(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No | Description | |||||||
Press release dated May 5, 2021 | ||||||||
Supplemental financial information dated May 5, 2021 | ||||||||
104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
BLUCORA, INC. | ||||||||
By | /s/ Marc Mehlman | |||||||
Marc Mehlman | ||||||||
Chief Financial Officer | ||||||||
May 5, 2021 |
Q1 2021 | Q1 2020 | Change | |||||||||||||||
Revenue: | |||||||||||||||||
Wealth Management | $ | 154.5 | $ | 145.0 | 7 | % | |||||||||||
Tax Software | $ | 123.9 | $ | 118.3 | 5 | % | |||||||||||
Total Revenue | $ | 278.4 | $ | 263.3 | 6 | % | |||||||||||
Segment Operating Income | |||||||||||||||||
Wealth Management | $ | 19.4 | $ | 22.6 | (14) | % | |||||||||||
Tax Software | $ | 50.9 | $ | 37.8 | 35 | % | |||||||||||
Total Segment Operating Income | $ | 70.3 | $ | 60.4 | 16 | % | |||||||||||
Unallocated Corporate-Level General and Administrative Expenses | $ | (5.7) | $ | (7.0) | 19 | % | |||||||||||
GAAP: | |||||||||||||||||
Operating Income (Loss) | $ | 37.2 | $ | (241.8) | 115 | % | |||||||||||
Net Income (Loss) | $ | 27.6 | $ | (315.5) | 109 | % | |||||||||||
Diluted Net Income (Loss) Per Share | $ | 0.56 | $ | (6.60) | 108 | % | |||||||||||
Non-GAAP: (1) | |||||||||||||||||
Adjusted EBITDA | $ | 64.6 | $ | 53.3 | 21 | % | |||||||||||
Net Income | $ | 51.0 | $ | 43.6 | 17 | % | |||||||||||
Diluted Net Income per Share | $ | 1.04 | $ | 0.90 | 16 | % |
($ in millions except per share amounts) | 2Q 2021 | Full Year 2021 | ||||||
Wealth Management Revenue | $155.5 - $161.5 | $631.5 - $649.5 | ||||||
TaxAct Revenue | $82.5 - $87.5 | $212.5 - $218.0 | ||||||
Total Revenue | $238.0 - $249.0 | $844.0 - $867.5 | ||||||
Wealth Management Segment Operating Income | $17.5 - $19.5 | $79.0 - $83.5 | ||||||
TaxAct Segment Operating Income | $53.0 - $58.0 | $72.0 - $76.5 | ||||||
Unallocated Corporate-Level General and Administrative Expenses | $7.5 - $7.0 | $28.5 - $27.5 | ||||||
GAAP: | ||||||||
Net Income | $22.5 - $31.5 | ($12.5) - $2.0 | ||||||
Net Income per share | $0.45 - $0.63 | ($0.25) - $0.04 | ||||||
Non-GAAP: | ||||||||
Adjusted EBITDA (1) | $63.0 - $70.5 | $122.5 - $132.5 | ||||||
Non-GAAP Net Income (1) | $47.0 - $55.5 | $67.5 - $80.0 | ||||||
Non-GAAP Net Income per share (1) | $0.94 - $1.11 | $1.34 - $1.60 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Wealth management services revenue | $ | 154,491 | $ | 144,989 | |||||||
Tax software services revenue | 123,892 | 118,331 | |||||||||
Total revenue | 278,383 | 263,320 | |||||||||
Operating expenses: | |||||||||||
Cost of revenue: | |||||||||||
Wealth management services cost of revenue | 108,623 | 102,342 | |||||||||
Tax software services cost of revenue | 5,578 | 4,013 | |||||||||
Total cost of revenue | 114,201 | 106,355 | |||||||||
Engineering and technology | 7,128 | 8,515 | |||||||||
Sales and marketing | 77,562 | 79,710 | |||||||||
General and administrative | 24,685 | 24,728 | |||||||||
Acquisition and integration | 8,103 | 5,682 | |||||||||
Depreciation | 2,300 | 1,796 | |||||||||
Amortization of other acquired intangible assets | 7,175 | 7,748 | |||||||||
Impairment of goodwill | — | 270,625 | |||||||||
Total operating expenses | 241,154 | 505,159 | |||||||||
Operating income (loss) | 37,229 | (241,839) | |||||||||
Other loss, net (1) | (7,883) | (6,135) | |||||||||
Income (loss) before income taxes | 29,346 | (247,974) | |||||||||
Income tax expense | (1,700) | (67,520) | |||||||||
Net income (loss) | $ | 27,646 | $ | (315,494) | |||||||
Net income (loss) per share: | |||||||||||
Basic | $ | 0.57 | $ | (6.60) | |||||||
Diluted | $ | 0.56 | $ | (6.60) | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 48,261 | 47,827 | |||||||||
Diluted | 49,097 | 47,827 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest expense | $ | 7,183 | $ | 5,316 | |||||||
Amortization of debt issuance costs | 363 | 313 | |||||||||
Accretion of debt discounts | 277 | 68 | |||||||||
Total interest expense | 7,823 | 5,697 | |||||||||
Interest income | (2) | (14) | |||||||||
Other | 62 | 452 | |||||||||
Other loss, net | $ | 7,883 | $ | 6,135 |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 191,803 | $ | 150,125 | |||||||
Cash segregated under federal or other regulations | 2,241 | 637 | |||||||||
Accounts receivable, net of allowance | 24,348 | 12,736 | |||||||||
Commissions and advisory fees receivable | 26,021 | 26,132 | |||||||||
Other receivables | 186 | 717 | |||||||||
Prepaid expenses and other current assets, net | 12,015 | 10,321 | |||||||||
Total current assets | 256,614 | 200,668 | |||||||||
Long-term assets: | |||||||||||
Property and equipment, net | 64,160 | 58,500 | |||||||||
Right-of-use assets, net | 22,886 | 23,455 | |||||||||
Goodwill, net | 454,821 | 454,821 | |||||||||
Other intangible assets, net | 315,294 | 322,179 | |||||||||
Other long-term assets | 5,342 | 4,569 | |||||||||
Total long-term assets | 862,503 | 863,524 | |||||||||
Total assets | $ | 1,119,117 | $ | 1,064,192 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 22,019 | $ | 9,290 | |||||||
Commissions and advisory fees payable | 18,762 | 19,021 | |||||||||
Accrued expenses and other current liabilities | 72,735 | 56,419 | |||||||||
Deferred revenue—current | 5,280 | 12,298 | |||||||||
Lease liabilities—current | 3,327 | 2,304 | |||||||||
Current portion of long-term debt, net | 1,786 | 1,784 | |||||||||
Total current liabilities | 123,909 | 101,116 | |||||||||
Long-term liabilities: | |||||||||||
Long-term debt, net | 552,684 | 552,553 | |||||||||
Deferred tax liability, net | 30,394 | 30,663 | |||||||||
Deferred revenue—long-term | 6,015 | 6,247 | |||||||||
Lease liabilities—long-term | 35,723 | 36,404 | |||||||||
Other long-term liabilities | 25,738 | 24,919 | |||||||||
Total long-term liabilities | 650,554 | 650,786 | |||||||||
Total liabilities | 774,463 | 751,902 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par $0.0001—900,000 authorized shares; 49,615 shares issued and 48,309 shares outstanding at March 31, 2021; 49,483 shares issued and 48,177 shares outstanding at December 31, 2020 | 5 | 5 | |||||||||
Additional paid-in capital | 1,602,948 | 1,598,230 | |||||||||
Accumulated deficit | (1,229,900) | (1,257,546) | |||||||||
Treasury stock, at cost—1,306 shares at March 31, 2021 and December 31, 2020 | (28,399) | (28,399) | |||||||||
Total stockholders’ equity | 344,654 | 312,290 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,119,117 | $ | 1,064,192 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 27,646 | $ | (315,494) | |||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Stock-based compensation | 5,610 | (1,201) | |||||||||
Depreciation and amortization of acquired intangible assets | 10,418 | 10,168 | |||||||||
Impairment of goodwill | — | 270,625 | |||||||||
Reduction of right-of-use lease assets | 569 | 1,625 | |||||||||
Deferred income taxes | (269) | 57,898 | |||||||||
Amortization of debt issuance costs | 363 | 313 | |||||||||
Accretion of debt discounts | 277 | 68 | |||||||||
Change in fair value of acquisition-related contingent consideration | 6,300 | — | |||||||||
Accretion of lease liability | 514 | 424 | |||||||||
Other | (78) | 495 | |||||||||
Cash provided (used) by changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (11,541) | (9,066) | |||||||||
Commissions and advisory fees receivable | 111 | 3,457 | |||||||||
Other receivables | 531 | (3,239) | |||||||||
Prepaid expenses and other current assets | (1,694) | (1,715) | |||||||||
Other long-term assets | (828) | 2,560 | |||||||||
Accounts payable | 12,729 | 17,744 | |||||||||
Commissions and advisory fees payable | (259) | (1,965) | |||||||||
Lease liabilities | (172) | (1,289) | |||||||||
Deferred revenue | (7,250) | (7,820) | |||||||||
Accrued expenses and other current and long-term liabilities | 10,745 | 23,276 | |||||||||
Net cash provided by operating activities | 53,722 | 46,864 | |||||||||
Investing activities: | |||||||||||
Purchases of property and equipment | (8,598) | (7,715) | |||||||||
Asset acquisitions | (587) | — | |||||||||
Net cash used by investing activities | (9,185) | (7,715) | |||||||||
Financing activities: | |||||||||||
Proceeds from credit facilities | — | 55,000 | |||||||||
Payments on credit facilities | (453) | (10,313) | |||||||||
Proceeds from stock option exercises | 63 | — | |||||||||
Tax payments from shares withheld for equity awards | (865) | (918) | |||||||||
Net cash provided (used) by financing activities | (1,255) | 43,769 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 43,282 | 82,918 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 150,762 | 86,450 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 194,044 | $ | 169,368 | |||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue: | |||||||||||
Wealth Management (1) | $ | 154,491 | $ | 144,989 | |||||||
Tax Software (1) | 123,892 | 118,331 | |||||||||
Total revenue | 278,383 | 263,320 | |||||||||
Operating income (loss): | |||||||||||
Wealth Management | 19,396 | 22,598 | |||||||||
Tax Software | 50,888 | 37,753 | |||||||||
Corporate-level activity (2) | (33,055) | (302,190) | |||||||||
Total operating income (loss) | 37,229 | (241,839) | |||||||||
Other loss, net | (7,883) | (6,135) | |||||||||
Income (loss) before income taxes | 29,346 | (247,974) | |||||||||
Income tax expense | (1,700) | (67,520) | |||||||||
Net income (loss) | $ | 27,646 | $ | (315,494) |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Wealth Management: | |||||||||||
Advisory | $ | 91,119 | $ | 78,757 | |||||||
Commission | 52,534 | 50,580 | |||||||||
Asset-based | 5,329 | 10,579 | |||||||||
Transaction and fee | 5,509 | 5,073 | |||||||||
Total Wealth Management revenue | $ | 154,491 | $ | 144,989 | |||||||
Tax Software: | |||||||||||
Consumer | $ | 110,567 | $ | 103,821 | |||||||
Professional | 13,325 | 14,510 | |||||||||
Total Tax Software revenue | $ | 123,892 | $ | 118,331 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Unallocated corporate-level general and administrative expenses | $ | 5,694 | $ | 7,016 | |||||||
Stock-based compensation | 5,610 | (1,201) | |||||||||
Acquisition and integration costs | 8,103 | 5,682 | |||||||||
Depreciation | 3,243 | 2,420 | |||||||||
Amortization of acquired intangible assets | 7,175 | 7,748 | |||||||||
Impairment of goodwill | — | 270,625 | |||||||||
Executive transition costs | — | 9,184 | |||||||||
Headquarters relocation costs | — | 716 | |||||||||
Contested proxy and other legal and consulting costs | 3,230 | — | |||||||||
Total corporate-level activity | $ | 33,055 | $ | 302,190 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income (loss) (2) | $ | 27,646 | $ | (315,494) | |||||||
Stock-based compensation | 5,610 | (1,201) | |||||||||
Depreciation and amortization of acquired intangible assets | 10,418 | 10,168 | |||||||||
Other loss, net | 7,883 | 6,135 | |||||||||
Acquisition and integration—Excl. Change in fair value of acquisition-related contingent consideration | 1,803 | 5,682 | |||||||||
Acquisition and integration—Change in fair value of acquisition-related contingent consideration | 6,300 | — | |||||||||
Impairment of goodwill | — | 270,625 | |||||||||
Executive transition costs | — | 9,184 | |||||||||
Headquarter relocation costs | — | 716 | |||||||||
Contested proxy and other legal and consulting costs | 3,230 | — | |||||||||
Income tax expense | 1,700 | 67,520 | |||||||||
Adjusted EBITDA (1) | $ | 64,590 | $ | 53,335 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income (loss) (2) | $ | 27,646 | $ | (315,494) | |||||||
Stock-based compensation | 5,610 | (1,201) | |||||||||
Amortization of acquired intangible assets | 7,175 | 7,748 | |||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 1,803 | 5,682 | |||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | 6,300 | — | |||||||||
Impairment of goodwill | — | 270,625 | |||||||||
Executive transition costs | — | 9,184 | |||||||||
Headquarters relocation costs | — | 716 | |||||||||
Contested proxy and other legal and consulting costs | 3,230 | — | |||||||||
Cash tax impact of adjustments to GAAP net income | (543) | (736) | |||||||||
Non-cash income tax (benefit) expense | (269) | 67,037 | |||||||||
Non-GAAP net income | $ | 50,952 | $ | 43,561 | |||||||
Per diluted share: | |||||||||||
Net income (loss) (2) (3) | $ | 0.56 | $ | (6.54) | |||||||
Stock-based compensation | 0.11 | (0.02) | |||||||||
Amortization of acquired intangible assets | 0.15 | 0.16 | |||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 0.04 | 0.12 | |||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | 0.13 | — | |||||||||
Impairment of goodwill | — | 5.61 | |||||||||
Executive transition costs | — | 0.19 | |||||||||
Headquarters relocation costs | — | 0.01 | |||||||||
Contested proxy and other legal and consulting costs | 0.07 | — | |||||||||
Cash tax impact of adjustments to GAAP net income | (0.01) | (0.02) | |||||||||
Non-cash income tax (benefit) expense | (0.01) | 1.39 | |||||||||
Non-GAAP net income per share | $ | 1.04 | $ | 0.90 | |||||||
Weighted average shares outstanding used in computing per diluted share amounts | 49,097 | 48,253 |
March 31, 2021 | December 31, 2020 | |||||||||||||
Debt: | ||||||||||||||
Senior secured credit facility | $ | 562,703 | $ | 563,156 | ||||||||||
Cash: | ||||||||||||||
Cash and cash equivalents | $ | 191,803 | $ | 150,125 | ||||||||||
Net debt (6) | $ | 370,900 | $ | 413,031 | ||||||||||
Trailing twelve months: | ||||||||||||||
Wealth Management segment operating income | $ | 68,993 | $ | 72,195 | ||||||||||
Tax Software segment operating income | 62,756 | 49,621 | ||||||||||||
$ | 131,749 | $ | 121,816 | |||||||||||
Unallocated corporate-level general and administrative expenses | (25,367) | (26,689) | ||||||||||||
Adjusted EBITDA (1) | $ | 106,382 | $ | 95,127 | ||||||||||
Net leverage ratio (4) (5) | 3.5 | x | 4.3 | x |
For the trailing twelve months ended | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Net income (loss) (2) | $ | 385 | $ | (342,755) | |||||||
Stock-based compensation | 16,877 | 10,066 | |||||||||
Depreciation and amortization of acquired intangible assets | 40,157 | 39,907 | |||||||||
Other loss, net | 33,052 | 31,304 | |||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 18,906 | 22,785 | |||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | 14,600 | 8,300 | |||||||||
Executive transition costs | 1,517 | 10,701 | |||||||||
Headquarter relocation costs | 1,147 | 1,863 | |||||||||
Contested proxy and other legal and consulting costs | 3,230 | — | |||||||||
Income tax (benefit) expense | (23,489) | 42,331 | |||||||||
Impairment of goodwill and an intangible asset | — | 270,625 | |||||||||
Adjusted EBITDA (1) | $ | 106,382 | $ | 95,127 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities (8) | $ | 53,722 | $ | 46,864 | |||||||
Purchase of property and equipment (8) | (8,598) | (7,715) | |||||||||
Operating free cash flow (7) | $ | 45,124 | $ | 39,149 |
Ranges for the three months ending | Ranges for the year ending | ||||||||||||||||||||||
June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income (loss) | $ | 22,500 | $ | 31,500 | $ | (12,500) | $ | 2,000 | |||||||||||||||
Stock-based compensation | 5,500 | 5,400 | 21,500 | 21,200 | |||||||||||||||||||
Depreciation and amortization of acquired intangible assets | 11,100 | 10,800 | 45,000 | 44,500 | |||||||||||||||||||
Other loss, net | 8,800 | 8,500 | 33,500 | 32,400 | |||||||||||||||||||
Acquisition, integration, and contested proxy and other legal and consulting costs (9) | 12,900 | 12,300 | 32,800 | 31,000 | |||||||||||||||||||
Income tax expense | 2,200 | 2,000 | 2,200 | 1,400 | |||||||||||||||||||
Adjusted EBITDA | $ | 63,000 | $ | 70,500 | $ | 122,500 | $ | 132,500 |
Ranges for the three months ending | Ranges for the year ending | ||||||||||||||||||||||
June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income (loss) | $ | 22,500 | $ | 31,500 | $ | (12,500) | $ | 2,000 | |||||||||||||||
Stock-based compensation | 5,500 | 5,400 | 21,500 | 21,200 | |||||||||||||||||||
Amortization of acquired intangible assets | 7,200 | 7,100 | 28,600 | 28,300 | |||||||||||||||||||
Acquisition, integration, and contested proxy and other legal and consulting costs (9) | 12,900 | 12,300 | 32,800 | 31,000 | |||||||||||||||||||
Cash tax impact of adjustments to net loss | (500) | (400) | (2,000) | (1,700) | |||||||||||||||||||
Non-cash income tax benefit | (600) | (400) | (900) | (800) | |||||||||||||||||||
Non-GAAP net income | $ | 47,000 | $ | 55,500 | $ | 67,500 | $ | 80,000 | |||||||||||||||
Per diluted share: | |||||||||||||||||||||||
Net income (loss) (3) | $ | 0.45 | $ | 0.63 | $ | (0.25) | $ | 0.04 | |||||||||||||||
Stock-based compensation | 0.11 | 0.11 | 0.43 | 0.42 | |||||||||||||||||||
Amortization of acquired intangible assets | 0.14 | 0.14 | 0.57 | 0.57 | |||||||||||||||||||
Acquisition, integration, and contested proxy and other legal and consulting costs (9) | 0.26 | 0.25 | 0.65 | 0.62 | |||||||||||||||||||
Cash tax impact of adjustments to net loss | (0.01) | (0.01) | (0.04) | (0.03) | |||||||||||||||||||
Non-cash income tax benefit | (0.01) | (0.01) | (0.02) | (0.02) | |||||||||||||||||||
Non-GAAP net income per share | $ | 0.94 | $ | 1.11 | $ | 1.34 | $ | 1.60 | |||||||||||||||
Weighted average shares outstanding used in computing per diluted share amounts | 50,100 | 50,000 | 50,300 | 50,100 |
Financial Information | |||||
Consolidated Statements of Operations (Unaudited) | |||||
Consolidated Financial Results (Unaudited) | |||||
Operating Metrics | |||||
Tax Software (1) |
(in thousands except %s and per share amounts, rounding differences may exist) | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||
FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | |||||||||||||||||||||||||||||||||||
Segment revenue: | |||||||||||||||||||||||||||||||||||||||||
Wealth Management | $ | 507,979 | $ | 144,989 | $ | 115,884 | $ | 135,932 | $ | 149,384 | $ | 546,189 | $ | 154,491 | |||||||||||||||||||||||||||
Tax Software | 209,966 | 118,331 | 45,238 | 39,421 | 5,773 | 208,763 | 123,892 | ||||||||||||||||||||||||||||||||||
Total segment revenue | 717,945 | 263,320 | 161,122 | 175,353 | 155,157 | 754,952 | 278,383 | ||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||
Wealth Management | 352,081 | 102,342 | 83,868 | 96,122 | 103,630 | 385,962 | 108,623 | ||||||||||||||||||||||||||||||||||
Tax Software | 10,691 | 4,013 | 3,054 | 2,692 | 2,569 | 12,328 | 5,578 | ||||||||||||||||||||||||||||||||||
Total segment cost of revenue | 362,772 | 106,355 | 86,922 | 98,814 | 106,199 | 398,290 | 114,201 | ||||||||||||||||||||||||||||||||||
Engineering and technology | 30,931 | 8,515 | 7,377 | 6,007 | 5,359 | 27,258 | 7,128 | ||||||||||||||||||||||||||||||||||
Sales and marketing | 126,205 | 79,710 | 40,057 | 31,018 | 26,833 | 177,618 | 77,562 | ||||||||||||||||||||||||||||||||||
General and administrative | 78,529 | 24,728 | 20,200 | 18,605 | 18,625 | 82,158 | 24,685 | ||||||||||||||||||||||||||||||||||
Depreciation | 5,479 | 1,796 | 1,675 | 1,874 | 1,948 | 7,293 | 2,300 | ||||||||||||||||||||||||||||||||||
Amortization of other acquired intangible assets | 37,357 | 7,748 | 6,673 | 7,746 | 7,578 | 29,745 | 7,175 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and an intangible asset (1) | 50,900 | 270,625 | — | — | — | 270,625 | — | ||||||||||||||||||||||||||||||||||
Acquisition and integration | 25,763 | 5,682 | 2,824 | 10,276 | 12,303 | 31,085 | 8,103 | ||||||||||||||||||||||||||||||||||
Total operating expenses | 717,936 | 505,159 | 165,728 | 174,340 | 178,845 | 1,024,072 | 241,154 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 9 | (241,839) | (4,606) | 1,013 | (23,688) | (269,120) | 37,229 | ||||||||||||||||||||||||||||||||||
Other loss, net | (16,915) | (6,135) | (5,288) | (11,963) | (7,918) | (31,304) | (7,883) | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (16,906) | (247,974) | (9,894) | (10,950) | (31,606) | (300,424) | 29,346 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 65,054 | (67,520) | 59,539 | (15,256) | (19,094) | (42,331) | (1,700) | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 48,148 | $ | (315,494) | $ | 49,645 | $ | (26,206) | $ | (50,700) | $ | (342,755) | $ | 27,646 | |||||||||||||||||||||||||||
Net income (loss) per share | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.00 | $ | (6.60) | $ | 1.04 | $ | (0.55) | $ | (1.05) | $ | (7.14) | $ | 0.57 | |||||||||||||||||||||||||||
Diluted | $ | 0.98 | $ | (6.60) | $ | 1.03 | $ | (0.55) | $ | (1.05) | $ | (7.14) | $ | 0.56 | |||||||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||||||||||||||
Basic | 48,264 | 47,827 | 47,941 | 48,039 | 48,107 | 47,978 | 48,261 | ||||||||||||||||||||||||||||||||||
Diluted | 49,282 | 47,827 | 48,092 | 48,039 | 48,107 | 47,978 | 49,097 |
(in thousands except %s and per share amounts, rounding differences may exist) | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||
FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | |||||||||||||||||||||||||||||||||||
Segment revenue: | |||||||||||||||||||||||||||||||||||||||||
Wealth Management (1) | $ | 507,979 | $ | 144,989 | $ | 115,884 | $ | 135,932 | $ | 149,384 | $ | 546,189 | $ | 154,491 | |||||||||||||||||||||||||||
Tax Software (2) | 209,966 | 118,331 | 45,238 | 39,421 | 5,773 | 208,763 | 123,892 | ||||||||||||||||||||||||||||||||||
Total segment revenue | $ | 717,945 | $ | 263,320 | $ | 161,122 | $ | 175,353 | $ | 155,157 | $ | 754,952 | $ | 278,383 | |||||||||||||||||||||||||||
Segment operating income: (3) | |||||||||||||||||||||||||||||||||||||||||
Wealth Management (1) | $ | 68,292 | $ | 22,598 | $ | 11,731 | $ | 17,498 | $ | 20,368 | $ | 72,195 | $ | 19,396 | |||||||||||||||||||||||||||
Tax Software (2) | 96,249 | 37,753 | 6,659 | 16,234 | (11,025) | 49,621 | 50,888 | ||||||||||||||||||||||||||||||||||
Total segment operating income | $ | 164,541 | $ | 60,351 | $ | 18,390 | $ | 33,732 | $ | 9,343 | $ | 121,816 | $ | 70,284 | |||||||||||||||||||||||||||
Segment operating income % of revenue: | |||||||||||||||||||||||||||||||||||||||||
Wealth Management (1) | 13 | % | 16 | % | 10 | % | 13 | % | 14 | % | 13 | % | 13 | % | |||||||||||||||||||||||||||
Tax Software (2) | 46 | % | 32 | % | 15 | % | 41 | % | (191) | % | 24 | % | 41 | % | |||||||||||||||||||||||||||
Total segment operating income % of revenue | 23 | % | 23 | % | 11 | % | 19 | % | 6 | % | 16 | % | 25 | % | |||||||||||||||||||||||||||
Unallocated corporate-level general and administrative expenses (3) | $ | 27,361 | $ | 7,016 | $ | 5,810 | $ | 6,745 | $ | 7,118 | $ | 26,689 | $ | 5,694 | |||||||||||||||||||||||||||
Adjusted EBITDA (4) | $ | 137,180 | $ | 53,335 | $ | 12,580 | $ | 26,987 | $ | 2,225 | $ | 95,127 | $ | 64,590 | |||||||||||||||||||||||||||
Other unallocated corporate-level operating expenses: (3) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ | 16,300 | $ | (1,201) | $ | 3,904 | $ | 4,517 | $ | 2,846 | $ | 10,066 | $ | 5,610 | |||||||||||||||||||||||||||
Acquisition and integration—Excl. change in fair value of acquisition-related contingent consideration | 25,763 | 5,682 | 2,824 | 11,276 | 3,003 | 22,785 | 1,803 | ||||||||||||||||||||||||||||||||||
Acquisition and integration—Change in fair value of acquisition-related contingent consideration | — | — | — | (1,000) | 9,300 | 8,300 | 6,300 | ||||||||||||||||||||||||||||||||||
Depreciation | 6,851 | 2,420 | 2,412 | 2,620 | 2,710 | 10,162 | 3,243 | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 37,357 | 7,748 | 6,673 | 7,746 | 7,578 | 29,745 | 7,175 | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | 9,184 | 636 | 405 | 476 | 10,701 | — | ||||||||||||||||||||||||||||||||||
Headquarters relocation costs | — | 716 | 737 | 410 | — | 1,863 | — | ||||||||||||||||||||||||||||||||||
Contested proxy and other legal and consulting costs | — | — | — | — | — | — | 3,230 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and intangible asset | 50,900 | 270,625 | — | — | — | 270,625 | — | ||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 9 | $ | (241,839) | $ | (4,606) | $ | 1,013 | $ | (23,688) | $ | (269,120) | $ | 37,229 | |||||||||||||||||||||||||||
Unallocated other (income) loss, net: (3) | |||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 19,017 | $ | 5,316 | $ | 4,840 | $ | 7,254 | $ | 7,160 | $ | 24,570 | $ | 7,183 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | 1,042 | 313 | 331 | 362 | 366 | 1,372 | 363 | ||||||||||||||||||||||||||||||||||
Accretion of debt discounts | 228 | 68 | 70 | 276 | 279 | 693 | 277 | ||||||||||||||||||||||||||||||||||
Total interest expense | $ | 20,287 | $ | 5,697 | $ | 5,241 | $ | 7,892 | $ | 7,805 | $ | 26,635 | $ | 7,823 | |||||||||||||||||||||||||||
Interest income | (449) | (14) | (11) | (2) | (38) | (65) | (2) | ||||||||||||||||||||||||||||||||||
Gain on sale of a business | (3,256) | — | — | (349) | — | (349) | — | ||||||||||||||||||||||||||||||||||
Non-capitalized debt issuance expenses | — | — | — | 3,687 | — | 3,687 | — | ||||||||||||||||||||||||||||||||||
Other (income) loss, net | 333 | 452 | 58 | 735 | 151 | 1,396 | 62 | ||||||||||||||||||||||||||||||||||
Total other loss, net | $ | 16,915 | $ | 6,135 | $ | 5,288 | $ | 11,963 | $ | 7,918 | $ | 31,304 | $ | 7,883 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (16,906) | $ | (247,974) | $ | (9,894) | $ | (10,950) | $ | (31,606) | $ | (300,424) | $ | 29,346 | |||||||||||||||||||||||||||
Income tax (benefit) expense: | |||||||||||||||||||||||||||||||||||||||||
Cash | $ | 3,564 | $ | 483 | $ | 158 | $ | 269 | $ | 362 | $ | 1,272 | $ | 1,969 | |||||||||||||||||||||||||||
Non-cash (5) | (68,618) | 67,037 | (59,697) | 14,987 | 18,732 | 41,059 | (269) | ||||||||||||||||||||||||||||||||||
Total income tax (benefit) expense | $ | (65,054) | $ | 67,520 | $ | (59,539) | $ | 15,256 | $ | 19,094 | $ | 42,331 | $ | 1,700 | |||||||||||||||||||||||||||
GAAP net income (loss) | $ | 48,148 | $ | (315,494) | $ | 49,645 | $ | (26,206) | $ | (50,700) | $ | (342,755) | $ | 27,646 | |||||||||||||||||||||||||||
GAAP net income (loss) per share - diluted | $ | 0.98 | $ | (6.60) | $ | 1.03 | $ | (0.55) | $ | (1.05) | $ | (7.14) | $ | 0.56 | |||||||||||||||||||||||||||
Non-GAAP net income (loss) (4) | $ | 104,198 | $ | 43,561 | $ | 4,463 | $ | 15,055 | $ | (8,999) | $ | 54,080 | $ | 50,952 | |||||||||||||||||||||||||||
Non-GAAP net income (loss) per share - diluted (4) (6) | $ | 2.11 | $ | 0.90 | $ | 0.09 | $ | 0.31 | $ | (0.19) | $ | 1.12 | $ | 1.04 | |||||||||||||||||||||||||||
Basic weighted average shares outstanding | 48,264 | 47,827 | 47,941 | 48,039 | 48,107 | 47,978 | 48,261 | ||||||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 49,282 | 47,827 | 48,092 | 48,039 | 48,107 | 47,978 | 49,097 |
2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
(in thousands except per share amounts, rounding differences may exist) | FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) (1) (2) | $ | 48,148 | $ | (315,494) | $ | 49,645 | $ | (26,206) | $ | (50,700) | $ | (342,755) | $ | 27,646 | |||||||||||||||||||||||||||
Stock-based compensation | 16,300 | (1,201) | 3,904 | 4,517 | 2,846 | 10,066 | 5,610 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of acquired intangible assets | 44,208 | 10,168 | 9,085 | 10,366 | 10,288 | 39,907 | 10,418 | ||||||||||||||||||||||||||||||||||
Other loss, net | 16,915 | 6,135 | 5,288 | 11,963 | 7,918 | 31,304 | 7,883 | ||||||||||||||||||||||||||||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 25,763 | 5,682 | 2,824 | 11,276 | 3,003 | 22,785 | 1,803 | ||||||||||||||||||||||||||||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | — | — | — | (1,000) | 9,300 | 8,300 | 6,300 | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | 9,184 | 636 | 405 | 476 | 10,701 | — | ||||||||||||||||||||||||||||||||||
Headquarters relocation costs | — | 716 | 737 | 410 | — | 1,863 | — | ||||||||||||||||||||||||||||||||||
Contested proxy and other legal and consulting costs | — | — | — | — | — | — | 3,230 | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (65,054) | 67,520 | (59,539) | 15,256 | 19,094 | 42,331 | 1,700 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and an intangible asset | 50,900 | 270,625 | — | — | — | 270,625 | — | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 137,180 | $ | 53,335 | $ | 12,580 | $ | 26,987 | $ | 2,225 | $ | 95,127 | $ | 64,590 | |||||||||||||||||||||||||||
Non-GAAP Net Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) (1) (2) | $ | 48,148 | $ | (315,494) | $ | 49,645 | $ | (26,206) | $ | (50,700) | $ | (342,755) | $ | 27,646 | |||||||||||||||||||||||||||
Stock-based compensation | 16,300 | (1,201) | 3,904 | 4,517 | 2,846 | 10,066 | 5,610 | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 37,357 | 7,748 | 6,673 | 7,746 | 7,578 | 29,745 | 7,175 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and an intangible asset | 50,900 | 270,625 | — | — | — | 270,625 | — | ||||||||||||||||||||||||||||||||||
Gain on the sale of a business | (3,256) | — | — | (349) | — | (349) | — | ||||||||||||||||||||||||||||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 25,763 | 5,682 | 2,824 | 11,276 | 3,003 | 22,785 | 1,803 | ||||||||||||||||||||||||||||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | — | — | — | (1,000) | 9,300 | 8,300 | 6,300 | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | 9,184 | 636 | 405 | 476 | 10,701 | — | ||||||||||||||||||||||||||||||||||
Headquarters relocation costs | — | 716 | 737 | 410 | — | 1,863 | — | ||||||||||||||||||||||||||||||||||
Contested proxy and other legal and consulting costs | — | — | — | — | — | — | 3,230 | ||||||||||||||||||||||||||||||||||
Non-capitalized debt issuance expenses | — | — | — | 3,687 | — | 3,687 | — | ||||||||||||||||||||||||||||||||||
Cash tax impact of adjustments to GAAP net income | (2,396) | (736) | (259) | (418) | (234) | (1,647) | (543) | ||||||||||||||||||||||||||||||||||
Non-cash income tax (benefit) expense | (68,618) | 67,037 | (59,697) | 14,987 | 18,732 | 41,059 | (269) | ||||||||||||||||||||||||||||||||||
Non-GAAP net income (loss) | $ | 104,198 | $ | 43,561 | $ | 4,463 | $ | 15,055 | $ | (8,999) | $ | 54,080 | $ | 50,952 | |||||||||||||||||||||||||||
Non-GAAP net income (loss) per share (3) | $ | 2.11 | $ | 0.90 | $ | 0.09 | $ | 0.31 | $ | (0.19) | $ | 1.12 | $ | 1.04 | |||||||||||||||||||||||||||
Weighted average shares outstanding (3) | 49,282 | 48,253 | 48,092 | 48,203 | 48,107 | 48,244 | 49,097 |
2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||
(in thousands except ratio, rounding differences may exist) | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | ||||||||||||||||||||||||||||||||
DEBT: | ||||||||||||||||||||||||||||||||||||||
Senior secured credit facility | $ | 399,687 | $ | 444,375 | $ | 389,062 | $ | 563,609 | $ | 563,156 | $ | 562,703 | ||||||||||||||||||||||||||
CASH: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 80,820 | $ | 168,198 | $ | 90,081 | $ | 151,166 | $ | 150,125 | $ | 191,803 | ||||||||||||||||||||||||||
NET DEBT (1) | $ | 318,867 | $ | 276,177 | $ | 298,981 | $ | 412,443 | $ | 413,031 | $ | 370,900 | ||||||||||||||||||||||||||
Last twelve months: | ||||||||||||||||||||||||||||||||||||||
SEGMENT INCOME: | ||||||||||||||||||||||||||||||||||||||
Wealth Management | $ | 68,292 | $ | 79,350 | $ | 74,102 | $ | 70,969 | $ | 72,195 | $ | 68,993 | ||||||||||||||||||||||||||
Tax Software | 96,249 | 54,730 | 20,021 | 48,330 | 49,621 | 62,756 | ||||||||||||||||||||||||||||||||
$ | 164,541 | $ | 134,080 | $ | 94,123 | $ | 119,299 | $ | 121,816 | $ | 131,749 | |||||||||||||||||||||||||||
Unallocated corporate-level general and administrative expenses | (27,361) | (27,272) | (26,861) | (27,130) | (26,689) | (25,367) | ||||||||||||||||||||||||||||||||
ADJUSTED EBITDA (2) | $ | 137,180 | $ | 106,808 | $ | 67,262 | $ | 92,169 | $ | 95,127 | $ | 106,382 | ||||||||||||||||||||||||||
NET LEVERAGE RATIO (2) (3) | 2.3 | x | 2.6 | x | 4.4 | x | 4.5 | x | 4.3 | x | 3.5 | x | ||||||||||||||||||||||||||
2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||
(in thousands except per share amounts, rounding differences may exist) | TTM 4Q | TTM 1Q | TTM 2Q | TTM 3Q | TTM 4Q | TTM 1Q | |||||||||||||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 48,148 | $ | (329,516) | $ | (310,907) | $ | (274,727) | $ | (342,755) | $ | 385 | |||||||||||||||||||||||
Stock-based compensation | 16,300 | 12,656 | 12,478 | 12,356 | 10,066 | 16,877 | |||||||||||||||||||||||||||||
Depreciation and amortization of acquired intangible assets | 44,208 | 45,022 | 43,276 | 41,749 | 39,907 | 40,157 | |||||||||||||||||||||||||||||
Other loss, net | 16,915 | 19,092 | 19,262 | 28,619 | 31,304 | 33,052 | |||||||||||||||||||||||||||||
Acquisition and integration—Excluding change in fair value of HKFS Contingent Consideration | 25,763 | 29,648 | 23,289 | 27,806 | 22,785 | 18,906 | |||||||||||||||||||||||||||||
Acquisition and integration—Change in fair value of HKFS Contingent Consideration | — | — | — | (1,000) | 8,300 | 14,600 | |||||||||||||||||||||||||||||
Executive transition costs | — | 9,184 | 9,820 | 10,225 | 10,701 | 1,517 | |||||||||||||||||||||||||||||
Headquarter relocation costs | — | 716 | 1,453 | 1,863 | 1,863 | 1,147 | |||||||||||||||||||||||||||||
Contested proxy and other legal and consulting costs | — | — | — | — | — | 3,230 | |||||||||||||||||||||||||||||
Income tax (benefit) expense | (65,054) | (1,519) | (52,934) | (25,347) | 42,331 | (23,489) | |||||||||||||||||||||||||||||
Impairment of goodwill and an intangible asset | 50,900 | 321,525 | 321,525 | 270,625 | 270,625 | — | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 137,180 | $ | 106,808 | $ | 67,262 | $ | 92,169 | $ | 95,127 | $ | 106,382 |
2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
(in thousands, rounding differences may exist) | FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 92,804 | $ | 46,864 | $ | (12,490) | $ | 940 | $ | 8,765 | $ | 44,079 | $ | 53,722 | |||||||||||||||||||||||||||
Purchases of property and equipment | (10,501) | (7,715) | (11,357) | (9,639) | (7,291) | (36,002) | (8,598) | ||||||||||||||||||||||||||||||||||
Operating free cash flow | $ | 82,303 | $ | 39,149 | $ | (23,847) | $ | (8,699) | $ | 1,474 | $ | 8,077 | $ | 45,124 |
2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
(in thousands except %s, rounding differences may exist) | FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | ||||||||||||||||||||||||||||||||||
Segment revenue | $ | 507,979 | $ | 144,989 | $ | 115,884 | $ | 135,932 | $ | 149,384 | $ | 546,189 | $ | 154,491 | |||||||||||||||||||||||||||
Less: Financial professional commission payout | $ | (348,003) | $ | (100,804) | $ | (82,656) | $ | (94,794) | $ | (102,610) | $ | (380,864) | $ | (107,211) | |||||||||||||||||||||||||||
Segment net revenue (1) | $ | 159,976 | $ | 44,185 | $ | 33,228 | $ | 41,138 | $ | 46,774 | $ | 165,325 | $ | 47,280 | |||||||||||||||||||||||||||
Segment income (2) | $ | 68,292 | $ | 22,598 | $ | 11,731 | $ | 17,498 | $ | 20,368 | $ | 72,195 | $ | 19,396 | |||||||||||||||||||||||||||
Segment income % of revenue | 13 | % | 16 | % | 10 | % | 13 | % | 14 | % | 13 | % | 13 | % | |||||||||||||||||||||||||||
Segment income % of net revenue | 43 | % | 51 | % | 35 | % | 43 | % | 44 | % | 44 | % | 41 | % |
(in thousands except %s, rounding differences may exist) | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Sources of Revenue | Primary Drivers | FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | |||||||||||||||||||||||||||||||||||||||
Financial professional-driven | Advisory | - Advisory asset levels | $ | 252,367 | $ | 78,757 | $ | 66,303 | $ | 82,612 | $ | 87,079 | $ | 314,751 | $ | 91,119 | |||||||||||||||||||||||||||||||
Commission | - Transactions - Asset levels - Product mix | 191,050 | 50,580 | 39,836 | 44,921 | 49,864 | 185,201 | 52,534 | |||||||||||||||||||||||||||||||||||||||
Other revenue | Asset-based | - Cash balances - Interest rates - Number of accounts - Client asset levels | 48,182 | 10,579 | 3,981 | 4,351 | 4,777 | 23,688 | 5,329 | ||||||||||||||||||||||||||||||||||||||
Transaction and fee | - Account activity - Number of clients - Number of financial professionals - Number of accounts | 16,380 | 5,073 | 5,764 | 4,048 | 7,664 | 22,549 | 5,509 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 507,979 | $ | 144,989 | $ | 115,884 | $ | 135,932 | $ | 149,384 | $ | 546,189 | $ | 154,491 | |||||||||||||||||||||||||||||||||
Total recurring revenue (3) | $ | 422,128 | $ | 119,255 | $ | 100,004 | $ | 117,822 | $ | 127,863 | $ | 464,944 | $ | 130,755 | |||||||||||||||||||||||||||||||||
Recurring revenue rate (3) | 83.1 | % | 82.3 | % | 86.3 | % | 86.7 | % | 85.6 | % | 85.1 | % | 84.6 | % |
(in thousands except %s and as otherwise indicated, rounding differences may exist) | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||
FY 12/31 | 1Q | 2Q | 3Q | 4Q | FY 12/31 | 1Q | |||||||||||||||||||||||||||||||||||
Total client assets | $ | 70,644,385 | $ | 61,014,454 | $ | 68,519,998 | $ | 76,152,721 | $ | 82,961,244 | $ | 82,961,244 | $ | 84,776,191 | |||||||||||||||||||||||||||
Brokerage assets | $ | 43,015,221 | $ | 37,395,490 | $ | 41,964,610 | $ | 43,733,735 | $ | 47,357,687 | $ | 47,357,687 | $ | 48,001,320 | |||||||||||||||||||||||||||
Advisory assets | $ | 27,629,164 | $ | 23,618,964 | $ | 26,555,388 | $ | 32,418,986 | $ | 35,603,557 | $ | 35,603,557 | $ | 36,774,871 | |||||||||||||||||||||||||||
% of total client assets | 39.1 | % | 38.7 | % | 38.8 | % | 42.6 | % | 42.9 | % | 42.9 | % | 43.4 | % | |||||||||||||||||||||||||||
Number of financial professionals (in ones) (1) | 3,984 | 3,945 | 3,862 | 3,975 | 3,770 | 3,770 | 3,718 | ||||||||||||||||||||||||||||||||||
Advisory and commission revenue per financial professional (2) | $ | 111.3 | $ | 32.8 | $ | 27.5 | $ | 32.1 | $ | 36.3 | $ | 111.3 | $ | 38.6 | |||||||||||||||||||||||||||
Quarterly production retention rate: (3) | |||||||||||||||||||||||||||||||||||||||||
Financial professional-driven revenue (4) | $ | 443,417 | $ | 495,837 | $ | 492,498 | $ | 491,829 | $ | 499,952 | $ | 499,952 | $ | 514,268 | |||||||||||||||||||||||||||
Financial professional-driven revenue related to independent financial professionals who departed in the quarter (4) | $ | 10,770 | $ | 4,586 | $ | 11,445 | $ | 5,366 | $ | 19,101 | $ | 19,101 | $ | 8,127 | |||||||||||||||||||||||||||
Financial professional-driven revenue, less that related to independent financial professionals who departed in the quarter (4) | $ | 432,647 | $ | 491,251 | $ | 481,053 | $ | 486,463 | $ | 480,851 | $ | 480,851 | $ | 506,141 | |||||||||||||||||||||||||||
Quarterly production retention rate (3) | 97.6 | % | 99.1 | % | 97.7 | % | 98.9 | % | 96.2 | % | 96.2 | % | 98.4 | % |
Cover |
May 05, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 05, 2021 |
Entity Registrant Name | BLUCORA, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-25131 |
Entity Tax Identification Number | 91-1718107 |
Entity Address, Address Line One | 3200 Olympus Blvd |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75019 |
City Area Code | 972 |
Local Phone Number | 870-6400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | BCOR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001068875 |
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