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Blucora, Inc. (BCOR) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Blucora, Inc.

CIK: 1068875 Ticker: BCOR


Exhibit 99.1
 blucoragraphica06.jpg
Blucora Announces First Quarter 2017 Results and Preliminary Tax Season Results
Strong Performance Drives Double Digit Revenue, Segment Income and EPS Growth

BELLEVUE, WA — (GLOBE NEWSWIRE) — May 4, 2017 — Blucora, Inc. (NASDAQ: BCOR), a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals, today announced financial results for the first quarter ended March 31, 2017.
First Quarter Highlights and Recent Developments
TaxAct revenue and segment income expected to grow approximately 15 and 14 percent respectively for the six months through June 30, 2017 compared to the same period last year
HD Vest exceeded $11 billion in fee-based assets under management, up 16 percent versus prior year
Repaid $38 million in debt and exited the quarter with a 3.3x leverage ratio down from 5.2x in the same period last year
Expect to close new credit facility in May 2017 that we believe will simplify capital structure, increase tenor and reduce interest expense by approximately $3.4 million in cash annually
Appointed two new independent directors with substantial financial services and public company board experience
“A focus on operational execution, a continued shift to profitable customers in tax preparation, and market tailwinds in wealth management have together driven double-digit revenue and segment income growth for the first quarter,” said John Clendening, Blucora’s President and Chief Executive Officer. “The strong segment performance coupled with continued debt reduction resulted in strong EPS growth. The efforts we have taken to transform and reposition our company while reducing debt are bearing fruit, which we believe will continue to become more evident as the year progresses.”
Summary Financial Performance: Q1 2017
($ in millions except per share amounts)
 
Q1
 
Q1
 
 
 
2017
 
2016
 
Change
Revenue
$
182.4

 
$
165.8

 
10
%
Wealth Management
$
82.7

 
$
77.3

 
7
%
Tax Preparation
$
99.7

 
$
88.5

 
13
%
Segment Income
$
65.0

 
$
58.5

 
11
%
Wealth Management
$
11.9

 
$
10.9

 
9
%
Tax Preparation
$
53.1

 
$
47.6

 
12
%
Unallocated Corporate Operating Expenses
$
(6.8
)
 
$
(4.7
)
 
44
%
GAAP:
 
 
 
 
 
Operating Income
$
43.9

 
$
39.4

 
11
%
Net Income Attributable to Blucora, Inc.
$
30.6

 
$
22.7

 
35
%
Diluted Net Income Per Share Attributable to Blucora, Inc. (EPS)
$
0.67

 
$
0.54

 
24
%
Non-GAAP:
 
 
 
 
 
Adjusted EBITDA
$
58.2

 
$
53.8

 
8
%
Net Income
$
47.4

 
$
39.3

 
21
%
Diluted Net Income Per Share (EPS)
$
1.04

 
$
0.94

 
11
%
See reconciliations of all non-GAAP to GAAP measures presented in this release in the tables below.
Tax Season Update
“This is our second year in a multi-year pivot in our TaxAct business to focus on profitable customers,” Clendening continued. “Our new strategy, utilizing our pricing power, enabled us to grow average revenue per user, increase our completion and retention rate, and improve paid mix.  We are encouraged by these metrics and believe that they reinforce the merits of our strategy of focusing on higher value customers despite that as expected, we lost share in DDIY e-files.”




The following information was filed by Blucora, Inc. (BCOR) on Thursday, May 4, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Comprehensive Income
Business Combinations
Business Combinations (tables)
Business Combinations - Narrative (details)
Business Combinations Assets And Liabilities Acquired (details)
Commitments And Contingencies
Commitments And Contingencies - (details)
Debt
Debt (tables)
Debt - Convertible Senior Notes - Additional Information (detail)
Debt - Phantom (details)
Debt - Related Party (details)
Debt - Schedule Of Company's Debt (detail)
Debt - Schedule Of Total Interest Expense On Convertible Senior Notes (detail)
Debt Taxact- Hd Vest 2015 Credit Facility (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Agreement (details)
Discontinued Operations - Income Statement And Balance Sheet (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Investments Classified As Available-for-sale (detail)
Fair Value Measurements - Reconciliation Of Fair Value Measured On Recurring Basis (details)
Fair Value Measurements - Schedule Of Fair Value Hierarchy Of Financial Assets Carried At Fair Value And Measured On Recurring Basis (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Information About Expected Amortization Of Definite-lived Intangible Assets (detail)
Goodwill And Other Intangible Assets - Intangible Assets Other Than Goodwill (detail)
Goodwill And Other Intangible Assets - Summary Of Amortized Expense (detail)
Goodwill And Other Intangible Assets - Summary Of Goodwill Activity (detail)
Net Income Per Share
Net Income Per Share (tables)
Net Income Per Share - Summary Of Dilutive Effect For Awards With Exercise Price Less Than Average Stock Price (detail)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (details)
Redeemable Noncontrolling Interests (tables)
Restructuring
Restructuring (details)
Restructuring (tables)
Segment Information
Segment Information (tables)
Segment Information - Information On Reportable Segments For Reconciliation To Consolidated Net Income (detail)
Segment Information -revenue By Segment (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Shares Issued Under Share Based Compensation (detail)
Stockholders' Equity - Stock-based Compensation Expense (detail)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - (details)
Summary Of Significant Accounting Policies Cash And Cash Equivalents (details)
The Company And Basis Of Presentation
The Company And Basis Of Presentation (policies)
The Company And Basis Of Presentation - Additional Information (detail)
Ticker: BCOR
CIK: 1068875
Form Type: 10-Q Quarterly Report
Accession Number: 0001068875-17-000046
Submitted to the SEC: Thu May 04 2017 6:39:01 AM EST
Accepted by the SEC: Thu May 04 2017
Period: Friday, March 31, 2017
Industry: Finance Services

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