Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”)
(NASDAQ: ASPS), a leading provider and marketplace for the real
estate and mortgage industries, today reported financial results
for the fourth quarter and full year 2021.
“Altisource demonstrated resiliency during 2021,
a year defined by challenges from the pandemic and related borrower
relief programs that significantly impacted our revenue and
Adjusted earnings. We strengthened our balance sheet with the
fourth quarter sale of Pointillist. We ended 2021 with $98.1
million in cash and $149.1 million of net debt representing a 68%
increase in cash and a 21% reduction in net debt compared to 2020,”
said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We believe we are
poised to return to revenue growth in 2022 with quarterly
year-over-year revenue forecasted to grow over the same period in
2021 beginning with the third quarter. The growth reflects
the anticipated tailwinds in our Default business from the recent
termination of the temporary pandemic related borrower relief
programs and launch of new solutions, customer wins, and greater
product adoption in our Origination business. With the
expected revenue growth and benefit of our prior cost reduction
initiatives, we anticipate we will generate positive Adjusted
EBITDA for the second half of 2022.”
2021 Highlights(1)
Corporate and Financial:
- Ended 2021 with $98.1 million of
cash and cash equivalents, a 68% increase from December 31,
2020
- Ended 2021 with $149.1 million of
net debt(2), a 21% decrease from December 31, 2020
- On December 1, 2021 Altisource sold
all of its equity interest in Pointillist, Inc.
(“Pointillist”). Altisource received approximately $106.0
million from the sale of its Pointillist equity and the collection
of outstanding receivables, with $102.2 million received at
closing, approximately $0.3 million deposited into the Working
Capital Escrow and approximately $3.5 million deposited into the
Indemnification Escrow. We recognized a pre-tax and after-tax
gain of $88.9 million from the sale
- The Company reduced 2021 cash
operating costs (excluding outside fees and services) by $49.3
million, representing a 25% reduction from 2020
- The Company announced on July 29,
2021 that it was evaluating ways to enhance shareholder value with
the Origination business, including the potential for a
divestiture, joint venture, third party investment in or other
strategic transaction. Altisource recently concluded this
process and, after exploring a range of alternatives, determined
that it is in the best interests of the Company and its
shareholders to retain and further invest in the business. The
Company believes that the Origination business’s unique
distribution engine and strong growth prospects will be a
significant catalyst to create value for shareholders
Business Highlights:
- Hubzu referrals in 2021 were 30%
higher than 2020, including a 62% increase in foreclosure referrals
and a 6% decrease in REO referrals. As of December 31, 2021
Hubzu inventory was over 6,300 homes, representing a 27% increase
compared to December 31, 2020, including a 67% increase in
foreclosure inventory and a 5% decrease in REO inventory
- Service revenue from our
Origination business grew by 11% in 2021 to $58.0 million compared
to 2020 and Lenders One membership grew by 13% to 251 members
over the same period
- The Company launched a tri-merge
credit report solution and other related products required to
manufacture a loan which include verification of employment, income
and assets and undisclosed debt notification
- The Company launched the Lenders
One Loan Automation technology (“LOLA”). LOLA is an
internally developed technology solution designed to make it easier
for Lenders One members to order and receive our solutions through
a single point of entry and automate loan manufacturing processes
to improve Lenders One members’ operational efficiency and reduce
costs
- On May 5, 2021 Altisource entered
into an agreement with Ocwen Financial Corporation (together with
its subsidiaries, “Ocwen”) that extended the terms of certain
services agreements from August 2025 through August 2030 and
expanded the scope of solutions to include, among others, the
opportunity for the Company to provide first and second chance
foreclosure auctions on Federal Housing Administration (“FHA”)
loans, field services on Ocwen’s FHA, Veterans Affairs and United
States Department of Agriculture loans (collectively, “Government
Loans”), and title services on FHA and Veterans Affairs loans,
subject to a process to confirm Altisource’s ability to meet
reasonable performance requirements
2021 Financial Results
Full Year 2021
- Service revenue of $170.6 million
- Earnings before income taxes and non-controlling interests of
$15.3 million
- Adjusted pretax loss attributable to Altisource(2) of $(50.4)
million
- Adjusted earnings before interest, tax, depreciation and
amortization (“EBITDA”)(2) of $(31.6) million
- Net income attributable to Altisource of $11.8 million, or
$0.74 per diluted share
- Adjusted net loss attributable to Altisource(2) of $(51.7)
million, or $(3.22) per diluted share
Fourth Quarter 2021
- Service revenue of $36.9 million
- Earnings before income taxes and non-controlling interests of
$72.3 million
- Adjusted pre-tax loss attributable to Altisource(2) of $(13.7)
million
- Adjusted EBITDA(2) of $(8.8) million
- Net income attributable to Altisource of $70.6 million, or
$4.40 per diluted share
- Adjusted net loss attributable to Altisource(2) of $(13.8)
million, or $(0.86) per diluted share
Fourth Quarter and Full Year 2021
Results Compared to Fourth Quarter and Full Year 2020:
(in thousands, except per
share data) |
Fourth Quarter 2021 |
|
Fourth Quarter 2020 |
|
% Change |
|
Full Year 2021 |
|
Full Year 2020 |
|
% Change |
Service revenue |
$ |
36,941 |
|
|
$ |
57,743 |
|
|
(36 |
) |
|
$ |
170,613 |
|
|
$ |
347,313 |
|
|
(51 |
) |
Income (loss) from
operations |
|
76,127 |
|
|
|
(15,630 |
) |
|
N/M |
|
|
|
28,968 |
|
|
|
(44,355 |
) |
|
165 |
|
Adjusted operating
loss(2) |
|
(9,358 |
) |
|
|
(10,096 |
) |
|
7 |
|
|
|
(35,480 |
) |
|
|
(2,707 |
) |
|
N/M |
|
Income (loss) before income
taxes and non-controlling interests |
|
72,325 |
|
|
|
(3,695 |
) |
|
N/M |
|
|
|
15,285 |
|
|
|
(57,706 |
) |
|
126 |
|
Pretax income (loss)
attributable to Altisource(2) |
|
71,933 |
|
|
|
(3,894 |
) |
|
N/M |
|
|
|
15,044 |
|
|
|
(58,547 |
) |
|
126 |
|
Adjusted pretax loss
attributable to Altisource(2) |
|
(13,733 |
) |
|
|
(15,032 |
) |
|
9 |
|
|
|
(50,448 |
) |
|
|
(22,036 |
) |
|
(129 |
) |
Adjusted EBITDA(2) |
|
(8,829 |
) |
|
|
(7,278 |
) |
|
(21 |
) |
|
|
(31,622 |
) |
|
|
10,243 |
|
|
(409 |
) |
Net income (loss) attributable
to Altisource |
|
70,558 |
|
|
|
(7,208 |
) |
|
N/M |
|
|
|
11,812 |
|
|
|
(67,156 |
) |
|
118 |
|
Adjusted net loss attributable
to Altisource(2) |
|
(13,752 |
) |
|
|
(17,197 |
) |
|
20 |
|
|
|
(51,651 |
) |
|
|
(29,121 |
) |
|
(77 |
) |
Diluted earnings (loss) per
share |
|
4.40 |
|
|
|
(0.46 |
) |
|
N/M |
|
|
|
0.74 |
|
|
|
(4.31 |
) |
|
117 |
|
Adjusted diluted loss per
share(2) |
|
(0.86 |
) |
|
|
(1.10 |
) |
|
22 |
|
|
|
(3.22 |
) |
|
|
(1.87 |
) |
|
(72 |
) |
Cash flows used in operating
activities |
|
(19,272 |
) |
|
|
(8,324 |
) |
|
(132 |
) |
|
|
(60,405 |
) |
|
|
(22,401 |
) |
|
(170 |
) |
Cash flows used in operating
activities less additions to premises and equipment(2) |
|
(19,526 |
) |
|
|
(8,527 |
) |
|
(129 |
) |
|
|
(61,784 |
) |
|
|
(25,106 |
) |
|
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M — not meaningful.
- Fourth quarter and full year 2021 income (loss) from operations
include:
- Losses from our earlier stage businesses of $1.5 million and
$8.6 million, respectively, compared to $1.9 million and $9.1
million for the fourth quarter and full year 2020,
respectively.
- Expenses related to cost savings initiatives and other of $0.4
million and $3.6 million, respectively, compared $0.7 million for
the full year 2020 (no comparable amount for the fourth quarter of
2020).
- Gain on sale of the Pointillist business of $88.9 million (no
comparable amounts in 2020).
- Restructuring charges related to Project Catalyst of $0 in 2021
and $1.1 million and $12.0 million for the fourth quarter and full
year 2020, respectively.
- Sales tax accruals, net of $0 in 2021 and $(2.1) million and
$(2.7) million for the fourth quarter and full year 2020,
respectively.
- Fourth quarter and full year 2020 pretax income (loss)
attributable to Altisource(2) include unrealized mark-to-market
gains on our equity investment in RESI of $16.4 million and $4.0
million, respectively (no comparable amounts in 2021).
- Fourth quarter and full year 2021 net income (loss)
attributable to Altisource includes $1.4 million and $2.7 million
of expense, respectively, ($0.7 million and $3.1 million for the
fourth quarter and full year 2020, respectively) for certain income
tax items related to adjustments to foreign income tax reserves,
the impact of a decrease in the India income tax rates on deferred
tax assets and withholding tax on a dividend from the Company’s
India subsidiary to its parent.
________________________
(1) Applies to 2021 unless otherwise
indicated(2) This is a non-GAAP measure that is defined and
reconciled to the corresponding GAAP measure herein
Forward-Looking Statements
This press release contains forward-looking
statements that involve a number of risks and uncertainties.
These forward-looking statements include all statements that are
not historical fact, including statements that relate to, among
other things, future events or our future performance or financial
condition. These statements may be identified by words such
as “anticipate,” “intend,” “expect,” “may,” “could,” “should,”
“would,” “plan,” “estimate,” “seek,” “believe,” “potential” or
“continue” or the negative of these terms and comparable
terminology. Such statements are based on expectations as to
the future and are not statements of historical fact.
Furthermore, forward-looking statements are not guarantees of
future performance and involve a number of assumptions, risks and
uncertainties that could cause actual results to differ
materially. Important factors that could cause actual results
to differ materially from those suggested by the forward-looking
statements include, but are not limited to, the risks discussed in
Item 1A of Part I “Risk Factors” in our Form 10-K filing with the
Securities and Exchange Commission, as the same may be updated from
time to time in our Form 10-Q filings. We caution you not to
place undue reliance on these forward-looking statements which
reflect our view only as of the date of this report. We are
under no obligation (and expressly disclaim any obligation) to
update or alter any forward-looking statements contained herein to
reflect any change in our expectations with regard thereto or
change in events, conditions or circumstances on which any such
statement is based. The risks and uncertainties to which
forward-looking statements are subject include, but are not limited
to, risks related to the COVID-19 pandemic, customer concentration,
the timing of the anticipated increase in default related referrals
following the expiration of foreclosure and eviction moratoriums
and forbearance programs, the timing of the expiration of such
moratoriums and programs, and any other delays occasioned by
government, investor or servicer actions, the use and success of
our products and services, our ability to retain existing customers
and attract new customers and the potential for expansion or
changes in our customer relationships, technology disruptions, our
compliance with applicable data requirements, our use of third
party vendors and contractors, our ability to effectively manage
potential conflicts of interest, macro-economic and industry
specific conditions, our ability to effectively manage our
regulatory and contractual obligations, the adequacy of our
financial resources, including our sources of liquidity and ability
to repay borrowings and comply with our Credit Agreement, including
the financial and other covenants contained therein, as well as
Altisource’s ability to retain key executives or employees,
behavior of customers, suppliers and/or competitors, technological
developments, governmental regulations, taxes and policies. The
financial projections and scenarios contained in this press release
are expressly qualified as forward-looking statements and, as with
other forward-looking statements, should not be unduly relied
upon. We undertake no obligation to update these statements,
scenarios and projections as a result of a change in circumstances,
new information or future events.
Webcast
Altisource will host a webcast at 8:30 a.m. EST
today to discuss our fourth quarter and full year 2021
results. A link to the live audio webcast will be available
on Altisource’s website in the Investor Relations section.
Those who want to listen to the call should go to the website at
least fifteen minutes prior to the call to register, download and
install any necessary audio software. A replay of the
conference call will be available via the website approximately two
hours after the conclusion of the call and will remain available
for approximately 30 days.
About Altisource
Altisource Portfolio Solutions S.A. is an
integrated service provider and marketplace for the real estate and
mortgage industries. Combining operational excellence with a
suite of innovative services and technologies, Altisource helps
solve the demands of the ever-changing markets we serve.
Additional information is available at www.Altisource.com.
FOR FURTHER INFORMATION CONTACT:
Michelle D. EstermanChief Financial OfficerT: (770) 612-7007E:
Michelle.Esterman@altisource.com
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)(in thousands, except
per share data)
|
|
Three months
endedDecember 31, |
|
Year endedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Service revenue |
|
$ |
36,941 |
|
|
$ |
57,743 |
|
|
$ |
170,613 |
|
|
$ |
347,313 |
|
Reimbursable expenses |
|
|
1,190 |
|
|
|
1,790 |
|
|
|
6,555 |
|
|
|
16,285 |
|
Non-controlling interests |
|
|
573 |
|
|
|
433 |
|
|
|
1,285 |
|
|
|
1,949 |
|
Total revenue |
|
|
38,704 |
|
|
|
59,966 |
|
|
|
178,453 |
|
|
|
365,547 |
|
Cost of revenue |
|
|
35,314 |
|
|
|
53,625 |
|
|
|
164,811 |
|
|
|
288,909 |
|
Reimbursable expenses |
|
|
1,190 |
|
|
|
1,790 |
|
|
|
6,555 |
|
|
|
16,285 |
|
Gross profit |
|
|
2,200 |
|
|
|
4,551 |
|
|
|
7,087 |
|
|
|
60,353 |
|
Operating (income)
expense: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
15,003 |
|
|
|
19,130 |
|
|
|
67,049 |
|
|
|
92,736 |
|
Gain on sale of business |
|
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Restructuring charges |
|
|
— |
|
|
|
1,051 |
|
|
|
— |
|
|
|
11,972 |
|
Income (loss) from
operations |
|
|
76,127 |
|
|
|
(15,630 |
) |
|
|
28,968 |
|
|
|
(44,355 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(3,875 |
) |
|
|
(4,465 |
) |
|
|
(14,547 |
) |
|
|
(17,730 |
) |
Unrealized gain on investment in equity securities |
|
|
— |
|
|
|
16,437 |
|
|
|
— |
|
|
|
4,004 |
|
Other income (expense), net |
|
|
73 |
|
|
|
(37 |
) |
|
|
864 |
|
|
|
375 |
|
Total other income (expense), net |
|
|
(3,802 |
) |
|
|
11,935 |
|
|
|
(13,683 |
) |
|
|
(13,351 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and non-controlling interests |
|
|
72,325 |
|
|
|
(3,695 |
) |
|
|
15,285 |
|
|
|
(57,706 |
) |
Income tax benefit
(provision) |
|
|
(1,375 |
) |
|
|
(3,314 |
) |
|
|
(3,232 |
) |
|
|
(8,609 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
70,950 |
|
|
|
(7,009 |
) |
|
|
12,053 |
|
|
|
(66,315 |
) |
Net income attributable to
non-controlling interests |
|
|
(392 |
) |
|
|
(199 |
) |
|
|
(241 |
) |
|
|
(841 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Altisource |
|
$ |
70,558 |
|
|
$ |
(7,208 |
) |
|
$ |
11,812 |
|
|
$ |
(67,156 |
) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.45 |
|
|
$ |
(0.46 |
) |
|
$ |
0.75 |
|
|
$ |
(4.31 |
) |
Diluted |
|
$ |
4.40 |
|
|
$ |
(0.46 |
) |
|
$ |
0.74 |
|
|
$ |
(4.31 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
15,839 |
|
|
|
15,657 |
|
|
|
15,839 |
|
|
|
15,598 |
|
Diluted |
|
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss),
net of tax |
|
|
70,950 |
|
|
|
(7,009 |
) |
|
|
12,053 |
|
|
|
(66,315 |
) |
Comprehensive income
attributable to non-controlling interests |
|
|
(392 |
) |
|
|
(199 |
) |
|
|
(241 |
) |
|
|
(841 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Altisource |
|
$ |
70,558 |
|
|
$ |
(7,208 |
) |
|
$ |
11,812 |
|
|
$ |
(67,156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED BALANCE
SHEETS(in thousands, except per share
data)
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
98,132 |
|
|
$ |
58,263 |
|
Accounts receivable, net |
|
18,008 |
|
|
|
22,413 |
|
Prepaid expenses and other current assets |
|
21,864 |
|
|
|
19,479 |
|
Total current assets |
|
138,004 |
|
|
|
100,155 |
|
|
|
|
|
Premises and equipment,
net |
|
6,873 |
|
|
|
11,894 |
|
Right-of-use assets under
operating leases |
|
7,594 |
|
|
|
18,213 |
|
Goodwill |
|
55,960 |
|
|
|
73,849 |
|
Intangible assets, net |
|
36,859 |
|
|
|
46,326 |
|
Deferred tax assets, net |
|
6,386 |
|
|
|
5,398 |
|
Other assets |
|
6,132 |
|
|
|
9,850 |
|
|
|
|
|
Total assets |
$ |
257,808 |
|
|
$ |
265,685 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
46,535 |
|
|
$ |
56,779 |
|
Deferred revenue |
|
4,342 |
|
|
|
5,461 |
|
Other current liabilities |
|
3,870 |
|
|
|
9,305 |
|
Total current liabilities |
|
54,747 |
|
|
|
71,545 |
|
|
|
|
|
Long-term debt |
|
243,637 |
|
|
|
242,656 |
|
Deferred tax liabilities,
net |
|
9,028 |
|
|
|
8,801 |
|
Other non-current
liabilities |
|
19,266 |
|
|
|
25,239 |
|
|
|
|
|
Commitments, contingencies and
regulatory matters |
|
|
|
|
|
|
|
Equity (deficit): |
|
|
|
Common stock ($1.00 par value; 100,000 shares authorized, 25,413
issued and 15,911 outstanding as of December 31, 2021; 15,664
outstanding as of December 31, 2020) |
|
25,413 |
|
|
|
25,413 |
|
Additional paid-in capital |
|
144,298 |
|
|
|
141,473 |
|
Retained earnings |
|
186,592 |
|
|
|
190,383 |
|
Treasury stock, at cost (9,502 shares as of December 31, 2021 and
9,749 shares as of December 31, 2020) |
|
(426,445 |
) |
|
|
(441,034 |
) |
Altisource deficit |
|
(70,142 |
) |
|
|
(83,765 |
) |
|
|
|
|
Non-controlling interests |
|
1,272 |
|
|
|
1,209 |
|
Total deficit |
|
(68,870 |
) |
|
|
(82,556 |
) |
|
|
|
|
Total liabilities and
deficit |
$ |
257,808 |
|
|
$ |
265,685 |
|
|
|
|
|
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands)
|
For the years ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ |
12,053 |
|
|
$ |
(66,315 |
) |
Adjustments to reconcile net
income (loss) to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
4,592 |
|
|
|
14,890 |
|
Amortization of right-of-use assets under operating leases |
|
7,935 |
|
|
|
10,245 |
|
Amortization of intangible assets |
|
9,467 |
|
|
|
14,720 |
|
Unrealized gain on investment in equity securities |
|
— |
|
|
|
(4,004 |
) |
Share-based compensation expense |
|
2,825 |
|
|
|
7,804 |
|
Bad debt expense |
|
1,354 |
|
|
|
2,229 |
|
Amortization of debt discount |
|
665 |
|
|
|
666 |
|
Amortization of debt issuance costs |
|
847 |
|
|
|
730 |
|
Deferred income taxes |
|
(705 |
) |
|
|
5,033 |
|
Loss on disposal of fixed assets |
|
47 |
|
|
|
461 |
|
Gain on sale of businesses |
|
(88,930 |
) |
|
|
— |
|
Other non-cash items |
|
137 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
2,963 |
|
|
|
14,973 |
|
Prepaid expenses and other current assets |
|
1,146 |
|
|
|
(4,140 |
) |
Other assets |
|
902 |
|
|
|
947 |
|
Accounts payable and accrued expenses |
|
(8,442 |
) |
|
|
(10,338 |
) |
Current and non-current operating lease liabilities |
|
(8,803 |
) |
|
|
(10,599 |
) |
Other current and non-current liabilities |
|
1,542 |
|
|
|
297 |
|
Net cash used in operating
activities |
|
(60,405 |
) |
|
|
(22,401 |
) |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Additions to premises and equipment |
|
(1,379 |
) |
|
|
(2,705 |
) |
Proceeds received from sale of equity securities |
|
— |
|
|
|
46,622 |
|
Proceeds from the sale of businesses |
|
104,141 |
|
|
|
3,307 |
|
Net cash provided by investing
activities |
|
102,762 |
|
|
|
47,224 |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Proceeds from revolving credit facility |
|
20,000 |
|
|
|
— |
|
Repayments of long-term debt and revolving credit facility |
|
(20,000 |
) |
|
|
(46,622 |
) |
Debt issuance costs |
|
(531 |
) |
|
|
— |
|
Proceeds from convertible debt payable to related parties |
|
1,200 |
|
|
|
— |
|
Distributions to non-controlling interests |
|
(1,959 |
) |
|
|
(1,101 |
) |
Payments of tax withholding on issuance of restricted share units
and restricted shares |
|
(1,014 |
) |
|
|
(1,587 |
) |
Net cash used in financing
activities |
|
(2,304 |
) |
|
|
(49,310 |
) |
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
40,053 |
|
|
|
(24,487 |
) |
Cash, cash equivalents and
restricted cash at the beginning of the period |
|
62,096 |
|
|
|
86,583 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash at the end of the period |
$ |
102,149 |
|
|
$ |
62,096 |
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
Interest paid |
$ |
12,532 |
|
|
$ |
15,697 |
|
Income taxes paid, net |
|
2,455 |
|
|
|
2,061 |
|
Acquisition of right-of-use
assets with operating lease liabilities |
|
7,318 |
|
|
|
1,075 |
|
Reduction of right-of-use
assets from operating lease modifications or reassessments |
|
(6,119 |
) |
|
|
(1,691 |
) |
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
Net (decrease) increase in payables for purchases of premises and
equipment |
|
(116 |
) |
|
|
139 |
|
|
|
|
|
|
|
|
|
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.NON-GAAP MEASURES(in
thousands, except per share
data)(unaudited)
Adjusted operating loss, pretax income (loss)
attributable to Altisource, adjusted pretax loss attributable to
Altisource, adjusted net loss attributable to Altisource, adjusted
diluted loss per share, adjusted earnings before interest, taxes,
depreciation and amortization (“Adjusted EBITDA”), cash flows from
operating activities less additions to premises and equipment and
net debt, which are presented elsewhere in this earnings release,
are non-GAAP measures used by management, existing shareholders,
potential shareholders and other users of our financial information
to measure Altisource’s performance and do not purport to be
alternatives to income (loss) from operations, income (loss) before
income taxes and non-controlling interests, net income (loss)
attributable to Altisource, diluted earnings (loss) per share, cash
flows used in operating activities and long-term debt, including
current portion, as measures of Altisource’s performance. We
believe these measures are useful to management, existing
shareholders, potential shareholders and other users of our
financial information in evaluating operating profitability and
cash flow generation more on the basis of continuing cost and cash
flows as they exclude amortization expense related to acquisitions
that occurred in prior periods and non-cash share-based
compensation, as well as the effect of more significant
non-operational items from earnings, cash flows from operating
activities and long-term debt net of cash on-hand. We believe
these measures are also useful in evaluating the effectiveness of
our operations and underlying business trends in a manner that is
consistent with management’s evaluation of business
performance. Furthermore, we believe the exclusion of more
significant non-operational items enables comparability to prior
period performance and trend analysis. Specifically,
management uses adjusted net loss attributable to Altisource to
measure the on-going after tax performance of the Company because
the measure adjusts for the after tax impact of more significant
non-recurring items, amortization expense relating to prior
acquisitions (some of which fluctuates with revenue from certain
customers and some of which is amortized on a straight-line basis)
and non-cash share-based compensation expense which can fluctuate
based on vesting schedules, grant date timing and the value
attributable to awards. We believe adjusted net loss
attributable to Altisource is useful to existing shareholders,
potential shareholders and other users of our financial information
because it provides an after-tax measure of Altisource’s on-going
performance that enables these users to perform trend analysis
using comparable data. Management uses adjusted diluted loss
per share to further evaluate adjusted net loss attributable to
Altisource while taking into account changes in the number of
diluted shares over the comparable periods. We believe
adjusted diluted loss per share is useful to existing shareholders,
potential shareholders and other users of our financial information
because it also enables these users to evaluate adjusted net loss
attributable to Altisource on a per share basis. Management
uses Adjusted EBITDA to measure the Company’s overall performance
(with the adjustments discussed earlier with regard to adjusted net
loss attributable to Altisource) without regard to its
capitalization (debt vs. equity) or its income taxes and to perform
trend analysis of the Company’s performance over time. Our
effective income tax rate can vary based on the jurisdictional mix
of our income. Additionally, as the Company’s capital
expenditures have significantly declined over time, it provides a
measure for management to evaluate the Company’s performance
without regard to prior capital expenditures. Management also
uses Adjusted EBITDA as one of the measures in determining bonus
compensation for certain employees. We believe Adjusted
EBITDA is useful to existing shareholders, potential shareholders
and other users of our financial information for the same reasons
that management finds the measure useful. Management uses net
debt in evaluating the amount of debt the Company has that is in
excess of cash and cash equivalents and equity securities. We
deduct investment in equity securities from debt in arriving at
this measure because our Senior Secured Term Loan requires the
Company to use any proceeds from the sale of equity securities to
repay the Senior Secured Term Loan. We believe net debt is
useful to existing shareholders, potential shareholders and other
users of our financial information for the same reasons management
finds the measure useful.
Altisource operates in several countries,
including Luxembourg, India, the United States and Uruguay.
The Company has differing effective tax rates in each country and
these rates may change from year to year. In determining the
tax effects related to the adjustments in calculating adjusted net
loss attributable to Altisource and adjusted diluted loss per
share, we use the tax rate in the country in which the adjustment
applies or, if the adjustment is recognized in more than one
country, we separate the adjustment by country, apply the relevant
tax rate for each country to the applicable adjustment, and then
sum the result to arrive at the total adjustment, net of tax.
In 2019, the Company recognized a full valuation allowance on its
net deferred tax assets in Luxembourg. Accordingly, for 2021
and 2020, the Company has an effective tax rate of close to 0% in
Luxembourg.
Following the 2019 creation of Pointillist as a
separate legal entity, Altisource had no ongoing obligation to fund
Pointillist, Pointillist was positioned to and focused on raising
third-party capital and Pointillist was an unrestricted subsidiary
under our Senior Secured Term Loan. Additionally, Pointillist
was not part of Altisource’s core, normal, recurring
business. For these reasons, in 2020 we began adding back the
losses of Pointillist in calculating adjusted net loss attributable
to Altisource, adjusted diluted loss per share, and Adjusted
EBITDA.
It is management’s intent to provide non-GAAP
financial information to enhance the understanding of Altisource’s
GAAP financial information, and it should be considered by the
reader in addition to, but not instead of, the financial statements
prepared in accordance with GAAP. Each non-GAAP financial
measure is presented along with the corresponding GAAP measure so
as not to imply that more emphasis should be placed on the non-GAAP
measure. The non-GAAP financial information presented may be
determined or calculated differently by other companies. The
non-GAAP financial information should not be unduly relied
upon.
Adjusted operating loss is calculated by
removing intangible asset amortization expense, share-based
compensation expense, Pointillist losses, gain on sale of business,
cost of cost savings initiatives and other, restructuring charges,
and sales tax net accrual (reimbursement) from income (loss) from
operations. Pretax income (loss) attributable to Altisource
is calculated by removing non-controlling interests from income
(loss) before income taxes and non-controlling interests.
Adjusted pretax loss attributable to Altisource is calculated by
removing non-controlling interests, intangible asset amortization
expense, share-based compensation expense, Pointillist losses, gain
on sale of business, cost of cost savings initiatives and other,
unrealized gain on investment in equity securities, restructuring
charges, and sales tax net accrual (reimbursement) from
income (loss) before income taxes and non-controlling
interests. Adjusted EBITDA is calculated by removing the
income tax provision, interest expense (net of interest income),
depreciation and amortization, intangible asset amortization
expense, share-based compensation expense, Pointillist losses, gain
on sale of business, cost of cost savings initiatives and other,
unrealized gain on investment in equity securities, restructuring
charges, and sales tax (reimbursement) from net income (loss)
attributable to Altisource. Adjusted net loss attributable to
Altisource is calculated by removing intangible asset amortization
expense (net of tax), share-based compensation expense (net of
tax), Pointillist losses (net of tax), gain on sale of business
(net of tax), cost of cost savings initiatives and other (net of
tax), unrealized gain on investment in equity securities (net of
tax), restructuring charges (net of tax), sales tax net accrual
(reimbursement) (net of tax) and certain income tax related items,
net from net income (loss) attributable to Altisource.
Adjusted diluted loss per share is calculated by dividing net
income (loss) attributable to Altisource after removing intangible
asset amortization expense (net of tax), share-based compensation
expense (net of tax), Pointillist losses (net of tax), gain on sale
of business (net of tax), cost of cost savings initiatives and
other (net of tax), unrealized gain on investment in equity
securities (net of tax), restructuring charges (net of tax), sales
tax net (reimbursement) (net of tax) and certain income tax related
items by the weighted average number of diluted shares. Cash
flows from operating activities less additions to premises and
equipment is calculated by removing additions to premises and
equipment from cash flows from operating activities. Net debt
is calculated as long-term debt, including current portion, minus
cash and cash equivalents.
Reconciliations of the non-GAAP measures to the
corresponding GAAP measures are as follows:
|
Three months
endedDecember 31, |
|
Year endedDecember 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
$ |
76,127 |
|
|
$ |
(15,630 |
) |
|
$ |
28,968 |
|
|
$ |
(44,355 |
) |
|
|
|
|
|
|
|
|
Intangible asset amortization expense |
|
1,284 |
|
|
|
3,376 |
|
|
|
9,467 |
|
|
|
14,720 |
|
Share-based compensation expense |
|
315 |
|
|
|
1,248 |
|
|
|
2,825 |
|
|
|
7,804 |
|
Pointillist losses |
|
1,496 |
|
|
|
1,918 |
|
|
|
8,612 |
|
|
|
9,132 |
|
Gain on sale of business |
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Cost of cost savings initiatives and other |
|
350 |
|
|
|
— |
|
|
|
3,578 |
|
|
|
697 |
|
Restructuring charges |
|
— |
|
|
|
1,051 |
|
|
|
— |
|
|
|
11,972 |
|
Sales tax net accrual (reimbursement) |
|
— |
|
|
|
(2,059 |
) |
|
|
— |
|
|
|
(2,677 |
) |
|
|
|
|
|
|
|
|
Adjusted operating loss |
$ |
(9,358 |
) |
|
$ |
(10,096 |
) |
|
$ |
(35,480 |
) |
|
$ |
(2,707 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and non-controlling interest |
$ |
72,325 |
|
|
$ |
(3,695 |
) |
|
$ |
15,285 |
|
|
$ |
(57,706 |
) |
|
|
|
|
|
|
|
|
Non-controlling interest |
|
(392 |
) |
|
|
(199 |
) |
|
|
(241 |
) |
|
|
(841 |
) |
Pretax income (loss) attributable to Altisource |
|
71,933 |
|
|
|
(3,894 |
) |
|
|
15,044 |
|
|
|
(58,547 |
) |
Intangible asset amortization expense |
|
1,284 |
|
|
|
3,376 |
|
|
|
9,467 |
|
|
|
14,720 |
|
Share-based compensation expense |
|
315 |
|
|
|
1,248 |
|
|
|
2,825 |
|
|
|
7,804 |
|
Pointillist losses |
|
1,315 |
|
|
|
1,683 |
|
|
|
7,568 |
|
|
|
7,999 |
|
Gain on sale of business |
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Cost of cost savings initiatives and other |
|
350 |
|
|
|
— |
|
|
|
3,578 |
|
|
|
697 |
|
Unrealized gain on investment in equity securities |
|
— |
|
|
|
(16,437 |
) |
|
|
— |
|
|
|
(4,004 |
) |
Restructuring charges |
|
— |
|
|
|
1,051 |
|
|
|
— |
|
|
|
11,972 |
|
Sales tax net accrual (reimbursement) |
|
— |
|
|
|
(2,059 |
) |
|
|
— |
|
|
|
(2,677 |
) |
|
|
|
|
|
|
|
|
Adjusted pretax loss
attributable to Altisource |
$ |
(13,733 |
) |
|
$ |
(15,032 |
) |
|
$ |
(50,448 |
) |
|
$ |
(22,036 |
) |
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Altisource |
$ |
70,558 |
|
|
$ |
(7,208 |
) |
|
$ |
11,812 |
|
|
$ |
(67,156 |
) |
|
|
|
|
|
|
|
|
Income tax provision |
|
1,375 |
|
|
|
3,314 |
|
|
|
3,232 |
|
|
|
8,609 |
|
Interest expense (net of interest income) |
|
3,859 |
|
|
|
4,456 |
|
|
|
14,559 |
|
|
|
17,616 |
|
Depreciation and amortization |
|
1,113 |
|
|
|
3,369 |
|
|
|
4,592 |
|
|
|
14,890 |
|
Intangible asset amortization expense |
|
1,284 |
|
|
|
3,376 |
|
|
|
9,467 |
|
|
|
14,720 |
|
Share-based compensation expense |
|
315 |
|
|
|
1,248 |
|
|
|
2,825 |
|
|
|
7,804 |
|
Pointillist losses |
|
1,247 |
|
|
|
1,612 |
|
|
|
7,243 |
|
|
|
7,772 |
|
Gain on sale of business |
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Cost of cost savings initiatives and other |
|
350 |
|
|
|
— |
|
|
|
3,578 |
|
|
|
697 |
|
Unrealized gain on investment in equity securities |
|
— |
|
|
|
(16,437 |
) |
|
|
— |
|
|
|
(4,004 |
) |
Restructuring charges |
|
— |
|
|
|
1,051 |
|
|
|
— |
|
|
|
11,972 |
|
Sales tax net accrual (reimbursement) |
|
— |
|
|
|
(2,059 |
) |
|
|
— |
|
|
|
(2,677 |
) |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(8,829 |
) |
|
$ |
(7,278 |
) |
|
$ |
(31,622 |
) |
|
$ |
10,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Altisource |
$ |
70,558 |
|
|
$ |
(7,208 |
) |
|
$ |
11,812 |
|
|
$ |
(67,156 |
) |
|
|
|
|
|
|
|
|
Intangible asset amortization expense, net of tax |
|
1,282 |
|
|
|
3,372 |
|
|
|
9,454 |
|
|
|
14,650 |
|
Share-based compensation expense, net of tax |
|
238 |
|
|
|
1,047 |
|
|
|
2,522 |
|
|
|
6,939 |
|
Pointillist losses, net of tax |
|
1,315 |
|
|
|
2,598 |
|
|
|
7,568 |
|
|
|
8,914 |
|
Gain on sale of business, net of tax |
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Cost of cost savings initiatives and other, net of tax |
|
351 |
|
|
|
— |
|
|
|
3,183 |
|
|
|
565 |
|
Unrealized gain on investment in equity securities, net of tax |
|
— |
|
|
|
(16,437 |
) |
|
|
— |
|
|
|
(4,004 |
) |
Restructuring charges, net of tax |
|
— |
|
|
|
820 |
|
|
|
— |
|
|
|
10,586 |
|
Sales tax net accrual (reimbursement), net of tax |
|
— |
|
|
|
(2,059 |
) |
|
|
— |
|
|
|
(2,677 |
) |
Certain income tax related items, net |
|
1,434 |
|
|
|
670 |
|
|
|
2,740 |
|
|
|
3,062 |
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Altisource |
$ |
(13,752 |
) |
|
$ |
(17,197 |
) |
|
$ |
(51,651 |
) |
|
$ |
(29,121 |
) |
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
$ |
4.40 |
|
|
$ |
(0.46 |
) |
|
$ |
0.74 |
|
|
$ |
(4.31 |
) |
|
|
|
|
|
|
|
|
Intangible asset amortization expense, net of tax, per diluted
share |
|
0.08 |
|
|
|
0.22 |
|
|
|
0.59 |
|
|
|
0.94 |
|
Share-based compensation expense, net of tax, per diluted
share |
|
0.01 |
|
|
|
0.07 |
|
|
|
0.16 |
|
|
|
0.44 |
|
Pointillist losses, net of tax, per diluted share |
|
0.08 |
|
|
|
0.17 |
|
|
|
0.47 |
|
|
|
0.57 |
|
Gain on sale of business, net of tax, per diluted share |
|
(5.54 |
) |
|
|
— |
|
|
|
(5.54 |
) |
|
|
— |
|
Cost of cost savings initiatives and other, net of tax, per diluted
share |
|
0.02 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
0.04 |
|
Unrealized gain on investment in equity securities, net of tax, per
diluted share |
|
— |
|
|
|
(1.05 |
) |
|
|
— |
|
|
|
(0.26 |
) |
Restructuring charges, net of tax, per diluted share |
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.68 |
|
Sales tax net accrual (reimbursement) net of tax, per diluted
share |
|
— |
|
|
|
(0.13 |
) |
|
|
— |
|
|
|
(0.17 |
) |
Certain income tax related items, net, per diluted share |
|
0.09 |
|
|
|
0.04 |
|
|
|
0.17 |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
Adjusted diluted loss per
share |
$ |
(0.86 |
) |
|
$ |
(1.10 |
) |
|
$ |
(3.22 |
) |
|
$ |
(1.87 |
) |
|
|
|
|
|
|
|
|
Calculation of the impact of
intangible asset amortization expense, net of tax |
|
|
|
|
|
|
|
Intangible asset amortization expense |
$ |
1,284 |
|
|
$ |
3,376 |
|
|
$ |
9,467 |
|
|
$ |
14,720 |
|
Tax benefit from intangible asset amortization |
|
(2 |
) |
|
|
(4 |
) |
|
|
(13 |
) |
|
|
(70 |
) |
Intangible asset amortization expense, net of tax |
|
1,282 |
|
|
|
3,372 |
|
|
|
9,454 |
|
|
|
14,650 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Intangible asset amortization
expense, net of tax, per diluted share |
$ |
0.08 |
|
|
$ |
0.22 |
|
|
$ |
0.59 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
Calculation of the impact of
share-based compensation expense, net of tax |
|
|
|
|
|
|
|
Share-based compensation expense |
$ |
315 |
|
|
$ |
1,248 |
|
|
$ |
2,825 |
|
|
$ |
7,804 |
|
Tax benefit from share-based compensation expense |
|
(77 |
) |
|
|
(201 |
) |
|
|
(303 |
) |
|
|
(865 |
) |
Share-based compensation expense, net of tax |
|
238 |
|
|
|
1,047 |
|
|
|
2,522 |
|
|
|
6,939 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Share-based compensation
expense, net of tax, per diluted share |
$ |
0.01 |
|
|
$ |
0.07 |
|
|
$ |
0.16 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
Calculation of the impact of
Pointillist losses, net of tax |
|
|
|
|
|
|
|
Pointillist losses |
$ |
1,315 |
|
|
$ |
1,683 |
|
|
$ |
7,568 |
|
|
$ |
7,999 |
|
Tax provision from Pointillist losses |
|
— |
|
|
|
915 |
|
|
|
— |
|
|
|
915 |
|
Pointillist losses, net of tax |
|
1,315 |
|
|
|
2,598 |
|
|
|
7,568 |
|
|
|
8,914 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Pointillist losses, net of
tax, per diluted share |
$ |
0.08 |
|
|
$ |
0.17 |
|
|
$ |
0.47 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
Calculation of the impact of
gain on sale of business, net of tax |
|
|
|
|
|
|
|
Gain on sale of business |
$ |
(88,930 |
) |
|
$ |
— |
|
|
$ |
(88,930 |
) |
|
$ |
— |
|
Tax provision from gain on sale of business |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on sale of business, net of tax |
|
(88,930 |
) |
|
|
— |
|
|
|
(88,930 |
) |
|
|
— |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Gain on sale of business, net
of tax, per diluted share |
$ |
(5.54 |
) |
|
$ |
— |
|
|
$ |
(5.54 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
Calculation of the impact of
cost of cost savings initiatives and other, net of tax |
|
|
|
|
|
|
|
Cost of cost savings initiatives and other |
$ |
350 |
|
|
$ |
— |
|
|
$ |
3,578 |
|
|
$ |
697 |
|
Tax benefit from cost of cost savings initiatives and other |
|
1 |
|
|
|
— |
|
|
|
(395 |
) |
|
|
(132 |
) |
Cost of cost savings initiatives and other, net of tax |
|
351 |
|
|
|
— |
|
|
|
3,183 |
|
|
|
565 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Cost of cost savings
initiatives and other, net of tax, per diluted share |
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
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 |
) |
|
$ |
— |
|
|
$ |
(4,004 |
) |
Unrealized gain on investment in equity securities, net of tax |
|
— |
|
|
|
(16,437 |
) |
|
|
— |
|
|
|
(4,004 |
) |
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Unrealized gain on investment
in equity securities, net of tax, per diluted share |
$ |
— |
|
|
$ |
(1.05 |
) |
|
$ |
— |
|
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
|
Calculation of the impact of
restructuring charges, net of tax |
|
|
|
|
|
|
|
Restructuring charges |
$ |
— |
|
|
$ |
1,051 |
|
|
$ |
— |
|
|
$ |
11,972 |
|
Tax benefit from restructuring charges |
|
— |
|
|
|
(231 |
) |
|
|
— |
|
|
|
(1,386 |
) |
Restructuring charges, net of tax |
|
— |
|
|
|
820 |
|
|
|
— |
|
|
|
10,586 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Restructuring charges, net of
tax, per diluted share |
$ |
— |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
Calculation of the impact of
sales tax net accrual (reimbursement), net of tax |
|
|
|
|
|
|
|
Sales tax net accrual (reimbursement) |
$ |
— |
|
|
$ |
(2,059 |
) |
|
$ |
— |
|
|
$ |
(2,677 |
) |
Sales tax net accrual (reimbursement), net of tax |
|
— |
|
|
|
(2,059 |
) |
|
|
— |
|
|
|
(2,677 |
) |
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Sales tax net accrual
(reimbursement) net of tax, per diluted share |
$ |
— |
|
|
$ |
(0.13 |
) |
|
$ |
— |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
Certain income tax related
items resulting from: |
|
|
|
|
|
|
|
Income tax rate changes |
|
1,434 |
|
|
|
— |
|
|
|
2,740 |
|
|
|
1,384 |
|
Foreign income tax reserves |
|
— |
|
|
|
670 |
|
|
|
— |
|
|
|
1,678 |
|
Certain income tax related items, net |
|
1,434 |
|
|
|
670 |
|
|
|
2,740 |
|
|
|
3,062 |
|
Diluted share count |
|
16,043 |
|
|
|
15,657 |
|
|
|
16,063 |
|
|
|
15,598 |
|
|
|
|
|
|
|
|
|
Certain income tax related
items, net, per diluted share |
$ |
0.09 |
|
|
$ |
0.04 |
|
|
$ |
0.17 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
Cash flows used in operating
activities |
$ |
(19,272 |
) |
|
$ |
(8,324 |
) |
|
$ |
(60,405 |
) |
|
$ |
(22,401 |
) |
Less: additions to premises and equipment |
|
(254 |
) |
|
|
(203 |
) |
|
|
(1,379 |
) |
|
|
(2,705 |
) |
|
|
|
|
|
|
|
|
Cash flows from operating
activities less additions to premises and equipment |
$ |
(19,526 |
) |
|
$ |
(8,527 |
) |
|
$ |
(61,784 |
) |
|
$ |
(25,106 |
) |
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
Senior secured term loan |
$ |
247,204 |
|
|
$ |
247,204 |
|
Less: Cash and cash equivalents |
|
(98,132 |
) |
|
|
(58,263 |
) |
|
|
|
|
Net debt |
$ |
149,072 |
|
|
$ |
188,941 |
|
Note: Amounts may not add to the total due to
rounding.
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