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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS



Exhibit 99.1
 
altisourceq220198ka03.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 FIRST QUARTER 2020 FINANCIAL RESULTS
•
Service revenue of $113.2 million
•
Loss from operations of $(4.2) million
•
Adjusted operating income(1) of $8.5 million
•
Loss before income taxes and non-controlling interests of $(9.1) million
•
Adjusted pretax income attributable to Altisource(1) of $4.4 million
•
Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”)(1) of $13.2 million
•
Net loss attributable to Altisource of $(11.7) million, or $(0.75) per diluted share
•
Adjusted net income attributable to Altisource(1) of $2.7 million, or $0.17 per diluted share
Luxembourg, April 30, 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 first quarter 2020.
“Altisource, like other companies in our industry, is adapting to the rapidly changing environment from the COVID-19 pandemic. Our first quarter 2020 financial performance in our default related services businesses was negatively impacted by COVID-19 related governmental restrictions and changing vendor and consumer behavior. This impact was partially offset by stronger performance from our origination related businesses that benefited from lower interest rates throughout most of the quarter. We have three areas of focus in responding to the pandemic. First, maintaining the health and safety of our employees. Second, adjusting our operations to mitigate some of the impact to our customers and business while complying with governmental orders and guidance. Third, addressing our cost structure and preserving liquidity to prepare for what could be a period of lower revenue than planned,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “At the same time, we are also seeking to maintain capacity for anticipated growth in our origination related services, continue to innovate across our businesses and prepare for what we believe will be strong medium to longer term demand for our default related services. As a leading national provider of services to support residential loan originators and servicers, we believe Altisource is in a strong position to support the industry and capture a sizable share of the business opportunity that a low interest rate and rising delinquency environment would present.”
First Quarter 2020 Highlights(2) 
Financial and Corporate:
•
Ended the first quarter 2020 with $120.4 million of cash, cash equivalents and investment in equity securities
•
Ended the first quarter 2020 with $173.5 million of net debt less investment in equity securities(1), 30% lower than March 31, 2019
•
The Company’s first quarter 2020 financial performance in its default related services businesses was negatively impacted by COVID-19 related governmental restrictions and changing vendor and consumer behavior
•
To adapt to this rapidly changing COVID-19 environment, Altisource is focused on efforts intended to (1) maintain the health and safety of its employees, (2) adjust the Company’s operations to mitigate the impact to its customers and business

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, April 30, 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-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 Loss
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 Lines Of Business
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)
Loss Per Share
Loss Per Share (Details)
Loss Per Share (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)
Revenue Revenue - Contract Balances (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 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: 0001462418-20-000035
Submitted to the SEC: Thu Apr 30 2020 6:54:44 AM EST
Accepted by the SEC: Thu Apr 30 2020
Period: Tuesday, March 31, 2020
Industry: Miscellaneous Business Services

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