ASPS - Earnings call transcript Q4 2017 | Altisource Portfolio Solutions S.A.

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Operator

Good day, ladies and gentlemen, and welcome to the Altisource Fourth Quarter Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would now like to turn the conference over to Indroneel Chatterjee, Chief Financial Officer. Please begin.

Indroneel Chatterjee

operator. you, Thank to XX-K, want Web-site that earnings the www.altisource.com. We quarterly remind slides Form and our are release, first you available at on These find investors provide useful. additional information may remarks to you involve like number and results cause risks that of forward-looking to would I differ. a that our statements today remind which could actual uncertainties include our Please Forward-Looking Statements the release, Form and slides, well review sections as earnings the XX-K, Factors Risk Form in contained quarterly in the XX-K. as Company's to obligation new events. no We statements of these undertake a result update information as or future

measures non-GAAP During measures. slides, in appendix will this will the GAAP call, present is we slides. XX-K, quarterly non-GAAP A Form our both find quarterly included GAAP release, in measures. and disclosures regarding of non-GAAP financial the earnings additional you In reconciliation and to

for me now would to to Joining our Shepro, call Bill Officer. Bill. today's Chief call I Executive turn over the like is

William B. Shepro

you Good call. morning today's thank for and joining

I outlook our discuss forth X, I Before are that which stakeholders. are investors, and we key significant on other XXXX, XXXX highlight set Slide lenders believe and our a few our factors for for want results to

a long-term customer company Altisource capital-light contracts. First, is with

operating generates cash has Altisource requirements. and strong Second, CapEx limited flow

two be point Altisource, space, and equal QX positioning adjusted of the accelerated XXXX, momentum And support in in we tremendous multiples one investing to to customer have XXXX our with services valuation. Third, relative greater competitors, the inflection pre-tax following finally, online attractive our been for are than auction will field the XXXX or competitive our into years. in opportunities other and sold recently businesses QX the anticipated wins XXXX. income and very continues at in and we provider growth with believe to Fifth, market represent. an Fourth, our our and newer businesses

estate excluding we $XXX This us with and against it addressable that additional is our in perform the acquiring from $XXX a XXXX actions translates Slide we uncertainty believe just CapEx. The the the wins, well-positioned rights Ocwen of to was not for the With Altisource midpoint. number results and share growth are lower long-term tax service income exploit earnings-per-share in the diluted a $XX investments of and higher $XXX markets. diluted This XXXX adjusted in share, servicing April announcement newer winning May benefit discussed, growth for of our and with not $X.X quarter. $X.XX XXXX diligence adjusted was revenue X. cash We settlement, scenarios. to prospective BRS. deciding and non-Ocwen $X.XX generating million million XXXX million affected CFPB from on at investments revenue decline cash by term par after $XXX senior our opportunistically and respect revenue success recorded X, into customers. in believe $XX.X our recent adjusted opportunities $XXX our expectations of purchased We by loan the This service offset meet was business the in earnings million value flow on new was customers, secured benefited of existing forward. generated and revenue by net XXX% from operations, by revenue which partially will offset in disappointed million NRZ's per real non-Ocwen from fewer Slide lower million diligence value midpoint the revenue gain. and for in of in to shown Altisource associated service was investments or approximately effective XX.X%, Service in partially from at our customers, evidenced following for Adjusted as we discount flow, of by for tax driven investments million greater state we Turning adjusting but our operating our some generate as million help I increased Ocwen. litigation largely expensing generated timing, are strong believe million We higher the did business a in businesses. the beyond. of clients to that as caused XXXX in growing and we paid current refer at shares, additional pause We of going I'll primarily market XXXX, XXXX, growth these and a buy-renovate-lease-sell which in $XX Ocwen, rate, after should an also We higher fourth average shareholders XXX%

cash of used million to X.X price $XXX.X of also XX.X less to marketable million $XX average $XX.XX, We outstanding shares approximately securities. stock our and million and securities, We bringing marketable net of an shares repurchase $XXX.X of ended the with at million debt year million.

you Slide our year a began XXXX, discounted see marks XX, As this we of beginning buyback since debt XX% can of the the on reduction program.

million we During U.S. recorded impact reserves. fourth buybacks the quarter merger the our of direct an two income credit the to the in in changes the plan Luxembourg, agreement from allow the Luxembourg relates its subsidiaries, Company's XXXX, and streamline structure. restructuring tax and the will to market Company of income December statutory of benefit In next. two The Luxembourg permit debt the discuss merged restructuring to fourth internal tax subsidiaries amended foreign rate and the I simplify net Company's corporate tax the in of $XXX and quarter,

years. fair XX next usage tax In For to not $X.X of taxes subject on of operating transaction billion over This short, taxable is and NOL its Luxembourg life. at pay XX should not has $X.X purposes, generated generated loss billion. value cash limitation we was recognized a any on the income a Luxembourg year net and in the

revenue. the growth quarter growth and share servicing capital existing reflects BRS partially could clients scenarios revenue reduced updated growth, stabilized mix the business, to but actually represent of in our reduction the a the $X.XX from estimates includes growth spend, wins origination lower-margin our wins. of business, million of are stabilized growth expanding adding portfolios. anticipate from by new $X non-Ocwen service with what in its total expected $X.XX which scenarios, and per of an per we to our expenditures volumes the million new market drivers impact Slide produced basis in a offset the include are a anticipate NRZ on portfolio, home XX% midpoint in Agreement, to basis million, cash and in further million non-NRZ and total initiatives. million customer from of to our you Ocwen-NRZ the non-Ocwen shows these CapEx to represents non-NRZ revenue a of these XXXX on $XXX to growing This turning history produce reducing as sales attractive XXXX we our client and generated revenue color is normal midpoint investment flow primary To around set revenue Altisource platform will home from of Owners.com new while Cooperative earnings in see, property $XXX Servicer cash $XX At run-off in XX; project essence, BRS expense At This Slide continue and adjusted Slide closings, revenue requirements. associated additional revenue. we higher in at generating share. X% midpoint you forth earnings and business, Now, $X XXXX XXXX XXXX our service other in of compared We and customers, million operations Ocwen-NRZ Solutions wins change flow customers previously of $X.XX other The time. X respect clients, from a and million. Brokerage with of anticipated from the XXXX. reflects but the $XX revenue with In Origination our our adjusted XX generating disclosed summary the scenarios, wins decline that XXXX Solutions on $X over first we long and share provide our annualized believe our preservation can

businesses invest allows which demonstrated should XXXX out of our solid in to trends we growth. our businesses leverage XXXX, addressable investments can Origination these in core for financial the to build million businesses. our we our have services and that technology budgeted and is Solutions benefit related progress markets and well-positioned competencies $XX us Real of Both Estate approximately In advantages. for from macroeconomic in are where Our strength competitive and Consumer and offerings, majority to

debt. we shares outlook, XXXX. Based our significant purchase million Given cash factors, to our other approximately flow, opportunistically to intend we more continue reduce in sheet, financial repurchase price to environmental share shares our of strong or long-term and balance and upon X plan and

Looking our client be towards normal from spend Revenue of run-off business pre-tax than wins growth lower will our along offset Ocwen XXXX, XXXX. from believe NRZ. the with should same we the or income adjusted investment and better

ongoing in investment Owners.com Further, home benefit We Origination in we Solutions' operational technologies. of expect the growth spend XXXX believe core as from to in generating closings further complete development some will XXXX. reduce our we improvements, strong of

each like a the making the strategic you four progress of would we of with I market and with Now brief overview to businesses. are provide our

lifecycle. a at in time very operating market is business Solutions Servicer mortgage attractive the Our

on XX, delinquencies remained see lows. to Slide can close you As all-time

general providers However, of nationwide the share, increasing that a grow. by credit technology FHA's growing for FHA will the and GSEs of suggest adoption opportunity online believe service auction and large we loosening default and standards, market the

can build had the during As momentum, strong on the quarter to first in you year. and which this see quarters, sales fourth of Slide X, we third continued

XX and services, from brokerage services. maintain new to active includes Further, this and period a auction very estate pipeline. prospects received settlement and property sales real won we services, we've This preservation business continue inspection we During business. that asset notification their management,

result against total looking our business Further, itself [indiscernible] other a origination Origination as that non-qualified ability for share to loan manufacturing their conference loan additional a certification originations, cost services of to and expand mortgages, wins call, perform demand pipeline, with the the correspondent we non-Ocwen and of lenders lower last volume insurance same refi a were fulfillment Altisource's as these other platform of at On business. providers. higher fewer our wallet percentage originators closed as loan environment volumes, for creating increasingly couple we also growth. Altisource with underwriting underwriting products or Altisource. lenders they unique fulfillment their our drive As defects, are an revenue origination In and lower expanding and Solutions differentiates to mentioned include to costs, with

our position growth attractive Origination Solutions of we won platform notified continued our trend These the wins quarter XXXX, additional as we XXXX. are two in first should for customers. growth business During revenue recent that

home business the single-family and provides next backdrop This Estate Real for estate investors Solutions. is and rents, investors rentals. Our residential focus macroeconomic strategic offer of with at Against low Investor rates. ownership real renovated cap business turnkey on homes attractive a increasing rented we solutions

competition highly vertically rental the limited fragmented Our in operation single-family integrated has market.

BRS in During substantially we the RESI. XXXX, provide we from services to our business, revenue decline largely the offsetting grew

grew to generate We but Xx XX work on develop acquisition targeted We and and have to a XXX on we in our before to cost XXXX, get compared to We holding to from mid-teens. to in able returns will We believe to homes turn close home purchases be period, stabilized XXX XXXX. more the continued stabilized that return to capital internal basis XXX in annual our over to per increased our an year we do dispositions capital in XXXX. and disposition still programs.

sales and We are diligently scaling returns objectives. to XXXX and property-level achieve our inventory program improving our our operations,

team Estate place, of XXX in across our doubling senior an work operating XXXX. in run completed Finally, growth. to compared Web-site third buy and We quarter, to position tests closings. X,XXX we an by improvement new to XXX long-term Real sell growing online new by we transactions Consumer the in conclusion, clients. our XXXX, of In working with Solutions apps, homes. companies. number the this capitalize tools approximately agile I'm Driven implemented Owners.com on of close of In doubled consumers using the model the XXX% of continues inspired the In Altisource for With hard than and the business to the fourth our year transactions trend Internet best-in-class home leadership over home our XXXX, finished proud to we model, quarter. anticipate more

up and Our beyond. us our Operator? the strong customer flows, to call relationships, XXXX wins, cash sales client businesses, I'd in and like investments for recent open for now pipeline, well robust position questions.

Operator

is Omega Instructions] first Lee of [Operator from The question Cooperman Advisors.

is line open. Your

Leon Cooperman

stock, shareholders may view when Warren when to have of a trading have you more than lot certain and I cash, you But stock particularly guys it in to shareholders these is et the have and to are in mind, the numbers, certain have all are know know price-to-book, things but know. years, assume accretive doing what buying or the ought that have Buffett below when four this back of in says, company amount I your over exactly you back essence not et a cetera. Buyback Bill, to it, so has I I persistent a been a missed is a last you trying, you what things. three cetera, sells shareholders its against it a it absorb few is I'm that lot are you tell doing. buying want

So, are you the like buying to two, two said buying Number presently, $X.XX think are do this when is ago of years I'd time. back like third stock to number you were earn the going you what at back know you you one. a what budget,

in been stock. buy earnings you big deterioration So, continue a Yet to there's outlook. back

two little stock stock So the as question. you. it we about shareholders if is you think back if may cheap, our that think be returning a tell bit what to business buying of stock relationship? principal why we money and we stock And Because the why in a you is is the in do to hold are business a That to is, so cheap? don't and question why money think that own the you RESI? take this Do questions. so the a buy more us basically stock need we form? back, follow-on different Thank opposed worth the have Those are

William B. Shepro

Lee. Both Thanks good questions.

have – going the to operating years, think flow. to giving prior information a we to buyback, are one. we So, are believe I given year, it are respect We the if with cash we a compare giving Lee, we this of generate you more, lot lot in

believe going believe growth Our our CapEx and have We is pre-tax down. XXXX going in we we be than there. XXXX from adjusted to stronger that coming are is to

So, year $XXX trading that to buy flow position, if look flow stock you you and very take back roughly business, we attractive think cash good we of cash Company the believe and we is undervalued. is year, have cash and cash next very a the shares this a million at compare use and generated our of because operating the to where is

If you they underlying space. MCS that Auction.com there's the that services one The to businesses, second those businesses, in at is the in very are businesses size our and multiples. two those public it of in of two inside couple there's is space, transactions, the I Altisource, attractive both field to, very comparable have auction sold, is information, believe and Ten-X compare companies also a of been the sold

higher the a if have may and I Ten-X think XX multiple. between business two may somewhere underlying inside in look of field sorry, take those services sold the or well. mean, I very you businesses, to underlying, Xx the XX performed And of – at they earnings. Altisource XXx have And Auction.com sort sold

Slide many presents both very are this customer you has at and our wins, business, business field field revenue or those services since revenue strong and year if had and businesses. Hubzu of a our business all business which look a past year in look opportunity dip. at year its sequentially growth a X Our every every for they grown take that that in we Hubzu that both those founded our service at services small REO grown But has where sequentially until

when go excess good buy and back. So, is some use to our Altisource market long we company the shares with forward you comparables your of answer cash seen of expectations respect we at our that a to and question, but undervalued look sort believe have the of of trade, is some to

what The in for need said your respect don't and I stock it, Lee RESI think in we why past. to question with the the to to the need will an do but is, of that timing critical I It continue important own to will repeat Turning RESI. long-term when I position. now, potentially to to our evaluate customer to out isn't us answer short are own They we we get right we strategy. as should

Operator

The Mike next question from of Securities. Northland is Grondahl

Your is now line open.

Mike Grondahl

was $XX behind from like from EBITDA that about million the What's XX, Slide looks $XXX question, delta of it the it from NRZ, to EBITDA the arrangement? million million first The and $XXX over more increased term. Ocwen

William B. Shepro

here. Bill It's

is, is out portfolios. several Agreement this that's the estimate driver some increased our primary And going generate expect world. delinquencies current based next by the impact And from estimate and NRZ. to the is the with view partially we how our So other again, latest was that update and years, of much offset Brokerage the from of of we periodically thing the forecast the on our our

Mike Grondahl

okay, it, with of Got can't still And you XXXX get and impact kind why it's if arrangement? NRZ. haven't guidance under what's you that's about helpful. the you the of taking embedded longer? then, that in down What's kind contract Can talk nailed signed the

William B. Shepro

say with have NRZ good. relationship first we the is very Mike, So I'd

as a gone working have to the very as the strong well very to very the as has relationship We and smoothly. transition of well NRZ MSRs. NRZ REO working of the management acquired for MSRs right has the directly The

is the solid. relationship So

there to but anticipate, guarantee it. are acquisition we get the relationship I'd work its out with the kept and XX but Services underlying to I going think in it's just or Shellpoint Agreement point again it think also announcement get to strong. it was X tied both up We it, a fully can't it to associated and it, very that with of anticipate busy, finalize statements I NRZ couple and takes is time the of of Ocwen finalized addition fully

In we terms reduction had not of numbers into a today. we earnings presented to if per into signed the than this the the in we and impact, Mike, the today, we presented $X.XX that built numbers built share, $X.XX it agreement, that's year

Mike Grondahl

XXXX to the if at roughly it then, XXXX. make from do or Ocwen-NRZ What's for to have you that's two business have just non-Ocwen, or I simple math, one more the up okay. of we EBITDA about up that like sort you EBITDA. wins looks And $XX the it, customers, going of million to above make or And comment Got to you run-off, the $XX existing fill million key adjusted things what's two focus on that with drivers gap? one the customer or like being can

William B. Shepro

to One, in a this So revenue if our embedded so could you that of things, substantially driver. to our we'll customer X, in be XXXX. sort cost revenue. see $XX XXXX is, the Slide That's you of continue of XXXX. XXXX there's the probably third believe couple wins the with And far in of initiatives, that estimate investments, and primary reduction will in Mike. Two we that come million investments our would we spend embedded down turn are from planning

So, growing the cost down driving revenue, continued spends, the on the and Company. reducing investment focus the non-Ocwen inside

Mike Grondahl

in caused seasonality and that? one time. What last non-GSE revenue I'll And jump queue, it. loan or…? fell Is kind the that the of delinquent first Got for year-over-year then per back

William B. Shepro

per last this natural if Typically fourth been slower also years the some so the quarter we're by of fourth we quarter is of couple and seeing delinquent impacted year. revenue Mike, disaster. some quarter what growing your It's service loan. seasonally over look, the fourth in that's you have

in we're those we Texas Ocwen number happening, So what's as the with that loan, hurricanes well. the in associated wildfires. on as borrowers is so you would the to some number those working or orders delinquent impacted well at associated and example to as have with with modify what you California not is that a believe is forbear of the degree least normal and delinquent happening, And loans loans, getting that's service expect for

Mike Grondahl

okay. Got it, you. Thank

William B. Shepro

disasters very number, good we a think the number. and think a between healthy is still seasonality and it's number I the But pretty natural

Mike Grondahl

sense. That makes

Okay, thanks Bill.

Operator

The next from question Partners. GLG of [indiscernible] is

open. Your line is

Unidentified Analyst

that reason in profit? your On the this year. that investments, we declining, XXXX make business turn saw What million is $XX to going around $XX and to is because starting until And of is the the second following million the profit? of make question pre-tax be tax rate tax restructuring. basically zero cash rate your $X.X the you on Could will you confirm billion please

William B. Shepro

Sure.

as with of we the investments, some So, the have technology. associated work to respect they coming down completed the with are

amount the down. have on to is the we'll spend underlying improvement business. Also some that So in coming work

think come meaningful for in be won't to we loss that down example revenue and the substantially look going So, a into the coming we XXXX, be much year, we way. this Owners, but loss think down growing you in are will as very

have completing With cost So, keep in are India, it's the in I'm getting fourth of with I correct XX% which and on it's rate. operate going roughly rate. into of me in cash But initiatives U.S. combination to think, if it's X%. wrong, a rate, the our taxes of tax benefit the around investments a In in tax XXXX. XX% state essentially mind some XX% we that Michelle, taxes also savings executing then our done XXXX, Luxembourg we respect the to that of tax quarter

yes, tax a essentially will cash Luxembourg though, perspective So, Luxembourg in our be zero. from in earnings

Operator

is of Barker question next Piper Kevin The Jaffray. from

Your line is open.

Pierce Dever

estimates This that you Pierce any amount stock question for first expense. currently Kevin. around is My for guys revolves Dever in have actually on Do based XXXX? comp

William B. Shepro

So, question? are you I repeat didn't – just it. asking about you can the catch

Pierce Dever

based if stock for… you have any comp expense, estimates just first, So,

William B. Shepro

the Yes, look tables, in you if you that. reconciliation in the presentation I find could think

Pierce Dever

there then debt? And Okay. repayment was the on of next, gain

William B. Shepro

in of repayment [indiscernible] the roughly. I the quarter, modest think debt There million was a $X.XX fourth gain on

Pierce Dever

then Okay, great. you mentioned… And

William B. Shepro

incur we some sorry, and reduction just initiatives debt refinancing the quarter aside, fourth way, did we also one-time with – did the incur, our the associated expenses amendment. [indiscernible] the refinancing By in as the cost an of also

Pierce Dever

margin stabilized $XX increase there Can that revenue that wins. in help And from you business? Okay. for recent the million the quantify annual about mentioned us could be expected you then client of an

William B. Shepro

attractive I field think If depends it are you business in inside think, the so and to a in the roughly lower on so year, –look, Solutions, respect depends XX%. keep very services the and high the being with we with I margin think XXs, mix which that the so mix mind, margin, And XX%, we gross would we higher-margin growth Servicer online profit mix, being it's our then about percentage it at of this on a And margins, auction XX% expect Origination on is business. margin to Solutions, the XX%. coming smaller of of XX% think it's operating

Pierce Dever

Okay, And has of NOL. mechanics GAAP you you through been then over to of $XXX the XXXX? given the able that's walk Can income on basis regarding just regarding, helpful. one in just the million billion are me just quick NOLs $X.X since ones subsidiaries, produce of two how that the a

William B. Shepro

have to that. you walk through going I'm Michelle

Michelle Esterman

Sure.

another transaction one to this at Luxembourg contributed of remember the we value. one our recorded subsidiaries of XXXX subsidiaries, So, our fair was you in may Luxembourg and then

of value. recognized And XXXX than subsidiaries, was value then the in the the significantly two did fair when our merger of that was in so, December value December XXXX of of XXXX. lower also in And fair at we fair

be $X.X it and the billion between triggered those the a can difference And so and over is years. next XX values loss used fair

Pierce Dever

I'm entities NOL, And U.S. but in the your to or NOL possible transfer no? in Okay, mentioned is you the prepared not just clunking Luxembourg train, then, a of use to regarding it great. comments the

William B. Shepro

The The are offset an earnings. Luxembourg Luxembourg against is against offset an Luxembourg Luxembourg. the NOLs

Pierce Dever

great. Okay, for Thanks the questions. taking

Operator

from Ramin Credit The of Kamali next question is Suisse.

line is open. Your

Ramin Kamali

And And on to as segment? then based basis about markets? that expect I guess that How these the growth estate real trajectory, the kind kind split building the have the that, to between and do I gross is so $XX a breakeven wanted to of I have kinds on investments of you in get million. well. of to follow-ups made mortgage clarity Real margin your some more when related platform, on you Estate

William B. Shepro

and business, year, break maybe business, minor other down, don't depreciate, technologies and business we associated investment, that's and XXXX. out most but Ramin, we this are Origination investments investments the in those further in Real investments coming going they between the an and in well. might corporate So, the – which expensed, the then were businesses, companies we then calling with our different Solutions down Owners we come anticipate losses essentially that capitalize some into that Investor Services We our Estate and are investments and as substantially will primarily

Ramin Kamali

showing those gross or the on margin in side? Are side up SG&A the

William B. Shepro

showing The in up both gross but places investments, primarily they are margin. in

Ramin Kamali

thoughts Real the it XXXX any or breakeven in Estate you Is to when on a expect So segment? event [indiscernible]?

William B. Shepro

in No, we loss it and And very but progress we in for the the we to potentially us at our money, about loss revenue today, business and be we XXXX. based a Ramin. could quite quite to primary bullish our would And think from see – cut reducing some expect the planning markets excited XXXX, XXXX, substantially, equity substantially are as think that holders could contribution we that are look, think of we we is to look that do very good really bring our double which time other Owners, and again, coming in which it that. on, making and on loss business cost and we we lot if positive can we lenders may marketing we both go

Ramin Kamali

in how of questions, million to I paid in of taxes Of Okay. so was A Luxembourg? of understand you're tax you be XXXX, couple $XX not much that Luxembourg a payer. the additional going

William B. Shepro

give a some that and about years. please. $X Ramin, have we'd roughly of was Ramin, million just related us the second to to look at filing, prior

Ramin Kamali

the like seems that looking for to as And the NRZ your it ratings, on happens, Ocwen corporate are you family that? expect quite upgrade time the then kind an some the you facility would agencies to once rating? now. from MSRs of been credit rating increase thoughts what do of regarding to BX Okay. And transfer you or your What are have carrying for a and

William B. Shepro

regular basis. a we you Ramin, with meet on could agencies Look, imagine, the

the characteristics, decent our our don't I this more will job have all comment we have to over flow perspective, think know past than in bringing our to leverage from attractive very continue continue But down want So, help of done those I time if us. cash diversify to they we a what's much that things I base, issued. reports year, we client think

Ramin Kamali

use And going think deleveraging amount how similar flow goes, about cash as a do towards you XXXX. you for here? about use cash you're Should spend I we or share million think as said repurchases or $XX so of for far debt to expect paydowns

William B. Shepro

So continue at debt weren't to we we are number. going today paydowns look a to disclose to but prepared

Ramin Kamali

Okay.

Operator

Deer is of question Scott next The Park Road. from Burg

line open. Your is

Scott Burg

of the the my a lines this related tackle investments, rather and something [indiscernible], are to it's but of have and debt, that to we but few looking the is Most questions understand try years than we to sooner along later?

William B. Shepro

think I are with right we back close to time the markets the attention the is always and the look, debt, market. respect paying go when evaluating to to to

come. to and I to going to So, we're continue do that, think more

Scott Burg

I Thanks. Okay. got. That's all

Operator

from question Advisors. Lee Omega of Cooperman next is The

Your is open. line

Leon Cooperman

are repurchase I want some that you have Altisource alluded But to within that to the call question. to you misvalued. go materially back on businesses the

companies, other they space. If public private you transactions this in companies have look at or done

company I for in mortgage pay that so-called XXX,XXX of you values, being back two criteria you or price that X,XXX this shares for strategic I Are are given a think is, I price a market business, days, auction look buying well booked the consolidation you market business is shares a private you so-called at for are value, stock or a the buyer? and repurchase and look the business. One pay business most the see back X that or at these and the financial investor below to which strategic entire confident private of space market taking I value price your the at share I when would value have guys elected sell the the shares, particularly place financial the if through businesses,

William B. Shepro

attractive believe Lee, I the buying we is, just yes. a think we price. believe are mean, I we – at stock the mean, answer very back I

Leon Cooperman

you. Thank with be force the May you.

Operator

Grondahl Mike Northland Securities. of from question have We another

Your open. line is

Mike Grondahl

kind any thinking income of effective XXXX, guys on be range we you rate XXXX, an or sort Did about statement? highlight of should the for tax

William B. Shepro

our Mike, there level you, and parts tell may conservatism. there may taxes moving estimated and of respect to both were Luxembourg we lot lower. But a be be a with at taxes XX%. It So U.S. in of scenarios I'd

Mike Grondahl

Got it, okay.

William B. Shepro

XX%. But scenarios in we our used

Mike Grondahl

just agreements or in contract with with numbers? expect a revenue of And them, the all going at NRZ, or do sign back to that the if to you these affect you sign business that's when or you profitability sort do

William B. Shepro

is with Agreements, the primarily the Yes, don't it's impact these in revenue. Agreement, way, The impact Brokerage – that in and these Services numbers. Cooperative the associated revenue they we that's of by anticipate will

Mike Grondahl

of left, it, And is anything much is XXXX? RESI in sales, Got there REO that okay. then

William B. Shepro

Mike, you probably question that ask RESI's on know it's call. better to

aligned Ellison's very with you that are should objectives CEO the him. We disclose clearly George ask sure RESI here. we probably should I'm there, but not

Mike Grondahl

it. Got

Okay, I all that's had. Thanks.

Operator

you. [Operator Thank Instructions]

William B. Shepro

Great. We Thanks it. for joining call. appreciate everyone the

Operator

today's this gentlemen, concludes Thank you. program. Ladies and

a have Everyone good day. disconnect. may You now

Altisource Portfolio Solutions (ASPS) 24 Feb 182017 Q4 Earnings call transcript