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Blucora, Inc. (BCOR) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Blucora, Inc.

CIK: 1068875 Ticker: BCOR

Exhibit 99.1

 

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Blucora Announces Fourth Quarter and Full Year 2013 Results

BELLEVUE, Wash., February 20, 2014 (BUSINESS WIRE) — Blucora, Inc. (NASDAQ: BCOR) today announced financial results for the fourth quarter and full year ended December 31, 2013.

“We are pleased with our results for the fourth quarter and full year,” said Bill Ruckelshaus, President and Chief Executive Officer of Blucora. “Our businesses participate in large and growing markets and they are well positioned going forward.”

Summary Financial Performance: Q4 and Full Year 2013

($ in millions except per share amounts)

 

     Q4 2013     Q4 2012      Growth                 FY 2013     FY 2012      Growth  

Revenue

   $ 167.3      $ 97.5         72           $ 574.0      $ 406.9         41

Search

   $ 125.6      $ 96.3         30           $ 428.5      $ 344.8         24

Tax Preparation

   $ 2.0      $ 1.2         75           $ 91.2      $ 62.1         47

E-Commerce

   $ 39.7        N/A         N/A              $ 54.3 (1)      N/A         N/A   
 

Adjusted EBITDA

   $ 22.6      $ 12.1         86           $ 114.2      $ 80.4         42

Non-GAAP Net Income

   $ 18.1      $ 10.0         81           $ 97.7      $ 70.8         38

Non-GAAP Diluted EPS

   $ 0.40      $ 0.24         67           $ 2.25      $ 1.70         32
 

GAAP Net Income (Loss)

   $ (1.1 )(2)    $ 3.8         -130           $ 24.4 (2)    $ 22.5         8

GAAP Diluted Income (Loss) Per Share

   $ (0.03 )(2)    $ 0.04         -175           $ 0.56 (2)    $ 0.54         4

 

1) Blucora completed the acquisition of Monoprice on August 22, 2013. Full year 2013 e-commerce revenue excludes results prior to the acquisition.
2) GAAP Net Income (Loss) and GAAP Diluted Income (Loss) Per Share includes a $5.7 million and $11.7 million non-cash loss on a derivative instrument in Q413 and full year 2013, respectively. See reconciliation of non-GAAP to GAAP measures below.

Segment Information

Tax Preparation

Tax Preparation segment loss for the fourth quarter of 2013 was $3.0 million, which is consistent due to the seasonality of the business. Tax Preparation segment income for the full year 2013 was $40.6 million.

E-Commerce

E-Commerce segment income was $4.1 million or 10 percent of segment revenue for the fourth quarter of 2013. E-Commerce segment income for the full year 2013 was $5.0 million, which represents stub period results from the Monoprice acquisition date (August 22, 2013).

Search

Search segment income for the fourth quarter and full year 2013 was $25.0 million and $82.5 million, up 44 percent and 33 percent over the fourth quarter and full year 2012, respectively.


The following information was filed by Blucora, Inc. (BCOR) on Thursday, February 20, 2014 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
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
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 Combinations
Business Combinations (tables)
Business Combinations - Additional Information (detail)
Business Combinations - Pro Forma Financial Information Of Acquisitions (detail)
Business Combinations - Summary Of Assets Acquired And Liabilities Assumed Are Recorded At Their Fair Values As Of Acquisition Date (detail)
Business Combinations - Taxact - Additional Information (detail)
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 - Analysis Of Extinguishment Or Modification Of Debt (detail)
Debt - Convertible Senior Notes - Additional Information (detail)
Debt - Monoprice 2013 Credit Facility - Additional Information (detail)
Debt - Schedule Of Company's Debt (detail)
Debt - Schedule Of Total Interest Expense On Convertible Senior Notes (detail)
Debt - Taxact 2012 Credit Facility - Additional Information (detail)
Debt - Taxact 2013 Credit Facility - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Derivative Instruments And Hedging Activities - Summary Of Effect Of Derivative Instrument Not Designated As Hedging Instruments On Income (detail)
Derivative Instruments And Hedging Activities - Summary Of Fair Values Of Outstanding Derivative Instruments (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
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)
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 - Income Tax Expense (benefit) From Continuing Operations Differed From Amount Computed By Applying Statutory Federal Income Tax Rate (parenthetical) (detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefit Balances (detail)
Net Income Per Share
Net Income Per Share (tables)
Net Income Per Share - Additional Information (detail)
Net Income 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)
Segment Information
Segment Information (tables)
Segment Information - Information On Reportable Segments For Reconciliation To Consolidated Net Income (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
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)
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 (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 - Summary Of Loss From Discontinued Operations And Loss On Sale Of Discontinued Operations (detail)
Summary Of Significant Accounting Policies - Summary Of Loss From Discontinued Operations And Loss On Sale Of Discontinued Operations (parenthetical) (detail)
Summary Of Significant Accounting Policies - Summary Of Revenue Concentration (detail)
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-K Annual Report
Accession Number: 0001193125-14-072914
Submitted to the SEC: Thu Feb 27 2014 4:02:24 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Finance Services

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