National Research Corporation (NASDAQ:NRC) Q4 2022 Earnings Conference Call February 15, 2023 11:00 AM ET

Company Participants

Kevin Karas - CFO

Linda Stacy - VP, Finance

Conference Call Participants

George D'Angelo - Alpine Peaks Capital

Operator

Hello, and welcome to the National Research Corporation Fourth Quarter 2022 Earnings Call. My name is Elliot and I'll be coordinating your call today. [Operator Instructions].

I would now like to hand over to Kevin Karas. The floor is yours. Please go ahead.

Kevin Karas

Thank you, Elliot, and welcome everyone to National Research Corporation's 2022 fourth quarter earnings call. My name is Kevin Karas, the company's CFO. And joining me on the call today is Linda Stacy, our Vice President of Finance.

Before we continue, I'd like to ask Linda to review conditions related to any forward-looking statements that may be made as part of today's call. Linda?

Linda Stacy

Thank you, Kevin.

This conference call includes forward-looking statements related to the company that involve risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. For further information about the facts that could affect the company's future results, please see the company's filings with the Securities and Exchange Commission.

With that, I'll turn it back to you, Kevin.

Kevin Karas

Thanks, Linda. And again, welcome everyone.

For almost 42 years, NRC Health has been committed to humanized healthcare and support organizations in their understanding of each unique individual. NRC Health's commitment to human understanding helps leading healthcare systems get to know each person they serve, not as point in time insight, but as an ongoing relationship that builds trust and loyalty. Over time, NRC Health has consistently led the industry with innovative and transformative solutions, including patient-centered care, market insights, real-time feedback, and online ratings and reviews.

Last week, it was announced that NRC Health received the Best in KLAS 2023 Award for Patient Experience Improvement. This recognition affirms our leadership position and focus on transforming the healthcare industry with the human first approach.

Let me turn the call back over to Linda to review our financial performance and then open up to questions.

Linda Stacy

Thank you, Kevin.

Revenue for the fourth quarter 2022 decreased slightly compared to the fourth quarter of 2021, primarily due to the scheduled closure of our Canadian location. Revenue growth and core offerings year-over-year was 7% partially offset by the phase out of our Canadian operations and other non-core offerings resulting in a net 2% increase in revenue for 2022 over the prior year.