Last10K.com

Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

ASPS Quarterly Reports

Altisource Portfolio Solutions S.A.

CIK: 1462418 Ticker: ASPS

Exhibit 99.1
altisourcelogoa07a.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 2021 FINANCIAL RESULTS
Luxembourg, March 3, 2022 -
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 2021.
“Altisource demonstrated resiliency during 2021, a year defined by challenges from the pandemic and related borrower relief programs that significantly impacted our revenue and Adjusted earnings. We strengthened our balance sheet with the fourth quarter sale of Pointillist. We ended 2021 with $98.1 million in cash and $149.1 million of net debt representing a 68% increase in cash and a 21% reduction in net debt compared to 2020,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We believe we are poised to return to revenue growth in 2022 with quarterly year-over-year revenue forecasted to grow over the same period in 2021 beginning with the third quarter. The growth reflects the anticipated tailwinds in our Default business from the recent termination of the temporary pandemic related borrower relief programs and launch of new solutions, customer wins, and greater product adoption in our Origination business. With the expected revenue growth and benefit of our prior cost reduction initiatives, we anticipate we will generate positive Adjusted EBITDA for the second half of 2022.”
2021 Highlights(1)
Corporate and Financial:
Ended 2021 with $98.1 million of cash and cash equivalents, a 68% increase from December 31, 2020
Ended 2021 with $149.1 million of net debt(2), a 21% decrease from December 31, 2020
On December 1, 2021 Altisource sold all of its equity interest in Pointillist, Inc. (“Pointillist”). Altisource received approximately $106.0 million from the sale of its Pointillist equity and the collection of outstanding receivables, with $102.2 million received at closing, approximately $0.3 million deposited into the Working Capital Escrow and approximately $3.5 million deposited into the Indemnification Escrow. We recognized a pre-tax and after-tax gain of $88.9 million from the sale
The Company reduced 2021 cash operating costs (excluding outside fees and services) by $49.3 million, representing a 25% reduction from 2020
The Company announced on July 29, 2021 that it was evaluating ways to enhance shareholder value with the Origination business, including the potential for a divestiture, joint venture, third party investment in or other strategic transaction. Altisource recently concluded this process and, after exploring a range of alternatives, determined that it is in the best interests of the Company and its shareholders to retain and further invest in the business. The Company believes that the Origination business’s unique distribution engine and strong growth prospects will be a significant catalyst to create value for shareholders
1

The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, March 3, 2022 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.

View differences made from one quarter to another to evaluate Altisource Portfolio Solutions S.A.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Altisource Portfolio Solutions S.A..

Continue

Assess how Altisource Portfolio Solutions S.A.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Altisource Portfolio Solutions S.A.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Legal
Other
Filter Subcategory:
All
Income
Earnings
Debt
Expense
Product
Cash Flow
Shares
Other
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 - 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 (Tables)
Customer Concentration - Narrative (Details)
Customer Concentration - Schedule Of Revenue From Ocwen (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)
Goodwill And Intangible Assets, Net - Narrative (Details)
Income Taxes
Income Taxes (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 (Tables)
Loss Per Share - Narrative (Details)
Loss Per Share - Schedule Of Basic And Diluted Calculation (Details)
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 (Tables)
Premises And Equipment, Net - Narrative (Details)
Premises And Equipment, Net - Schedule Of Premises And Equipment (Details)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Revenue
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Schedule Of Components 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)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Premises And Equipment, Net (Details)
Segment Reporting - Summary (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 - Narrative (Details)
Shareholders??? Equity And Share-Based Compensation - Pricing Model (Details)
Shareholders??? Equity And Share-Based Compensation - Rsu (Details)
Shareholders??? Equity And Share-Based Compensation - Schedule Of Grant Date Fair Value Of Stock Options (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

Ticker: ASPS
CIK: 1462418
Form Type: 10-Q Quarterly Report
Accession Number: 0001462418-22-000020
Submitted to the SEC: Thu Apr 28 2022 7:09:22 AM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, March 31, 2022
Industry: Miscellaneous Business Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/asps/0001462418-22-000020.htm