(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) | Fourth Quarter 2020 | Fourth Quarter 2019 | % Change | Full Year 2020 | Full Year 2019 | % Change | |||||||||||||||||||||||||||||
Service revenue | $ | 57,743 | $ | 132,566 | (56) | $ | 347,313 | $ | 621,866 | (44) | |||||||||||||||||||||||||
(Loss) income from operations | (15,630) | (6,462) | (142) | (44,355) | 18,053 | (346) | |||||||||||||||||||||||||||||
Adjusted operating (loss) income(4) | (10,096) | 11,302 | (189) | (2,707) | 53,397 | (105) | |||||||||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (3,695) | (8,459) | 56 | (57,706) | 12,439 | N/M | |||||||||||||||||||||||||||||
Pretax (loss) income attributable to Altisource(4) | (3,894) | (8,480) | 54 | (58,547) | 10,327 | N/M | |||||||||||||||||||||||||||||
Adjusted pretax (loss) income attributable to Altisource(4) | (15,032) | 6,584 | (328) | (22,036) | 31,240 | (171) | |||||||||||||||||||||||||||||
Adjusted EBITDA(4) | (7,278) | 15,628 | (147) | 10,243 | 70,800 | (86) | |||||||||||||||||||||||||||||
Net loss attributable to Altisource | (7,208) | (306,106) | (98) | (67,156) | (307,969) | (78) | |||||||||||||||||||||||||||||
Adjusted net (loss) income attributable to Altisource(4) | (17,197) | 4,071 | N/M | (29,121) | 21,802 | (234) | |||||||||||||||||||||||||||||
Diluted loss per share | (0.46) | (19.66) | (98) | (4.31) | (19.26) | (78) | |||||||||||||||||||||||||||||
Adjusted diluted (loss) earnings per share(4) | (1.10) | 0.26 | N/M | (1.87) | 1.34 | (240) | |||||||||||||||||||||||||||||
Cash flows (used in) provided by operating activities | (8,324) | 24,494 | (134) | (22,401) | 46,688 | (148) | |||||||||||||||||||||||||||||
Adjusted cash flows from operating activities(4) | (8,324) | 24,494 | (134) | (22,401) | 13,673 | (264) | |||||||||||||||||||||||||||||
Adjusted cash flows from operating activities less additions to premises and equipment(4) | (8,527) | 23,537 | (136) | (25,106) | 11,512 | (318) |
Three months ended December 31, | Year ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Service revenue | $ | 57,743 | $ | 132,566 | $ | 347,313 | $ | 621,866 | ||||||||||||||||||
Reimbursable expenses | 1,790 | 7,688 | 16,285 | 24,172 | ||||||||||||||||||||||
Non-controlling interests | 433 | 434 | 1,949 | 2,613 | ||||||||||||||||||||||
Total revenue | 59,966 | 140,688 | 365,547 | 648,651 | ||||||||||||||||||||||
Cost of revenue | 53,625 | 97,917 | 288,909 | 469,084 | ||||||||||||||||||||||
Reimbursable expenses | 1,790 | 7,688 | 16,285 | 24,172 | ||||||||||||||||||||||
Gross profit | 4,551 | 35,083 | 60,353 | 155,395 | ||||||||||||||||||||||
Operating expenses (income): | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 19,130 | 36,801 | 92,736 | 141,076 | ||||||||||||||||||||||
Gain on sale of business | — | (256) | — | (17,814) | ||||||||||||||||||||||
Restructuring charges | 1,051 | 5,000 | 11,972 | 14,080 | ||||||||||||||||||||||
(Loss) income from operations | (15,630) | (6,462) | (44,355) | 18,053 | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest expense | (4,465) | (4,737) | (17,730) | (21,393) | ||||||||||||||||||||||
Unrealized gain on investment in equity securities | 16,437 | 2,700 | 4,004 | 14,431 | ||||||||||||||||||||||
Other (expense) income, net | (37) | 40 | 375 | 1,348 | ||||||||||||||||||||||
Total other income (expense), net | 11,935 | (1,997) | (13,351) | (5,614) | ||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (3,695) | (8,459) | (57,706) | 12,439 | ||||||||||||||||||||||
Income tax provision | (3,314) | (297,626) | (8,609) | (318,296) | ||||||||||||||||||||||
Net loss | (7,009) | (306,085) | (66,315) | (305,857) | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (199) | (21) | (841) | (2,112) | ||||||||||||||||||||||
Net loss attributable to Altisource | $ | (7,208) | $ | (306,106) | $ | (67,156) | $ | (307,969) | ||||||||||||||||||
Loss per share: | ||||||||||||||||||||||||||
Basic | $ | (0.46) | $ | (19.66) | $ | (4.31) | $ | (19.26) | ||||||||||||||||||
Diluted | $ | (0.46) | $ | (19.66) | $ | (4.31) | $ | (19.26) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 15,657 | 15,568 | 15,598 | 15,991 | ||||||||||||||||||||||
Diluted | 15,657 | 15,568 | 15,598 | 15,991 | ||||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||
Comprehensive loss, net of tax | (7,009) | (306,085) | (66,315) | (305,857) | ||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (199) | (21) | (841) | (2,112) | ||||||||||||||||||||||
Comprehensive loss attributable to Altisource | $ | (7,208) | $ | (306,106) | $ | (67,156) | $ | (307,969) |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 58,263 | $ | 82,741 | |||||||
Accounts receivable, net | 22,413 | 43,615 | |||||||||
Prepaid expenses and other current assets | 19,479 | 15,214 | |||||||||
Investment in equity securities | — | 42,618 | |||||||||
Total current assets | 100,155 | 184,188 | |||||||||
Premises and equipment, net | 11,894 | 24,526 | |||||||||
Right-of-use assets under operating leases | 18,213 | 29,074 | |||||||||
Goodwill | 73,849 | 73,849 | |||||||||
Intangible assets, net | 46,326 | 61,046 | |||||||||
Deferred tax assets, net | 5,398 | 10,763 | |||||||||
Other assets | 9,850 | 10,810 | |||||||||
Total assets | $ | 265,685 | $ | 394,256 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 56,779 | $ | 67,671 | |||||||
Deferred revenue | 5,461 | 5,183 | |||||||||
Other current liabilities | 9,305 | 14,724 | |||||||||
Total current liabilities | 71,545 | 87,578 | |||||||||
Long-term debt | 242,656 | 287,882 | |||||||||
Deferred tax liabilities, net | 8,801 | 9,137 | |||||||||
Other non-current liabilities | 25,239 | 31,016 | |||||||||
Commitments, contingencies and regulatory matters | |||||||||||
Equity (deficit): | |||||||||||
Common stock ($1.00 par value; 100.000 shares authorized, 25,413 issued and 15,664 outstanding as of December 31, 2020; 15,454 outstanding as of December 31, 2019) | 25,413 | 25,413 | |||||||||
Additional paid-in capital | 141,473 | 133,669 | |||||||||
Retained earnings | 190,383 | 272,026 | |||||||||
Treasury stock, at cost (9,749 shares as of December 31, 2020 and 9,959 shares as of December 31, 2019) | (441,034) | (453,934) | |||||||||
Altisource deficit | (83,765) | (22,826) | |||||||||
Non-controlling interests | 1,209 | 1,469 | |||||||||
Total deficit | (82,556) | (21,357) | |||||||||
Total liabilities and deficit | $ | 265,685 | $ | 394,256 | |||||||
For the years ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (66,315) | $ | (305,857) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 14,890 | 18,509 | |||||||||
Amortization of right-of-use assets under operating leases | 10,245 | 11,769 | |||||||||
Amortization of intangible assets | 14,720 | 19,021 | |||||||||
Unrealized gain on investment in equity securities | (4,004) | (14,431) | |||||||||
Goodwill and intangible assets write-off from business exits | — | 5,900 | |||||||||
Share-based compensation expense | 7,804 | 11,874 | |||||||||
Bad debt expense | 2,229 | 720 | |||||||||
Amortization of debt discount | 666 | 666 | |||||||||
Amortization of debt issuance costs | 730 | 736 | |||||||||
Deferred income taxes | 5,033 | 307,339 | |||||||||
Loss on disposal of fixed assets | 461 | 750 | |||||||||
Gain on sale of business | — | (17,814) | |||||||||
Changes in operating assets and liabilities (excludes effect of sale of business): | |||||||||||
Accounts receivable | 14,973 | (12,207) | |||||||||
Short-term investments in real estate | — | 39,873 | |||||||||
Prepaid expenses and other current assets | (4,140) | 13,628 | |||||||||
Other assets | 947 | (132) | |||||||||
Accounts payable and accrued expenses | (10,338) | (16,257) | |||||||||
Current and non-current operating lease liabilities | (10,599) | (12,738) | |||||||||
Other current and non-current liabilities | 297 | (4,661) | |||||||||
Net cash (used in) provided by operating activities | (22,401) | 46,688 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to premises and equipment | (2,705) | (2,161) | |||||||||
Proceeds from the sale of businesses | 3,307 | 38,632 | |||||||||
Proceeds received from sale of equity securities | 46,622 | 7,994 | |||||||||
Other investing activities | — | 422 | |||||||||
Net cash provided by investing activities | 47,224 | 44,887 | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments and repurchases of long-term debt | (46,622) | (44,996) | |||||||||
Proceeds from stock option exercises | — | 400 | |||||||||
Purchase of treasury shares | — | (19,995) | |||||||||
Distributions to non-controlling interests | (1,101) | (2,752) | |||||||||
Payments of tax withholding on issuance of restricted share units and restricted shares | (1,587) | (1,695) | |||||||||
Net cash used in financing activities | (49,310) | (69,038) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (24,487) | 22,537 | |||||||||
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 | $ | 62,096 | $ | 86,583 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 15,697 | $ | 20,856 | |||||||
Income taxes paid, net | 2,061 | 2,688 | |||||||||
Acquisition of right-of-use assets with operating lease liabilities | 1,075 | 13,775 | |||||||||
Reduction of right-of-use assets from operating lease modifications or reassessments | (1,691) | (5,844) | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net increase (decrease) in payables for purchases of premises and equipment | $ | 139 | $ | (101) |
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Loss) income from operations | $ | (15,630) | $ | (6,462) | $ | (44,355) | $ | 18,053 | |||||||||||||||
Intangible asset amortization expense | 3,376 | 3,532 | 14,720 | 19,021 | |||||||||||||||||||
Share-based compensation expense | 1,248 | 3,590 | 7,804 | 11,874 | |||||||||||||||||||
Restructuring charges | 1,051 | 5,000 | 11,972 | 14,080 | |||||||||||||||||||
Pointillist losses | 1,918 | — | 9,132 | — | |||||||||||||||||||
Third quarter 2020 cost savings initiatives | — | — | 697 | — | |||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | |||||||||||||||||||
Gain on sale of business | — | (256) | — | (17,814) | |||||||||||||||||||
Sales tax net accrual (reimbursement) | (2,059) | — | (2,677) | 311 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits | — | 5,898 | — | 6,102 | |||||||||||||||||||
Adjusted operating (loss) income | $ | (10,096) | $ | 11,302 | $ | (2,707) | $ | 53,397 | |||||||||||||||
(Loss) income before income taxes and non-controlling interests | $ | (3,695) | $ | (8,459) | $ | (57,706) | $ | 12,439 | |||||||||||||||
Non-controlling interest | (199) | (21) | (841) | (2,112) | |||||||||||||||||||
Pretax (loss) income attributable to Altisource | (3,894) | (8,480) | (58,547) | 10,327 | |||||||||||||||||||
Intangible asset amortization expense | 3,376 | 3,532 | 14,720 | 19,021 | |||||||||||||||||||
Share-based compensation expense | 1,248 | 3,590 | 7,804 | 11,874 | |||||||||||||||||||
Restructuring charges | 1,051 | 5,000 | 11,972 | 14,080 | |||||||||||||||||||
Pointillist losses | 1,683 | — | 7,999 | — | |||||||||||||||||||
Unrealized gain on investment in equity securities | (16,437) | (2,700) | (4,004) | (14,431) | |||||||||||||||||||
Third quarter 2020 cost savings initiatives | — | — | 697 | — | |||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | |||||||||||||||||||
Gain on sale of business | — | (256) | — | (17,814) | |||||||||||||||||||
Sales tax net accrual (reimbursement) | (2,059) | — | (2,677) | 311 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits | — | 5,898 | — | 6,102 | |||||||||||||||||||
Adjusted pretax (loss) income attributable to Altisource | $ | (15,032) | $ | 6,584 | $ | (22,036) | $ | 31,240 | |||||||||||||||
Net loss attributable to Altisource | $ | (7,208) | $ | (306,106) | $ | (67,156) | $ | (307,969) | |||||||||||||||
Intangible asset amortization expense, net of tax | 3,372 | 2,651 | 14,650 | 14,277 | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,047 | 2,695 | 6,939 | 8,913 | |||||||||||||||||||
Restructuring charges, net of tax | 820 | 3,794 | 10,586 | 10,666 | |||||||||||||||||||
Pointillist losses, net of tax | 2,598 | — | 8,914 | — | |||||||||||||||||||
Unrealized gain on investment in equity securities, net of tax | (16,437) | (2,027) | (4,004) | (10,832) | |||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax | — | — | 565 | — | |||||||||||||||||||
Loss on BRS portfolio sale, net of tax | — | — | — | 1,405 | |||||||||||||||||||
Gain on sale of business, net of tax | — | (213) | — | (10,642) | |||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax | (2,059) | — | (2,677) | 233 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits, net of tax | — | 4,427 | — | 4,578 | |||||||||||||||||||
Certain income tax related items, net | 670 | 298,850 | 3,062 | 311,173 | |||||||||||||||||||
Adjusted net (loss) income attributable to Altisource | $ | (17,197) | $ | 4,071 | $ | (29,121) | $ | 21,802 | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Diluted loss per share | $ | (0.46) | $ | (19.66) | $ | (4.31) | $ | (19.26) | |||||||||||||||
Impact of using diluted share count instead of basic share count for a loss per share | — | 0.35 | — | 0.34 | |||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | 0.22 | 0.17 | 0.94 | 0.88 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | 0.07 | 0.17 | 0.44 | 0.55 | |||||||||||||||||||
Restructuring charges, net of tax, per diluted share | 0.05 | 0.24 | 0.68 | 0.66 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | 0.17 | — | 0.57 | — | |||||||||||||||||||
Unrealized gain on investment in equity securities, net of tax, per diluted share | (1.05) | (0.13) | (0.26) | (0.67) | |||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax, per diluted share | — | — | 0.04 | — | |||||||||||||||||||
Loss on BRS portfolio sale, net of tax, per diluted share | — | — | — | 0.09 | |||||||||||||||||||
Gain on sale of business, net of tax, per diluted share | — | (0.01) | — | (0.65) | |||||||||||||||||||
Sales tax net accrual (reimbursement) net of tax, per diluted share | (0.13) | — | (0.17) | 0.01 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits, net of tax, per diluted share | — | 0.28 | — | 0.28 | |||||||||||||||||||
Certain income tax related items, net, per diluted share | 0.04 | 18.85 | 0.20 | 19.12 | |||||||||||||||||||
Adjusted diluted (loss) earnings per share | $ | (1.10) | $ | 0.26 | $ | (1.87) | $ | 1.34 | |||||||||||||||
Net loss attributable to Altisource | $ | (7,208) | $ | (306,106) | $ | (67,156) | $ | (307,969) | |||||||||||||||
Income tax provision | 3,314 | 297,626 | 8,609 | 318,296 | |||||||||||||||||||
Interest expense (net of interest income) | 4,456 | 4,731 | 17,616 | 21,051 | |||||||||||||||||||
Depreciation and amortization | 3,369 | 4,313 | 14,890 | 18,509 | |||||||||||||||||||
Intangible asset amortization expense | 3,376 | 3,532 | 14,720 | 19,021 | |||||||||||||||||||
Share-based compensation expense | 1,248 | 3,590 | 7,804 | 11,874 | |||||||||||||||||||
Restructuring charges | 1,051 | 5,000 | 11,972 | 14,080 | |||||||||||||||||||
Pointillist losses | 1,612 | — | 7,772 | — | |||||||||||||||||||
Unrealized gain on investment in equity securities | (16,437) | (2,700) | (4,004) | (14,431) | |||||||||||||||||||
Third quarter 2020 cost savings initiatives | — | — | 697 | — | |||||||||||||||||||
Loss on BRS portfolio sale | — | — | — | 1,770 | |||||||||||||||||||
Gain on sale of business | — | (256) | — | (17,814) | |||||||||||||||||||
Sales tax net accrual (reimbursement) | (2,059) | — | (2,677) | 311 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits | — | 5,898 | — | 6,102 | |||||||||||||||||||
Adjusted EBITDA | $ | (7,278) | $ | 15,628 | $ | 10,243 | $ | 70,800 | |||||||||||||||
Calculation of the impact of intangible asset amortization expense, net of tax | |||||||||||||||||||||||
Intangible asset amortization expense | $ | 3,376 | $ | 3,532 | $ | 14,720 | $ | 19,021 | |||||||||||||||
Tax benefit from intangible asset amortization | (4) | (881) | (70) | (4,744) | |||||||||||||||||||
Intangible asset amortization expense, net of tax | 3,372 | 2,651 | 14,650 | 14,277 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | $ | 0.22 | $ | 0.17 | $ | 0.94 | $ | 0.88 | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Calculation of the impact of share-based compensation expense, net of tax | |||||||||||||||||||||||
Share-based compensation expense | $ | 1,248 | $ | 3,590 | $ | 7,804 | $ | 11,874 | |||||||||||||||
Tax benefit from share-based compensation expense | (201) | (895) | (865) | (2,961) | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,047 | 2,695 | 6,939 | 8,913 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | $ | 0.07 | $ | 0.17 | $ | 0.44 | $ | 0.55 | |||||||||||||||
Calculation of the impact of restructuring charges, net of tax | |||||||||||||||||||||||
Restructuring charges | $ | 1,051 | $ | 5,000 | $ | 11,972 | $ | 14,080 | |||||||||||||||
Tax benefit from restructuring charges | (231) | (1,206) | (1,386) | (3,414) | |||||||||||||||||||
Restructuring charges, net of tax | 820 | 3,794 | 10,586 | 10,666 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Restructuring charges, net of tax, per diluted share | $ | 0.05 | $ | 0.24 | $ | 0.68 | $ | 0.66 | |||||||||||||||
Calculation of the impact of Pointillist losses, net of tax | |||||||||||||||||||||||
Pointillist losses | $ | 1,683 | $ | — | $ | 7,999 | $ | — | |||||||||||||||
Tax provision from Pointillist losses | 915 | — | 915 | — | |||||||||||||||||||
Pointillist losses, net of tax | 2,598 | — | 8,914 | — | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | $ | 0.17 | $ | — | $ | 0.57 | $ | — | |||||||||||||||
Calculation of the impact of the unrealized gain on investment in equity securities, net of tax | |||||||||||||||||||||||
Unrealized gain on investment in equity securities | $ | (16,437) | $ | (2,700) | $ | (4,004) | $ | (14,431) | |||||||||||||||
Tax provision from the unrealized gain on investment in equity securities | — | 673 | — | 3,599 | |||||||||||||||||||
Unrealized gain on investment in equity securities, net of tax | (16,437) | (2,027) | (4,004) | (10,832) | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Unrealized gain on investment in equity securities, net of tax, per diluted share | $ | (1.05) | $ | (0.13) | $ | (0.26) | $ | (0.67) | |||||||||||||||
Calculation of the impact of third quarter 2020 cost savings initiatives, net of tax | |||||||||||||||||||||||
Third quarter 2020 cost savings initiatives | $ | — | $ | — | $ | 697 | $ | — | |||||||||||||||
Tax benefit from third quarter 2020 cost savings initiatives | — | — | (132) | — | |||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax | — | — | 565 | — | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Third quarter 2020 cost savings initiatives, net of tax, per diluted share | $ | — | $ | — | $ | 0.04 | $ | — | |||||||||||||||
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 | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Loss on BRS portfolio sale, net of tax, per diluted share | $ | — | $ | — | $ | — | $ | 0.09 | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Calculation of the impact of gain on sale of business, net of tax | |||||||||||||||||||||||
Gain on sale of business | $ | — | $ | (256) | $ | — | $ | (17,814) | |||||||||||||||
Tax provision from gain on sale of business | — | 43 | — | 7,172 | |||||||||||||||||||
Gain on sale of business, net of tax | — | (213) | — | (10,642) | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Gain on sale of business, net of tax, per diluted share | $ | — | $ | (0.01) | $ | — | $ | (0.65) | |||||||||||||||
Calculation of the impact of sales tax net accrual (reimbursement), net of tax | |||||||||||||||||||||||
Sales tax net accrual (reimbursement) | $ | (2,059) | $ | — | $ | (2,677) | $ | 311 | |||||||||||||||
Tax benefit from sales tax net accrual (reimbursement) | — | — | — | (78) | |||||||||||||||||||
Sales tax net accrual (reimbursement), net of tax | (2,059) | — | (2,677) | 233 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Sales tax net accrual (reimbursement) net of tax, per diluted share | $ | (0.13) | $ | — | $ | (0.17) | $ | 0.01 | |||||||||||||||
Calculation of the impact of goodwill and intangible and other assets write-off from business exits, net of tax | |||||||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits | $ | — | $ | 5,898 | $ | — | $ | 6,102 | |||||||||||||||
Tax benefit from goodwill and intangible and other assets write-off from business exits | — | (1,471) | — | (1,524) | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits, net of tax | — | 4,427 | — | 4,578 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Goodwill and intangible and other assets write-off from business exits, net of tax, per diluted share | $ | — | $ | 0.28 | $ | — | $ | 0.28 | |||||||||||||||
Certain income tax related items resulting from: | |||||||||||||||||||||||
Luxembourg deferred tax valuation allowance and Luxembourg subsidiaries merger, net | $ | — | $ | 291,484 | $ | — | $ | 291,484 | |||||||||||||||
Income tax rate changes | — | 1,717 | 1,384 | 14,040 | |||||||||||||||||||
Foreign income tax reserves | 670 | 5,649 | 1,678 | 5,649 | |||||||||||||||||||
Certain income tax related items, net | 670 | 298,850 | 3,062 | 311,173 | |||||||||||||||||||
Diluted share count | 15,657 | 15,850 | 15,598 | 16,277 | |||||||||||||||||||
Certain income tax related items, net, per diluted share | $ | 0.04 | $ | 18.85 | $ | 0.20 | $ | 19.12 | |||||||||||||||
Cash flows (used in) provided by operating activities | $ | (8,324) | $ | 24,494 | $ | (22,401) | $ | 46,688 | |||||||||||||||
Decrease in short-term investments in real estate | — | — | — | (39,873) | |||||||||||||||||||
Payment of sales tax accrual | — | — | — | 6,858 | |||||||||||||||||||
Adjusted cash flows from operating activities | (8,324) | 24,494 | (22,401) | 13,673 | |||||||||||||||||||
Less: additions to premises and equipment | (203) | (957) | (2,705) | (2,161) | |||||||||||||||||||
Adjusted cash flows from operating activities less additions to premises and equipment | $ | (8,527) | $ | 23,537 | $ | (25,106) | $ | 11,512 | |||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Senior secured term loan | $ | 247,204 | $ | 293,826 | |||||||
Less: Cash and cash equivalents | (58,263) | (82,741) | |||||||||
Less: Investment in equity securities | — | (42,618) | |||||||||
Net debt less investment in equity securities | $ | 188,941 | $ | 168,467 |
3X:B%2B,/"IFC@[FB
Cover Page Document |
Mar. 11, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 11, 2021 |
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 | 2761 4900 |
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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