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 second quarter 2020.
“In the second quarter, Altisource faced an
unprecedented and challenging business environment as a result of
the COVID-19 pandemic. As anticipated, Altisource’s second quarter
financial results reflect this impact with industrywide foreclosure
initiations down by approximately 85% and lender completed
foreclosures down by 75% compared to the second quarter of
2019. Despite this difficult environment, we acted quickly to
reduce costs, work to mitigate the impact to our customers and
support the safety of our employees. As result, the vast
majority of our staff are working from home and we were able to
preserve cash, ending the quarter with $68 million in cash and cash
equivalents.”
“We anticipate this short to medium term
pressure on our default related businesses to continue with
governmental forbearance programs and moratoriums temporarily
preventing servicers from pursuing foreclosure of delinquent loans
and with the news from Ocwen that an MSR investor instructed it to
move certain referrals for field services to another service
provider beginning in July. To address these challenges and protect
our business, we are developing a plan to further reduce our
costs. Based upon our current planning, we are forecasting
Altisource to generate 2021 service revenue of $250 million to $270
million, adjusted EBITDA of $35 million to $43 million and adjusted
EBITDA margins of 14% to 16%,” said Chairman and Chief Executive
Officer William B. Shepro.
Mr. Shepro further commented, “Longer term, we
believe that the overall market for our default related services
will stabilize at a much higher rate than it was before the
pandemic began, positioning Altisource to become a stronger, more
diversified and fast growing company.”
Second Quarter 2020
Highlights(2)
Financial and Corporate:
- Ended the second quarter 2020 with $68.2 million of cash and
cash equivalents and $30.0 million of investment in equity
securities
- Ended the second quarter 2020 with $195.6 million of net debt
less investment in equity securities(1), 4% lower than
June 30, 2019
- The Company’s second quarter 2020 financial performance in its
default related services businesses, including revenue from
customers other than Ocwen Financial Corporation (“Ocwen”), New
Residential Investment Corp. (“NRZ”) and Front Yard Residential
Corporation (“RESI”), was negatively impacted by COVID-19 related
governmental restrictions, government measures to provide financial
support to borrowers (i.e., foreclosure and eviction moratoriums,
forbearance plans and higher unemployment benefits) and changing
vendor and consumer behavior
- To address lower anticipated revenue as a result of the
pandemic, Altisource took several measures in the second quarter
2020 to reduce its 2020 cash expenses including employee furloughs
and terminations, the elimination of certain discretionary spending
and temporary employee and Board compensation reductions
- To address lower than previously anticipated revenue from Ocwen
and the extension of foreclosure and eviction moratoriums, the
Company is developing a plan to further reduce its costs with an
objective to achieve 2021 Adjusted EBITDA margins of 14% to
16%
Business Highlights:
Field Services
- Grew Field Services revenue from customers other than Ocwen,
NRZ and RESI by 9% in the second quarter of 2020 compared to the
second quarter of 2019
Marketplace
- Grew Hubzu inventory from customers other than Ocwen, NRZ and
RESI by 1% since June 30, 2019, with such inventory
representing 43% of total Hubzu inventory as of June 30,
2020
- Hubzu revenue from customers other than Ocwen, NRZ and RESI was
2% lower in the second quarter of 2020 compared to the second
quarter of 2019
Mortgage and Real Estate Solutions
- Grew Mortgage and Real Estate Solutions revenue from customers
other than Ocwen, NRZ and RESI by 18% in the second quarter of 2020
compared to the second quarter of 2019
Second Quarter 2020 Financial Results
Second quarter 2020 service revenue of $91.0
million was 52% lower than the second quarter 2019 primarily from
the 2019 sale, discontinuation and exit from certain businesses
(resulting in a 33% decline in service revenue), including the July
1, 2019 sale of the Financial Services Business, lower
REALServicing revenue from Ocwen’s migration to another servicing
system, the discontinuation of the Buy-Renovate-Lease-Sell (“BRS”)
business and the wind down of Owners.com. In addition,
Service revenue was lower from COVID-19 pandemic related
governmental restrictions and changing vendor and consumer behavior
on demand for Field Services, Marketplace and default related
services in Mortgage and Real Estate Solutions, the reduction in
the size of Ocwen’s portfolio and NRZ’s more aggressive sale of
homes at the foreclosure auction (which reduces our real estate
owned auction, brokerage, field services and title service
revenue). These decreases were partially offset by a 5%
increase in revenue from customers other than Ocwen, NRZ and RESI
in our Field Services, Marketplace and Mortgage and Real Estate
Solutions businesses from new customer on-boardings, market share
expansion with existing customers, and higher origination related
volumes driven by lower interest rates and business development
efforts.
Second quarter 2020 loss from operations of
$(17.8) million was lower than second quarter 2019 income from
operations of $5.4 million primarily as a result of lower revenue
(as discussed above), changes in service mix with lower revenue
from higher margin Marketplace businesses, the impact of the July
1, 2019 sale of the Financial Services business and higher
restructuring costs. These decreases were partially offset by
lower selling, general and administrative expenses and the benefits
of our COVID-19 cash cost savings measures and higher revenue in
the second quarter of 2019 from the sale of the majority of our BRS
portfolio that resulted in a $1.8 million loss.
Second quarter 2020 adjusted operating loss(1)
of $(4.8) million compared to adjusted operating income(1) of $15.5
million in the second quarter 2019, primarily from the impact of
revenue declines discussed above, partially offset by the benefits
of our COVID-19 cash cost savings measures.
Second quarter 2020 loss before income taxes and
non-controlling interests of $(33.7) million compared to income
before income taxes and non-controlling interests of $11.9 million
in the second quarter 2019, primarily from an unrealized loss on
our investment in RESI of $(11.2) million in the second quarter
2020 compared to an unrealized gain on our investment in RESI of
$11.8 million in the second quarter 2019 and lower operating income
discussed above, partially offset by lower interest expense.
Second quarter 2020 adjusted pretax loss
attributable to Altisource(1) of $(10.0) million compared to
adjusted pretax income attributable to Altisource(1) of $8.9
million in the second quarter 2019, primarily from lower adjusted
operating income(1) discussed above, partially offset by lower
interest expense.
Second quarter 2020 adjusted EBITDA(1) of $(2.1)
million compared to adjusted EBITDA(1) of $19.5 million in the
second quarter 2019, primarily from lower adjusted operating
income(1) discussed above, excluding the decrease in depreciation
and amortization of premises and equipment.
Second quarter 2020 net loss attributable to
Altisource of $(35.1) million compared to $(5.8) million for the
second quarter 2019, primarily due to lower income before income
taxes and non-controlling interests discussed above, partially
offset by a lower tax provision driven by a deferred tax adjustment
of $12.3 million from an income tax rate change in Luxembourg in
the second quarter 2019.
Second quarter 2020 adjusted net loss
attributable to Altisource(1) of $(11.8) million compared to
adjusted net income attributable to Altisource(1) of $5.9 million
for the second quarter 2019, primarily from lower adjusted pretax
income attributable to Altisource(1) discussed above, partially
offset by a lower tax provision excluding the Luxembourg deferred
tax adjustment discussed above.
Second quarter 2020 loss per diluted share of
$(2.25) compared to $(0.36) for the second quarter 2019, primarily
due to higher net loss attributable to Altisource discussed above,
partially offset by fewer diluted shares outstanding from share
repurchases during 2019.
Second quarter 2020 adjusted loss per share(1)
of $(0.76) compared to $0.36 earnings per share for the second
quarter 2019, primarily due to lower adjusted net income
attributable to Altisource(1) discussed above, partially offset by
fewer diluted shares outstanding from share repurchases during
2019.
Second Quarter and Year-to-Date June 30, 2020 Results
Compared to the Second Quarter and Year-to-Date June 30,
2019:
(in thousands, except per
share data) |
Second Quarter 2020 |
|
Second Quarter 2019 |
|
% Change |
|
Year-to-DateJune 30, 2020 |
|
Year-to-DateJune 30, 2019 |
|
% Change |
Service revenue |
$ |
91,008 |
|
|
$ |
190,520 |
|
|
(52 |
) |
|
$ |
204,184 |
|
|
$ |
355,519 |
|
|
(43 |
) |
(Loss) income from
operations |
(17,756 |
) |
|
5,406 |
|
|
N/M |
|
|
(21,911 |
) |
|
4,780 |
|
|
N/M |
|
Adjusted operating (loss)
income(1) |
(4,769 |
) |
|
15,451 |
|
|
(131 |
) |
|
3,732 |
|
|
32,770 |
|
|
(89 |
) |
(Loss) income before income
taxes and non-controlling interests |
(33,747 |
) |
|
11,909 |
|
|
(383 |
) |
|
(42,871 |
) |
|
7,943 |
|
|
N/M |
|
Pretax (loss) income
attributable to Altisource(1) |
(33,944 |
) |
|
10,669 |
|
|
N/M |
|
|
(43,173 |
) |
|
6,263 |
|
|
N/M |
|
Adjusted pretax (loss) income
attributable to Altisource(1) |
(10,033 |
) |
|
8,927 |
|
|
(212 |
) |
|
(5,598 |
) |
|
20,228 |
|
|
(128 |
) |
Adjusted EBITDA(1) |
(2,068 |
) |
|
19,514 |
|
|
(111 |
) |
|
11,095 |
|
|
42,247 |
|
|
(74 |
) |
Net loss attributable to
Altisource |
(35,061 |
) |
|
(5,844 |
) |
|
N/M |
|
|
(46,711 |
) |
|
(9,028 |
) |
|
N/M |
|
Adjusted net (loss) income
attributable to Altisource(1) |
(11,779 |
) |
|
5,850 |
|
|
(301 |
) |
|
(9,127 |
) |
|
15,213 |
|
|
(160 |
) |
Diluted loss per share |
(2.25 |
) |
|
(0.36 |
) |
|
N/M |
|
|
(3.00 |
) |
|
(0.56 |
) |
|
N/M |
|
Adjusted diluted (loss)
earnings per share(1) |
(0.76 |
) |
|
0.36 |
|
|
(311 |
) |
|
(0.59 |
) |
|
0.92 |
|
|
(164 |
) |
Cash flows (used in) provided
by operating activities |
(9,568 |
) |
|
39,811 |
|
|
(124 |
) |
|
(11,216 |
) |
|
33,156 |
|
|
(134 |
) |
Adjusted cash flows used in
operating activities less additions to premises and
equipment(1) |
(10,523 |
) |
|
(193 |
) |
|
N/M |
|
|
(12,682 |
) |
|
(379 |
) |
|
N/M |
|
N/M - not meaningful.
- Second quarter 2020 and 2019 (loss) income from operations
include $5.8 million and $1.9 million, respectively ($8.7 million
and $6.3 million for year-to-date June 30, 2020 and 2019,
respectively) of restructuring charges related to Project
Catalyst. Second quarter and year-to-date June 30, 2020 loss
from operations include Pointillist losses of $2.4 million and $5.1
million, respectively (no comparable amounts in 2019). Second
quarter and year-to-date June 30, 2019 income from operations
include a loss on the BRS portfolio sale of $1.8 million (no
comparable amounts in 2020). Year-to-date June 30, 2019
income from operations includes a sales tax accrual of $2.1 million
and an other asset write-off from a business exit of $0.2 million
(no comparable amounts in 2020).
- Second quarter 2020 and 2019 pretax (loss) income attributable
to Altisource(1) include $(11.2) million and $11.8 million,
respectively ($(12.6) million and $14.0 million for year-to-date
June 30, 2020 and 2019, respectively) of unrealized mark-to-market
(losses) gains on our equity investment in RESI.
- Second quarter 2020 and 2019 net loss attributable to
Altisource include $0.5 million and $13.2 million, respectively
($2.4 million and $13.2 million for year-to-date June 30, 2020 and
2019, respectively) of certain income tax items related to
adjustments to foreign income tax reserves, the impact of a
decrease in the India and Luxembourg income tax rates on deferred
tax assets and an India restructuring from net loss attributable to
Altisource.
________________________
(1) This is a non-GAAP measure that
is defined and reconciled to the corresponding GAAP measure
herein.(2) Applies to 2020 unless otherwise indicated.
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 about management’s
beliefs and expectations. These statements may be identified
by words such as “anticipate,” “intend,” “expect,” “may,” “could,”
“should,” “would,” “plan,” “estimate,” “seek,” “believe,”
“potential” and similar expressions. Forward-looking
statements are based on management’s beliefs as well as assumptions
made by and information currently available to management.
Because such statements are based on expectations as to the future
and are not statements of historical fact, actual results may
differ materially from what is contemplated by the forward-looking
statements. Altisource does not undertake, and expressly
disclaims, any obligation to update any forward-looking statements
whether as a result of new information, future events or
otherwise. The risks and uncertainties to which
forward-looking statements are subject include, but are not limited
to, the risks and uncertainties related to pandemics, epidemics or
other force majeure events, including the COVID-19 pandemic, and
associated impacts to the economy, supply chain, transportation,
movement of people, availability of vendors, demand for our
products or services, increased costs, recommendations or
restrictions imposed by governmental entities, changes in relevant
business practices undertaken or imposed by our clients, vendors or
regulators, impacts on contracts and client relationships and
potential litigation exposure; our ability to retain existing
customers and attract new customers and the potential for changes
in our customer relationships, including the timing and extent of
Ocwen or NRZ directing referrals of services to providers other
than Altisource; various risks relating to 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, general economic and market conditions,
behavior of customers, suppliers and/or competitors, technological
developments, governmental regulations, taxes and policies, and
other risks and uncertainties detailed in the “Forward-Looking
Statements,” “Risk Factors” and other sections of Altisource’s Form
10-K, March 31, 2020 Form 10-Q and other filings with the
Securities and Exchange Commission.
Webcast
Altisource will host a webcast at 8:30 a.m. EDT
today to discuss our second quarter. 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. Esterman |
Chief Financial Officer |
T: (770) 612-7007 |
E:
Michelle.Esterman@altisource.com |
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS(in thousands, except per share
data)(unaudited)
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Service revenue |
|
$ |
91,008 |
|
|
$ |
190,520 |
|
|
$ |
204,184 |
|
|
$ |
355,519 |
|
Reimbursable expenses |
|
3,840 |
|
|
4,775 |
|
|
11,685 |
|
|
9,271 |
|
Non-controlling interests |
|
494 |
|
|
1,240 |
|
|
917 |
|
|
1,680 |
|
Total revenue |
|
95,342 |
|
|
196,535 |
|
|
216,786 |
|
|
366,470 |
|
Cost of revenue |
|
78,788 |
|
|
147,939 |
|
|
165,524 |
|
|
267,658 |
|
Reimbursable expenses |
|
3,840 |
|
|
4,775 |
|
|
11,685 |
|
|
9,271 |
|
Gross profit |
|
12,714 |
|
|
43,821 |
|
|
39,577 |
|
|
89,541 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
24,701 |
|
|
36,516 |
|
|
52,794 |
|
|
78,442 |
|
Restructuring charges |
|
5,769 |
|
|
1,899 |
|
|
8,694 |
|
|
6,319 |
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations |
|
(17,756 |
) |
|
5,406 |
|
|
(21,911 |
) |
|
4,780 |
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
Interest expense |
|
(4,446 |
) |
|
(5,812 |
) |
|
(9,162 |
) |
|
(11,764 |
) |
Unrealized (loss) gain on investment in equity securities |
|
(11,224 |
) |
|
11,787 |
|
|
(12,571 |
) |
|
14,025 |
|
Other (expense) income, net |
|
(321 |
) |
|
528 |
|
|
773 |
|
|
902 |
|
Total other income (expense), net |
|
(15,991 |
) |
|
6,503 |
|
|
(20,960 |
) |
|
3,163 |
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
taxes and non-controlling interests |
|
(33,747 |
) |
|
11,909 |
|
|
(42,871 |
) |
|
7,943 |
|
Income tax provision |
|
(1,117 |
) |
|
(16,513 |
) |
|
(3,538 |
) |
|
(15,291 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
(34,864 |
) |
|
(4,604 |
) |
|
(46,409 |
) |
|
(7,348 |
) |
Net income attributable to
non-controlling interests |
|
(197 |
) |
|
(1,240 |
) |
|
(302 |
) |
|
(1,680 |
) |
|
|
|
|
|
|
|
|
|
Net loss attributable to
Altisource |
|
$ |
(35,061 |
) |
|
$ |
(5,844 |
) |
|
$ |
(46,711 |
) |
|
$ |
(9,028 |
) |
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(2.25 |
) |
|
$ |
(0.36 |
) |
|
$ |
(3.00 |
) |
|
$ |
(0.56 |
) |
Diluted |
|
$ |
(2.25 |
) |
|
$ |
(0.36 |
) |
|
$ |
(3.00 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
15,601 |
|
|
16,214 |
|
|
15,549 |
|
|
16,253 |
|
Diluted |
|
15,601 |
|
|
16,214 |
|
|
15,549 |
|
|
16,253 |
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss, net of
tax |
|
$ |
(34,864 |
) |
|
$ |
(4,604 |
) |
|
$ |
(46,409 |
) |
|
$ |
(7,348 |
) |
Comprehensive income
attributable to non-controlling interests |
|
(197 |
) |
|
(1,240 |
) |
|
(302 |
) |
|
(1,680 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to Altisource |
|
$ |
(35,061 |
) |
|
$ |
(5,844 |
) |
|
$ |
(46,711 |
) |
|
$ |
(9,028 |
) |
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED BALANCE
SHEETS(in thousands, except for per share
data)(unaudited)
|
June 30, 2020 |
|
December 31, 2019 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
68,177 |
|
|
$ |
82,741 |
|
Investment in equity securities |
30,047 |
|
|
42,618 |
|
Accounts receivable, net |
35,337 |
|
|
43,615 |
|
Prepaid expenses and other current assets |
14,157 |
|
|
15,214 |
|
Total current assets |
147,718 |
|
|
184,188 |
|
|
|
|
|
Premises and equipment,
net |
18,661 |
|
|
24,526 |
|
Right-of-use assets under
operating leases, net |
22,843 |
|
|
29,074 |
|
Goodwill |
73,849 |
|
|
73,849 |
|
Intangible assets, net |
53,997 |
|
|
61,046 |
|
Other assets |
11,281 |
|
|
12,436 |
|
|
|
|
|
Total assets |
$ |
328,349 |
|
|
$ |
385,119 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
61,406 |
|
|
$ |
67,671 |
|
Deferred revenue |
5,203 |
|
|
5,183 |
|
Other current liabilities |
11,991 |
|
|
14,724 |
|
Total current liabilities |
78,600 |
|
|
87,578 |
|
|
|
|
|
Long-term debt |
288,581 |
|
|
287,882 |
|
Other non-current
liabilities |
26,018 |
|
|
31,016 |
|
|
|
|
|
Commitments, contingencies and
regulatory matters |
|
|
|
|
|
|
|
Equity (deficit): |
|
|
|
Common stock ($1.00 par value; 100,000 shares authorized, 25,413
issued and 15,629 outstanding as of June 30, 2020; 15,454
outstanding as of December 31, 2019) |
25,413 |
|
|
25,413 |
|
Additional paid-in capital |
138,493 |
|
|
133,669 |
|
Retained earnings |
213,023 |
|
|
272,026 |
|
Treasury stock, at cost (9,784 shares as of June 30, 2020 and 9,959
shares as of December 31, 2019) |
(443,059 |
) |
|
(453,934 |
) |
Altisource deficit |
(66,130 |
) |
|
(22,826 |
) |
|
|
|
|
Non-controlling interests |
1,280 |
|
|
1,469 |
|
Total deficit |
(64,850 |
) |
|
(21,357 |
) |
|
|
|
|
Total liabilities and
deficit |
$ |
328,349 |
|
|
$ |
385,119 |
|
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.CONSOLIDATED STATEMENTS OF CASH
FLOWS(in
thousands)(unaudited)
|
Six months ended June 30, |
|
2020 |
|
2019 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(46,409 |
) |
|
$ |
(7,348 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
Depreciation and amortization |
7,701 |
|
|
10,522 |
|
Amortization of right-of-use assets under operating leases |
5,474 |
|
|
6,793 |
|
Amortization of intangible assets |
7,049 |
|
|
12,191 |
|
Unrealized loss (gain) on investment in equity securities |
12,571 |
|
|
(14,025 |
) |
Share-based compensation expense |
4,824 |
|
|
5,453 |
|
Bad debt expense |
1,066 |
|
|
131 |
|
Amortization of debt discount |
333 |
|
|
327 |
|
Amortization of debt issuance costs |
366 |
|
|
363 |
|
Deferred income taxes |
261 |
|
|
15,846 |
|
Loss on disposal of fixed assets |
99 |
|
|
908 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
7,212 |
|
|
(15,789 |
) |
Short-term investments in real estate |
— |
|
|
39,459 |
|
Prepaid expenses and other current assets |
1,057 |
|
|
5,239 |
|
Other assets |
868 |
|
|
(511 |
) |
Accounts payable and accrued expenses |
(6,734 |
) |
|
(16,587 |
) |
Current and non-current operating lease liabilities |
(6,024 |
) |
|
(6,734 |
) |
Other current and non-current liabilities |
(930 |
) |
|
(3,082 |
) |
Net cash (used in) provided by
operating activities |
(11,216 |
) |
|
33,156 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Additions to premises and equipment |
(1,466 |
) |
|
(934 |
) |
Proceeds received from sale of equity securities |
— |
|
|
6,476 |
|
Other |
— |
|
|
1,087 |
|
Net cash (used in) provided by
investing activities |
(1,466 |
) |
|
6,629 |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Repayments and repurchases of long-term debt |
— |
|
|
(5,810 |
) |
Proceeds from stock option exercises |
— |
|
|
235 |
|
Purchase of treasury shares |
— |
|
|
(6,700 |
) |
Distributions to non-controlling interests |
(491 |
) |
|
(1,138 |
) |
Payments of tax withholding on issuance of restricted share units
and restricted shares |
(1,417 |
) |
|
(1,298 |
) |
Net cash used in financing
activities |
(1,908 |
) |
|
(14,711 |
) |
|
|
|
|
Net (decrease) increase in
cash, cash equivalents and restricted cash |
(14,590 |
) |
|
25,074 |
|
Cash, cash equivalents and
restricted cash at the beginning of the period |
86,583 |
|
|
64,046 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash at the end of the period |
$ |
71,993 |
|
|
$ |
89,120 |
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
Interest paid |
$ |
8,463 |
|
|
$ |
11,279 |
|
Income taxes received, net |
(944 |
) |
|
(27 |
) |
Acquisition of right-of-use assets with operating lease
liabilities |
958 |
|
|
6,200 |
|
Reduction of right-of-use assets from operating lease modifications
or reassessments |
(1,715 |
) |
|
(3,409 |
) |
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
Net increase (decrease) in payables for purchases of premises and
equipment |
$ |
469 |
|
|
$ |
(25 |
) |
ALTISOURCE PORTFOLIO SOLUTIONS
S.A.NON-GAAP MEASURES(in
thousands, except per share
data)(unaudited)
Adjusted operating (loss) income, pretax (loss)
income attributable to Altisource, adjusted pretax (loss) income
attributable to Altisource, adjusted earnings before interest,
taxes, depreciation and amortization (“Adjusted EBITDA”), adjusted
net (loss) income attributable to Altisource, adjusted diluted
(loss) earnings per share, adjusted cash flows used in operating
activities less additions to premises and equipment and net debt
less investment in equity securities, 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 (loss) income from operations,
(loss) income before income taxes and non-controlling interests,
net loss attributable to Altisource, diluted 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 and investment in
equity securities. 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.
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) income is calculated
by removing intangible asset amortization expense, share-based
compensation expense, restructuring charges, Pointillist losses,
loss on BRS portfolio sale, sales tax accrual and other asset
write-off from business exit from (loss) income from
operations. Pretax (loss) income attributable to Altisource
is calculated by removing non-controlling interests from (loss)
income before income taxes and non-controlling interests.
Adjusted pretax (loss) income attributable to Altisource is
calculated by removing non-controlling interests, intangible asset
amortization expense, share-based compensation expense,
restructuring charges, Pointillist losses, unrealized (loss) gain
on investment in equity securities, loss on BRS portfolio sale,
sales tax accrual and other asset write-off from business exit from
(loss) income 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,
share-based compensation expense, restructuring charges,
Pointillist losses, unrealized (loss) gain on investment in equity
securities, loss on BRS portfolio sale, sales tax accrual and other
asset write-off from business exit from net loss attributable to
Altisource. Adjusted net (loss) income attributable to
Altisource is calculated by removing intangible asset amortization
expense (net of tax), share-based compensation expense (net of
tax), restructuring charges (net of tax), Pointillist losses (net
of tax), unrealized (loss) gain on investment in equity securities
(net of tax), loss on BRS portfolio sale (net of tax), sales tax
accrual (net of tax), other asset write-off from business exit (net
of tax) and certain income tax items related to adjustments to
foreign income tax reserves, the impact of a decrease in the India
and Luxembourg income tax rates on deferred tax assets and an India
restructuring from net loss attributable to Altisource.
Adjusted diluted (loss) earnings per share is calculated by
dividing net loss attributable to Altisource after removing
intangible asset amortization expense (net of tax), share-based
compensation expense (net of tax), restructuring charges (net of
tax), Pointillist losses (net of tax), unrealized (loss) gain on
investment in equity securities (net of tax), loss on BRS portfolio
sale (net of tax), sales tax accrual (net of tax), other asset
write-off from business exit (net of tax) and certain income tax
related items by the weighted average number of diluted
shares. Adjusted cash flows used in operating activities less
additions to premises and equipment is calculated by removing the
decrease in short-term investments in real estate, payment of sales
tax accrual and additions to premises and equipment from cash flows
(used in) provided by operating activities. Net debt less
investment in equity securities is calculated as long-term debt,
including current portion, minus cash and cash equivalents and
investment in equity securities.
Reconciliations of the non-GAAP measures to the
corresponding GAAP measures are as follows:
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
(Loss) income
from operations |
|
$ |
(17,756 |
) |
|
$ |
5,406 |
|
|
$ |
(21,911 |
) |
|
$ |
4,780 |
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization expense |
|
2,840 |
|
|
3,544 |
|
|
7,049 |
|
|
12,191 |
|
Share-based compensation expense |
|
1,930 |
|
|
2,832 |
|
|
4,824 |
|
|
5,453 |
|
Restructuring charges |
|
5,769 |
|
|
1,899 |
|
|
8,694 |
|
|
6,319 |
|
Pointillist losses |
|
2,448 |
|
|
— |
|
|
5,076 |
|
|
— |
|
Loss on BRS portfolio sale |
|
— |
|
|
1,770 |
|
|
— |
|
|
1,770 |
|
Sales tax accrual |
|
— |
|
|
— |
|
|
— |
|
|
2,053 |
|
Other asset write-off from business exit |
|
— |
|
|
— |
|
|
— |
|
|
204 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating (loss) income |
|
$ |
(4,769 |
) |
|
$ |
15,451 |
|
|
$ |
3,732 |
|
|
$ |
32,770 |
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes and non-controlling
interests |
|
$ |
(33,747 |
) |
|
$ |
11,909 |
|
|
$ |
(42,871 |
) |
|
$ |
7,943 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
(197 |
) |
|
(1,240 |
) |
|
(302 |
) |
|
(1,680 |
) |
Pretax (loss) income attributable to Altisource |
|
(33,944 |
) |
|
10,669 |
|
|
(43,173 |
) |
|
6,263 |
|
Intangible asset amortization expense |
|
2,840 |
|
|
3,544 |
|
|
7,049 |
|
|
12,191 |
|
Share-based compensation expense |
|
1,930 |
|
|
2,832 |
|
|
4,824 |
|
|
5,453 |
|
Restructuring charges |
|
5,769 |
|
|
1,899 |
|
|
8,694 |
|
|
6,319 |
|
Pointillist losses |
|
2,148 |
|
|
— |
|
|
4,437 |
|
|
— |
|
Unrealized loss (gain) on investment in equity securities |
|
11,224 |
|
|
(11,787 |
) |
|
12,571 |
|
|
(14,025 |
) |
Loss on BRS portfolio sale |
|
— |
|
|
1,770 |
|
|
— |
|
|
1,770 |
|
Sales tax accrual |
|
— |
|
|
— |
|
|
— |
|
|
2,053 |
|
Other asset write-off from business exit |
|
— |
|
|
— |
|
|
— |
|
|
204 |
|
|
|
|
|
|
|
|
|
|
Adjusted pretax (loss) income attributable to Altisource |
|
$ |
(10,033 |
) |
|
$ |
8,927 |
|
|
$ |
(5,598 |
) |
|
$ |
20,228 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Altisource |
|
$ |
(35,061 |
) |
|
$ |
(5,844 |
) |
|
$ |
(46,711 |
) |
|
$ |
(9,028 |
) |
|
|
|
|
|
|
|
|
|
Income tax provision |
|
1,117 |
|
|
16,513 |
|
|
3,538 |
|
|
15,291 |
|
Interest expense (net of interest income) |
|
4,440 |
|
|
5,696 |
|
|
9,082 |
|
|
11,497 |
|
Depreciation and amortization |
|
6,424 |
|
|
8,435 |
|
|
14,750 |
|
|
22,713 |
|
Share-based compensation |
|
1,930 |
|
|
2,832 |
|
|
4,824 |
|
|
5,453 |
|
Restructuring charges |
|
5,769 |
|
|
1,899 |
|
|
8,694 |
|
|
6,319 |
|
Pointillist losses |
|
2,089 |
|
|
— |
|
|
4,347 |
|
|
— |
|
Unrealized loss (gain) on investment in equity securities |
|
11,224 |
|
|
(11,787 |
) |
|
12,571 |
|
|
(14,025 |
) |
Loss on BRS portfolio sale |
|
— |
|
|
1,770 |
|
|
— |
|
|
1,770 |
|
Sales tax accrual |
|
— |
|
|
— |
|
|
— |
|
|
2,053 |
|
Other asset write-off from business exit |
|
— |
|
|
— |
|
|
— |
|
|
204 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
(2,068 |
) |
|
$ |
19,514 |
|
|
$ |
11,095 |
|
|
$ |
42,247 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Altisource |
|
$ |
(35,061 |
) |
|
$ |
(5,844 |
) |
|
$ |
(46,711 |
) |
|
$ |
(9,028 |
) |
|
|
|
|
|
|
|
|
|
Intangible asset amortization expense, net of tax |
|
2,814 |
|
|
2,471 |
|
|
6,997 |
|
|
9,400 |
|
Share-based compensation expense, net of tax |
|
1,727 |
|
|
1,975 |
|
|
4,370 |
|
|
4,205 |
|
Restructuring charges, net of tax |
|
5,352 |
|
|
1,458 |
|
|
7,849 |
|
|
4,856 |
|
Pointillist losses, net of tax |
|
1,648 |
|
|
— |
|
|
3,405 |
|
|
— |
|
Unrealized loss (gain) on investment in equity securities, net of
tax |
|
11,224 |
|
|
(8,847 |
) |
|
12,571 |
|
|
(10,527 |
) |
Loss on BRS portfolio sale, net of tax |
|
— |
|
|
1,405 |
|
|
— |
|
|
1,405 |
|
Sales tax accrual, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
1,519 |
|
Other asset write-off from business exit, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
Certain income tax related items |
|
517 |
|
|
13,232 |
|
|
2,392 |
|
|
13,232 |
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to Altisource |
|
$ |
(11,779 |
) |
|
$ |
5,850 |
|
|
$ |
(9,127 |
) |
|
$ |
15,213 |
|
|
|
|
|
|
|
|
|
|
Diluted loss per share |
|
$ |
(2.25 |
) |
|
$ |
(0.36 |
) |
|
$ |
(3.00 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
Impact of using diluted share count instead of basic share count
for a loss per share |
|
— |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
Intangible asset amortization expense, net of tax, per diluted
share |
|
0.18 |
|
|
0.15 |
|
|
0.45 |
|
|
0.57 |
|
Share-based compensation expense, net of tax, per diluted
share |
|
0.11 |
|
|
0.12 |
|
|
0.28 |
|
|
0.25 |
|
Restructuring charges, net of tax, per diluted share |
|
0.34 |
|
|
0.09 |
|
|
0.50 |
|
|
0.29 |
|
Pointillist losses, net of tax, per diluted share |
|
0.11 |
|
|
— |
|
|
0.22 |
|
|
— |
|
Unrealized loss (gain) on investment in equity securities, net of
tax, per diluted share |
|
0.72 |
|
|
(0.54 |
) |
|
0.81 |
|
|
(0.64 |
) |
Loss on BRS portfolio sale, net of tax, per diluted share |
|
— |
|
|
0.09 |
|
|
— |
|
|
0.08 |
|
Sales tax accrual, net of tax, per diluted share |
|
— |
|
|
— |
|
|
— |
|
|
0.09 |
|
Other asset write-off from business exit, net of tax, per diluted
share |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Certain income tax related items per diluted share |
|
0.03 |
|
|
0.80 |
|
|
0.15 |
|
|
0.80 |
|
|
|
|
|
|
|
|
|
|
Adjusted diluted (loss) earnings per share |
|
$ |
(0.76 |
) |
|
$ |
0.36 |
|
|
$ |
(0.59 |
) |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of intangible asset amortization
expense, net of tax |
|
|
|
|
|
|
|
|
Intangible asset amortization expense |
|
$ |
2,840 |
|
|
$ |
3,544 |
|
|
$ |
7,049 |
|
|
$ |
12,191 |
|
Tax benefit from intangible asset amortization |
|
(26 |
) |
|
(1,073 |
) |
|
(52 |
) |
|
(2,791 |
) |
Intangible asset amortization expense, net of tax |
|
2,814 |
|
|
2,471 |
|
|
6,997 |
|
|
9,400 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization expense, net of tax, per diluted
share |
|
$ |
0.18 |
|
|
$ |
0.15 |
|
|
$ |
0.45 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of share-based compensation expense,
net of tax |
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
$ |
1,930 |
|
|
$ |
2,832 |
|
|
$ |
4,824 |
|
|
$ |
5,453 |
|
Tax benefit from share-based compensation expense |
|
(203 |
) |
|
(857 |
) |
|
(454 |
) |
|
(1,248 |
) |
Share-based compensation expense, net of tax |
|
1,727 |
|
|
1,975 |
|
|
4,370 |
|
|
4,205 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense, net of tax, per diluted
share |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
|
$ |
0.28 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of restructuring charges, net of
tax |
|
|
|
|
|
|
|
|
Restructuring charges |
|
$ |
5,769 |
|
|
$ |
1,899 |
|
|
$ |
8,694 |
|
|
$ |
6,319 |
|
Tax benefit from restructuring charges |
|
(417 |
) |
|
(441 |
) |
|
(845 |
) |
|
(1,463 |
) |
Restructuring charges, net of tax |
|
5,352 |
|
|
1,458 |
|
|
7,849 |
|
|
4,856 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Restructuring charges, net of tax, per diluted share |
|
$ |
0.34 |
|
|
$ |
0.09 |
|
|
$ |
0.50 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of Pointillist losses, net of
tax |
|
|
|
|
|
|
|
|
Pointillist losses |
|
$ |
2,148 |
|
|
$ |
— |
|
|
$ |
4,437 |
|
|
$ |
— |
|
Tax benefit from Pointillist losses |
|
(500 |
) |
|
— |
|
|
(1,032 |
) |
|
— |
|
Pointillist losses, net of tax |
|
1,648 |
|
|
— |
|
|
3,405 |
|
|
— |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Pointillist losses, net of tax, per diluted share |
|
$ |
0.11 |
|
|
$ |
— |
|
|
$ |
0.22 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of the unrealized loss (gain) on
investment in equity securities, net of tax |
|
|
|
|
|
|
|
|
Unrealized loss (gain) on investment in equity securities |
|
$ |
11,224 |
|
|
$ |
(11,787 |
) |
|
$ |
12,571 |
|
|
$ |
(14,025 |
) |
Tax provision from the unrealized loss (gain) on investment in
equity securities |
|
— |
|
|
2,940 |
|
|
— |
|
|
3,498 |
|
Unrealized loss (gain) on investment in equity securities, net of
tax |
|
11,224 |
|
|
(8,847 |
) |
|
12,571 |
|
|
(10,527 |
) |
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Unrealized loss (gain) on investment in equity securities, net
of tax, per diluted share |
|
$ |
0.72 |
|
|
$ |
(0.54 |
) |
|
$ |
0.81 |
|
|
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
Calculation of the impact of loss on BRS portfolio sale, net of
tax |
|
|
|
|
|
|
|
|
Loss on BRS portfolio sale |
|
$ |
— |
|
|
$ |
1,770 |
|
|
$ |
— |
|
|
$ |
1,770 |
|
Tax benefit from loss on BRS portfolio sale |
|
— |
|
|
(365 |
) |
|
— |
|
|
(365 |
) |
Loss on BRS portfolio sale, net of tax |
|
— |
|
|
1,405 |
|
|
— |
|
|
1,405 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Loss on BRS portfolio sale, net of tax, per diluted share |
|
$ |
— |
|
|
$ |
0.09 |
|
|
$ |
— |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of sales tax accrual, net of tax |
|
|
|
|
|
|
|
|
Sales tax accrual |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,053 |
|
Tax benefit from sales tax accrual |
|
— |
|
|
— |
|
|
— |
|
|
(534 |
) |
Sales tax accrual, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
1,519 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Sales tax accrual, net of tax, per diluted share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of the impact of other asset write-off from
business exit, net of tax |
|
|
|
|
|
|
|
|
Other asset write-off from business exit |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
204 |
|
Tax benefit from other asset write-off from business exit |
|
— |
|
|
— |
|
|
— |
|
|
(53 |
) |
Other asset write-off from business exit, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Other asset write-off from business exit, net of tax, per
diluted share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
Certain income tax related items resulting from: |
|
|
|
|
|
|
|
|
Foreign income tax reserves/other |
|
$ |
517 |
|
|
$ |
— |
|
|
$ |
1,008 |
|
|
$ |
— |
|
India income tax rate changes |
|
— |
|
|
— |
|
|
1,384 |
|
|
— |
|
Deferred tax adjustment (Luxembourg tax rate change) |
|
— |
|
|
12,323 |
|
|
— |
|
|
12,323 |
|
India restructuring |
|
— |
|
|
909 |
|
|
— |
|
|
909 |
|
Certain income tax related items |
|
517 |
|
|
13,232 |
|
|
2,392 |
|
|
13,232 |
|
Diluted share count |
|
15,601 |
|
|
16,477 |
|
|
15,549 |
|
|
16,557 |
|
|
|
|
|
|
|
|
|
|
Certain income tax related items per diluted share |
|
$ |
0.03 |
|
|
$ |
0.80 |
|
|
$ |
0.15 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
Cash flows (used in) provided by operating activities |
|
$ |
(9,568 |
) |
|
$ |
39,811 |
|
|
$ |
(11,216 |
) |
|
$ |
33,156 |
|
Decrease in short-term investments in real estate |
|
— |
|
|
(39,860 |
) |
|
— |
|
|
(39,459 |
) |
Payment of sales tax accrual |
|
— |
|
|
— |
|
|
— |
|
|
6,858 |
|
Adjusted cash flows used in operating activities |
|
(9,568 |
) |
|
(49 |
) |
|
(11,216 |
) |
|
555 |
|
Less: additions to premises and equipment |
|
(955 |
) |
|
(144 |
) |
|
(1,466 |
) |
|
(934 |
) |
|
|
|
|
|
|
|
|
|
Adjusted cash flows used in operating activities less additions
to premises and equipment |
|
$ |
(10,523 |
) |
|
$ |
(193 |
) |
|
$ |
(12,682 |
) |
|
$ |
(379 |
) |
|
June 30, 2020 |
|
June 30, 2019 |
|
|
|
|
Senior secured term loan |
$ |
293,826 |
|
|
$ |
333,012 |
|
Less: Cash and cash equivalents |
(68,177 |
) |
|
(85,379 |
) |
Less: Investment in equity securities |
(30,047 |
) |
|
(43,730 |
) |
|
|
|
|
Net debt less
investment in equity securities |
$ |
195,602 |
|
|
$ |
203,903 |
|
|
|
|
|
________________________
Note: Amounts may not add to the total due to
rounding.
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