Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

Rapidly Growing Blucora Inc. Still Looks Interesting

When it comes to software companies, growth is paramount. Little wonder then that diversified internet search, tax software, and online retailer Blucora (NASDAQ:BCOR) has had such a run-up in share price over the last few years. Since 2008 revenues at the firm once known as InfoSpace have tripled, and the company held cash and investments of more than $400 million at least report. With hundreds of millions (~$725 million as of the start of 2013) more in valuable net operating loss carryforwards (or NOLs), Blucora should also be able to earn substantial profits for shareholders for many years before paying any material amount of taxes. Indeed these NOLs were an important rationale for BCOR's acquisitions of TaxACT and...

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