National Research (NRC)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	2.22 mm	2.22 mm	2.22 mm	2.22 mm	2.22 mm	2.22 mm
Cash burn (monthly)	1.02 mm	103.50 k	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	4.39 mm	445.75 k	n/a	n/a	n/a	n/a
Cash remaining	-2.17 mm	1.77 mm	n/a	n/a	n/a	n/a
Runway (months of cash)	-2.1	17.1	n/a	n/a	n/a	n/a

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Financial data from company earnings reports.

Institutional ownership, Q4 2024

NRC institutional ownership history Ownership history

90.2% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	134	139	-3.6%
Opened positions	20	23	-13.0%
Closed positions	25	21	+19.0%
Increased positions	54	51	+5.9%
Reduced positions	39	40	-2.5%

13F shares	Current	Prev Q	Change
Total value	193.35 bn	253.90 bn	-23.8%
Total shares	20.43 mm	20.57 mm	-0.7%
Total puts	100.00	300.00	-66.7%
Total calls	600.00	300.00	+100.0%
Total put/call ratio	0.2	1.0	-83.3%

Largest owners	Shares	Value	Change
Amandla MK Trust	4.76 mm	$196.22 mm	0.0%
Common Property Trust	3.85 mm	$156.33 mm	0.0%
Kayne Anderson Rudnick Investment Management	3.03 mm	$53.51 bn	-0.9%
BLK BlackRock	1.21 mm	$21.28 bn	+3.6%
Vanguard	952.66 k	$16.80 bn	-3.4%
MS Morgan Stanley	917.06 k	$16.18 bn	-0.2%
Dimensional Fund Advisors	582.48 k	$10.27 bn	-1.4%
Geode Capital Management	435.71 k	$7.69 bn	+3.6%
Renaissance Technologies	404.89 k	$7.14 bn	+6.6%
STT State Street	358.08 k	$6.36 bn	-1.5%

Largest transactions	Shares	Bought/sold	Change
Millennium Management	81.96 k	-149.64 k	-64.6%
BK The Bank of New York Mellon Corporation	217.21 k	+101.96 k	+88.5%
Public Employees Retirement System Of Ohio	0.00	-77.90 k	EXIT
Royce & Associates	0.00	-61.58 k	EXIT
Squarepoint Ops	0.00	-46.22 k	EXIT
GS The Goldman Sachs Group, Inc.	124.85 k	+43.99 k	+54.4%
BLK BlackRock	1.21 mm	+42.20 k	+3.6%
Vanguard	952.66 k	-33.71 k	-3.4%
Azzad Asset Management	0.00	-32.94 k	EXIT
WFC Wells Fargo & Company	143.15 k	-28.69 k	-16.7%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

NRC insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
5 Jan 26	Hays Michael D.	Common Stock	Option exercise	Acquire M	No	No	15.23	9,145	139.28 k	20,154
5 Jan 26	Hays Michael D.	Employee Stock Option Common Stock	Option exercise	Dispose M	No	No	15.23	9,145	139.28 k	0
5 Jan 26	David Burik	Common Stock	Grant	Acquire A	No	No	0	100,000	0.00	100,000
29 Dec 25	Shane R Harrison	Common Stock	Payment of exercise	Dispose F	No	No	18.66	21,271	396.92 k	150,729
15 Dec 25	Helen Hrdy	Common Stock	Payment of exercise	Dispose F	No	No	17.64	11,244	198.34 k	140,518
15 Dec 25	Helen Hrdy	Common Stock	Option exercise	Acquire M	No	No	15.23	12,346	188.03 k	151,762
15 Dec 25	Helen Hrdy	Employee Stock Option Common Stock	Option exercise	Dispose M	No	No	15.23	12,346	188.03 k	0

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.