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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS

Exhibit 99.1
altisourcelogoa071a.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 2020 FINANCIAL RESULTS
Luxembourg, March 11, 2021 -
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 2020.
“2020 was a very challenging year for Altisource. To address our challenges, we focused on aggressively reducing costs and simplifying the organization. We have two strong core businesses – origination and default. 2020 revenue in our origination business grew by 47%(3), excluding our construction risk mitigation business that was impacted by the pandemic, and is forecasted to grow by 60% to $99 million in 2021. Our countercyclical default business was adversely impacted by the pandemic, creating what we believe is a massive backlog of business that we should begin to benefit from at the start of 2022 after the pandemic-related foreclosure moratoriums and forbearance plans expire. We anticipate strong default related revenue growth in 2022 with an acceleration in the second half of 2023 when post-moratorium foreclosure starts convert to foreclosure auctions and REO sales. The 2023 acceleration should position us to grow default related revenue by 120% to 260% compared to our 2021 plan of $110 million assuming delinquency rates are between pre-pandemic and December 2020 levels,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We believe we have the right solutions to help improve outcomes for our customers and continue the strong growth trajectory in our origination related businesses in 2021 and return to growth in our default related businesses in 2022.”
2020 Highlights(2)
Corporate and Financial:
•Ended 2020 with $58.3 million of cash and cash equivalents
•Ended 2020 with $188.9 million of net debt
•Sold the Company’s remaining 3.5 million Front Yard Residential Corporation (“RESI”) shares for net proceeds of $46.6 million and used the net proceeds to repay a portion of our Senior Secured Term Loan
Business Highlights:
•The Company’s 2020 financial performance was negatively impacted by:
◦Temporary servicer and government COVID-19 related measures to provide financial support to borrowers (i.e., foreclosure and eviction moratoriums and borrower forbearance plans), partially offset by growth in our origination business
◦One of Ocwen Financial Corporation’s (together with its subsidiaries, “Ocwen”) MSR investors directed it to transition field services, title and valuation referrals to that investor’s captive vendors; we believe the transition of these referrals is largely complete(6)
•Service revenue from customers other than Ocwen, New Residential Investment Corp. (“NRZ”) and RESI grew by 9% in 2020 compared to 2019; this reflects 47%(3) growth from our origination business, excluding our construction risk mitigation business that was impacted by the pandemic, partially offset by the negative impact of COVID-19 on our default business
1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, March 11, 2021 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

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Operations And Comprehensive 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 - 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)
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 (Tables)
Income Taxes - Components Of Income Before Income Taxes (Details)
Income Taxes - Income Tax (Provision) Benefit) (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Luxembourg Statutory Tax Rate To Effective Tax Rate (Details)
Income Taxes - Summary Of Tax Effects Of Temporary Differences (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
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 Long-Term Debt (Details)
Long-Term Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Loss Per Share
Loss Per Share (Details)
Loss Per Share (Tables)
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)
Schedule Ii. Valuation And Qualifying Accounts
Schedule Ii. Valuation And Qualifying Accounts (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 - Assumptions Used To Determine The Fair Values For Performance-Based Awards (Details)
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: 0001462418-21-000008
Submitted to the SEC: Thu Mar 11 2021 7:05:16 AM EST
Accepted by the SEC: Thu Mar 11 2021
Period: Thursday, December 31, 2020
Industry: Miscellaneous Business Services

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