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Avantax, a provider of tax-focused financial solutions, reported strong financial results for Q4 2022 and full year performance. Notable highlights include:
- Record new recruited assets of $401 million in Q4, totaling approximately $1.7 billion for 2022.
- Net positive asset flows of $495 million for Q4, reaching $1.3 billion for the year.
- Q4 revenue reached $172.4 million, a 0.1% increase year-over-year.
- Total client assets were $76.9 billion with 49.8% in advisory assets.
- Net income surged to $368 million, reflecting a substantial increase compared to the prior year.
Looking ahead, Avantax projects 2023 revenue between $750 million and $758 million.
Avantax announced the appointment of Melissa Loner as Vice President and Chief Compliance Officer. With over 25 years in the financial services sector, Loner brings a wealth of experience, including leadership roles in compliance and fiduciary services. She previously served as Executive Vice President at Premier Wealth Management and held executive positions at Cambridge Investment Research. CEO Chris Walters highlighted Loner's extensive expertise as a key asset to enhance the firm's support for Financial Professionals and ensure regulatory adherence. Avantax, as of September 30, 2022, manages $73 billion in total client assets.
Avantax, Inc. (NASDAQ: AVTA) will announce its fourth quarter 2022 financial results after market close on February 15, 2023. A conference call is scheduled for February 16, 2023, at 8:30 a.m. ET to discuss these results and the company’s outlook. Avantax provides tax-focused wealth management services through its dual business models: Avantax Wealth Management® and Avantax Planning Partners℠. As of September 30, 2022, Avantax had $73 billion in total client assets, supporting its mission to minimize tax burdens through comprehensive financial planning.
Avantax, Inc. (NASDAQ: AVTA) has initiated a modified "Dutch auction" tender offer to repurchase up to $250 million of its common stock, with purchase prices set between $27.00 and $31.00 per share. The offer, funded through proceeds from the sale of its tax software business and credit facility borrowings, is open until February 24, 2023. If fully subscribed, it could reduce outstanding shares by approximately 16.75% to 19.23%. Stockholders can choose the number of shares and price within the specified range. The Tender Offer does not require a minimum number of shares tendered and includes certain conditions to be disclosed in the Offer to Purchase.
DALLAS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Avantax, Inc. (NASDAQ: AVTA), previously known as Blucora, Inc. (NASDAQ: BCOR), announced the appointment of Tabitha Bailey as Chief Legal Officer and Corporate Secretary. She succeeds Ann J. Bruder, who steps down after nearly six years but will assist in a consulting role until June. Bailey, a member of Avantax since November 2020, brings experience in SEC compliance and corporate governance. CEO Chris Walters highlighted Bailey's expertise as vital for future growth in the wealth management sector. Avantax reported $73 billion in total client assets as of September 30, 2022.
Blucora is changing its name to Avantax and its ticker symbol to AVTA, effective January 26, 2023, at 12:01 a.m. Eastern Time. The CUSIP number will remain the same. The CEO, Chris Walters, stated that this change reflects the company's transformation and aims to enhance awareness of Avantax as a tax-focused wealth management business. The company reported managing $73 billion in total client assets as of September 30, 2022, and operates through models supporting independent financial professionals and CPA firms, providing comprehensive tax-focused financial planning.
Blucora, Inc. (NASDAQ: BCOR) has announced the completion of an Amended and Restated Credit Agreement, which includes a delayed draw term loan facility of up to $270 million and a revolving credit facility of $50 million. This financing aims to support shareholder repurchases and general corporate purposes. No amounts were drawn as of January 24, 2023, with the maturity date set for January 24, 2028. CEO Chris Walters emphasized that this refinancing will reduce interest costs and provide greater flexibility in capital structure, enhancing growth potential. Blucora manages $73 billion in total client assets as of September 30, 2022.