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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 1.13
BCOR's Cash to Debt is ranked higher than
50% of the 484 Companies
in the Global Internet Content & Information industry.

( Industry Median: 14.02 vs. BCOR: 1.13 )
BCOR' s 10-Year Cash to Debt Range
Min: 1.01   Max: No Debt
Current: 1.13

Equity to Asset 0.61
BCOR's Equity to Asset is ranked higher than
66% of the 464 Companies
in the Global Internet Content & Information industry.

( Industry Median: 0.64 vs. BCOR: 0.61 )
BCOR' s 10-Year Equity to Asset Range
Min: 0.4   Max: 0.98
Current: 0.61

0.4
0.98
Interest Coverage 7.87
BCOR's Interest Coverage is ranked lower than
57% of the 327 Companies
in the Global Internet Content & Information industry.

( Industry Median: 10000.00 vs. BCOR: 7.87 )
BCOR' s 10-Year Interest Coverage Range
Min: 7.87   Max: 9999.99
Current: 7.87

7.87
9999.99
F-Score: 7
Z-Score: 0.87
M-Score: -2.92
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 11.21
BCOR's Operating margin (%) is ranked higher than
81% of the 482 Companies
in the Global Internet Content & Information industry.

( Industry Median: 3.85 vs. BCOR: 11.21 )
BCOR' s 10-Year Operating margin (%) Range
Min: -180.15   Max: 18.27
Current: 11.21

-180.15
18.27
Net-margin (%) 4.90
BCOR's Net-margin (%) is ranked higher than
75% of the 482 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.94 vs. BCOR: 4.90 )
BCOR' s 10-Year Net-margin (%) Range
Min: -310.08   Max: 46.88
Current: 4.9

-310.08
46.88
ROE (%) 5.83
BCOR's ROE (%) is ranked higher than
71% of the 464 Companies
in the Global Internet Content & Information industry.

( Industry Median: 5.54 vs. BCOR: 5.83 )
BCOR' s 10-Year ROE (%) Range
Min: -56.11   Max: 25.97
Current: 5.83

-56.11
25.97
ROA (%) 3.35
BCOR's ROA (%) is ranked higher than
71% of the 489 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.97 vs. BCOR: 3.35 )
BCOR' s 10-Year ROA (%) Range
Min: -52.37   Max: 23.27
Current: 3.35

-52.37
23.27
ROC (Joel Greenblatt) (%) 395.00
BCOR's ROC (Joel Greenblatt) (%) is ranked higher than
91% of the 483 Companies
in the Global Internet Content & Information industry.

( Industry Median: 24.86 vs. BCOR: 395.00 )
BCOR' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -636.92   Max: 672.29
Current: 395

-636.92
672.29
Revenue Growth (%) 25.40
BCOR's Revenue Growth (%) is ranked higher than
89% of the 319 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9.50 vs. BCOR: 25.40 )
BCOR' s 10-Year Revenue Growth (%) Range
Min: -21.9   Max: 101.7
Current: 25.4

-21.9
101.7
EBITDA Growth (%) 75.70
BCOR's EBITDA Growth (%) is ranked higher than
97% of the 241 Companies
in the Global Internet Content & Information industry.

( Industry Median: 8.80 vs. BCOR: 75.70 )
BCOR' s 10-Year EBITDA Growth (%) Range
Min: -42.9   Max: 206.9
Current: 75.7

-42.9
206.9
EPS Growth (%) 30.80
BCOR's EPS Growth (%) is ranked higher than
89% of the 218 Companies
in the Global Internet Content & Information industry.

( Industry Median: 11.10 vs. BCOR: 30.80 )
BCOR' s 10-Year EPS Growth (%) Range
Min: -68.2   Max: 102.2
Current: 30.8

-68.2
102.2
» BCOR's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q4 2013

BCOR Guru Trades in Q4 2013

David Dreman 1,782 sh (New)
Mario Gabelli 371,400 sh (+4.18%)
Third Avenue Management 724,395 sh (-0.27%)
Chuck Royce 384,830 sh (-8.53%)
Paul Tudor Jones 147,887 sh (-10.53%)
Steven Cohen 1,093,436 sh (-27.3%)
Jim Simons 1,000,800 sh (-28.48%)
Zeke Ashton 109,400 sh (-43.46%)
» More
Q1 2014

BCOR Guru Trades in Q1 2014

Louis Moore Bacon 54,367 sh (New)
Joel Greenblatt 190,323 sh (New)
Steven Cohen 1,402,800 sh (+28.29%)
Mario Gabelli 429,605 sh (+15.67%)
Third Avenue Management 775,011 sh (+6.99%)
Steven Cohen 94,000 sh (unchged)
Zeke Ashton Sold Out
David Dreman Sold Out
Chuck Royce 354,730 sh (-7.82%)
Jim Simons 325,372 sh (-67.49%)
Paul Tudor Jones 33,900 sh (-77.08%)
» More
Q2 2014

BCOR Guru Trades in Q2 2014

Zeke Ashton 165,000 sh (New)
Louis Moore Bacon 82,778 sh (+52.26%)
Jim Simons 438,600 sh (+34.8%)
Mario Gabelli 543,975 sh (+26.62%)
Chuck Royce 425,430 sh (+19.93%)
Steven Cohen 472,224 sh (unchged)
Third Avenue Management 678,111 sh (-12.5%)
Paul Tudor Jones 18,700 sh (-44.84%)
Joel Greenblatt 23,439 sh (-87.68%)
» More
Q3 2014

BCOR Guru Trades in Q3 2014

Louis Moore Bacon 175,479 sh (+111.99%)
Jim Simons 768,200 sh (+75.15%)
Paul Tudor Jones 25,246 sh (+35.01%)
Chuck Royce 515,430 sh (+21.16%)
Zeke Ashton 195,000 sh (+18.18%)
Mario Gabelli 595,960 sh (+9.56%)
Third Avenue Management Sold Out
Steven Cohen Sold Out
Joel Greenblatt Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with BCOR

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Third Avenue Management 2014-09-30 Sold Out 0.25%$15.52 - $18.83 $ 14.57-12%0
Joel Greenblatt 2014-09-30 Sold Out 0.01%$15.52 - $18.83 $ 14.57-12%0
Joel Greenblatt 2014-06-30 Reduce -87.68%0.05%$17.07 - $19.85 $ 14.57-23%23439
Mario Gabelli 2014-06-30 Add 26.62%0.01%$17.07 - $19.85 $ 14.57-23%543975
Joel Greenblatt 2014-03-31 New Buy0.06%$19.11 - $29.16 $ 14.57-38%190323
David Dreman 2014-03-31 Sold Out $19.11 - $29.16 $ 14.57-38%0
David Dreman 2013-12-31 New Buy$22.6 - $29.82 $ 14.57-46%1782
Whitney Tilson 2013-09-30 Sold Out 2.9%$19.63 - $23.61 $ 14.57-30%0
Joel Greenblatt 2013-09-30 Sold Out 0.03%$19.63 - $23.61 $ 14.57-30%0
Mario Gabelli 2013-09-30 Add 29.14%0.01%$19.63 - $23.61 $ 14.57-30%356500
Third Avenue Management 2013-06-30 New Buy0.26%$14.45 - $19.11 $ 14.57-14%706170
Whitney Tilson 2013-06-30 Reduce -6.71%0.15%$14.45 - $19.11 $ 14.57-14%160000
Joel Greenblatt 2013-06-30 New Buy0.03%$14.45 - $19.11 $ 14.57-14%39922
Mario Gabelli 2013-06-30 Add 86.46%0.01%$14.45 - $19.11 $ 14.57-14%276050
Whitney Tilson 2013-03-31 Add 101.76%1.16%$14.44 - $16.56 $ 14.57-6%171500
Mario Gabelli 2013-03-31 Add 410.52%0.01%$14.44 - $16.56 $ 14.57-6%148050
Whitney Tilson 2012-12-31 New Buy1.1%$14.09 - $18.24 $ 14.57-8%85000
Mario Gabelli 2012-12-31 Add 45%$14.09 - $18.24 $ 14.57-8%29000
John Rogers 2012-03-31 Sold Out 0.03%$10.99 - $13.68 $ 14.5726%0
Joel Greenblatt 2011-09-30 Add 31.23%0.02%$8.37 - $9.81 $ 14.5758%75774
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on Blucora Inc

Third Avenue Management Comments on Blucora - Jul 02, 2013

Blucora (BCOR) is a company that fits within our basket of "special situation" investments, securities whose underlying dynamics do not easily lend themselves to conventional analysis. Although it was a fairly well-known company in prior years under its former name InfoSpace, today it largely flies under the radar of Wall Street investors and analysts (in part due to the June 2012 name change) and in some respects,we believe, is misunderstood.

InfoSpace saw revenues grow by more than 50%compared with 2011. With TaxACT, the business continues to benefit from the ongoing migration of tax preparation away from paper and professionally-prepared filings toward electronic and self-prepared filings. In 2012, TaxACT saw revenues grow by more than 10% compared with 2011.

In addition to these strongly growing businesses, Blucora benefits from a large "hidden asset"—more than $700 million of net operating loss (NOL) carry forwards (from years ago when the company was unprofitable) that will largely enable Blucora to manage its tax bills over the next decade. As Blucora generates more profits more of the inherent value in the NOLs will be unlocked. Just as this was a significant part of the rationale for Blucora's acquisition of TaxACT, management, stacked with private equity experience, is actively looking to acquire another profitable business as we write this letter. In fact, Blucora just issued (in March )$200 million of convertible debt to combine with its current net cash of about $150 million for the very purpose of making another attractive acquisition like TaxACT. The issuance of that convertible security was the proximate cause of a temporary drop in the stock price, a catalyst for us to initiate our position at a very attractive entry point.

A further consequence of Blucora's NOLs is that the market valuation of the company does not necessarily appear inexpensive on the surface. The company's non-cash tax expense combined with other non-cash expenses (e.g., amortization of intangibles from the acquisition of TaxACT) causes Blucora's reported GAAP1 earnings to be dramatically lower than its cash earnings. As a result Blucora Common will likely miss those investor screens dependent on earnings-based analysis. In our case, we were able to invest in Blucora at a valuation of less than five times the company's trailing adjusted EBITDA2, a multiple normally attached to shrinking or highly cyclical companies.

Shortly after the Fund's quarter-end, Blucora reported strong results for its own fiscal first quarter with continued growth in both of its businesses (as well as market share gains in the case of TaxACT) and very strong free cash flow generation. We expect that the ongoing strength within the two businesses and/or another acquisition by the company will continue waking investors up to this special situation holding

From Third Avenue Management's semi-annual 2013 commentary.
Check out Third Avenue Management latest stock trades

Ratios

vs
industry
vs
history
P/E(ttm) 20.70
BCOR's P/E(ttm) is ranked higher than
88% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 136.10 vs. BCOR: 20.70 )
BCOR' s 10-Year P/E(ttm) Range
Min: 4.48   Max: 207.17
Current: 20.7

4.48
207.17
P/B 1.07
BCOR's P/B is ranked higher than
93% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 3.94 vs. BCOR: 1.07 )
BCOR' s 10-Year P/B Range
Min: 0.7   Max: 3.41
Current: 1.07

0.7
3.41
P/S 0.99
BCOR's P/S is ranked higher than
85% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 3.96 vs. BCOR: 0.99 )
BCOR' s 10-Year P/S Range
Min: 0.97   Max: 9.03
Current: 0.99

0.97
9.03
PFCF 8.72
BCOR's PFCF is ranked higher than
97% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 8.72 )
BCOR' s 10-Year PFCF Range
Min: 5.65   Max: 179.75
Current: 8.72

5.65
179.75
EV-to-EBIT 7.87
BCOR's EV-to-EBIT is ranked higher than
95% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 95.31 vs. BCOR: 7.87 )
BCOR' s 10-Year EV-to-EBIT Range
Min: -451.6   Max: 252.8
Current: 7.87

-451.6
252.8
PEG 0.39
BCOR's PEG is ranked higher than
98% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 0.39 )
BCOR' s 10-Year PEG Range
Min: 0.38   Max: 0.92
Current: 0.39

0.38
0.92
Shiller P/E 35.13
BCOR's Shiller P/E is ranked higher than
92% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 35.13 )
BCOR' s 10-Year Shiller P/E Range
Min: 5.04   Max: 321.25
Current: 35.13

5.04
321.25
Current Ratio 4.62
BCOR's Current Ratio is ranked higher than
89% of the 471 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.38 vs. BCOR: 4.62 )
BCOR' s 10-Year Current Ratio Range
Min: 1.4   Max: 27.25
Current: 4.62

1.4
27.25
Quick Ratio 4.26
BCOR's Quick Ratio is ranked higher than
87% of the 471 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.32 vs. BCOR: 4.26 )
BCOR' s 10-Year Quick Ratio Range
Min: 1.38   Max: 27.25
Current: 4.26

1.38
27.25

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 48.56
BCOR's Price/Tangible Book is ranked higher than
58% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9.08 vs. BCOR: 48.56 )
BCOR' s 10-Year Price/Tangible Book Range
Min: 0.39   Max: 320.25
Current: 48.56

0.39
320.25
Price/DCF (Projected) 0.54
BCOR's Price/DCF (Projected) is ranked higher than
98% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 0.54 )
BCOR' s 10-Year Price/DCF (Projected) Range
Min: 0.36   Max: 8.11
Current: 0.54

0.36
8.11
Price/Median PS Value 0.53
BCOR's Price/Median PS Value is ranked higher than
93% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 1.11 vs. BCOR: 0.53 )
BCOR' s 10-Year Price/Median PS Value Range
Min: 0.57   Max: 206
Current: 0.53

0.57
206
Price/Peter Lynch Fair Value 0.83
BCOR's Price/Peter Lynch Fair Value is ranked higher than
98% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 0.83 )
BCOR' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.37   Max: 3.17
Current: 0.83

0.37
3.17
Price/Graham Number 6.36
BCOR's Price/Graham Number is ranked higher than
75% of the 529 Companies
in the Global Internet Content & Information industry.

( Industry Median: 9999.00 vs. BCOR: 6.36 )
BCOR' s 10-Year Price/Graham Number Range
Min: 0.61   Max: 20.04
Current: 6.36

0.61
20.04
Earnings Yield (Greenblatt) 12.70
BCOR's Earnings Yield (Greenblatt) is ranked higher than
94% of the 468 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.30 vs. BCOR: 12.70 )
BCOR' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.4   Max: 50.9
Current: 12.7

0.4
50.9
Forward Rate of Return (Yacktman) 62.12
BCOR's Forward Rate of Return (Yacktman) is ranked higher than
98% of the 284 Companies
in the Global Internet Content & Information industry.

( Industry Median: 4.17 vs. BCOR: 62.12 )
BCOR' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -2.6   Max: 66.6
Current: 62.12

-2.6
66.6

Business Description

Industry: Online Media » Internet Content & Information
Compare:GOOG, FB, TCEHY, BIDU, YHOO » details
Traded in other countries:3EV.Germany
Blucora Inc was founded in 1996 and incorporated in the state of Delaware. The Company was named InfoSpace, Inc. prior to a name change in June 2012. The Company operates as a diverse group of Internet businesses. The Company operates in three segments; Search, Tax Preparation, and E-Commerce. The Company's Search segment is the InfoSpace business; its Tax Preparation segment is the TaxACT business; and its E-Commerce segment is the Monoprice business. Its search business, InfoSpace, provides search services to distribution partners' web properties as well as to its owned and operated web properties. It also distributes aggregated search content through its owned and operated websites, such as Dogpile.com and WebCrawler.com; it also has license rights to certain search products and services, including both non-paid and paid search links. Its Search Customer agreements are with Google and Yahoo!; its partners for distribution of online search services include software application providers, web portals, and internet service providers. Its primary focus for the Search business is on improving the search services offered to its end users, growing end users, maintaining current distribution partners, and adding new distribution partners for its search services. The Company's tax preparation business consists of the operations of TaxACT, Inc. ("TaxACT"), which the Company acquired on January 31, 2012, and provides online tax preparation service for individuals, tax preparation software for individuals and professional tax preparers, and ancillary services. Its TaxACT business's basic federal tax preparation online software service is "free for everyone," meaning that any taxpayer can use the services to e-file his or her federal income return without paying for upgraded services and may do so for every form that the IRS allows to be e-filed. Its software allows professional tax preparers to file individual returns for their clients. Its primary focus for the TaxACT business is on enhancements to the customer experience for tax preparation services and products, including expanding its product offerings, retaining current tax preparation customers, and attracting new customers. Its e-commerce business consists of the operations of Monoprice, Inc. ("Monoprice"), which it acquired on August 22, 2013, and provides self-branded electronics and accessories to both consumers and businesses. It offers products for sale through the www.monoprice.com website, where the E-Commerce revenue is derived, and fulfills orders from its warehouse in Rancho Cucamonga, California; and also sells products through distributor, reseller, and marketplace agreements. It has developed an efficient product cost structure that is enabled by a direct import supply chain solution that eliminates traditional layers of mark-ups imposed by intermediaries. Its focus for the E-Commerce business is on increasing the number of orders through existing and new consumer and
» More Articles for BCOR

Headlines

Articles On GuruFocus.com
TaxACT Helps Americans Easily Navigate ACA Taxes and Marketplaces During Open Enrollment Nov 25 2014 
TaxACT Empowers Small Business Owners to Confidently Take Charge of Their Taxes Oct 16 2014 
TaxACT Launches Its Free Tax Planning Solutions for 2014 Tax Returns Oct 15 2014 
TaxACT 2014 Gives Professional Tax Preparers a Running Start to Tax Season Oct 15 2014 
The Investment Case For Blucora - Motiwala Capital Jun 30 2014 
Clear Sailing for Discovery Communications Apr 29 2014 
Four Gurus Trade Exelis and Blucora Nov 13 2013 
Third Avenue Management Comments on Blucora Jul 02 2013 
Mario Gabelli's First Quarter Increases May 20 2013 

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