Avantax, Inc. · GETTEX:3EV
Avantax — Blucora — Proxy Contest (April 2021)
9 slides from Avantax's proxy contest presentation, Apr 5, 2021
Slide 1: Supplemental Slides: In Response to Blucora's March 31st Presentation
SUPPLEMENTAL SLIDES In Response to Blucora’s March 31st Presentation PREPARED BY ANCORA – APRIL 2021 www.ABetterBlucora.com
Slide 2: Presentation Disclaimer
PRESENTATION DISCLAIMER The materials contained herein (the “Materials”) represent the opinions of Ancora Catalyst Institutional, LP and its affiliates (collectively, “Ancora”) and are based on publicly available information with respect to Blucora, Inc. (“Blucora” or the “Company”). Ancora recogniz
Slide 3: Ancora Nominee Frederick DiSanto Is Fully Committed to Helping Build a Better Blucora
ANCORA NOMINEE FREDERICK DISANTO IS FULLY COMMITTED TO HELPING BUILD A BETTER BLUCORA The Board’s apparent disregard for stockholders is evidenced by the fact that it is attempting to throw cold water on Mr. DiSanto’s experience • Mr. DiSanto resigned as Chief Executive Officer (“CEO”) of Regional B
Slide 4: Debunking Blucora's Second Attempt to Miscast Mr. DiSanto's Track Record
DEBUNKING BLUCORA’S SECOND ATTEMPT TO MISCAST MR. DISANTO’S TRACK RECORD The Company’s presentation wrongfully attributes unrelated total stockholder return (“TSR”) figures to Mr. DiSanto and includes numerous companies in which Ancora was not involved as an engaged investor Blucora’s Flawed TSR Ana
Slide 5: Stockholders Should Not Be Misled by Incumbents' Attempts to Recast Their Synergy-Focused Strategy as New
STOCKHOLDERS SHOULD NOT BE MISLED BY THE INCUMBENTS’ ATTEMPTS TO CONVENIENTLY RECAST THEIR SAME SYNERGY-FOCUSED STRATEGY AS “NEW” In May 2019, Blucora’s prior management team publicly detailed the strategy shift at TaxAct during the Company’s 1Q2019 earnings call FACT: 5 months before Blucora’s purp
Slide 6: Blucora Cannot Blame the Pandemic for TaxAct's Underperformance
BLUCORA CANNOT BLAME THE PANDEMIC FOR TAXACT’S UNDERPERFORMANCE $250 +1% $4,500 increase +12% increase $207 $209 $4,000 $3,629 $200 $3,500 $3,251 $3,000 +10% increase $150 -48% $2,500 $2,275 decrease $2,060 Margins $96 declined $2,000 Margins $100 ~2,250 bps effectively flat 46.4% $1,500 63.4% 62.7%
Slide 7: Blucora Contradicts Itself When Trying to Defend Avantax Financial Professional Attrition
BLUCORA CONTRADICTS ITSELF WHEN TRYING TO DEFEND AVANTAX FINANCIAL PROFESSIONAL ATTRITION The Company’s presentation boasts that Avantax is “trending better” than the 10-20% industry attrition rate… but the reality is that Blucora has experienced a 30% financial professional attrition rate Total HD
Slide 8: Blucora's Claim That Wealth Management Acquisitions Have Created Value Is Absurd
BLUCORA’S CLAIM THAT WEALTH MANAGEMENT ACQUISITIONS HAVE CREATED VALUE FOR STOCKHOLDERS IS ABSURD This statement implies that the value of the businesses is more than what Blucora originally paid for them, despite an impairment charge of $320 million in total • Blucora has taken a total goodwill imp
Slide 9: Vote on the WHITE Proxy Card
VOTE ON THE WHITE PROXY CARD www.ABetterBlucora.com 9