LUXEMBOURG, July 21, 2016 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS ) today reported financial results for the second quarter of 2016, generating strong cash flows from operations and service revenue growth. Compared to the first quarter of 2016, service revenue growth was driven by an increase in the number of non-Ocwen and Ocwen homes sold on Hubzu ® and a higher volume of property preservation referrals. Compared to the second quarter of 2015, service revenue growth was driven by a higher volume of property preservation referrals, growth in the percentage of homes sold through auction on Hubzu and growth in the number of non-Ocwen homes sold on Hubzu.
Compared to the first quarter of 2016, growth in diluted earnings per share and adjusted diluted earnings per share (1) was primarily from changes in service revenue mix and greater gains on debt repurchases, partially offset by lower technology revenue from Ocwen and transaction costs associated with the purchase of Altisource Residential Corporation (“RESI”) stock. Compared to the second quarter of 2015, the decline in diluted earnings per share and adjusted diluted earnings per share (1) was primarily from changes in service revenue mix, greater investment in our growth initiatives, lower technology revenue from Ocwen, transaction costs associated with the purchase of RESI stock and the inclusion of one-time Equator ® and HLSS gains in the second quarter of 2015, partially offset by greater gains on debt repurchases.
Second Quarter 2016 Results Compared to First Quarter 2016 and Second Quarter 2015:
- Service revenue of $241.3 million, a 3% increase compared to the first quarter 2016 and a 2% increase compared to the second quarter 2015
- Net income attributable to Altisource of $20.0 million, an 8% increase compared to the first quarter 2016 and a 56% decrease compared to the second quarter 2015
- Adjusted net income attributable to Altisource (1) of $31.0 million, a 5% increase compared to the first quarter 2016 and a 34% decrease compared to the second quarter 2015
- Diluted earnings per share of $1.02, an 11% increase compared to the first quarter 2016 and a 54% decrease compared to the second quarter 2015
- Adjusted diluted earnings per share (1) of $1.58, a 7% increase compared to the first quarter 2016 and a 31% decrease compared to the second quarter 2015
- Cash from operations of $40.4 million, a 39% increase compared to the first quarter 2016 and a 43% decrease compared to the second quarter 2015
“I am very pleased with our performance in the second quarter of 2016 and through the first half of the year. We are executing well against our strategic initiatives and believe we are on track to achieve or exceed adjusted diluted earnings per share (1) of $6.00 per share, the midpoint of our updated scenarios (2) ,” said Chief Executive Officer William B. Shepro.
Shepro further commented, “We continue to make strong progress in growing our sales pipeline and developing a compelling suite of real estate and mortgage marketplace services. We have grown adjusted service revenue unrelated to Ocwen (1) by more than 40% in each of the last two years and anticipate the growth to exceed this in 2016. We believe this positions us to transform Altisource into a larger, more profitable company with a diversified and growing revenue base.”
Second Quarter 2016 highlights include:
Initiatives
- Began providing property inspection and preservation services for a top four bank
- Received approval from a top ten bank client to also provide it with short sale services
- Executed a contract with a mortgage insurance company to manage its REO (3)
- Selected by a top ten bank to provide Equator software to manage its short sales; this bank is evaluating Altisource for additional services
- Grew second quarter 2016 service revenue in the Origination Solutions businesses by 20% over the first quarter of 2016
Capital Allocation
- Repurchased $51.0 million of our senior secured term loan at a weighted average discount of 13.2%, recognizing a net gain of $5.5 million on the early extinguishment of debt
- Repurchased $8.1 million of our common stock (0.3 million shares at an average price of $26.74 per share)
- Purchased 1.6 million shares of RESI’s common stock for $18.8 million
__________________________
(1) This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein. (2) The 2016 scenarios have been adjusted to reflect our results for the first half of the year and anticipated performance for the balance of the year. The mid-point of the scenarios for adjusted diluted earnings per share remains the same as previously communicated. (3) Executed in July 2016
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 undertakes no 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, Altisource’s ability to integrate acquired businesses, retain key executives or employees, retain existing customers and attract new customers, general economic and market conditions, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, availability of adequate and timely sources of liquidity and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and other sections of Altisource’s Form 10-K and other filings with the Securities and Exchange Commission.
Webcast
Altisource will host a webcast at 11:00 a.m. EDT today to discuss our second quarter 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 a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries. Altisource’s proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Additional information is available at www.Altisource.com.
| ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||||
| Service revenue | |||||||||||||||||
| Mortgage Services | $ | 194,110 | $ | 165,674 | $ | 377,272 | $ | 310,055 | |||||||||
| Financial Services | 19,734 | 23,350 | 39,810 | 45,663 | |||||||||||||
| Technology Services | 38,100 | 55,992 | 78,747 | 107,962 | |||||||||||||
| Eliminations | (10,620 | ) | (8,421 | ) | (20,225 | ) | (19,269 | ) | |||||||||
| Total service revenue | 241,324 | 236,595 | 475,604 | 444,411 | |||||||||||||
| Reimbursable expenses | 13,783 | 30,830 | 29,237 | 62,786 | |||||||||||||
| Non-controlling interests | 692 | 896 | 1,090 | 1,606 | |||||||||||||
| Total revenue | 255,799 | 268,321 | 505,931 | 508,803 | |||||||||||||
| Cost of revenue | 160,588 | 137,329 | 313,997 | 278,199 | |||||||||||||
| Reimbursable expenses | 13,783 | 30,830 | 29,237 | 62,786 | |||||||||||||
| Gross profit | 81,428 | 100,162 | 162,697 | 167,818 | |||||||||||||
| Selling, general and administrative expenses | 54,207 | 51,566 | 107,823 | 103,972 | |||||||||||||
| Change in the fair value of Equator Earn Out | — | (7,591 | ) | — | (7,591 | ) | |||||||||||
| Income from operations | 27,221 | 56,187 | 54,874 | 71,437 | |||||||||||||
| Other income (expense), net: | |||||||||||||||||
| Interest expense | (5,988 | ) | (7,195 | ) | (12,529 | ) | (14,355 | ) | |||||||||
| Gain (loss) on HLSS equity securities and dividends received | — | 1,431 | — | (1,854 | ) | ||||||||||||
| Other income (expense), net | 2,744 | 821 | 2,717 | 824 | |||||||||||||
| Total other income (expense), net | (3,244 | ) | (4,943 | ) | (9,812 | ) | (15,385 | ) | |||||||||
| Income before income taxes and non-controlling interests | 23,977 | 51,244 | 45,062 | 56,052 | |||||||||||||
| Income tax provision | (3,291 | ) | (4,398 | ) | (5,484 | ) | (4,798 | ) | |||||||||
| Net income | 20,686 | 46,846 | 39,578 | 51,254 | |||||||||||||
| Net income attributable to non-controlling interests | (692 | ) | (896 | ) | (1,090 | ) | (1,606 | ) | |||||||||
| Net income attributable to Altisource | $ | 19,994 | $ | 45,950 | $ | 38,488 | $ | 49,648 | |||||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 1.08 | $ | 2.35 | $ | 2.06 | $ | 2.50 | |||||||||
| Diluted | $ | 1.02 | $ | 2.22 | $ | 1.94 | $ | 2.38 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 18,437 | 19,571 | 18,646 | 19,870 | |||||||||||||
| Diluted | 19,604 | 20,669 | 19,822 | 20,830 | |||||||||||||
| Comprehensive income: | |||||||||||||||||
| Net income | $ | 20,686 | $ | 46,846 | $ | 39,578 | $ | 51,254 | |||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||
| Unrealized loss on securities, net of income tax benefit of $3,249, $0, $2,960, $0 | (7,871 | ) | — | (7,172 | ) | — | |||||||||||
| Comprehensive income, net of tax | 12,815 | 46,846 | 32,406 | 51,254 | |||||||||||||
| Comprehensive income attributable to non-controlling interests | (692 | ) | (896 | ) | (1,090 | ) | (1,606 | ) | |||||||||
| Comprehensive income attributable to Altisource | $ | 12,123 | $ | 45,950 | $ | 31,316 | $ | 49,648 | |||||||||
| ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |||||||||||||||||||||
| SEGMENT FINANCIAL INFORMATION | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three months ended June 30, 2016 | |||||||||||||||||||||
| Mortgage Services | Financial Services | Technology Services | Corporate Items and Eliminations | Consolidated Altisource | |||||||||||||||||
| Revenue | |||||||||||||||||||||
| Service revenue | $ | 194,110 | $ | 19,734 | $ | 38,100 | $ | (10,620 | ) | $ | 241,324 | ||||||||||
| Reimbursable expenses | 13,759 | 24 | — | — | 13,783 | ||||||||||||||||
| Non-controlling interests | 692 | — | — | — | 692 | ||||||||||||||||
| 208,561 | 19,758 | 38,100 | (10,620 | ) | 255,799 | ||||||||||||||||
| Cost of revenue | 127,626 | 14,149 | 42,424 | (9,828 | ) | 174,371 | |||||||||||||||
| Gross profit (loss) | 80,935 | 5,609 | (4,324 | ) | (792 | ) | 81,428 | ||||||||||||||
| Selling, general and administrative expenses | 28,607 | 4,204 | 7,440 | 13,956 | 54,207 | ||||||||||||||||
| Income (loss) from operations | 52,328 | 1,405 | (11,764 | ) | (14,748 | ) | 27,221 | ||||||||||||||
| Total other income (expense), net | 35 | 22 | 93 | (3,394 | ) | (3,244 | ) | ||||||||||||||
| Income (loss) before income taxes and non-controlling interests | $ | 52,363 | $ | 1,427 | $ | (11,671 | ) | $ | (18,142 | ) | $ | 23,977 | |||||||||
| Three months ended June 30, 2015 | |||||||||||||||||||||
| Mortgage Services | Financial Services | Technology Services | Corporate Items and Eliminations | Consolidated Altisource | |||||||||||||||||
| Revenue | |||||||||||||||||||||
| Service revenue | $ | 165,674 | $ | 23,350 | $ | 55,992 | $ | (8,421 | ) | $ | 236,595 | ||||||||||
| Reimbursable expenses | 30,791 | 39 | — | — | 30,830 | ||||||||||||||||
| Non-controlling interests | 896 | — | — | — | 896 | ||||||||||||||||
| 197,361 | 23,389 | 55,992 | (8,421 | ) | 268,321 | ||||||||||||||||
| Cost of revenue | 112,710 | 15,537 | 47,423 | (7,511 | ) | 168,159 | |||||||||||||||
| Gross profit (loss) | 84,651 | 7,852 | 8,569 | (910 | ) | 100,162 | |||||||||||||||
| Selling, general and administrative expenses | 25,228 | 4,588 | 7,246 | 14,504 | 51,566 | ||||||||||||||||
| Change in the fair value of Equator Earn Out | — | — | (7,591 | ) | — | (7,591 | ) | ||||||||||||||
| Income (loss) from operations | 59,423 | 3,264 | 8,914 | (15,414 | ) | 56,187 | |||||||||||||||
| Total other income (expense), net | 23 | 2 | (18 | ) | (4,950 | ) | (4,943 | ) | |||||||||||||
| Income (loss) before income taxes and non-controlling interests | $ | 59,446 | $ | 3,266 | $ | 8,896 | $ | (20,364 | ) | $ | 51,244 | ||||||||||
| ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |||||||||||||||||||||
| SEGMENT FINANCIAL INFORMATION | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Six months ended June 30, 2016 | |||||||||||||||||||||
| Mortgage Services | Financial Services | Technology Services | Corporate Items and Eliminations | Consolidated Altisource | |||||||||||||||||
| Revenue | |||||||||||||||||||||
| Service revenue | $ | 377,272 | $ | 39,810 | $ | 78,747 | $ | (20,225 | ) | $ | 475,604 | ||||||||||
| Reimbursable expenses | 29,185 | 52 | — | — | 29,237 | ||||||||||||||||
| Non-controlling interests | 1,090 | — | — | — | 1,090 | ||||||||||||||||
| 407,547 | 39,862 | 78,747 | (20,225 | ) | 505,931 | ||||||||||||||||
| Cost of revenue | 249,144 | 28,407 | 84,317 | (18,634 | ) | 343,234 | |||||||||||||||
| Gross profit (loss) | 158,403 | 11,455 | (5,570 | ) | (1,591 | ) | 162,697 | ||||||||||||||
| Selling, general and administrative expenses | 55,576 | 8,513 | 13,998 | 29,736 | 107,823 | ||||||||||||||||
| Income (loss) from operations | 102,827 | 2,942 | (19,568 | ) | (31,327 | ) | 54,874 | ||||||||||||||
| Total other income (expense), net | 49 | 35 | 100 | (9,996 | ) | (9,812 | ) | ||||||||||||||
| Income (loss) before income taxes and non-controlling interests | $ | 102,876 | $ | 2,977 | $ | (19,468 | ) | $ | (41,323 | ) | $ | 45,062 | |||||||||
| Six months ended June 30, 2015 | |||||||||||||||||||||
| Mortgage Services | Financial Services | Technology Services | Corporate Items and Eliminations | Consolidated Altisource | |||||||||||||||||
| Revenue | |||||||||||||||||||||
| Service revenue | $ | 310,055 | $ | 45,663 | $ | 107,962 | $ | (19,269 | ) | $ | 444,411 | ||||||||||
| Reimbursable expenses | 62,706 | 80 | — | — | 62,786 | ||||||||||||||||
| Non-controlling interests | 1,606 | — | — | — | 1,606 | ||||||||||||||||
| 374,367 | 45,743 | 107,962 | (19,269 | ) | 508,803 | ||||||||||||||||
| Cost of revenue | 227,514 | 30,640 | 100,146 | (17,315 | ) | 340,985 | |||||||||||||||
| Gross profit (loss) | 146,853 | 15,103 | 7,816 | (1,954 | ) | 167,818 | |||||||||||||||
| Selling, general and administrative expenses | 45,789 | 9,303 | 14,561 | 34,319 | 103,972 | ||||||||||||||||
| Change in the fair value of Equator Earn Out | — | — | (7,591 | ) | — | (7,591 | ) | ||||||||||||||
| Income (loss) from operations | 101,064 | 5,800 | 846 | (36,273 | ) | 71,437 | |||||||||||||||
| Total other income (expense), net | 19 | (10 | ) | (17 | ) | (15,377 | ) | (15,385 | ) | ||||||||||||
| Income (loss) before income taxes and non-controlling interests | $ | 101,083 | $ | 5,790 | $ | 829 | $ | (51,650 | ) | $ | 56,052 | ||||||||||
| ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||
| (in thousands, except per share data) | |||||||||
| (unaudited) | |||||||||
| June 30, | December 31, | ||||||||
| 2016 | 2015 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 120,486 | $ | 179,327 | |||||
| Available for sale securities | 38,087 | — | |||||||
| Accounts receivable, net | 100,165 | 105,023 | |||||||
| Prepaid expenses and other current assets | 27,747 | 21,751 | |||||||
| Total current assets | 286,485 | 306,101 | |||||||
| Premises and equipment, net | 114,576 | 119,121 | |||||||
| Goodwill | 81,406 | 82,801 | |||||||
| Intangible assets, net | 173,406 | 197,003 | |||||||
| Deferred tax assets, net | 6,917 | 3,619 | |||||||
| Other assets | 12,686 | 13,153 | |||||||
| Total assets | $ | 675,476 | $ | 721,798 | |||||
| LIABILITIES AND EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable and accrued expenses | $ | 88,748 | $ | 91,871 | |||||
| Current portion of long-term debt | 5,945 | 5,945 | |||||||
| Deferred revenue | 11,717 | 15,060 | |||||||
| Other current liabilities | 14,309 | 16,266 | |||||||
| Total current liabilities | 120,719 | 129,142 | |||||||
| Long-term debt, less current portion | 469,776 | 522,233 | |||||||
| Other non-current liabilities | 16,561 | 18,153 | |||||||
| Equity: | |||||||||
| Common stock ($1.00 par value; 25,413 shares authorized and issued and 18,350 outstanding as of June 30, 2016; 25,413 shares authorized and issued and 19,021 outstanding as of December 31, 2015) | 25,413 | 25,413 | |||||||
| Additional paid-in capital | 99,890 | 96,321 | |||||||
| Retained earnings | 403,460 | 369,270 | |||||||
| Accumulated other comprehensive loss | (7,172 | ) | — | ||||||
| Treasury stock, at cost (7,063 shares as of June 30, 2016 and 6,392 shares as of December 31, 2015) | (454,488 | ) | (440,026 | ) | |||||
| Altisource equity | 67,103 | 50,978 | |||||||
| Non-controlling interests | 1,317 | 1,292 | |||||||
| Total equity | 68,420 | 52,270 | |||||||
| Total liabilities and equity | $ | 675,476 | $ | 721,798 | |||||
| ALTISOURCE PORTFOLIO SOLUTIONS S.A. | |||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (in thousands) | |||||||||
| (unaudited) | |||||||||
| Six months ended June 30, | |||||||||
| 2016 | 2015 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 39,578 | $ | 51,254 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 18,346 | 18,432 | |||||||
| Amortization of intangible assets | 24,967 | 17,877 | |||||||
| Loss on HLSS equity securities and dividends received, net | — | 1,854 | |||||||
| Change in the fair value of acquisition related contingent consideration | 193 | (7,346 | ) | ||||||
| Share-based compensation expense | 3,569 | 1,315 | |||||||
| Bad debt expense | 1,041 | 2,143 | |||||||
| Gain on early extinguishment of debt | (5,464 | ) | (1,114 | ) | |||||
| Amortization of debt discount | 201 | 255 | |||||||
| Amortization of debt issuance costs | 557 | 585 | |||||||
| Deferred income taxes | 18 | 5 | |||||||
| Loss on disposal of fixed assets | 9 | 20 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable | 3,407 | (6,726 | ) | ||||||
| Prepaid expenses and other current assets | (6,012 | ) | 4,480 | ||||||
| Other assets | 447 | 1,338 | |||||||
| Accounts payable and accrued expenses | (4,454 | ) | (28,557 | ) | |||||
| Other current and non-current liabilities | (6,998 | ) | (1,008 | ) | |||||
| Net cash provided by operating activities | 69,405 | 54,807 | |||||||
| Cash flows from investing activities: | |||||||||
| Additions to premises and equipment | (12,441 | ) | (21,421 | ) | |||||
| Purchase of available for sale securities | (48,219 | ) | (29,966 | ) | |||||
| Proceeds received from sale of and dividends from HLSS equity securities | — | 28,112 | |||||||
| Other investing activities | (10 | ) | (4 | ) | |||||
| Net cash used in investing activities | (60,670 | ) | (23,279 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Repayment and repurchases of long-term debt | (47,751 | ) | (17,701 | ) | |||||
| Proceeds from stock option exercises | 986 | 203 | |||||||
| Purchase of treasury stock | (19,746 | ) | (43,965 | ) | |||||
| Distributions to non-controlling interests | (1,065 | ) | (1,347 | ) | |||||
| Net cash used in financing activities | (67,576 | ) | (62,810 | ) | |||||
| Net decrease in cash and cash equivalents | (58,841 | ) | (31,282 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 179,327 | 161,361 | |||||||
| Cash and cash equivalents at the end of the period | $ | 120,486 | $ | 130,079 | |||||
| Supplemental cash flow information: | |||||||||
| Interest paid | $ | 11,694 | $ | 13,345 | |||||
| Income taxes paid, net | 5,618 | 3,490 | |||||||
| Non-cash investing and financing activities: | |||||||||
| Increase (decrease) in payables for purchases of premises and equipment | $ | 1,369 | $ | (4,091 | ) | ||||
ALTISOURCE PORTFOLIO SOLUTIONS S.A. NON-GAAP MEASURES (in thousands, except per share data) (unaudited)
Adjusted net income attributable to Altisource, adjusted diluted earnings per share and adjusted service revenue unrelated to Ocwen are non-GAAP measures used by management, existing shareholders and potential shareholders to measure Altisource’s performance. Adjusted net income attributable to Altisource is calculated by adding intangible asset amortization expense (net of tax) and deducting the gain associated with the reduction of the Equator earn out liability (net of tax) to GAAP net income attributable to Altisource. Adjusted diluted earnings per share is calculated by dividing net income attributable to Altisource plus intangible asset amortization expense (net of tax) less the gain associated with the reduction of the Equator earn out liability (net of tax) by the weighted average number of diluted shares. Adjusted service revenue unrelated to Ocwen is calculated by reducing the amortization of deferred revenue recorded in connection with the 2013 Equator acquisition from the applicable GAAP service revenue amount. Reconciliations of the non-GAAP measures to the corresponding GAAP measures are as follows:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||||
| Net income attributable to Altisource | $ | 19,994 | $ | 45,950 | $ | 38,488 | $ | 49,648 | |||||||||
| Amortization of intangible assets | 12,756 | 8,986 | 24,967 | 17,877 | |||||||||||||
| Tax benefit on amortization of intangible assets | (1,751 | ) | (771 | ) | (3,038 | ) | (1,530 | ) | |||||||||
| Amortization of intangible assets, net of tax | 11,005 | 8,215 | 21,929 | 16,347 | |||||||||||||
| Gain on Equator earn out liability | — | (7,591 | ) | — | (7,591 | ) | |||||||||||
| Tax provision from the gain on Equator earn out liability | — | 651 | — | 651 | |||||||||||||
| Gain on Equator earn out liability, net of tax | — | (6,940 | ) | — | (6,940 | ) | |||||||||||
| Adjusted net income attributable to Altisource | $ | 30,999 | $ | 47,225 | $ | 60,417 | $ | 59,055 | |||||||||
| Diluted earnings per share | $ | 1.02 | $ | 2.22 | $ | 1.94 | $ | 2.38 | |||||||||
| Amortization of intangible assets, net of tax, per diluted share | 0.56 | 0.40 | 1.11 | 0.78 | |||||||||||||
| Gain on Equator earn out liability, net of tax, per diluted share | — | (0.34 | ) | — | (0.33 | ) | |||||||||||
| Adjusted diluted earnings per share | $ | 1.58 | $ | 2.28 | $ | 3.05 | $ | 2.84 | |||||||||
| Weighted average shares outstanding - diluted | 19,604 | 20,669 | 19,822 | 20,830 | |||||||||||||
| Years ended December 31, | |||||||||||||
| 2015 | 2014 | 2013 | |||||||||||
| Service revenue unrelated to Ocwen | $ | 193,430 | $ | 167,342 | $ | 100,236 | |||||||
| Less: Amortization of Equator acquisition deferred revenue | — | (32,109 | ) | (4,587 | ) | ||||||||
| Adjusted service revenue unrelated to Ocwen | $ | 193,430 | $ | 135,233 | $ | 95,649 | |||||||
__________________________
Note: Amounts may not add to the total due to rounding.
CONTACT: Michelle D. Esterman Chief Financial Officer T: +352 2469 7950 E: Michelle.Esterman@altisource.lu
