Oct 27, 2026 earnings call — TRCV growth and Landmark implementation
Total recurring contract value finished at $151.9 million, up 11% year over year.
Revenue $0.0B (est $0.0B) · EPS $0.21 (est $0.18)
Key quotes
"Starting with TRCV, we finished the quarter with total recurring contract value of $151.9 million up 11% year over year, reflecting continued strength across our experience, market insights, and the governance institute portfolios."
"Within the experienced family, we are particularly excited about the recent launch of ambient listening, with AgenTeq AI in a rounding solution."
Analyst Q&A 4
TGI bookings and business size
Q (Constantine Davides · Citizens): Analyst asked what is driving bookings for TGI, how that converts to future revenue, the scale of the business today, and whether TRCV growing 10% is the right near-term growth view.
A: Management said TGI is a unique, high-margin product bought at the CEO/legal level that gives top-level access and helps open doors across organizations. They said TGI is only about 10% of the business today, so it won't move the top line much now, but membership has grown historically and they see room to grow. On TRCV they follow a gross policy and did not adjust TRCV; the annual gross-to-net amount is about $1.5 million and it does not materially change TRCV or margins.
"in terms of the overall, this is only about 10% of our business." — Trent Green (CEO)
AI: making money and saving costs
Q (Jeff Wilson · Atlanta Capital): Analyst asked how NRC will monetize the AgenTeq AI features (premium add-ons vs retention tool) and whether AI will let customer success or data teams scale and cut costs.
A: Management said AgenTeq AI features are embedded in the rounding subscription today rather than sold as a separate AI line, and they see AI now as features to differentiate NRC and improve wins and retention. They are evaluating possible premium monetization later but are not there yet. They are also assigning engineering and product resources to make customer success and implementation more efficient, and expect over time to improve cost to serve even if headcount may still grow with the business.
"So we do not presently have an AI skew for our AgenTeq tool that is embedded in our in our rounding product." — Trent Green (CEO)
Competitor deal effect and tax rate
Q (Josh Peters · Shiba Insight): Analyst asked what Qualtrics and Pressganey may be telling customers about platform changes or migration plans after their deal, and asked for a normalized tax rate to model for 2027 and beyond.
A: Management said the situation is ambiguous: some Prescany/Pressganey customers show interest in Qualtrics but there is no clear, market-wide communication or migration plan, and some active RFPs paused to reassess unified proposals. On tax, they said the Q2 charges (accelerated vesting/bonuses) lift the effective rate temporarily; model an effective tax rate in the high 20s (about 28%, 29%) and cash taxes typically in the lower to mid-20s.
"We will be through that. A good way that we model ourselves is you know, we are at the high 20s is about how we do our effective tax rate." — Shane R. Harrison (CFO)
New services, customer access, cross-sell
Q (John Lewis · Willis Investment Counsel): Analyst asked how new services (like rounding) let NRC reach more customer users, how that affects TRCV, and where customers buy multiple solutions from NRC.
A: Management said rounding and tools like Improvement Navigator move customers from insight to action and embed NRC tools into daily workflows, which makes NRC stickier and increases the number of daily users. They highlighted the Health Experience Foundation partnership to add clinical and operational advisory support tied to products to sustain improvement. On cross-sell, they said the Q1 landmark deal was a cross-sell and that roughly 70% (about 71%) of customers buy only one product today, so there is a long runway to sell more solutions into the base.
"So rounding is very much a engagement tool with frontline leaders." — Trent Green (CEO)