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

Altisource estimates that the cost reduction measures undertaken since April 2020 will reduce 2020 expenses by approximately $65 million - $75 million compared to the fourth quarter 2019 annual run rate expenses excluding (1) outside fees and services that generally decline proportionately with a decline in service referrals, (2) reimbursable expenses which are the costs associated with reimbursable revenue, (3) depreciation and amortization and (4) amortization of intangible assets.

During the nine months ended September 30, 2020 and 2019, Altisource incurred $10.9 million and $9.1 million, respectively ($2.2 million and $2.8 million for the third quarter of 2020 and 2019, respectively), of severance costs, professional services fees, facility consolidation costs, technology costs and business wind down costs related to the reorganization plan.

During the nine months ended September 30, 2020 and 2019, Altisource incurred $10.9 million and $9.1 million, respectively ($2.2 million and $2.8 million for the third quarter of 2020 and 2019, respectively), of severance costs, professional services fees, facility consolidation costs, technology costs and business wind down costs related to the reorganization plan.

The decrease in other expense for the third quarter of 2020 was primarily driven by a $0.1 million unrealized gain on our investment in RESI common shares compared to a $(2.3) million unrealized loss in 2019, partially offset by lower interest expense in 2020 (interest rate of the senior secured term loan was 5.00% for the third quarter of 2020 compared to 6.33% for the third quarter of 2019).