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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS


Exhibit 99.1
 
altisource4q2016_8k.jpg
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
 
 
 
Michelle D. Esterman
 
Chief Financial Officer
 
T: +352 2469 7950
 
E: Michelle.Esterman@altisource.lu

ALTISOURCE ANNOUNCES FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS AND THAT THE COMPANY IS ACTIVELY EXPLORING REFINANCING ITS EXISTING $480 MILLION SENIOR SECURED TERM LOAN

Luxembourg, February 16, 2017 - Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS) today reported financial results for the fourth quarter and full year 2016, reporting strong full year service revenue of $942.6 million. Compared to 2015, 22% service revenue growth from customers other than Ocwen Financial Corporation (“Ocwen”) and higher property preservation services offset the expected loss in revenue from Ocwen’s declining portfolio, lower delinquencies and lower pricing for certain technologies.

Fourth quarter 2016 service revenue of $227.2 million was 5% lower than the third quarter of 2016 from seasonally lower REO sales and lawn maintenance and 9% lower than the fourth quarter of 2015 primarily from lower pricing to Ocwen for certain technologies and a decline in the number of loans on REALServicing.

2016 pretax income of $44.3 million and fourth quarter 2016 pretax loss of $19.5 million were impacted by a litigation settlement loss of $28.0 million, which is net of an anticipated $4.0 million insurance recovery. Further, in the fourth quarter of 2016 and the full year 2016, the Company incurred expenses of $3.9 million and $5.3 million, respectively, relating to severance and the exit from certain facilities.

“In 2016, we continued our transformation from a mortgage services company generating the majority of revenue from Ocwen to a real estate and mortgage marketplace company offering many of the same innovative solutions to a diversified customer base. Because the sales cycle was longer than originally projected, our 22% non-Ocwen service revenue growth and earnings were lower than we anticipated. We are disappointed that we did not achieve our anticipated non-Ocwen revenue growth but the progress made in 2016 positions us for a higher rate of non-Ocwen growth in 2017 and beyond,” said Chief Executive Officer William B. Shepro.

Mr. Shepro further commented, “I firmly believe in the value we’re creating. The market reception for our products and services is very strong, and we are gaining more visibility into our growth prospects. We believe the ongoing investments we are making in our growth will produce a high return on investment and are critical to the franchise we are building.”

2016 Highlights:

Servicer Solutions
•
Strengthened and grew existing customer relationships with leading bank and non-bank servicers
•
Signed a significant number of agreements and statements of work with strategic customers positioning us well for 2017
•
Developed new offerings to provide support services for FHA mortgages

Origination Solutions
•
Strengthened and grew existing customer relationships with leading bank and non-bank originators
•
Signed a significant number of agreements and statements of work with strategic customers positioning us well for 2017
•
Developed new offerings to strengthen the Lenders One® value proposition and grow sales of the platform solution

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Altisource Portfolio Solutions S.A.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii. Valuation And Qualifying Accounts
Schedule Ii. Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Operations And Comprehensive Income (parenthetical)
Accounts Payable, Accrued Expenses And Other Current Liabilities
Accounts Payable, Accrued Expenses And Other Current Liabilities (details 2)
Accounts Payable, Accrued Expenses And Other Current Liabilities (details)
Accounts Payable, Accrued Expenses And Other Current Liabilities (tables)
Accounts Receivable, Net
Accounts Receivable, Net (details)
Accounts Receivable, Net (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Castleline (details)
Acquisitions - Granite (details)
Acquisitions - Mortgage Builder (details)
Acquisitions - Owners (details)
Acquisitions - Rentrange, Investability And Onit Solutions (details)
Available For Sale Securities
Available For Sale Securities (details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Commitments, Contingencies And Regulatory Matters
Commitments, Contingencies And Regulatory Matters (details 2)
Commitments, Contingencies And Regulatory Matters (details)
Commitments, Contingencies And Regulatory Matters (tables)
Cost Of Revenue
Cost Of Revenue (details)
Cost Of Revenue (tables)
Customer Concentration
Customer Concentrations (details)
Customer Concentrations (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements And Financial Instruments
Fair Value Measurements And Financial Instruments (details 2)
Fair Value Measurements And Financial Instruments (details)
Fair Value Measurements And Financial Instruments (tables)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (tables)
Goodwill And Intangible Assets, Net - Goodwill (details)
Goodwill And Intangible Assets, Net - Intangible Assets, Net (details 2)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details 5)
Income Taxes (details)
Income Taxes (tables)
Long-term Debt
Long-term Debt (details 2)
Long-term Debt (details)
Long-term Debt (tables)
Organization
Organization (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Income (expense), Net
Other Income (expense), Net (details 2)
Other Income (expense), Net (details)
Other Income (expense), Net (tables)
Other Non-current Liabilities
Other Non-current Liabilities (details)
Other Non-current Liabilities (tables)
Premises And Equipment, Net
Premises And Equipment, Net (details)
Premises And Equipment, Net (tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (details)
Prepaid Expenses And Other Current Assets (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Revenue Revenue
Revenue Revenue (details)
Revenue Revenue (tables)
Segment Reporting
Segment Reporting (details 2)
Segment Reporting (details)
Segment Reporting (tables)
Selling, General And Administrative Expenses
Selling, General And Administrative Expenses (details)
Selling, General And Administrative Expenses (tables)
Shareholders' Equity And Share-based Compensation
Shareholders' Equity And Share-based Compensation (details)
Shareholders' Equity And Share-based Compensation (tables)
Shareholders' Equity And Share-based Compensation - Market-based Options Vesting Prices (details)
Shareholders' Equity And Share-based Compensation - Restricted Stock Awards (details)
Shareholders' Equity And Share-based Compensation - Stock Option Activity (details)
Shareholders' Equity And Share-based Compensation - Stock Option Information (details)
Transactions With Related Parties
Transactions With Related Parties (details)
Ticker: ASPS
CIK: 1462418
Form Type: 10-K Annual Report
Accession Number: 0001462418-17-000006
Submitted to the SEC: Thu Feb 16 2017 8:29:29 AM EST
Accepted by the SEC: Thu Feb 16 2017
Period: Saturday, December 31, 2016
Industry: Miscellaneous Business Services

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