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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

SEC Filings

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS



Exhibit 99.1
 
altisourceq220198ka01.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 THIRD QUARTER 2019 FINANCIAL RESULTS

Third Quarter 2019
•
Service revenue of $133.8 million
•
Income from operations of $18.2 million and adjusted operating income(1) of $7.8 million
•
Income before income taxes and non-controlling interests of $13.0 million and adjusted pretax income attributable to Altisource(1) of $4.4 million
•
Net income attributable to Altisource of $7.2 million, or $0.44 per diluted share, and adjusted net income attributable to Altisource(1) of $4.0 million, or $0.25 per diluted share
Luxembourg, October 24, 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 third quarter 2019.
“During the third quarter, we continued to make solid progress on-boarding new customers and growing revenue from other newer customers. Third quarter 2019 revenue from customers other than Ocwen, NRZ and RESI in our core lines of business was 12.3% higher than the same period in 2018 and 16.5% higher than last quarter. We anticipate this trend, on a seasonally adjusted basis, to continue,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We also continued to streamline Altisource to focus on the larger growth opportunities in our core lines of business. We sold the Financial Services business, created a separate Pointillist entity to position it to raise equity capital, sold the remaining buy-renovate-lease-sell (“BRS”) inventory and, in October, we began winding down and closing the Owners.com business. We have used proceeds from these and other sales to repay $110 million of debt since June of last year.”
Third quarter 2019 service revenue of $133.8 million was 32% lower than the third quarter 2018, primarily from the July 1, 2019 sale of the Financial Services business, lower REALServicing revenue from Ocwen’s second quarter 2019 migration to another servicing system, discontinuation of the BRS business, reduction in size of the Ocwen Financial Corporation (“Ocwen”) servicing portfolio and Front Yard Residential Corporation (“RESI”) REO portfolio, and the temporary impact that Ocwen’s transition to another servicing system had on default related referral volume and REO inventory conversion rates. The Company estimates that revenue was approximately $7.8 million lower in the third quarter of 2019 because of lower REO inventory conversion rates related to Ocwen’s transition to a new servicing system. Pretax earnings were negatively impacted by a similar amount since the Company’s cost structure would have supported this anticipated revenue. The Company believes that the lower conversion rates are a timing item and anticipates returning to normal conversion rates over the course of the next couple of quarters.
Third quarter 2019 operating income of $18.2 million was 13% lower than the third quarter 2018, primarily from the impact of revenue declines discussed above, revenue mix with lower revenue from high margin businesses and higher restructuring costs,

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, October 24, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed 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)
Accounts Payable, Accrued Expenses And Other Current Liabilities (Tables)
Accounts Receivable, Net
Accounts Receivable, Net (Details)
Accounts Receivable, Net (Tables)
Commitments, Contingencies And Regulatory Matters
Commitments, Contingencies And Regulatory Matters (Details)
Commitments, Contingencies And Regulatory Matters (Tables)
Commitments, Contingencies And Regulatory Matters - Lease Activity (Details)
Commitments, Contingencies And Regulatory Matters - Lease Term And Assumption (Details)
Commitments, Contingencies And Regulatory Matters - Leases (Details)
Commitments, Contingencies And Regulatory Matters - Maturities Of Operating Lease Liabilities (Details)
Cost Of Revenue
Cost Of Revenue (Details)
Cost Of Revenue (Tables)
Customer Concentration
Customer Concentration (Details)
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)
Income Taxes
Income Taxes (Details)
Investment In Equity Securities
Investment In Equity Securities (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Policies)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Current Liabilities (Details)
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)
Premises And Equipment, Net - Summary By Country (Details)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Restructuring Charges
Restructuring Charges (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Right-Of-Use Assets Under Operating Leases
Right-Of-Use Assets Under Operating Leases (Details)
Right-Of-Use Assets Under Operating Leases (Tables)
Sale Of Businesses
Sale Of Businesses (Details)
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 - Rsu (Details)
Shareholders??? Equity And Share-Based Compensation - Stock Repurchase Plan &Amp; Share-Based Compensation (Details)
Shareholders??? Equity And Share-Based Compensation - Summary Of Activity Related To Our Stock (Details)
Shareholders??? Equity And Share-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)

Material Contracts, Statements, Certifications & more

Altisource Portfolio Solutions S.A. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: ASPS
CIK: 1462418
Form Type: 10-Q Quarterly Report
Accession Number: 0001462418-19-000054
Submitted to the SEC: Thu Oct 24 2019 3:03:52 AM EST
Accepted by the SEC: Thu Oct 24 2019
Period: Monday, September 30, 2019
Industry: Miscellaneous Business Services

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