Blucora Reports Double-Digit Revenue

Blucora (NASDAQ:BCOR) announced first quarter financial results, reporting 10 percent revenue growth over the quarter to $225.2 million in addition to $83.7 million in adjusted EBITDA, which rose by 26 percent year-over-year. Blucora, located in Irving, Texas is a company that provides tax-solutions, wealth management and financial technology services.

As quoted in the press release:

“It’s been a strong start to the year for Blucora, with double-digit growth in revenue, segment income, and adjusted EBITDA, as well as both GAAP and Non-GAAP EPS,” commented John Clendening, Blucora’s President and Chief Executive Officer. “Our strong cash generation enabled us to end the first quarter with a net leverage ratio at its lowest level in years and below 1x, prior to the closing of the 1st Global acquisition. Additionally, our wealth management business grew advisory assets to a new record level of $14 billion, crossing the 30% of total client asset level for the first time.”

• Increased total revenue by 10% year-over-year
• Grew GAAP net Income by 37%, Adjusted EBITDA* by 26%, Non-GAAP net income* by 33%
• Advisory assets grew 10% y/y, reaching record level and crossing 30% of total client assets for the first time
• Strengthened balance sheet through strong cash flow, improving net leverage ratio to 0.8x at quarter-end, from 2.1x in prior year period
• Tax preparation revenue expected to grow approximately 13% for the six months ended June 30, 2019 compared to the same period last year, with a segment margin of 58%
• Closed acquisition of 1st Global on May 6, 2019, extending lead in tax-focused wealth management segment

Click here to read the full press release.