BCOR - Earnings call transcript Q4 2021

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Operator

Good day, and thank you for standing-by. Welcome to the Blucora Fourth Quarter Year End 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please turn over Investor to would please now speaker conference to like Littrell, I your the today, ahead. go Relations, Dee

Dee Littrell

Mehlman, full to Thank blucora.com. welcome posted I'm Financial website Chris Investor the Chief supplemental by Earlier Blucora's Relations year and we XXXX Walters, release, joined Officer, on fourth this you, today morning, Earnings everyone and Chief at quarter information and earnings section Call. Conference our Marc and Officer. Executive the of

Before let contains remind we that forward-looking speak current everyone statements it, as the only see we environment date. me begin, today's as of based discussion on currently that the

Please SEC and Form and most assume As results as some no from obligation could XX-K and refer statements, such, filings, law. recent required update specific press Form more forward-looking events We for expectations. of materially and to and except release including these include they risks the our and our by our uncertainties, on information actual differ XX-Q current risks to our uncertainties.

non-GAAP discuss measures GAAP and financial will We today. both

Our the section our financial With at financial available and information earnings hand to each blucora.com, of full that, nearest to the of applicable include me reconciliations GAAP measure website let Investor the discussed release non-GAAP and over Chris. on supplemental Relations are measure. call

Chris Walters

everyone. am relationships our to opportunities and on for while generated We financial laying sustainable results. be to the the ahead. professionals, pleased our morning, ahead significant future I and strengthening for growth share strong platforms, quarter Today, of goals. progress And and XXXX, long-term growth, in the pleased see Overall, XXXX our deepening company good we customers and strategy results investing to fourth Thank full-year you, made Dee. with growth are we executing build our significant groundwork financial our

believe Blucora differentiated that expectations, key the adjusted XX% strategy growth the executing and businesses. We is exceeded value focus EBITDA revenue on growth to financial for 's Our of full-year tax including of growth XXXX. our results delivering realizing of XX% full

strategy we As have operating nor not without is timeframe. said, in this a isolation,

out the our goals of over years range and business our to value-creating several against structure judge progress and company's alternatives We and allocation. KPIs clear wide consistently the capital business have laid for next the

Our growth. approach across businesses continue of to X drivers both sustainable has on to been key focus

acquisition, ways to customer bring customers, finding First, partnerships. marketing business, our innovative is unique professionals financial and including new which to and

service. experiences building attention financial great products with functions, high-quality TaxACT valuable and Board wealth realizing efficient Second, to importantly, introducing shared which crossover customers. technology benefits our most is in and between of with relationships Directors, customer And our our Avantax, and these providing each and areas. pros operating teams. extending professionals our of by our long-term businesses, marketing benefit finally, best-in-class is of management customers support as capabilities and from as opportunities to and With made leadership, our We TaxACT well progress significant two

year with businesses building as provide in of unit Tax path a units are key on have the business. and XXXX, at driving Software Now a unlocking had like volume an was we solid update to the said, would $X.X a TaxACT for on critical which to of growth point TaxACT beginning very value gains our I inflection and unit years. stated our on ARPU reaching critical growing on is share our our value a toward this embracing for after since particular, through flat business, of in growth. XXXX, declining position. profitable step time expectation first number having the share In This million units consumer

a midpoint of in guidance our revenue. As exceeding $XXX year, strong million a for result, had finish we the

an up continued most on experience. product We scores us data results XX% of and satisfaction for promoter user on guidance investments reaffirming outlook for midpoint customer we November, are between season's excited scores on top XXXX and segment X.X the improvements, of deliver with solid and focus XXXX tax confidence about preliminary historical the product revenue about improving from I the relative our additional our this XXXX the And operating entry. bullish high. enhancements to and season, into our tested Heading released Just as XXXX confident QX benefits customer for Tax we These guidance iterated XX% for payers continued million to business. XXXX the the between a flow our XXXX. tax in value Thanks gave and marketing be and business. to Software crucially, are season, growth XXXX. our we our $XX are improve about realized up results tax team our enhancements, for strong and in our points ahead. potential When investments. and XXXX income to prior our of give net be to outlook product with to product year segment from million, fiscal we year representing the to XX% fiscal $XXX Today, The partnership

Although I to observations. the early season, like in it share is some would tax initial

starting year of we in Taking in reported we returns we build E-files season, of in To retention. invest prior our as by and to focus comment years, areas shift This and recognition, several tax improvements This initiatives. track. a on their seen a difficult to in definitively are we at of Over learnings or forecasted XXXX acquisition we're the season, shift for number it performing seeing areas approaching the relatively focused the X XX% drive number season. above number previously completing said, of the our makes later certain support what This IRS weeks support on low filers on last roughly and we expectations. several customer from past the has elements seasons. to filers marketing seasons, and accelerated has seen have customer already continue below been which to partnerships season. That acquisition, into is the of brand partnerships,

and our refined with have added we existing partners. partners, season, tax approach new XXXX the several For

side, this season data, as behavior to marketing season customer and enhanced analytics improved the into insights the we using progresses. are On provide

we As deploy us to year, more enable we will this marketing saw efficiently expect spend. our last

investment enhancements Our facilitate product in to marketing rapidly test, these customer enhanced capabilities To during our season. focused systems. we our optimize are customer and the retention, ability on efforts and support

product our enhancements We have a increase rates. invested and of strategic I'll couple simplify user experience start to great examples. share in

rate. that import we improvements During how Xrd year increase data learned testing, prior could in peak user we completion

XXXX import tool, WX already we've and remain user also leveraging. and possible committed We smooth increase making in seen as significant for to We Form customers. experience made our as users improvements to

focused tax cost. for products. of to have situations experts we customers. Expert access paid component tax made of as and all because on assist to through powerful our users two at incremental access ways no product, positioning assist, We've an CPAs our expert which additional value easy customers of to help a enhancements assisting types of on incremental charge notable provides Xpert our guide launched competitor's improving typically complex Beyond is a We filers this also front. team

customer to than significantly direct care our human to of customers percentage a to greater investments assistance fees. We also be prior increased able provide

provide technology made clients, resources Avantax areas I'd the value to Partners to service firms several our approach focused customized for the multiple focused with affiliation broker-dealer, on how benefit Management capabilities we last of of independent on several onto improving in in-house customer Wealth scaling which and grow our each us continued our progress customer RIA initiatives The which for hybrid, retention we them Management year, models, and enhancing service us to and our was to These the Now Wealth see combination our Avantax unique employee-based financial were new segment, Management. continuing overall into our opportunities offer firms. on progress financial our help And Heading enables professionals on to to we over we've Wealth to where acquisition, RIA. better acquisition. and focus time. customer last financial the their initiatives. professionals, professionals highlight presents and experience include to the front, and were recruiting practices these also CPA on their Planning like quarter. In additional

new and On group launched front, technology. first improvements. and expand a front, results portal in client the our total a community. On pilot to million was all XXXX. to adding a acquisition the will retention, This client new clients improve foundation of Fall quarter. improved continue service by version financial professional the availability professional, financial, it meeting the needs made percentage great professionals, making financial several collaborate. customer have and recruiting the were portals I'm how we're and Spring throughout points in since Fall enhance our a this survey clients, we've We $XXX We tech when experience, to XX that assets. and share directly financial our firms customer will satisfaction end financial percentage progress XXXX, enhancements XX feature be by professionals, XXXX. driven that professionals, These customer working since To professionals will in of of to XXXX new welcomed results points financial and with financial XX exciting pleased At professional end of meaningful

processing efficiencies asset increase opening, times. transition professional time, also help overall off-platform We launched by new and account decreasing saving tools and to financial

Segment their expanded consultation financial potential. to of financial to cohesive using they We proactive help professionals Management opportunities services our provide data how on will efficient their operationally a and provide services advice thus grow and investments as across tax to our sophisticated boosting we enhanced, support Finally, to to professionals them and business. believe Wealth to more by efficiency analytics firm boost continue and our grow, profitability increased more become suite

in independent a well customer capital to reminder, model, This model of RIA these addition business. profile, Together, than for has which in this that our approaching in XXXX, as initiative double billion approximately to our meaningfully each management X amount. assets acquisitions business us of supporting a our The to and have $X.X we our retention is employee-based In as opportunity, as deals profitable more is margin enhancing efforts, today. portion these addition, a allocation firms acquisition under scale Wealth of synergies. our broker-dealer acquired added cross-business compelling

will growth, number communicated capital to allocate to returning AA to opportunity continues maintaining with sheet, shareholders. driving in allocation increase a compelling we business, acquisitions our the XXXX. this capital We As capital balance our a the plan strong priorities of line and of present organic during

values our fundamental addition are of volatility revenue. Market In ahead. our factors can set to impacts drivers our up value improve that value the macro the in benefit likely fees the of market increase greatly to focus lie impact assets executing our a in increased which In environmental more from fees. professionals to is business, believe be effects of under lower. we pressure, profit-sharing under we the through management will our are bottom as rate asset place Conversely, asset That financial of much the will increasing mutes said with the as our fees flowing to too model values volatility, of line environment significant. market but the so the

As unprecedented. interest been has everyone severely Wealth over rate the on sweep years cash environment near-zero appreciates the this our no business. critical which input impacted call This is doubt for a has revenue, past Management few

said, for which impact normalized interest we a returned positively rate As significant historically opportunity have will represented environment earnings. repeatedly Blucora's revenue, additional a

high-margin once again to will rate pre sweep to be normalizes the income As conventional business. back environment interest -COVID the source revenue a rates,

other the increases As in the to levels curve and a our based is $XX will with four level timing want million, P&L our rate segment a hit power. implies, first nature component of generate assuming XXXX. what rate on basis to an we of upside of today's in incremental interest earnings all of to income key return funds non-linear hikes, of forward normalized positivity to rate the the Avantax we associated XXX XXXX. and rate operating But points, factors. upon a will annual between XXX million reaching among $XX of a Due This assets, example, Fed see

about Blucora talk let's overall. Now,

essential outlook. CEO, reiterate unlocking to want growth, solid I As We're to and as I second profitable the is making by sustainable, Blucora encouraged TaxACT progress. And complete how growth which Avantax 's am returning I company's optimistic I our Blucora's value. headway am my year to how about

see each in teams, supporting with on professionals, of have exceeding our pleased We group, have this and confidence to customers. empowering our improvement expectations and focused we the the our satisfaction future. financial bolsters I'm the our made

boost years create execution norms, to financial the believe begins ultimately As financial our this expected the we've past business of our has to to progress strategy macro our differentiated outline substantially. tailwinds in With with I the I and tremendous shareholders. few potential coupled continuing QX Marc our to value our to reposition the and revert our taken the pre our continued XXXX our earnings it steps throughout our turn and that, environment are customers, I'll team, value to professionals, to -pandemic for year. over becoming headwinds performance. look forward and full-year shareholder to

Marc Mehlman

Thank And our It's you, great outlook quarter with well fourth-quarter fourth-quarter again. our the to as you some additional for detail Chris. results, Starting results. everyone. morning, I'd with to as good like be and on all full-year provide ahead.

a say Further, the considerably the midpoint strong shift a total business assets would advisory our almost of over ROA points revenue percentage growth, Management of prior a executed of we're or mentioned, guidance model. high-end an our RIA Wealth meaningful saw higher returns One most and XXX margins toward was versus thrilled for TaxACT billion to and assets year profit of metrics. year. expansion basis our across of $X higher Chris assets As the to have and XXXX across our board, business business. the well exceeding as

Our higher accelerate. create business sustainable plan shifting towards to frameworks growth while and track models on is to our expected valuation

$XX.X the an Wealth net year, quarter revenue by fourth loss of fourth and $XXX.X the or our increase Total was our GAAP Total share, was loss driven million, of guidance. the guidance. prior financial high-end XX% the per outperformed high both was million onto business. versus Now, above quarter the which diluted revenue primarily Management results. end of of of

the in out generate $XX guidance. As in a as for Adjusted million $X.X a loss net the with typically benefit as is share, earn-out, seasonally Consideration figure within fourth loss $X.X allowance. Contingent positive Non-GAAP versus $X.XX which the net $XX.X increase in reminder, believe $X.X valuation associated the small of quarter which was will a a and still period. guidance, a of million our the $XX.X net a consolidated our of full midpoint value the the fourth quarter well of XXXX. outperformed high of is fair at our in which primarily Embedded paid tax a per million our million negative diluted loss quarter we for income we tax business, reduction outperformed is million the EBITDA, HKFS our GAAP or be million end

was Turning of the revenue end drive Software over-performance. to reduced, IRS now the Tax which significantly $X.X helping to high the Software segment. backlog Tax million, the segment guidance as for the our at fourth quarter was outperformed

the the which the e-files growth or $XXX to revenue, were tax e-file the maintained year, in have toward This signal million is X.X% For delivered the at big $X.X they negative our is is outperformed strategy representing value our mentioned, segment Consumer This income Chris driven versus 'XX, another healthy operating testament grown are time Software years. Tax Segment team and growth. year for of the we of a business was moment million end prior million, as dosage. year. and high is XXXX, $XX.X year which our for of the turnaround to six our tax least flat first unit a executing.

in invest opportunities as standpoint, flexibility exceeded such the which business bowl to operate continue ESPN from expense tax-year to XXXX, a awareness. our the brand financial maintaining of ahead expectations marketing of series, prudently an for We number the

$XX.X an fourth the increased our segment Transaction-based above fourth Year-over-year professionals commission was to and headcount, for for revenue revenue Management million our momentum, and the high-end Wealth year Management segment XX% for income million, for we a Wealth experience full revenues guidance, full million X% of was was total revenue quarter quarter, the quarter. basis, quarter, were Wealth X% guidance during the the XX% technology favorable in financial strong the year. Management to sequentially. of performance, and increase investments by $XX.X above XXXX. sequentially. of year-over-year the commission to our their Wealth and Transaction-based and driven revenues a up the enhance segment, up the Moving offset Management continue by for $XXX.X of operating incremental XX% customers. midpoint On XX%

QX decreased at third XXXX. Our of slightly quarter versus rate XX.X% XX.X% versus payout in the coming in

quarter fluctuations higher higher net of quarter-to-quarter the to fourth see the million ended during the than client of assets movement. focus payout off-platform assets million, high percentage of of the our on with end will assets inflows earnings XXX total outflows of sense we which on saw and X change We assets part billion. like a billion turn for $XX.X Fee-based client net which the Slide rate advisory it client $XXX have new DTF I assets, the our assets in were to with makes to depending and concentration $XX.X quarter year-over-year and year would ROA towards customers. advisory of of presentation. net a ending of attention lower We at where lastly, XX.X% total total Transaction-based XX.X%, make-up points $XXX flows for advisory the and assets, platform in ROA relates in XXXX. up now revenues, having type as We assets of assets with the basis to your

focus to This established Over long-term success. the more last been strategic key financial imperative attract shift a expected XX our professionals a months, retention. has development higher business to been with has

for our million million in years a $XXX an the XXXX at million XXXX through driven $XXX $XXX full-year average newly versus for of assets have XXXX. recruited We to XXXX

This XXXX. has on over financial increased recruitment is more professionals focus for for greatly productive assets. growth expectation Our XXXX of but meaningful fewer

of movement, continue continue in came the the accounts quarter we net assets during drivers we financial as prudently. while will continued corporate corporate XXXX. at discuss to and manage unallocated be At corporate our primarily strategic our and positive assets to focus our share to million drive towards so on the costs new in professional And expenses level, $X.X

HKFS related in to of HKFS increase value we about fair $X.X previously contingent related million mentioned. quarter, costs with that vast the to I and had the the and in consideration During it of integration Global, acquisition majority First

sheet. with of Turning and to million, quarter of the cash ended $XXX.X equivalents the million. We cash net debt balance $XXX.X and

the quarter the net of leverage end times. Our ratio was X.X at

includes year $XX.X full For the activities, settlement that acquisition. cash the million the which First XXXX, one-time back with Global million SEC generated operating a from we $XX.X in dates to

for priorities to key Our cash returning growth, to cash investing fuel our business remain in shareholders. and

million. As it of quarter XXth relates million authorization or outstanding about of let's to shares X% in share a returning $XXX February in quarter expanded first we commenced December. to our XXXX have repurchases outlook. first outlay roughly about to Through purchased $X.X under cash the repurchase share XXXX turn With of cash shares total that, XXX,XXX our shareholders, announced for we

As we and provide is guidance May. in will guidance early during customary, QX full-year second earnings quarter

Software million $XXX $XX operating quarter first expect and $XX to and income in of we business, between segment our million Tax million $XXX For revenue million.

As guidance view of season. significantly for a it Chris to on a our weeks uncertainty phasing start, therefore two into first mentioned pinpoint account. e-files which take this the wide season difficult of earlier, usual the This at full than the a no makes range through the off versus impact has to April. March have We which will come to is end tax bit slower

our and of million, we between diluted income and $X.XX income million $XX between expect or million This of expense first On diluted first to Wealth million, million to million quarter million million to $XXX.X share, consolidated income includes $X.XX $XX.X of operating expect share. of $XX revenue to net million. per quarter basis, operating Management EBITDA to attributable we million and $XX For unallocated prepared Blucora to $XXX.X remarks. segment to to a million. $X.X $XX.X $X.XX GAAP or $XX non-GAAP adjusted $XX.X million This million million $XXX.X per to business, $X.XX $XXX.X concludes of revenue $XX our corporate $X

to over Operator We Q&A. return the call will Operator? for the now

Operator

from [Operator Instructions] Jackson with you. Ader Thank comes JPMorgan. first Our question

Your line is open.

Jackson Ader

my Thanks guys. morning, for Good Great. taking questions.

don't start as I later returns or guess or marketing The why are in, two main slower order kind are shifting is of said, secondly, first you tax of drivers any the and these in be kind on of your one the season. recent then the come you to as we in to know I what to capture getting of later type later early to X, -- the years, parts. move what of partnerships, season April? tax spend some in might seem as March, and Number some that

Chris Walters

leading being that There's there's this few of a the demand. stimulus what's dollars is driving say about. are a primary no way think and number to storefront but They to of of consistently we that lower contributors some credits, of a pushed early know would that leads that dollars provided. And that's the market. with variety just kind are securing delay in factors their dollars also bit how that treated, the of within precisely a are stimulus there shift cater out confused on things started in tax operators exactly of season, of are, confusion season the complete. the market child of And getting actually consumer's taxpayers filers the when to secure be second some One will to in the many often end and funds some in advance based hands of a are they been particularly the have returns. more terms dollars I There’re

think demand. things all of are contributing in to of those some delays I the so And

future pandemic, a the spend, approach. talked more locked had so terms in were surprise ultimately actions, were fair our Obviously past, our a seasons a we've of because amount in flexible first marketing. to how approach the of marketing year In predictable. about the by we've and we the caught more we've In built of flexible seasons, we built

we're our sure dollars, demand. to capitalizing and our monitoring greatest there's actions at closely are with to demand, We constantly our work actually partners points we that where then make shift also market, the shift and and

Jackson Ader

Okay? early, All what but there the data sys, margin of then points can I system. and on great. know right, you also, I not share a are gross And -- it's will on And cost of kind Xpert hiring uptake Xpert with assume any so of the Xpert any given per necessarily impact of assist type return price upload? there's same Xpert kind -- associated have the on

Chris Walters

Yes.

So excited helping allows Xpert of value embrace it to taxpayers positioning continue experience assist we have are about really because a us filing our through and them some to to that, complexity. honestly, for

of Over season. the course the

progress there's the season, you filers. As more and through complex more

rate utilization progresses and the now, as I share so and want comment rates, I any don't shared in grow believe month And each you any the can't Marc, so will impact? on the to season. margin do utilization we've

Marc Mehlman

questions. for Jackson. morning, Good Thanks the Sure.

rates, There to and benefit assist, As tool, it just users. you what the relates as in have on from and is an well cost existing to retention users Xpert to margins. of the impact the as attracting offsetting terms new

and believe will top-line, the So customers we our the our is a based going actually forward. expectation on us and new drive that wash, be, margins to should be it uptake allow what additional but with should maintain associated benefit

Jackson Ader

thanks All Great, guys. right.

Operator

a from Dan Benchmark you. Kurnos question And Thank with Company. have we

Your check your me, mute line is Dan, open. Pardon button.

Dan Kurnos

my phone. my that, ear double about a mute plug guys. sorry Hey, and had I

at confirm some How seen which time shift Obviously, or Is Sorry. you brackets are obviously something guide. Hopefully wage inflation given guys or given about there's in you up extensively units of forms or there your filings in we've also there that to assisted the are me this in kind tax complexity? season? thoughts versus lot reconsider tax guys on ARPU seeing heard moving need in that lack push that can about might on and didn't would in just commentary Chris, or you for are that on the these least influencing weighing you mix we've if have see or some of things shift you're it. from really into perhaps there the suggests visibility. this in U.S.C models now, you commentary would mentioned Is season remarks from talked now. incremental that also And your tested a weighing your doubled assisted. of relatively hear well, healthier any it pay prepared how of much coming anticipating whether would terms partnership, tax people that it's in which the does you people complexity -- that any other early to process thought gains mix much

Chris Walters

the on the of or They And in As peak. had are opportunities. the the we we we early signs said, as of my third signs last year that are those well remarks it's linked we early. positive said them. that to see, some about But optimism end where I of we're some seeing about have, services things some ancillary some the as we we optimistic at what of packaging bundling that tested

so ancillary said, we as packaging, tested and I shared mix bundling, haven't peak signs on last some products shift we we've on any year. positive and guidance but seen specific And of really any that third in the some

Dan Kurnos

no, I to way the given expectation answer there's tax if way the any between any unit but change is quantify a is to assume the the -- there season? and there to Is growth start quantify of ARPU

Marc Mehlman

No it what on of that number to too report -- factors Dan, hey say Marc. tax be a able early it's to are go that mean, ultimately there we it's for I season. I'd comment into

a too are early so, to particulars. playing year it's the but last favorably, that comment bit of Chris we tested mentioned, a And out those areas like on lot

Dan Kurnos

the S&P sharing called impacted Is at a -- fair for Okay, out, a some bit you On had own inflows, RIA. Chris, Basis mentioned you model out the just and guys getting year. crop been are Management, been Wealth muted, forecast. the that the you income I end move, Point that's strong very over $X and that that segment enough. there's think it's to the to of about volatility starting at shifting net you frankly your every million market of curiosity, historically, Obvious, XXX relative

get thinking that nature is Or there, to starting for this further rates always sense, is to a a assumptions we shift -- trying there have level I'm way? curious impact just because just understanding I'm still due second that some -- on of RIA, business. to dampen is you'll all right of the about but interest So but to get Are general sensitivity? market the the the we'll in the

Marc Mehlman

I'd say range basis million for use the $X.Xmillion roughly appropriate XXX to is still an to points. every $X

still within RIA, are While reside assets the the broker-dealer. majority of a we exciting seeing really growth within independent

Dan. a that's so number, good And

Dan Kurnos

of the Okay. the this on put out sort And I interest think rate just Goldman then now year. seven hike,

should flexibility combination the could generate? look that utilize that. that. flow we a to that about see on Day? that de forecasts you'll you Investor who very buybacks, think just make me I'm the aggressive guys made quickly would -lever guidance they're more be. around curious, the you how have continue us resized to really is, assumptions so and yet, operating through if But can how I'm be higher-level guess given more the conservatively I dealt going three, be which incremental through to or know income or around have guys how conservative little year doing, you you incremental from flows that restated and you many haven't a just but you thinking limited to And it's with, a the but can to curious the said of of you cadence you that you I bit side more Chris, You gives how question would But I benefit it's full race impact. all started cash expect that for RIA maybe remind either -- of

Chris Walters

in Right point, Obviously, associated perspective Yeah, at Investor time view. of based a today shared first, -- There's nothing allocation that let let shared did changes the terms our made in me in we take value over we've and Marc what outlook at when capital made. rate with share it, not what question. are on increases. let the flow be the these I'll interest we we But any annualized might on Day, included had embedded that is assumptions.

what a might allocation. to to than within capital larger be more little dramatically are share year. Marc impacts don't realized full-year the Why so about I And turn

Marc Mehlman

Sure.

piggyback Chris what Just saying. on was

to fashion. impact relates rate the P&L first it this four As increases don't a linear the in year, increases Fed rate

So as to million the XXX $XX million a annualized by mentioned XXX million. remarks, impact. XXX to to we will get we about time the there And an in is $XX million of to $XX prepared $XX value us points, basis give

to all magnitude and the those it's Dan, rate positivity of so timing. timing one all down, going depend we the will year, on going some of this hikes, And see the and likely to while each to it's come

all until annually As full income and business, XX% obviously But not guidance QX to it the Operating long-term somewhere between for year relates so we're Management Wealth full earnings. to our Segment the Day, providing equal. else guidance X% year, being offered Investor we growth during

operating XX% So interest in we expect remove that any sort of somewhere to sort you segment the this range on volatility market any would X% growth quarter through rates, to of first income. and in us be

same. strong allocation, we're and very capital maintain capital, the as it's balance return to capital and getting our remain organic So sheet. it's to shareholders, cash to additional Now, to to that the Right? forward a much business, fuel it and growth, looking priorities it's into relates to

And we so, best point of turns out of capital, those is depending to be the upon use will which where it.

Dan Kurnos

I color. appreciate for enough. it. comprehensive, all guys. Very the Okay. Thanks Fair

Marc Mehlman

it. Got

Operator

for have. back questions that's And all you. Thank I'd the call like remarks. the to closing to Chris turn we Walters

Chris Walters

next us, Thanks look quarter. for at Great. much talking joining we to so forward

Operator

call. today's participating. Thank concludes for you This conference

may now You disconnect.

Avantax (AVTA) 16 Feb 222021 Q4 Earnings call transcript