Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | BLUCORA, INC. | |
Entity Central Index Key | 0001068875 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | BCOR | |
Entity Common Stock, Shares Outstanding | 48,390,443 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 149,762 | $ 84,524 |
Cash segregated under federal or other regulations | 1,527 | 842 |
Accounts receivable, net of allowance | 24,113 | 15,721 |
Commissions receivable | 14,382 | 15,562 |
Other receivables | 7,450 | 7,408 |
Prepaid expenses and other current assets, net | 10,840 | 7,755 |
Total current assets | 208,074 | 131,812 |
Long-term assets: | ||
Property and equipment, net | 12,322 | 12,389 |
Right-of-use assets, net | 5,942 | |
Goodwill, net | 548,770 | 548,685 |
Other intangible assets, net | 286,562 | 294,603 |
Other long-term assets | 11,047 | 10,236 |
Total long-term assets | 864,643 | 865,913 |
Total assets | 1,072,717 | 997,725 |
Current liabilities: | ||
Accounts payable | 10,230 | 3,798 |
Commissions and advisory fees payable | 13,655 | 15,199 |
Accrued expenses and other current liabilities | 48,675 | 18,980 |
Lease liabilities | 6,493 | 46 |
Deferred revenue | 6,424 | 10,257 |
Total current liabilities | 85,477 | 48,280 |
Long-term liabilities: | ||
Long-term debt, net | 260,570 | 260,390 |
Deferred tax liability, net | 39,422 | 40,394 |
Deferred revenue | 7,890 | 8,581 |
Lease liabilities | 2,118 | 100 |
Other long-term liabilities | 6,186 | 7,440 |
Total long-term liabilities | 316,186 | 316,905 |
Total liabilities | 401,663 | 365,185 |
Redeemable noncontrolling interests | 2,517 | 24,945 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, par $0.0001 - authorized shares, 900,000, issued and outstanding shares, 48,255 and 48,044, respectively | 5 | 5 |
Additional paid-in capital | 1,570,026 | 1,569,725 |
Accumulated deficit | (901,155) | (961,689) |
Accumulated other comprehensive loss | (339) | (446) |
Total stockholders’ equity | 668,537 | 607,595 |
Total liabilities and stockholders’ equity | $ 1,072,717 | $ 997,725 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, shares issued (in shares) | 48,255,000 | 48,044,000 |
Common stock, shares outstanding (in shares) | 48,255,000 | 48,044,000 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Services revenue | $ 225,768 | $ 205,965 |
Cost of revenue: | ||
Amortization of acquired technology | 0 | 50 |
Total cost of revenue | 65,575 | 67,467 |
Engineering and technology | 6,529 | 5,131 |
Sales and marketing | 55,572 | 55,253 |
General and administrative | 18,874 | 14,866 |
Depreciation | 1,061 | 1,915 |
Amortization of other acquired intangible assets | 8,044 | 8,307 |
Restructuring | 0 | 289 |
Total operating expenses | 155,655 | 153,228 |
Operating income | 70,113 | 52,737 |
Other loss, net | (3,958) | (5,228) |
Income before income taxes | 66,155 | 47,509 |
Income tax expense | (3,985) | (1,963) |
Net income | 62,170 | 45,546 |
Net income attributable to noncontrolling interests | 0 | (205) |
Net income attributable to Blucora, Inc. | $ 62,170 | $ 45,341 |
Net income per share attributable to Blucora, Inc.: | ||
Basic (in USD per share) | $ 1.29 | $ 0.97 |
Diluted (in USD per share) | $ 1.25 | $ 0.93 |
Weighted average shares outstanding: | ||
Basic (in shares) | 48,161 | 46,641 |
Diluted (in shares) | 49,542 | 48,665 |
Other comprehensive income (loss): | ||
Net income | $ 62,170 | $ 45,546 |
Foreign currency translation adjustment | 107 | (137) |
Other comprehensive income (loss) | 107 | (137) |
Comprehensive income | 62,277 | 45,409 |
Comprehensive income attributable to noncontrolling interests | 0 | (205) |
Comprehensive income attributable to Blucora, Inc. | 62,277 | 45,204 |
Wealth Management Services | ||
Revenue: | ||
Services revenue | 89,532 | 92,082 |
Cost of revenue: | ||
Cost of revenue | 61,374 | 63,064 |
Tax Preparation Services | ||
Revenue: | ||
Services revenue | 136,236 | 113,883 |
Cost of revenue: | ||
Cost of revenue | $ 4,201 | $ 4,353 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional- paid-in capital | Accumulated deficit | Accumulated other comprehensive loss |
Balance as of Beginning of period at Dec. 31, 2017 | $ 18,033 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net income | 205 | ||||
Balance as of End of period at Mar. 31, 2018 | 18,238 | ||||
Balance (in shares) at Dec. 31, 2017 | 46,367 | ||||
Balance at Dec. 31, 2017 | 541,387 | $ 5 | $ 1,555,560 | $ (1,014,174) | $ (4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for stock options and restricted stock units (in shares) | 462 | ||||
Common stock issued for stock options and restricted stock units | 2,534 | 2,534 | |||
Common stock issued for employee stock purchase plan | 703 | 703 | |||
Other comprehensive income (loss) | (137) | (137) | |||
Stock-based compensation | 2,958 | 2,958 | |||
Tax payments from shares withheld for equity awards | (1,493) | (1,493) | |||
Net income | 45,341 | 45,341 | |||
Balance (in shares) at Mar. 31, 2018 | 46,829 | ||||
Balance at Mar. 31, 2018 | 593,144 | $ 5 | 1,560,262 | (966,982) | (141) |
Balance as of Beginning of period at Dec. 31, 2018 | 24,945 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Reclassification of mandatorily redeemable noncontrolling interests | (22,428) | ||||
Net income | 0 | ||||
Balance as of End of period at Mar. 31, 2019 | $ 2,517 | ||||
Balance (in shares) at Dec. 31, 2018 | 48,044 | 48,044 | |||
Balance at Dec. 31, 2018 | $ 607,595 | $ 5 | 1,569,725 | (961,689) | (446) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for stock options and restricted stock units (in shares) | 211 | ||||
Common stock issued for stock options and restricted stock units | 283 | 283 | |||
Other comprehensive income (loss) | 107 | 107 | |||
Stock-based compensation | 2,443 | 2,443 | |||
Tax payments from shares withheld for equity awards | (2,425) | (2,425) | |||
Net income | $ 62,170 | 62,170 | |||
Balance (in shares) at Mar. 31, 2019 | 48,255 | 48,255 | |||
Balance at Mar. 31, 2019 | $ 668,537 | $ 5 | $ 1,570,026 | $ (901,155) | $ (339) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income | $ 62,170 | $ 45,546 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Stock-based compensation | 2,443 | 2,955 |
Depreciation and amortization of acquired intangible assets | 9,354 | 10,359 |
Reduction of right-of-use lease assets | 904 | |
Deferred income taxes | (972) | (749) |
Amortization of premium on investments, net, and debt issuance costs | 172 | 202 |
Accretion of debt discounts | 38 | 47 |
Loss on debt extinguishment | 0 | 776 |
Cash provided (used) by changes in operating assets and liabilities: | ||
Accounts receivable | (8,395) | (1,961) |
Commissions receivable | 1,180 | (240) |
Other receivables | (42) | 2,588 |
Prepaid expenses and other current assets | (3,085) | (319) |
Other long-term assets | (841) | (1,109) |
Accounts payable | 6,432 | 3,290 |
Commissions and advisory fees payable | (1,544) | (278) |
Deferred revenue | (4,524) | (4,213) |
Accrued expenses and other current and long-term liabilities | 6,946 | 556 |
Net cash provided by operating activities | 70,236 | 57,450 |
Investing Activities: | ||
Purchases of property and equipment | (1,243) | (940) |
Net cash used by investing activities | (1,243) | (940) |
Financing Activities: | ||
Payments on credit facilities | 0 | (40,000) |
Proceeds from stock option exercises | 283 | 2,534 |
Proceeds from issuance of stock through employee stock purchase plan | 0 | 703 |
Tax payments from shares withheld for equity awards | (2,425) | (1,493) |
Contingent consideration payments for business acquisition | (943) | (1,313) |
Net cash used by financing activities | (3,085) | (39,569) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 15 | (6) |
Net increase in cash, cash equivalents, and restricted cash | 65,923 | 16,935 |
Cash, cash equivalents, and restricted cash, beginning of period | 85,366 | 62,311 |
Cash, cash equivalents, and restricted cash, end of period | 151,289 | 79,246 |
Cash paid for income taxes | 1,031 | 457 |
Cash paid for interest | $ 3,624 | $ 4,188 |
Description of the Business
Description of the Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Description of the business: Blucora, Inc. (the "Company," "Blucora," "we," "our," or "us" ) operates two businesses: a Wealth Management business and a digital Tax Preparation business. The Wealth Management business consists of the operations of HDV Holdings, Inc. and its subsidiaries ( "HD Vest" ). HDV Holdings, Inc. is the parent company of the Wealth Management business and owns all outstanding shares of HD Vest, Inc., which serves as a holding company for the various financial services subsidiaries. Those subsidiaries include HD Vest Investment Securities, Inc. (an introducing broker-dealer), H.D. Vest Advisory Services, Inc. (a registered investment advisor), and H.D. Vest Insurance Agency, LLC (an insurance broker) (collectively referred to as the "Wealth Management business" or the "Wealth Management segment" ). The Tax Preparation business consists of the operations of TaxAct, Inc. and its subsidiary ( "TaxAct" ) and provides digital tax preparation solutions for consumers, small business owners, and tax professionals through its website www.TaxAct.com (collectively referred to as the "Tax Preparation business" or the "Tax Preparation segment" ). Segments: T he Company has two reportable segments : the Wealth Management segment, which is the HD Vest business, and the Tax Preparation segment, which is the TaxAct business. Reclassification : The Company reclassified certain amounts on its consolidated balance sheets related to loans given to several HD Vest advisors and the Company's finance leases. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim financial information: The accompanying consolidated financial statements have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission (the "SEC" ) for interim financial reporting. These consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ( "GAAP" ) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II , Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Interim results are not necessarily indicative of results for a full year. Cash, cash equivalents, and restricted cash: The following table presents cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets that equal the total amounts on the consolidated statements of cash flows (in thousands): March 31, December 31, 2019 2018 2018 Cash and cash equivalents $ 149,762 $ 77,107 $ 84,524 Cash segregated under federal or other regulations 1,527 1,314 842 Restricted cash included in "Prepaid expenses and other current assets, net" — 275 — Restricted cash included in "Other long-term assets" — 550 — Total cash, cash equivalents, and restricted cash $ 151,289 $ 79,246 $ 85,366 Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of the Company’s Wealth Management customers. Restricted cash included in prepaid expenses and other current assets, net and other long-term assets represents amounts pledged as collateral for certain of the Company's banking and lease arrangements. Fair value of financial instruments : The Company measures its cash equivalents at fair value. The Company considers the carrying values of accounts receivable, commissions receivable, other receivables, prepaid expenses, other current assets, accounts payable, commissions and advisory fees payable, accrued expenses, and other current liabilities to approximate fair values primarily due to their short-term natures . Concentration of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments, trade accounts receivable, and commissions receivable. These instruments are generally unsecured and uninsured. For cash equivalents, short-term investments, and commissions receivable, the Company attempts to manage exposure to counterparty credit risk by only entering into agreements with major financial institutions and investment sponsors that are expected to be able to fully perform under the terms of the agreement. Accounts receivable are typically unsecured and are derived from revenues earned from customers primarily located in the United States operating in a variety of geographic areas . The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Recent accounting pronouncements: Changes to GAAP are established by the Financial Accounting Standards Board ( "FASB" ) in the form of accounting standards updates ( "ASUs" ) to the FASB’s Accounting Standards Codification ( "ASC" ). The Company considers the applicability and impact of all recent ASUs. ASUs and ASCs not listed below were assessed and either were determined to not be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. The Company currently is evaluating, or has adopted, ASUs and ASCs that impact the following areas: Share-Based Payments (ASU 2018-07) - In June 2018, the FASB issued an ASU that requires companies to account for share-based payments granted to non-employees similarly to share-based payments granted to employees. This ASU was effective for fiscal years beginning after December 15, 2018, including the interim periods within those fiscal years. Early adoption of this ASU wa s permitted. In the third quarter of 2018, the Company decided to early adopt the requirements of the new standard , effective January 1, 2018, utilizing the alternative adoption method. The adoption of this ASU had an insignificant impact on the Company's unaudited 2018 quarterly results for the three months ended March 31, 2018. Leases (ASU 2016-02) - In February 2016, the FASB issued guidance codified in ASC 842, "Leases" ( "ASC 842" ), which supersedes the guidance in ASC 840 "Leases." Under ASC 842, lease assets and liabilities, whether arising from leases that are considered operating or finance (capital) will be recognized on the balance sheet. Lease liabilities are measured as the present value of unpaid lease payments for operating leases where the Company is the lessee, and a corresponding right-of-use ( "ROU" ) asset is recognized for the right to use the leased assets. This guidance became effective on a modified retrospective basis-with various practical expedients related to leases that commenced before the effective date-for annual reporting periods, including interim reporting periods within those annual reporting periods, beginning after December 15, 2018. Prior comparable periods are presented in accordance with accounting guidance under ASC 840 "Leases" and were not restated. The Company adopted ASC 842 on January 1, 2019 for all open leases with a term greater than one year as of the adoption date, using the modified retrospective method of adoption with a cumulative effect adjustment to retained earnings. The Company elected the package of practical expedients, for which there is no requirement to reassess lease existence, classification and initial direct costs, the hindsight practical expedient, for which the Company used hindsight in determining certain lease terms, and the short-term lease expedient, for which the Company considered all open leases with a term greater than one year as of the adoption date. The adoption resulted in $6.6 million of additional operating lease assets, $9.1 million of additional operating lease liabilities, and a $1.6 million adjustment to the opening balance of retained earnings as a result of reevaluating certain of the Company's lease terms as of the adoption date. The Company also reclassified, upon adoption, $0.9 million of other lease-related balances to reduce the measurement of lease assets. The Company's lease terms are comprised of contractual terms but may include extension or termination options reasonably assured to be exercised at lease inception, which are included in the recognition of ROU assets and lease liabilities. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company’s leases are not complex; therefore, there were no significant assumptions or judgments made in applying the requirements of ASC 842, including the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and non-lease components, and the determination of the discount rates for the leases. Measurement of Credit Losses (ASU 2016-13) - In June 2016, the FASB issued an ASU that requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is effective for fiscal years beginning after December 15, 2019, including the interim periods within those fiscal years. The Company is currently assessing the impact of adopting this ASU, but based on a preliminary assessment, does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. |
Segment Information and Revenue
Segment Information and Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information and Revenues | Segment Information and Revenues The Company has two reportable segments: the Wealth Management segment and the Tax Preparation segment. The Company’s Chief Executive Officer is its chief operating decision maker and reviews financial information presented on a disaggregated basis. This information is used for purposes of allocating resources and evaluating financial performance. Information on reportable segments currently presented to the Company’s chief operating decision maker and a reconciliation to consolidated net income are presented below (in thousands): Three Months Ended March 31, 2019 2018 Revenue: Wealth Management $ 89,532 $ 92,082 Tax Preparation 136,236 113,883 Total revenue 225,768 205,965 Operating income (loss): Wealth Management 11,540 13,075 Tax Preparation 79,272 58,806 Corporate-level activity (20,699) (19,144) Total operating income 70,113 52,737 Other loss, net (3,958) (5,228) Income tax expense (3,985) (1,963) Net income $ 62,170 $ 45,546 Revenues by major category within each segment are presented below (in thousands): Three Months Ended March 31, 2019 2018 Wealth Management: Commission $ 37,160 $ 42,870 Advisory 39,757 39,301 Asset-based 9,693 7,172 Transaction and fee 2,922 2,739 Total Wealth Management revenue $ 89,532 $ 92,082 Tax Preparation: Consumer $ 123,942 $ 101,912 Professional 12,294 11,971 Total Tax Preparation revenue $ 136,236 $ 113,883 Wealth Management revenue recognition: Wealth Management revenue consists primarily of commission revenue, advisory revenue, asset-based revenue, and transaction and fee revenue. The Company's Wealth Management revenues are earned from customers primarily located in the United States. Wealth management revenue details are as follows: Commission revenue - Commission revenue represents amounts generated by purchases and sales of securities and various investment products by the Company's clients. The Company serves as the registered broker/dealer or insurance agent for those trades. The Company generates two types of commission revenues: transaction-based sales commissions that occur on the trade date, which is when the Company's performance obligations have been substantially completed, and trailing commissions, which are paid to the Company (typically in arrears on a quarterly basis) based on the clients' account balance, rather than a per-transaction fee. Advisory revenue - Advisory revenue includes fees charged to clients in advisory accounts where the Company is the Registered Investment Advisor. These fees are based on the value of assets within these advisory accounts. Advisory revenues are deferred and recognized ratably over the period (typically quarterly) in which the performance obligations, which are defined in ASC 606 as promises to transfer goods or services, have been completed . Asset-based revenue - Asset-based revenue primarily includes fees from financial product manufacturer sponsorship programs, cash sweep programs and other asset-based revenues, primarily including margin revenues, and is recognized ratably over the period in which services are provided. Transaction and fee revenue - Transaction and fee revenue primarily includes support fees charged to advisors, which are recognized over time as advisory services are provided, fees charged for executing certain transactions in client accounts, which are recognized on a trade-date basis, and other fees related to services provided and other account charges as generally outlined in agreements with financial advisors, clients, and financial institutions, which are recognized as services are performed or as earned, as applicable. Details of Wealth Management revenues are (in thousands) : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Commission revenue $ 15,684 $ 21,476 $ 37,160 $ 18,345 $ 24,525 $ 42,870 Advisory revenue — 39,757 39,757 — 39,301 39,301 Asset-based revenue — 9,693 9,693 — 7,172 7,172 Transaction and fee revenue 770 2,152 2,922 961 1,778 2,739 Total $ 16,454 $ 73,078 $ 89,532 $ 19,306 $ 72,776 $ 92,082 Tax Preparation revenue recognition : The Company derives revenue from the sale of Tax Preparation digital services, ancillary services, packaged tax preparation software, and arrangements that may include a combination of these items. Ancillary services primarily include refund payment transfer and audit defense. The Company’s Tax Preparation revenues are earned from customers primarily located in the United States . Tax Preparation revenue details are as follows: Consumer revenue - Consumer revenue includes revenue associated with the Company’s digital software products, downloadable or shipped desktop software products, add-on services such as refund payment transfer services, bank or reloadable pre-paid debit card services, gift cards and audit defense services. Digital revenues include revenues associated with the Company’s digital software products sold to customers and businesses primarily for the preparation of individual or business tax returns, and are generally recognized when customers and businesses complete and file returns. Desktop revenues primarily include revenues from all downloadable or shipped software products and are generally recognized when customers download the software or when the software ships. Add-on services are revenues related to services such as refund payment transfer services, bank or reloadable pre-paid debit card services, gift cards and audit defense services, and are generally recognized as customers complete and file returns. Professional revenue - Professional revenues include revenues associated with the Company’s desktop software products sold to tax return preparers who utilize the Company’s offerings to service end-user customers and are generally recognized when customers download the software or when the software ships. Professional customers have the option to elect an unlimited e-filing package or a pay-per-return package. As the unlimited e-filing package can be re-used, those revenues are recognized over an estimated filing timeline. Revenues from the pay-per-return package are recognized when customers complete and file returns. Details of Tax Preparation revenues are (in thousands) : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer $ 123,015 $ 927 $ 123,942 $ 101,912 $ — $ 101,912 Professional 10,842 1,452 12,294 10,396 1,575 11,971 Total $ 133,857 $ 2,379 $ 136,236 $ 112,308 $ 1,575 $ 113,883 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements In accordance with ASC 820, "Fair Value Measurements and Disclosures," certain of the Company's assets and liabilities, which are carried at fair value, are classified in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs, other than Level 1, or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data and reflect the Company’s own assumptions. The fair value hierarchy of the Company’s assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using March 31, 2019 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 23,317 $ 23,317 $ — $ — Total assets at fair value $ 23,317 $ 23,317 $ — $ — Fair value measurements at the reporting date using December 31, 2018 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 23,181 $ 23,181 $ — $ — Total assets at fair value $ 23,181 $ 23,181 $ — $ — Acquisition-related contingent consideration liability $ 1,275 $ — $ — $ 1,275 Total liabilities at fair value $ 1,275 $ — $ — $ 1,275 A reconciliation of Level 3 items measured at fair value on a recurring basis is as follows (in thousands): Acquisition-related contingent consideration liability: Balance as of December 31, 2018 $ 1,275 Payment (1,331) Foreign currency transaction loss 56 Balance as of March 31, 2019 $ — Cash equivalents are classified within Level 1 of the fair value hierarchy because the Company values them utilizing quoted prices in active markets. Unrealized gains and losses are included in "Accumulated other comprehensive loss" on the consolidated balance sheets, and amounts reclassified out of comprehensive income into net income are determined on the basis of specific identification. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2019 December 31, 2018 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facilities $ 265,000 $ (932) $ (3,498) $ 260,570 $ 265,000 $ (970) $ (3,640) $ 260,390 Senior secured credit facilit ies : In May 2017, the Company entered into a credit agreement with a syndicate of lenders in order to provide a term loan and revolving line of credit for working capital, capital expenditures and general business purposes (the "Blucora senior secured credit facilities" ). The Blucora senior secured credit facilities provide for up to $425.0 million of borrowings, consisting of a committed $50.0 million revolving credit facility (including a letter of credit sub-facility) and a $375.0 million term loan facility that mature o n May 22, 2022 and May 22, 2024, respectively. Obligations under the Blucora senior secured credit facilities are guaranteed by certain of Blucora's subsidiaries and secured by the assets of the Company and its subsidiaries. The Blucora senior secured credit facilities include financial and operating covenants, including a consolidated total net leverage ratio, which are set forth in detail in the credit facility agreement. As of March 31, 2019, the Company was in compliance with all of the financial and operating covenants under the credit facility agreement. Principal payments on the term loan are payable quarterly in an amount equal to 0.25% of the initial outstanding principal. In November 2017, the credit facility agreement was amended in order to refinance and reprice the initial term loan, such that the applicable interest rate margin is 3.00% for Eurodollar Rate loans and 2.00% for ABR loans. Depending on the Company’s Consolidated First Lien Net Leverage Ratio (as defined in the credit facility agreement), the applicable interest rate margin on the revolving credit facility is from 2.75% to 3.00% for Eurodollar Rate loans and 1.75% to 2.00% for ABR loans. Interest is payable at the end of each interest period. As of March 31, 2019 , the Company had not borrowed any amounts under the revolving credit facility. The Company also has the right to prepay the term loan or outstanding amounts under the revolving credit facility without any premium or penalty (other than customary Eurodollar breakage costs). Prepayments on the term loan are subject to certain prepayment minimums. T he Company may be required to make annual prepayments on the term loan in an amount equal to a percentage of excess cash flow of the Company during the applicable fiscal year from 0% to 50%, depending on the Consolidated First Lien Net Leverage Ratio (as defined in the credit facility agreement) for such fiscal year. As of March 31, 2019, the term loan facility's principal amount approximated its fair value as it is a variable rate instrument and the current applicable margin approximates current market conditions. See "Note 12: Subsequent Events" for a discussion of the Company's recent amendment to the Blucora senior secured credit facilities. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests In connection with the 2015 acquisition of HD Vest, the former management of HD Vest retained an ownership interest in that business. The Company is party to put and call arrangements that became exercisable beginning in the first quarter of 2019 with respect to th o se interests. These put and call arrangements allow certain members of HD Vest management to require the Company to purchase their interests or allow the Company to acquire such interests, respectively. These arrangements can be settled for cash within ninety days after the Company files its Annual Report on Form 10-K for the year ended December 31, 2018 , which occurred on March 1, 2019 . The redemption value of the arrangements is based upon several factors, including, among others, the Company's implied enterprise value, implied equity value and certain financial performance measures of the Company. The put and call arrangements do not meet the definition of a derivative instrument as the put and call agreements do not provide for net settlement. As of March 31, 2019, $22.4 million of put arrangements had been exercised, and those arrangements became mandatorily redeemable. The $22.4 million of exercised arrangements were included in "Accrued expenses and other current liabilities" on the consolidated balance sheets. As of March 31, 2019, put and call arrangements of $2.5 million had not been exercised. See "Note 12: Subsequent Events" for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Significant events since the year ended December 31, 2018, outside of the ordinary course of the Company’s business, include payment of the remaining SimpleTax acquisition-related contingent consideration liability and sublease income of $2.0 million primarily related to the sublease agreement for the Company's former headquarters in Bellevue, Washington. Additional information on the Company’s commitments and contingencies can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Litigation: From time to time, the Company is subject to various legal proceedings or claims that arise in the ordinary course of business. The Company accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company is not currently party to any legal proceedings or claims for which it has incurred a liability on its consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock-based compensation: The Company included the following amounts for stock-based compensation expense, which related to stock options, restricted stock units ( "RSUs" ), and the Company’s employee stock purchase plan ( "ESPP" ), in the following on the consolidated statements of comprehensive income (in thousands): Three months ended March 31, 2019 2018 Cost of revenue $ 520 $ 256 Engineering and technology 176 210 Sales and marketing (193) 516 General and administrative 1,940 1,973 Total $ 2,443 $ 2,955 As of March 31, 2019, the Company had granted 436,000 RSUs and non-qualified stock options to c ertain HD Vest financial advis o rs. These advis o rs are considered non-employees. The RSUs and stock options fully vest three Total net shares issued for stock options exercised, RSUs vested, and shares purchased pursuant to the ESPP were as follows (in thousands): Three months ended March 31, 2019 2018 Stock options exercised 79 320 RSUs vested 132 106 Shares purchased pursuant to ESPP — 36 Total 211 462 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company's leases are primarily related to office space. For the three months ended March 31, 2019, the Company recognized operating lease costs of approximately $1.0 million in "General and administrative" expense on the consolidated statements of comprehensive income. As of March 31, 2019, the Company's weighted-average remaining operating lease term was approximately 1.5 years, and its weighted-average operating lease discount rate was 5.3%. The maturities of the Company's operating lease liabilities as of March 31, 2019 are below. The Company's finance lease liabilities as of March 31, 2019 were $0.1 million. (in thousands, except percentages) Undiscounted cash flows: 2019 (for the nine months remaining in 2019) $ 5,747 2020 2,766 2021 306 Total undiscounted cash flows 8,819 Imputed interest (343) Present value of cash flows $ 8,476 Short-term operating lease liabilities $ 6,446 Long-term operating lease liabilities 2,030 Total operating lease liabilities $ 8,476 Cash paid on operating lease liabilities was $0.9 million for the three months ended March 31, 2019. Lease liabilities from new ROU assets obtained during the three months ended March 31, 2019 were $0.2 million. |
Leases | Leases The Company's leases are primarily related to office space. For the three months ended March 31, 2019, the Company recognized operating lease costs of approximately $1.0 million in "General and administrative" expense on the consolidated statements of comprehensive income. As of March 31, 2019, the Company's weighted-average remaining operating lease term was approximately 1.5 years, and its weighted-average operating lease discount rate was 5.3%. The maturities of the Company's operating lease liabilities as of March 31, 2019 are below. The Company's finance lease liabilities as of March 31, 2019 were $0.1 million. (in thousands, except percentages) Undiscounted cash flows: 2019 (for the nine months remaining in 2019) $ 5,747 2020 2,766 2021 306 Total undiscounted cash flows 8,819 Imputed interest (343) Present value of cash flows $ 8,476 Short-term operating lease liabilities $ 6,446 Long-term operating lease liabilities 2,030 Total operating lease liabilities $ 8,476 Cash paid on operating lease liabilities was $0.9 million for the three months ended March 31, 2019. Lease liabilities from new ROU assets obtained during the three months ended March 31, 2019 were $0.2 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded income tax expense of $4.0 million in the three months ended March 31, 2019. The Company's effective income tax rate differed from the 21% statutory rate in the three months ended March 31, 2019 primarily due to the release of valuation allowances and the effect of state income taxes. The Company recorded income tax expense of $2.0 million in the three months ended March 31, 2018. Income taxes differed from the 21 % statutory rate in three months ended March 31, 2018 , primarily due to the release of valuation allowances. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 11: Net Income Per Share "Basic net income per share" is computed using the weighted average number of common shares outstanding during the period. "Diluted net income per share" is computed using the weighted average number of common shares outstanding plus the number of dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of outstanding stock options and the vesting of unvested RSUs. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is antidilutive. The computation of basic and diluted net income per share attributable to Blucora, Inc. is as follows (in thousands): Three months ended March 31, 2019 2018 Numerator: Income $ 62,170 $ 45,546 Net income attributable to noncontrolling interests — (205) Net income attributable to Blucora, Inc. $ 62,170 $ 45,341 Denominator: Weighted average common shares outstanding, basic 48,161 46,641 Dilutive potential common shares 1,381 2,024 Weighted average common shares outstanding, diluted 49,542 48,665 Net income per share attributable to Blucora, Inc.: Basic $ 1.29 $ 0.97 Diluted $ 1.25 $ 0.93 Shares excluded 256 902 Shares were excluded from the computation of diluted earnings per common share for these periods because their effect would have been anti-dilutive. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Amendment to Credit Facilities: Incurrence of Additional Term Loan: On May 6, 2019, the Company amended the Blucora senior secured credit facilities, in order to, among other things: (i) provide for a term loan increase in the aggregate principal amount of $125.0 million in the form of a fungible increase to, and on substantially the same terms as, the Company's existing senior secured term loan under the Blucora senior secured credit facilities, (ii) increase the total amount of the revolving credit facility under the Blucora senior secured credit facilities by $15.0 million to an aggregate of $65.0 million and (iii) appoint JPMorgan Chase Bank, N.A. as successor administrative agent and successor collateral agent under the Blucora senior secured credit facilities and related loan documents, as discussed above. While the terms of the $125.0 million increase in the size of the Company's term loan are substantially the same as those under the existing term loan, including terms with respect to the interest rate, guarantees, prepayments, collateral and maturity date, the Company is required to make principal amortization payments on such $125.0 million portion of the term loan on a quarterly basis on the last business day of each March, June, September and December, beginning on December 31, 2019, in an amount equal to $312,500 (subject to reduction for prepayments), with the remaining principal amount of such portion due on the maturity date of May 22, 2024. As described below, the proceeds of the increase in the term loan were used to fund a portion of the purchase price of the Company's acquisition of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “ 1st Global ”), as well as to pay the fees and expenses associated with entering into the amendment to the Blucora senior secured credit facilities. Acquisition of 1st Global: On May 6, 2019, the Company closed its previously announced acquisition of all of the issued and outstanding common stock of 1st Global for a cash purchase price of $180.0 million. The purchase price is subject to customary adjustment as well as certain indemnity escrows, in each case as described more fully in the stock purchase agreement governing the acquisition. The purchase price was paid with a combination of (i) cash on hand and (ii) the proceeds from the $125.0 million increase in the term loan under the Blucora senior secured credit facilities. 1st Global is a tax-focused wealth management company that, as of March 31, 2019, served about 820 independent advisors with approximately $20.2 billion in total client assets and $9.8 billion in for-fee advisory assets. Redeemable Noncontrolling Interests: In the second quarter of 2019, the put and call arrangements (see "Note 6: Redeemable Noncontrolling Interests") that were not exercised as of March 31, 2019 were exercised, and all of the arrangements were settled in cash for the total amount of $24.9 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Segments | Segments: T he Company has two reportable segments : the Wealth Management segment, which is the HD Vest business, and the Tax Preparation segment, which is the TaxAct business. Reclassification : The Company reclassified certain amounts on its consolidated balance sheets related to loans given to several HD Vest advisors and the Company's finance leases. |
Interim financial information | Interim financial information: The accompanying consolidated financial statements have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission (the "SEC" ) for interim financial reporting. These consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ( "GAAP" ) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II , Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Interim results are not necessarily indicative of results for a full year. |
Cash, cash equivalents, and restricted cash | Cash, cash equivalents, and restricted cash: The following table presents cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets that equal the total amounts on the consolidated statements of cash flows (in thousands): March 31, December 31, 2019 2018 2018 Cash and cash equivalents $ 149,762 $ 77,107 $ 84,524 Cash segregated under federal or other regulations 1,527 1,314 842 Restricted cash included in "Prepaid expenses and other current assets, net" — 275 — Restricted cash included in "Other long-term assets" — 550 — Total cash, cash equivalents, and restricted cash $ 151,289 $ 79,246 $ 85,366 Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of the Company’s Wealth Management customers. Restricted cash included in prepaid expenses and other current assets, net and other long-term assets represents amounts pledged as collateral for certain of the Company's banking and lease arrangements. |
Fair value of financial instruments | Fair value of financial instruments : The Company measures its cash equivalents at fair value. The Company considers the carrying values of accounts receivable, commissions receivable, other receivables, prepaid expenses, other current assets, accounts payable, commissions and advisory fees payable, accrued expenses, and other current liabilities to approximate fair values primarily due to their short-term natures |
Concentration of credit risk | Concentration of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments, trade accounts receivable, and commissions receivable. These instruments are generally unsecured and uninsured. For cash equivalents, short-term investments, and commissions receivable, the Company attempts to manage exposure to counterparty credit risk by only entering into agreements with major financial institutions and investment sponsors that are expected to be able to fully perform under the terms of the agreement. Accounts receivable are typically unsecured and are derived from revenues earned from customers primarily located in the United States operating in a variety of geographic areas . The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. |
Recent accounting pronouncements | Recent accounting pronouncements: Changes to GAAP are established by the Financial Accounting Standards Board ( "FASB" ) in the form of accounting standards updates ( "ASUs" ) to the FASB’s Accounting Standards Codification ( "ASC" ). The Company considers the applicability and impact of all recent ASUs. ASUs and ASCs not listed below were assessed and either were determined to not be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. The Company currently is evaluating, or has adopted, ASUs and ASCs that impact the following areas: Share-Based Payments (ASU 2018-07) - In June 2018, the FASB issued an ASU that requires companies to account for share-based payments granted to non-employees similarly to share-based payments granted to employees. This ASU was effective for fiscal years beginning after December 15, 2018, including the interim periods within those fiscal years. Early adoption of this ASU wa s permitted. In the third quarter of 2018, the Company decided to early adopt the requirements of the new standard , effective January 1, 2018, utilizing the alternative adoption method. The adoption of this ASU had an insignificant impact on the Company's unaudited 2018 quarterly results for the three months ended March 31, 2018. Leases (ASU 2016-02) - In February 2016, the FASB issued guidance codified in ASC 842, "Leases" ( "ASC 842" ), which supersedes the guidance in ASC 840 "Leases." Under ASC 842, lease assets and liabilities, whether arising from leases that are considered operating or finance (capital) will be recognized on the balance sheet. Lease liabilities are measured as the present value of unpaid lease payments for operating leases where the Company is the lessee, and a corresponding right-of-use ( "ROU" ) asset is recognized for the right to use the leased assets. This guidance became effective on a modified retrospective basis-with various practical expedients related to leases that commenced before the effective date-for annual reporting periods, including interim reporting periods within those annual reporting periods, beginning after December 15, 2018. Prior comparable periods are presented in accordance with accounting guidance under ASC 840 "Leases" and were not restated. The Company adopted ASC 842 on January 1, 2019 for all open leases with a term greater than one year as of the adoption date, using the modified retrospective method of adoption with a cumulative effect adjustment to retained earnings. The Company elected the package of practical expedients, for which there is no requirement to reassess lease existence, classification and initial direct costs, the hindsight practical expedient, for which the Company used hindsight in determining certain lease terms, and the short-term lease expedient, for which the Company considered all open leases with a term greater than one year as of the adoption date. The adoption resulted in $6.6 million of additional operating lease assets, $9.1 million of additional operating lease liabilities, and a $1.6 million adjustment to the opening balance of retained earnings as a result of reevaluating certain of the Company's lease terms as of the adoption date. The Company also reclassified, upon adoption, $0.9 million of other lease-related balances to reduce the measurement of lease assets. The Company's lease terms are comprised of contractual terms but may include extension or termination options reasonably assured to be exercised at lease inception, which are included in the recognition of ROU assets and lease liabilities. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company’s leases are not complex; therefore, there were no significant assumptions or judgments made in applying the requirements of ASC 842, including the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and non-lease components, and the determination of the discount rates for the leases. Measurement of Credit Losses (ASU 2016-13) - In June 2016, the FASB issued an ASU that requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is effective for fiscal years beginning after December 15, 2019, including the interim periods within those fiscal years. The Company is currently assessing the impact of adopting this ASU, but based on a preliminary assessment, does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table presents cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets that equal the total amounts on the consolidated statements of cash flows (in thousands): March 31, December 31, 2019 2018 2018 Cash and cash equivalents $ 149,762 $ 77,107 $ 84,524 Cash segregated under federal or other regulations 1,527 1,314 842 Restricted cash included in "Prepaid expenses and other current assets, net" — 275 — Restricted cash included in "Other long-term assets" — 550 — Total cash, cash equivalents, and restricted cash $ 151,289 $ 79,246 $ 85,366 |
Segment Information and Reven_2
Segment Information and Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Information on Reportable Segments for Reconciliation to Consolidated Net Income | Information on reportable segments currently presented to the Company’s chief operating decision maker and a reconciliation to consolidated net income are presented below (in thousands): Three Months Ended March 31, 2019 2018 Revenue: Wealth Management $ 89,532 $ 92,082 Tax Preparation 136,236 113,883 Total revenue 225,768 205,965 Operating income (loss): Wealth Management 11,540 13,075 Tax Preparation 79,272 58,806 Corporate-level activity (20,699) (19,144) Total operating income 70,113 52,737 Other loss, net (3,958) (5,228) Income tax expense (3,985) (1,963) Net income $ 62,170 $ 45,546 |
Schedule of Segment Reporting Information, by Segment | Revenues by major category within each segment are presented below (in thousands): Three Months Ended March 31, 2019 2018 Wealth Management: Commission $ 37,160 $ 42,870 Advisory 39,757 39,301 Asset-based 9,693 7,172 Transaction and fee 2,922 2,739 Total Wealth Management revenue $ 89,532 $ 92,082 Tax Preparation: Consumer $ 123,942 $ 101,912 Professional 12,294 11,971 Total Tax Preparation revenue $ 136,236 $ 113,883 |
Wealth Management | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Details of Wealth Management revenues are (in thousands) : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Commission revenue $ 15,684 $ 21,476 $ 37,160 $ 18,345 $ 24,525 $ 42,870 Advisory revenue — 39,757 39,757 — 39,301 39,301 Asset-based revenue — 9,693 9,693 — 7,172 7,172 Transaction and fee revenue 770 2,152 2,922 961 1,778 2,739 Total $ 16,454 $ 73,078 $ 89,532 $ 19,306 $ 72,776 $ 92,082 |
Tax Preparation | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Details of Tax Preparation revenues are (in thousands) : Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer $ 123,015 $ 927 $ 123,942 $ 101,912 $ — $ 101,912 Professional 10,842 1,452 12,294 10,396 1,575 11,971 Total $ 133,857 $ 2,379 $ 136,236 $ 112,308 $ 1,575 $ 113,883 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis | The fair value hierarchy of the Company’s assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using March 31, 2019 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 23,317 $ 23,317 $ — $ — Total assets at fair value $ 23,317 $ 23,317 $ — $ — Fair value measurements at the reporting date using December 31, 2018 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 23,181 $ 23,181 $ — $ — Total assets at fair value $ 23,181 $ 23,181 $ — $ — Acquisition-related contingent consideration liability $ 1,275 $ — $ — $ 1,275 Total liabilities at fair value $ 1,275 $ — $ — $ 1,275 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A reconciliation of Level 3 items measured at fair value on a recurring basis is as follows (in thousands): Acquisition-related contingent consideration liability: Balance as of December 31, 2018 $ 1,275 Payment (1,331) Foreign currency transaction loss 56 Balance as of March 31, 2019 $ — |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Company's Debt | The Company’s debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2019 December 31, 2018 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facilities $ 265,000 $ (932) $ (3,498) $ 260,570 $ 265,000 $ (970) $ (3,640) $ 260,390 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stock-Based Compensation Expense | The Company included the following amounts for stock-based compensation expense, which related to stock options, restricted stock units ( "RSUs" ), and the Company’s employee stock purchase plan ( "ESPP" ), in the following on the consolidated statements of comprehensive income (in thousands): Three months ended March 31, 2019 2018 Cost of revenue $ 520 $ 256 Engineering and technology 176 210 Sales and marketing (193) 516 General and administrative 1,940 1,973 Total $ 2,443 $ 2,955 |
Shares Issued under Share Based Compensation | Total net shares issued for stock options exercised, RSUs vested, and shares purchased pursuant to the ESPP were as follows (in thousands): Three months ended March 31, 2019 2018 Stock options exercised 79 320 RSUs vested 132 106 Shares purchased pursuant to ESPP — 36 Total 211 462 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Maturities of Operating Lease Liabilities | The maturities of the Company's operating lease liabilities as of March 31, 2019 are below. The Company's finance lease liabilities as of March 31, 2019 were $0.1 million. (in thousands, except percentages) Undiscounted cash flows: 2019 (for the nine months remaining in 2019) $ 5,747 2020 2,766 2021 306 Total undiscounted cash flows 8,819 Imputed interest (343) Present value of cash flows $ 8,476 Short-term operating lease liabilities $ 6,446 Long-term operating lease liabilities 2,030 Total operating lease liabilities $ 8,476 |
Supplemental Balance Sheet Information Related to Leases | The maturities of the Company's operating lease liabilities as of March 31, 2019 are below. The Company's finance lease liabilities as of March 31, 2019 were $0.1 million. (in thousands, except percentages) Undiscounted cash flows: 2019 (for the nine months remaining in 2019) $ 5,747 2020 2,766 2021 306 Total undiscounted cash flows 8,819 Imputed interest (343) Present value of cash flows $ 8,476 Short-term operating lease liabilities $ 6,446 Long-term operating lease liabilities 2,030 Total operating lease liabilities $ 8,476 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Dilutive Effect for Awards with Exercise Price Less Than Average Stock Price | The computation of basic and diluted net income per share attributable to Blucora, Inc. is as follows (in thousands): Three months ended March 31, 2019 2018 Numerator: Income $ 62,170 $ 45,546 Net income attributable to noncontrolling interests — (205) Net income attributable to Blucora, Inc. $ 62,170 $ 45,341 Denominator: Weighted average common shares outstanding, basic 48,161 46,641 Dilutive potential common shares 1,381 2,024 Weighted average common shares outstanding, diluted 49,542 48,665 Net income per share attributable to Blucora, Inc.: Basic $ 1.29 $ 0.97 Diluted $ 1.25 $ 0.93 Shares excluded 256 902 |
Description of the Business (De
Description of the Business (Details) | 3 Months Ended |
Mar. 31, 2019Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 149,762 | $ 84,524 | $ 77,107 | |
Cash segregated under federal or other regulations | 1,527 | 842 | 1,314 | |
Restricted cash included in "Prepaid expenses and other current assets, net" | 0 | 0 | 275 | |
Restricted cash included in "Other long-term assets" | 0 | 0 | 550 | |
Total cash, cash equivalents, and restricted cash | $ 151,289 | $ 85,366 | $ 79,246 | $ 62,311 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use lease asset | $ 5,942 | ||
Lease liability | $ 8,476 | ||
Cumulative effect on company's unaudited quarterly results | $ (1,636) | $ 1,851 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use lease asset | 6,600 | ||
Lease liability | 9,100 | ||
Cumulative effect on company's unaudited quarterly results | 1,600 | ||
Other lease related balances | $ 900 |
Segment Information and Reven_3
Segment Information and Revenues - Information on Reportable Segments (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Segment | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Revenue: | ||
Revenues | $ 225,768 | $ 205,965 |
Operating income: | ||
Total operating income (loss) | 70,113 | 52,737 |
Other loss, net | (3,958) | (5,228) |
Income tax expense | (3,985) | (1,963) |
Net income | 62,170 | 45,546 |
Corporate-level activity | ||
Operating income: | ||
Total operating income (loss) | (20,699) | (19,144) |
Segment Reconciling Items | ||
Operating income: | ||
Other loss, net | (3,958) | (5,228) |
Income tax expense | (3,985) | (1,963) |
Wealth Management | ||
Revenue: | ||
Revenues | 89,532 | 92,082 |
Wealth Management | Commission revenue | ||
Revenue: | ||
Revenues | 37,160 | 42,870 |
Wealth Management | Advisory revenue | ||
Revenue: | ||
Revenues | 39,757 | 39,301 |
Wealth Management | Asset-based revenue | ||
Revenue: | ||
Revenues | 9,693 | 7,172 |
Wealth Management | Transaction and fee revenue | ||
Revenue: | ||
Revenues | 2,922 | 2,739 |
Wealth Management | Operating Segments | ||
Revenue: | ||
Revenues | 89,532 | 92,082 |
Operating income: | ||
Total operating income (loss) | 11,540 | 13,075 |
Tax Preparation | ||
Revenue: | ||
Revenues | 136,236 | 113,883 |
Tax Preparation | Consumer | ||
Revenue: | ||
Revenues | 123,942 | 101,912 |
Tax Preparation | Professional | ||
Revenue: | ||
Revenues | 12,294 | 11,971 |
Tax Preparation | Operating Segments | ||
Revenue: | ||
Revenues | 136,236 | 113,883 |
Operating income: | ||
Total operating income (loss) | $ 79,272 | $ 58,806 |
Segment Information and Reven_4
Segment Information and Revenues - Details of Wealth Management Revenues (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)revenue | Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of types of commission revenues generated | revenue | 2 | |
Revenues | $ 225,768 | $ 205,965 |
Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 73,078 | 72,776 |
Wealth Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 89,532 | 92,082 |
Wealth Management | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 16,454 | 19,306 |
Wealth Management | Commission revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 37,160 | 42,870 |
Wealth Management | Commission revenue | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15,684 | 18,345 |
Wealth Management | Commission revenue | Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 21,476 | 24,525 |
Wealth Management | Advisory revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 39,757 | 39,301 |
Wealth Management | Advisory revenue | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Wealth Management | Advisory revenue | Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 39,757 | 39,301 |
Wealth Management | Asset-based revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,693 | 7,172 |
Wealth Management | Asset-based revenue | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Wealth Management | Asset-based revenue | Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,693 | 7,172 |
Wealth Management | Transaction and fee revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,922 | 2,739 |
Wealth Management | Transaction and fee revenue | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 770 | 961 |
Wealth Management | Transaction and fee revenue | Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 2,152 | $ 1,778 |
Segment Information and Reven_5
Segment Information and Revenues - Details of Tax Preparation Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 225,768 | $ 205,965 |
Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 73,078 | 72,776 |
Tax Preparation | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 136,236 | 113,883 |
Tax Preparation | Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 123,942 | 101,912 |
Tax Preparation | Professional | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,294 | 11,971 |
Tax Preparation | Recognized Upon Transaction | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 133,857 | 112,308 |
Tax Preparation | Recognized Upon Transaction | Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 123,015 | 101,912 |
Tax Preparation | Recognized Upon Transaction | Professional | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,842 | 10,396 |
Tax Preparation | Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,379 | 1,575 |
Tax Preparation | Recognized Over Time | Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 927 | 0 |
Tax Preparation | Recognized Over Time | Professional | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,452 | $ 1,575 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Detail) - Fair value measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash equivalents: | ||
Total assets at fair value | $ 23,317 | $ 23,181 |
LIABILITIES | ||
Acquisition-related contingent consideration liability | 1,275 | |
Total liabilities at fair value | 1,275 | |
Money market and other funds | ||
Cash equivalents: | ||
Cash equivalents: money market and other funds | 23,317 | 23,181 |
Quoted prices in active markets using identical assets (Level 1) | ||
Cash equivalents: | ||
Total assets at fair value | 23,317 | 23,181 |
LIABILITIES | ||
Acquisition-related contingent consideration liability | 0 | |
Total liabilities at fair value | 0 | |
Quoted prices in active markets using identical assets (Level 1) | Money market and other funds | ||
Cash equivalents: | ||
Cash equivalents: money market and other funds | 23,317 | 23,181 |
Significant other observable inputs (Level 2) | ||
Cash equivalents: | ||
Total assets at fair value | 0 | 0 |
LIABILITIES | ||
Acquisition-related contingent consideration liability | 0 | |
Total liabilities at fair value | 0 | |
Significant other observable inputs (Level 2) | Money market and other funds | ||
Cash equivalents: | ||
Cash equivalents: money market and other funds | 0 | 0 |
Significant unobservable inputs (Level 3) | ||
Cash equivalents: | ||
Total assets at fair value | 0 | |
LIABILITIES | ||
Acquisition-related contingent consideration liability | 1,275 | |
Total liabilities at fair value | 1,275 | |
Significant unobservable inputs (Level 3) | Money market and other funds | ||
Cash equivalents: | ||
Cash equivalents: money market and other funds | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Fair Value Measured on Recurring Basis (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2018 | $ 1,275 |
Payment | (1,331) |
Foreign currency transaction loss | 56 |
Balance as of March 31, 2019 | $ 0 |
Debt - Schedule of Company's De
Debt - Schedule of Company's Debt (Detail) - Senior Secured Credit Facility - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Principal amount | $ 265,000 | $ 265,000 |
Discount | (932) | (970) |
Debt issuance costs | (3,498) | (3,640) |
Net carrying value | $ 260,570 | $ 260,390 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Senior Secured Credit Facility - USD ($) | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | May 22, 2017 | |
Debt Instrument [Line Items] | ||||
Credit facility | $ 425,000,000 | |||
Principal amount | $ 265,000,000 | $ 265,000,000 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Required prepayment percentage | 0.00% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Required prepayment percentage | 50.00% | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility | 50,000,000 | |||
Revolving Credit Facility | Eurodollar | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.00% | |||
Revolving Credit Facility | Minimum | Eurodollar | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.75% | |||
Revolving Credit Facility | Minimum | ABR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.75% | |||
Revolving Credit Facility | Maximum | Eurodollar | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 3.00% | |||
Revolving Credit Facility | Maximum | ABR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.00% | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 375,000,000 | |||
Term Loan | ABR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.00% | |||
Term Loan | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, periodic payment, principal, percent | 0.25% |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | ||||
Reclassification of mandatorily redeemable noncontrolling interests | $ 22,428 | |||
Redeemable noncontrolling interests | $ 2,517 | $ 24,945 | $ 18,238 | $ 18,033 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Sublease income | $ 2 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 24 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 2,443 | $ 2,955 | ||
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 520 | 256 | ||
Engineering and technology | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 176 | 210 | ||
Sales and marketing | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | (193) | 516 | ||
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 1,940 | $ 1,973 | ||
HD Vest | RSUs vested | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Nonemployee services transaction, shares approved for issuance (in shares) | 436 | |||
Expected term | 3 years | 3 years | ||
HD Vest | Non-qualified stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Expected term | 3 years |
Stockholders' Equity - Shares I
Stockholders' Equity - Shares Issued under Share Based Compensation (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options exercised (in shares) | 79 | 320 |
Total (in shares) | 211 | 462 |
RSUs vested | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs vested (in shares) | 132 | 106 |
Shares purchased pursuant to ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares purchased pursuant to ESPP (in shares) | 0 | 36 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 1,000 |
Weighted-average remaining operating lease term | 1 year 6 months |
Weighted-average operating lease discount rate | 5.30% |
Finance lease liabilities | $ 100 |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 (for the nine months remaining in 2019) | 5,747 |
2020 | 2,766 |
2021 | 306 |
Total undiscounted cash flows | 8,819 |
Imputed interest | (343) |
Present value of cash flows | 8,476 |
Short-term operating lease liabilities | 6,446 |
Long-term operating lease liabilities | 2,030 |
Total operating lease liabilities | 8,476 |
Cash paid on operating lease liabilities | 900 |
Lease liabilities from new ROU assets obtained | $ 200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 3,985 | $ 1,963 |
Net Income Per Share - Summary
Net Income Per Share - Summary of Dilutive Effect for Awards with Exercise Price Less than Average Stock Price (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income | $ 62,170 | $ 45,546 |
Net income attributable to noncontrolling interests | 0 | (205) |
Net income (loss) attributable to Blucora, Inc. shareholders after adjustment of redeemable noncontrolling interest | $ 62,170 | $ 45,341 |
Denominator: | ||
Weighted average common shares outstanding, basic (in shares) | 48,161 | 46,641 |
Dilutive potential common shares (in shares) | 1,381 | 2,024 |
Weighted average common shares outstanding, diluted (in shares) | 49,542 | 48,665 |
Net income per share attributable to Blucora, Inc.: | ||
Basic (in USD per share) | $ 1.29 | $ 0.97 |
Diluted (in USD per share) | $ 1.25 | $ 0.93 |
Shares excluded (in shares) | 256 | 902 |
Subsequent Events (Details)
Subsequent Events (Details) | May 06, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)commission_revenue | May 22, 2017USD ($) |
Forecast | ||||
Subsequent Event [Line Items] | ||||
Arrangement settlement amount | $ 24,900,000 | |||
1st Global | ||||
Subsequent Event [Line Items] | ||||
Number of independent advisors served | commission_revenue | 820 | |||
Client assets | $ 20,200,000,000 | |||
For-fee advisory assets | $ 9,800,000,000 | |||
Senior Secured Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Credit facility | $ 425,000,000 | |||
Revolving Credit Facility | Senior Secured Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Credit facility | $ 50,000,000 | |||
Subsequent Event | 1st Global | ||||
Subsequent Event [Line Items] | ||||
Purchase price | $ 180,000,000 | |||
Subsequent Event | Revolving Credit Facility | Senior Secured Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Credit facility total amount | 15,000,000 | |||
Credit facility | 65,000,000 | |||
Subsequent Event | Term Loan | Senior Secured Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Aggregate principal amount | 125,000,000 | |||
Periodic payment | $ 312,500 |
Uncategorized Items - bcor-2019
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,851,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,636,000) |