© 2016 Altisource. All rights reserved.
Morgan Stanley
Leveraged Finance
Conference
November 2016
Any copying, distribution or use of any of the information contained herein that is not expressly permitted
by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of
trademarks and service marks, and certain other marks identified herein are trademarks or service marks
of Altisource Solutions S.á r.l. or its subsidiaries. © 2016 Altisource. All rights reserved.
Exhibit 99.1
1 © 2016 Altisource. All rights reserved.
Forward-Looking Statements, Estimates and
Non-GAAP Measures
This presentation contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking
statements include all statements that are not historical fact, including statements about management’s beliefs and expectations.
These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,”
“estimate,” “seek,” “believe,” “potential” and similar expressions. Forward-looking statements are based on management’s beliefs
as well as assumptions made by and information currently available to management. Because such statements are based on
expectations as to the future and are not statements of historical fact, actual results may differ materially from what is
contemplated by the forward-looking statements. Altisource undertakes no obligation to update any forward-looking statements
whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, Altisource’s ability to integrate acquired businesses, retain key executives or
employees, retain existing customers and attract new customers, general economic and market conditions, behavior of customers,
suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, availability of adequate
and timely sources of liquidity and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and
other sections of Altisource’s Form 10-K and other filings with the Securities and Exchange Commission.
Altisource management utilizes certain non-GAAP measures such as earnings before interest, taxes, depreciation and
amortization (“EBITDA”), earnings before interest and taxes (“EBIT”), operating cash flow minus capital expenditures (“Free Cash
Flow”), Adjusted Operating Income, Adjusted Net Income Attributable to Altisource, Adjusted Service Revenue Unrelated to
Ocwen, Net Debt and Adjusted Net Debt as key metrics in evaluating its financial performance. These measures should be
considered in addition to, rather than as a substitute for, net income (loss) attributable to Altisource, operating cash flow, income
(loss) from operations, service revenue and long-term debt, including current portion. These non-GAAP measures are presented
as supplemental information and reconciled to net income (loss) attributable to Altisource, operating cash flow, operating income
(loss), service revenue or long-term debt, including current portion in the Appendix to this presentation.
2 © 2016 Altisource. All rights reserved.
Overview …………….………………………………………........... 3
Key Investment Highlights ………….………………..…….......... 8
Appendix ………………………….………………………………… 21
Table of Contents
3 © 2016 Altisource. All rights reserved.
Overview
4 © 2016 Altisource. All rights reserved.
About Altisource®
A trusted provider of marketplace transaction solutions for the real estate,
mortgage and consumer debt industries.
William B. Shepro, Chief Executive Officer
Approximately 8,500 Employees
Traded NASDAQ: ASPS
Service Revenue: $966 million1
1 For the twelve months ended September 30, 2016
5 © 2016 Altisource. All rights reserved.
Vision and Mission
Vision
To be the premier real estate and mortgage marketplace connecting
market participants and providing related services
Mission
To offer homeowners, buyers, sellers, agents, mortgage originators
and servicers trusted and efficient marketplaces to conduct real estate
and mortgage transactions and improve outcomes for participants
Consumer Real Estate Solutions
Real Estate Investor Solutions
Origination Solutions
Servicer Solutions
Real Estate Marketplace Mortgage Marketplace
6 © 2016 Altisource. All rights reserved.
Real Estate Marketplace
Home Sales Home Rentals Home Maintenance
Home buyers (and
their agents)
Home sellers (and
their agents)
Homeowners (and
their agents)
Renters (and their
agents)
Connecting
with
Homeowners (and their
agents)
Renters (and their agents)
Service Providers Service Providers
Service Providers
offering
solutions
Brokerage, on-line
sales and auction,
title and escrow,
valuation,
insurance, etc.
Brokerage, on-line
rental, renovation
management, property
management, valuation
etc.
Property inspection,
preservation and
renovation
management, etc.
and tools to
order and pay
for services
<-------- Order and vendor management technology, payment ----->
and presentment technology, document management, etc.
7 © 2016 Altisource. All rights reserved.
Mortgage Marketplace
Mortgage Origination Mortgage Servicing
Mortgage Originators
Service Providers
Mortgage Servicers
Service Providers
Investors
Title and escrow, valuation,
quality control, underwriting,
certified loan, vendor oversight,
loan origination system, flood
certifications, etc.
Servicing technology, title and
escrow, insurance services,
valuation, property inspection and
preservation, default management
services, etc.
Borrowers
Borrowers
Connecting
with
offering
solutions
and tools to
order and pay
for services
<-------- Order and vendor management technology, payment ----->
and presentment technology, document management, etc.
8 © 2016 Altisource. All rights reserved.
Key Investment Highlights
9 © 2016 Altisource. All rights reserved.
Key Investment Highlights
• Strong revenue, EBITDA and earnings
• Attractive operating and free cash flow and debt metrics
• Strategic initiatives position the Company for longer term revenue growth
and customer diversification
• Investment in and commitment to quality and control environment positions
Altisource as a strong competitor
1
2
3
4
10 © 2016 Altisource. All rights reserved.
Strong Revenue, EBITDA and Earnings 1
186.7 247.0 334.8 466.9 662.1 938.7 940.9 966.4
20%
22%
26%
27%
24%
18%
8% 4%
21%
25%
27%
28% 29%
22%
20%
17%
0%
5%
10%
15%
20%
25%
30%
35%
$10 0
$20 0
$30 0
$40 0
$50 0
$60 0
$70 0
$80 0
$90 0
$1, 000
$1, 100
2009 2010 2011 2012 2013 2014 2015 LTM
9/30/16
Service Revenue ($ millions)
Operating Income Margin%
Adjusted Operating Income1 Margin%
2
2 LTM 9/30/16: Twelve month period ending September 30, 2016
1 This is a non-GAAP measure defined and reconciled in the Appendix
47.3
63.8
92.8
138.2
205.1
234.2
219.7
199.9
25% 26%
28%
30%
31%
25%
23%
21%
-2%
3%
8%
13%
18%
23%
28%
33%
38%
$0
$50
$10 0
$15 0
$20 0
$25 0
2009 2010 2011 2012 2013 2014 2015 LTM
9/30/16
EBITDA1 ($ millions)
% of Service Revenue
2
11 © 2016 Altisource. All rights reserved.
1
26.0 49.3 71.1 110.6 130.0 134.5 41.6 4.0
27.8
57.0
75.9
115.3
156.5
169.1
143.5
116.3
$0
$20
$40
$60
$80
$10 0
$12 0
$14 0
$16 0
$18 0
2009 2010 2011 2012 2013 2014 2015 LTM
9/30/16
Net Income Attributable to Altisource ($ millions)
GAAP Net Income
Adjusted Net Income1
2,3
3
1 This is a non-GAAP measure defined and reconciled in the Appendix. Adjusted Net Income excludes intangible amortization expense (net of tax),
impairment losses (net of tax) and non-cash gains associated with reduction of the Equator earn out liability (net of tax)
2 LTM 9/30/16: Twelve month period ending September 30, 2016
3 In the fourth quarter of 2015, we recognized a $70.6 million after-tax non-cash impairment loss in our Technology Services segment
Strong Revenue, EBITDA and Earnings
12 © 2016 Altisource. All rights reserved.
Attractive Operating and Free Cash Flow and
Debt Metrics
25.7 41.2 95.2 81.0 151.3 132.6 159.2 167.2
14%
17%
28%
17%
23%
14%
17% 17%
12%
22%
32%
$0
$20
$40
$60
$80
$10 0
$12 0
$14 0
$16 0
$18 0
$20 0
2009 2010 2011 2012 2013 2014 2015 LTM
9/30/16
Free Cash Flow1 ($ millions)
% of Service Revenue
1 This is a non-GAAP measure defined and reconciled in the Appendix
2
2
2 LTM 9/30/16: Twelve month period ending September 30, 2016
33.3 52.8 111.6 116.5 185.5 197.5 195.4 192.2
18%
21%
33%
25%
28%
21% 21%
20%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$50
$10 0
$15 0
$20 0
$25 0
2009 2010 2011 2012 2013 2014 2015 LTM
9/30/16
Operating Cash Flow ($ millions)
% of Service Revenue
2
13 © 2016 Altisource. All rights reserved.
Attractive Operating and Free Cash Flow and
Debt Metrics
2
4.5x
2.4x
1.7x 1.5x
$0
$1
$1
$2
$2
$3
$3
$4
$4
$5
$5
Interest Coverage Debt / EBITDA Net Debt / EBITDA Adjusted Net Debt /
EBITDA
Twelve Months Ended September 30, 2016
1. Interest coverage is defined as EBIT as a ratio of interest expense. EBIT is defined as net income attributable to Altisource plus income taxes, net interest expense and
impairment losses. Please see Appendix for reconciliation
2. Debt represents outstanding balance at the end of the period
3. Net debt is defined as debt minus cash and cash equivalents at the end of the period. Please see Appendix for reconciliation
4. Adjusted net debt is defined as debt minus cash and cash equivalents minus marketable securities at the end of the period. Please see Appendix for reconciliation
1 2 3 4
14 © 2016 Altisource. All rights reserved.
Strategic Initiatives Position the Company for Longer
Term Revenue Growth and Customer Diversification
Mortgage Market
– Grow our Servicer Solutions business
– Grow our Origination Solutions
business
Real Estate Market
– Grow our Consumer Real Estate
Solutions business
– Grow our Real Estate Investor
Solutions business
3
15 © 2016 Altisource. All rights reserved.
Demonstrated Progress on Revenue Diversification
1 This is a non-GAAP measure defined and reconciled in the Appendix
Note: Numbers may not sum due to rounding
32 33
89
63
109
56 55
54
42
41
7
47
51
40
33
$96
$135
$193
$145
$183
2013 2014 2015 YTD 9/30/15 YTD 9/30/16
Adjusted Service Revenue Unrelated to Ocwen1
($ millions)
Mortgage Services Financial Services Technology Services, net of inter-company
41% growth
43% growth
2
3
27% growth
16 © 2016 Altisource. All rights reserved.
Our scale, technology and full suite of services position us for growth
with large banks and servicers
• Large addressable market: estimated to
be $6 billion1 in 2016
• Altisource is one of a few service
providers with a full suite of services and
a national footprint
• We stand to gain market share as
customers consolidate to larger full-
service vendors
• We have a strong customer base and a
robust sales pipeline
• Existing customers include 6 of the top 10
servicers and 1 of the GSEs
1 Internal estimate
Servicer Solutions 3
17 © 2016 Altisource. All rights reserved.
Our suite of services, channel partners and sales and marketing efforts
position us for longer term growth
• Large addressable services market:
estimated to be $27 billion1 in 2016
• Lenders are focused on growing revenue
and maintaining margins while the costs
of regulatory compliance and quality
increases
• Through our management of the Lenders
One® cooperative and the Mortgage
Builder® loan origination system, we
have a strong customer base and a
robust sales pipeline
1 Internal estimate
Origination Solutions 3
18 © 2016 Altisource. All rights reserved.
Owners.com® offers self-directed home buyers and sellers the
tools and personal service to transact and save
• Massive brokerage and
related services market:
estimated to be $68 billion1
in 2016
• Consumers are
demonstrating a greater
desire to engage in self-
directed transactions
• We are establishing the
platform and personal
service to help self-directed
buyers and sellers achieve
greater value on every
transaction
1 Source: Internal estimate
2 Certain features and functionality described herein are under development
2
Complete inventory of
homes for sale (MLS,
FSBO, REO)
Web and human interface
to assist with research,
marketing, negotiating and
closing
Streamlined
ordering of real
estate services
directly from the
platform
Brokerage
operation to provide
the access to
transact – offering a
balance of service
and savings
Unmatched
Variety and
Choice
Robust
Information
and Service
Integrated End
to End
Services
Transact and
Save
Consumer Real Estate Solutions 3
19 © 2016 Altisource. All rights reserved.
Our suite of services, channel partner and online transaction
platform position us for longer term growth
Home
sale
Home
purchase
Renovation
Leasing
Maintenance
• Very large market with
approximately 15 million single
family rental homes in the U.S.1
• Institutional investors only account
for a small percentage of single
family rental real estate investors
• Most investors lack the buying
power to lower their capital and
operating costs
• We have the services, technology
and buying power to help investors
across the rental property
investment lifecycle
1 Source: U.S. Census Bureau
Real Estate Investor Solutions 3
20 © 2016 Altisource. All rights reserved.
Investment in and Commitment to Quality and Control
Environment Positions Altisource as a Strong Competitor
Strive to do the right thing
for all stakeholders
Foster a culture of
compliance across all
teams, all services
Deliver a focus on
continuous improvement
and pursue excellence in
everything we do
Strive to lead the industry
through innovative
technology and solutions
4
At our core, we have a relentless focus on our customers, controls, continuous
innovation and performance
21 © 2016 Altisource. All rights reserved.
• Non-GAAP Measures………………………………….……. 22
• Investor Relations Information……………………..………. 25
Appendix
22 © 2016 Altisource. All rights reserved.
Non-GAAP Measures
• EBITDA, EBIT, Free Cash Flow, Adjusted Operating Income, Adjusted Net Income Attributable to Altisource, Adjusted Service Revenue Unrelated
to Ocwen, Net Debt and Adjusted Net Debt are non-GAAP measures used by our Chief Operating Decision Maker, existing shareholders and
potential shareholders to measure Altisource’s performance
• EBITDA is calculated by adding the income tax provision, interest expense (net of interest income), non-cash impairment losses and depreciation
and amortization to, and deducting non-cash gains associated with reductions of the Equator earn out liability from, GAAP net income (loss)
attributable to Altisource
• EBIT is calculated by adding income tax provision, interest expense (net of interest income) and non-cash impairment losses to, and deducting
non-cash gains associated with reductions of the Equator earn out liability from, GAAP net income (loss) attributable to Altisource
• Free Cash Flow is calculated by deducting capital expenditures from operating cash flow
• Adjusted Operating Income is calculated by adding intangible asset amortization expense and non-cash impairment losses to, and deducting non-
cash gains associated with reductions of the Equator earn out liability from, GAAP income (loss) from operations
• Adjusted Net Income Attributable to Altisource is calculated by adding intangible asset amortization expense (net of tax) and non-cash impairment
losses (net of tax) to, and deducting non-cash gains associated with reductions of the Equator earn out liability (net of tax) from, GAAP net income
(loss) attributable to Altisource
• Adjusted Service Revenue Unrelated to Ocwen is calculated by reducing the amortization of deferred revenue recorded in connection with the
2013 Equator acquisition from the applicable GAAP service revenue amount
• Net Debt is calculated as long-term debt, including current portion, minus cash and cash equivalents
• Adjusted Net Debt is calculated as long-term debt, including current portion, minus cash and cash equivalents and marketable securities
• The reconciliations of non-GAAP measures to GAAP measures are shown on slides 23 and 24
23 © 2016 Altisource. All rights reserved.
Reconciliation
($ in millions)
2009 2010 2011 2012 2013 2014 2015 Q4'15 Q1'16 Q2'16 Q3'16 Total
GAAP Operating Income (Loss) 36.5 55.0 85.7 127.4 162.1 170.5 79.1 (39.9) 27.7 27.2 24.9 39.8
Add: Intangible amortization expense 2.7 4.9 5.3 5.0 28.2 37.7 41.1 13.1 - 12.2 - 12.8 - 11.5 49.6
Add: Impairment loss - 2.8 - - - 37.5 71.8 71.8 - - - 71.8
Gain on Equator earn out liability - - - - - (37.9) (7.6) - - - - -
Adjusted Operating Income 39.2 62.7 91.0 132.5 190.2 207.7 184.4 45.0 39.9 40.0 36.3 161.1
GAAP Net Income (Loss)
1
26.0 49.3 71.1 110.6 130.0 134.5 41.6 (45.1) 18.5 20.0 10.6 4.0
Add: Intangible amortization expense, net of tax 1.8 4.9 4.8 4.7 26.5 35.1 38.2 12.5 10.9 11.0 7.0 41.6
Add: Impairment loss, net of tax - 2.8 - - - 34.9 70.6 70.6 - - - 70.6
Gain on Equator earn out liability, net of tax - - - - - (35.3) (6.9) - - - - -
Adjusted Net Income
1
27.8 57.0 75.9 115.3 156.5 169.1 143.5 38.0 29.4 31.0 17.6 116.3
GAAP Net Income (loss)
1
26.0 49.3 71.1 110.6 130.0 134.5 41.6 (45.1) 18.5 20.0 10.6 4.0
Income tax provision 11.6 (0.4) 7.9 8.7 8.5 10.2 8.3 0.2 2.2 3.3 7.3 13.0
Interest expense, net of interest income 1.6 0.1 0.1 1.0 19.4 23.3 28.1 6.8 6.5 6.0 5.9 25.2
Impairment losses - 2.8 - - - 37.5 71.8 71.8 - - - 71.8
Gain on Equator earn-out - - - - - (37.9) (7.6) - - - - -
EBIT 39.2 51.8 79.1 120.4 157.9 167.5 142.1 33.6 27.2 29.3 23.9 114.0
Depreciation and amortization 8.1 12.0 13.6 17.8 47.2 66.7 77.6 22.0 21.4 21.9 20.6 85.9
EBITDA 47.3 63.8 92.8 138.2 205.1 234.2 219.7 55.6 48.6 51.2 44.5 199.9
Operating Cash Flow 33.3 52.8 111.6 116.5 185.5 197.5 195.4 86.2 29.0 40.4 36.6 192.2
Capital expenditures 7.5 11.6 16.4 35.6 34.1 64.8 36.2 8.5 6.0 6.5 4.1 25.0
Free Cash Flow 25.7 41.2 95.2 81.0 151.3 132.6 159.2 77.7 23.1 33.9 32.5 167.2
LTM 9/30/16
Non-GAAP Measures
Note: Numbers may not sum due to rounding
1 Attributable to Altisource
24 © 2016 Altisource. All rights reserved.
Reconciliation
($ in millions)
2009 2010 2011 2012 2013 2014 2015 Q4'15 Q1'16 Q2'16 Q3'16 Total
Calculation of the impact of intangible asset amortization
expense, net of tax
Intangible amortization expense 2.7 4.9 5.3 5.0 28.2 37.7 41.1 13.1 12.2 12.8 11.5 49.6
Tax benefit from intangible asset amortization (0.8) - (0.5) (0.4) (1.7) (2.6) (2.9) (0.6) (1.3) (1.8) (4.5) (7.9)
Intangible asset amortization expense, net of tax 1.8 4.9 4.8 4.7 26.5 35.1 38.2 12.5 10.9 11.0 7.0 41.6
Calculation of the impact of impairment loss, net of tax
Impairment loss - 2.8 - - - 37.5 71.8 71.8 - - - - - - 71.8
Tax benefit from impairment loss - - - - - (2.6) (1.2) (1.2) - - - - - - (1.2)
Impairment loss, net of tax - 2.8 - - - 34.9 70.6 70.6 - - - - - - 70.6
Calculation of the gain on the Equator earn out liability,
net of tax
Gain on Equator earn out liability - - - - - (37.9) (7.6) - - - - - - - -
Tax benefit from gain on Equator earn out liability - - - - - 2.6 0.7 - - - - - - - -
Gain on Equator earn out liability, net of tax - - - - - (35.3) (6.9) - - - - - - - -
LTM 9/30/16
Non-GAAP Measures
Note: Numbers may not sum due to rounding
Reconciliation
($ in millions)
September 30,
2016
Senior secured term loan 481.1
Less: Cash and cash equivalents (134.9)
Net debt 346.2
Less: Marketable securities (45.2)
Adjusted net debt 301.0
Reconciliation
($ in millions)
2013 2014 2015
YTD
9/30/15
YTD
9/30/16
Service Revenue Unrelated to Ocwen 100 167 193 145 183
Less: Amortization of Equator acquisition deferred revenue (5) (32) - - -
Adjusted Service Revenue Unrelated to Ocwen 96 135 193 145 183
25 © 2016 Altisource. All rights reserved.
Investor Relations Information
About Altisource
We are a premier marketplace and transaction solutions provider for
the real estate, mortgage and consumer debt industries.
Altisource’s proprietary business processes, vendor and electronic
payment management software and behavioral science-based
analytics improve outcomes for marketplace participants.
Contact Information
All Investor Relations inquiries should be sent to:
Investor.relations@altisource.com
Exchange NASDAQ Global Select Market
Ticker ASPS
Headquarters Luxembourg
Employees Approximately 8,500
© 2016 Altisource. All rights reserved.