Investment Thesis
National Research Corporation (NRC) has built a high quality, scalable business model over the past 30 years. The management team's ability to execute on prudent long-term capital allocation led to a well executed equity recapitalization in 2018. The recapitalization has created a timely entry point into what remains a very profitable, high quality firm. The recurring subscription based revenue and potential for increased cross-over sales; as well as, the potential for increasing interest from new clientele based on a shift to a value-based payment system, and a more discerning healthcare consumer