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Blucora, Inc. (BCOR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Blucora, Inc.

CIK: 1068875 Ticker: BCOR


Exhibit 99.1
 g720209ex99_1alogoa01a01a04.jpg
Blucora Reports Fourth Quarter and Full Year 2017 Results
IRVING, TX — February 15, 2018 — 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 fourth quarter and full year ended December 31, 2017.
2017 Highlights and Recent Developments
Increased total revenue by 12% year-over-year
Grew assets under management by 21% year-over-year to $12.5 billion, total assets under administration by 14% year-over-year to $44.2 billion at HD Vest
Achieved 20th consecutive year of revenue growth at TaxAct, growing 15% year-over-year
Lowered debt by $90 million, reduced net leverage ratio to 2.8x from 4.0x vs. prior year and lowered interest rate by 300 bps
Announced clearing transition expected to generate $60-$100 million in incremental HD Vest segment income over 10-year term
Announced appointment of Davinder Athwal as CFO effective February 21, 2018
“We delivered another solid quarter capping a strong year for our overall business and financial results,” said John Clendening, Blucora’s President and Chief Executive Officer. “The momentum we have seen throughout the year continued into the fourth quarter as we achieved 13% growth in revenue, on a year-over-year basis, and hit record asset levels.”

“For the full year 2017 we achieved double-digit growth in nearly all of our key metrics, including revenue, while significantly strengthening our balance sheet, our platform and our team. All told, we are on or ahead of schedule as we finalize our strategic transformation, and we are well-positioned to capitalize on the growth opportunities that lay ahead.”

Summary Financial Performance: Q4 and Full Year 2017
($ in millions except per share amounts)
 
Q4
 
Q4
 
 
 
Full Year
 
Full Year
 
 
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Revenue
$
97.8

 
$
86.8

 
13
 %
 
$
509.6

 
$
455.9

 
12
 %
Wealth Management
$
93.8

 
$
83.0

 
13
 %
 
$
348.6

 
$
316.5

 
10
 %
Tax Preparation
$
4.0

 
$
3.8

 
7
 %
 
$
160.9

 
$
139.4

 
15
 %
Segment Income (Loss)
$
3.7

 
$
7.7

 
(52
)%
 
$
123.8

 
$
113.2

 
9
 %
Wealth Management
$
14.2

 
$
13.8

 
3
 %
 
$
50.9

 
$
46.3

 
10
 %
Tax Preparation
$
(10.5
)
 
$
(6.1
)
 
72
 %
 
$
72.9

 
$
66.9

 
9
 %
Unallocated Corporate Operating Expenses
$
5.1

 
$
4.9

 
3
 %
 
$
22.9

 
$
19.0

 
21
 %
GAAP:
 
 
 
 
 
 
 
 
 
 
 
Operating Income (Loss)
$
(14.5
)
 
$
(14.2
)
 
2
 %
 
$
48.0

 
$
37.1

 
29
 %
Net Income (Loss) Attributable to Blucora. Inc.
$
10.0

 
$
(19.3
)
 
(152
)%
 
$
27.0

 
$
(65.2
)
 
(141
)%
Diluted Net Income (Loss) Per Share Attributable to Blucora. Inc.
$
0.21

 
$
(0.46
)
 
(146
)%
 
$
0.57

 
$
(1.53
)
 
(137
)%
Non-GAAP:
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
(1.3
)
 
$
2.8

 
(148
)%
 
$
100.9

 
$
94.2

 
7
 %
Net Income (Loss)
$
(5.7
)
 
$
(7.5
)
 
(24
)%
 
$
69.1

 
$
45.1

 
53
 %
Diluted Net Income (Loss) per Share
$
(0.12
)
 
$
(0.18
)
 
(33
)%
 
$
1.46

 
$
1.06

 
38
 %
(1) Includes a non-cash benefit of $21.4 million related to the Tax Cuts and Jobs Act
See reconciliation of as reported and pro forma non-GAAP to GAAP measures in tables below.
First Quarter Outlook
For the first quarter of 2018, the Company expects revenues to be between $193.5 million and $198.0 million, GAAP income from continuing operations to be between $29.9 million and $36.0 million, or $0.61 to $0.74 per diluted share, Adjusted EBITDA



The following information was filed by Blucora, Inc. (BCOR) on Thursday, February 15, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Stockholders' Equity
401 (k) Plan
401 (k) Plan (details)
Balance Sheet Components
Balance Sheet Components (tables)
Balance Sheet Components - Accrued Expenses And Other Current Liabilities (detail)
Balance Sheet Components - Additional Information (detail)
Balance Sheet Components - Prepaid Expenses And Other Current Assets (detail)
Balance Sheet Components - Property And Equipment (detail)
Business Combination- Hd Vest Pro Forma (details)
Business Combinations
Business Combinations (tables)
Business Combinations - Additional Information (detail)
Business Combinations - Hd Vest Additional Information (details)
Business Combinations - Hd Vest Assets And Liabilities Acquired (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Summary Of Contractual Commitments (detail)
Debt
Debt (tables)
Debt - Convertible Senior Notes - Additional Information (detail)
Debt - Note Payable Related Party (details)
Debt - Schedule Of Company's Debt (detail)
Debt - Schedule Of Total Interest Expense On Convertible Senior Notes (detail)
Debt - Secured Credit Facility (details)
Debt - Taxact - Hd Vest 2015 Credit Facility (details)
Debt - Taxact 2013 Credit Facility - Additional Information (detail)
Description Of The Business
Description Of The Business (policies)
Description Of The Business - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations- Agreements (details)
Discontinued Operations- Business Exit Costs (details)
Discontinued Operations- Debt (details)
Discontinued Operations- Goodwill And Other Intangible Assets (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 - Schedule Of Fair Value Hierarchy Of Financial Assets And Liabilities Carried At Fair Value And Measured On Recurring Basis (detail)
Fair Value Measurements- Contingent Consideration Liability (details)
Fair Value Measurements- Reconciliation Of Unobservable Inputs (details)
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)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Changes In Valuation Allowance For Deferred Tax Assets (detail)
Income Taxes - Deferred Tax Assets And Liabilities (detail)
Income Taxes - Income Tax Expense (benefit) From Continuing Operations (detail)
Income Taxes - Income Tax Expense (benefit) From Continuing Operations Differed From Amount Computed By Applying Statutory Federal Income Tax Rate (detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefit Balances (detail)
Net Income (loss) Per Share
Net Income (loss) Per Share (policies)
Net Income (loss) Per Share (tables)
Net Income (loss) Per Share - Summary Of Dilutive Effect For Awards With Exercise Price Less Than Average Stock Price (detail)
Other Loss, Net
Other Loss, Net (tables)
Other Loss, Net - Additional Information (detail)
Other Loss, Net - Schedule Of Other Loss Net (detail)
Restructuring
Restructuring (tables)
Restructuring- (details)
Segment Information
Segment Information (tables)
Segment Information - Information On Reportable Segments For Reconciliation To Consolidated Net Income (detail)
Segment Information- Revenue By Major Service (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Schedule Of Supplemental Information (detail)
Stock-based Compensation - Stock Incentive Plans Activity (detail)
Stock-based Compensation - Stock Option Grants And Warrant (detail)
Stock-based Compensation - Stock-based Compensation Expense (detail)
Stock-based Compensation - Summary Of Stock Options, Rsus And Msus (detail)
Stock-based Compensation - Unrecognized Stock-based Compensation Expense (detail)
Stockholder's Equity- Stock Repurchase (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Summary Of Components Of Accumulated Other Comprehensive Income (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Life Of Property And Equipment (detail)
Summary Of Significant Accounting Policies New Accounting Pronouncements (details)
Ticker: BCOR
CIK: 1068875
Form Type: 10-K Annual Report
Accession Number: 0001068875-18-000018
Submitted to the SEC: Thu Mar 01 2018 4:11:29 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Finance Services

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