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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS


Exhibit 99.1
 
altisource4q2017_8k.jpg
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
 
 
 
Indroneel Chatterjee
 
Chief Financial Officer
 
T: +352 2469 7988
 
E: Indroneel.Chatterjee@altisource.com


ALTISOURCE ANNOUNCES FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

Luxembourg, February 22, 2018 - Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS) today reported financial results for the fourth quarter and full year 2017, reporting full year service revenue of $899.6 million and fourth quarter 2017 service revenue of $207.3 million. Full year 2017 net income attributable to Altisource was $308.9 million, or $16.53 per diluted share, and adjusted net income attributable to Altisource(1) for the full year 2017 was $52.3 million, or adjusted diluted earnings per share(1) of $2.80. Fourth quarter 2017 net income attributable to Altisource was $286.4 million, or $15.72 per diluted share and adjusted net income attributable to Altisource(1) for the fourth quarter 2017 was $9.8 million, or adjusted diluted earnings per share(1) of $0.54.

“In 2017, we generated service revenue and adjusted diluted earnings per share(1) that were 105% and 102%, respectively, of our scenario mid-point. We also continued our long history of strong cash flow generation with $110.5 million of adjusted cash flows from operating activities(1),” said Chief Executive Officer William B. Shepro.

Mr. Shepro further commented, “Importantly, during the fourth quarter of 2017, we had strong sales momentum which we continued to build upon in the first quarter of 2018. We are also making meaningful investments to support our competitive positioning and the tremendous opportunities that our newer businesses represent. We believe these investments, our customer relationships and recent momentum of customer wins position us well for 2018 and beyond.”

In the fourth quarter of 2017, the Company recognized a net income tax benefit of $284.1 million relating to the merger of two of the Company’s Luxembourg subsidiaries, the impact of statutory tax rate changes in the U.S. and Luxembourg, and foreign income tax reserves. In December 2017, the Company merged two of its Luxembourg subsidiaries in connection with an internal restructuring plan designed to simplify and streamline the Company’s structure. For Luxembourg tax purposes, the transaction was recognized at fair value and generated a net operating loss of $1.3 billion. The Luxembourg net operating loss is not subject to any limitation on its usage and has a 17 year life.

2017 Highlights(2) 

Corporate

•
Generated $66.1 million of cash flows from operating activities and $110.5 million of adjusted cash flows from operating activities(1) 
•
Ended 2017 with $154.2 million of cash, cash equivalents and marketable securities
•
Repurchased 1.6 million shares of our common stock at an average price of $23.84 per share
•
Repurchased $60.1 million par value of our senior secured term loan at a weighted average discount of 10.7%, recognizing a net gain of $5.6 million on the early extinguishment of debt
•
Recognized a net income tax benefit of $284.1 million in the fourth quarter of 2017 relating to the merger of two of the Company’s Luxembourg subsidiaries, the impact of statutory tax rate changes in the U.S. and Luxembourg and foreign income tax reserves

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, February 22, 2018 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 - 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 (details)
Revenue (tables)
Segment Reporting
Segment Reporting (details 2)
Segment Reporting (details)
Segment Reporting (tables)
Selling, General And Administrative Expenses And Other Operating Expenses
Selling, General And Administrative Expenses And Other Operating Expenses (tables)
Selling, General And Administrative Expenses And Other Operating Expenses(details)
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: 0001462418-18-000011
Submitted to the SEC: Thu Feb 22 2018 7:16:41 AM EST
Accepted by the SEC: Thu Feb 22 2018
Period: Sunday, December 31, 2017
Industry: Miscellaneous Business Services

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