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Blucora Announces Strong Third Quarter Results

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

“I am pleased to report Blucora had another quarter of strong performance, driven by great results from our online search business,” said Bill Ruckelshaus, President and Chief Executive Officer of Blucora. “I am also pleased with the progress our tax preparation business has made during the offseason to improve the core product and position for long-term growth.”

“Overall, the strategies in place at Blucora are proving out and our teams are executing well. We are pleased with our progress and optimistic about our future plans,” Ruckelshaus added.

Summary Financial Performance: 3Q 2012
($ in millions except per share amounts)
  Q3 2012   Q3 2011   Growth
Revenue $ 92.9 $ 56.3 65 %
Search $ 91.4 $ 56.3 62 %
Tax Preparation $ 1.5 N/A N/A
 
Adjusted EBITDA $ 12.1 $ 8.5 42 %
Non-GAAP Net Income $ 10.4 $ 6.8 52 %
Non-GAAP Diluted EPS $ 0.25 $ 0.17 47 %
 
Net Income (Loss) $ (2.4)* $ 2.1 N/A
GAAP Diluted Income (Loss) Per Share $(0.06)* $ 0.05 N/A
 
*Includes a $4.3 million non-cash loss on derivative instrument.
See reconciliation of non-GAAP to GAAP measures below.
 

Segment Information

Search

Search revenue for the third quarter of 2012 was $91.4 million, up 62 percent from the third quarter of 2011. Search revenue reflects strong growth from search distribution, which increased 78 percent over the prior year. Search segment income was $16.4 million, up 51 percent over the third quarter of 2011.

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