Current Report Filing (8-k)
September 02 2014 - 6:31AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 2, 2014
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
(Exact name of Registrant as specified in its charter)
Luxembourg |
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001-34354 |
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98-0554932 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
40, avenue Monterey
L-2163 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive offices including zip code)
+352 2469 7900
(Registrants telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
Altisource Portfolio Solutions S.A. (the Company) has made available on its corporate website (www.altisource.com) its most recent investor presentation. The Company intends to use the investor presentation from time to time in conversations with investors, analysts and others. A copy of the presentation dated September 2014 is filed herewith as Exhibit 99.1.
The Company is furnishing this 8-K pursuant to Item 7.01, Regulation FD Disclosure. The information contained in this 8-K (including Exhibit 99.1) shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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Exhibit 99.1 |
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Altisource Portfolio Solutions S.A. Investor Presentation dated September 2014 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 2, 2014
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Altisource Portfolio Solutions S.A. |
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By: |
/s/ Michelle D. Esterman |
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Name: |
Michelle D. Esterman |
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Title: |
Chief Financial Officer |
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Exhibit 99.1
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September 2014
Investor Presentation
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Forward-Looking
Statements / Non-GAAP Measures This presentation contains forward-looking
statements. These statements may be identified by words such as anticipate,
intend, expect, may, could, should, would, plan, estimate,
seek, believe and similar expressions. We caution that forward-looking
statements are qualified to certain risks and uncertainties that could cause
actual results and events to differ materially from what is contemplated by
the forward-looking statements. Factors which could cause actual results to
differ materially from these forward-looking statements may include, without
limitation, general economic conditions, conditions in the markets in which
Altisource is engaged, behavior of customers, suppliers and/or competitors,
technological developments and regulatory rules. In addition, financial risks
such as currency movements, liquidity and credit risks could influence future
results. The foregoing list of factors should not be construed as exhaustive.
Altisource disclaims any intention or obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. Altisource management utilizes certain non-GAAP
measures such as earnings before interest, taxes, depreciation and
amortization, or EBITDA, as a key metric in evaluating its financial
performance. EBITDA should be considered in addition to, rather than as a
substitute for, income before income taxes, net income attributable to
Altisource and cash flows from operations. This non-GAAP measure is presented
as supplemental information and reconciled to net income attributable to
Altisource in the Appendix.
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Table of
Contents Strategy 3 Business Overview 10 Financial Performance 15 Growth
Initiatives 18 Appendix 20
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Strategy
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Home Sales Home
Rentals Home Maintenance Mortgage Originations Mortgage Servicing Real Estate
Marketplace Mortgage Marketplace Vision To be the premier real estate and
mortgage marketplace offering both content and distribution to the
marketplace participants 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
market participants Altisource Vision
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Large vendor
network Technology to order, deliver and pay for services Affinity
relationships BPM solutions and people Putting the Pieces Together to Serve
Marketplaces
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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 Brokerage, on-line
sales, title and escrow, valuation, insurance, etc. Brokerage, on-line
rental, renovation management, property management, etc. Property inspection,
preservation and renovation management, etc. Offering distribution Order and
vendor management technology, payment and presentment technology, document
management, advanced analytics models as a service, consumer engagement
platform, etc. Offering content (SaaS solutions and people) Real Estate
Marketplace
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Mortgage
Origination Mortgage Servicing Mortgage Originators Service Providers
Mortgage Servicers Service Providers Investors Origination technology, title
and escrow, valuation, quality control, verification of employment and
income, flood certifications, etc. Servicing technology and dialogue engines,
title and escrow, insurance services, valuation, property inspection and
preservation, default management services, etc. Order and vendor management
technology, payment and presentment technology, document management, advanced
analytics models as a service, consumer engagement platform, etc. Borrowers
Borrowers Connecting With Offering content (SaaS solutions and people)
Offering distribution Mortgage Marketplace
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Vendor
selection Price discovery Order processing Fulfillment acceptance Quality
control Compliance validation Vendor scoring Invoicing and payment Customer
care Collections Advanced analytics Document management Rules engines and
processing solutions that enable and improve the efficiency and effectiveness
of the Real Estate and Mortgage Marketplaces. Our solutions are industry
agnostic and can be applied to other marketplaces Distribution and
Transaction Solutions Enabling the Marketplaces
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Real Estate
Marketplace Mortgage Marketplace Home Sales1 5.0 million homes sold in the
United States during the 12 months ended June 2014 for an aggregate sales
price of ~$1.1 trillion Home Rentals2 21.3 million single family rental homes
(13.8 million single unit rental homes) Home Maintenance2 74.5 million
owner-occupied homes in the United States as of Q214 $396 per year per owner
occupied home spent on home maintenance (excluding home improvement) (median
amount) Mortgage Originations Estimated mortgage loan originations of $1.1
trillion and $1.2 trillion in 2014 and 2015, respectively 3 Between 15 and 20
transactions are ordered in connection with an originated loan4 Mortgage
Servicing $9.9 trillion5 of unpaid principal balance in residential mortgage
loans (approximately 49 million loans) outstanding in the United States as of
Q114 1 Source: National Association of Realtors® 2 Source: U.S. Census
Bureau 3 Source: Projections for 2014 and 2015 based on Mortgage Bankers
Association July 15, 2014 forecast 4 Source: Internal estimates 5 Source:
Federal Reserve Market Sizes
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Business
Overview
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Business
Overview Services to the real estate and mortgage marketplaces that are
typically outsourced by loan servicers, originators and home owners Accounts
receivable management and customer relationship management services Business
process management solutions and distribution solutions to enable the real
estate and mortgage marketplaces and infrastructure support Technology
Services Mortgage Services Consolidated Altisource - 6/30/2014 LTM Service
Revenue: $846.0mm Operating Income: $200.6mm EBITDA(1): $258.1mm Financial
Services (1) EBITDA defined as net income attributable to Altisource plus
income taxes, interest expense, depreciation and amortization
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Mortgage
Services Summary Service revenue growth principally from continued growth
of Ocwen, services expansion and growth of services provided to Lenders One®
members Operating margins have generally expanded due to scale benefits and
operating efficiencies, partially offset by amortization of the intangible
assets associated with the 2013 acquisition of the fee based businesses
Overview 2008 6/30/14 LTM CAGR: 55% Operating margin is calculated using
Service revenue, which we define as revenue less revenue from expense
reimbursement and non-controlling interest Does not include eliminations.
Some categories include default and originations related revenue
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Operating
margin is calculated using Service revenue, which we define as revenue less
revenue from expense reimbursement and non-controlling interest Operating
income and margin exclude $2.8mm of goodwill impairment recognized in 2010
Financial Services Summary 55 During 2013, asset recovery management
significantly expanded its higher margin mortgage charge-off collections services
Operating margins have expanded due to our expense management initiatives and
customer base evolution towards the more stable and profitable customer
relationship management and mortgage charge-off collections businesses (2)
Overview
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Technology Services
Summary Revenue growth primarily from Ocwens portfolio growth Operating
margins have recently declined as we invest in personnel to accelerate our
next generation technology development to support our anticipated growth 2008
6/30/14 LTM CAGR: 26% Overview (1) Operating margin is calculated using
Service revenue, which we define as revenue less revenue from expense
reimbursement and non-controlling interest
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Financial
Performance
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Historical
Performance
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Historical
Performance
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Growth
Initiatives
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Supporting Ocwen Expanding Hubzu to other
institutions and the non-distressed home sale market Providing asset
management services to the single family rental market Marketplace: Real
Estate Supporting Ocwen Growing our origination related services through our
access to over 14% of the U.S. origination market through Lenders One and
Ocwen Developing NextGen REALServicing® technology Developing NextGen
REALDoc®, REALTrans®, REALRemit®, REALAnalytics technologies, among others
Deploying platform business process outsourcing offerings leveraging our next
generation software with traditional BPO services Marketplace: Mortgage
Distribution and Transaction Solutions Growth Initiatives
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Appendix
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Historical
Financial Information EBITDA Reconciliation LTM ($ mm) 6/30/14 Net Income
attributable to Altisource $165.3 Income tax provision 10.5 Interest expense,
net of interest income 21.7 Depreciation and amortization 60.6 EBITDA $258.1
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About
Altisource We are a premier marketplace and transaction solutions provider
for the real estate, mortgage and consumer debt industries offering both
distribution and content. We leverage proprietary business process, vendor
and electronic payment management software and behavioral science based
analytics to improve outcomes for marketplace participants. Contact
Information All Investor Relations inquiries should be sent to:
shareholders@altisource.lu Exchange NASDAQ Global Select Market Ticker ASPS Headquarters
Luxembourg Employees More than 9,200 Investor Relations Information
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