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

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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 THIRD QUARTER 2022 FINANCIAL RESULTS
Luxembourg, November 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 third quarter 2022.
“I am encouraged by our third quarter results and performance. During the quarter, we focused on improving segment margins, growing sales wins and reducing costs. Our Servicer and Real Estate segment continues to benefit from the restart of the default business and operational efficiencies with 45% year-over-year Adjusted EBITDA growth on 14% service revenue growth. In our Origination segment, we had strong sales wins that we estimate represent $10 million of annualized revenue on a stabilized basis,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “The market tailwinds from the restart of the default market, sales wins and cost discipline, should help us return to growth and create substantial value for our stakeholders. Our countercyclical default business should further benefit from a deteriorating economic environment.”
Third Quarter 2022 Highlights(1)
Corporate and Financial:
•Ended the third quarter 2022 with $63.8 million of cash and cash equivalents, a 75% increase from the third quarter of 2021
•Ended the third quarter 2022 with $183.4 million of net debt(2), a 21% reduction from the third quarter of 2021
•Third quarter Adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”)(2) loss of $6.5 million represents a $1.1 million improvement over the third quarter of 2021
•Reduced third quarter 2022 Corporate costs by $5.9 million, representing a 25% reduction, compared to the third quarter 2021 from the sale of Pointillist, costs savings initiatives and the assignment of sales and marketing employees to the segments beginning on January 1, 2022
Business Highlights:
•The Servicer and Real Estate segment continues to benefit from the restart of the default business with 45% year-over-year Adjusted EBITDA(2) growth on 14% service revenue growth
•The Origination segment had strong sales wins that we estimate represent $10 million of annualized revenue on a stabilized basis
•The current unweighted sales pipeline in the Servicer and Real Estate business is approximately $116 million on a stabilized basis, representing $32 million to $40 million in annual revenue based upon our forecasted probability of closing
•The current unweighted sales pipeline in the Origination business is approximately $83 million on a stabilized basis, representing $21 million to $26 million in annual revenue based upon our forecasted probability of closing
1
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, November 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.

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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 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 (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: 0001462418-22-000046
Submitted to the SEC: Thu Nov 03 2022 7:15:46 AM EST
Accepted by the SEC: Thu Nov 03 2022
Period: Friday, September 30, 2022
Industry: Miscellaneous Business Services

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