Altisource Portfolio Solutions S.A. Files 2023 Annual Report (10-K)

TL;DR

<b>Altisource Portfolio Solutions S.A. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

ALTISOURCE PORTFOLIO SOLUTIONS S.A. (ASPSW) filed a Annual Report (10-K) with the SEC on March 7, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company name is Altisource Portfolio Solutions S.A. Incorporated in Grand Duchy of Luxembourg. SEC File Number: 001-34354. Report filed as of March 7, 2024.

Why It Matters

For investors and stakeholders tracking ALTISOURCE PORTFOLIO SOLUTIONS S.A., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health and strategic direction for the past fiscal year. Investors and analysts can use this report to assess the company's performance, identify risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — ALTISOURCE PORTFOLIO SOLUTIONS S.A. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report, but the lack of specific financial figures in the provided header data prevents a deeper risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand Altisource Portfolio Solutions S.A.'s current financial standing and future outlook.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Fiscal year end)
• 2024-03-07 — Filing Date (Date the 10-K was filed)
• 001-34354 — SEC File Number (Company's SEC file number)

Key Players & Entities

• ALTISOURCE PORTFOLIO SOLUTIONS S.A. (company) — Filer name
• ASPSW (company) — Ticker symbol
• 10-K (document) — Filing type
• 2024-03-07 (date) — Filing date
• 2023-12-31 (date) — Reporting period end date
• 001-34354 (document) — SEC file number
• Grand Duchy of Luxembourg (location) — Place of incorporation

FAQ

Industry Context

Altisource Portfolio Solutions S.A. operates in the business services sector, providing technology and services to the mortgage and real estate industries.

Regulatory Implications

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and performance metrics.
2. Identify specific revenue streams and growth drivers mentioned in the report.
3. Assess the company's stated risks and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header data for the 2023 10-K filing. Comparative data from the previous filing is not available in this snippet.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value ASPS NASDAQ Global Select Mar
• $16.4 million — d total Company loss from operations by $16.4 million in 2023 compared to 2022 by (1) improvi
• $38.8 million — certain terms and conditions Generated $38.8 million in net proceeds from the sale of common
• $30 million — from the sale of common stock and used $30 million to partially repay the SSTL Ended the
• $32.5 million — lly repay the SSTL Ended the year with $32.5 million of cash and cash equivalents, $15.0 mil
• $15.0 million — 5 million of cash and cash equivalents, $15.0 million available under a revolving credit faci
• $191.6 million — e under a revolving credit facility and $191.6 million of net debt Business Segments : In th
• $7.0 million — operations in the Business Segments by $7.0 million to $26.1 million, representing 19.1% of
• $26.1 m — he Business Segments by $7.0 million to $26.1 million, representing 19.1% of service re
• $19.0 m — of service revenue, in 2023 compared to $19.0 million, representing 13.2% of service re
• $43 million — weighted average sales pipeline between $43 million and $53 million of potential estimated
• $53 million — sales pipeline between $43 million and $53 million of potential estimated revenue on a sta
• $27 million — bility of closing (comprised of between $27 million and $33 million in the Servicer and Rea
• $33 million — g (comprised of between $27 million and $33 million in the Servicer and Real Estate segment
• $16 million — cer and Real Estate segment and between $16 million and $20 million in the Origination segm

Filing Documents

• asps-20231231.htm (10-K) — 2180KB
• asps12312023-ex211.htm (EX-21.1) — 36KB
• asps12312023-ex231.htm (EX-23.1) — 3KB
• asps12312023-ex311.htm (EX-31.1) — 10KB
• asps12312023-ex312.htm (EX-31.2) — 12KB
• asps12312023-ex321.htm (EX-32.1) — 10KB
• 0001462418-24-000010.txt (&nbsp;) — 11355KB
• asps-20231231.xsd (EX-101.SCH) — 97KB
• asps-20231231_cal.xml (EX-101.CAL) — 106KB
• asps-20231231_def.xml (EX-101.DEF) — 424KB
• asps-20231231_lab.xml (EX-101.LAB) — 931KB
• asps-20231231_pre.xml (EX-101.PRE) — 712KB
• asps-20231231_htm.xml (XML) — 1635KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 28 ITEM 1C. CYBERSECURITY 28 ITEM 2.

PROPERTIES

PROPERTIES 29 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 30 ITEM 4. MINE SAFETY DISCLOSURES 30 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 31 ITEM 6 [RESERVED] 31 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 52 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 86 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 86 ITEM 9B. OTHER INFORMATION 86 ITEM 9C. DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 86 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 87 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 87 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 87 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 87 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 87 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 88

SIGNATURES

SIGNATURES 94 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may relate to, among other things, future events or our future performance or financial condition. Words such as "anticipate," "intend," "expect," "may," "could," "should," "would," "plan," "estimate," "believe," "predict," "potential" or "continue" or the negative of these terms and comparable terminology are intended to identify such forward-looking statements. 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." 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. PART I Except as otherwise indicated or unless the context requires otherwise "Altisource," the "Company," "we," "us" or "our" mean Altisource Portfolio Solutions S.A., a Luxembourg socit anonyme, or public limited liability company, and its subsidiaries.

BUSINESS

ITEM 1. BUSINESS The Company Altisource 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. We are publicly traded on the NASDAQ Global Select Market under the symbol "ASPS." We are organized under the laws of the Grand Duchy of Luxembourg. We have prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reportable Segments Our reportable segments are as follows: Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. Within the Servicer and Real Estate segment we provide: Solutions Our Solutions business includes property preservation and inspection services, title insurance (as an agent) and settlement services, real estate valuation services, foreclosure trustee services, and residential and commercial construction inspection and risk mitigation services. Marketplace Our Marketplace business includes the Hubzu online real estate auction platform and real estate auction, real estate brokerage and asset management services. Technology and software-as-a-service ("SaaS") Products Our Technology and SaaS Products business includes Equator (a SaaS-based technology to manage real estate owned ("REO"), short sales, foreclosure, bankruptcy and eviction processes), Vendorly Invoice (a vendor invoicing and payment system), RentRange (a single and multi-family rental data, analytics and rent-based valuation solution), REALSynergy (a commercial loan servicing platform), and NestRange TM (an automated residential valuation model and analytics solution). 3 Table of Contents Origination segment provides originators with solutions and technologies that span the mor

View Full Filing

View this 10-K filing on SEC EDGAR