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.

Are you read to profit from the technology market?

 

Read your free outlook report on today.

 

Give me my free report!