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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Altisource Portfolio Solutions S.A.

HISTORY TOOLS
CIK: 1462418 Ticker: ASPS

Exhibit 99.1
altisourceq220198ka03a.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 2022 FINANCIAL RESULTS
Luxembourg, April 28, 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 first quarter 2022.
“I am pleased with our first quarter financial results. We generated service revenue of $37.8 million, marking the first quarter of sequential revenue growth in 11 quarters. Our first quarter Adjusted EBITDA loss of $4.1 million represents a $4.7 million improvement over the fourth quarter of 2021. We benefited from revenue growth as the default market begins to recover, a favorable revenue mix, a lower cost base and approximately $1.8 million of non-recurring items,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We are executing well on our Strategic Plan. In our Origination business, we believe we are building an exciting and innovative business that we anticipate will benefit from new product launches, membership growth and a strong sales pipeline. In our Servicer and Real Estate business, we should benefit from the market tailwinds and our strong sales pipeline. As we continue to execute on our plan and win more business, we anticipate Altisource will return to a growth Company and create substantial value for our customers and shareholders.”
First Quarter 2022 Highlights(1)
Corporate and Financial:
•Ended the first quarter 2022 with $80.0 million of cash and cash equivalents, a 93% increase from the first quarter of 2021
•Ended the first quarter 2022 with $167.3 million of net debt(2), a 19% reduction from the first quarter of 2021
•Grew service revenue in the first quarter 2022 compared to the fourth quarter 2021, representing the first quarter of sequential service revenue growth in eleven quarters
•First quarter Adjusted EBITDA loss of $4.1 million represents a $4.4 million improvement over the first quarter of 2021 and a $4.7 million improvement over the fourth quarter of 2021
•Reduced first quarter 2022 cash operating costs (excluding outside fees and services) by $13.6 million, representing a 31% savings from the first quarter 2021
Business Highlights:
•First quarter 2022 Hubzu referrals were 198% higher than the first quarter of 2021, including a 451% increase in foreclosure referrals and a 37% increase in REO referrals. As of March 31, 2022, Hubzu inventory was over 6,800 homes, representing a 53% increase compared to March 31, 2021, including a 119% increase in foreclosure inventory and a 1% decrease in REO inventory
•First quarter 2022 Trustee, Pre-foreclosure Title and Valuation referrals were 68%, 9% and 5%, respectively, higher than the first quarter of 2021
1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, April 28, 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.

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

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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 - 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 - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Revenue - Schedule Of Components Of Revenue (Details)
Right-Of-Use Assets Under Operating Leases, Net
Right-Of-Use Assets Under Operating Leases, Net (Tables)
Right-Of-Use Assets Under Operating Leases, Net - Narrative (Details)
Right-Of-Use Assets Under Operating Leases, Net - Summary Of Right-Of-Use Assets (Details)
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

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: 0001462418-22-000037
Submitted to the SEC: Thu Jul 28 2022 7:01:48 AM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Thursday, June 30, 2022
Industry: Miscellaneous Business Services

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