Altisource Portfolio Solutions S.A. Files Q2 2024 10-Q

TL;DR

**ALTISOURCE FILES Q2 10-Q: Financials and operations update for June 30, 2024.**

AI Summary

Altisource Portfolio Solutions S.A. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the services sector.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Altisource's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of the financial services sector and the company's specific operations contribute to a medium risk level.

Key Numbers

• 20240630 — Period End Date (Quarterly financial reporting period)
• 20240725 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• ALTISOURCE PORTFOLIO SOLUTIONS S.A. (company) — Filer
• 20240630 (date) — Period of Report
• 20240725 (date) — Filing Date
• 7380 (number) — Standard Industrial Classification Code

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value ASPS NASDAQ Global Select Ma

Filing Documents

• asps-20240630.htm (10-Q) — 1937KB
• asps-06302024xex311.htm (EX-31.1) — 10KB
• asps-06302024xex312.htm (EX-31.2) — 10KB
• asps-06302024xex321.htm (EX-32.1) — 7KB
• 0001462418-24-000036.txt ( ) — 9955KB
• asps-20240630.xsd (EX-101.SCH) — 77KB
• asps-20240630_cal.xml (EX-101.CAL) — 84KB
• asps-20240630_def.xml (EX-101.DEF) — 324KB
• asps-20240630_lab.xml (EX-101.LAB) — 801KB
• asps-20240630_pre.xml (EX-101.PRE) — 605KB
• asps-20240630_htm.xml (XML) — 1549KB

— Financial Information

PART I — Financial Information Item 1 Interim Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Loss 4 Condensed Consolidated Statements of Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 47 Item 4

Controls and Procedures

Controls and Procedures 47

— Other Information

PART II — Other Information Item 1

Legal Proceedings

Legal Proceedings 48 Item 1A

Risk Factors

Risk Factors 48 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 5 Other Information 48 Item 6 Exhibits 49

SIGNATURES

SIGNATURES 50 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Interim Condensed Consolidated Financial Statements (Unaudited)

Item 1. Interim Condensed Consolidated Financial Statements (Unaudited) ALTISOURCE PORTFOLIO SOLUTIONS S.A. Condensed Consolidated Balance Sheets (in thousands, except per share data) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 29,702 $ 32,522 Accounts receivable, net of allowance for doubtful accounts of $ 3,421 and $ 3,123 , respectively 13,190 11,682 Prepaid expenses and other current assets 8,309 11,336 Total current assets 51,201 55,540 Premises and equipment, net 1,124 1,709 Right-of-use assets under operating leases 2,612 3,379 Goodwill 55,960 55,960 Intangible assets, net 24,008 26,548 Deferred tax assets, net 4,983 4,992 Other assets 6,669 6,730 Total assets $ 146,557 $ 154,858 LIABILITIES AND DEFICIT Current liabilities: Accounts payable and accrued expenses $ 30,044 $ 30,088 Current portion of long-term debt 223,009 — Deferred revenue 3,634 3,195 Other current liabilities 2,245 2,477 Total current liabilities 258,932 35,760 Long-term debt — 215,615 Deferred tax liabilities, net 9,047 9,028 Other non-current liabilities 18,778 19,510 Commitments, contingencies and regulatory matters (Note 21) Deficit: Common stock ($ 1.00 par value; 100,000 shares authorized, 29,963 issued and 27,110 outstanding as of June 30, 2024; 29,963 issued and 26,496 outstanding as of December 31, 2023) 29,963 29,963 Additional paid-in capital 179,937 177,278 Accumulated deficit ( 234,351 ) ( 180,162 ) Treasury stock, at cost ( 2,853 shares as of June 30, 2024 and 3,467 shares as of December 31, 2023) ( 116,389 ) ( 152,749 ) Altisource deficit ( 140,840 ) ( 125,670 ) Non-controlling interests 640 615 Total deficit ( 140,200 ) ( 125,055 ) Total liabilities and deficit $ 146,557 $ 154,858 See accompanying notes to condensed consolidated financial statements . 3 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Condensed Statements of Operations and Comprehensive Loss (in thousands, e

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View this 10-Q filing on SEC EDGAR