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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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 SECOND QUARTER 2020 FINANCIAL RESULTS
Second Quarter 2020
•
Service revenue of $91.0 million
•
Loss before income taxes and non-controlling interests of $(33.7) million
•
Adjusted pretax loss attributable to Altisource(1) of $(10.0) million
•
Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”)(1) of $(2.1) million

Luxembourg, August 6, 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 second quarter 2020.
“In the second quarter, Altisource faced an unprecedented and challenging business environment as a result of the COVID-19 pandemic. As anticipated, Altisource’s second quarter financial results reflect this impact with industrywide foreclosure initiations down by approximately 85% and lender completed foreclosures down by 75% compared to the second quarter of 2019. Despite this difficult environment, we acted quickly to reduce costs, work to mitigate the impact to our customers and support the safety of our employees. As result, the vast majority of our staff are working from home and we were able to preserve cash, ending the quarter with $68 million in cash and cash equivalents.”
“We anticipate this short to medium term pressure on our default related businesses to continue with governmental forbearance programs and moratoriums temporarily preventing servicers from pursuing foreclosure of delinquent loans and with the news from Ocwen that an MSR investor instructed it to move certain referrals for field services to another service provider beginning in July. To address these challenges and protect our business, we are developing a plan to further reduce our costs. Based upon our current planning, we are forecasting Altisource to generate 2021 service revenue of $250 million to $270 million, adjusted EBITDA of $35 million to $43 million and adjusted EBITDA margins of 14% to 16%,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “Longer term, we believe that the overall market for our default related services will stabilize at a much higher rate than it was before the pandemic began, positioning Altisource to become a stronger, more diversified and fast growing company.”
Second Quarter 2020 Highlights(2) 
Financial and Corporate:
•
Ended the second quarter 2020 with $68.2 million of cash and cash equivalents and $30.0 million of investment in equity securities
•
Ended the second quarter 2020 with $195.6 million of net debt less investment in equity securities(1), 4% lower than June 30, 2019

1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, August 6, 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

Cover Page
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 (Expense) Income, Net
Other (Expense) Income, Net (Details)
Other (Expense) Income, Net (Tables)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Current Liabilities (Details)
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 The Financial Services Business
Sale Of The Financial Services 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 - 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 Awards (Details)
Shareholders??? Equity And Share-Based Compensation (Tables)

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 10.2: 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: 0001462418-20-000056
Submitted to the SEC: Thu Aug 06 2020 7:21:45 AM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Miscellaneous Business Services

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