(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying | ||||||||
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Altisource Portfolio Solutions S.A. | |||||||||||
By: | /s/ Michelle D. Esterman | ||||||||||
Name: | Michelle D. Esterman | ||||||||||
Title: | Chief Financial Officer |
FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: | ||||
Michelle D. Esterman | |||||
Chief Financial Officer | |||||
T: (770) 612-7007 | |||||
E: Michelle.Esterman@altisource.com |
(in thousands, except per share data) | Third quarter 2020 | Third quarter 2019 | % Change | Year-to-Date Sept. 30, 2020 | Year-to-Date Sept. 30, 2019 | % Change | |||||||||||||||||||||||||||||
Service revenue | $ | 85,386 | $ | 133,781 | (36) | $ | 289,570 | $ | 489,300 | (41) | |||||||||||||||||||||||||
(Loss) income from operations | (6,814) | 19,735 | (135) | (28,725) | 24,515 | (217) | |||||||||||||||||||||||||||||
Adjusted operating income(1) | 3,658 | 9,325 | (61) | 7,390 | 42,095 | (82) | |||||||||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (11,140) | 12,955 | (186) | (54,011) | 20,898 | (358) | |||||||||||||||||||||||||||||
Pretax (loss) income attributable to Altisource(1) | (11,480) | 12,544 | (192) | (54,653) | 18,807 | (391) | |||||||||||||||||||||||||||||
Adjusted pretax (loss) income attributable to Altisource(1) | (1,406) | 4,428 | (132) | (7,004) | 24,656 | (128) | |||||||||||||||||||||||||||||
Adjusted EBITDA(1) | 6,426 | 12,925 | (50) | 17,521 | 55,172 | (68) | |||||||||||||||||||||||||||||
Net (loss) income attributable to Altisource | (13,237) | 7,165 | (285) | (59,948) | (1,863) | N/M | |||||||||||||||||||||||||||||
Adjusted net (loss) income attributable to Altisource(1) | (3,764) | 3,957 | (195) | (11,833) | 18,855 | (163) | |||||||||||||||||||||||||||||
Diluted (loss) earnings per share | (0.85) | 0.44 | (293) | (3.85) | (0.12) | N/M | |||||||||||||||||||||||||||||
Adjusted diluted (loss) earnings per share(1) | (0.24) | 0.25 | (196) | (0.76) | 1.15 | (166) | |||||||||||||||||||||||||||||
Cash flows (used in) provided by operating activities | (2,861) | (10,962) | 74 | (14,077) | 22,194 | (163) | |||||||||||||||||||||||||||||
Adjusted cash flows used in operating activities less additions to premises and equipment(1) | (3,897) | (11,646) | 67 | (16,579) | (12,025) | (38) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Service revenue | $ | 85,386 | $ | 133,781 | $ | 289,570 | $ | 489,300 | ||||||||||||||||||
Reimbursable expenses | 2,810 | 7,213 | 14,495 | 16,484 | ||||||||||||||||||||||
Non-controlling interests | 599 | 499 | 1,516 | 2,179 | ||||||||||||||||||||||
Total revenue | 88,795 | 141,493 | 305,581 | 507,963 | ||||||||||||||||||||||
Cost of revenue | 69,760 | 103,509 | 235,284 | 371,167 | ||||||||||||||||||||||
Reimbursable expenses | 2,810 | 7,213 | 14,495 | 16,484 | ||||||||||||||||||||||
Gross profit | 16,225 | 30,771 | 55,802 | 120,312 | ||||||||||||||||||||||
Operating expenses (income): | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 20,812 | 25,833 | 73,606 | 104,275 | ||||||||||||||||||||||
Gain on sale of business | — | (17,558) | — | (17,558) | ||||||||||||||||||||||
Restructuring charges | 2,227 | 2,761 | 10,921 | 9,080 | ||||||||||||||||||||||
(Loss) income from operations | (6,814) | 19,735 | (28,725) | 24,515 | ||||||||||||||||||||||
Other income (expense), net | ||||||||||||||||||||||||||
Interest expense | (4,103) | (4,892) | (13,265) | (16,656) | ||||||||||||||||||||||
Unrealized gain (loss) on investment in equity securities | 138 | (2,294) | (12,433) | 11,731 | ||||||||||||||||||||||
Other (expense) income, net | (361) | 406 | 412 | 1,308 | ||||||||||||||||||||||
Total other income (expense), net | (4,326) | (6,780) | (25,286) | (3,617) | ||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (11,140) | 12,955 | (54,011) | 20,898 | ||||||||||||||||||||||
Income tax provision | (1,757) | (5,379) | (5,295) | (20,670) | ||||||||||||||||||||||
Net (loss) income | (12,897) | 7,576 | (59,306) | 228 | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (340) | (411) | (642) | (2,091) | ||||||||||||||||||||||
Net (loss) income attributable to Altisource | $ | (13,237) | $ | 7,165 | $ | (59,948) | $ | (1,863) | ||||||||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||||||||
Basic | $ | (0.85) | $ | 0.45 | $ | (3.85) | $ | (0.12) | ||||||||||||||||||
Diluted | $ | (0.85) | $ | 0.44 | $ | (3.85) | $ | (0.12) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 15,637 | 15,897 | 15,578 | 16,133 | ||||||||||||||||||||||
Diluted | 15,637 | 16,151 | 15,578 | 16,133 | ||||||||||||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||||||||
Comprehensive (loss) income, net of tax | $ | (12,897) | $ | 7,576 | $ | (59,306) | $ | 228 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (340) | (411) | (642) | (2,091) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to Altisource | $ | (13,237) | $ | 7,165 | $ | (59,948) | $ | (1,863) |
September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 67,023 | $ | 82,741 | |||||||
Investment in equity securities | 30,185 | 42,618 | |||||||||
Accounts receivable, net | 28,056 | 43,615 | |||||||||
Prepaid expenses and other current assets | 14,718 | 15,214 | |||||||||
Total current assets | 139,982 | 184,188 | |||||||||
Premises and equipment, net | 14,983 | 24,526 | |||||||||
Right-of-use assets under operating leases, net | 20,303 | 29,074 | |||||||||
Goodwill | 73,849 | 73,849 | |||||||||
Intangible assets, net | 49,702 | 61,046 | |||||||||
Other assets | 11,284 | 12,436 | |||||||||
Total assets | $ | 310,103 | $ | 385,119 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 56,362 | $ | 67,671 | |||||||
Deferred revenue | 4,349 | 5,183 | |||||||||
Other current liabilities | 10,749 | 14,724 | |||||||||
Total current liabilities | 71,460 | 87,578 | |||||||||
Long-term debt | 288,930 | 287,882 | |||||||||
Other non-current liabilities | 26,291 | 31,016 | |||||||||
Commitments, contingencies and regulatory matters | |||||||||||
Equity (deficit): | |||||||||||
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 15,646 outstanding as of September 30, 2020; 15,454 outstanding as of December 31, 2019) | 25,413 | 25,413 | |||||||||
Additional paid-in capital | 140,225 | 133,669 | |||||||||
Retained earnings | 198,756 | 272,026 | |||||||||
Treasury stock, at cost (9,767 shares as of September 30, 2020 and 9,959 shares as of December 31, 2019) | (442,107) | (453,934) | |||||||||
Altisource deficit | (77,713) | (22,826) | |||||||||
Non-controlling interests | 1,135 | 1,469 | |||||||||
Total deficit | (76,578) | (21,357) | |||||||||
Total liabilities and deficit | $ | 310,103 | $ | 385,119 |
Nine months ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (59,306) | $ | 228 | |||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 11,521 | 14,196 | |||||||||
Amortization of right-of-use assets under operating leases | 8,107 | 9,145 | |||||||||
Amortization of intangible assets | 11,344 | 15,489 | |||||||||
Unrealized loss (gain) on investment in equity securities | 12,433 | (11,731) | |||||||||
Share-based compensation expense | 6,556 | 8,284 | |||||||||
Bad debt expense | 1,423 | 114 | |||||||||
Amortization of debt discount | 500 | 499 | |||||||||
Amortization of debt issuance costs | 548 | 552 | |||||||||
Deferred income taxes | 274 | 15,568 | |||||||||
Loss on disposal of fixed assets | 459 | 330 | |||||||||
Gain on sale of business | — | (17,558) | |||||||||
Changes in operating assets and liabilities (excludes effect of sale of business): | |||||||||||
Accounts receivable | 10,136 | (31,580) | |||||||||
Short-term investments in real estate | — | 39,873 | |||||||||
Prepaid expenses and other current assets | 621 | 12,588 | |||||||||
Other assets | 853 | (55) | |||||||||
Accounts payable and accrued expenses | (10,676) | (17,058) | |||||||||
Current and non-current operating lease liabilities | (8,518) | (9,713) | |||||||||
Other current and non-current liabilities | (352) | (6,977) | |||||||||
Net cash (used in) provided by operating activities | (14,077) | 22,194 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to premises and equipment | (2,502) | (1,204) | |||||||||
Proceeds received from sale of equity securities | — | 7,819 | |||||||||
Proceeds from the sale of business | 3,307 | 38,027 | |||||||||
Other | — | 1,087 | |||||||||
Net cash provided by investing activities | 805 | 45,729 | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments and repurchases of long-term debt | — | (44,820) | |||||||||
Proceeds from stock option exercises | — | 392 | |||||||||
Purchase of treasury shares | — | (13,397) | |||||||||
Distributions to non-controlling interests | (976) | (2,003) | |||||||||
Payments of tax withholding on issuance of restricted share units and restricted shares | (1,495) | (1,516) | |||||||||
Net cash used in financing activities | (2,471) | (61,344) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (15,743) | 6,579 | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 86,583 | 64,046 | |||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 70,840 | $ | 70,625 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 12,218 | $ | 16,271 | |||||||
Income taxes paid, net | 742 | 2,397 | |||||||||
Acquisition of right-of-use assets with operating lease liabilities | 1,051 | 5,888 | |||||||||
Reduction of right-of-use assets from operating lease modifications or reassessments | (1,715) | (3,458) | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net increase in payables for purchases of premises and equipment | $ | 60 | $ | 203 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Loss) income from operations | $ | (6,814) | $ | 19,735 | $ | (28,725) | $ | 24,515 | ||||||||||||||||||
Intangible asset amortization expense | 4,295 | 3,298 | 11,344 | 15,489 | ||||||||||||||||||||||
Share-based compensation expense | 1,732 | 2,831 | 6,556 | 8,284 | ||||||||||||||||||||||
Restructuring charges | 2,227 | 2,761 | 10,921 | 9,080 | ||||||||||||||||||||||
Pointillist losses | 2,139 | — | 7,215 | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives | 697 | — | 697 | — | ||||||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | ||||||||||||||||||||||
Gain on sale of business | — | (17,558) | — | (17,558) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement) | (618) | (1,742) | (618) | 311 | ||||||||||||||||||||||
Other asset write-off from business exit | — | — | — | 204 | ||||||||||||||||||||||
Adjusted operating income | $ | 3,658 | $ | 9,325 | $ | 7,390 | $ | 42,095 | ||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | $ | (11,140) | $ | 12,955 | $ | (54,011) | $ | 20,898 | ||||||||||||||||||
Non-controlling interests | (340) | (411) | (642) | (2,091) | ||||||||||||||||||||||
Pretax (loss) income attributable to Altisource | (11,480) | 12,544 | (54,653) | 18,807 | ||||||||||||||||||||||
Intangible asset amortization expense | 4,295 | 3,298 | 11,344 | 15,489 | ||||||||||||||||||||||
Share-based compensation expense | 1,732 | 2,831 | 6,556 | 8,284 | ||||||||||||||||||||||
Restructuring charges | 2,227 | 2,761 | 10,921 | 9,080 | ||||||||||||||||||||||
Pointillist losses | 1,879 | — | 6,316 | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives | 697 | — | 697 | — | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities | (138) | 2,294 | 12,433 | (11,731) | ||||||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | ||||||||||||||||||||||
Gain on sale of business | — | (17,558) | — | (17,558) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement) | (618) | (1,742) | (618) | 311 | ||||||||||||||||||||||
Other asset write-off from business exit | — | — | — | 204 | ||||||||||||||||||||||
Adjusted pretax (loss) income attributable to Altisource | $ | (1,406) | $ | 4,428 | $ | (7,004) | $ | 24,656 | ||||||||||||||||||
Net income (loss) attributable to Altisource | $ | (13,237) | $ | 7,165 | $ | (59,948) | $ | (1,863) | ||||||||||||||||||
Income tax provision | 1,757 | 5,379 | 5,295 | 20,670 | ||||||||||||||||||||||
Interest expense (net of interest income) | 4,078 | 4,823 | 13,160 | 16,320 | ||||||||||||||||||||||
Depreciation and amortization | 8,115 | 6,972 | 22,865 | 29,685 | ||||||||||||||||||||||
Share-based compensation | 1,732 | 2,831 | 6,556 | 8,284 | ||||||||||||||||||||||
Restructuring charges | 2,227 | 2,761 | 10,921 | 9,080 | ||||||||||||||||||||||
Pointillist losses | 1,813 | — | 6,160 | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives | 697 | — | 697 | — | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities | (138) | 2,294 | 12,433 | (11,731) | ||||||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | ||||||||||||||||||||||
Gain on sale of business | — | (17,558) | — | (17,558) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement) | (618) | (1,742) | (618) | 311 | ||||||||||||||||||||||
Other asset write-off from business exit | — | — | — | 204 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 6,426 | $ | 12,925 | $ | 17,521 | $ | 55,172 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net (loss) income attributable to Altisource | $ | (13,237) | $ | 7,165 | $ | (59,948) | $ | (1,863) | ||||||||||||||||||
Intangible asset amortization expense, net of tax | 4,284 | 2,475 | 11,283 | 11,626 | ||||||||||||||||||||||
Share-based compensation expense, net of tax | 1,558 | 2,125 | 5,943 | 6,218 | ||||||||||||||||||||||
Restructuring charges, net of tax | 1,943 | 2,114 | 9,801 | 6,994 | ||||||||||||||||||||||
Pointillist losses, net of tax | 1,879 | — | 6,316 | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax | 565 | — | 565 | — | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities, net of tax | (138) | 1,722 | 12,433 | (8,805) | ||||||||||||||||||||||
Loss on BRS portfolio sale, net of tax | — | — | — | 1,405 | ||||||||||||||||||||||
Gain on sale of business, net of tax | — | (9,427) | — | (9,427) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax | (618) | (1,308) | (618) | 233 | ||||||||||||||||||||||
Other asset write-off from business exit, net of tax | — | — | — | 151 | ||||||||||||||||||||||
Certain income tax related items | — | (909) | 2,392 | 12,323 | ||||||||||||||||||||||
Adjusted net (loss) income attributable to Altisource | $ | (3,764) | $ | 3,957 | $ | (11,833) | $ | 18,855 | ||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.85) | $ | 0.44 | $ | (3.85) | $ | (0.12) | ||||||||||||||||||
Impact of using diluted share count instead of basic share count for a loss per share | — | — | — | 0.01 | ||||||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | 0.27 | 0.15 | 0.72 | 0.71 | ||||||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | 0.10 | 0.13 | 0.38 | 0.38 | ||||||||||||||||||||||
Restructuring charges, net of tax, per diluted share | 0.12 | 0.13 | 0.63 | 0.43 | ||||||||||||||||||||||
Pointillist losses, net of tax, per diluted share | 0.12 | — | 0.41 | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax, per diluted share | 0.04 | — | 0.04 | — | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities, net of tax, per diluted share | (0.01) | 0.11 | 0.80 | (0.54) | ||||||||||||||||||||||
Loss on BRS portfolio sale, net of tax, per diluted share | — | — | — | 0.09 | ||||||||||||||||||||||
Gain on sale of business, net of tax, per diluted share | — | (0.58) | — | (0.57) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax, per diluted share | (0.04) | (0.08) | (0.04) | 0.01 | ||||||||||||||||||||||
Other asset write-off from business exit, net of tax, per diluted share | — | — | — | 0.01 | ||||||||||||||||||||||
Certain income tax related items per diluted share | — | (0.06) | 0.15 | 0.75 | ||||||||||||||||||||||
Adjusted diluted (loss) earnings per share | $ | (0.24) | $ | 0.25 | $ | (0.76) | $ | 1.15 | ||||||||||||||||||
Calculation of the impact of intangible asset amortization expense, net of tax | ||||||||||||||||||||||||||
Intangible asset amortization expense | $ | 4,295 | $ | 3,298 | $ | 11,344 | $ | 15,489 | ||||||||||||||||||
Tax benefit from intangible asset amortization | (11) | (823) | (61) | (3,863) | ||||||||||||||||||||||
Intangible asset amortization expense, net of tax | 4,284 | 2,475 | 11,283 | 11,626 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | $ | 0.27 | $ | 0.15 | $ | 0.72 | $ | 0.71 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Calculation of the impact of share-based compensation expense, net of tax | ||||||||||||||||||||||||||
Share-based compensation expense | $ | 1,732 | $ | 2,831 | $ | 6,556 | $ | 8,284 | ||||||||||||||||||
Tax benefit from share-based compensation expense | (174) | (706) | (613) | (2,066) | ||||||||||||||||||||||
Share-based compensation expense, net of tax | 1,558 | 2,125 | 5,943 | 6,218 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | $ | 0.10 | $ | 0.13 | $ | 0.38 | $ | 0.38 | ||||||||||||||||||
Calculation of the impact of restructuring charges, net of tax | ||||||||||||||||||||||||||
Restructuring charges | $ | 2,227 | $ | 2,761 | $ | 10,921 | $ | 9,080 | ||||||||||||||||||
Tax benefit from restructuring charges | (284) | (647) | (1,120) | (2,086) | ||||||||||||||||||||||
Restructuring charges, net of tax | 1,943 | 2,114 | 9,801 | 6,994 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Restructuring charges, net of tax, per diluted share | $ | 0.12 | $ | 0.13 | $ | 0.63 | $ | 0.43 | ||||||||||||||||||
Calculation of the impact of Pointillist losses, net of tax | ||||||||||||||||||||||||||
Pointillist losses | $ | 1,879 | $ | — | $ | 6,316 | $ | — | ||||||||||||||||||
Tax benefit from Pointillist losses | — | — | — | — | ||||||||||||||||||||||
Pointillist losses, net of tax | 1,879 | — | 6,316 | — | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Pointillist losses, net of tax, per diluted share | $ | 0.12 | $ | — | $ | 0.41 | $ | — | ||||||||||||||||||
Calculation of the impact of third quarter 2020 cost savings initiatives, net of tax | ||||||||||||||||||||||||||
Third quarter 2020 cost savings initiatives | $ | 697 | $ | — | $ | 697 | $ | — | ||||||||||||||||||
Tax benefit from third quarter 2020 cost savings initiatives | (132) | — | (132) | — | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax | 565 | — | 565 | — | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax, per diluted share | $ | 0.04 | $ | — | $ | 0.04 | $ | — | ||||||||||||||||||
Calculation of the impact of the unrealized (gain) loss on investment in equity securities, net of tax | ||||||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities | $ | (138) | $ | 2,294 | $ | 12,433 | $ | (11,731) | ||||||||||||||||||
Tax (benefit) provision from the unrealized (gain) loss on investment in equity securities | — | (572) | — | 2,926 | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities, net of tax | (138) | 1,722 | 12,433 | (8,805) | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Unrealized (gain) loss on investment in equity securities, net of tax, per diluted share | $ | (0.01) | $ | 0.11 | $ | 0.80 | $ | (0.54) | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Calculation of the impact of loss on BRS portfolio sale, net of tax | ||||||||||||||||||||||||||
Loss on BRS portfolio sale | $ | — | $ | — | $ | — | $ | 1,770 | ||||||||||||||||||
Tax benefit from loss on BRS portfolio sale | — | — | — | (365) | ||||||||||||||||||||||
Loss on BRS portfolio sale, net of tax | — | — | — | 1,405 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Loss on BRS portfolio sale, net of tax, per diluted share | $ | — | $ | — | $ | — | $ | 0.09 | ||||||||||||||||||
Calculation of the impact of gain on sale of business, net of tax | ||||||||||||||||||||||||||
Gain on sale of business | $ | — | $ | (17,558) | $ | — | $ | (17,558) | ||||||||||||||||||
Tax provision from gain on sale of business | — | 8,131 | — | 8,131 | ||||||||||||||||||||||
Gain on sale of business, net of tax | — | (9,427) | — | (9,427) | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Gain on sale of business, net of tax, per diluted share | $ | — | $ | (0.58) | $ | — | $ | (0.57) | ||||||||||||||||||
Calculation of the impact of sales tax net accrual (reimbursement), net of tax | ||||||||||||||||||||||||||
Sales tax net accrual (reimbursement) | $ | (618) | $ | (1,742) | $ | (618) | $ | 311 | ||||||||||||||||||
Tax provision (benefit) from sales tax net accrual (reimbursement) | — | 434 | — | (78) | ||||||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax | (618) | (1,308) | (618) | 233 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax, per diluted share | $ | (0.04) | $ | (0.08) | $ | (0.04) | $ | 0.01 | ||||||||||||||||||
Calculation of the impact of other asset write-off from business exit, net of tax | ||||||||||||||||||||||||||
Other asset write-off from business exit | $ | — | $ | — | $ | — | $ | 204 | ||||||||||||||||||
Tax benefit from other asset write-off from business exit | — | — | — | (53) | ||||||||||||||||||||||
Other asset write-off from business exit, net of tax | — | — | — | 151 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Other asset write-off from business exit, net of tax, per diluted share | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||||||||||||
Certain income tax related items resulting from: | ||||||||||||||||||||||||||
Foreign income tax reserves/other | $ | — | $ | (909) | $ | 1,008 | $ | — | ||||||||||||||||||
India income tax rate changes | — | — | 1,384 | — | ||||||||||||||||||||||
Deferred tax adjustment (Luxembourg tax rate change) | — | — | — | 12,323 | ||||||||||||||||||||||
Certain income tax related items | — | (909) | 2,392 | 12,323 | ||||||||||||||||||||||
Diluted share count | 15,637 | 16,151 | 15,578 | 16,420 | ||||||||||||||||||||||
Certain income tax related items per diluted share | $ | — | $ | (0.06) | $ | 0.15 | $ | 0.75 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (2,861) | $ | (10,962) | $ | (14,077) | $ | 22,194 | ||||||||||||||||||
Decrease in short-term investments in real estate | — | (414) | — | (39,873) | ||||||||||||||||||||||
Payment of sales tax accrual | — | — | — | 6,858 | ||||||||||||||||||||||
Adjusted cash flows used in operating activities | (2,861) | (11,376) | (14,077) | (10,821) | ||||||||||||||||||||||
Less: additions to premises and equipment | (1,036) | (270) | (2,502) | (1,204) | ||||||||||||||||||||||
Adjusted cash flows used in operating activities less additions to premises and equipment | $ | (3,897) | $ | (11,646) | $ | (16,579) | $ | (12,025) | ||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||
Senior secured term loan | $ | 293,826 | $ | 294,002 | |||||||
Less: Cash and cash equivalents | (67,023) | (66,901) | |||||||||
Less: Investment in equity securities | (30,185) | (40,093) | |||||||||
Net debt less investment in equity securities | $ | 196,618 | $ | 187,008 | |||||||
3X:B%2B,/"IFC@[FB
Cover Page Document |
Oct. 29, 2020 |
Aug. 06, 2020 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Document Period End Date | Oct. 29, 2020 | |
Entity Registrant Name | ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |
Entity Incorporation, State or Country Code | N4 | |
Entity File Number | 001-34354 | |
Entity Tax Identification Number | 98-0554932 | |
Entity Address, Address Line One | 40, avenue Monterey | |
Entity Address, Postal Zip Code | L-2163 | |
Entity Address, City or Town | Luxembourg | |
Entity Address, Country | LU | |
City Area Code | 352 | |
Local Phone Number | 2469 7900 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | ASPS | |
Security Exchange Name | NASDAQ | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001462418 | |
Amendment Flag | false |
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