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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Altisource Portfolio Solutions S.A.

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CIK: 1462418 Ticker: ASPS


Exhibit 99.1
altisourceq220198ka031.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 2021 FINANCIAL RESULTS
Luxembourg, May 10, 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 first quarter 2021.
“In the first quarter of 2021, we continued to execute on our three priorities – accelerating the growth of our origination business, extending our default offerings to the single-family investor market and maintaining cost discipline. Compared to the first quarter of 2020, revenue in our origination business grew by 68% from sales wins, greater market penetration with our existing solutions, the roll-out of a new employment reseller solution and a strong origination market. With short-term demand for our default services constrained due to the pandemic related foreclosure moratoriums and forbearance plans and the expectation that additional restrictions on servicers may largely prohibit foreclosures to commence until the end of the year, we are leveraging our default offerings to support the single-family investor market. To support real estate investors, we are developing our signature buyer and signature seller programs to provide a suite of solutions to single-family investors. We anticipate that demand for our default related business will begin to return in late 2021 and will stabilize in 2023. Following the stabilization, we believe our default business revenue could grow to between $243 million and $397 million based upon the 1.2% pre-pandemic delinquency rate and the 4.4% delinquency rate as of the end of 2020. We are also maintaining cost discipline. To address the extensions of the foreclosure moratoriums and forbearance plans, we took additional steps designed to reduce our costs in late February. As a result of these and other measures, we anticipate that 2021 cash operating costs, excluding outside fees and services, should be more than $20 million lower than the first quarter annualized costs,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “With our origination business’s unique distribution engine and strong growth prospects, we believe this business will be a significant catalyst to create value for shareholders.”
First Quarter 2021 Highlights(1)
Corporate and Financial:
•Ended the first quarter 2021 with $41.3 million of cash and cash equivalents
•Ended the first quarter 2021 with $205.9 million of net debt
Business Highlights:
•Service revenue from our origination business grew by 68% in the first quarter of 2021 to $16.8 million compared to the first quarter of 2020; the origination business has a diversified customer base with no single customer representing more than 11% of service revenue in the first quarter of 2021
•Service revenue from customers other than Ocwen Financial Corporation (together with its subsidiaries, “Ocwen”), New Residential Investment Corp. (“NRZ”) and Front Yard Residential Corporation (“RESI”) grew by 12% in the first quarter of 2021 compared to the first quarter of 2020; this reflects the 68% growth from our origination business, 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 Monday, May 10, 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-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 Income (Loss)
Accounts Payable, Accrued Expenses And Other Current Liabilities
Accounts Payable, Accrued Expenses And Other Current Liabilities (Tables)
Accounts Payable, Accrued Expenses And Other Current Liabilities - Accounts Payable And Accrued Expenses (Details)
Accounts Payable, Accrued Expenses And Other Current Liabilities - Other Current Liabilities (Details)
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Schedule Of Accounts Receivable, Net (Details)
Accounts Receivable, Net - Schedule Of Allowance For Doubtful Accounts And Expected Credit Losses (Details)
Commitments, Contingencies And Regulatory Matters
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)
Commitments, Contingencies And Regulatory Matters - Narrative (Details)
Cost Of Revenue
Cost Of Revenue (Details)
Cost Of Revenue (Tables)
Customer Concentration
Customer Concentration (Details)
Fair Value Measurements And Financial Instruments
Fair Value Measurements And Financial Instruments (Tables)
Fair Value Measurements And Financial Instruments - Fair Value Measurements, Recurring And Nonrecurring (Details)
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)
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 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, Net
Right-Of-Use Assets Under Operating Leases, Net (Details)
Right-Of-Use Assets Under Operating Leases, Net (Tables)
Sale Of A Business
Sale Of A 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 (Tables)
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)

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: 0001462418-21-000033
Submitted to the SEC: Thu Jul 29 2021 7:11:26 AM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Miscellaneous Business Services

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