BLUCORA, INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - BLUCORA, INC.	ex-991earningsreleaseq2201.htm
8-K - 8-K - BLUCORA, INC.	bcor8-kq22018earningsrelea.htm

Exhibit 99.2

Blucora, Inc.

Supplemental Information

June 30, 2018

Table of Contents



Financial Information
Consolidated Financial Results	2
Reconciliation of Non-GAAP Financial Measures	4
Net Leverage Ratio	6
Reconciliation of Operating Free Cash Flow from Continuing Operations	7

Operating Metrics
Wealth Management	8
Tax Preparation	9

Blucora Consolidated Financial Results⁽¹⁾



(in thousands except %s and per share amounts, rounding differences may exist)	2016				2017																	2018
	FY 12/31				1Q			2Q			3Q			4Q			FY 12/31					1Q			2Q
Segment revenue:
Wealth Management ⁽¹⁾	$	316,546			$	82,667		$	85,296		$	86,809		$	93,848		$	348,620				$	92,082		$	92,015
Tax Preparation ⁽²⁾	139,365				99,708			53,866			3,362			4,001			160,937					113,883			65,833
Total	$	455,911			$	182,375		$	139,162		$	90,171		$	97,849		$	509,557				$	205,965		$	157,848
Segment income (loss): ⁽³⁾
Wealth Management ⁽¹⁾	$	46,296			$	11,853		$	12,406		$	12,425		$	14,232		$	50,916				$	13,075		$	12,954
Tax Preparation ⁽²⁾	66,897				53,133			36,515			(6,238		)	(10,489		)	72,921					58,806			44,121
Total	$	113,193			$	64,986		$	48,921		$	6,187		$	3,743		$	123,837				$	71,881		$	57,075
Segment income (loss) % of revenue:
Wealth Management ⁽¹⁾	15		%		14		%	15		%	14		%	15		%	15		%			14		%	14		%
Tax Preparation ⁽²⁾	48		%		53		%	68		%	(186		)%	(262		)%	45		%			52		%	67		%
Total	25		%		36		%	35		%	7		%	4		%	24		%			35		%	36		%
Unallocated corporate operating expenses ⁽³⁾	$	18,999			$	6,773		$	6,463		$	4,587		$	5,084		$	22,907				$	5,541		$	4,238
Adjusted EBITDA	$	94,194			$	58,213		$	42,458		$	1,600		$	(1,341	)	$	100,930				$	66,340		$	52,837
Other unallocated operating expenses: ⁽³⁾
Stock-based compensation⁽⁴⁾	$	14,128			$	2,565		$	2,737		$	3,132		$	3,219		$	11,653				$	2,958		$	4,033
Acquisition-related costs	391				—			—			—			—			—					—			—
Depreciation	4,545				1,134			1,059			1,023			921			4,137					2,002			1,124
Amortization of acquired intangible assets ⁽⁴⁾	34,143				8,336			8,336			8,665			8,665			34,002					8,357			8,855
Restructuring	3,870				2,289			331			106			375			3,101					289			2
Operating income (loss)	$	37,117			$	43,889		$	29,995		$	(11,326	)	$	(14,521	)	$	48,037				$	52,734		$	38,823
Unallocated other income/loss: ⁽³⁾
Interest income	$	(81	)		$	(20	)	$	(25	)	$	(31	)	$	(34	)	$	(110	)			$	(40	)	$	(58	)
Interest expense⁽⁵⁾	32,424				6,436			5,529			4,781			4,465			21,211					4,181			3,847
Amortization of debt issuance costs⁽⁵⁾	1,840				387			327			177			198			1,089					203			284
Accretion of debt discounts ⁽⁵⁾	4,690				1,085			755			53			54			1,947					47			40
Loss on debt extinguishment and modification expense ⁽⁶⁾	1,036				1,780			17,801			183			681			20,445					776			758
Other (income) loss, net	(128		)		40			(187		)	78			38			(31		)			61			(2,112		)
Total	$	39,781			$	9,708		$	24,200		$	5,241		$	5,402		$	44,551				$	5,228		$	2,759
Income (loss) from continuing operations before income taxes	$	(2,664	)		$	34,181		$	5,795		$	(16,567	)	$	(19,923	)	$	3,486				$	47,506		$	36,064
Income tax (benefit) expense:⁽³⁾
Cash	$	2,517			$	311		$	(626	)	$	(58	)	$	1,336		$	963				$	565		$	325
Non-cash ⁽⁷⁾	(3,802		)		3,160			2,941			224			(33,178		)	(26,853		)			1,398			582
Total	$	(1,285	)		$	3,471		$	2,315		$	166		$	(31,842	)	$	(25,890	)			$	1,963		$	907
GAAP income (loss) from continuing operations ⁽⁸⁾	$	(1,379	)		$	30,710		$	3,480		$	(16,733	)	$	11,919		$	29,376				$	45,543		$	35,157
GAAP income (loss) from continuing operations per share - diluted	$	(0.05	)		$	0.67		$	0.07		$	(0.37	)	$	0.21		$	0.57				$	0.93		$	0.71

GAAP discontinued operations, net of income taxes ⁽⁹⁾	$	(63,121	)		$	—		$	—		$	—		$	—		$	—				$	—		$	—
GAAP impact of noncontrolling interests ⁽⁸⁾	(658		)		(126		)	(176		)	(164		)	(1,871		)	(2,337		)			(205		)	(222		)
GAAP net income (loss) attributable to Blucora, Inc.	$	(65,158	)		$	30,584		$	3,304		$	(16,897	)	$	10,048		$	27,039				$	45,338		$	34,935

Non-GAAP net income (loss)	$	45,096			$	47,407		$	32,947		$	(5,534	)	$	(5,672	)	$	69,148				$	58,232		$	47,726
Non-GAAP net income (loss) per share - diluted	$	1.06		(10)	$	1.04		$	0.70		$	(0.12	)	$	(0.12	)	$	1.46		(11	)	$	1.20		$	0.97

Outstanding Shares	41,845				42,635			44,681			46,077			46,366			46,366					46,828			47,493
Basic shares - GAAP	41,494				42,145			43,644			45,459			46,231			44,370					46,641			47,221
Diluted shares - GAAP	41,494				45,428			46,937			45,459			48,406			47,211					48,665			49,434

Notes to Consolidated Financial Results on next page

Notes to Consolidated Financial Results

⁽¹⁾

On October 14, 2015, we announced the acquisition of HD Vest, which closed on December 31, 2015. As part of our announcement, we also stated our plans to divest the Search and Content and E-Commerce businesses in order to focus more strategically on the technology-enabled financial solutions market. The pro forma information represents the combination of HD Vest, TaxAct, and corporate expenses as if the acquisition closed on January 1, 2014. The Company believes that this presentation most accurately reflects the financial performance of the Company on a go-forward basis.


⁽²⁾	As a highly seasonal business, almost all of the Tax Preparation revenue is generated in the first four months of the calendar year.


⁽³⁾	We do not allocate certain general and administrative costs (including personnel and overhead costs), stock-based compensation, acquisition-related costs, depreciation, amortization of acquired intangible assets, restructuring, other income/loss, or income taxes to the reportable segments. The general and administrative costs are included in "Unallocated corporate operating expenses."


⁽⁴⁾	Includes stock-based compensation for Blucora share-based award grants to HD Vest employees and amortization of the definite-lived intangible assets identified in the HD Vest acquisition.


⁽⁵⁾	Excludes interest expense and amortization of debt-related costs associated with the TaxAct 2013 credit facility and HD Vest's previous debt facility, both of which were paid off at the acquisition date, and includes similar expenses associated with the TaxAct - HD Vest 2015 credit facility that was used to finance the HD Vest acquisition.

⁽⁶⁾

1Q16 gain on debt extinguishment related to the repurchase of a portion of our previously outstanding Notes below par value, offset by a loss on debt extinguishment related to the prepayment of a portion of the TaxAct - HD Vest 2015 credit facility, which resulted in the acceleration of a portion of the unamortized discount and debt issuance costs. 2Q16, 3Q16, 4Q16, 1Q17, and 2Q17 loss on debt extinguishment related to the prepayment of a portion of the TaxAct - HD Vest 2015 credit facility during each of those quarters. 2Q17 loss on debt extinguishment also related to the redemption of all of the Convertible Senior Notes and pay-off of the remaining TaxAct - HD Vest 2015 credit facility, resulting in the write-off of the remaining unamortized debt discount and issuance costs.


⁽⁷⁾	Amounts represent the non-cash portion of income taxes from continuing operations. We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of our cash tax liabilities by using deferred tax assets, which primarily consist of U.S. federal net operating losses. The majority of these net operating losses will expire, if unutilized, between 2020 and 2024.


⁽⁸⁾	GAAP income (loss) from continuing operations excludes the impact of noncontrolling interests associated with former HD Vest management rollover equity ownership of 4.48%. The impact of noncontrolling interests is recorded separately and after GAAP income (loss) from continuing operations.

⁽⁹⁾

On October 14, 2015, Blucora announced plans to divest of the Search and Content and E-Commerce businesses. Accordingly, our financial condition, results of operations, and cash flows reflect the Search and Content and E-Commerce businesses as discontinued operations for all periods presented. On August 9, 2016, we closed on an agreement with OpenMail, under which OpenMail acquired substantially all of the assets and assumed certain specified liabilities of the Search and Content business for $45.2 million. On November 17, 2016, we closed on an agreement with YFC, under which YFC acquired the E-Commerce business for $40.5 million. As a result, we recognized a combined loss on sale of discontinued operations before income taxes of $73.8 million in FY 2016.


⁽¹⁰⁾	Calculation in FY 2016 used 42,686,000 diluted shares due to non-GAAP net income.


⁽¹¹⁾	Calculation in FY 2017 used 47,211,000 diluted shares due to non-GAAP net income.

Blucora Reconciliation of Non-GAAP Financial Measures ^{(1) (2)}



	2016			2017															2018
(in thousands except per share amounts, rounding differences may exist)	FY 12/31			1Q			2Q			3Q			4Q			FY 12/31			1Q			2Q
Adjusted EBITDA
Net income (loss) attributable to Blucora, Inc.^{(1) (2) (3)}	$	(65,158	)	$	30,584		$	3,304		$	(16,897	)	$	10,048		$	27,039		$	45,338		$	34,935
Stock-based compensation	14,128			2,565			2,737			3,132			3,219			11,653			2,958			4,033
Depreciation and amortization of acquired intangible assets	38,688			9,470			9,395			9,688			9,586			38,139			10,359			9,979
Restructuring	3,870			2,289			331			106			375			3,101			289			2
Other loss, net	39,781			9,708			24,200			5,241			5,402			44,551			5,228			2,759
Net income attributable to noncontrolling interests	658			126			176			164			1,871			2,337			205			222
Income tax expense	(1,285		)	3,471			2,315			166			(31,842		)	(25,890		)	1,963			907
Discontinued operations, net of income taxes	63,121			—			—			—			—			—			—			—
Acquisition-related costs	391			—			—			—			—			—			—			—
Adjusted EBITDA	$	94,194		$	58,213		$	42,458		$	1,600		$	(1,341	)	$	100,930		$	66,340		$	52,837
Non-GAAP Net Income (Loss)
Net income (loss) attributable to Blucora, Inc.^{(1) (2) (3)}	$	(65,158	)	$	30,584		$	3,304		$	(16,897	)	$	10,048		$	27,039		$	45,338		$	34,935
Discontinued operations, net of income taxes	63,121			—			—			—			—			—			—			—
Stock-based compensation	14,128			2,565			2,737			3,132			3,219			11,653			2,958			4,033
Amortization of acquired intangible assets	34,143			8,336			8,336			8,665			8,665			34,002			8,357			8,855
Accretion of debt discount on Convertible Senior Notes	3,666			934			633			—			—			1,567			—			—
Accelerated accretion of debt discount on Convertible Senior Notes repurchased	1,628			—			—			—			—			—			—			—
Gain on Convertible Senior Notes repurchased	(7,724		)	—			—			—			—			—			—			—
Write-off of debt discount and debt issuance costs on terminated Convertible Senior Notes	—			—			6,715			—			—			6,715			—			—
Write-off of debt discount and debt issuance costs on closed TaxAct - HD Vest 2015 credit facility	—			—			9,593			—			—			9,593			—			—
Acquisition-related costs	391			—			—			—			—			—			—			—
Restructuring	3,870			2,289			331			106			375			3,101			289			2
Impact of noncontrolling interests	658			126			176			164			1,871			2,337			205			222
Cash tax impact of adjustments to GAAP net income	175			(587		)	(1,819		)	(928		)	3,328			(6		)	(313		)	(903		)
Non-cash income tax (benefit) expense	(3,802		)	3,160			2,941			224			(33,178		)	(26,853		)	1,398			582
Non-GAAP net income (loss)	$	45,096		$	47,407		$	32,947		$	(5,534	)	$	(5,672	)	$	69,148		$	58,232		$	47,726

Non-GAAP net income (loss) per share	$	1.06		$	1.04		$	0.70		$	(0.12	)	$	(0.12	)	$	1.46		$	1.20		$	0.97
Diluted shares	42,686			45,428			46,937			45,459			46,231			47,211			48,665			49,434

⁽¹⁾

On October 14, 2015, Blucora announced the acquisition of HD Vest, which closed on December 31, 2015. As part of that announcement, we also stated our plans to divest the Search and Content and E-Commerce businesses in order to focus more strategically on the technology-enabled financial solutions market. The pro forma information represents the combination of HD Vest, TaxAct, and corporate expenses as if the acquisition closed on January 1, 2014. The Company believes that this presentation most accurately reflects the financial performance of the Company on a go-forward basis.

Notes to Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

⁽²⁾ We define Adjusted EBITDA as net income attributable to Blucora, Inc., determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation and amortization of acquired intangible assets (including acquired technology), restructuring, other loss, net, the impact of noncontrolling interests, income tax expense, discontinued operations, net of income taxes, and acquisition-related costs. Restructuring costs relate to the relocation of our corporate headquarters during 2017. The aforementioned items are only included in Adjusted EBITDA in the periods they occurred.

We believe that Adjusted EBITDA provides meaningful supplemental information regarding our performance. We use this non-GAAP financial measure for internal management and compensation purposes, when publicly providing guidance on possible future results, and as a means to evaluate period-to-period comparisons. We believe that Adjusted EBITDA is a common measure used by investors and analysts to evaluate our performance, that it provides a more complete understanding of the results of operations and trends affecting our business when viewed together with GAAP results, and that management and investors benefit from referring to this non-GAAP financial measure. Items excluded from Adjusted EBITDA are significant and necessary components to the operations of our business and, therefore, Adjusted EBITDA should be considered as a supplement to, and not as a substitute for or superior to, GAAP net income. Other companies may calculate Adjusted EBITDA differently and, therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

We define non-GAAP net income as net income attributable to Blucora, Inc., determined in accordance with GAAP, excluding the effects of discontinued operations, net of income taxes, stock-based compensation, amortization of acquired intangible assets (including acquired technology), accretion of debt discount and accelerated accretion of debt discount on our Convertible Senior Notes that were outstanding for a portion of 2017 (the "Notes"), gain on those Convertible Senior Notes, write-off of debt discount and debt issuance costs on terminated Notes and the terminated TaxAct - HD Vest 2015 credit facility, acquisition-related costs, restructuring costs (described further under Adjusted EBITDA above), the impact of noncontrolling interests, the related cash tax impact of those adjustments, and non-cash income taxes. We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of our cash tax liabilities by using deferred tax assets, which primarily consist of U.S. federal net operating losses. The majority of these net operating losses will expire, if unutilized, between 2020 and 2024. The aforementioned items are only included in non-GAAP net income in the periods they occurred.

We believe that non-GAAP net income and non-GAAP net income per share provide meaningful supplemental information to management, investors, and analysts regarding our performance and the valuation of our business by excluding items in the statement of operations that we do not consider part of our ongoing operations or have not been, or are not expected to be, settled in cash. Additionally, we believe that non-GAAP net income and non-GAAP net income per share are common measures used by investors and analysts to evaluate our performance and the valuation of our business. Non-GAAP net income and non-GAAP net income per share should be evaluated in light of our financial results prepared in accordance with GAAP and should be considered as a supplement to, and not as a substitute for or superior to, GAAP net income and net income per share. Other companies may calculate non-GAAP net income and non-GAAP net income per share differently, and, therefore, our non-GAAP net income and non-GAAP net income per share may not be comparable to similarly titled measures of other companies.

⁽³⁾ As presented in the Blucora Consolidated Financial Results (unaudited) on page 2.

Blucora Net Leverage Ratio



	2016				2017																				2018
(in thousands except ratio, rounding differences may exist)	FY 12/31				1Q				2Q				3Q				4Q				FY 12/31				1Q				2Q
CASH:
Cash and cash equivalents	$	51,713			$	74,609			$	78,312			$	78,558			$	59,965			$	59,965			$	77,107			$	89,840
Available-for-sale investments	7,101				160				—				—				—				—				—				—
	$	58,814			$	74,769			$	78,312			$	78,558			$	59,965			$	59,965			$	77,107			$	89,840
DEBT:
Senior secured credit facility	$	—			$	—			$	360,000			$	350,000			$	345,000			$	345,000			$	305,000			$	265,000
TaxAct - HD Vest 2015 credit facility	260,000				222,000				—				—				—				—				—				—
Convertible Senior Notes	172,859				172,859				—				—				—				—				—				—
Note payable, related party	3,200				3,200				3,200				3,200				—				—				—				—
	$	436,059			$	398,059			$	363,200			$	353,200			$	345,000			$	345,000			$	305,000			$	265,000

NET DEBT	$	(377,245	)		$	(323,290	)		$	(284,888	)		$	(274,642	)		$	(285,035	)		$	(285,035	)		$	(227,893	)		$	(175,160	)

Last twelve months:
SEGMENT INCOME:
Wealth Management	$	46,296			$	47,243			$	49,725			$	50,522			$	50,916			$	50,916			$	52,138			$	52,686
Tax Preparation	66,897				72,457				79,176				77,320				72,921				72,921				78,594				86,200
	113,193				119,700				128,901				127,842				123,837				123,837				130,732				138,886
Unallocated corporate operating expenses	(18,999		)		(21,073		)		(23,076		)		(22,756		)		(22,907		)		(22,907		)		(21,675		)		(19,450		)

ADJUSTED EBITDA	$	94,194			$	98,627			$	105,825			$	105,086			$	100,930			$	100,930			$	109,057			$	119,436

LEVERAGE RATIO	4.0			x	3.3			x	2.7			x	2.6			x	2.8			x	2.8			x	2.1			x	1.5			x

Blucora Reconciliation of Operating Free Cash Flow from Continuing Operations ⁽¹⁾



	2016			2017															2018
(in thousands, rounding differences may exist)	FY 12/31			1Q			2Q			3Q			4Q			FY 12/31			1Q			2Q
Net cash provided by operating activities from continuing operations	$	85,970		$	52,900		$	28,236		$	(1,906	)	$	(6,384	)	$	72,846		$	57,450		$	49,107
Purchases of property and equipment	(3,812		)	(1,165		)	(746		)	(1,898		)	(1,230		)	(5,039		)	(940		)	(1,662		)
Operating free cash flow from continuing operations	$	82,158		$	51,735		$	27,490		$	(3,804	)	$	(7,614	)	$	67,807		$	56,510		$	47,445

⁽¹⁾

We define operating free cash flow from continuing operations as net cash provided by operating activities from continuing operations less purchases of property and equipment. We believe operating free cash flow is an important liquidity measure that reflects the cash generated by the continuing businesses, after the purchases of property and equipment, that can then be used for, among other things, strategic acquisitions and investments in the businesses, stock repurchases, and funding ongoing operations.

Blucora Operating Metrics - Wealth Management



	2016			2017															2018
(in thousands except %s, rounding differences may exist)	FY 12/31			1Q			2Q			3Q			4Q			FY 12/31			1Q			2Q
Segment revenue	$	316,546		$	82,667		$	85,296		$	86,809		$	93,848		$	348,620		$	92,082		$	92,015
Segment net revenue ⁽¹⁾	$	102,550		$	26,793		$	28,394		$	27,591		$	30,639		$	113,417		$	29,259		$	30,125
Segment income ⁽²⁾	$	46,296		$	11,853		$	12,406		$	12,425		$	14,232		$	50,916		$	13,075		$	12,954
Segment income % of revenue	15		%	14		%	15		%	14		%	15		%	15		%	14		%	14		%
Segment income % of net revenue	45		%	44		%	44		%	45		%	46		%	45		%	45		%	43		%



(in thousands except %s, rounding differences may exist)			2016			2017															2018
	Sources of Revenue	Primary Drivers	FY 12/31			1Q			2Q			3Q			4Q			FY 12/31			1Q			2Q
Advisor-driven	Commission	- Transactions - Asset levels	$	150,125		$	39,595		$	38,154		$	39,432		$	43,060		$	160,241		$	42,870		$	40,384
Advisor-driven	Advisory	- Advisory asset levels	129,417			33,576			35,914			37,588			38,616			145,694			39,301			40,058
Other revenue	Asset-based	- Cash balances - Interest rates - Number of accounts - Client asset levels	22,653			5,966			6,784			6,526			7,021			26,297			7,172			7,306
Other revenue	Transaction and fee	- Account activity - Number of clients - Number of advisors - Number of accounts	14,351			3,530			4,444			3,263			5,151			16,388			2,739			4,267
	Total revenue		$	316,546		$	82,667		$	85,296		$	86,809		$	93,848		$	348,620		$	92,082		$	92,015
	Total recurring revenue ⁽³⁾		$	249,130		$	63,907		$	68,971		$	70,539		$	74,129		$	277,546		$	72,962		$	75,369
	Recurring revenue rate ⁽³⁾		78.7		%	77.3		%	80.9		%	81.3		%	79.0		%	79.6		%	79.2		%	81.9		%



(in thousands except %s and as otherwise indicated, rounding differences may exist)	2016			2017															2018
	FY 12/31			1Q			2Q			3Q			4Q			FY 12/31			1Q			2Q
Total Client Assets ⁽⁴⁾	$	38,663,595		$	40,424,515		$	41,427,028		$	42,696,862		$	44,178,710		$	44,178,710		$	44,383,024		$	45,016,993
Brokerage Assets ⁽⁵⁾	$	28,266,524		$	29,333,748		$	29,875,740		$	30,712,542		$	31,648,545		$	31,648,545		$	31,665,899		$	32,069,800
Advisory Assets ⁽⁶⁾	$	10,397,071		$	11,090,767		$	11,551,288		$	11,984,320		$	12,530,165		$	12,530,165		$	12,717,125		$	12,947,193
% of total Total Client Assets	26.9		%	27.4		%	27.9		%	28.1		%	28.4		%	28.4		%	28.7		%	28.8		%
Number of advisors (in ones)	4,472			4,427			4,426			4,392			3,999			3,999			3,920			3,709
Adviser-driven revenue per adviser	$	16.3		$	16.5		$	16.7		$	17.5		$	20.4		$	20.4		$	21.0		$	21.7


⁽¹⁾	Amount represents segment revenue less advisor commission payout.


⁽²⁾	Excludes expenses associated with non-recurring projects.


⁽³⁾	Recurring revenue consists of trailing commissions, advisory fees, fees from cash sweep programs, and certain transaction and fee revenue.


⁽⁴⁾	Total client assets replaces the previously used term assets under administration.


⁽⁵⁾	Brokerage assets represents the difference between total client assets and advisory assets.


⁽⁶⁾	Advisory assets replaces the previously used term assets under management.

Blucora Operating Metrics - Tax Preparation



(in thousands except %s, rounding differences may exist)	U.S. tax seasons ended				Six months ended June 30,
Consumers	April 19, 2018	April 18, 2017	% change		2018	2017	% change
Online e-files	3,432	3,958	(13	)%	3,483	4,034	(14	)%
Desktop e-files	152	184	(17	)%	155	187	(17	)%
Sub-total e-files	3,584	4,142	(13	)%	3,638	4,221	(14	)%
Free File Alliance e-files ⁽¹⁾	188	164	15	%	193	171	13	%
Total e-files	3,772	4,306	(12	)%	3,831	4,392	(13	)%



(in thousands except %s and as otherwise indicated, rounding differences may exist)	U.S. tax seasons ended				Six months ended June 30,
Preparers	April 19, 2018	April 18, 2017	% change		2018	2017	% change
E-files	1,763	1,717	3	%	1,833	1,786	3	%
Units sold (in ones)	20,588	20,964	(2	)%	20,637	20,694	—	%
E-files per unit sold (in ones)	85.6	81.9	5	%	88.8	86.3	3	%


⁽¹⁾	Free File Alliance e-files are provided as part of an IRS partnership that provides free electronic tax filing services to taxpayers meeting certain income-based guidelines.

BLUCORA, INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 1, 2018

Attached files

BLUCORA, INC. Reports