Form 4 Transition Tax Statement Seven Things Your Boss Needs To Know About Form 4 Transition Tax Statement

Full Year 2019



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Fourth Division 2019



LUXEMBOURG, March 05, 2020 (GLOBE NEWSWIRE) — Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a arch provider and exchange for the absolute acreage and mortgage industries, today appear banking after-effects for the fourth division and abounding year 2019.



“During 2019, we connected to reposition Altisource. We awash and bankrupt assertive non-core businesses, circumscribed our sales and business assets beneath a acclimatized leader, accustomed an avant-garde artefact alignment and added developed our bulk Acreage Services, Marketplace, and Mortgage and Absolute Acreage Solutions businesses. Across our three bulk businesses, fourth division 2019 account acquirement from barter added than Ocwen, NRZ and RESI grew by 19% compared to the fourth division 2018,” said Chairman and Chief Executive Officer William B. Shepro.

Mr. Shepro added commented, “Looking to 2020, our objectives are to advance the advance of our bulk businesses from barter added than Ocwen and NRZ, lower costs, advance able liquidity, and abate debt based aloft business and bazaar conditions.  We are accepting bazaar allotment and acceptable business with some of the better banking institutions in the country and ahead growing business from added barter by 25% to 35% in 2020 admitting historically low crime rates. We accept we are in a absolute able position to account from growing accommodation originations and a abatement economy.”

2019 Highlights(2)

Streamlining Altisource:

Financial:

Business Highlights:

Field Services:

Marketplace(3):

Mortgage and Absolute Acreage Solutions:

Pipeline and Customers:

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2019 Banking Results

2019 account acquirement of $621.9 actor was 23% lower than 2018, primarily from the July 1, 2019 bargain of the Banking Casework business, Ocwen’s additional division 2019 clearing from REALServicing to accession application system, the cessation of the BRS business, the abridgement in the admeasurement of Ocwen’s application portfolio and RESI’s absolute acreage endemic (“REO”) portfolio, NRZ’s added advancing bargain of homes at foreclosure auctions (which reduces our REO auction, brokerage, acreage casework and appellation barometer account revenue) and the acting appulse that Ocwen’s alteration to accession application arrangement had on absence accompanying barometer aggregate and REO account about-face rates.  These decreases were partially account by an access in Acreage Casework acquirement from college volumes of orders from new customers.

The Company estimates that 2019 acquirement beneath by about $7.2 actor because of lower REO account about-face ante accompanying to Ocwen’s alteration to a new application system.  Pretax balance were abnormally impacted by a agnate bulk back the Company’s amount anatomy would accept accurate this advancing revenue.  The Company believes that the lower REO about-face ante are acting and anticipates abiding to accustomed about-face ante during the aboriginal bisected of 2020.

Fourth division 2019 account acquirement of $132.6 actor was 37% lower than the fourth division 2018, primarily as a aftereffect of the bargain of the Banking Casework business, the cessation of the BRS business and lower revenues from Ocwen, NRZ and RESI, as declared above.

2019 assets from operations of $18.1 actor was 58% lower than 2018, primarily from the appulse of the acquirement declines discussed above, acquirement mix with lower acquirement from aerial allowance businesses and a college write-off of amicableness and abstract assets accompanying to the wind bottomward of Owners.com in 2019, partially account by lower selling, accepted and authoritative costs from the allowances of restructuring activities, lower abstract asset acquittal (service acquirement based amortization) and a lower sales tax accident accrual.  The aftereffect of the college accretion on bargain of businesses was abundantly account by college restructuring accuse in 2019.

2019 adapted operating income(1) of $53.4 actor was 40% lower than 2018, primarily from the appulse of acquirement declines and acquirement mix discussed above, partially account by the allowances of restructuring activities.

Fourth division 2019 accident from operations was $6.5 actor compared to assets from operations of $2.0 actor in the fourth division 2018, primarily from the appulse of acquirement declines discussed above, acquirement mix with lower acquirement from aerial allowance businesses and a college write-off of amicableness and abstract assets accompanying to the wind bottomward of Owners.com, partially account by lower selling, accepted and authoritative costs from the allowances of restructuring activities, lower abstract asset acquittal (service acquirement based amortization) and lower restructuring charges.

Fourth division 2019 adapted operating income(1) of $11.3 actor was 53% lower than the fourth division 2018, primarily from the appulse of acquirement declines and acquirement mix discussed above, partially account by the allowances of restructuring activities.

2019 assets afore assets taxes and non-controlling interests was $12.4 actor compared to $1.4 actor in 2018, primarily from college abeyant assets on the advance in RESI stock, the write-off of the net abatement and debt arising costs from the debt refinancing in 2018 and lower absorption expense, partially account by the lower operating assets discussed above.

2019 adapted pretax assets attributable to Altisource(1) of $31.2 actor was 50% lower than 2018, primarily from lower adapted operating income(1) discussed above, partially account by lower absorption expense.

Fourth division 2019 accident afore assets taxes and non-controlling interests of $8.5 actor was 34% lower than the fourth division 2018, primarily from college abeyant assets on the advance in RESI banal and lower absorption expense, partially account by lower operating assets discussed above.

Fourth division 2019 adapted pretax assets attributable to Altisource(1) of $6.6 actor was 63% lower than the fourth division 2018, primarily from lower adapted operating income(1) discussed above, partially account by lower absorption expense.

2019 adulterated accident per allotment was $19.26 compared to a adulterated accident per allotment of $0.32 in 2018.  2019 adulterated accident per allotment includes assertive non-cash assets tax bulk items accretion $311.2 million.  These items accommodate a abounding appraisal allowance on the Company’s Luxembourg net deferred tax assets, the appulse of a change in the Luxembourg assets tax amount and adjustments to adopted assets tax reserves.  Because the Company has accumulative losses in Luxembourg for the accomplished three years, a abounding appraisal allowance on the net deferred tax assets was recognized.  The abounding year non-cash assets tax accouterment of $318.3 actor additionally reflects a change in the Luxembourg approved assets tax amount from 26.0% to 24.9% and adjustments to adopted assets tax reserves.

2019 adapted balance per share(1) of $1.34 was 45% lower than 2018, primarily from lower adapted pretax assets attributable to Altisource(1) discussed above, partially account by beneath adulterated shares outstanding from allotment repurchases.

Fourth division 2019 adulterated accident per allotment was $19.66 compared to a adulterated accident per allotment of $0.69 in the fourth division 2018.  Fourth division 2019 net accident includes assertive non-cash assets tax bulk items accretion $298.9 million.  These items accommodate a abounding appraisal allowance on the Company’s Luxembourg net deferred tax assets and adjustments to adopted assets tax affluence discussed above.

Fourth division 2019 adapted balance per share(1) of $0.26 was 56% lower than the fourth division 2018, primarily from lower adapted pretax assets attributable to Altisource(1) discussed above, partially account by beneath adulterated shares outstanding from allotment repurchases.

Fourth Division and Abounding Year 2019 After-effects Compared to Fourth Division and Abounding Year 2018:

N/M — not meaningful.

________________________

(1)  This is a non-GAAP admeasurement that is authentic and accommodated to the agnate GAAP admeasurement herein.(2)  Applies to 2019 unless contrarily indicated.(3)  The Hubzu advance was added than account by the abatement in Equator acquirement from industry-wide lower crime ante and REO volume.

Forward-Looking Statements

This columnist absolution contains advanced statements that absorb a cardinal of risks and uncertainties.  These advanced statements accommodate all statements that are not absolute fact, including statements about management’s behavior and expectations.  These statements may be articular by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe,” “potential” and agnate expressions.  Advanced statements are based on management’s behavior as able-bodied as assumptions fabricated by and advice currently accessible to management.  Because such statements are based on expectations as to the approaching and are not statements of absolute fact, absolute after-effects may alter materially from what is advised by the advanced statements.  Altisource does not undertake, and especially disclaims, any obligation to amend any advanced statements whether as a aftereffect of new information, approaching contest or otherwise.  The risks and uncertainties to which advanced statements are accountable include, but are not bound to, our adeptness to absorb absolute barter and allure new barter and the abeyant for changes in our chump relationships; assorted risks apropos to our adeptness to finer administer our authoritative and acknowledged obligations; the capability of our banking resources, including our sources of clamminess and adeptness to accord borrowings and accede with our Credit Agreement, including the banking and added covenants independent therein; as able-bodied as Altisource’s adeptness to absorb key admiral or employees, accepted bread-and-butter and bazaar conditions, behavior of customers, suppliers and/or competitors, abstruse developments, authoritative regulations, taxes and policies, and added risks and uncertainties abundant in the “Forward-Looking Statements,” “Risk Factors” and added sections of Altisource’s Form 10-K and added filings with the Balance and Exchange Commission.

Webcast

Altisource will host a webcast at 5:00 p.m. EST today to altercate our fourth division and abounding year 2019 results.  A articulation to the alive audio webcast will be accessible on Altisource’s website in the Investor Relations section.  Those who appetite to accept to the alarm should go to the website at atomic fifteen account above-mentioned to the alarm to register, download and install any all-important audio software.  A epitomize of the appointment alarm will be accessible via the website about two hours afterwards the cessation of the alarm and will abide accessible for about 30 days.

About Altisource

Altisource Portfolio Solutions S.A. is an chip account provider and exchange for the absolute acreage and mortgage industries.  Combining operational arete with a apartment of avant-garde casework and technologies, Altisource helps break the demands of the ever-changing markets we serve.  Added advice is accessible at www.Altisource.com.

ALTISOURCE PORTFOLIO SOLUTIONS S.A.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(in thousands, except per allotment data)

ALTISOURCE PORTFOLIO SOLUTIONS S.A.CONSOLIDATED BALANCE SHEETS(in thousands, except per allotment data)

ALTISOURCE PORTFOLIO SOLUTIONS S.A.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)

ALTISOURCE PORTFOLIO SOLUTIONS S.A.NON-GAAP MEASURES(in thousands, except per allotment data)(unaudited)

Adjusted operating income, pretax (loss) assets attributable to Altisource, adapted pretax assets attributable to Altisource, adapted net assets attributable to Altisource, adapted adulterated balance per share, adapted balance afore interest, taxes, abrasion and acquittal (“Adjusted EBITDA”), adapted banknote flows from operating activities, adapted banknote flows from operating activities beneath additions to bounds and accessories and net debt beneath advance in disinterestedness securities, which are presented abroad in this balance release, are non-GAAP measures acclimated by management, absolute shareholders, abeyant shareholders and added users of our banking advice to admeasurement Altisource’s achievement and do not acceptation to be alternatives to (loss) assets from operations, (loss) assets afore assets taxes and non-controlling interests, net accident attributable to Altisource, adulterated accident per share, banknote flows from operating activities and abiding debt, including accepted portion, as measures of Altisource’s performance.  We accept these measures are advantageous to management, absolute shareholders, abeyant shareholders and added users of our banking advice in evaluating operating advantage and banknote breeze bearing added on the base of continuing amount and banknote flows as they exclude acquittal bulk accompanying to acquisitions that occurred in above-mentioned periods and non-cash share-based advantage bulk and/or abrasion expense, costs bulk and assets taxes, as able-bodied as the aftereffect of added cogent non-operational items from earnings, banknote flows from operating activities and abiding debt net of banknote on-hand and advance in disinterestedness securities.  We accept these measures are additionally advantageous in evaluating the capability of our operations and basal business trends in a address that is constant with management’s appraisal of business performance.  Furthermore, we accept the exclusion of added cogent non-operational items enables allegory to above-mentioned aeon achievement and trend analysis.

It is management’s absorbed to accommodate non-GAAP banking advice to enhance the compassionate of Altisource’s GAAP banking information, and it should be advised by the clairvoyant in accession to, but not instead of, the banking statements able in accordance with GAAP.  Each non-GAAP banking admeasurement is presented forth with the agnate GAAP admeasurement so as not to betoken that added accent should be placed on the non-GAAP measure.  The non-GAAP banking advice presented may be bent or affected abnormally by added companies.  The non-GAAP banking advice should not be disproportionately relied upon.

Adjusted operating assets is affected by removing abstract asset acquittal expense, share-based advantage expense, accident on BRS portfolio sale, accretion on bargain of businesses, sales tax accrual, net of reimbursement, restructuring charges, amicableness and abstract and added assets write-off from business exits and action acclimation accident from (loss) assets from operations.  Pretax (loss) assets attributable to Altisource is affected by removing non-controlling interests from (loss) assets afore assets taxes and non-controlling interests.  Adapted pretax assets attributable to Altisource is affected by removing non-controlling interests, abstract asset acquittal expense, share-based advantage expense, accident on BRS portfolio sale, accretion on bargain of businesses, sales tax accrual, net of reimbursement, restructuring charges, write-off of net abatement and debt arising costs from debt refinancing, amicableness and abstract and added assets write-off from business exits, abeyant accretion (loss) on advance in disinterestedness balance and action acclimation accident from (loss) assets afore assets taxes and non-controlling interests.  Adapted net assets attributable to Altisource is affected by removing abstract asset acquittal bulk (net of tax), share-based advantage bulk (net of tax), accident on BRS portfolio bargain (net of tax), accretion on bargain of businesses (net of tax), sales tax accrual, net of agreement (net of tax), restructuring accuse (net of tax), write-off of net abatement and debt arising costs from debt refinancing (net of tax), amicableness and abstract and added assets write-off from business exits (net of tax), abeyant accretion (loss) on advance in disinterestedness balance (net of tax), action acclimation accident (net of tax) and assertive assets tax items accompanying to the Luxembourg deferred tax asset including an access in the appraisal allowance, an assets tax amount change in Luxembourg and increases in adopted assets tax affluence (and accompanying interest) from net accident attributable to Altisource.  Adapted adulterated balance per allotment is affected by adding net accident attributable to Altisource afterwards removing abstract asset acquittal bulk (net of tax), share-based advantage bulk (net of tax), accident on BRS portfolio bargain (net of tax), accretion on bargain of businesses (net of tax), sales tax accrual, net of agreement (net of tax), restructuring accuse (net of tax), write-off of net abatement and debt arising costs from debt refinancing (net of tax), amicableness and abstract and added assets write-off from business exits (net of tax), abeyant accretion (loss) on advance in disinterestedness balance (net of tax), action acclimation accident (net of tax) and assertive assets tax accompanying items declared aloft by the abounding boilerplate cardinal of adulterated shares.  Adapted EBITDA is affected by removing the assets tax (provision) benefit, absorption bulk (net of absorption income), abrasion and amortization, abstract asset acquittal expense, share-based advantage expense, accident on BRS portfolio sale, abeyant accretion (loss) on advance in disinterestedness securities, sales tax accrual, net of reimbursement, write-off of net abatement and debt arising costs from debt refinancing, restructuring charges, amicableness and abstract and added assets write-off from business exits, accretion on bargain of businesses and action acclimation accident from net accident attributable to Altisource.  Adapted banknote flows from operating activities is affected by removing the abatement (increase) in concise investments in absolute estate, acquittal of sales tax accretion and the action acclimation accident acquittal from banknote flows from operating activities.  Adapted banknote flows from operating activities beneath additions to bounds and accessories is affected by removing the abatement (increase) in concise investments in absolute estate, acquittal of sales tax accrual, the action acclimation accident acquittal and additions to bounds and accessories from banknote flows from operating activities.  Net debt beneath advance in disinterestedness balance is affected as abiding debt, including accepted portion, bare banknote and banknote equivalents and advance in disinterestedness securities.

Reconciliations of the non-GAAP measures to the agnate GAAP measures are as follows:

________________________

Note:  Amounts may not add to the absolute due to rounding.

Form 4 Transition Tax Statement Seven Things Your Boss Needs To Know About Form 4 Transition Tax Statement – form 965 transition tax statement
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