Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 25, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000070487 | |
Entity Registrant Name | National Research Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35929 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0634000 | |
Entity Address, Address Line One | 1245 Q Street | |
Entity Address, City or Town | Lincoln | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68508 | |
City Area Code | 402 | |
Local Phone Number | 475-2525 | |
Title of 12(b) Security | Common Stock, $.001 par value | |
Trading Symbol | NRC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23,877,315 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,699 | $ 6,653 |
Trade accounts receivable | 11,127 | 12,378 |
Prepaid expenses | 6,377 | 4,228 |
Income taxes receivable | 34 | 161 |
Other current assets | 777 | 940 |
Total current assets | 20,014 | 24,360 |
Property and equipment, net | 31,530 | 28,205 |
Intangible assets, net | 1,436 | 1,471 |
Goodwill | 61,614 | 61,614 |
Operating lease right-of-use assets | 1,937 | 2,060 |
Deferred contract costs, net | 1,254 | 1,453 |
Other Assets, Noncurrent | 3,126 | 3,274 |
Total assets | 120,911 | 122,437 |
Current liabilities: | ||
Current portion of notes payable, net of unamortized debt issuance costs | 7,504 | 7,214 |
Line of credit | 7,000 | 0 |
Accounts payable | 2,397 | 1,301 |
Accrued wages and bonuses | 5,385 | 3,953 |
Accrued expenses | 5,732 | 4,893 |
Dividends payable | 2,865 | 2,906 |
Deferred revenue | 15,194 | 14,834 |
Income taxes payable | 1,968 | 222 |
Other current liabilities | 805 | 880 |
Total current liabilities | 48,850 | 36,203 |
Notes payable, net of current portion and unamortized debt issuance costs | 27,569 | 29,470 |
Deferred income taxes | 3,892 | 4,139 |
Other long-term liabilities | 3,655 | 3,670 |
Total liabilities | 83,966 | 73,482 |
Shareholders’ equity: | ||
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 31,078,202 in 2024 and 31,002,919 in 2023, outstanding 23,877,315 in 2024 and 24,219,887 in 2023 | 31 | 31 |
Additional paid-in capital | 179,929 | 178,213 |
Retained earnings (accumulated deficit) | (27,036) | (30,530) |
Treasury stock, at cost; 7,200,887 Common shares in 2024 and 6,783,032 Common shares in 2023 | (115,979) | (98,759) |
Total shareholders’ equity | 36,945 | 48,955 |
Total liabilities and shareholders’ equity | $ 120,911 | $ 122,437 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts | $ 75 | $ 75 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 110,000,000 | 110,000,000 |
Common stock, shares issued (in shares) | 31,078,202 | 31,002,919 |
Common stock, shares outstanding (in shares) | 23,877,315 | 24,219,887 |
Treasury Stock, Shares (in shares) | 7,200,887 | 6,783,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 35,313 | $ 36,473 |
Operating expenses: | ||
Direct | 13,856 | 14,280 |
Selling, general and administrative | 11,250 | 11,783 |
Depreciation and amortization | 1,447 | 1,394 |
Total operating expenses | 26,553 | 27,457 |
Operating income | 8,760 | 9,016 |
Other income (expense): | ||
Interest income | 44 | 250 |
Interest expense | (605) | (241) |
Other, net | (5) | (14) |
Total other income (expense) | (566) | (5) |
Income before income taxes | 8,194 | 9,011 |
Provision for income taxes | 1,835 | 2,047 |
Net income | $ 6,359 | $ 6,964 |
Earnings Per Share of Common Stock: | ||
Basic Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.28 |
Diluted Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.28 |
Weighted average shares and share equivalents outstanding: | ||
Basic (in shares) | 23,868 | 24,585 |
Diluted (in shares) | 23,963 | 24,738 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balances at Dec. 31, 2022 | $ 31 | $ 175,453 | $ (25,184) | $ (78,267) | $ 72,033 |
Purchase of shares treasury stock | 0 | 0 | 0 | (1,983) | (1,983) |
Issuance of shares of common stock for the exercise of stock options | 0 | 300 | 0 | 0 | 300 |
Non-cash stock compensation expense | 0 | (304) | 0 | 0 | (304) |
Dividends declared | 0 | 0 | (2,953) | 0 | (2,953) |
Net income | 0 | 0 | 6,964 | 0 | 6,964 |
Non-cash stock compensation expense | 0 | 304 | 0 | 0 | 304 |
Balances at Mar. 31, 2023 | 31 | 176,057 | (21,173) | (80,250) | 74,665 |
Balances at Dec. 31, 2023 | 31 | 178,213 | (30,530) | (98,759) | 48,955 |
Purchase of shares treasury stock | 0 | 0 | 0 | (17,220) | (17,220) |
Issuance of shares of common stock for the exercise of stock options | 0 | 1,752 | 0 | 0 | 1,752 |
Non-cash stock compensation expense | 0 | (36) | 0 | 0 | (36) |
Dividends declared | 0 | 0 | (2,865) | 0 | (2,865) |
Net income | 0 | 0 | 6,359 | 0 | 6,359 |
Non-cash stock compensation expense | 0 | 36 | 0 | 0 | 36 |
Balances at Mar. 31, 2024 | $ 31 | $ 179,929 | $ (27,036) | $ (115,979) | $ 36,945 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Purchase of shares of treasury stock (in shares) | 417,855 | 49,296 |
Shares of common stock for the exercise of stock options (in shares) | 75,283 | 20,938 |
Dividends declared per common share (in dollars per share) | $ 0.12 | $ 0.12 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 6,359,000 | $ 6,964,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,447,000 | 1,394,000 |
Deferred income taxes | (246,000) | (377,000) |
Reserve for uncertain tax positions | 133,000 | 124,000 |
Non-cash share-based compensation expense | (36,000) | 304,000 |
Net changes in assets and liabilities: | ||
Trade accounts receivable | 1,251,000 | 242,000 |
Prepaid expenses and other current assets | (1,620,000) | (4,117,000) |
Deferred contract costs, net | 199,000 | 206,000 |
Operating lease assets and liabilities, net | (22,000) | (32,000) |
Accounts payable | (151,000) | 171,000 |
Accrued expenses, wages and bonuses | 2,491,000 | (97,000) |
Income taxes receivable and payable | 1,872,000 | 2,273,000 |
Deferred revenue | 360,000 | 698,000 |
Net cash provided by operating activities | 12,037,000 | 7,753,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,138,000) | (3,199,000) |
Net cash used in investing activities | (4,138,000) | (3,199,000) |
Cash flows from financing activities: | ||
Payments on notes payable | (1,621,000) | (1,114,000) |
Borrowings on line of credit | 13,000,000 | 0 |
Payments on line of credit | (6,000,000) | 0 |
Payments on finance lease obligations | (11,000) | (115,000) |
Proceeds from the exercise of share-based awards | 0 | 301,000 |
Payment of payroll tax withholdings on share-based awards exercised | (317,000) | 0 |
Repurchase of shares for treasury | (14,999,000) | (1,972,000) |
Payment of dividends on common stock | (2,906,000) | (2,956,000) |
Net cash used in financing activities | (12,854,000) | (5,856,000) |
Effect of exchange rate changes on cash and cash equivalents | 1,000 | 0 |
Change in cash and cash equivalents | (4,954,000) | (1,302,000) |
Cash and cash equivalents at beginning of period | 6,653,000 | 25,026,000 |
Cash and cash equivalents at end of period | 1,699,000 | 23,724,000 |
Supplemental disclosure of cash paid for: | ||
Interest expense, net of capitalized amounts | 521,000 | 329,000 |
Income taxes | 78,000 | 27,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans | 1,752,000 | 0 |
Purchase of property and equipment in accounts payable and accrued expenses | 2,664,000 | 1,507,000 |
Repurchase of shares for treasury in accounts payable and accrued expenses | $ 152,000 | $ 11,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of business and basis of presentation National Research Corporation, doing business as NRC Health (“NRC Health,” the “Company,” “we,” “our,” “us” or similar terms), is a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare organizations in the United States. Our purpose is to humanize healthcare and support organizations in their understanding of each person they serve not Our condensed consolidated balance sheet at December 31, 2023 Information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Form 10 December 31, 2023, February 27, 2024. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The condensed consolidated financial statements include the accounts of the Company and our wholly-owned subsidiary, National Research Corporation Canada. All significant intercompany transactions and balances have been eliminated. Our Canadian subsidiary uses Canadian dollars as its functional currency. We translate its assets and liabilities into U.S. dollars at the exchange rate in effect at the balance sheet date. We translate its revenue and expenses at the average exchange rate during the period. During December 2022, Revenue Recognition We derive a majority of our revenues from our annually renewable subscription-based service agreements with our customers, which include performance measurement and improvement services, healthcare analytics and governance education services. Such agreements are generally cancelable on short or no 2 ● Identify the contract, or contracts, with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the identified performance obligations; and ● Recognize revenue when, or as, we satisfy the performance obligations. Our revenue arrangements with a client may one may one one not not Our arrangements with customers consist principally of four 1 2 one 3 4 Subscription-based services - twelve may One-time services one Fixed, non-subscription services Unit-price services Revenue is presented net of any sales tax charged to our clients that we are required to remit to taxing authorities. We recognize contract assets or unbilled receivables related to revenue recognized for services completed but not Deferred Contract Costs Deferred contract costs, net is stated at gross deferred costs less accumulated amortization. We defer commissions and incentives, including payroll taxes, and certain implementation costs if they are incremental and recoverable costs of obtaining a renewable customer contract. Deferred contract costs are amortized over the estimated term of the contract, including renewals, which generally ranges from three five one three March 31, 2024 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023 2024 2023 (In thousands) Direct expenses $ 67 $ 35 Selling, general and administrative expenses $ 213 $ 326 Total amortization $ 280 $ 361 Additional expense included in selling, general and administrative expenses for impairment of costs capitalized due to lost clients was $34,000 and $8,000 for the three March 31, 2024 2023, Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable, determined based on our historical write-off experience, current economic conditions and reasonable and supportable forecasts about the future. We review the allowance for doubtful accounts monthly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The following table provides the activity in the allowance for doubtful accounts for the three March 31, 2024 2023 Balance at Beginning of Period Bad Debt Expense (Benefit) Write-offs Recoveries Balance at End of Period Three months ended March 31, 2024 $ 75 $ (48 ) $ 1 $ 49 $ 75 Three months ended March 31, 2023 $ 65 $ - $ 1 $ 1 $ 65 Leases We determine whether a lease is included in an agreement at inception. We recognize a lease liability and a right-of-use (“ROU”) asset on the balance sheet for our operating leases under which we are lessee. Operating lease ROU assets are included in operating lease right-of-use assets in our condensed consolidated balance sheet. Finance lease assets are included in property and equipment. Operating and finance lease liabilities are included in other current liabilities and other long-term liabilities. Certain lease arrangements may not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments during the lease term. ROU assets and lease liabilities are recorded at lease commencement based on the estimated present value of lease payments. Because the rate of interest implicit in each lease is not Due to remote working arrangements, we reassessed our office needs and subleased our Seattle location under an agreement considered to be an operating lease beginning in May 2021. not Fair Value Measurements Our valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The inputs are then classified into the following hierarchy: ( 1 1 2 2 1 not 3 3 The following details our financial assets within the fair value hierarchy at March 31, 2024 December 31, 2023: Level 1 Level 2 Level 3 Total (In thousands) As of March 31, 2024 Money Market Funds $ 1,504 $ - $ - $ 1,504 Total Cash Equivalents $ 1,504 $ - $ - $ 1,504 As of December 31, 2023 Money Market Funds $ 6,471 $ - $ - $ 6,471 Total Cash Equivalents $ 6,471 $ - $ - $ 6,471 There were no three March 31, 2024. Our long-term debt described in Note 4 2 The following are the carrying amount and estimated fair values of long-term debt: March 31, December 31, 2023 (In thousands) Total carrying amount of long-term debt $ 35,166 $ 36,787 Estimated fair value of long-term debt $ 34,723 $ 36,403 The carrying amounts of accounts receivable, line of credit, accounts payable, and accrued expenses approximate their fair value. All non-financial assets that are not March 31, 2024 December 31, 2023, Annually, we consider whether the recorded goodwill and indefinite lived intangibles have been impaired. However, goodwill and intangibles must be tested between annual tests if an event occurs or circumstances change to indicate that it is more likely than not Commitments and Contingencies not March 31, 2024 |
Note 2 - Contracts With Custome
Note 2 - Contracts With Customers | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 CONTRACTS WITH CUSTOMERS The following table disaggregates revenue for the three March 31, 2024 2023 2024 2023 Subscription services recognized ratably over time $ 33,271 $ 34,433 Services recognized at a point in time 1,421 1,176 Fixed, non-subscription recognized over time 495 655 Unit price services recognized over time 126 209 Total revenue $ 35,313 $ 36,473 The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers (in thousands): March 31, 2024 December 31, 2023 Accounts receivables $ 11,127 $ 12,378 Contract assets included in other current assets $ 77 $ 84 Deferred Revenue $ 15,194 $ 14,834 Significant changes in contract assets and contract liabilities during the three March 31, 2024 2023 2024 2023 Contract Asset Deferred Revenue Contract Asset Deferred Revenue Increase (Decrease) Revenue recognized that was included in deferred revenue at beginning of year due to completion of services $ - $ (7,303 ) $ - $ (7,056 ) Increases due to invoicing of client, net of amounts recognized as revenue - 7,672 - 7,828 Decreases due to completion of services (or portion of services) and transferred to accounts receivable (39 ) - (37 ) - Change due to cumulative catch-up adjustments arising from changes in expected contract consideration - (9 ) - (74 ) Increases due to revenue recognized in the period with additional performance obligations before invoicing 32 - 88 - We have elected to apply the practical expedient to not one one March 31, 2024 2024 2025 2026 2027 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 3 INCOME TAXES The effective tax rate was 22% and 23% for the three March 31, 2024 2023, |
Note 4 - Notes Payable
Note 4 - Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 4 NOTES PAYABLE Our long-term debt consists of the following: March 31, December 31, 2023 (In thousands) Term Loan $ 16,618 $ 17,787 Delayed Draw Term Loan 18,548 19,000 Less: current portion (7,504 ) (7,214 ) Less: unamortized debt issuance costs (93 ) (103 ) Notes payable, net of current portion $ 27,569 $ 29,470 Our amended and restated credit agreement (the “Credit Agreement”) with First National Bank of Omaha (“FNB”) includes (i) a $30,000,000 revolving credit facility (the “Line of Credit”), (ii) a $23,412,383 term loan (the “Term Loan”) and (iii) a $75,000,000 delayed draw-down term facility (the “Delayed Draw Term Loan” and, together with the Line of Credit and the Term Loan, the “Credit Facilities”). We may The Term Loan is payable in monthly installments of $462,988 through May 2027 Borrowings under the Delayed Draw Term Loan and Line of Credit, if any, bear interest at a floating rate equal to the 30 SOFR March 31, 2024). Principal amounts outstanding under the Line of Credit are due and payable in full at maturity, in May 2025. March 31, 2024, 2023, three March 31, 2024 three March 31, 2023. three March 31, 2024 Principal payments are due on the Delayed Draw Term Loan in monthly installments of $226,190 through April 2027 May 2027. March 31, 2024. We are obligated to pay ongoing unused commitment fees quarterly in arrears pursuant to the Line of Credit and the Delayed Draw Term Loan facility at a rate of 0.20% per annum based on the actual daily unused portions of the Line of Credit and the Delayed Draw Term Loan facility. The Credit Agreement is collateralized by substantially all of our assets, subject to permitted liens and other agreed exceptions, and contains customary representations, warranties, affirmative and negative covenants (including financial covenants) and events of default. The negative covenants include, among other things, restrictions regarding the incurrence of indebtedness and liens, repurchases of our common stock and acquisitions, subject in each case to certain exceptions. In June 2023, January 1, 2023, 1.10x January 1, 2023. 3.00x |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 5 SHARE-BASED COMPENSATION We measure and recognize compensation expense for all share-based payments based on the grant-date fair value of those awards. All of our existing stock option awards and unvested stock awards have been determined to be equity-classified awards. We account for forfeitures as they occur. We refer to our restricted stock awards as “non-vested” stock in these condensed consolidated financial statements. Our 2004 “2004 2004 not one ten three Our 2006 “2006 may Performance-Based Stock Option Awards We grant stock options to selected executives with vesting contingent upon meeting certain Company-wide performance goals. The performance goals for options issued in 2024 December 31, 2026. 2024 six three March 31, 2024. 2023. The fair value of performance-based stock options granted was estimated using a Black-Scholes valuation model with the following weighted average assumptions: 2024 Expected dividend yield at date of grant 1.44 % Expected stock price volatility 33.83 % Risk-free interest rate 4.13 % Expected life of options (in years) 4.0 The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical monthly price changes of our stock based on the expected life of the options at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding. We consider groups of associates that have similar historical exercise behavior separately for valuation purposes. The following table summarizes performance-based stock option activity under the 2006 three March 31, 2024: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2023 - $ - Granted 404,833 $ 39.54 Exercised - $ - Forfeited - $ - Outstanding at March 31, 2024 404,833 $ 39.54 5.80 $ 28 Exercisable at March 31, 2024 - $ - - $ - Service-Based Stock Option Awards We also grant stock options to directors and selected executives with vesting based on specified service periods. Vesting terms vary with each grant and option awards are generally five ten three March 31, 2023. three March 31, 2024. The following table summarizes service-based stock option activity under the 2006 2004 three March 31, 2024: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2023 569,168 $ 35.72 Granted - $ - Exercised 75,283 $ 23.27 Forfeited 37,556 $ 45.53 Outstanding at March 31, 2024 456,329 $ 36.96 5.57 $ 2,750 Exercisable at March 31, 2024 307,070 $ 33.45 4.41 $ 2,725 As of March 31, 2024, There was $301,000 of cash received from stock options exercised for the three March 31, 2023. three March 31, 2024. three March 31, 2024 2023, Non-vested Stock Awards No 2006 three March 31, 2024 2023. March 31, 2024, 2006 five not three March 31, 2024 2023, 2006 three March 31, 2024: Common Stock Outstanding Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2023 6,058 $ 42.92 Granted - - Vested - - Forfeited - - Outstanding at March 31, 2024 6,058 $ 42.92 As of March 31, 2024, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 6 GOODWILL AND OTHER INTANGIBLE ASSETS The following represents the carrying amount of goodwill at March 31, 2024: Gross Accumulated Impairment Net (In thousands) Balance at March 31, 2024 $ 62,328 (714 ) $ 61,614 Intangible assets consisted of the following: March 31, December 31, (In thousands) Non-amortizing intangible assets: Indefinite trade name $ 1,191 $ 1,191 Amortizing intangible assets: Customer related 9,192 9,192 Technology 1,959 1,959 Trade names 1,572 1,572 Total amortizing intangible assets 12,723 12,723 Accumulated amortization (12,478 ) (12,443 ) Other intangible assets, net $ 1,436 $ 1,471 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 7 PROPERTY AND EQUIPMENT March 31, December 31, 2023 (In thousands) Property and equipment $ 68,610 $ 63,874 Accumulated depreciation 37,080 35,669 Property and equipment, net $ 31,530 $ 28,205 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 8 EARNINGS PER SHARE Basic net income per share was computed using the weighted-average shares of common stock outstanding during the period. Diluted net income per share was computed using the weighted-average shares of common stock and, if dilutive, the potential common stock outstanding during the period. Potential shares of common stock consist of the incremental common stock issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method. We had 596,426 and 254,271 options of common stock for the three March 31, 2024 2023, For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 (In thousands) Numerator for net income per share – basic: $ 6,359 $ 6,964 Net income Allocation of distributed and undistributed income to unvested restricted stock shareholders (1 ) (4 ) Net income attributable to common shareholders 6,358 6,960 Denominator for net income per share – basic: Weighted average shares of common stock outstanding – basic 23,868 24,585 Net income per share – basic $ 0.27 $ 0.28 Numerator for net income per share – diluted: Net income attributable to common shareholders for basic computation 6,358 6,960 Denominator for net income per share – diluted: Weighted average shares of common stock outstanding – basic 23,868 24,585 Weighted average effect of dilutive securities – stock options 95 153 Denominator for diluted earnings per share – adjusted weighted average shares 23,963 24,738 Net income per share – diluted $ 0.27 $ 0.28 |
Note 9 - Geographic Information
Note 9 - Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 9 GEOGRAPHIC INFORMATION The tables below present entity-wide information regarding our revenue and assets by geographic area (in thousands): Three months ended March 31, 2024 2023 Revenue: United States $ 35,313 $ 36,473 Canada - - Total $ 35,313 $ 36,473 March 31, 2024 December 31, 2023 Long-lived assets: United States $ 100,897 $ 98,077 Canada - - Total $ 100,897 $ 98,077 Total assets: United States $ 120,721 $ 122,232 Canada 190 205 Total $ 120,911 $ 122,437 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the first 2024, no 10b5 1 10b5 1 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Revenue [Policy Text Block] | Revenue Recognition We derive a majority of our revenues from our annually renewable subscription-based service agreements with our customers, which include performance measurement and improvement services, healthcare analytics and governance education services. Such agreements are generally cancelable on short or no 2 ● Identify the contract, or contracts, with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the identified performance obligations; and ● Recognize revenue when, or as, we satisfy the performance obligations. Our revenue arrangements with a client may one may one one not not Our arrangements with customers consist principally of four 1 2 one 3 4 Subscription-based services - twelve may One-time services one Fixed, non-subscription services Unit-price services Revenue is presented net of any sales tax charged to our clients that we are required to remit to taxing authorities. We recognize contract assets or unbilled receivables related to revenue recognized for services completed but not |
Deferred Charges, Policy [Policy Text Block] | Deferred Contract Costs Deferred contract costs, net is stated at gross deferred costs less accumulated amortization. We defer commissions and incentives, including payroll taxes, and certain implementation costs if they are incremental and recoverable costs of obtaining a renewable customer contract. Deferred contract costs are amortized over the estimated term of the contract, including renewals, which generally ranges from three five one three March 31, 2024 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023 2024 2023 (In thousands) Direct expenses $ 67 $ 35 Selling, general and administrative expenses $ 213 $ 326 Total amortization $ 280 $ 361 Additional expense included in selling, general and administrative expenses for impairment of costs capitalized due to lost clients was $34,000 and $8,000 for the three March 31, 2024 2023, |
Accounts Receivable [Policy Text Block] | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable, determined based on our historical write-off experience, current economic conditions and reasonable and supportable forecasts about the future. We review the allowance for doubtful accounts monthly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The following table provides the activity in the allowance for doubtful accounts for the three March 31, 2024 2023 Balance at Beginning of Period Bad Debt Expense (Benefit) Write-offs Recoveries Balance at End of Period Three months ended March 31, 2024 $ 75 $ (48 ) $ 1 $ 49 $ 75 Three months ended March 31, 2023 $ 65 $ - $ 1 $ 1 $ 65 |
Lessee, Leases [Policy Text Block] | Leases We determine whether a lease is included in an agreement at inception. We recognize a lease liability and a right-of-use (“ROU”) asset on the balance sheet for our operating leases under which we are lessee. Operating lease ROU assets are included in operating lease right-of-use assets in our condensed consolidated balance sheet. Finance lease assets are included in property and equipment. Operating and finance lease liabilities are included in other current liabilities and other long-term liabilities. Certain lease arrangements may not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments during the lease term. ROU assets and lease liabilities are recorded at lease commencement based on the estimated present value of lease payments. Because the rate of interest implicit in each lease is not Due to remote working arrangements, we reassessed our office needs and subleased our Seattle location under an agreement considered to be an operating lease beginning in May 2021. not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Our valuation techniques are based on maximizing observable inputs and minimizing the use of unobservable inputs when measuring fair value. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The inputs are then classified into the following hierarchy: ( 1 1 2 2 1 not 3 3 The following details our financial assets within the fair value hierarchy at March 31, 2024 December 31, 2023: Level 1 Level 2 Level 3 Total (In thousands) As of March 31, 2024 Money Market Funds $ 1,504 $ - $ - $ 1,504 Total Cash Equivalents $ 1,504 $ - $ - $ 1,504 As of December 31, 2023 Money Market Funds $ 6,471 $ - $ - $ 6,471 Total Cash Equivalents $ 6,471 $ - $ - $ 6,471 There were no three March 31, 2024. Our long-term debt described in Note 4 2 The following are the carrying amount and estimated fair values of long-term debt: March 31, December 31, 2023 (In thousands) Total carrying amount of long-term debt $ 35,166 $ 36,787 Estimated fair value of long-term debt $ 34,723 $ 36,403 The carrying amounts of accounts receivable, line of credit, accounts payable, and accrued expenses approximate their fair value. All non-financial assets that are not March 31, 2024 December 31, 2023, Annually, we consider whether the recorded goodwill and indefinite lived intangibles have been impaired. However, goodwill and intangibles must be tested between annual tests if an event occurs or circumstances change to indicate that it is more likely than not |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies not March 31, 2024 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Amortization of Capitalized Contract Cost [Table Text Block] | 2024 2023 (In thousands) Direct expenses $ 67 $ 35 Selling, general and administrative expenses $ 213 $ 326 Total amortization $ 280 $ 361 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance at Beginning of Period Bad Debt Expense (Benefit) Write-offs Recoveries Balance at End of Period Three months ended March 31, 2024 $ 75 $ (48 ) $ 1 $ 49 $ 75 Three months ended March 31, 2023 $ 65 $ - $ 1 $ 1 $ 65 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level 1 Level 2 Level 3 Total (In thousands) As of March 31, 2024 Money Market Funds $ 1,504 $ - $ - $ 1,504 Total Cash Equivalents $ 1,504 $ - $ - $ 1,504 As of December 31, 2023 Money Market Funds $ 6,471 $ - $ - $ 6,471 Total Cash Equivalents $ 6,471 $ - $ - $ 6,471 March 31, December 31, 2023 (In thousands) Total carrying amount of long-term debt $ 35,166 $ 36,787 Estimated fair value of long-term debt $ 34,723 $ 36,403 |
Note 2 - Contracts With Custo_2
Note 2 - Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2024 2023 Subscription services recognized ratably over time $ 33,271 $ 34,433 Services recognized at a point in time 1,421 1,176 Fixed, non-subscription recognized over time 495 655 Unit price services recognized over time 126 209 Total revenue $ 35,313 $ 36,473 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, 2024 December 31, 2023 Accounts receivables $ 11,127 $ 12,378 Contract assets included in other current assets $ 77 $ 84 Deferred Revenue $ 15,194 $ 14,834 2024 2023 Contract Asset Deferred Revenue Contract Asset Deferred Revenue Increase (Decrease) Revenue recognized that was included in deferred revenue at beginning of year due to completion of services $ - $ (7,303 ) $ - $ (7,056 ) Increases due to invoicing of client, net of amounts recognized as revenue - 7,672 - 7,828 Decreases due to completion of services (or portion of services) and transferred to accounts receivable (39 ) - (37 ) - Change due to cumulative catch-up adjustments arising from changes in expected contract consideration - (9 ) - (74 ) Increases due to revenue recognized in the period with additional performance obligations before invoicing 32 - 88 - |
Note 4 - Notes Payable (Tables)
Note 4 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2023 (In thousands) Term Loan $ 16,618 $ 17,787 Delayed Draw Term Loan 18,548 19,000 Less: current portion (7,504 ) (7,214 ) Less: unamortized debt issuance costs (93 ) (103 ) Notes payable, net of current portion $ 27,569 $ 29,470 |
Note 5 - Share-based Compensa_2
Note 5 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2024 Expected dividend yield at date of grant 1.44 % Expected stock price volatility 33.83 % Risk-free interest rate 4.13 % Expected life of options (in years) 4.0 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2023 - $ - Granted 404,833 $ 39.54 Exercised - $ - Forfeited - $ - Outstanding at March 31, 2024 404,833 $ 39.54 5.80 $ 28 Exercisable at March 31, 2024 - $ - - $ - Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2023 569,168 $ 35.72 Granted - $ - Exercised 75,283 $ 23.27 Forfeited 37,556 $ 45.53 Outstanding at March 31, 2024 456,329 $ 36.96 5.57 $ 2,750 Exercisable at March 31, 2024 307,070 $ 33.45 4.41 $ 2,725 |
Schedule of Nonvested Share Activity [Table Text Block] | Common Stock Outstanding Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2023 6,058 $ 42.92 Granted - - Vested - - Forfeited - - Outstanding at March 31, 2024 6,058 $ 42.92 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Accumulated Impairment Net (In thousands) Balance at March 31, 2024 $ 62,328 (714 ) $ 61,614 March 31, December 31, (In thousands) Non-amortizing intangible assets: Indefinite trade name $ 1,191 $ 1,191 Amortizing intangible assets: Customer related 9,192 9,192 Technology 1,959 1,959 Trade names 1,572 1,572 Total amortizing intangible assets 12,723 12,723 Accumulated amortization (12,478 ) (12,443 ) Other intangible assets, net $ 1,436 $ 1,471 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 (In thousands) Property and equipment $ 68,610 $ 63,874 Accumulated depreciation 37,080 35,669 Property and equipment, net $ 31,530 $ 28,205 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 (In thousands) Numerator for net income per share – basic: $ 6,359 $ 6,964 Net income Allocation of distributed and undistributed income to unvested restricted stock shareholders (1 ) (4 ) Net income attributable to common shareholders 6,358 6,960 Denominator for net income per share – basic: Weighted average shares of common stock outstanding – basic 23,868 24,585 Net income per share – basic $ 0.27 $ 0.28 Numerator for net income per share – diluted: Net income attributable to common shareholders for basic computation 6,358 6,960 Denominator for net income per share – diluted: Weighted average shares of common stock outstanding – basic 23,868 24,585 Weighted average effect of dilutive securities – stock options 95 153 Denominator for diluted earnings per share – adjusted weighted average shares 23,963 24,738 Net income per share – diluted $ 0.27 $ 0.28 |
Note 9 - Geographic Informati_2
Note 9 - Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three months ended March 31, 2024 2023 Revenue: United States $ 35,313 $ 36,473 Canada - - Total $ 35,313 $ 36,473 March 31, 2024 December 31, 2023 Long-lived assets: United States $ 100,897 $ 98,077 Canada - - Total $ 100,897 $ 98,077 Total assets: United States $ 120,721 $ 122,232 Canada 190 205 Total $ 120,911 $ 122,437 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Incremental Costs of Obtaining a Contract, Deferred During Period | $ 114,000 | $ 163,000 | |
Capitalized Contract Cost, Net, Noncurrent | 1,254,000 | $ 1,453,000 | |
Capitalized Contract Cost, Impairment Loss | 34,000 | $ 8,000 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | |
Minimum [Member] | |||
Capitalized Contract Cost, Amortization Period (Year) | 3 years | ||
Maximum [Member] | |||
Capitalized Contract Cost, Amortization Period (Year) | 5 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Amortization Expense Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized contract cost | $ 280 | $ 361 |
Direct Expenses [Member] | ||
Capitalized contract cost | 67 | 35 |
Selling, General and Administrative Expenses [Member] | ||
Capitalized contract cost | $ 213 | $ 326 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 75 | $ 65 |
Bad debt expense | (48) | 0 |
Write-offs | 1 | 1 |
Recoveries | 49 | 1 |
Balance | $ 75 | $ 65 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total carrying amount of long-term debt | $ 35,166 | $ 36,787 |
Estimated fair value of long-term debt | 34,723 | 36,403 |
Fair Value, Recurring [Member] | ||
Assets, fair value | 1,504 | 6,471 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | 1,504 | 6,471 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | 1,504 | 6,471 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | $ 1,504 | $ 6,471 |
Note 2 - Contracts With Custo_3
Note 2 - Contracts With Customers 1 (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) |
Long-Term Contract with Customer [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 18.6 |
Note 2 - Contracts With Custo_4
Note 2 - Contracts With Customers 2 (Details Textual) - Long-Term Contract with Customer [Member] | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 18,600,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 6,200,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 7,100,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 5,000,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 230,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 2 - Contracts With Custo_5
Note 2 - Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 35,313 | $ 36,473 |
Transferred over Time [Member] | Subscription Services [Member] | ||
Revenue | 33,271 | 34,433 |
Transferred over Time [Member] | Fixed, Non-subscription Services [Member] | ||
Revenue | 495 | 655 |
Transferred over Time [Member] | Unit Price Services [Member] | ||
Revenue | 126 | 209 |
Transferred at Point in Time [Member] | Service [Member] | ||
Revenue | $ 1,421 | $ 1,176 |
Note 2 - Contracts With Custo_6
Note 2 - Contracts With Customers - Information About Receivables, Contract Assets, and Contract Liabilities From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts receivables | $ 11,127 | $ 12,378 | |
Deferred Revenue | 15,194 | 14,834 | |
Revenue recognized that was included in deferred revenue at beginning of year due to completion of services | (7,303) | $ (7,056) | |
Increases due to invoicing of client, net of amounts recognized as revenue | 7,672 | 7,828 | |
Decreases due to completion of services (or portion of services) and transferred to accounts receivable | (39) | (37) | |
Change due to cumulative catch-up adjustments arising from changes in expected contract consideration | (9) | (74) | |
Increases due to revenue recognized in the period with additional performance obligations before invoicing | 32 | $ 88 | |
Other Current Assets [Member] | |||
Contract assets included in other current assets | $ 77 | $ 84 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 22% | 23% |
Effective Income Tax Rate Change, Share-based Compensation | $ 79,000 | |
Income Tax Reconciliation, State Tax Changes | $ 32,000 |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Line of Credit, Current | $ 7,000,000 | $ 0 | |
First National Bank of Omaha [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Interest Rate During Period | 7.69% | ||
First National Bank of Omaha [Member] | Line of Credit and Delayed Draw Term Loan [Member] | |||
Debt Instrument, Variable Interest Rate, at Point in Time | 7.67% | ||
Credit Agreement [Member] | First National Bank of Omaha [Member] | |||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.1 | ||
Debt Instrument, Covenant, Exception, Fixed Charge Coverage Ratio, Dividend Threshold | $ 5,500,000 | ||
Debt Instrument, Covenant, Maximum Cash Flow Leverage Ratio | 3 | ||
Credit Agreement [Member] | First National Bank of Omaha [Member] | Maximum [Member] | |||
Debt Instrument, Covenant, Maximum Costs Associated with Building | $ 25,000,000 | ||
Credit Agreement [Member] | First National Bank of Omaha [Member] | Term Loan [Member] | |||
Debt Instrument, Face Amount | 23,412,383 | ||
Debt Instrument, Periodic Payment, Total | $ 462,988 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||
Credit Agreement [Member] | First National Bank of Omaha [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||
Line of Credit, Current | 7,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 23,000,000 | ||
Line of Credit Facility, Average Outstanding Amount | 9,100,000 | $ 0 | |
Credit Agreement [Member] | First National Bank of Omaha [Member] | Delayed Draw Term Loan (DDTL) [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 56,000,000 | ||
Debt Instrument, Periodic Payment, Principal | 226,190 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,200,000 | ||
Line of Credit and Delayed Draw Term Loan [Member] | First National Bank of Omaha [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||
Line of Credit and Delayed Draw Term Loan [Member] | First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% |
Note 4 - Notes Payable - Summar
Note 4 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less: current portion | $ (7,504) | $ (7,214) |
Less: unamortized debt issuance costs | (93) | (103) |
Notes payable, net of current portion | 27,569 | 29,470 |
Term Loan [Member] | ||
Term Loan | 16,618 | 17,787 |
Delayed Draw Term Loan (DDTL) [Member] | ||
Term Loan | $ 18,548 | $ 19,000 |
Note 5 - Share-based Compensa_3
Note 5 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Proceeds from Stock Options Exercised | $ 0 | $ 301,000 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,400,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||
Allocated Share Based Compensation, Expense (Benefit) | $ (49,000) | $ 276,000 | |
Performance based Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 404,833 | 0 | |
Service based Stock Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 59,429 | |
Service based Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Service based Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
Nonvested [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 91,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months | ||
Nonvested [Member] | Selling, General and Administrative Expenses [Member] | |||
Share-Based Payment Arrangement, Expense | $ 13,000 | $ 27,000 | |
Director Plan 2004 [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | ||
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | |||
Share Based Compensation, Arrangement By Share Based Payment Award, Options Grant, Amount | $ 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Director Plan 2004 [Member] | Nonqualified Stock Options [Member] | Director [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||
The 2006 Equity Incentive Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,800,000 | ||
The 2006 Equity Incentive Plan [Member] | Nonvested [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Restricted Stock, Outstanding Number (in shares) | 6,058 |
Note 5 - Share-based Compensa_4
Note 5 - Share-based Compensation - Stock Options Valuation Assumptions (Details) - Common Stock [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Expected dividend yield at date of grant | 1.44% |
Expected stock price volatility | 33.83% |
Risk-free interest rate | 4.13% |
Expected life of options (in years) (Year) | 4 years |
Note 5 - Share-based Compensa_5
Note 5 - Share-based Compensation - Stock Option Activity Under Equity Incentive Plans and Director Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Exercised, number of options (in shares) | 75,283 | 20,938 | |
Performance based Stock Options [Member] | |||
Beginning balance, outstanding, number of options (in shares) | 0 | ||
Beginning balance, outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Granted, number of options (in shares) | 404,833 | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 39.54 | ||
Exercised, number of options (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Forfeited, number of options (in shares) | 0 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | ||
Ending balance, outstanding, number of options (in shares) | 404,833 | 0 | |
Ending balance, outstanding, weighted average exercise price (in dollars per share) | $ 39.54 | $ 0 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 9 months 18 days | ||
Outstanding, aggregate intrinsic value | $ 28 | ||
Exercisable, number of options (in shares) | 0 | ||
Weighted average exercise price (in dollars per share) | $ 0 | ||
Service based Stock Options [Member] | |||
Beginning balance, outstanding, number of options (in shares) | 569,168 | ||
Beginning balance, outstanding, weighted average exercise price (in dollars per share) | $ 35.72 | ||
Granted, number of options (in shares) | 0 | 59,429 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||
Exercised, number of options (in shares) | 75,283 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 23.27 | ||
Forfeited, number of options (in shares) | 37,556 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 45.53 | ||
Ending balance, outstanding, number of options (in shares) | 456,329 | 569,168 | |
Ending balance, outstanding, weighted average exercise price (in dollars per share) | $ 36.96 | $ 35.72 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 6 months 25 days | ||
Outstanding, aggregate intrinsic value | $ 2,750 | ||
Exercisable, number of options (in shares) | 307,070 | ||
Weighted average exercise price (in dollars per share) | $ 33.45 | ||
Exercisable, weighted average remaining contractual term (Year) | 4 years 4 months 28 days | ||
Exercisable, aggregate intrinsic value | $ 2,725 |
Note 5 - Share-based Compensa_6
Note 5 - Share-based Compensation - Non-vested Stock (Details) - Common Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Outstanding (in shares) | shares | 6,058 |
Outstanding (in dollars per share) | $ / shares | $ 42.92 |
Granted (in shares) | shares | 0 |
Granted (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | 0 |
Vested (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 6,058 |
Outstanding (in dollars per share) | $ / shares | $ 42.92 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill, gross | $ 62,328 | |
Goodwill, Accumulated Depreciation | (714) | |
Goodwill | 61,614 | $ 61,614 |
Amortizing intangible assets | 12,723 | 12,723 |
Accumulated amortization | (12,478) | (12,443) |
Other intangible assets, net | 1,436 | 1,471 |
Customer Relationships [Member] | ||
Amortizing intangible assets | 9,192 | 9,192 |
Technology-Based Intangible Assets [Member] | ||
Amortizing intangible assets | 1,959 | 1,959 |
Trade Names [Member] | ||
Amortizing intangible assets | 1,572 | 1,572 |
Trade Names 1 [Member] | ||
Indefinite trade name | $ 1,191 | $ 1,191 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment | $ 68,610 | $ 63,874 |
Accumulated depreciation | 37,080 | 35,669 |
Property and equipment, net | $ 31,530 | $ 28,205 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 596,426 | 254,271 |
Note 8 - Earnings Per Share - N
Note 8 - Earnings Per Share - Net Income Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 6,359 | $ 6,964 |
Allocation of distributed and undistributed income to unvested restricted stock shareholders | (1) | (4) |
Net income attributable to common shareholders | $ 6,358 | $ 6,960 |
Weighted average shares of common stock outstanding – basic (in shares) | 23,868 | 24,585 |
Net income per share – basic (in dollars per share) | $ 0.27 | $ 0.28 |
Net income attributable to common shareholders for basic computation | $ 6,358 | $ 6,960 |
Weighted average effect of dilutive securities – stock options (in shares) | 95 | 153 |
Denominator for diluted earnings per share – adjusted weighted average shares (in shares) | 23,963 | 24,738 |
Net income per share – diluted (in dollars per share) | $ 0.27 | $ 0.28 |
Note 9 - Geographic Informati_3
Note 9 - Geographic Information - Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue | $ 35,313 | $ 36,473 | |
Long-lived assets | 100,897 | $ 98,077 | |
Total assets | 120,911 | 122,437 | |
UNITED STATES | |||
Revenue | 35,313 | 36,473 | |
Long-lived assets | 100,897 | 98,077 | |
Total assets | 120,721 | 122,232 | |
CANADA | |||
Revenue | 0 | $ 0 | |
Long-lived assets | 0 | 0 | |
Total assets | $ 190 | $ 205 |