Liabilities	38.57	35.86	36.2	33.42	40.39	31.68
Long-Term Debt	76.03	57.9	29.47	17.69	22.27	26.55
Long-Term Leases	0.06	1.17	1.67	0.37	1.17	1.67
Long-Term Unearned Revenue	0.13	-	-	-	-	-
Long-Term Deferred Tax Liabilities	3.45	3.53	4.14	5.27	7	7.27
Other Long-Term Liabilities	3.17	2.81	2	1.68	1.38	1.94
Total Liabilities	121.41	101.26	73.48	58.43	72.2	69.11
Common Stock	0.03	0.03	0.03	0.03	0.03	0.03
Additional Paid-In Capital	181.78	180.25	178.21	175.45	173.94	171.79
Retained Earnings	-15.47	-17.06	-30.53	-25.18	-36.11	-61.38
Treasury Stock	-152.03	-131.93	-98.76	-78.27	-50.15	-43.73
Comprehensive Income & Other	-	-	-	-	-2.38	-2.4
Shareholders' Equity	14.31	31.28	48.96	72.03	85.34	64.32
Total Liabilities & Equity	135.72	132.54	122.44	130.46	157.54	133.42
Total Debt	80.56	64.41	38.96	23.39	28.68	33.24
Net Cash (Debt)	-78.34	-60.18	-32.3	1.64	25.68	1.45
Net Cash Growth	-	-	-	-93.61%	1666.37%	-
Net Cash Per Share	-3.44	-2.53	-1.31	0.07	1.00	0.06
Filing Date Shares Outstanding	22.66	22.95	23.85	24.58	24.39	25.41
Total Common Shares Outstanding	22.66	23.08	24.21	24.62	24.55	25.38
Working Capital	-18.17	-16.26	-11.84	10.3	33.32	22.43
Book Value Per Share	0.63	1.36	2.02	2.93	3.48	2.53
Tangible Book Value	-54.16	-37.48	-14.13	8.81	21.93	5.65
Tangible Book Value Per Share	-2.39	-1.62	-0.58	0.36	0.89	0.22
Land	-	0.43	0.43	0.43	0.43	0.43
Buildings	-	33.39	22.43	12.56	9.27	7.52
Machinery	-	4.89	5.61	5.69	5.87	5.77

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