Blucora Announces Fourth Quarter And Full Year 2012 Results

Blucora, Inc. (NASDAQ: BCOR) today announced financial results for the fourth quarter and full year ended December 31, 2012.

“The success of online search and tax preparation led Blucora to strong results for fiscal year 2012,” said Bill Ruckelshaus, President and Chief Executive Officer of Blucora. “We are pleased with our performance in both businesses in the fourth quarter and full year 2012. TaxACT entered the current tax season with momentum, driven by core product enhancements, content support improvements, and marketing programs aimed at increasing consumer awareness.”

Highlights
  • Fourth quarter revenue and Adjusted EBITDA grew 46% and 19% respectively, over the prior year
  • Full year revenue and Adjusted EBITDA grew 78% and 120% respectively, year over year
  • Full year search segment income grew 35% over the prior year
  • Blucora Board of Directors approved a $50 million share repurchase program
 
Summary Financial Performance: 4Q and Full Year 2012

($ in millions except per share amounts)
Q4 2012   Q4 2011   Growth   FY 2012   FY 2011   Growth
Revenue $ 97.5   $ 66.6   46 %   $ 406.9   $ 228.8   78 %
Search $ 96.3 $ 66.6 45 % $ 344.8 $ 228.8 51 %
Tax Preparation $ 1.2 N/A N/A $ 62.1 N/A N/A
 
Adjusted EBITDA $ 12.1 $ 10.2 19 % $ 80.4 $ 36.6 120 %
Non-GAAP Net Income $ 10.0 $ 6.9 45 % $ 70.8 $ 28.8 146 %
Non-GAAP Diluted EPS $ 0.24 $ 0.17 41 % $ 1.70 $ 0.74 130 %
 
Net Income $ 3.8 $

22.9

(2)
-83 % $ 22.5 $

21.6

(2)
4 %
GAAP Diluted Income Per Share $

0.04

(1)
$

0.57

(2)
-92 % $ 0.54 $

0.56

(2)
-4 %
 

(1) Excludes a $1.9 million non-cash gain on derivative instrument

(2) Includes a $18.9 million income tax benefit due to the reversal of the valuation allowance on deferred tax assets

 

See reconciliation of non-GAAP to GAAP measures below.
           
 

Segment Information

Search

Search revenue for the fourth quarter and full year 2012 reflects strong growth from search distribution, up 52 percent and 67 percent over the fourth quarter and full year 2011, respectively. Search segment income for the fourth quarter and full year 2012 was $17.4 million and $62.2 million, up 36 percent and 35 percent over the fourth quarter and full year 2011, respectively.

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