Avantax (AVTA) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-25131
Entity Registrant Name	Blucora, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1718107
Entity Address, Address Line One	6333 State Hwy 161, 4th Floor
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75038
City Area Code	972
Local Phone Number	870-6400
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BCOR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,849,614
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001068875

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 168,198	$ 80,820
Cash segregated under federal or other regulations	1,170	5,630
Accounts receivable, net of allowance	25,343	16,266
Commissions receivable	17,719	21,176
Other receivables	6,141	2,902
Prepaid expenses and other current assets, net	13,387	12,349
Total current assets	231,958	139,143
Long-term assets:
Property and equipment, net	31,807	18,706
Right-of-use assets, net	29,224	10,151
Goodwill, net	391,084	662,375
Other intangible assets, net	282,462	290,211
Deferred tax asset, net	0	9,997
Other long-term assets	4,397	6,989
Total long-term assets	738,974	998,429
Total assets	970,932	1,137,572
Current liabilities:
Accounts payable	30,085	10,969
Commissions and advisory fees payable	17,940	19,905
Accrued expenses and other current liabilities	59,760	36,144
Deferred revenue—current	4,425	12,014
Lease liabilities—current	2,187	3,272
Current portion of long-term debt, net	56,229	11,228
Total current liabilities	170,626	93,532
Long-term liabilities:
Long-term debt, net	381,521	381,485
Deferred tax liability, net	47,502	0
Deferred revenue—long-term	6,941	7,172
Lease liabilities—long-term	31,509	5,916
Other long-term liabilities	6,658	5,952
Total long-term liabilities	474,131	400,525
Total liabilities	644,757	494,057
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, par $0.0001—900,000 authorized shares; 49,148 shares issued and 47,842 shares outstanding at March 31, 2020; 49,059 shares issued and 47,753 shares outstanding at December 31, 2019	5	5
Additional paid-in capital	1,584,854	1,586,972
Accumulated deficit	(1,230,285)	(914,791)
Accumulated other comprehensive loss	0	(272)
Treasury stock, at cost—1,306 shares at March 31, 2020 and December 31, 2019	(28,399)	(28,399)
Total stockholders’ equity	326,175	643,515
Total liabilities and stockholders’ equity	$ 970,932	$ 1,137,572

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	49,148,000	49,059,000
Common stock, shares outstanding (in shares)	47,842,000	47,753,000
Treasury stock (in shares)	1,306,000	1,306,000

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Total revenue	$ 263,320	$ 225,768
Cost of revenue:
Total cost of revenue	106,355	65,575
Engineering and technology	8,515	6,529
Sales and marketing	79,710	55,572
General and administrative	24,728	17,077
Acquisition and integration	5,682	1,797
Depreciation	1,796	1,061
Amortization of other acquired intangible assets	7,748	8,044
Impairment of goodwill	270,625	0
Total operating expenses	505,159	155,655
Operating income (loss)	(241,839)	70,113
Other loss, net	(6,135)	(3,958)
Income (loss) before income taxes	(247,974)	66,155
Income tax expense	(67,520)	(3,985)
Net income (loss) attributable to Blucora, Inc.	$ (315,494)	$ 62,170
Net income (loss) per share attributable to Blucora, Inc.:
Basic (in USD per share)	$ (6.60)	$ 1.29
Diluted (in USD per share)	$ (6.60)	$ 1.25
Weighted average shares outstanding:
Basic (in shares)	47,827	48,161
Diluted (in shares)	47,827	49,542
Comprehensive income (loss):
Net income (loss)	$ (315,494)	$ 62,170
Other comprehensive income	272	107
Comprehensive income (loss) attributable to Blucora, Inc.	(315,222)	62,277
Wealth Management Services
Revenue:
Total revenue	144,989	89,532
Cost of revenue:
Total cost of revenue	102,342	61,374
Tax Preparation Services
Revenue:
Total revenue	118,331	136,236
Cost of revenue:
Total cost of revenue	$ 4,013	$ 4,201

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	Treasury stock
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 (loss)	0
Balance as of End of period at Mar. 31, 2019	2,517
Balance (in shares) at Dec. 31, 2018		48,044				0
Balance at Dec. 31, 2018	607,595	$ 5	$ 1,569,725	$ (961,689)	$ (446)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units and employee stock purchase plan (in shares)		211
Common stock issued for stock options and restricted stock units	283		283
Stock-based compensation	2,443		2,443
Tax payments from shares withheld for equity awards	(2,425)		(2,425)
Cumulative translation adjustment	107				107
Net (loss) income	62,170			62,170
Balance (in shares) at Mar. 31, 2019		48,255				0
Balance at Mar. 31, 2019	668,537	$ 5	1,570,026	(901,155)	(339)	$ 0
Balance as of Beginning of period at Dec. 31, 2019	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income (loss)	0
Balance as of End of period at Mar. 31, 2020	$ 0
Balance (in shares) at Dec. 31, 2019	47,753	49,059				(1,306)
Balance at Dec. 31, 2019	$ 643,515	$ 5	1,586,972	(914,791)	(272)	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units and employee stock purchase plan (in shares)		89
Common stock issued for stock options and restricted stock units	0	$ 0	0
Stock-based compensation	(1,201)		(1,201)
Tax payments from shares withheld for equity awards	(917)		(917)
Cumulative translation adjustment	272				272
Net (loss) income	$ (315,494)			(315,494)
Balance (in shares) at Mar. 31, 2020	47,842	49,148				(1,306)
Balance at Mar. 31, 2020	$ 326,175	$ 5	$ 1,584,854	$ (1,230,285)	$ 0	$ (28,399)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income (loss)	$ (315,494)	$ 62,170
Adjustments to reconcile net income (loss) to net cash from operating activities:
Stock-based compensation	(1,201)	2,443
Depreciation and amortization of acquired intangible assets	10,168	9,354
Impairment of goodwill	270,625	0
Reduction of right-of-use lease assets	1,625	904
Deferred income taxes	57,898	(972)
Amortization of debt issuance costs	313	172
Accretion of debt discounts	68	38
Other	919	0
Cash provided (used) by changes in operating assets and liabilities:
Accounts receivable	(9,066)	(8,395)
Commissions receivable	3,457	1,180
Other receivables	(3,239)	(42)
Prepaid expenses and other current assets	(1,715)	(3,085)
Other long-term assets	2,560	(841)
Accounts payable	17,744	6,432
Commissions and advisory fees payable	(1,965)	(1,544)
Lease liabilities	(1,289)	0
Deferred revenue	(7,820)	(4,524)
Accrued expenses and other current and long-term liabilities	23,276	6,946
Net cash provided by operating activities	46,864	70,236
Investing activities:
Purchases of property and equipment	(7,715)	(1,243)
Net cash used by investing activities	(7,715)	(1,243)
Financing activities:
Proceeds from credit facilities	55,000	0
Payments on credit facilities	(10,313)	0
Proceeds from stock option exercises	0	283
Tax payments from shares withheld for equity awards	(918)	(2,425)
Contingent consideration payments for business acquisition	0	(943)
Net cash provided (used) by financing activities	43,769	(3,085)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	0	15
Net increase in cash, cash equivalents, and restricted cash	82,918	65,923
Cash, cash equivalents, and restricted cash, beginning of period	86,450	85,366
Cash, cash equivalents, and restricted cash, end of period	169,368	151,289
Supplemental cash flow information:
Cash paid for income taxes	213	1,031
Cash paid for interest	5,011	3,624
Non-cash investing activities
Purchases of property and equipment through leasehold incentives (investing)	$ 4,959	$ 0

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Note 1: Description of the Business Blucora, Inc. (the “Company,” “Blucora,” “we,” “our,” or “us” ) operates two primary businesses: the Wealth Management business and the digital Tax Preparation business. Wealth Management The Wealth Management business consists of the operations of Avantax Wealth Management ( “Avantax,” the “Wealth Management business,” or the “Wealth Management segment” ), which provides tax-focused wealth management solutions for financial advisors, tax preparers, certified public accounting firms, and their clients. Avantax is comprised of what was formerly HD Vest and 1st Global, both of which are discussed below. On May 6, 2019, we closed the acquisition of all of the issued and outstanding common stock of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “1st Global” ), a tax-focused wealth management company, for a cash purchase price of $180.0 million (the “1st Global Acquisition” ). The operations of 1st Global are included in our operating results as part of the Wealth Management segment from the date of the 1st Global Acquisition. In September 2019, we announced a rebranding of our Wealth Management business to Avantax Wealth Management (the “Rebranding” ). In connection with the Rebranding, HD Vest (which comprised all of the Wealth Management business prior to the 1st Global Acquisition) was renamed Avantax Wealth Management in September 2019, and 1st Global converted in October 2019. Tax Preparation The Tax Preparation business consists of the operations of TaxAct, Inc. ( “TaxAct,” the “Tax Preparation business,” or the “Tax Preparation segment” ) and provides digital tax preparation solutions for consumers, small business owners, and tax professionals through its website www.TaxAct.com. The Tax Preparation segment is highly seasonal, with a significant portion of its annual revenue typically earned in the first four months of the fiscal year. During the third and fourth quarters, the Tax Preparation segment typically reports losses because revenue from the segment is minimal while core operating expenses continue. In March 2020 and as a result of the coronavirus pandemic, the Internal Revenue Service ( “IRS” ) extended the filing deadline for federal tax returns from April 15, 2020 to July 15, 2020. We expect this filing extension will result in the shifting of a significant portion of Tax Preparation segment revenue that is usually earned in the first and second quarters of 2020 to the third quarter of 2020. Segments

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Interim financial information The accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the Securities and Exchange Commission (the “ SEC” ) for interim financial reporting. These condensed 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019. 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 and the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 168,198 $ 80,820 Cash segregated under federal or other regulations 1,170 5,630 Total cash, cash equivalents, and restricted cash $ 169,368 $ 86,450 We generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Wealth Management business clients and is considered restricted cash. Recently adopted 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” ). We consider the applicability and impact of all recent ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. We have recently adopted the following ASUs: Measurement of Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ( “ASU 2016-13” ), which changes how entities account for credit losses of financial assets measured at amortized cost. ASU 2016-13 requires financial assets measured at amortized cost to be presented on the balance sheet at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 replaces the previous “incurred loss” model with a “current expected credit loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including the interim periods within those fiscal years. Entities must apply ASU 2016-13 using a modified-retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which ASU 2016-13 is effective. We adopted ASU 2016-13 effective January 1, 2020. Our financial assets within the scope of ASU 2016-13 primarily consisted of our commissions receivable and accounts receivable. While we have implemented the current expected credit loss model and assessed the impact of this new model on our in-scope financial assets, the adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements and did not result in a cumulative-effect adjustment to retained earnings as of January 1, 2020. Goodwill . In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill ( “ASU 2017-04” ), which simplifies the subsequent measurement of goodwill by eliminating the previously applicable step two from the goodwill impairment test. Under the amended guidance of ASU 2017-04, when required to test goodwill for recoverability, an entity will perform its goodwill impairment test by comparing the fair value of the reporting unit to its carrying value and recognizing an impairment charge for the amount by which the carrying value exceeds the fair value of the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and entities must apply ASU 2017-04 on a prospective basis. We adopted ASU 2017-04 effective January 1, 2020 and applied this new guidance to the goodwill impairment test we performed as of March 31, 2020. For more information on this impairment test, see “Note 5—Goodwill and Other Intangible Assets.”

1st Global Acquisition

1st Global Acquisition	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
1st Global Acquisition	Note 3: 1st Global Acquisition On May 6, 2019, we closed the 1st Global Acquisition, pursuant to which we acquired all of the issued and outstanding common stock of 1st Global for a cash purchase price of $180.0 million. The purchase price was allocated to 1st Global’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values at the time of the 1st Global Acquisition. As of March 31, 2020, the fair values of assets acquired and liabilities assumed in the 1st Global Acquisition were as follows (in thousands): Purchase Price Allocation at Purchase Price Allocation Adjustments Since Purchase Price Allocation at Assets acquired: Tangible assets acquired, including cash of $12,389 $ 38,413 $ — $ 38,413 Goodwill 117,792 (666) 117,126 Identifiable intangible assets 83,980 — 83,980 Liabilities assumed: Contingent liability (11,052) — (11,052) Deferred revenues (17,715) — (17,715) Other current liabilities (12,956) 281 (12,675) Deferred tax liabilities, net (18,462) 385 (18,077) Total assets acquired and liabilities assumed $ 180,000 $ — $ 180,000 During the three months ended March 31, 2020, we adjusted the fair values of goodwill, other current liabilities, and deferred tax liabilities, net, due to the pre-acquisition 1st Global tax returns being filed in the first quarter of 2020. The primary area of acquisition accounting that had not yet been finalized as of March 31, 2020 related to a pre-acquisition 1st Global state tax return that is still to be filed. The filing of this state tax return could result in additional purchase price allocation adjustments.

Segment Information and Revenue

Segment Information and Revenues	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information and Revenues	Note 4: Segment Information and Revenues We have two reportable segments: (1) the Wealth Management segment and (2) the Tax Preparation segment. Our Chief Executive Officer is the 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. We do not allocate certain general and administrative costs (including personnel and overhead costs), stock-based compensation, depreciation, amortization of intangible assets, acquisition and integration costs, executive transition costs, headquarters relocation costs, and impairment of goodwill to the reportable segments. Such amounts are reflected in the table below under the heading “Corporate-level activity.” In addition, we do not allocate other loss, net, and income taxes to the reportable segments. We do not report assets or capital expenditures by segment to the chief operating decision maker. Information on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three Months Ended March 31, 2020 2019 Revenue: Wealth Management $ 144,989 $ 89,532 Tax Preparation 118,331 136,236 Total revenue 263,320 225,768 Operating income: Wealth Management 22,598 11,540 Tax Preparation 37,753 79,272 Corporate-level activity (302,190) (20,699) Total operating income (loss) (241,839) 70,113 Other loss, net (6,135) (3,958) Income tax expense (67,520) (3,985) Net income (loss) attributable to Blucora, Inc. $ (315,494) $ 62,170 Revenues by major category within each segment are presented below (in thousands): Three Months Ended March 31, 2020 2019 Wealth Management: Advisory $ 78,757 $ 39,757 Commission 50,580 37,160 Asset-based 10,579 9,693 Transaction and fee 5,073 2,922 Total Wealth Management revenue $ 144,989 $ 89,532 Tax Preparation: Consumer $ 103,821 $ 123,942 Professional 14,510 12,294 Total Tax Preparation revenue $ 118,331 $ 136,236 Wealth Management revenue recognition Wealth management revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue. The timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended March 31, 2020 2019 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 78,757 $ 78,757 $ — $ 39,757 $ 39,757 Commission revenue 23,381 27,199 50,580 15,684 21,476 37,160 Asset-based revenue — 10,579 10,579 — 9,693 9,693 Transaction and fee revenue 1,859 3,214 5,073 770 2,152 2,922 Total Wealth Management revenue $ 25,240 $ 119,749 $ 144,989 $ 16,454 $ 73,078 $ 89,532 Tax Preparation revenue recognition We generate revenue from the sale of tax preparation digital services, packaged tax preparation software, ancillary services, and multiple element arrangements that may include a combination of these items. The timing of Tax Preparation revenue recognition was as follows (in thousands): Three months ended March 31, 2020 2019 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer $ 103,821 $ — $ 103,821 $ 123,015 $ 927 $ 123,942 Professional 12,994 1,516 14,510 10,842 1,452 12,294 Total Tax Preparation revenue $ 116,815 $ 1,516 $ 118,331 $ 133,857 $ 2,379 $ 136,236

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 5: Goodwill and Other Intangible Assets The following table presents goodwill by reportable segment (in thousands): Wealth Management Tax Preparation Total Balance as of December 31, 2019 $ 473,833 $ 188,542 $ 662,375 Purchase accounting adjustment (666) — (666) Impairment (270,625) — (270,625) Balance as of March 31, 2020 $ 202,542 $ 188,542 $ 391,084 Goodwill represents the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. We evaluate goodwill for impairment annually, as of November 30, or more frequently when events or circumstances indicate it is more likely than not that the fair value of one or more of our reporting units is less than its carrying amount. To determine whether it is necessary to perform a goodwill impairment test, we first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to perform a goodwill impairment test without completing a qualitative assessment. In March 2020, the coronavirus pandemic had a significant negative impact on the U.S. and global economy and caused substantial disruption in the U.S. and global securities markets, and as a result, negatively impacted certain key Wealth Management business drivers, such as client asset levels and interest rates. These macroeconomic and Company-specific factors, in totality, served as a triggering event that resulted in the testing of the goodwill of the Wealth Management reporting unit and the Tax Preparation reporting unit for potential impairment. As part of the goodwill impairment test, we compared the estimated fair values of the Wealth Management and Tax Preparation reporting units to their respective carrying values. Estimated fair value was calculated using Level 3 inputs and utilized a blended valuation method that factored in the income approach and the market approach as of March 31, 2020. The income approach estimated fair value by using the present value of future discounted cash flows. Significant estimates used in the discounted cash flow model included our forecasted cash flows, our long-term rates of growth, and our weighted average cost of capital. The weighted average cost of capital factors in the relevant risk associated with business-specific characteristics and the uncertainty related to the ability to achieve our projected cash flows. The market approach estimated fair value by taking income-based valuation multiples for a set of comparable companies and applying the valuation multiple to each reporting unit’s income. For the Wealth Management reporting unit, the carrying value of the reporting unit exceeded its fair value by $270.6 million. Therefore, we recorded an impairment of goodwill of $270.6 million for the three months ended March 31, 2020. For the Tax Preparation reporting unit, the carrying value of the reporting unit was significantly below its fair value, and therefore, no impairment of goodwill was deemed necessary.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 6: Debt The Company’s debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2020 December 31, 2019 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 444,375 $ (1,297) $ (5,328) $ 437,750 $ 399,687 $ (1,366) $ (5,608) $ 392,713 Less: Current portion of long-term debt, net (56,229) (11,228) Long-term debt, net $ 381,521 $ 381,485 In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement” ) with a syndicate of lenders that provides for a term loan facility (the “Term Loan” ) and a revolving line of credit (including a letter of credit sub-facility) (the “Revolver” ) for working capital, capital expenditures, and general business purposes (as amended, the “Senior Secured Credit Facility” ). We increased the outstanding principal amount of the Term Loan by $125.0 million to finance the 1st Global Acquisition, and after giving effect to such increase, the Senior Secured Credit Facility provides for up to $565.0 million, consisting of a committed $65.0 million under the Revolver and a $500.0 million Term Loan that mature on May 22, 2022 and May 22, 2024, respectively. Obligations under the Senior Secured Credit Facility are guaranteed by certain of the Company’s subsidiaries and secured by substantially all the assets of the Company and certain of its subsidiaries. As of March 31, 2020, we had $389.4 million and $55.0 million in principal amount outstanding under the Term Loan and the Revolver, respectively. For the three months ended March 31, 2020, our total borrowings under the Revolver increased from $10.0 million to $55.0 million, which consisted of $55.0 million of additional borrowings, partially offset by $10.0 million of payments on the Revolver. Based on aggregate loan commitments as of March 31, 2020, approximately $10.0 million was available for future borrowing under the Senior Secured Credit Facility applicable to the Company. On April 23, 2020, we made a $37.0 million payment to reduce the outstanding principal balance on the Revolver to $18.0 million. The interest rate on the Term Loan is variable at the London Interbank Offered Rate, plus the applicable interest rate margin of 3.00% for Eurodollar Rate loans and 2.00% for ABR loans. Commencing December 31, 2019, principal payments of the Term Loan are due on a quarterly basis in an amount equal to $0.3 million (subject to reduction for prepayments), with the remaining principal amount due on the maturity date of May 22, 2024. We have the right to prepay the Term Loan and outstanding amounts under the Revolver without any premium or penalty (other than customary Eurodollar breakage costs). Prepayments on the Term Loan are subject to certain prepayment minimums. We 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 Agreement) for such fiscal year. For the three months ended March 31, 2020, we made prepayments of $0.3 million towards the Term Loan. Depending on the Consolidated First Lien Net Leverage Ratio, the applicable interest rate margin on the Revolver is from 2.75% to 3.25% for Eurodollar Rate loans and 1.75% to 2.25% for ABR loans. Interest is payable at the end of each interest period. The Senior Secured Credit Facility includes financial and operating covenants, including a Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) that governs the Revolver. On May 1, 2020, we entered into Amendment No. 3 to the Credit Agreement (the “Credit Agreement Amendment” ). Pursuant to the Credit Agreement Amendment, the Credit Agreement was amended to, among other things: (i) provide that, during the period commencing on the effective date of the Credit Agreement Amendment and ending on December 31, 2020 (the “Third Amendment Relief Period” ), if an advance under the Revolver is requested, then the Company must be in pro forma compliance with certain covenants, (ii) provide that, for purposes of determining compliance with the Consolidated Total Net Leverage Ratio for the Revolver, during the Third Amendment Relief Period certain limitations to add-backs do not apply when calculating Consolidated EBITDA (as defined in the Credit Agreement), (iii) solely with respect to the Revolver, add restrictions on certain restricted payments during the Third Amendment Relief Period, and (iv) solely with respect to the Revolver, if the Revolver usage is over $0 on the last day of any calendar quarter during the Third Amendment Relief Period, impose a minimum liquidity financial covenant that requires the Company and its Restricted Subsidiaries (as defined in the Credit Agreement) to maintain liquidity of at least $115.0 million on the last day of such quarter. Solely with respect to the Revolver and solely if the Revolver usage exceeds $0 on the last day of any calendar quarter during the Third Amendment Relief Period, the Credit Agreement Amendment increases the maximum Consolidated Total Net Leverage Ratio to (i) 5.75 to 1.00 for the fiscal quarter ending June 30, 2020 and (ii) 3.75 to 1.00 for the fiscal quarters ending September 30, 2020 and December 31, 2020.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Note 7: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense is recognized in “General and administrative” expense on the condensed consolidated statements of comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Fixed lease expense $ 2,036 $ 1,026 Variable lease expense 301 348 Total lease expense $ 2,337 $ 1,374 In addition, we recognized sublease income of $0.3 million for both the three months ended March 31, 2020 and 2019. As of March 31, 2020, our weighted-average remaining operating lease term was approximately 11.1 years, and our weighted-average operating lease discount rate was 5.5%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2020 December 31, 2019 Lease liabilities—current 2,187 3,223 Lease liabilities—long-term 31,509 5,865 Total operating lease liabilities $ 33,696 $ 9,088 The maturities of the Company's operating lease liabilities as of March 31, 2020 were as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2020 (1) $ (2,344) 2021 2,270 2022 4,706 2023 4,808 2024 4,911 Thereafter $ 35,337 Total undiscounted cash flows $ 49,688 Imputed interest (15,992) Present value of cash flows $ 33,696 ____________________________ (1) Undiscounted cash flows for the remainder of 2020 used to calculate the lease liability are reduced by the tenant improvement allowance related to the new corporate headquarters lease. See below for more information. Cash paid on operating lease liabilities was $1.2 million and $0.9 million for the three months ended March 31, 2020 and 2019, respectively. Lease liabilities from new right-of-use assets obtained in the three months ended March 31, 2020 and 2019 were $20.4 million and $9.4 million, respectively.
Leases	Note 7: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense is recognized in “General and administrative” expense on the condensed consolidated statements of comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Fixed lease expense $ 2,036 $ 1,026 Variable lease expense 301 348 Total lease expense $ 2,337 $ 1,374 In addition, we recognized sublease income of $0.3 million for both the three months ended March 31, 2020 and 2019. As of March 31, 2020, our weighted-average remaining operating lease term was approximately 11.1 years, and our weighted-average operating lease discount rate was 5.5%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2020 December 31, 2019 Lease liabilities—current 2,187 3,223 Lease liabilities—long-term 31,509 5,865 Total operating lease liabilities $ 33,696 $ 9,088 The maturities of the Company's operating lease liabilities as of March 31, 2020 were as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2020 (1) $ (2,344) 2021 2,270 2022 4,706 2023 4,808 2024 4,911 Thereafter $ 35,337 Total undiscounted cash flows $ 49,688 Imputed interest (15,992) Present value of cash flows $ 33,696 ____________________________ (1) Undiscounted cash flows for the remainder of 2020 used to calculate the lease liability are reduced by the tenant improvement allowance related to the new corporate headquarters lease. See below for more information. Cash paid on operating lease liabilities was $1.2 million and $0.9 million for the three months ended March 31, 2020 and 2019, respectively. Lease liabilities from new right-of-use assets obtained in the three months ended March 31, 2020 and 2019 were $20.4 million and $9.4 million, respectively.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 8: Balance Sheet Components Prepaid expenses and other current assets, net, consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid expenses $ 9,706 $ 7,982 Prepaid regulatory license fees 1,493 1,991 Prepaid insurance 1,181 1,492 Prepaid advertising 421 322 Other current assets 586 562 Total prepaid expenses and other current assets, net $ 13,387 $ 12,349 Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Salaries and related expenses 14,927 15,053 Contingent liability from 1st Global Acquisition 11,328 11,052 Retained purchase price from 1st Global Acquisition 90 1,050 Accrued vendor and advertising costs 18,628 4,351 Accrued taxes 10,586 1,173 Other 4,201 3,465 Total accrued expenses and other current liabilities $ 59,760 $ 36,144

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9: Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures , certain of our assets and liabilities are carried at fair value and are valued using inputs that 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 our own assumptions. Assets measured on a recurring basis The fair value hierarchy of our financial 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, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,278 $ 4,278 $ — $ — Total assets at fair value $ 4,278 $ 4,278 $ — $ — Fair value measurements at the reporting date using December 31, 2019 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,264 $ 4,264 $ — $ — Total assets at fair value $ 4,264 $ 4,264 $ — $ — Cash equivalents are classified within Level 1 of the fair value hierarchy because we value cash equivalents utilizing quoted prices in active markets. Fair value of financial instruments We consider 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. As of March 31, 2020, the Term Loan’s principal amount was $389.4 million, and the fair value of the Term Loan’s principal amount was $346.5 million. The fair value of the Term Loan’s principal amount was based on Level 2 inputs from a third-party market quotation. As of December 31, 2019, the Term Loan’s principal amount approximated its fair value as the Term Loan is a variable rate instrument and its applicable margin at that date approximated market conditions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10: Commitments and Contingencies From time to time, we are subject to various legal proceedings, regulatory matters or fines, or claims that arise in the ordinary course of business. We accrue 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. Aside from the contingent liability disclosed in “Note 3—1st Global Acquisition,” we are not currently party to any such matters for which we have incurred a material liability on our consolidated balance sheets.

Other Loss, Net

Other Loss, Net	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Loss, Net	Note 11: Other Loss, Net “Other loss, net” on the condensed consolidated statements of comprehensive income consisted of the following (in thousands): Three months ended March 31, 2020 2019 Interest expense $ 5,316 $ 3,776 Amortization of debt issuance costs 313 172 Accretion of debt discounts 68 38 Total interest expense 5,697 3,986 Interest income (14) (140) Other 452 112 Other loss, net $ 6,135 $ 3,958

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 12: Income Taxes The Company recorded income tax expense of $67.5 million for the three months ended March 31, 2020. The Company's effective income tax rate for the three months ended March 31, 2020 differed from the 21% statutory rate primarily due to expiring net operating loss tax benefits in the current year, an adjustment to the valuation allowance against the deferred tax assets for net operating losses expected to expire in future years of $15.5 million, and non-deductible officer compensation expense. The goodwill impairment charge of $270.6 million did not have an impact on the estimated annual effective income tax rate. The Company recorded income tax expense of $4.0 million for the three months ended March 31, 2019. Income taxes for the three months ended March 31, 2019 differed from the 21% statutory rate primarily due to the release of valuation allowances and the effect of state income taxes.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Note 13: Net Income Per Share “Basic net income (loss) per share” is calculated using the weighted average number of common shares outstanding during the period. “Diluted net income (loss) per share” is calculated 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 calculation of diluted net income per share if their effect is antidilutive. The calculation of basic and diluted net income (loss) per share attributable to Blucora, Inc. is as follows (in thousands): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Blucora, Inc. $ (315,494) $ 62,170 Denominator: Weighted average common shares outstanding—basic 47,827 48,161 Dilutive potential common shares — 1,381 Weighted average common shares outstanding—diluted 47,827 49,542 Net income (loss) per share attributable to Blucora, Inc.: Basic $ (6.60) $ 1.29 Diluted $ (6.60) $ 1.25 Shares excluded 3,093 256 Shares were excluded from the calculation of diluted net income (loss) per share for these periods because their effect would have been anti-dilutive.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 14: Subsequent Event HKFS Acquisition As previously announced, on January 6, 2020, we entered into a Stock Purchase Agreement (the “Purchase Agreement” ) with Honkamp Krueger Financial Services, Inc. ( “HKFS” ), the selling stockholders named therein (the “Sellers” ), and JRD Seller Representative, LLC, as the Sellers’ representative (the “Sellers’ Representative” ). Pursuant to the terms and conditions of the Purchase Agreement, the Company agreed to acquire (the “HKFS Acquisition” ) all of the issued and outstanding common stock of HKFS for a cash purchase price of $160 million, subject to customary purchase price adjustments, a post-closing adjustment for assets under administration and certain indemnity escrows as described more fully in the Purchase Agreement. HKFS is a registered investment advisor and wealth management business that partners with CPA firms in order to provide their consumer and small business clients with holistic planning and financial advisory services. On April 7, 2020, the Company, HKFS, the Sellers, and the Sellers’ Representative entered into the First Amendment to the Stock Purchase Agreement (the “HKFS Amendment” ). The parties mutually agreed to enter into the HKFS Amendment in response to current economic conditions. The HKFS Amendment amends the Purchase Agreement to, among other things, decrease the cash purchase price paid at closing for the HKFS Acquisition from $160 million to $100 million and replace the post-closing purchase price adjustment for assets under administration with two potential post-closing earn-out payments by the Company. Pursuant to the HKFS Amendment, the amount of the potential earn-out payments will be determined based on the Company’s assets under management and the achievement of certain performance goals on the first and second anniversaries of the date of closing. Assuming that these performance goals are fully achieved in each earn-out period, which would require substantial growth in the value of the Company’s assets under management through strong operational performance and market improvement, the potential maximum aggregate amount that the Company would be required to pay for each earn-out period is $30.0 million. Pursuant to the HKFS Amendment, if the asset values on the applicable measurement date fall below certain specified thresholds, the Company would not be required to make any earn-out payment to the Sellers for such period. The HKFS Amendment also amends the Purchase Agreement to, among other things, (i) make it a condition to the Company’s obligation to close the transaction that the Company receive financing satisfactory to the Company, in its sole discretion, (ii) extend the outside date by which the closing shall have occurred prior to triggering the parties’ right to terminate the Purchase Agreement from May 15, 2020 to October 1, 2020, (iii) maintain a cash breakup fee of $0.8 million payable by the Company to HKFS if the Purchase Agreement is terminated by the Company because it has not received satisfactory financing or the outside date has passed, (iv) give the Company the right to set-off any indemnifiable losses against any payments due and payable by the Company to any Seller pursuant to the Purchase Agreement, including the earn-out obligations, and (v) amend the assignment provisions to include that the Company shall remain liable under the Purchase Agreement if it assigns the Purchase Agreement as permitted therein. Credit Agreement Amendment On May 1, 2020, we entered into the Credit Agreement Amendment, which amended certain terms related to the Revolver under the Senior Secured Credit Facility. For additional information, see “Note 6—Debt.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Segments	SegmentsWe have two reportable segments: (1) the Wealth Management segment and (2) the Tax Preparation segment.
Interim financial information	Interim financial information The accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the Securities and Exchange Commission (the “ SEC” ) for interim financial reporting. These condensed 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019. Interim results are not necessarily indicative of results for a full year.
Cash, cash equivalents, and restricted cash	We generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Wealth Management business clients and is considered restricted cash.
Recently adopted accounting pronouncements	Recently adopted 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” ). We consider the applicability and impact of all recent ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. We have recently adopted the following ASUs: Measurement of Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ( “ASU 2016-13” ), which changes how entities account for credit losses of financial assets measured at amortized cost. ASU 2016-13 requires financial assets measured at amortized cost to be presented on the balance sheet at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 replaces the previous “incurred loss” model with a “current expected credit loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including the interim periods within those fiscal years. Entities must apply ASU 2016-13 using a modified-retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which ASU 2016-13 is effective. We adopted ASU 2016-13 effective January 1, 2020. Our financial assets within the scope of ASU 2016-13 primarily consisted of our commissions receivable and accounts receivable. While we have implemented the current expected credit loss model and assessed the impact of this new model on our in-scope financial assets, the adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements and did not result in a cumulative-effect adjustment to retained earnings as of January 1, 2020. Goodwill . In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill ( “ASU 2017-04” ), which simplifies the subsequent measurement of goodwill by eliminating the previously applicable step two from the goodwill impairment test. Under the amended guidance of ASU 2017-04, when required to test goodwill for recoverability, an entity will perform its goodwill impairment test by comparing the fair value of the reporting unit to its carrying value and recognizing an impairment charge for the amount by which the carrying value exceeds the fair value of the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and entities must apply ASU 2017-04 on a prospective basis. We adopted ASU 2017-04 effective January 1, 2020 and applied this new guidance to the goodwill impairment test we performed as of March 31, 2020. For more information on this impairment test, see “Note 5—Goodwill and Other Intangible Assets.”

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Cash, Cash Equivalents, and Restricted Cash	The following table presents cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets and the consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 168,198 $ 80,820 Cash segregated under federal or other regulations 1,170 5,630 Total cash, cash equivalents, and restricted cash $ 169,368 $ 86,450

1st Global Acquisition (Tables)

1st Global Acquisition (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of Fair Values of Assets and Liabilities Assumed	The purchase price was allocated to 1st Global’s tangible assets, identifiable intangible assets, and assumed liabilities based on their estimated fair values at the time of the 1st Global Acquisition. As of March 31, 2020, the fair values of assets acquired and liabilities assumed in the 1st Global Acquisition were as follows (in thousands): Purchase Price Allocation at Purchase Price Allocation Adjustments Since Purchase Price Allocation at Assets acquired: Tangible assets acquired, including cash of $12,389 $ 38,413 $ — $ 38,413 Goodwill 117,792 (666) 117,126 Identifiable intangible assets 83,980 — 83,980 Liabilities assumed: Contingent liability (11,052) — (11,052) Deferred revenues (17,715) — (17,715) Other current liabilities (12,956) 281 (12,675) Deferred tax liabilities, net (18,462) 385 (18,077) Total assets acquired and liabilities assumed $ 180,000 $ — $ 180,000

Segment Information and Reven_2

Segment Information and Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Information on Reportable Segments for Reconciliation to Consolidated Net Income	Information on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three Months Ended March 31, 2020 2019 Revenue: Wealth Management $ 144,989 $ 89,532 Tax Preparation 118,331 136,236 Total revenue 263,320 225,768 Operating income: Wealth Management 22,598 11,540 Tax Preparation 37,753 79,272 Corporate-level activity (302,190) (20,699) Total operating income (loss) (241,839) 70,113 Other loss, net (6,135) (3,958) Income tax expense (67,520) (3,985) Net income (loss) attributable to Blucora, Inc. $ (315,494) $ 62,170
Schedule of Segment Reporting Information, by Segment	Revenues by major category within each segment are presented below (in thousands): Three Months Ended March 31, 2020 2019 Wealth Management: Advisory $ 78,757 $ 39,757 Commission 50,580 37,160 Asset-based 10,579 9,693 Transaction and fee 5,073 2,922 Total Wealth Management revenue $ 144,989 $ 89,532 Tax Preparation: Consumer $ 103,821 $ 123,942 Professional 14,510 12,294 Total Tax Preparation revenue $ 118,331 $ 136,236
Disaggregation of Revenue	The timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended March 31, 2020 2019 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 78,757 $ 78,757 $ — $ 39,757 $ 39,757 Commission revenue 23,381 27,199 50,580 15,684 21,476 37,160 Asset-based revenue — 10,579 10,579 — 9,693 9,693 Transaction and fee revenue 1,859 3,214 5,073 770 2,152 2,922 Total Wealth Management revenue $ 25,240 $ 119,749 $ 144,989 $ 16,454 $ 73,078 $ 89,532 The timing of Tax Preparation revenue recognition was as follows (in thousands): Three months ended March 31, 2020 2019 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer $ 103,821 $ — $ 103,821 $ 123,015 $ 927 $ 123,942 Professional 12,994 1,516 14,510 10,842 1,452 12,294 Total Tax Preparation revenue $ 116,815 $ 1,516 $ 118,331 $ 133,857 $ 2,379 $ 136,236

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Summary of Changes in Carrying Value of Goodwill	The following table presents goodwill by reportable segment (in thousands): Wealth Management Tax Preparation Total Balance as of December 31, 2019 $ 473,833 $ 188,542 $ 662,375 Purchase accounting adjustment (666) — (666) Impairment (270,625) — (270,625) Balance as of March 31, 2020 $ 202,542 $ 188,542 $ 391,084

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 444,375 $ (1,297) $ (5,328) $ 437,750 $ 399,687 $ (1,366) $ (5,608) $ 392,713 Less: Current portion of long-term debt, net (56,229) (11,228) Long-term debt, net $ 381,521 $ 381,485

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Operating Lease Expense	Operating lease expense is recognized in “General and administrative” expense on the condensed consolidated statements of comprehensive income (loss) as follows (in thousands): Three Months Ended March 31, 2020 2019 Fixed lease expense $ 2,036 $ 1,026 Variable lease expense 301 348 Total lease expense $ 2,337 $ 1,374 In addition, we recognized sublease income of $0.3 million for both the three months ended March 31, 2020 and 2019.
Supplemental Balance Sheet Information Related to Leases	March 31, 2020 December 31, 2019 Lease liabilities—current 2,187 3,223 Lease liabilities—long-term 31,509 5,865 Total operating lease liabilities $ 33,696 $ 9,088
Maturities of Operating Lease Liabilities	The maturities of the Company's operating lease liabilities as of March 31, 2020 were as follows (in thousands): (in thousands) Undiscounted cash flows: Remainder of 2020 (1) $ (2,344) 2021 2,270 2022 4,706 2023 4,808 2024 4,911 Thereafter $ 35,337 Total undiscounted cash flows $ 49,688 Imputed interest (15,992) Present value of cash flows $ 33,696 ____________________________ (1) Undiscounted cash flows for the remainder of 2020 used to calculate the lease liability are reduced by the tenant improvement allowance related to the new corporate headquarters lease. See below for more information.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, net, consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid expenses $ 9,706 $ 7,982 Prepaid regulatory license fees 1,493 1,991 Prepaid insurance 1,181 1,492 Prepaid advertising 421 322 Other current assets 586 562 Total prepaid expenses and other current assets, net $ 13,387 $ 12,349
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Salaries and related expenses 14,927 15,053 Contingent liability from 1st Global Acquisition 11,328 11,052 Retained purchase price from 1st Global Acquisition 90 1,050 Accrued vendor and advertising costs 18,628 4,351 Accrued taxes 10,586 1,173 Other 4,201 3,465 Total accrued expenses and other current liabilities $ 59,760 $ 36,144

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 our financial 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, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,278 $ 4,278 $ — $ — Total assets at fair value $ 4,278 $ 4,278 $ — $ — Fair value measurements at the reporting date using December 31, 2019 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,264 $ 4,264 $ — $ — Total assets at fair value $ 4,264 $ 4,264 $ — $ —

Other Loss, Net (Tables)

Other Loss, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Summary of Other Loss, Net	“Other loss, net” on the condensed consolidated statements of comprehensive income consisted of the following (in thousands): Three months ended March 31, 2020 2019 Interest expense $ 5,316 $ 3,776 Amortization of debt issuance costs 313 172 Accretion of debt discounts 68 38 Total interest expense 5,697 3,986 Interest income (14) (140) Other 452 112 Other loss, net $ 6,135 $ 3,958

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of Dilutive Effect for Awards with Exercise Price Less Than Average Stock Price	The calculation of basic and diluted net income (loss) per share attributable to Blucora, Inc. is as follows (in thousands): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Blucora, Inc. $ (315,494) $ 62,170 Denominator: Weighted average common shares outstanding—basic 47,827 48,161 Dilutive potential common shares — 1,381 Weighted average common shares outstanding—diluted 47,827 49,542 Net income (loss) per share attributable to Blucora, Inc.: Basic $ (6.60) $ 1.29 Diluted $ (6.60) $ 1.25 Shares excluded 3,093 256

Description of the Business (De

Description of the Business (Details) $ in Millions	May 06, 2019USD ($)	Mar. 31, 2020Segment
Business Acquisition [Line Items]
Number of reportable segments | Segment		2
1st Global
Business Acquisition [Line Items]
Purchase price | $	$ 180

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 168,198	$ 80,820
Cash segregated under federal or other regulations	1,170	5,630
Total cash, cash equivalents, and restricted cash	$ 169,368	$ 86,450	$ 151,289	$ 85,366

1st Global Acquisition - Narrat

1st Global Acquisition - Narrative (Details) - USD ($) $ in Thousands	May 06, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Contingent liability from 1st Global Acquisition		$ 11,328	$ 11,052
1st Global
Business Acquisition [Line Items]
Purchase price	$ 180,000
Contingent liability from 1st Global Acquisition		$ 11,300

1st Global Acquisition - Fair V

1st Global Acquisition - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 391,084	$ 662,375
Purchase accounting adjustment	(666)
Adjustments to other current liabilities	281
Adjustments to deferred income tax liabilities	385
1st Global
Business Acquisition [Line Items]
Tangible assets acquired, including cash of $12,389	38,413	38,413
Cash	12,389
Goodwill	117,126	117,792
Identifiable intangible assets	83,980	83,980
Contingent liability	(11,052)	(11,052)
Deferred revenues	(17,715)	(17,715)
Other current liabilities	(12,675)	(12,956)
Deferred tax liabilities, net	(18,077)	(18,462)
Total assets acquired and liabilities assumed	180,000	$ 180,000
Purchase accounting adjustment	$ (666)

Segment Information and Reven_3

Segment Information and Revenues - Information on Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Revenue:
Revenues	$ 263,320	$ 225,768
Operating income:
Total operating income (loss)	(241,839)	70,113
Other loss, net	(6,135)	(3,958)
Income tax expense	(67,520)	(3,985)
Net income (loss) attributable to Blucora, Inc.	(315,494)	62,170
Corporate-level activity
Operating income:
Total operating income (loss)	(302,190)	(20,699)
Segment Reconciling Items
Operating income:
Other loss, net	(6,135)	(3,958)
Income tax expense	(67,520)	(3,985)
Wealth Management
Revenue:
Revenues	144,989	89,532
Wealth Management | Commission revenue
Revenue:
Revenues	50,580	37,160
Wealth Management | Advisory revenue
Revenue:
Revenues	78,757	39,757
Wealth Management | Asset-based revenue
Revenue:
Revenues	10,579	9,693
Wealth Management | Transaction and fee revenue
Revenue:
Revenues	5,073	2,922
Wealth Management | Operating Segments
Revenue:
Revenues	144,989	89,532
Operating income:
Total operating income (loss)	22,598	11,540
Tax Preparation
Revenue:
Revenues	118,331	136,236
Tax Preparation | Consumer
Revenue:
Revenues	103,821	123,942
Tax Preparation | Professional
Revenue:
Revenues	14,510	12,294
Tax Preparation | Operating Segments
Revenue:
Revenues	118,331	136,236
Operating income:
Total operating income (loss)	$ 37,753	$ 79,272

Segment Information and Reven_4

Segment Information and Revenues - Details of Wealth Management Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 263,320	$ 225,768
Wealth Management
Disaggregation of Revenue [Line Items]
Revenues	144,989	89,532
Wealth Management | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	25,240	16,454
Wealth Management | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	119,749	73,078
Wealth Management | Commission revenue
Disaggregation of Revenue [Line Items]
Revenues	50,580	37,160
Wealth Management | Commission revenue | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	23,381	15,684
Wealth Management | Commission revenue | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	27,199	21,476
Wealth Management | Advisory revenue
Disaggregation of Revenue [Line Items]
Revenues	78,757	39,757
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	78,757	39,757
Wealth Management | Asset-based revenue
Disaggregation of Revenue [Line Items]
Revenues	10,579	9,693
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	10,579	9,693
Wealth Management | Transaction and fee revenue
Disaggregation of Revenue [Line Items]
Revenues	5,073	2,922
Wealth Management | Transaction and fee revenue | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	1,859	770
Wealth Management | Transaction and fee revenue | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	$ 3,214	$ 2,152

Segment Information and Reven_5

Segment Information and Revenues - Details of Tax Preparation Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 263,320	$ 225,768
Tax Preparation
Disaggregation of Revenue [Line Items]
Revenues	118,331	136,236
Tax Preparation | Consumer
Disaggregation of Revenue [Line Items]
Revenues	103,821	123,942
Tax Preparation | Professional
Disaggregation of Revenue [Line Items]
Revenues	14,510	12,294
Tax Preparation | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	116,815	133,857
Tax Preparation | Recognized Upon Transaction | Consumer
Disaggregation of Revenue [Line Items]
Revenues	103,821	123,015
Tax Preparation | Recognized Upon Transaction | Professional
Disaggregation of Revenue [Line Items]
Revenues	12,994	10,842
Tax Preparation | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	1,516	2,379
Tax Preparation | Recognized Over Time | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	927
Tax Preparation | Recognized Over Time | Professional
Disaggregation of Revenue [Line Items]
Revenues	1,516	1,452
Wealth Management
Disaggregation of Revenue [Line Items]
Revenues	144,989	89,532
Wealth Management | Commission revenue
Disaggregation of Revenue [Line Items]
Revenues	50,580	37,160
Wealth Management | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	25,240	16,454
Wealth Management | Recognized Upon Transaction | Commission revenue
Disaggregation of Revenue [Line Items]
Revenues	23,381	15,684
Wealth Management | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	119,749	73,078
Wealth Management | Recognized Over Time | Commission revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 27,199	$ 21,476

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Roll Forward]
Balance as of December 31, 2019	$ 662,375
Purchase accounting adjustment	(666)
Impairment	(270,625)	$ 0
Balance as of March 31, 2020	391,084
Wealth Management
Goodwill [Roll Forward]
Balance as of December 31, 2019	473,833
Purchase accounting adjustment	(666)
Impairment	(270,625)
Balance as of March 31, 2020	202,542
Tax Preparation
Goodwill [Roll Forward]
Balance as of December 31, 2019	188,542
Purchase accounting adjustment	0
Impairment	0
Balance as of March 31, 2020	$ 188,542

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 270,625	$ 0

Debt - Schedule of Company's De

Debt - Schedule of Company's Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: Current portion of long-term debt, net	$ (56,229)	$ (11,228)
Long-term debt, net	381,521	381,485
Senior Secured Credit Facility
Debt Instrument [Line Items]
Principal amount	444,375	399,687
Discount	(1,297)	(1,366)
Debt issuance costs	(5,328)	(5,608)
Net  carrying value	$ 437,750	$ 392,713

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 23, 2020	May 06, 2019	Nov. 30, 2017	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	May 01, 2020	Dec. 31, 2019	May 22, 2017
Debt Instrument [Line Items]
Proceeds from credit facilities							$ 55,000,000	$ 0
Payments on the line of credit and term loans							10,000,000
Amount available for future borrowings							10,000,000
Term Loan
Debt Instrument [Line Items]
Debt outstanding							389,400,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Payments on the line of credit and term loans	$ 37,000,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility											$ 565,000,000
Principal amount							444,375,000			$ 399,687,000
Debt outstanding							$ 437,750,000			392,713,000
Senior Secured Credit Facility | Minimum
Debt Instrument [Line Items]
Required prepayment percentage							0.00%
Senior Secured Credit Facility | Maximum
Debt Instrument [Line Items]
Required prepayment percentage							50.00%
Senior Secured Credit Facility | Term Loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 125,000,000
Principal amount											500,000,000
Payments on the line of credit and term loans							$ 300,000
Periodic payment		$ 300,000
Senior Secured Credit Facility | Term Loan | ABR
Debt Instrument [Line Items]
Variable interest rate			2.00%
Senior Secured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility											$ 65,000,000
Debt outstanding							$ 55,000,000			$ 10,000,000
Senior Secured Credit Facility | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Debt outstanding	$ 18,000,000
Amount outstanding, that triggers minimum liquidity requirement									$ 0
Liquidity requirement									115,000,000
Borrowing amount that triggers increase in maximum consolidated net leverage ratio									$ 0
Maximum consolidated total net leverage ratio				375.00%	375.00%	575.00%
Senior Secured Credit Facility | Revolving Credit Facility | Eurodollar
Debt Instrument [Line Items]
Variable interest rate			3.00%
Senior Secured Credit Facility | Revolving Credit Facility | Minimum | Eurodollar
Debt Instrument [Line Items]
Variable interest rate							2.75%
Senior Secured Credit Facility | Revolving Credit Facility | Minimum | ABR
Debt Instrument [Line Items]
Variable interest rate							1.75%
Senior Secured Credit Facility | Revolving Credit Facility | Maximum | Eurodollar
Debt Instrument [Line Items]
Variable interest rate							3.25%
Senior Secured Credit Facility | Revolving Credit Facility | Maximum | ABR
Debt Instrument [Line Items]
Variable interest rate							2.25%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed lease expense	$ 2,036	$ 1,026
Variable lease expense	301	348
Total lease expense	2,337	1,374
Sublease income	$ 300	300
Weighted-average remaining operating lease term	11 years 1 month 6 days
Weighted-average operating lease discount rate	5.50%
Operating Lease Liabilities, Payments Due [Abstract]
Remainder of 2020	$ (2,344)
2021	2,270
2022	4,706
2023	4,808
2024	4,911
Thereafter	35,337
Total undiscounted cash flows	49,688
Imputed interest	(15,992)
Present value of cash flows	33,696
Operating lease liabilities payments	1,200	900
Lease liabilities from new ROU assets obtained	20,400	$ 9,400
Lessee, Lease, Description [Line Items]
Undiscounted lease payments	49,688
Lease liabilities—current	2,187			$ 3,223
Lease liabilities—long-term	31,509			5,865
Total operating lease liabilities	33,696			9,088
Right of use lease asset	29,224			$ 10,151
Corporate Office Headquarters
Operating Lease Liabilities, Payments Due [Abstract]
Total undiscounted cash flows	45,200
Lessee, Lease, Description [Line Items]
Undiscounted lease payments	45,200
Tenant improvement allowance	$ 9,700
Total operating lease liabilities			$ 20,400
Right of use lease asset			$ 20,700

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 9,706	$ 7,982
Prepaid regulatory license fees	1,493	1,991
Prepaid insurance	1,181	1,492
Prepaid advertising	421	322
Other current assets	586	562
Total prepaid expenses and other current assets, net	$ 13,387	$ 12,349

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Salaries and related expenses	$ 14,927	$ 15,053
Contingent liability from 1st Global Acquisition	11,328	11,052
Retained purchase price from 1st Global Acquisition	90	1,050
Accrued vendor and advertising costs	18,628	4,351
Accrued taxes	10,586	1,173
Other	4,201	3,465
Total accrued expenses and other current liabilities	$ 59,760	$ 36,144

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, 2020	Dec. 31, 2019
Cash equivalents:
Total assets at fair value	$ 4,278	$ 4,264
Money market and other funds
Cash equivalents:
Cash equivalents: money market and other funds	4,278	4,264
Quoted prices in active markets using identical  assets (Level 1)
Cash equivalents:
Total assets at fair value	4,278	4,264
Quoted prices in active markets using identical  assets (Level 1) | Money market and other funds
Cash equivalents:
Cash equivalents: money market and other funds	4,278	4,264
Significant other observable inputs (Level 2)
Cash equivalents:
Total assets at fair value	0	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
Significant unobservable inputs (Level 3) | Money market and other funds
Cash equivalents:
Cash equivalents: money market and other funds	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Term Loan $ in Millions	Mar. 31, 2020USD ($)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 389.4
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 346.5

Other Loss, Net (Details)

Other Loss, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Interest expense	$ 5,316	$ 3,776
Amortization of debt issuance costs	313	172
Accretion of debt discounts	68	38
Total interest expense	5,697	3,986
Interest income	(14)	(140)
Other	452	112
Other loss, net	$ 6,135	$ 3,958

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 67,520	$ 3,985
Federal statutory rate	21.00%	21.00%
Increase in valuation allowance for net operating losses expected to expire in future years	$ 15,500

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, 2020	Mar. 31, 2019
Numerator:
Net income (loss) attributable to Blucora, Inc.	$ (315,494)	$ 62,170
Denominator:
Weighted average common shares outstanding, basic (in shares)	47,827	48,161
Dilutive potential common shares (in shares)	0	1,381
Weighted average common shares outstanding, diluted (in shares)	47,827	49,542
Net income (loss) per share attributable to Blucora, Inc.:
Basic (in USD per share)	$ (6.60)	$ 1.29
Diluted (in USD per share)	$ (6.60)	$ 1.25
Shares excluded (in shares)	3,093	256

Subsequent Event (Details)

Subsequent Event (Details) - Honkamp Krueger Financial Services, Inc. - USD ($) $ in Millions	Apr. 07, 2020	Jan. 06, 2020
Subsequent Event [Line Items]
Purchase price		$ 160
Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 100
Undiscounted contingent consideration	30
Cash breakup fee payable	$ 0.8

Uncategorized Items - bcor-2020

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,636,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,636,000)