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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS


Exhibit 99.1
 
altisourcelogoa07.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 2019 FINANCIAL RESULTS

Full Year 2019
•
Service revenue of $621.9 million
•
Income from operations of $18.1 million
•
Adjusted operating income(1) of $53.4 million
•
Income before income taxes and non-controlling interests of $12.4 million
•
Adjusted pretax income attributable to Altisource(1) of $31.2 million
•
Adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”)(1) of $70.8 million
•
Net loss attributable to Altisource of $(308.0) million, or $(19.26) per diluted share
•
Certain non-cash income tax expense items totaling $311.2 million
•
Adjusted net income attributable to Altisource(1) of $21.8 million, or $1.34 per diluted share
Fourth Quarter 2019
•
Service revenue of $132.6 million
•
Loss from operations of $(6.5) million
•
Adjusted operating income(1) of $11.3 million
•
Loss before income taxes and non-controlling interests of $(8.5) million
•
Adjusted pre-tax income attributable to Altisource(1) of $6.6 million
•
Adjusted EBITDA(1) of $15.6 million
•
Net loss attributable to Altisource of $(306.1) million, or $(19.66) per diluted share
•
Certain non-cash income tax expense items totaling $298.9 million
•
Adjusted net income attributable to Altisource(1) of $4.1 million, or $0.26 per diluted share
Luxembourg, March 5, 2020 -
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 2019.
“During 2019, we continued to reposition Altisource. We sold and closed certain non-core businesses, consolidated our sales and marketing resources under a seasoned leader, established an innovative product organization and further developed our core Field Services, Marketplace, and Mortgage and Real Estate Solutions businesses. Across our three core businesses, fourth quarter 2019 service revenue from customers other than Ocwen, NRZ and RESI grew by 19% compared to the fourth quarter 2018.” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “Looking to 2020, our objectives are to accelerate the growth of our core businesses from customers other than Ocwen and NRZ, lower costs, maintain strong liquidity, and reduce debt based upon business and market conditions. We are gaining market share and winning business with some of the largest financial institutions in the country and anticipate growing business from other customers by 25% to 35% in 2020 despite historically low delinquency rates. We believe we are in a very strong position to benefit from growing loan originations and a softening economy.”

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, March 5, 2020 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)
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)
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 Lines Of Business
Discontinuation Of Lines Of 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)
Fair Value Measurements And Financial Instruments (Tables)
Fair Value Measurements And Financial Instruments - Narrative (Details)
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 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)
Long-Term Debt (Tables)
Long-Term Debt - Schedule Of Maturities Of Long-Term Debt (Details)
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)
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)
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)
Right-Of-Use Assets Under Operating Leases, Net
Right-Of-Use Assets Under Operating Leases, Net (Details)
Right-Of-Use Assets Under Operating Leases, Net (Tables)
Sale Of Business
Sale Of Business (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 (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: 0001462418-20-000016
Submitted to the SEC: Thu Mar 05 2020 4:09:13 PM EST
Accepted by the SEC: Thu Mar 05 2020
Period: Tuesday, December 31, 2019
Industry: Miscellaneous Business Services

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