(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) | Second Quarter 2022 | Second Quarter 2021 | % Change | Year-to-Date June 30, 2022 | Year-to-Date June 30, 2021 | % Change | |||||||||||||||||||||||||||||
Service revenue | $ | 37,638 | $ | 43,966 | (14) | $ | 75,401 | $ | 92,046 | (18) | |||||||||||||||||||||||||
Loss from operations | (10,459) | (14,552) | 28 | (18,786) | (33,131) | 43 | |||||||||||||||||||||||||||||
Adjusted operating loss(2) | (7,457) | (7,622) | 2 | (13,092) | (17,843) | 27 | |||||||||||||||||||||||||||||
Loss before income taxes and non-controlling interests | (13,800) | (18,070) | 24 | (24,943) | (39,142) | 36 | |||||||||||||||||||||||||||||
Pretax loss attributable to Altisource(2) | (13,974) | (17,891) | 22 | (25,278) | (39,050) | 35 | |||||||||||||||||||||||||||||
Adjusted pretax loss attributable to Altisource(2) | (10,972) | (11,279) | 3 | (19,584) | (24,365) | 20 | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | (6,611) | (6,731) | 2 | (10,754) | (15,248) | 29 | |||||||||||||||||||||||||||||
Net loss attributable to Altisource | (15,495) | (18,475) | 16 | (27,685) | (40,477) | 32 | |||||||||||||||||||||||||||||
Adjusted net loss attributable to Altisource(2) | (11,225) | (10,910) | (3) | (20,520) | (25,253) | 19 | |||||||||||||||||||||||||||||
Diluted loss per share | (0.96) | (1.17) | 18 | (1.73) | (2.57) | 33 | |||||||||||||||||||||||||||||
Adjusted diluted loss per share(2) | (0.70) | (0.69) | (1) | (1.28) | (1.60) | 20 | |||||||||||||||||||||||||||||
Cash flows used in operating activities | (8,874) | (5,965) | (49) | (25,784) | (22,775) | (13) | |||||||||||||||||||||||||||||
Cash flows used in operating activities less additions to premises and equipment(2) | (9,434) | (6,191) | (52) | (26,418) | (23,468) | (13) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service revenue | $ | 37,638 | $ | 43,966 | $ | 75,401 | $ | 92,046 | ||||||||||||||||||
Reimbursable expenses | 2,609 | 1,936 | 4,201 | 3,949 | ||||||||||||||||||||||
Non-controlling interests | 174 | 139 | 335 | 511 | ||||||||||||||||||||||
Total revenue | 40,421 | 46,041 | 79,937 | 96,506 | ||||||||||||||||||||||
Cost of revenue | 33,746 | 42,101 | 66,023 | 90,246 | ||||||||||||||||||||||
Reimbursable expenses | 2,609 | 1,936 | 4,201 | 3,949 | ||||||||||||||||||||||
Gross profit | 4,066 | 2,004 | 9,713 | 2,311 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 14,525 | 16,556 | 28,499 | 35,442 | ||||||||||||||||||||||
Loss from operations | (10,459) | (14,552) | (18,786) | (33,131) | ||||||||||||||||||||||
Other income (expense), net | ||||||||||||||||||||||||||
Interest expense | (3,534) | (3,475) | (7,090) | (6,917) | ||||||||||||||||||||||
Other income (expense), net | 193 | (43) | 933 | 906 | ||||||||||||||||||||||
Total other income (expense), net | (3,341) | (3,518) | (6,157) | (6,011) | ||||||||||||||||||||||
Loss before income taxes and non-controlling interests | (13,800) | (18,070) | (24,943) | (39,142) | ||||||||||||||||||||||
Income tax provision | (1,521) | (584) | (2,407) | (1,427) | ||||||||||||||||||||||
Net loss | (15,321) | (18,654) | (27,350) | (40,569) | ||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (174) | 179 | (335) | 92 | ||||||||||||||||||||||
Net loss attributable to Altisource | $ | (15,495) | $ | (18,475) | $ | (27,685) | $ | (40,477) | ||||||||||||||||||
Loss per share: | ||||||||||||||||||||||||||
Basic | $ | (0.96) | $ | (1.17) | $ | (1.73) | $ | (2.57) | ||||||||||||||||||
Diluted | $ | (0.96) | $ | (1.17) | $ | (1.73) | $ | (2.57) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 16,083 | 15,830 | 16,020 | 15,774 | ||||||||||||||||||||||
Diluted | 16,083 | 15,830 | 16,020 | 15,774 | ||||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||
Comprehensive loss, net of tax | $ | (15,321) | $ | (18,654) | $ | (27,350) | $ | (40,569) | ||||||||||||||||||
Comprehensive (income) loss attributable to non-controlling interests | (174) | 179 | (335) | 92 | ||||||||||||||||||||||
Comprehensive loss attributable to Altisource | $ | (15,495) | $ | (18,475) | $ | (27,685) | $ | (40,477) |
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 70,693 | $ | 98,132 | |||||||
Accounts receivable, net | 16,580 | 18,008 | |||||||||
Prepaid expenses and other current assets | 23,430 | 21,864 | |||||||||
Total current assets | 110,703 | 138,004 | |||||||||
Premises and equipment, net | 5,767 | 6,873 | |||||||||
Right-of-use assets under operating leases | 6,386 | 7,594 | |||||||||
Goodwill | 55,960 | 55,960 | |||||||||
Intangible assets, net | 34,291 | 36,859 | |||||||||
Deferred tax assets, net | 6,148 | 6,386 | |||||||||
Other assets | 5,584 | 6,132 | |||||||||
Total assets | $ | 224,839 | $ | 257,808 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 41,781 | $ | 46,535 | |||||||
Deferred revenue | 3,368 | 4,342 | |||||||||
Other current liabilities | 2,688 | 3,870 | |||||||||
Total current liabilities | 47,837 | 54,747 | |||||||||
Long-term debt | 244,458 | 243,637 | |||||||||
Deferred tax liabilities, net | 9,194 | 9,028 | |||||||||
Other non-current liabilities | 18,764 | 19,266 | |||||||||
Commitments, contingencies and regulatory matters | |||||||||||
Equity (deficit): | |||||||||||
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,111 outstanding as of June 30, 2022; 15,911 outstanding as of December 31, 2021) | 25,413 | 25,413 | |||||||||
Additional paid-in capital | 146,877 | 144,298 | |||||||||
Retained earnings | 145,879 | 186,592 | |||||||||
Treasury stock, at cost (9,302 shares as of June 30, 2022 and 9,502 shares as of December 31, 2021) | (414,440) | (426,445) | |||||||||
Altisource deficit | (96,271) | (70,142) | |||||||||
Non-controlling interests | 857 | 1,272 | |||||||||
Total deficit | (95,414) | (68,870) | |||||||||
Total liabilities and deficit | $ | 224,839 | $ | 257,808 |
Six months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (27,350) | $ | (40,569) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 1,846 | 2,335 | |||||||||
Amortization of right-of-use assets under operating leases | 1,745 | 4,513 | |||||||||
Amortization of intangible assets | 2,568 | 5,510 | |||||||||
Share-based compensation expense | 2,579 | 2,079 | |||||||||
Bad debt expense | 600 | 615 | |||||||||
Amortization of debt discount | 329 | 334 | |||||||||
Amortization of debt issuance costs | 492 | 396 | |||||||||
Deferred income taxes | 75 | 65 | |||||||||
Loss on disposal of fixed assets | 1 | 8 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 828 | 4,042 | |||||||||
Prepaid expenses and other current assets | (1,566) | 405 | |||||||||
Other assets | 125 | 851 | |||||||||
Accounts payable and accrued expenses | (4,861) | 2,962 | |||||||||
Current and non-current operating lease liabilities | (1,935) | (4,855) | |||||||||
Other current and non-current liabilities | (1,260) | (1,466) | |||||||||
Net cash used in operating activities | (25,784) | (22,775) | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to premises and equipment | (634) | (693) | |||||||||
Proceeds from the sale of business | 346 | 3,000 | |||||||||
Net cash (used in) provided by investing activities | (288) | 2,307 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from convertible debt payable to related parties | — | 1,200 | |||||||||
Distributions to non-controlling interests | (750) | (1,751) | |||||||||
Payments of tax withholding on issuance of restricted share units and restricted shares | (1,023) | (927) | |||||||||
Net cash used in financing activities | (1,773) | (1,478) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (27,845) | (21,946) | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 102,149 | 62,096 | |||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 74,304 | $ | 40,150 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 6,218 | $ | 6,214 | |||||||
Income taxes paid, net | 3,497 | 1,515 | |||||||||
Acquisition of right-of-use assets with operating lease liabilities | 710 | 2,327 | |||||||||
Reduction of right-of-use assets from operating lease modifications or reassessments | (173) | (3,740) | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net increase (decrease) in payables for purchases of premises and equipment | $ | 107 | $ | (48) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Loss from operations | $ | (10,459) | $ | (14,552) | $ | (18,786) | $ | (33,131) | |||||||||||||||
Intangible asset amortization expense | 1,284 | 2,911 | 2,568 | 5,510 | |||||||||||||||||||
Share-based compensation expense | 1,289 | 641 | 2,579 | 2,079 | |||||||||||||||||||
Cost of cost savings initiatives and other | 429 | 770 | 547 | 2,738 | |||||||||||||||||||
Pointillist losses | — | 2,608 | — | 4,961 | |||||||||||||||||||
Adjusted operating loss | $ | (7,457) | $ | (7,622) | $ | (13,092) | $ | (17,843) | |||||||||||||||
Loss before income taxes and non-controlling interests | $ | (13,800) | $ | (18,070) | $ | (24,943) | $ | (39,142) | |||||||||||||||
Non-controlling interests | (174) | 179 | (335) | 92 | |||||||||||||||||||
Pretax loss attributable to Altisource | (13,974) | (17,891) | (25,278) | (39,050) | |||||||||||||||||||
Intangible asset amortization expense | 1,284 | 2,911 | 2,568 | 5,510 | |||||||||||||||||||
Share-based compensation expense | 1,289 | 641 | 2,579 | 2,079 | |||||||||||||||||||
Cost of cost savings initiatives and other | 429 | 770 | 547 | 2,738 | |||||||||||||||||||
Pointillist losses | — | 2,290 | — | 4,358 | |||||||||||||||||||
Adjusted pretax loss attributable to Altisource | $ | (10,972) | $ | (11,279) | $ | (19,584) | $ | (24,365) | |||||||||||||||
Net loss attributable to Altisource | $ | (15,495) | $ | (18,475) | $ | (27,685) | $ | (40,477) | |||||||||||||||
Income tax provision | 1,521 | 584 | 2,407 | 1,427 | |||||||||||||||||||
Interest expense (net of interest income) | 3,473 | 3,482 | 6,984 | 6,945 | |||||||||||||||||||
Depreciation and amortization | 2,172 | 4,062 | 4,414 | 7,845 | |||||||||||||||||||
Share-based compensation expense | 1,289 | 641 | 2,579 | 2,079 | |||||||||||||||||||
Cost of cost savings initiatives and other | 429 | 770 | 547 | 2,738 | |||||||||||||||||||
Pointillist losses | — | 2,205 | — | 4,195 | |||||||||||||||||||
Adjusted EBITDA | $ | (6,611) | $ | (6,731) | $ | (10,754) | $ | (15,248) | |||||||||||||||
Net loss attributable to Altisource | $ | (15,495) | $ | (18,475) | $ | (27,685) | $ | (40,477) | |||||||||||||||
Intangible asset amortization expense, net of tax | 1,282 | 2,907 | 2,563 | 5,502 | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,122 | 677 | 2,298 | 1,959 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 361 | 665 | 488 | 2,368 | |||||||||||||||||||
Pointillist losses, net of tax | — | 2,290 | — | 4,358 | |||||||||||||||||||
Certain income tax related items | 1,505 | 1,026 | 1,816 | 1,037 | |||||||||||||||||||
Adjusted net loss attributable to Altisource | $ | (11,225) | $ | (10,910) | $ | (20,520) | $ | (25,253) | |||||||||||||||
Diluted loss per share | $ | (0.96) | $ | (1.17) | $ | (1.73) | $ | (2.57) | |||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | 0.08 | 0.18 | 0.16 | 0.35 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | 0.07 | 0.04 | 0.14 | 0.12 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | 0.02 | 0.04 | 0.03 | 0.15 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | — | 0.14 | — | 0.28 | |||||||||||||||||||
Certain income tax related items per diluted share | 0.09 | 0.06 | 0.11 | 0.07 | |||||||||||||||||||
Adjusted diluted loss per share | $ | (0.70) | $ | (0.69) | $ | (1.28) | $ | (1.60) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Calculation of the impact of intangible asset amortization expense, net of tax | |||||||||||||||||||||||
Intangible asset amortization expense | $ | 1,284 | $ | 2,911 | $ | 2,568 | $ | 5,510 | |||||||||||||||
Tax benefit from intangible asset amortization | (2) | (4) | (5) | (8) | |||||||||||||||||||
Intangible asset amortization expense, net of tax | 1,282 | 2,907 | 2,563 | 5,502 | |||||||||||||||||||
Diluted share count | 16,083 | 15,830 | 16,020 | 15,774 | |||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | $ | 0.08 | $ | 0.18 | $ | 0.16 | $ | 0.35 | |||||||||||||||
Calculation of the impact of share-based compensation expense, net of tax | |||||||||||||||||||||||
Share-based compensation expense | $ | 1,289 | $ | 641 | $ | 2,579 | $ | 2,079 | |||||||||||||||
Tax (benefit) provision from share-based compensation expense | (167) | 36 | (281) | (120) | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,122 | 677 | 2,298 | 1,959 | |||||||||||||||||||
Diluted share count | 16,083 | 15,830 | 16,020 | 15,774 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | $ | 0.07 | $ | 0.04 | $ | 0.14 | $ | 0.12 | |||||||||||||||
Calculation of the impact of cost of cost savings initiatives and other, net of tax | |||||||||||||||||||||||
Cost of cost savings initiatives and other | $ | 429 | $ | 770 | $ | 547 | $ | 2,738 | |||||||||||||||
Tax benefit from cost of cost savings initiatives and other | (68) | (105) | (59) | (370) | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 361 | 665 | 488 | 2,368 | |||||||||||||||||||
Diluted share count | 16,083 | 15,830 | 16,020 | 15,774 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.15 | |||||||||||||||
Calculation of the impact of Pointillist losses, net of tax | |||||||||||||||||||||||
Pointillist losses | $ | — | $ | 2,290 | $ | — | $ | 4,358 | |||||||||||||||
Tax benefit from Pointillist losses | — | — | — | — | |||||||||||||||||||
Pointillist losses, net of tax | — | 2,290 | — | 4,358 | |||||||||||||||||||
Diluted share count | 16,083 | 15,830 | 16,020 | 15,774 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | $ | — | $ | 0.14 | $ | — | $ | 0.28 | |||||||||||||||
Certain income tax related items resulting from: | |||||||||||||||||||||||
Foreign income tax reserves/other | 1,505 | 1,026 | $ | 1,816 | $ | 1,037 | |||||||||||||||||
Certain income tax related items | 1,505 | 1,026 | 1,816 | 1,037 | |||||||||||||||||||
Diluted share count | 16,083 | 15,830 | 16,020 | 15,774 | |||||||||||||||||||
Certain income tax related items per diluted share | $ | 0.09 | $ | 0.06 | $ | 0.11 | $ | 0.07 | |||||||||||||||
Cash flows used in operating activities | $ | (8,874) | $ | (5,965) | $ | (25,784) | $ | (22,775) | |||||||||||||||
Less: additions to premises and equipment | (560) | (226) | (634) | (693) | |||||||||||||||||||
Cash flows used in operating activities less additions to premises and equipment | $ | (9,434) | $ | (6,191) | $ | (26,418) | $ | (23,468) | |||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Senior secured term loan | $ | 247,204 | $ | 247,204 | |||||||
Less: Cash and cash equivalents | (70,693) | (35,329) | |||||||||
Net debt | $ | 176,511 | $ | 211,875 |
3X:B%2B,/"IFC@[FB
Cover Page Document |
Jul. 28, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 28, 2022 |
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 | 33, Boulevard Prince Henri |
Entity Address, Postal Zip Code | L-1724 |
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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