Blucora, Inc. (BCOR) 10-K Annual Report Thu Feb 27 2014

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

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