(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 2022 | Fourth Quarter 2021 | % Change | Full Year 2022 | Full Year 2021 | % Change | |||||||||||||||||||||||||||||
Service revenue | $ | 32,805 | $ | 36,941 | (11) | $ | 144,496 | $ | 170,613 | (15) | |||||||||||||||||||||||||
(Loss) income from operations | (3,833) | 76,127 | (105) | (33,182) | 28,968 | (215) | |||||||||||||||||||||||||||||
Adjusted operating loss(3) | (545) | (9,352) | 94 | (21,059) | (35,474) | 41 | |||||||||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (8,171) | 72,325 | (111) | (47,567) | 15,285 | (411) | |||||||||||||||||||||||||||||
Pretax (loss) income attributable to Altisource | (8,288) | 71,933 | (112) | (48,152) | 15,044 | (420) | |||||||||||||||||||||||||||||
Adjusted pretax loss attributable to Altisource(3) | (5,000) | (13,727) | 64 | (36,029) | (50,442) | 29 | |||||||||||||||||||||||||||||
Adjusted EBITDA(3) | 593 | (8,839) | 107 | (16,615) | (31,663) | 48 | |||||||||||||||||||||||||||||
Net (loss) income attributable to Altisource | (11,344) | 70,558 | (116) | (53,418) | 11,812 | N/M | |||||||||||||||||||||||||||||
Adjusted net loss attributable to Altisource(3) | (7,234) | (13,752) | 47 | (39,057) | (51,651) | 24 | |||||||||||||||||||||||||||||
Diluted (loss) earnings per share | (0.70) | 4.40 | (116) | (3.32) | 0.74 | N/M | |||||||||||||||||||||||||||||
Adjusted diluted loss per share(3) | (0.45) | (0.86) | 48 | (2.43) | (3.22) | 25 | |||||||||||||||||||||||||||||
Net cash used in operating activities | (12,595) | (19,272) | 35 | (44,888) | (60,405) | 26 | |||||||||||||||||||||||||||||
Net cash used in operating activities less additions to premises and equipment | (12,595) | (19,526) | 35 | (45,751) | (61,784) | 26 | |||||||||||||||||||||||||||||
_____________________________________ | |||||||||||||||||||||||||||||||||||
N/M — not meaningful. |
Three months ended December 31, | Year ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service revenue | $ | 32,805 | $ | 36,941 | $ | 144,496 | $ | 170,613 | ||||||||||||||||||
Reimbursable expenses | 1,881 | 1,190 | 8,039 | 6,555 | ||||||||||||||||||||||
Non-controlling interests | 117 | 573 | 585 | 1,285 | ||||||||||||||||||||||
Total revenue | 34,803 | 38,704 | 153,120 | 178,453 | ||||||||||||||||||||||
Cost of revenue | 26,694 | 36,504 | 131,305 | 171,366 | ||||||||||||||||||||||
Gross profit | 8,109 | 2,200 | 21,815 | 7,087 | ||||||||||||||||||||||
Operating (income) expense: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 11,700 | 15,003 | 54,755 | 67,049 | ||||||||||||||||||||||
Loss (gain) on sale of business | 242 | (88,930) | 242 | (88,930) | ||||||||||||||||||||||
(Loss) income from operations | (3,833) | 76,127 | (33,182) | 28,968 | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest expense | (5,200) | (3,875) | (16,639) | (14,547) | ||||||||||||||||||||||
Other income (expense), net | 862 | 73 | 2,254 | 864 | ||||||||||||||||||||||
Total other income (expense), net | (4,338) | (3,802) | (14,385) | (13,683) | ||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interests | (8,171) | 72,325 | (47,567) | 15,285 | ||||||||||||||||||||||
Income tax provision | (3,056) | (1,375) | (5,266) | (3,232) | ||||||||||||||||||||||
Net (loss) income | (11,227) | 70,950 | (52,833) | 12,053 | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (117) | (392) | (585) | (241) | ||||||||||||||||||||||
Net (loss) income attributable to Altisource | $ | (11,344) | $ | 70,558 | $ | (53,418) | $ | 11,812 | ||||||||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||||||||
Basic | $ | (0.70) | $ | 4.45 | $ | (3.32) | $ | 0.75 | ||||||||||||||||||
Diluted | $ | (0.70) | $ | 4.40 | $ | (3.32) | $ | 0.74 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 16,095 | 15,839 | 16,070 | 15,839 | ||||||||||||||||||||||
Diluted | 16,095 | 16,043 | 16,070 | 16,063 | ||||||||||||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||||||||
Comprehensive (loss) income, net of tax | (11,227) | 70,950 | (52,833) | 12,053 | ||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (117) | (392) | (585) | (241) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to Altisource | $ | (11,344) | $ | 70,558 | $ | (53,418) | $ | 11,812 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 51,025 | $ | 98,132 | |||||||
Accounts receivable, net | 12,989 | 18,008 | |||||||||
Prepaid expenses and other current assets | 23,544 | 21,864 | |||||||||
Total current assets | 87,558 | 138,004 | |||||||||
Premises and equipment, net | 4,222 | 6,873 | |||||||||
Right-of-use assets under operating leases | 5,321 | 7,594 | |||||||||
Goodwill | 55,960 | 55,960 | |||||||||
Intangible assets, net | 31,730 | 36,859 | |||||||||
Deferred tax assets, net | 5,048 | 6,386 | |||||||||
Other assets | 5,166 | 6,132 | |||||||||
Total assets | $ | 195,005 | $ | 257,808 | |||||||
LIABILITIES AND DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 33,507 | $ | 46,535 | |||||||
Deferred revenue | 3,711 | 4,342 | |||||||||
Other current liabilities | 2,867 | 3,870 | |||||||||
Total current liabilities | 40,085 | 54,747 | |||||||||
Long-term debt | 245,230 | 243,637 | |||||||||
Deferred tax liabilities, net | 9,028 | 9,028 | |||||||||
Other non-current liabilities | 19,536 | 19,266 | |||||||||
Commitments, contingencies and regulatory matters | |||||||||||
Equity (deficit): | |||||||||||
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,129 outstanding as of December 31, 2022; 15,911 outstanding as of December 31, 2021) | 25,413 | 25,413 | |||||||||
Additional paid-in capital | 149,348 | 144,298 | |||||||||
Retained earnings | 118,948 | 186,592 | |||||||||
Treasury stock, at cost (9,284 shares as of December 31, 2022 and 9,502 shares as of December 31, 2021) | (413,358) | (426,445) | |||||||||
Altisource deficit | (119,649) | (70,142) | |||||||||
Non-controlling interests | 775 | 1,272 | |||||||||
Total deficit | (118,874) | (68,870) | |||||||||
Total liabilities and deficit | $ | 195,005 | $ | 257,808 | |||||||
For the years ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (52,833) | $ | 12,053 | |||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 3,440 | 4,592 | |||||||||
Amortization of right-of-use assets under operating leases | 2,730 | 7,935 | |||||||||
Amortization of intangible assets | 5,129 | 9,467 | |||||||||
Share-based compensation expense | 5,050 | 2,825 | |||||||||
Bad debt expense | 885 | 1,354 | |||||||||
Amortization of debt discount | 661 | 665 | |||||||||
Amortization of debt issuance costs | 932 | 847 | |||||||||
Deferred income taxes | 1,098 | (705) | |||||||||
Loss on disposal of fixed assets | 10 | 47 | |||||||||
Loss (gain) on sale of business | 242 | (88,930) | |||||||||
Other non-cash items | — | 137 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 4,134 | 2,963 | |||||||||
Prepaid expenses and other current assets | (1,922) | 1,146 | |||||||||
Other assets | 341 | 902 | |||||||||
Accounts payable and accrued expenses | (12,964) | (8,442) | |||||||||
Current and non-current operating lease liabilities | (2,911) | (8,803) | |||||||||
Other current and non-current liabilities | 1,090 | 1,542 | |||||||||
Net cash used in operating activities | (44,888) | (60,405) | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to premises and equipment | (863) | (1,379) | |||||||||
Proceeds from the sale of businesses | 346 | 104,141 | |||||||||
Other investing activities | (250) | — | |||||||||
Net cash (used in) provided by investing activities | (767) | 102,762 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from revolving credit facility | — | 20,000 | |||||||||
Repayments of long-term debt and revolving credit facility | — | (20,000) | |||||||||
Debt issuance costs | — | (531) | |||||||||
Proceeds from convertible debt payable to related parties | — | 1,200 | |||||||||
Distributions to non-controlling interests | (1,082) | (1,959) | |||||||||
Payments of tax withholding on issuance of restricted share units and restricted shares | (1,139) | (1,014) | |||||||||
Net cash used in financing activities | (2,221) | (2,304) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (47,876) | 40,053 | |||||||||
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 | $ | 54,273 | $ | 102,149 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 14,962 | $ | 12,532 | |||||||
Income taxes paid, net | 3,299 | 2,455 | |||||||||
Acquisition of right-of-use assets with operating lease liabilities | 920 | 7,318 | |||||||||
Reduction of right-of-use assets from operating lease modifications or reassessments | (463) | (6,119) | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net decrease in payables for purchases of premises and equipment | (64) | (116) |
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Loss) income from operations | $ | (3,833) | $ | 76,127 | $ | (33,182) | $ | 28,968 | |||||||||||||||
Intangible asset amortization expense | 1,280 | 1,284 | 5,129 | 9,467 | |||||||||||||||||||
Share-based compensation expense | 1,151 | 321 | 5,050 | 2,831 | |||||||||||||||||||
Pointillist losses | — | 1,496 | — | 8,612 | |||||||||||||||||||
Loss (gain) on sale of business | 242 | (88,930) | 242 | (88,930) | |||||||||||||||||||
Cost of cost savings initiatives and other | 615 | 350 | 1,702 | 3,578 | |||||||||||||||||||
Adjusted operating loss | $ | (545) | $ | (9,352) | $ | (21,059) | $ | (35,474) | |||||||||||||||
(Loss) income before income taxes and non-controlling interests | $ | (8,171) | $ | 72,325 | $ | (47,567) | $ | 15,285 | |||||||||||||||
Non-controlling interest | (117) | (392) | (585) | (241) | |||||||||||||||||||
Pretax (loss) income attributable to Altisource | (8,288) | 71,933 | (48,152) | 15,044 | |||||||||||||||||||
Intangible asset amortization expense | 1,280 | 1,284 | 5,129 | 9,467 | |||||||||||||||||||
Share-based compensation expense | 1,151 | 321 | 5,050 | 2,831 | |||||||||||||||||||
Pointillist losses | — | 1,315 | — | 7,568 | |||||||||||||||||||
Loss (gain) on sale of business | 242 | (88,930) | 242 | (88,930) | |||||||||||||||||||
Cost of cost savings initiatives and other | 615 | 350 | 1,702 | 3,578 | |||||||||||||||||||
Adjusted pretax loss attributable to Altisource | $ | (5,000) | $ | (13,727) | $ | (36,029) | $ | (50,442) | |||||||||||||||
Net (loss) income attributable to Altisource | $ | (11,344) | $ | 70,558 | $ | (53,418) | $ | 11,812 | |||||||||||||||
Income tax provision | 3,056 | 1,375 | 5,266 | 3,232 | |||||||||||||||||||
Interest expense (net of interest income) | 4,853 | 3,859 | 15,974 | 14,559 | |||||||||||||||||||
Depreciation and amortization | 740 | 1,113 | 3,440 | 4,592 | |||||||||||||||||||
Intangible asset amortization expense | 1,280 | 1,284 | 5,129 | 9,467 | |||||||||||||||||||
Share-based compensation expense | 1,151 | 321 | 5,050 | 2,831 | |||||||||||||||||||
Pointillist losses | — | 1,231 | — | 7,196 | |||||||||||||||||||
Loss (gain) on sale of business | 242 | (88,930) | 242 | (88,930) | |||||||||||||||||||
Cost of cost savings initiatives and other | 615 | 350 | 1,702 | 3,578 | |||||||||||||||||||
Adjusted EBITDA | $ | 593 | $ | (8,839) | $ | (16,615) | $ | (31,663) | |||||||||||||||
Net (loss) income attributable to Altisource | $ | (11,344) | $ | 70,558 | $ | (53,418) | $ | 11,812 | |||||||||||||||
Intangible asset amortization expense, net of tax | 1,278 | 1,282 | 5,119 | 9,454 | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,001 | 238 | 4,447 | 2,522 | |||||||||||||||||||
Pointillist losses, net of tax | — | 1,315 | — | 7,568 | |||||||||||||||||||
Loss (gain) on sale of business, net of tax | 242 | (88,930) | 242 | (88,930) | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 508 | 351 | 1,446 | 3,183 | |||||||||||||||||||
Certain income tax related items | 1,081 | 1,434 | 3,107 | 2,740 | |||||||||||||||||||
Adjusted net loss attributable to Altisource | $ | (7,234) | $ | (13,752) | $ | (39,057) | $ | (51,651) |
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.70) | $ | 4.40 | $ | (3.32) | $ | 0.74 | |||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | 0.08 | 0.08 | 0.32 | 0.59 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | 0.06 | 0.01 | 0.28 | 0.16 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | — | 0.08 | — | 0.47 | |||||||||||||||||||
Loss (gain) on sale of business, net of tax, per diluted share | 0.02 | (5.54) | 0.02 | (5.54) | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | 0.03 | 0.02 | 0.09 | 0.20 | |||||||||||||||||||
Certain income tax related items, per diluted share | 0.07 | 0.09 | 0.19 | 0.17 | |||||||||||||||||||
Adjusted diluted loss per share | $ | (0.45) | $ | (0.86) | $ | (2.43) | $ | (3.22) | |||||||||||||||
Calculation of the impact of intangible asset amortization expense, net of tax | |||||||||||||||||||||||
Intangible asset amortization expense | $ | 1,280 | $ | 1,284 | $ | 5,129 | $ | 9,467 | |||||||||||||||
Tax benefit from intangible asset amortization | (2) | (2) | (10) | (13) | |||||||||||||||||||
Intangible asset amortization expense, net of tax | 1,278 | 1,282 | 5,119 | 9,454 | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Intangible asset amortization expense, net of tax, per diluted share | $ | 0.08 | $ | 0.08 | $ | 0.32 | $ | 0.59 | |||||||||||||||
Calculation of the impact of share-based compensation expense, net of tax | |||||||||||||||||||||||
Share-based compensation expense | $ | 1,151 | $ | 321 | $ | 5,050 | $ | 2,831 | |||||||||||||||
Tax benefit from share-based compensation expense | (150) | (77) | (603) | (303) | |||||||||||||||||||
Share-based compensation expense, net of tax | 1,001 | 238 | 4,447 | 2,522 | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Share-based compensation expense, net of tax, per diluted share | $ | 0.06 | $ | 0.01 | $ | 0.28 | $ | 0.16 | |||||||||||||||
Calculation of the impact of Pointillist losses, net of tax | |||||||||||||||||||||||
Pointillist losses | $ | — | $ | 1,315 | $ | — | $ | 7,568 | |||||||||||||||
Tax provision from Pointillist losses | — | — | — | — | |||||||||||||||||||
Pointillist losses, net of tax | — | 1,315 | — | 7,568 | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Pointillist losses, net of tax, per diluted share | $ | — | $ | 0.08 | $ | — | $ | 0.47 | |||||||||||||||
Calculation of the impact of loss (gain) on sale of business, net of tax | |||||||||||||||||||||||
Loss (gain) on sale of business | $ | 242 | $ | (88,930) | $ | 242 | $ | (88,930) | |||||||||||||||
Tax provision from loss (gain) on sale of business | — | — | — | — | |||||||||||||||||||
Loss (gain) on sale of business, net of tax | 242 | (88,930) | 242 | (88,930) | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Loss (gain) on sale of business, net of tax, per diluted share | $ | 0.02 | $ | (5.54) | $ | 0.02 | $ | (5.54) |
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Calculation of the impact of cost of cost savings initiatives and other, net of tax | |||||||||||||||||||||||
Cost of cost savings initiatives and other | $ | 615 | $ | 350 | $ | 1,702 | $ | 3,578 | |||||||||||||||
Tax (benefit) provision from cost of cost savings initiatives and other | (107) | 1 | (256) | (395) | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax | 508 | 351 | 1,446 | 3,183 | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Cost of cost savings initiatives and other, net of tax, per diluted share | $ | 0.03 | $ | 0.02 | $ | 0.09 | $ | 0.20 | |||||||||||||||
Certain income tax related items resulting from: | |||||||||||||||||||||||
Foreign income tax reserves/other | 1,081 | 1,434 | 3,107 | 2,740 | |||||||||||||||||||
Certain income tax related items | 1,081 | 1,434 | 3,107 | 2,740 | |||||||||||||||||||
Diluted share count | 16,095 | 16,043 | 16,070 | 16,063 | |||||||||||||||||||
Certain income tax related items, per diluted share | $ | 0.07 | $ | 0.09 | $ | 0.19 | $ | 0.17 | |||||||||||||||
Net cash used in operating activities | $ | (12,595) | $ | (19,272) | $ | (44,888) | $ | (60,405) | |||||||||||||||
Less: additions to premises and equipment | — | (254) | (863) | (1,379) | |||||||||||||||||||
Net cash used in operating activities less additions to premises and equipment | $ | (12,595) | $ | (19,526) | $ | (45,751) | $ | (61,784) |
December 31, 2022 | December 31, 2021 | ||||||||||
Senior secured term loan | $ | 247,204 | $ | 247,204 | |||||||
Revolving credit facility | — | — | |||||||||
Less: Cash and cash equivalents | (51,025) | (98,132) | |||||||||
Net debt | $ | 196,179 | $ | 149,072 |
3X:B%2B,/"IFC@[FB
Cover Page Document |
Mar. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 30, 2023 |
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 | 2060 2055 |
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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