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Blucora Announces Strong Second Quarter Results

Blucora, Inc. (NASDAQ:BCOR) today announced financial results for the second quarter ended June 30, 2012.

“We are pleased with our performance in the second quarter, and encouraged by the continued momentum in our search business,” said Bill Ruckelshaus, President and Chief Executive Officer of Blucora. “Our results also reflect the end of a strong season for TaxACT. We believe both of our businesses are well positioned and we remain optimistic about our outlook."

Summary Financial Performance: 2Q 2012
($ in millions except per share amounts)
Q2 2012   Q2 2011   Growth
Revenue $ 100.9 $ 54.3 86 %
Search $ 81.8 $ 54.3 51 %
Tax Preparation $ 19.1 N/A N/A
Adjusted EBITDA $ 24.5 $ 9.0 173 %
Non-GAAP Net Income $ 21.8 $ 7.6 187 %
Non-GAAP Diluted EPS $ 0.53 $ 0.20 165 %
Net Income (Loss) $ 9.7 $ (4.7 ) N/A
GAAP Diluted Income (Loss) Per Share $ 0.23 $ (0.12 ) N/A

See reconciliation of non-GAAP to GAAP measures below.


Segment Information


Search revenue for the second quarter of 2012 was $81.8 million, up 51 percent from the second quarter of 2011. Search revenue reflects strong growth from search distribution, which increased 70 percent over the prior year and was driven by growth from both existing and new partners. Search segment income was $15.1 million, up 31 percent over the second quarter of 2011.

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