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TaxAct Revs Up for Nine Months

Revenue for TaxAct was up 8.8 percent for the nine months ended September 30. The third quarter was off substantially but Mark Mehlman, CFO of parent company Blucora said that stemmed from the backlog at the IRS. 

Tax revenue for the most recently ended quarter was slightly more than $5 million, off 87.2 percent from $39.4 million a year earlier. The impact of the IRS delays meant the company’s refund transfer offering was off, but Blucora expects to recoup the amounts in the current quarter. 

With the drop in the third-quarter revenue, TaxAct revenue for the nine months was $22,8 million, rising from slightly less than $203 million in last year’s corresponding period. 

Revenue for Avantax, the company’s wealth management business was up by 24.4 percent year over year with the result that the loss for the most recently ended period was $27.8 million, .6 percent higher than a loss of $23.2 million a year ago. Overall, third-quarter revenue was $174.1, down .7 percent from $175.4 million. 

Mehlman said the company expects to grow unit share for its tax business “for the first time in many years” and achieve revenue growth of 14 percent to 18 percent.

Avantax revenue for the most recently ended period was $169.1 million, up from $135.9 million.

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