morning, times, on interest on create unprecedented as this for these to pandemic, season at time. professionals, Thanks, we team from you're financial for all the improve last to challenges including and to hope rates, is expected. quarter, headwinds going effectively extended did on workplace of with our good the I their financial during delivering shutdowns people Bill, staying the and business mission empower combined midst remains that our tax our Blucora everyone. outlined that reduction in The stemming wellness. safe in our all the and operate focused continues
time position well to have team our we've progress strengthen metrics, a improve term, growth. of our impacted priorities future also performance key in and our in ourselves While to short for these meaningful made period business challenges financial advance the short strategic
for I'd periods. TaxAct I Before the turn to for it season third Starting season. therefore, financial given included strategy more have not our We unusual provide consistent with comparison, embarked Blucora results easier tax the during do of quarter, make on for that overall into our note business in and to the prior the shift and extension Tax results, draw We, information a first Preparation. tax of comparisons. TaxAct to the tax seasonality
marketing driven coupled of by number approaches. been growth there direct the marketing recently, the sophisticated needed. increases, a years, was with product price without in largely benefit has that realization the additional More investment a For stable spend of was deployed most
investments tax these seen to We initial are we've of season benefits retention report pleased satisfaction, the customer the recently completed improving. conversion and with that in all
and causing scaling whom generate utilizing customers had being carefully Unfortunately, the in return offering to cost; higher driver strong increase to jump maintain tax a to learnings season into year that years. of there the growth a price mind, we from share were of in per opportunities Going in tax coming to to challenging may spend other focus will which several focus strategy With season, than more enhance of see performance to when than the spend things: a engaging the investment; support customers lower revenue of our product a tax and on at relationships just spend bring in expected. and occurred to few to of sophisticated with manner user. this on in forward, outcome, will average we said, extension in the therefore, primary deploying resulted marketing timing on assisted marketed a the connected return a result things which back our marketing let's data-driven lower upon important throughout build our prior performance. winning the in That we customers returning a experience; continue investment up
For to tax the X is a I TaxAct main XX. speaking through through discussion, the be tax this which amid COVID-XX improved will business important or plus environment. season, on of number July day metrics
call of below part results lower-than-expected of However, COVID relate of next our the season, executing and cost season. to million season costs was a with our extension the a spend, as to financial for simultaneous results increased perspective. TaxAct current approximately due $XX planning which well to marketing the marketing To pandemic the as incremental this from quantify COVID-XX tax finish the out were staff Part included position stem extended from incremental starting to center this, effects of season, expectations. due
Beyond first these the through COVID marketing to the spend peak. impacts, we address performance weak increased
beyond. for rates, believe and will significantly new include season increasing since we will increasing us through saw retention website, progress will of the our highlights, news we the As increasing potential filers visiting the tax rates, you discuss, next year scores and NPS time among that volume the of which for good operational first some XXXX, customers performance, strong that growing is clear walk of others. increasing conversion I position signs we
the the growth The into expected tax to the as the one might a season in bit with prior date. filing about of March showing have IRS through get of segment announcing DDIY detail. X.X% delay XX, So started industry let's a the off year-over-year
of IRS challenges, on of search Overall, season started marketing portion dropped January the with joined The early a months limited and and XX, much done X.X%. visiting is engine to believe stimulus this volume prepare we double-digit timely course-corrected, that of additional messaging funnel marketing additional tend decrease the estimate extension negated with filers including were lack believe results filing position were site the tools CEO as perspective. and generally and season resonate became we date marketing impact. industry volume, free of at Beginning leadership insufficient the We options. extension in There would critical declining and support before that I The our ultimately of been changes meaningful to extended all in clear of invested we quickly top season. led these approach. a we to what estimate recovering filing in advance incremental out this a more optimization positive which announcement, made who our measurement finished customers March, driven address percentage it positive slowly the to market to by for XX.X% altered A X% activities, about seeing in was just of had top marketing from tax IRS tax pro didn't spend time of a have over that the date season increased season investment dollars excluding we To also to by catch focus investment Following the optimization, tax period. up number delay. ahead filing unit potential filings on required issues, TaxAct and in a precipitously marketing the filings. in the the season. announcing the the
we for which the unfortunate the this season. One is note to effects excited partners, we which short-term season, depress in some extended of approaches tax performed this benefit test future. were establish the well, that new relationships the including and able and and about we're season late several these during identified will important new to believe speak bit. in We is marketing our these is margin While that Marc year, segment are and a will to it
by few We highlights also first that is a added were more include: down to new optimize digits in technology prior, website XX%. the and last After seasons. on side remarkable marketing we double marketing our significant year-over-year and up visitors year-over-year, were tax relative traffic tracking to we A first improvement increased XX% peak, through peak. readily future given which year
last So we up season year, first digits to further to convert for increased can this optimize after large on the down that, many users, peak are there were able opportunity. ways to and some We but of next XX%. capitalize double
total our of and be start a opportunities largest Single-digit in yield a our will would is key fact, improvement double-digit volume. impact of area In rate focus. one
metric first powerful growing XX% new this we XXXX XX% and on rates reversal the decline XX% reactivated represents XXXX. increased significant New or year from builds in and Combining decline users units season a This last the retention year year-over-year. grew saw by a itself. tax since tax is we've growth with earlier, combination since averaged mentioned that
a points when product the and have of highest of level customer few NPS year X believe Through experience year-over-year; On up Net was positive. seen improvements July scores, X was or put retention Promoter conversion, metrics year-over-year; finished and customers increased sentiment from the points year, compared customer in experience very features, prior retention was points delivering filers percentage the last significant XX combined The drove rate company the same is NPS, what date rate that in XX, place complete the year-over-year conversion we our include: new starting strongest with returning in we up or to percentage Score, years. history. or highlights side, from to up customer in experience recent the customers
total Overall, million down even consumer year $X.XXX were about positive a excited $X.XX and professional to in were million, year July season, XX, through XXXX. as e-filers even back growth e-filers, from to year total provide which at our million. last improvements, experience at since consumer we and first customers a a of unit up about $X.XX will e-files likely these came X.X% benefit these us professional tax the e-filers representing includes and who are recommend metrics rate are friend. more because had We particularly X.X% next maybe up X%, to that those come about expect about The higher
We to more growth mix outperformed a well few the this note year-over-year Pro do year. overall of our positive continue positive entry A as and the data to made unit report other process offering, we In hoped for this versus This to volume a return items Pros. a have in the we market growing and declined deliver market, that pro experience we'd market to growth incremental benefits the as although we for and total onboarding our consumer improvements for are that X.X%. free. of the about including to continued with TaxAct to X% Pro, favorable the well paid simplifying pleased shows product, value in unit
hybrid-assisted, how learnings, expanding you outlook We continue the the test first intent XX% our original of confirm our may could offering. more do our scale season believe learned what by so to have gain develop at core do it to a should offering. potential of with we launch testing strong we testing. our season this to made we year business. needed plan the interest for represented We as the plan so future, full now significant plan will to recall, than on Pro us ended The to is decide about next catch next launch interest this had up in to these was we season. to incremental on we and the scale part that targets positive and and and slow be fully In as that the set efforts for progress from enabled not start, we but meaningfully year benefit us up being relative Overall, to
we this the year's Going place about in have believe feel right forward, we team good and learnings.
our product optimized and team new in believe significantly help traffic season our come us drive tax partners working marketing can performance. that concert. and will into utilizing our proven site. we next We've to new with and will marketing increased marketing marketing data-driven both We approaches, already maximize We
driving So we will rate. on be our in improvements very focused start
continue product customers, attract experience. we will new we improved to with delight our As them
combined the during season, a gains to the will off next complete we'll a this marketing high fact, term. business going continue In and rates in continue help see customers deal back And this that believe higher plan really in and product assisted reliance we medium units drive retention, great come drive less revenue grow position conversion improved additional and year's we make that with these Preparation experience, to the for to drive and higher scores had We retention will engagement, years customer improvements paid year improvements rate. who will stronger coming improvements higher year year-round us Tax anticipate I from initiatives put such great price. a with of expect over long NPS believe When further we in to opportunity in and we which and on this improvements as that to efforts ARPU. as in benefit experiences new will at forward conversion.
strategy for a growth to more and that We journey. a TaxAct, note is it's have this shifted sustainable important to multiyear
ourselves are the start are the the improved not we we our with meaningfully on near-term focus room we and the on for of which measure areas performance While satisfied business increasing see many financial year-over-year, continued with across metrics rate. of that improvements satisfied key
We is did we the higher that focused for on second share not see driving will the of season. also this on were given be results we units, which tax paid this metric looking
Wealth to now Management. Turning
quarter million. of million $XX.X segment Second with income Wealth revenue Management $XXX.X was
quarter. effective rate rate Second quarter first market of reflect quantitative expect COVID-related in rebound; results in This QX and well which on results This due to which billing to reflects mostly and X the revenue, things revenue, to the and now ending cycles. as market advisory changes qualitative last present values sweep impacts like both in we quarter. cuts due timing based is the interest not our as includes: is increase QX which now
are effect for not on successfully are our to through unprecedented these we instituted comply been to can we is Best term with the replace Regulation industry Financial managing expected has on we market XXXX. time forward has Interest, financial with going went this been immune forces, professionals. term professionals the navigating control the which what advisers. June change While This focus to into SEC's using XX, the and our
Our to professionals areas, this has through and service to allowing our professionals this been environment. as be successful in uninterrupted improving as period several possible in finance financial
at are fact, In times lows. our processing historic
insurance, the Working with like quarter. volatility ability an to slowed in This products, market meet Their on serving down for softness complex things prospecting over clients through such great deal and their helping was season, through and Our as with overall market has more these with the plate financial XX% combined transaction loans. on than seeing their alternatives, a in as the clients annuities as the sell the tax extended well past navigate which to had reduced affected more have our professionals products person, helping sequentially. existing revenue, quarter. focus clients, PPP ability
most tax half. behind While transaction distractions see of in some transaction in our expect to financial professionals, the with to second always predict, season revenue we is improvements the difficult revenue the
flows we million of of assets meetings, out including the a However, meet from the clients the of of the also to in-person total updates net cash an factors, call a quarter quarter in Wealth for clients few funds A flow outflows We back. in Advisory $X believe had were combination bounce temper well prospecting, from our These assets billion. ability ongoing reduced limited XX.X%. as assets departures factors as about with ended a may financial additional total quarter. on saw assets professional asset pulling $XXX the Management. I'll of purposes as the proportion regrettable a and here few level for limited at as client advisory impact outflows client by about driven
incredibly environment. ability continue I remote their of proud First, to work effectively in to and this remain the team
it our mentioned, uninterrupted, areas, I times. such many has only not improved has service As processing in as been
integrated management. model, enhanced provide feel end-to-end size this provides experience or create During professional upgraded out professionals. fully team to requests of next financial proactive they to value concierge, our program. the and with believe as the dedicated high-value with teams will and the firm, based this approach The financial additional complexity experience as see quarter, We geography its the of stickiness service team professionals incoming well as rolled the level service relationship quarterback which that on a on service regionalized high-touch utilizes to model service deliver financial an
to financial our professional and and community virtually, team or Our clients other each let forms the to pivoted has for these utilizing teams develop know about connecting new plans them professionals help to financial funds. teams to the new growth available
the new XX quarter, a Recruiting seen tax extended work part to closed continuing were due including have strong than the to normal in testing In we recruiting, due well professionals transfers. tax the X with new utilization. We and slower pros was through XX a the as COVID-XX in in financial as in in bit centers pros to increase season. able tax -- being bring quarter
also a the of accounting we in million representing $X financial individual on professionals, X addition total of In combined revenue about $XXX firms larger with prospecting brought approximately client assets. to million, accounting opportunity
EBITDA we these In the to that in wealth addition to our about growing of this the to double-digit It allowing to our serve has hole business professionals, us rates, and the market been of quarter, offering own The assets CPA full receive HKFS opportunities. increasing refer we adds to revenue our Avantax have providing numerous firms clients know profitable but fills past, with mentioned recurring closed. RIA margins HKFS CPA believe summarize, the a our to highlights, stream. and through just fast-growing, and of CPA's can XX%. transaction has firms, our in-house adjusted the a tax CPA addressable in the a HKFS, the I advisers organic key at through we benefits end process, announced where where one highly management new company, model, at growth either business acquisition or
As clients, for XXX number year of table. our have gives stream on the us retirement incremental a way a monetize we an new professionals. longer each financial plans this represents leave a to financial for result, the prospects our It and professionals significant no their to start revenue
now them. succession for options professionals for provide financial can For plans, we their seeking an off-ramp
way new to and who to gives their a captive provide have instances, and end way to the closed services management is affiliate them this results. For retain In from have clients. our in plateaued, continue a a wealth improve financial The to RIA. we financial to professionals both after margins not assets of HKFS transitioning model quarter the included transaction the when to assets potential the
total in approximately up in services a few provide additional number high retirement from CPA plan and assets end of of However, clients partner will ended $X.X in firms. with advisory quarter assets, growing about moment. level, a HKFS client QX, a details $X XX positive billion at the Marc with with at and flows net the billion a end about
to the on focus scalability; that now to: management including with and systems, wallet and As increase interruption operational we improve to in plan X-month say penetration setting to performance our delight HKFS by of efficiency wealth tools, the professionals; success. closed, ahead acquisition the and supporting prospecting efficient pleased mark and and navigating business performance providing we the align financial time, up without and in well. are summarize, our professional To end business, our service technology current client look in my our improve maximize share; financial tenure, completing efforts, processes I'm unprecedented to the an environment at integration for and we
have plans. We leaders, positions our gaps strategic business addressed with execution defined priorities skill key filling strong support realigned to by detailed our and
on to the for growth company in are in excellence half position coming best focused the the years. executing second the of with We year
of have set customers We our to truly deal empower financial wellness have achieve their to to a can as great sights our work high to we and do. organization as what improve an
COVID-XX we preparation not margin impact tax on especially business, meaningful, our tax been on a are impacts reoccur. this this stemming has environment, there progress which expect we to we need recognize do season progress. to from of areas In the Our significant our accelerate amidst key but
it and on experience for to attention that the ourselves expanding business. work strong out share model systems of financial we the we enable paid professional to our the improved management, execute efficiency season. ensuring start Marc. through begin they professionals their positioning build season our With the the our fall wealth the of for With units, In start important the of and will full over have to to roll the continue financial that, working gain to book to us, need I'll aligned we have tax programs, behind rate marketing turn turned a HKFS improving our to