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

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 2021 FINANCIAL RESULTS
Luxembourg, July 29, 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 second quarter 2021.
“While the last year and half presented a challenging operating environment for Altisource, I am very excited about the future for our Origination and Default businesses. We believe we are positioning Altisource as a more diversified company and anticipate a return to growth in 2022. Our Origination business continued its year-over-year growth with second quarter revenue of $14.5 million, representing 16% growth compared to the second quarter of 2020, outpacing the estimated 13% growth in the overall origination market during the same period. The default market and our Default business have been severely impacted by the pandemic. However, we recently gained additional clarity on the timing of the recovery of the default market. The Federal government extended its foreclosure and eviction moratoriums by one month through July 2021 and indicated this will be the last extension. The CFPB also finalized its rules on temporary loss mitigation measures which essentially prohibit foreclosure initiations until January 1, 2022, other than a few exceptions including for those loans that were 120 days or more delinquent prior to the pandemic. Based on this clarity, we believe the Default business will grow in 2022 and stabilize during 2023. We estimate that our Default business revenue could grow on a stabilized basis to between $230 and $352 million,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “With our Origination business’s unique distribution engine, mission critical solutions and strong growth prospects, we believe this business will be a significant catalyst to create value for shareholders. Notably, there are several companies that we believe have similar business models to Lenders One which recently executed capital market transactions at attractive valuations. Given these attractive market comparables and the progress we are making with the Origination business, we are evaluating ways to enhance shareholder value. These options may include a potential divestiture, joint venture, third party investment in or other strategic transaction, as well as retaining and investing in the business.”
There can be no assurance that any exploration of ways to enhance shareholder value relating to the Origination business will result in any transaction or other actions by us. The Company does not intend to provide updates unless and until Altisource determines that further disclosure is appropriate or required.
Second Quarter 2021 Highlights(1)
Corporate and Financial:
•Ended the second quarter 2021 with $35.3 million of cash and cash equivalents
•Ended the second quarter 2021 with $211.9 million of net debt(2)
•Entered into a revolving credit facility that provides Altisource with the ability to borrow a maximum amount of $20 million through June 22, 2022, $15 million through June 22, 2023, and $10 million until the June 22, 2024 maturity
1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, July 29, 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 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 (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
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 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 - Contract Balances (Details)
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 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 (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)
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: 0001462418-21-000045
Submitted to the SEC: Thu Nov 04 2021 7:57:40 AM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Miscellaneous Business Services

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