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Blucora Announces Second Quarter 2017 Results

IRVING, Texas, July 27, 2017 (GLOBE NEWSWIRE) -- Blucora, Inc. (BCOR), a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals, today announced financial results for the second quarter ended June 30, 2017.

Second Quarter Highlights and Recent Developments

  • Increased revenue and operating income by 16% and 34%, respectively, year-over-year
  • HD Vest achieved record levels in AUA of $41.4 billion and AUM of $11.6 billion
  • Grew TaxAct revenue and segment income by 16% for the six months ending June 30, 2017 vs. prior-year period
  • Achieved 2.7x net leverage ratio following successful refinancing and $35 million in net debt reduction
  • Executed agreement with new clearing partner at HD Vest

“Blucora continued its positive momentum in the second quarter, with strong double-digit growth in revenue and segment income across both businesses, and achieved its stated net leverage goal,” said John Clendening, Blucora’s President and Chief Executive Officer. “HD Vest set new records in several categories, including total assets under administration (AUA), fee-based assets under management (AUM) and AUM as a percentage of AUA. TaxAct completed a strong tax season, as expected, and has turned its attention to enhancing its competitive positioning for next season.”

"In addition to our strong performance in the second quarter, I am pleased to announce today that HD Vest has selected Fidelity Clearing & Custody Solutions as its new clearing provider. We believe this relationship, which is expected to go into effect in mid-2018, will provide new capabilities, enable a better advisor experience, and allow us to capture...