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Blucora Announces Second Quarter 2018 Results

August 1, 2018

IRVING, Texas, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Blucora, Inc. (NASDAQ: BCOR), a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals, today announced financial results for the second quarter ended June 30, 2018.

Second Quarter Highlights and Recent Developments

-- Increased revenue and operating income by 13% and 29%, respectively, year-over-year (y/y) -- Grew TaxAct revenue by 17% y/y for the first half of 2018, with 57.3% segment margin -- Posted record level of advisory assets (formerly referred to as assets under management) at HD Vest of $12.9 billion, or 28.8% of total client assets (formerly referred to as assets under administration) -- Achieved 1.5x net leverage ratio on continued strong cash generation and debt reduction

“Strong tax preparation results helped drive continued double-digit growth in revenue and earnings with healthy cash flow,” said John Clendening, Blucora’s President and Chief Executive Officer. “We once again utilized that cash flow to reduce debt, further strengthen our balance sheet and accelerate earnings growth. Our wealth management business also continued its upward momentum demonstrating strong revenue growth and record asset levels.”

Summary Financial Performance: Q2 2018($ in millions except per share amounts)

Q2 Q2 2018 2017 Change --------- --------- ------ Revenue: Wealth Management $ 92.0 $ 85.3 8 % Tax Preparation $ 65.8 $ 53.9 22 % - ----- - - ----- - Total Revenue $ 157.8 $ 139.2 13 % Segment Income: Wealth Management $ 13.0 $ 12.4 4 % Tax Preparation $ 44.1 $ 36.5 21 % - ----- - - ----- - Total Segment Income $ 57.1 $ 48.9 17 % Unallocated Corporate Operating Expenses $ (4.2 ) $ (6.5 ) (34 )% GAAP: Operating Income $ 38.8 $ 30.0 29 % Net Income Attributable to Blucora, Inc. $ 34.9 $ 3.3 957 % Diluted Net Income Per Share Attributable to Blucora, Inc. (EPS) $ 0.71 $ 0.07 914 % Non-GAAP: Adjusted EBITDA $ 52.8 $ 42.5 24 % Net Income $ 47.7 $ 32.9 45 % Diluted Net Income Per Share (EPS) $ 0.97 $ 0.70 39 % See reconciliations of all non-GAAP to GAAP measures presented in this release in the tables below.

Third Quarter and Full Year 2018 Outlook

For the third quarter of 2018, the Company expects revenues to be between $92.0 million and $95.5 million, GAAP net loss attributable to Blucora, Inc. to be between $18.5 million and $22.5 million, or $0.39 to $0.47 per diluted share, Adjusted EBITDA loss to be between $2.0 million and $5.0 million, and Non-GAAP net loss to be between $8.0 million and $11.0 million, or $0.17 to $0.23 per diluted share.

For the full year 2018, the Company expects revenues to be between $553.5 million and $563.0 million, GAAP net income attributable to Blucora, Inc. to be between $42.5 million and $46.0 million, or $0.86 to $0.93 per diluted share, Adjusted EBITDA to be between $114.5 million and $119.5 million, and Non-GAAP net income to be between $89.0 million and $94.5 million, or $1.80 to $1.92 per diluted share.

The third quarter and fiscal 2018 outlook for GAAP net income or loss attributable to Blucora assumes an estimated tax rate of approximately 2% to 6%.

Conference Call and Webcast

A conference call and live webcast will be held today at 8:30 a.m. Eastern Time during which the Company will further discuss second quarter results, its outlook for the third quarter and full year 2018 and other business matters. We will also provide the prepared remarks for the conference call along with supplemental financial information to our results on the Investor Relations section of the Blucora corporate website at http://www.blucora.com prior to the call. The supplemental financial information has also been filed with the SEC on Form 8-K. A replay of the call be available on our website.

About Blucora®

Blucora, Inc. (NASDAQ: BCOR) is a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals. Our products and services in tax preparation and wealth management, through TaxAct and HD Vest, respectively, help consumers manage their financial lives. TaxAct is an affordable digital tax preparation solution for individuals, business owners and tax professionals. HD Vest Financial Services ® supports an independent network of tax professionals who provide comprehensive financial planning solutions. For more information on Blucora or its businesses, please visit www.blucora.com.

Source: Blucora

Blucora Contact:Bill Michalek (972) 870-6463VP, Investor Relations

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Actual results may differ significantly from management’s expectations due to various risks and uncertainties including, but not limited to: our ability to effectively implement our future business plans and growth strategy; our ability to effectively compete within our industry; our ability to attract and retain customers; the availability of financing and our ability to meet our current and future debt service obligations and comply with our debt covenants; our ability to generate strong investment performance for our customers and the impact of the financial markets on our customers’ portfolios; political and economic conditions and events that directly or indirectly impact the wealth management and tax preparation industries; our ability to attract and retain productive financial advisors; our ability to successfully make technology enhancements and introduce new and improve on existing products and services; our expectations concerning the revenues we generate from fees associated with the financial products that we distribute; our ability to comply with laws and regulations, including, among others, those related to privacy protection and consumer data; our ability to successfully transition our wealth management business to a new clearing platform and our expectations concerning the benefits that may be derived therefrom; cybersecurity risks; our ability to maintain our relationships with third party partners; the seasonality of our business; litigation risks; our ability to attract and retain qualified employees; our assessments and estimates that determine our effective tax rate; the impact of new or changing tax legislation; our ability to develop, establish and maintain strong brands; our ability to protect our intellectual property; and our ability to effectively integrate companies or assets that we acquire. A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as may be required by applicable law.

Blucora, Inc.Preliminary Condensed Consolidated Statements of Operations(Unaudited)(Amounts in thousands, except per share data)

Three Months Ended Six months ended June June 30, 30, 2018 2017 2018 2017 ---------- ---------- ----------- ----------- Revenue: Wealth management services revenue $ 92,015 $ 85,296 $ 184,097 $ 167,963 Tax preparation services revenue 65,833 53,866 179,716 153,574 -------- - -------- - --------- - --------- - Total revenue 157,848 139,162 363,813 321,537 Operating expenses: Cost of revenue: Wealth management services cost of revenue 62,452 56,963 125,519 112,837 Tax preparation services cost of revenue 2,459 2,411 6,812 6,229 Amortization of acquired technology 49 47 99 95 -------- - -------- - --------- - --------- - Total cost of revenue (1) 64,960 59,421 132,430 119,161 Engineering and technology (1) 4,848 4,242 9,979 8,990 Sales and marketing(1) 23,791 22,296 79,044 71,294 General and administrative(1) 15,625 13,715 30,491 27,198 Depreciation 993 873 2,908 1,813 Amortization of other acquired intangible assets 8,806 8,289 17,113 16,577 Restructuring (1) 2 331 291 2,620 -------- - -------- - --------- - --------- - Total operating expenses 119,025 109,167 272,256 247,653 -------- - -------- - --------- - --------- - Operating income 38,823 29,995 91,557 73,884 Other loss, net (2) (2,759 ) (24,200 ) (7,987 ) (33,908 ) -------- - -------- - --------- - --------- - Income before income taxes 36,064 5,795 83,570 39,976 Income tax expense (907 ) (2,315 ) (2,870 ) (5,786 ) -------- - -------- - Net income 35,157 3,480 80,700 34,190 Net income attributable to noncontrolling interests (222 ) (176 ) (427 ) (302 ) -------- - -------- - Net income attributable to Blucora, Inc. $ 34,935 $ 3,304 $ 80,273 $ 33,888 - ------ - - ------ - - ------- - - ------- - Net income per share attributable to Blucora, Inc.: Basic $ 0.74 $ 0.08 $ 1.71 $ 0.79 - ------ - - ------ - - ------- - - ------- - Diluted $ 0.71 $ 0.07 $ 1.64 $ 0.73 - ------ - - ------ - - ------- - - ------- - Weighted average shares outstanding: Basic 47,221 43,644 46,931 42,895 Diluted 49,434 46,937 49,049 46,182

(1) Stock-based compensation expense was allocated among the following captions (in thousands):

Three Months Ended June 30, Six months ended June 30, 2018 2017 2018 2017 -------- ----------------- -------- --------------- Cost of revenue $ 574 $ 88 $ 833 $ 134 Engineering and technology 202 224 412 509 Sales and marketing 702 581 1,218 1,272 General and administrative 2,555 1,844 4,528 3,387 Restructuring — 538 — 981 ------- ------- --------- Total stock-based compensation expense $ 4,033 $ 3,275 $ 6,991 $ 6,283 - ----- - ----- --------- - ----- - ----- -------

(2) Other loss, net consisted of the following (in thousands):

Three Months Ended Six months ended June June 30, 30, 2018 2017 2018 2017 --------- ---------- --------- ---------- Interest income $ (58 ) $ (25 ) $ (98 ) $ (45 ) Interest expense 3,847 5,529 8,028 11,965 Amortization of debt issuance costs 284 327 487 714 Accretion of debt discounts 40 755 87 1,840 Loss on debt extinguishment 758 17,801 1,534 19,581 Other (2,112 ) (187 ) (2,051 ) (147 ) ------- - -------- - Other loss, net $ 2,759 $ 24,200 $ 7,987 $ 33,908 - ----- - - ------ - - ----- - - ------ -

Blucora, Inc.Preliminary Condensed Consolidated Balance Sheets(Unaudited)(Amounts in thousands)

June 30, December 31, 2018 2017 ------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 89,840 $ 59,965 Cash segregated under federal or other regulations 1,117 1,371 Accounts receivable, net of allowance 6,595 10,694 Commissions receivable 16,820 16,822 Other receivables 38 3,180 Prepaid expenses and other current assets, net 6,754 7,365 Total current assets 121,164 99,397 Long-term assets: Property and equipment, net 9,308 9,831 Goodwill, net 548,838 549,037 Other intangible assets, net 310,983 328,205 Other long-term assets 15,806 15,201 ----------- - ----------- - Total long-term assets 884,935 902,274 ----------- - ----------- - Total assets $ 1,006,099 $ 1,001,671 - --------- - - --------- - LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 4,472 $ 4,413 Commissions and advisory fees payable 17,158 17,813 Accrued expenses and other current liabilities 16,181 19,577 Deferred revenue 2,661 9,953 Total current liabilities 40,472 51,756 Long-term liabilities: Long-term debt, net 260,029 338,081 Deferred tax liability, net 42,652 43,433 Deferred revenue 501 804 Other long-term liabilities 6,871 8,177 ----------- - ----------- - Total long-term liabilities 310,053 390,495 ----------- - ----------- - Total liabilities 350,525 442,251 Redeemable noncontrolling interests 18,460 18,033 Stockholders’ equity: Common stock 5 5 Additional paid-in capital 1,569,412 1,555,560 Accumulated deficit (932,050 ) (1,014,174 ) Accumulated other comprehensive loss (253 ) (4 ) ----------- - ----------- - Total stockholders’ equity 637,114 541,387 ----------- - ----------- - Total liabilities and stockholders’ equity $ 1,006,099 $ 1,001,671 - --------- - - --------- -

Blucora, Inc.Preliminary Condensed Consolidated Statements of Cash Flows(Unaudited)(Amounts in thousands)

Six months ended June 30, 2018 2017 ---------- ---------- Operating Activities: Net income $ 80,700 $ 34,190 Adjustments to reconcile net income to net cash from operating activities: Stock-based compensation 6,991 5,302 Depreciation and amortization of acquired intangible assets 20,338 18,865 Restructuring (non-cash) — 1,402 Deferred income taxes (781 ) (681 ) Amortization of premium on investments, net, and debt issuance costs 487 724 Accretion of debt discounts 87 1,840 Loss on debt extinguishment 1,533 19,581 Cash provided (used) by changes in operating assets and liabilities: Accounts receivable 4,096 2,956 Commissions receivable 2 581 Other receivables 3,142 2,544 Prepaid expenses and other current assets 461 (545 ) Other long-term assets (764 ) 341 Accounts payable 59 (795 ) Commissions and advisory fees payable (655 ) (444 ) Deferred revenue (5,746 ) (8,493 ) Accrued expenses and other current and long-term liabilities (3,393 ) 3,768 -------- - -------- - Net cash provided by operating activities 106,557 81,136 Investing Activities: Purchases of property and equipment (2,602 ) (1,911 ) Proceeds from sales of investments — 249 Proceeds from maturities of investments — 7,252 Purchases of investments — (409 ) -------- - -------- - Net cash provided (used) by investing activities (2,602 ) 5,181 Financing Activities: Proceeds from credit facilities — 367,212 Payments on convertible notes — (172,827 ) Payments on credit facilities (80,000 ) (275,000 ) Proceeds from stock option exercises 10,386 23,996 Proceeds from issuance of stock through employee stock purchase plan 704 662 Tax payments from shares withheld for equity awards (4,229 ) (5,267 ) Contingent consideration payments for business acquisition (1,315 ) (946 ) -------- - -------- - Net cash used by financing activities (74,454 ) (62,170 ) -------- - -------- - Net cash provided by continuing operations 29,501 24,147 Net cash provided by investing activities from discontinued operations — 1,028 -------- - -------- - Net cash provided by discontinued operations — 1,028 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (30 ) 43 -------- - -------- - Net increase in cash, cash equivalents, and restricted cash 29,471 25,218 Cash, cash equivalents, and restricted cash, beginning of period 62,311 54,868 -------- - -------- - Cash, cash equivalents, and restricted cash, end of period $ 91,782 $ 80,086 - ------ - - ------ -

Blucora, Inc.Preliminary Segment Information(Unaudited)(Amounts in thousands)

Three months ended Six months ended June June 30, 30, 2018 2017 2018 2017 ---------- ---------- ----------- ----------- Revenue: Wealth Management (1) $ 92,015 $ 85,296 $ 184,097 $ 167,963 Tax Preparation (1) 65,833 53,866 179,716 153,574 Total revenue 157,848 139,162 363,813 321,537 Operating income: Wealth Management 12,954 12,406 26,029 24,259 Tax Preparation 44,121 36,515 102,927 89,648 Corporate-level activity (2) (18,252 ) (18,926 ) (37,399 ) (40,023 ) -------- - -------- - --------- - --------- - Total operating income 38,823 29,995 91,557 73,884 Other loss, net (2,759 ) (24,200 ) (7,987 ) (33,908 ) Income tax expense (907 ) (2,315 ) (2,870 ) (5,786 ) -------- - -------- - --------- - --------- - Net income $ 35,157 $ 3,480 $ 80,700 $ 34,190 - ------ - - ------ - - ------- - - ------- -

(1) Revenues by major category within each segment are presented below (in thousands):

Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 --------- ---------------- ---------- ------------- Wealth Management: Commission $ 40,384 $ 38,154 $ 83,254 $ 77,749 Advisory 40,058 35,914 79,359 69,490 Asset-based 7,306 6,784 14,478 12,750 Transaction and fee 4,267 4,444 7,006 7,974 Total Wealth Management revenue $ 92,015 $ 85,296 $ 184,097 $ 167,963 - ------ - ------ ------- - ------- - ------- --- Tax Preparation: Consumer $ 63,137 $ 51,848 $ 165,049 $ 140,090 Professional 2,696 2,018 14,667 13,484 Total Tax Preparation revenue $ 65,833 $ 53,866 $ 179,716 $ 153,574 - ------ - ------ ------- - ------- - ------- ---

(2) Corporate-level activity included the following (in thousands):

Three months ended June Six months ended June 30, 30, 2018 2017 2018 2017 ----------- ----------- ----------- ----------- Operating expenses $ (4,238 ) $ (6,463 ) $ (9,779 ) $ (13,236 ) Stock-based compensation (4,033 ) (2,737 ) (6,991 ) (5,302 ) Depreciation (1,124 ) (1,059 ) (3,126 ) (2,193 ) Amortization of acquired intangible assets (8,855 ) (8,336 ) (17,212 ) (16,672 ) Restructuring (2 ) (331 ) (291 ) (2,620 ) --------- - --------- - --------- - --------- - Total corporate-level activity $ (18,252 ) $ (18,926 ) $ (37,399 ) $ (40,023 ) - ------- - - ------- - - ------- - - ------- -

Blucora, Inc.Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

Preliminary Adjusted EBITDA Reconciliation (1)(Unaudited)(Amounts in thousands)

(In thousands) Three Months Ended June 30, Six months ended June 30, 2018 2017 2018 2017 --------- ---------------- ---------- ------------- Net income attributable to Blucora, Inc.(2) $ 34,935 $ 3,304 $ 80,273 $ 33,888 Stock-based compensation 4,033 2,737 6,991 5,302 Depreciation and amortization of acquired intangible 9,979 9,395 20,338 18,865 assets Restructuring 2 331 291 2,620 Other loss, net (3) 2,759 24,200 7,987 33,908 Net income attributable to noncontrolling interests 222 176 427 302 Income tax expense 907 2,315 2,870 5,786 -------- -------- ------- --------- --------- --- Adjusted EBITDA $ 52,837 $ 42,458 $ 119,177 $ 100,671 - ------ - ------ ------- - ------- - ------- ---

Preliminary Non-GAAP Net Income and Non-GAAP Net Income Per Share Reconciliation (1)(Unaudited)(Amounts in thousands, except per share amounts)

Three months ended Six months ended June June 30, 30, 2018 2017 2018 2017 ---------- ---------- ----------- ---------- Net income attributable to Blucora, Inc.(2) $ 34,935 $ 3,304 $ 80,273 $ 33,888 Stock-based compensation 4,033 2,737 6,991 5,302 Amortization of acquired intangible assets 8,855 8,336 17,212 16,672 Accretion of debt discount on the Notes — 633 — 1,567 Write-off of debt discount and debt issuance costs on — 6,715 — 6,715 terminated Notes Write-off of debt discount and debt issuance costs on — 9,593 — 9,593 terminated TaxAct - HD Vest 2015 credit facility Restructuring 2 331 291 2,620 Impact of noncontrolling interests 222 176 427 302 Cash tax impact of adjustments to GAAP net income (903 ) (1,819 ) (1,216 ) (2,406 ) Non-cash income tax expense (1) 582 2,941 1,980 6,101 --------- - -------- - Non-GAAP net income $ 47,726 $ 32,947 $ 105,958 $ 80,354 - ------ - - ------ - - ------- - - ------ - Per diluted share: Net income attributable to Blucora, Inc. $ 0.71 $ 0.07 $ 1.64 $ 0.73 Stock-based compensation 0.08 0.06 0.14 0.11 Amortization of acquired intangible assets 0.19 0.19 0.34 0.36 Accretion of debt discount on the Notes — 0.01 — 0.03 Write-off of debt discount and debt issuance costs on — 0.14 — 0.15 terminated Notes Write-off of debt discount and debt issuance costs on — 0.20 — 0.21 terminated TaxAct - HD Vest 2015 credit facility Restructuring — 0.01 0.01 0.06 Impact of noncontrolling interests 0.00 0.00 0.01 0.01 Cash tax impact of adjustments to GAAP net income (0.02 ) (0.04 ) (0.02 ) (0.05 ) Non-cash income tax expense 0.01 0.06 0.04 0.13 -------- - -------- - --------- - -------- - Non-GAAP net income per share $ 0.97 $ 0.70 $ 2.16 $ 1.74 - ------ - - ------ - - ------- - - ------ - Weighted average shares outstanding used in computing per 49,434 46,937 49,049 46,182 diluted share amounts

Preliminary Adjusted EBITDA Reconciliation for Forward-Looking Guidance(Amounts in thousands)

Ranges for the three Ranges for the year ending months ending September 30, 2018 December 31, 2018 Low High Low High ----------- ----------- ---------- -------------- Net income (loss) attributable to Blucora, Inc. $ (22,500 ) $ (18,500 ) $ 42,500 $ 46,000 Stock-based compensation 3,800 3,700 14,400 14,300 Depreciation and amortization of acquired intangible 9,500 9,400 39,300 39,200 assets Restructuring — — 300 300 Other loss, net (3) 4,000 3,900 16,200 15,700 Impact of noncontrolling interests 200 200 700 700 Income tax (benefit) expense — (700 ) 1,100 3,300 --------- - --------- - --------- --------- ---- Adjusted EBITDA $ (5,000 ) $ (2,000 ) $ 114,500 $ 119,500 - ------- - - ------- - - ------- - ------- ----

Preliminary Non-GAAP Net Income (Loss) Reconciliation for Forward-Looking Guidance(Amounts in thousands)

Ranges for the three Ranges for the year months ending ending September 30, 2018 March 31, 2018 Low High Low High ----------- ----------- ---------- ---------- Net income (loss) attributable to Blucora, Inc. $ (22,500 ) $ (18,500 ) $ 42,500 $ 46,000 Stock-based compensation 3,800 3,700 14,400 14,300 Amortization of acquired intangible assets 8,300 8,300 33,700 33,700 Restructuring — — 300 300 Impact of noncontrolling interests 200 200 700 700 Cash tax impact of adjustments to net income (loss) (300 ) (300 ) (1,600 ) (1,600 ) Non-cash income tax benefit (500 ) (1,400 ) (1,000 ) 1,100 --------- - --------- - -------- - -------- - Non-GAAP net income (loss) $ (11,000 ) $ (8,000 ) $ 89,000 $ 94,500 - ------- - - ------- - - ------ - - ------ -

Notes to Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(1) We define Adjusted EBITDA as net income attributable to Blucora, Inc., determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation and amortization of acquired intangible assets (including acquired technology), restructuring, other loss, net, the impact of noncontrolling interests and income tax expense. Restructuring costs relate to the relocation of our corporate headquarters during 2017.

We believe that Adjusted EBITDA provides meaningful supplemental information regarding our performance. We use this non-GAAP financial measure for internal management and compensation purposes, when publicly providing guidance on possible future results, and as a means to evaluate period-to-period comparisons. We believe that Adjusted EBITDA is a common measure used by investors and analysts to evaluate our performance, that it provides a more complete understanding of the results of operations and trends affecting our business when viewed together with GAAP results, and that management and investors benefit from referring to this non-GAAP financial measure. Items excluded from Adjusted EBITDA are significant and necessary components to the operations of our business and, therefore, Adjusted EBITDA should be considered as a supplement to, and not as a substitute for or superior to, GAAP net income. Other companies may calculate Adjusted EBITDA differently and, therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

We define non-GAAP net income as net income attributable to Blucora, Inc., determined in accordance with GAAP, excluding the effects of stock-based compensation, amortization of acquired intangible assets (including acquired technology), accelerated accretion of debt discount on our Convertible Senior Notes that were outstanding for a portion of 2017 (the “Notes”), write-off of debt discount and debt issuance costs on terminated Notes and terminated TaxAct - HD Vest 2015 credit facility, restructuring costs (described further under Adjusted EBITDA above), the impact of noncontrolling interests, the related cash tax impact of those adjustments, and non-cash income taxes. We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of our cash tax liabilities by using deferred tax assets, which primarily consist of U.S. federal net operating losses. The majority of these net operating losses will expire, if unutilized, between 2020 and 2024.

We believe that non-GAAP net income and non-GAAP net income per share provide meaningful supplemental information to management, investors, and analysts regarding our performance and the valuation of our business by excluding items in the statement of operations that we do not consider part of our ongoing operations or have not been, or are not expected to be, settled in cash. Additionally, we believe that non-GAAP net income and non-GAAP net income per share are common measures used by investors and analysts to evaluate our performance and the valuation of our business. Non-GAAP net income and non-GAAP net income per share should be evaluated in light of our financial results prepared in accordance with GAAP and should be considered as a supplement to, and not as a substitute for or superior to, GAAP net income and net income per share. Other companies may calculate non-GAAP net income and non-GAAP net income per share differently, and, therefore, our non-GAAP net income and non-GAAP net income per share may not be comparable to similarly titled measures of other companies.

(2) As presented in the Preliminary Condensed Consolidated Statements of Operations (unaudited).

(3) Other loss, net primarily includes items such as interest income, interest expense, amortization of debt issuance costs, accretion of debt discounts, and gain/loss on debt extinguishment.

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