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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS


Exhibit 99.1
 
altisource4q2018_8k.jpg
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
 
 
 
Michelle D. Esterman
 
Chief Financial Officer
 
T: (770) 612-7007
 
E: Michelle.Esterman@altisource.com


ALTISOURCE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS

Full Year 2018
•
Service revenue of $805.5 million
•
Operating income of $42.5 million and adjusted operating income(1) of $88.3 million
•
Income before income taxes and non-controlling interests of $1.4 million and adjusted pre-tax income attributable to Altisource(1) of $62.0 million, or 7.7% of service revenue
•
Net loss attributable to Altisource of $(5.4) million, or $(0.32) per share, and adjusted net income attributable to Altisource(1) of $42.6 million, or $2.43 per diluted share
Fourth Quarter 2018
•
Service revenue of $210.9 million
•
Operating income of $2.0 million and adjusted operating income(1) of $24.3 million
•
Loss before income taxes and non-controlling interests of $(12.8) million and adjusted pre-tax income attributable to Altisource(1) of $17.6 million, or 8.3% of service revenue
•
Net loss attributable to Altisource of $(11.5) million, or $(0.69) per share, and adjusted net income attributable to Altisource(1) of $10.1 million, or $0.59 per diluted share
Luxembourg, February 26, 2019 -
Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the fourth quarter and full year 2018.
“2018 has been a productive year for Altisource, and we are actively taking steps to position the Company for a solid 2019 and better 2020. From a financial perspective, we substantially exceeded the mid-point of our adjusted pre-tax income and adjusted earnings per share financial scenarios, and generated strong adjusted operating cash. On the sales front, we are winning business and expanding relationships with some of the largest financial institutions in the United States. Operationally, we began to exit certain businesses and established Project Catalyst, to streamline the organization, focus on our larger opportunities, and help us achieve our longer term financial objectives,” said Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “From a capital perspective, we refinanced our term loan in April 2018, extending the maturity from December 2020 to April 2024. We reduced our debt by approximately $75 million during the year and ended 2018 with $339 million of debt, $244 million of net debt less investment in equity securities(1) and $204 million after further reducing for the book value of homes in the buy-renovate-lease-sell business. We also repurchased $40 million of Altisource stock, bringing the number of outstanding shares to 16.3 million at the end of the year.”
2018 service revenue of $805.5 million was 10% lower than 2017 primarily from the reduction in size of the Ocwen Financial Corporation (“Ocwen”) servicing portfolio and the Front Yard Residential Corporation (“RESI”) portfolio of non-performing loans and REO. These declines were partially offset by growth in the Buy-Renovate-Lease-Sell (“BRS”) and Owners.com® businesses.

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Tuesday, February 26, 2019 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 (Loss)
Consolidated Statements Of Operations And Comprehensive Income (Loss) (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)
Acquisition
Acquisition (Tables)
Acquisitions - Granite (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)
Basis Of Presentation And Summary Of Significant Accounting Policies - Impact On Balance Sheet (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Impact On Statement Of Operations And Comprehensive Income (Loss) (Details)
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 Concentration (Details)
Customer Concentration (Tables)
Discontinuation Of The Buy-Renovate-Lease-Sell Business
Discontinuation Of The Buy-Renovate-Lease-Sell Business (Details)
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)
Investment In Equity Securities
Investment In Equity Securities (Details)
Long-Term Debt
Long-Term Debt (Details 2)
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Organization
Organization (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Income (Expense), Net
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)
Restructuring Charges
Restructuring Charges (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Sale Of Business
Sale Of Business (Details)
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 (Details)
Selling, General And Administrative Expenses And Other Operating 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)
Ticker: ASPS
CIK: 1462418
Form Type: 10-K Annual Report
Accession Number: 0001462418-19-000009
Submitted to the SEC: Tue Feb 26 2019 2:06:48 AM EST
Accepted by the SEC: Tue Feb 26 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Business Services

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