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–Report on: Blucora
BELLEVUE, WA–(Marketwired – April 28, 2016) – Blucora, Inc. (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, 2016 and provided preliminary tax season update.
First Quarter Highlights and Recent Developments
- Blucora named John S. Clendening as president and chief executive officer
- TaxAct revenue and segment income expected to grow approximately 18 percent and 20 percent respectively for the six months through June 30, 2016 compared to the same period last year
- HD Vest net revenue(1) grew 5 percent and segment income grew 26 percent in the first quarter compared to the same period last year
- Blucora paid down principal of Term B loan by 10 percent ($40M) and repurchased $28.4 million of convertible debt
“Our team continues to drive efforts to strengthen Blucora and execute on our strategic transformation into a technology-enabled financial solutions company,” said John Clendening, president and chief executive officer of Blucora. “We began 2016 with good momentum punctuated by our strong financial performance during this year’s tax season. Looking ahead, we are committed to our 2016 stated objectives of aggressively paying down debt, divesting our non-core businesses, reducing operating expenses, and delivering on our business performance goals. I am thrilled to lead a newly transformed Blucora, excited for what we can achieve together, and confident in our ability to enhance shareholder value.”
Eric Emans, chief financial officer and treasurer of Blucora, noted that the Company has made progress toward its commitment to pay down debt. “We retired more than $65 million of debt in the quarter,” he explained, “lowering our net leverage ratio and highlighting the Company’s growth, predictable profit generation and strong free cash flow conversion. Debt repayment will remain the top priority for our capital allocation strategy throughout this year and into 2017.”
The following presentation includes pro forma financial information and HD Vest. In addition, it excludes the Search and Content and E-Commerce segments which have been classified as discontinued operations for all periods presented. The Company believes that this presentation most accurately reflects the financial performance of the Company on a go-forward basis.
| Summary Financial Performance: Q1 2016 | |||||||||
| ($ in millions except per share amounts) | |||||||||
| Q1 | Q1 | ||||||||
| 2016 | 2015 | Change | |||||||
| As reported | Pro forma | ||||||||
| Revenue | $ | 165.8 | $ | 157.9 | 5% | ||||
| Wealth Management | $ | 77.3 | $ | 76.8 | 1% | ||||
| Tax Preparation | $ | 88.5 | $ | 81.1 | 9% | ||||
| Segment Income | |||||||||
| Wealth Management | $ | 10.9 | $ | 8.6 | 26% | ||||
| Tax Preparation | $ | 47.6 | $ | 44.1 | 8% | ||||
| Unallocated Corporate Operating Expenses | $ | 4.7 | $ | 4.4 | 7% | ||||
| Adjusted EBITDA | $ | 53.8 | $ | 48.4 | 11% | ||||
| Non-GAAP: | |||||||||
| Net Income | $ | 39.3 | $ | 37.3 | 5% | ||||
| Diluted Net Income Per Share | $ | 0.94 | $ | 0.89 | 6% | ||||
| GAAP: | |||||||||
| Net Income Attributable to Blucora, Inc. | $ | 22.7 | $ | 18.4 | 23% | ||||
| Diluted Net Income Per Share Attributable to Blucora, Inc. | $ | 0.54 | $ | 0.44 | 23% | ||||
See reconciliations of as reported and pro forma non-GAAP to GAAP measures in tables below.
(1) Net revenue represents Wealth Management segment revenue less Wealth Management services cost of revenue.
| Tax Season Update | ||||||||
| (in thousands, except %s) | Tax seasons ended | |||||||
| April 19, 2016 | April 16, 2015 | % change | ||||||
| Consumer: | ||||||||
| Online e-files | 4,613 | 5,058 | (9)% | |||||
| Desktop e-files | 234 | 261 | (10)% | |||||
| Sub-total e-files | 4,847 | 5,319 | (9)% | |||||
| Free File Alliance e-files | 158 | 172 | (8)% | |||||
| Total consumer e-files | 5,005 | 5,491 | (9)% | |||||
| Professional tax preparer: | ||||||||
| E-files | 1,630 | 1,475 | 11% | |||||
| Total e-files (consumer and preparer) | 6,635 | 6,966 | (5)% | |||||
Tax season begins on the first day that the IRS begins accepting e-files and ends on tax day +1.
Other
During the first quarter of 2016, the Company repaid $40.0 million on the TaxAct – HD Vest credit facility and repurchased $28.4 million of the Convertible Senior Notes for cash of $20.7 million. As a result, at the end of the first quarter, Blucora’s net leverage ratio was lowered by 1.1x.
Second Quarter and Full Year 2016 Outlook
For the second quarter of 2016, the Company expects revenues to be between $120.5 million and $124.5 million, Adjusted EBITDA to be between $33.7 million and $35.9 million, Non-GAAP income from continuing operations to be between $20.0 million and $22.7 million, or $0.48 to $0.54 per diluted share, and GAAP income from continuing operations to be between $4.5 million and $6.3 million, or $0.11 to $0.15 per diluted share.
For the full year 2016, the Company expects revenues to be between $452.0 million and $465.5 million, Adjusted EBITDA to be between $90.0 million and $94.0 million, Non-GAAP income from continuing operations to be between $39.9 million and $44.4 million, or $0.95 to $1.06 per diluted share, and GAAP loss from continuing operations to be between $5.0 million and $1.3 million, or $(0.12) to $(0.03) per diluted share.
Conference Call and Webcast
A conference call and live webcast will be held today at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time during which the Company will further discuss first quarter results and its outlook for the second quarter of 2016. We have also provided supplemental financial information to our results that can be accessed in the Investor Relations section of the Blucora corporate website athttp://www.blucora.com and filed with the SEC on Form 8-K. A replay of the call and management’s prepared remarks will also be available on our website.
About Blucora®
Blucora, Inc. (BCOR) is a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals. Our products and services in tax preparation and wealth management, through TaxAct and HD Vest, help consumers manage their financial lives. TaxAct is an affordable digital tax preparation solution for individuals, business owners and tax professionals. HD Vest Financial Services® supports an independent network of tax professionals who provide comprehensive financial planning solutions. For more information on Blucora or its businesses, please visit www.blucora.com.
Source – Blucora Press Release
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
Broad Street Alerts was previously compensated eighteen thousand five hundred dollars by star media llc for the mention of FNJN however, that contract has expired.