Blucora Reports 23 Percent Revenue Increase

Blucora (NASDAQ:BCOR), a fintech company principally focused on tax solutions announced a 23 percent revenue rise compared to the same time period last year. It reported GAAP operating income figures of US$28 million which declined 28 percent year-over-year.

As quoted in the press release:

Second Quarter Highlights and Recent Developments

• Closed acquisition of 1st Global, extending lead in tax-focused wealth management segment.
• Increased total revenue by 23% and wealth management revenue by 39% year-over-year (y/y), including addition of 1st Global since May 6 acquisition date.
• HD Vest Advisory Assets increased 12% y/y to $14.5 billion; 1st Global Advisory Assets increased 5% y/y to $11.7 billion. Total Client Assets ended quarter at $67.6 billion.
• Initiated launch of Tax Smart Investing software solution that is expected to give advisors a significant incremental edge in driving value for clients.
• Grew TaxAct revenue by 12.5% y/y for the first half of 2019, with 60% segment margin.

“Our second quarter results reflect the completion of a very strong tax season and first half in tax preparation, as well as the completion of an important acquisition in wealth management,” said John Clendening, Blucora’s President and Chief Executive Officer. “Most importantly, we continue to improve our business positioning and capabilities across both businesses to ensure we are best positioned for future growth.”

Click here to read the full press release.