 DALLAS, Aug. 05, 2020 GLOBE NEWSWIRE -- Blucora, Inc. NASDAQ: BCOR, a provider of data and technology-driven tax software and wealth management solutions that empowers people to improve their financial wellness, today announced financial results for the second quarter ended June 30, 2020. Second Quarter and Tax Season Highlights and Recent Developments TaxAct grows total e-files consumer professional by 1 year-over-year, amid extended tax season due to COVID-19, with consumer e-files declining 2 and professional e-files growing by 6. Improved several key business metrics for tax season, including unique visitors, retention and conversion rates and net promoter score. Tax preparation revenue expected to decline approximately 3 for the full-year 2020 compared to the full-year 2019. Full-year 2019 tax preparation revenue included approximately 14.0 million generated by the discontinued Basic Online SKU and the SimpleTax business, divested in the third quarter of 2019. Closed acquisition of HK Financial Services HKFS on July 1, 2020, adding a fast-growing, highly profitable RIA to the Companys wealth management business.In the face of negative impacts of COVID-19 on our financial results, Im pleased that we are operating effectively in this environment, said Chris Walters, Blucoras President and Chief Executive Officer. In tax preparation, we started the season slow and faced challenges from the tax-season extension; however, our in-season refinements improved a number of important business metrics leading to growth in total e-files and new consumer e-files for the first time since tax years 2014 and 2012, respectively. TaxAct significantly increased visitors to its website and increased conversion and retention rates as well as net promoter scores. In wealth management, second quarter results reflect the market and interest rate declines from the prior quarter. Our service to financial professionals has been uninterrupted and improved in many areas. We closed on our acquisition of HKFS after quarter-end, providing us with more opportunities to serve CPA firms and thereby increasing our addressable market while enhancing our growth opportunities.At the six-month mark in my tenure, we have defined our strategic priorities, addressed skills gaps amongst our leadership team and realigned our business to deliver on our detailed execution plans. While there is much to be done, we feel good about the progress weve made and how it positions the Company for future growth.Summary Financial Performance: Q2 2020 in millions except per share amounts Q2 2020 Q2 2019 Change Revenue: Wealth Management115.9 127.8 9 Tax Preparation45.2 65.9 31 Total Revenue161.1 193.7 17 Segment Income: Wealth Management11.7 17.0 31 Tax Preparation6.7 41.4 84 Total Segment Income18.4 58.3 68 Unallocated Corporate-Level General and Administrative Expenses5.8 6.2 7 GAAP: Operating Income Loss4.6 28.0 116 Net Income Attributable to Blucora, Inc.49.6 31.0 60 Diluted Net Income Per Share Attributable to Blucora, Inc.1.03 0.62 66 Non-GAAP: 1 Adjusted EBITDA12.6 52.1 76 Net Income4.5 41.4 89 Diluted Net Income per Share0.09 0.83 89 1 See reconciliations of all non-GAAP to GAAP measures presented in this release in the tables below.Tax Season UpdateTax season begins on the first day that the IRS begins accepting e-files and ends on filing deadline day plus one day. As a result of the coronavirus pandemic, the IRS extended the filing deadline for federal tax returns relating to the 2019 tax year to July 15, 2020. In order to provide comparable prior period data, we have also provided e-file information for the equivalent period in 2019. Year-to-date period ended July 16, In thousands, except percentages2020 2019 Change Consumer 13,113 3,184 2 Professional tax preparer2,036 1,924 6 Total e-files 15,149 5,108 1 1 We participate in the Free File Alliance that is part of an IRS partnership that provides free electronic tax filing services to taxpayers meeting certain income-based guidelines. Free File Alliance e-files are included within total e-files and consumer e-files above.Third Quarter and Full Year 2020 Outlook in millions except per share amounts3Q 2020Full Year 2020 Wealth Management Revenue 1133.5 - 138.5530.0 - 541.0 TaxAct Revenue36.5 - 39.0203.0 - 206.0 Total Revenue170.0 - 177.5733.0 - 747.0 Wealth Management Segment Income 115.0 - 16.565.5 - 69.5 TaxAct Segment Income14.0 - 15.046.5 - 48.0 Unallocated Corporate-Level General and Administrative Expenses6.5 - 7.524.5 - 26.0 GAAP: Net Loss 128.0 22.0343.5 334.0 Net Loss per share 10.58 0.467.09 6.92 Non-GAAP: Adjusted EBITDA 1221.5 - 25.086.0 - 93.0 Non-GAAP Net Income 127.5 - 11.540.5 - 48.0 Non-GAAP Net Income per share 120.15 - 0.230.83 - 0.98 1. Includes HKFS results from July 1, 2020 to December 31, 2020. 2. See reconciliations of all non-GAAP to GAAP measures presented in this release in the tables below.Conference Call and WebcastA conference call and live webcast will be held today at 8:30 a.m. Eastern Time during which the Company will further discuss the second quarter, its outlook for full year 2020, its tax season update, and other business matters. We will also provide the prepared remarks for the conference call along with supplemental financial information to our results on the Investor Relations section of the Blucora corporate website at prior to the call. The supplemental financial information has also been filed with the SEC on Form 8-K. A replay of the call will be available on our website.About Blucora Blucora, Inc. NASDAQ: BCOR is on the forefront of financial technology, a provider of data and technology-driven solutions that empowers people to improve their financial wellness. Blucora operates in two segments including i wealth management, through its Avantax Wealth Management business formerly operating under the HD Vest and 1st Global brands, the largest U.S. tax-focused independent broker-dealer, with 69 billion in total client assets as of June 30, 2020, and ii tax preparation, through its TaxAct business, a market leader in tax preparation software with approximately 3 million consumer and 20,000 professional users in 2020. With integrated tax focused software and wealth management, Blucora is uniquely positioned to assist our customers in achieving better long-term outcomes via holistic, tax-advantaged solutions. For more information on Blucora, visit BlucoraBlucora Contact: Bill Michalek 972 870-6463 VP, Investor RelationsThis release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, terms such as believes, estimates, should, could, would, plans, expects, intends, anticipates, may, forecasts, future, will, projects, predicts, potential, continues, target, outlook and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. 