Altisource Portfolio Solutions S.a. · NASDAQ:ASPS
Altisource Portfolio Solutions — Debt Investor Presentation (December 2024)
19 slides from Altisource Portfolio Solutions's debt investor presentation, Dec 17, 2024
Slide 1: Debt Related Agreements
D E B T R E L A T E D A G R E E M E N T S ALTISOURCE D E C E M B E R 1 7 , 2 0 2 4 1 Exhibit 99.2
Slide 2: Altisource Overview: Forward-Looking Statements
© 2024 Altisource All Rights Reserved. ALTISOURCE OVERVIEW This presentation 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 that relate to, among other th
Slide 3: Non-GAAP Measures
© 2024 Altisource All Rights Reserved. NON-GAAP MEASURES Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Net Debt and Interest-bearing Net Debt, which are presented elsewhere in this presentation, are non-GAAP measures used by management, existing
Slide 4: Transaction support agreement and super senior facility
© 2024 Altisource All Rights Reserved. • Executed a binding transaction support agreement, which includes a term sheet (the “Agreement”), with lenders holding approximately 99% of the Company’s term loans (the “Existing Term Loans”) that sets forth the principal terms of, among other things, a propo
Slide 5: Key Features of Contemplated Transactions
© 2024 Altisource All Rights Reserved. KEY FEATURES OF CONTEMPLATED TRANSACTIONS1 5 1 This description of the Agreement is not complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached as an exhibit to Altisource’s Form 8-K filed with the SEC on December 17
Slide 6: Key Features of Contemplated Transactions
© 2024 Altisource All Rights Reserved. KEY FEATURES OF CONTEMPLATED TRANSACTIONS1 6 1 This description of the Agreement is not complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached as an exhibit to Altisource’s Form 8-K filed with the SEC on December 17
Slide 7: Credit Facility – Summary of Terms
© 2024 Altisource All Rights Reserved. CREDIT FACILITY – SUMMARY OF TERMS $110 millionExchange First Lien Loans SOFR + 6.50% (3.50% SOFR Floor), payable quarterly in cashInterest Rate on Exchange First Lien Loans $50 million payable on Maturity Date1Exit Fee on Exchange First Lien Loans NoneExit Fee
Slide 8: Super Senior Facility – Summary of Terms
© 2024 Altisource All Rights Reserved. SUPER SENIOR FACIL ITY – SUMMARY OF TERMS $12.5 millionSuper Senior Credit Facility Transaction costs and general corporate purposesUse of Proceeds 10.0%Original Issue Discount SOFR + 6.50% (3.50% SOFR Floor), payable quarterly in cashInterest Rate on Super Sen
Slide 9: Pro Forma Capitalization Summary
© 2024 Altisource All Rights Reserved. PRO FORMA CAPITALIZATION SUMMARY1 9 1 The information presented is for illustration purposes only and is based upon certain assumptions that we believe are reasonable as of the date of this presentation. However, these assumptions are inherently subject to chan
Slide 10: Credit Metrics Pro Forma for New Debt
© 2024 Altisource All Rights Reserved. CREDIT METRICS PRO FORMA FOR NEW DEBT 1 10 Transaction Would Substantially Improve Company’s Leverage and Debt Service Coverage Ratios; These Metrics Would Further Improve if Net Debt Declines from Excess Cash Flow and Proceeds Received from the Cash Exercise o
Slide 11: Illustration – Exercise of Stakeholder Warrants
© 2024 Altisource All Rights Reserved. ILLUSTRATION – EXERCISE OF STAKEHOLDER WARRANTS1 11 1 The information presented is for illustration purposes only and is based upon certain assumptions that we believe are reasonable as of the date of this presentation. However, these assumptions are inherently
Slide 12: Next Steps
© 2024 Altisource All Rights Reserved. NEXT STEPS • Our next steps include, among other things: - Filing a preliminary proxy statement with the SEC to seek the shareholder approvals necessary to facilitate the transactions described in the Agreement (the “Required Approvals”) - Negotiating definitiv
Slide 13: Key Focus Areas
© 2024 Altisource All Rights Reserved. KEY FOCUS AREAS • As we look to the future, we are focusing on growing and diversifying our revenue streams and customer base - Maintaining efforts to deliver and grow our default related services - Increasing our focus on our businesses that are less reliant o
Slide 14: Summary
© 2024 Altisource All Rights Reserved. SUMMARY • We have improved Net Cash Used in Operating Activities by more than $55 million1 since 2021 - Reduced costs and grew sales wins during an extremely challenging multi-year environment for the residential default mortgage services industry • We believe
Slide 15: Appendix
© 2024 Altisource All Rights Reserved. APPENDIX 15
Slide 16: EBITDA, Adjusted EBITDA and Net Debt definitions
© 2024 Altisource All Rights Reserved. EBITDA, Adjusted EBITDA and Net Debt are non-GAAP measures used by management, existing shareholders, potential shareholders and other users of our financial information to measure Altisource’s performance and do not purport to be alternatives to net income (lo
Slide 17: Non-GAAP Measures
© 2024 Altisource All Rights Reserved. N O N - G A A P M E A S U R E S 17Note: Numbers may not sum due to rounding Reconciliation ($ in millions) As of 12-13-24 Contemplated Transactions Pro Forma1 Long-term debt, including current portion 230.6$ 58.1$ 172.5$ Less: Non-interest bearing long-term deb
Slide 18: About Altisource
© 2024 Altisource All Rights Reserved. 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
Slide 19: Altisource
Altisource YOUR ONE SOURCE™
Altisource Portfolio Solutions — Debt Investor Presentation (December 2024) on 6ix