Altisource Portfolio Solutions S.A. (ASPS) 10-K Annual Report March 2016

Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS) today announces preliminary fourth quarter and full year 2015 results, capping off a year of strong financial performance with 2015 service revenue of $940.9 million, the best in the Company’s history. 2015 service revenue growth in the asset management business along with the full year benefit of the 2014 Mortgage Builder acquisition offset lost revenue from the November 2014 discontinuation of the lender placed insurance brokerage business, the full amortization of Equator acquisition deferred revenue in November 2014 and fewer 2015 valuation referrals. The growth of the asset management business was primarily driven by a higher number of both non-Ocwen and Ocwen homes sold on Hubzu and growth in the property inspection and preservation business.

The Company’s 2015 diluted earnings per share of $2.02 was impacted by a $71.8 million non-cash impairment charge primarily driven by the Company’s current projected Technology Services revenue from Ocwen and investment in technologies provided to Ocwen. Adjusted diluted earnings per share⁽¹⁾ for 2015 of $6.96 significantly exceeded the mid-point of the Company’s 2015 financial scenarios.

Fourth Quarter 2015 Results Compared to Fourth Quarter 2014:


•	Service revenue of $251.0 million, a 15% increase


•	Net loss attributable to Altisource of $45.1 million compared to a net loss attributable to Altisource of $1.5 million in the fourth quarter 2014


•	Net loss includes a non-cash impairment loss of $71.8 million (no comparable amount in the fourth quarter 2014)


•	Adjusted net income attributable to Altisource⁽¹⁾ of $38.0 million, a 506% increase


•	Diluted loss per share of $2.35 compared to diluted loss per share of $0.08 in the fourth quarter 2014


•	Adjusted diluted earnings per share⁽¹⁾ of $1.86, a 564% increase


•	Cash from operations of $86.2 million, a 20% increase

Full Year 2015 Results Compared to Full Year 2014:


•	Service revenue of $940.9 million, a 0.2% increase


•	Net income attributable to Altisource of $41.6 million, a 69% decrease


•	Net income was impacted by a $71.8 million non-cash impairment loss partially offset by a $7.6 million gain on Equator earn out liability compared to a net gain from these items of $0.5 million in 2014


•	Adjusted net income attributable to Altisource⁽¹⁾ of $143.5 million, a 15% decrease


•	Diluted earnings per share of $2.02, a 64% decrease


•	Adjusted diluted earnings per share⁽¹⁾ of $6.96, a 3% decrease


•	Cash from operations of $195.4 million, a 1% decrease

“I am very pleased with our operating results and the progress we are making on our strategic initiatives to diversify and grow our revenue and earnings. We believe our non-Ocwen growth, recent customer wins, current negotiations with new and existing customers and our robust pipeline activity demonstrate Altisource’s value to the market and our ability to deliver on our initiatives,” said Chief Executive Officer William B. Shepro.

The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, March 10, 2016 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Altisource Portfolio Solutions S.A. provided additional information to their SEC Filing as exhibits

Exhibit 10.60: Material Contract

Exhibit 10.61: Material Contract

Exhibit 10.62: Material Contract

Exhibit 10.63: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001628280-16-012704
Submitted to the SEC: Tue Mar 15 2016 4:39:34 PM EST
Accepted by the SEC: Tue Mar 15 2016
Period: Thursday, December 31, 2015
Industry: Miscellaneous Business Services

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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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