(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 2022 | Third Quarter 2021 | % Change | Year-to-Date September 30, 2022 | Year-to-Date September 30, 2021 | % Change | |||||||||||||||||||||||||||||
Service revenue | $ | 36,290 | $ | 41,626 | (13) | $ | 111,691 | $ | 133,672 | (16) | |||||||||||||||||||||||||
Loss from operations | (10,563) | (14,028) | 25 | (29,349) | (47,159) | 38 | |||||||||||||||||||||||||||||
Adjusted operating loss(2) | (7,422) | (8,279) | 10 | (20,514) | (26,122) | 21 | |||||||||||||||||||||||||||||
Loss before income taxes and non-controlling interests | (14,453) | (17,898) | 19 | (39,396) | (57,040) | 31 | |||||||||||||||||||||||||||||
Pretax loss attributable to Altisource(2) | (14,586) | (17,839) | 18 | (39,864) | (56,889) | 30 | |||||||||||||||||||||||||||||
Adjusted pretax loss attributable to Altisource(2) | (11,445) | (12,350) | 7 | (31,029) | (36,715) | 15 | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | (6,454) | (7,572) | 15 | (17,208) | (22,824) | 25 | |||||||||||||||||||||||||||||
Net loss attributable to Altisource | (14,389) | (18,269) | 21 | (42,074) | (58,746) | 28 | |||||||||||||||||||||||||||||
Adjusted net loss attributable to Altisource(2) | (11,303) | (12,646) | 11 | (31,823) | (37,899) | 16 | |||||||||||||||||||||||||||||
Diluted loss per share | (0.89) | (1.15) | 23 | (2.62) | (3.71) | 29 | |||||||||||||||||||||||||||||
Adjusted diluted loss per share(2) | (0.70) | (0.80) | 13 | (1.98) | (2.40) | 18 | |||||||||||||||||||||||||||||
Cash flows used in operating activities | (6,509) | (18,358) | 65 | (32,293) | (41,133) | 21 | |||||||||||||||||||||||||||||
Cash flows used in operating activities less additions to premises and equipment(2) | (6,738) | (18,790) | 64 | (33,156) | (42,258) | 22 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service revenue | $ | 36,290 | $ | 41,626 | $ | 111,691 | $ | 133,672 | ||||||||||||||||||
Reimbursable expenses | 1,957 | 1,416 | 6,158 | 5,365 | ||||||||||||||||||||||
Non-controlling interests | 133 | 201 | 468 | 712 | ||||||||||||||||||||||
Total revenue | 38,380 | 43,243 | 118,317 | 139,749 | ||||||||||||||||||||||
Cost of revenue | 32,430 | 39,251 | 98,453 | 129,497 | ||||||||||||||||||||||
Reimbursable expenses | 1,957 | 1,416 | 6,158 | 5,365 | ||||||||||||||||||||||
Gross profit | 3,993 | 2,576 | 13,706 | 4,887 | ||||||||||||||||||||||
Selling, general and administrative expenses | 14,556 | 16,604 | 43,055 | 52,046 | ||||||||||||||||||||||
Loss from operations | (10,563) | (14,028) | (29,349) | (47,159) | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest expense | (4,349) | (3,755) | (11,439) | (10,672) | ||||||||||||||||||||||
Other income (expense), net | 459 | (115) | 1,392 | 791 | ||||||||||||||||||||||
Total other income (expense), net | (3,890) | (3,870) | (10,047) | (9,881) | ||||||||||||||||||||||
Loss before income taxes and non-controlling interests | (14,453) | (17,898) | (39,396) | (57,040) | ||||||||||||||||||||||
Income tax benefit (provision) | 197 | (430) | (2,210) | (1,857) | ||||||||||||||||||||||
Net loss | (14,256) | (18,328) | (41,606) | (58,897) | ||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (133) | 59 | (468) | 151 | ||||||||||||||||||||||
Net loss attributable to Altisource | $ | (14,389) | $ | (18,269) | $ | (42,074) | $ | (58,746) | ||||||||||||||||||
Loss per share: | ||||||||||||||||||||||||||
Basic | $ | (0.89) | $ | (1.15) | $ | (2.62) | $ | (3.71) | ||||||||||||||||||
Diluted | $ | (0.89) | $ | (1.15) | $ | (2.62) | $ | (3.71) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 16,087 | 15,831 | 16,051 | 15,816 | ||||||||||||||||||||||
Diluted | 16,087 | 15,831 | 16,051 | 15,816 | ||||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||
Comprehensive loss, net of tax | $ | (14,256) | $ | (18,328) | $ | (41,606) | $ | (58,897) | ||||||||||||||||||
Comprehensive (income) loss attributable to non-controlling interests | (133) | 59 | (468) | 151 | ||||||||||||||||||||||
Comprehensive loss attributable to Altisource | $ | (14,389) | $ | (18,269) | $ | (42,074) | $ | (58,746) |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 63,812 | $ | 98,132 | |||||||
Accounts receivable, net | 14,335 | 18,008 | |||||||||
Prepaid expenses and other current assets | 21,704 | 21,864 | |||||||||
Total current assets | 99,851 | 138,004 | |||||||||
Premises and equipment, net | 4,970 | 6,873 | |||||||||
Right-of-use assets under operating leases | 5,965 | 7,594 | |||||||||
Goodwill | 55,960 | 55,960 | |||||||||
Intangible assets, net | 33,010 | 36,859 | |||||||||
Deferred tax assets, net | 6,023 | 6,386 | |||||||||
Other assets | 5,503 | 6,132 | |||||||||
Total assets | $ | 211,282 | $ | 257,808 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 41,456 | $ | 46,535 | |||||||
Deferred revenue | 4,050 | 4,342 | |||||||||
Other current liabilities | 3,095 | 3,870 | |||||||||
Total current liabilities | 48,601 | 54,747 | |||||||||
Long-term debt | 244,844 | 243,637 | |||||||||
Deferred tax liabilities, net | 8,849 | 9,028 | |||||||||
Other non-current liabilities | 17,508 | 19,266 | |||||||||
Commitments, contingencies and regulatory matters | |||||||||||
Equity (deficit): | |||||||||||
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,117 outstanding as of September 30, 2022; 15,911 outstanding as of December 31, 2021) | 25,413 | 25,413 | |||||||||
Additional paid-in capital | 148,197 | 144,298 | |||||||||
Retained earnings | 131,124 | 186,592 | |||||||||
Treasury stock, at cost (9,296 shares as of September 30, 2022 and 9,502 shares as of December 31, 2021) | (414,102) | (426,445) | |||||||||
Altisource deficit | (109,368) | (70,142) | |||||||||
Non-controlling interests | 848 | 1,272 | |||||||||
Total deficit | (108,520) | (68,870) | |||||||||
Total liabilities and deficit | $ | 211,282 | $ | 257,808 |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (41,606) | $ | (58,897) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 2,700 | 3,479 | |||||||||
Amortization of right-of-use assets under operating leases | 2,254 | 6,340 | |||||||||
Amortization of intangible assets | 3,849 | 8,183 | |||||||||
Share-based compensation expense | 3,899 | 2,510 | |||||||||
Bad debt expense | 578 | 1,268 | |||||||||
Amortization of debt discount | 495 | 499 | |||||||||
Amortization of debt issuance costs | 712 | 623 | |||||||||
Deferred income taxes | (329) | 8 | |||||||||
Loss on disposal of fixed assets | 1 | 117 | |||||||||
Other non-cash items | — | 137 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 3,095 | 1,846 | |||||||||
Prepaid expenses and other current assets | 160 | 598 | |||||||||
Other assets | 363 | 1,439 | |||||||||
Accounts payable and accrued expenses | (5,014) | (2,738) | |||||||||
Current and non-current operating lease liabilities | (2,444) | (6,958) | |||||||||
Other current and non-current liabilities | (1,006) | 413 | |||||||||
Net cash used in operating activities | (32,293) | (41,133) | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to premises and equipment | (863) | (1,125) | |||||||||
Proceeds from the sale of business | 346 | 3,000 | |||||||||
Net cash (used in) provided by investing activities | (517) | 1,875 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from revolving credit facility | — | 20,000 | |||||||||
Debt issuance costs | — | (531) | |||||||||
Proceeds from convertible debt payable to related parties | — | 1,200 | |||||||||
Distributions to non-controlling interests | (892) | (1,804) | |||||||||
Payments of tax withholding on issuance of restricted share units and restricted shares | (1,051) | (936) | |||||||||
Net cash (used in) provided by financing activities | (1,943) | 17,929 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (34,753) | (21,329) | |||||||||
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 | $ | 67,396 | $ | 40,767 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 10,167 | $ | 9,373 | |||||||
Income taxes paid, net | 2,556 | 2,736 | |||||||||
Acquisition of right-of-use assets with operating lease liabilities | 797 | 6,976 | |||||||||
Reduction of right-of-use assets from operating lease modifications or reassessments | (172) | (5,665) | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net decrease in payables for purchases of premises and equipment | $ | (65) | $ | (47) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Loss from operations | $ | (10,563) | $ | (14,028) | $ | (29,349) | $ | (47,159) | |||||||||||||||
Intangible asset amortization expense | 1,281 | 2,673 | 3,849 | 8,183 | |||||||||||||||||||
Share-based compensation expense | 1,320 | 431 | 3,899 | 2,510 | |||||||||||||||||||
Cost of cost savings initiatives and other | 540 | 490 | 1,087 | 3,228 | |||||||||||||||||||
Pointillist losses | — | 2,155 | — | 7,116 | |||||||||||||||||||
Adjusted operating loss | $ | (7,422) | $ | (8,279) | $ | (20,514) | $ | (26,122) | |||||||||||||||
Loss before income taxes and non-controlling interests | $ | (14,453) | $ | (17,898) | $ | (39,396) | $ | (57,040) | |||||||||||||||
Non-controlling interests | (133) | 59 | (468) | 151 | |||||||||||||||||||
Pretax loss attributable to Altisource | (14,586) | (17,839) | (39,864) | (56,889) | |||||||||||||||||||
Intangible asset amortization expense | 1,281 | 2,673 | 3,849 | 8,183 | |||||||||||||||||||
Share-based compensation expense | 1,320 | 431 | 3,899 | 2,510 | |||||||||||||||||||
Cost of cost savings initiatives and other | 540 | 490 | 1,087 | 3,228 | |||||||||||||||||||
Pointillist losses | — | 1,895 | — | 6,253 | |||||||||||||||||||
Adjusted pretax loss attributable to Altisource | $ | (11,445) | $ | (12,350) | $ | (31,029) | $ | (36,715) | |||||||||||||||
Net loss attributable to Altisource | $ | (14,389) | $ | (18,269) | $ | (42,074) | $ | (58,746) | |||||||||||||||
Income tax (benefit) provision | (197) | 430 | 2,210 | 1,857 | |||||||||||||||||||
Interest expense (net of interest income) | 4,137 | 3,755 | 11,121 | 10,700 | |||||||||||||||||||
Depreciation and amortization | 2,135 | 3,817 | 6,549 | 11,662 | |||||||||||||||||||
Share-based compensation expense | 1,320 | 431 | 3,899 | 2,510 | |||||||||||||||||||
Cost of cost savings initiatives and other | 540 | 490 | 1,087 | 3,228 | |||||||||||||||||||
Pointillist losses | — | 1,774 | — | 5,965 | |||||||||||||||||||
Adjusted EBITDA | $ | (6,454) | $ | (7,572) | $ | (17,208) | $ | (22,824) | |||||||||||||||
Net loss attributable to Altisource | $ | (14,389) | $ | (18,269) | $ | (42,074) | $ | (58,746) | |||||||||||||||
Intangible asset amortization expense, net of tax | 1,279 | 2,670 | 3,842 | 8,172 | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,148 | 325 | 3,446 | 2,284 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 449 | 464 | 937 | 2,832 | |||||||||||||||||||
Pointillist losses, net of tax | — | 1,895 | — | 6,253 | |||||||||||||||||||
Certain income tax related items | 210 | 269 | 2,026 | 1,306 | |||||||||||||||||||
Adjusted net loss attributable to Altisource | $ | (11,303) | $ | (12,646) | $ | (31,823) | $ | (37,899) | |||||||||||||||
Diluted loss per share | $ | (0.89) | $ | (1.15) | $ | (2.62) | $ | (3.71) | |||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | 0.08 | 0.17 | 0.24 | 0.52 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | 0.07 | 0.02 | 0.21 | 0.14 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | 0.03 | 0.03 | 0.06 | 0.18 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | — | 0.12 | — | 0.40 | |||||||||||||||||||
Certain income tax related items per diluted share | 0.01 | 0.02 | 0.13 | 0.08 | |||||||||||||||||||
Adjusted diluted loss per share | $ | (0.70) | $ | (0.80) | $ | (1.98) | $ | (2.40) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Calculation of the impact of intangible asset amortization expense, net of tax | |||||||||||||||||||||||
Intangible asset amortization expense | $ | 1,281 | $ | 2,673 | $ | 3,849 | $ | 8,183 | |||||||||||||||
Tax benefit from intangible asset amortization | (2) | (3) | (7) | (11) | |||||||||||||||||||
Intangible asset amortization expense, net of tax | 1,279 | 2,670 | 3,842 | 8,172 | |||||||||||||||||||
Diluted share count | 16,087 | 15,831 | 16,051 | 15,816 | |||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | $ | 0.08 | $ | 0.17 | $ | 0.24 | $ | 0.52 | |||||||||||||||
Calculation of the impact of share-based compensation expense, net of tax | |||||||||||||||||||||||
Share-based compensation expense | $ | 1,320 | $ | 431 | $ | 3,899 | $ | 2,510 | |||||||||||||||
Tax benefit from share-based compensation expense | (172) | (106) | (453) | (226) | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,148 | 325 | 3,446 | 2,284 | |||||||||||||||||||
Diluted share count | 16,087 | 15,831 | 16,051 | 15,816 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | $ | 0.07 | $ | 0.02 | $ | 0.21 | $ | 0.14 | |||||||||||||||
Calculation of the impact of cost of cost savings initiatives and other, net of tax | |||||||||||||||||||||||
Cost of cost savings initiatives and other | $ | 540 | $ | 490 | $ | 1,087 | $ | 3,228 | |||||||||||||||
Tax benefit from cost of cost savings initiatives and other | (91) | (26) | (150) | (396) | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 449 | 464 | 937 | 2,832 | |||||||||||||||||||
Diluted share count | 16,087 | 15,831 | 16,051 | 15,816 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.18 | |||||||||||||||
Calculation of the impact of Pointillist losses, net of tax | |||||||||||||||||||||||
Pointillist losses | $ | — | $ | 1,895 | $ | — | $ | 6,253 | |||||||||||||||
Tax benefit from Pointillist losses | — | — | — | — | |||||||||||||||||||
Pointillist losses, net of tax | — | 1,895 | — | 6,253 | |||||||||||||||||||
Diluted share count | 16,087 | 15,831 | 16,051 | 15,816 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | $ | — | $ | 0.12 | $ | — | $ | 0.40 | |||||||||||||||
Certain income tax related items resulting from: | |||||||||||||||||||||||
Foreign income tax reserves/other | 210 | 269 | $ | 2,026 | $ | 1,306 | |||||||||||||||||
Certain income tax related items | 210 | 269 | 2,026 | 1,306 | |||||||||||||||||||
Diluted share count | 16,087 | 15,831 | 16,051 | 15,816 | |||||||||||||||||||
Certain income tax related items per diluted share | $ | 0.01 | $ | 0.02 | $ | 0.13 | $ | 0.08 | |||||||||||||||
Cash flows used in operating activities | $ | (6,509) | $ | (18,358) | $ | (32,293) | $ | (41,133) | |||||||||||||||
Less: additions to premises and equipment | (229) | (432) | (863) | (1,125) | |||||||||||||||||||
Cash flows used in operating activities less additions to premises and equipment | $ | (6,738) | $ | (18,790) | $ | (33,156) | $ | (42,258) | |||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Senior secured term loan | $ | 247,204 | $ | 247,204 | |||||||
Credit Facility | — | 20,000 | |||||||||
Less: Cash and cash equivalents | (63,812) | (36,492) | |||||||||
Net debt(1) | $ | 183,392 | $ | 230,712 |
3X:B%2B,/"IFC@[FB
Cover Page Document |
Nov. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 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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