ASPS - Earnings call transcript Q2 2018 | Altisource Portfolio Solutions S.A.

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Operator

Good day, ladies and gentlemen, and welcome to the Altisource Portfolio Solutions Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. Later, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, today's conference is being recorded. introduce for to conference, like now your today's host Mr. I'd Altisource. Chief Financial Chatterjee, Officer Indroneel for Sir, go please ahead.

Indroneel Chatterjee

quarterly at operator. remind These earnings and you you, provide that are Thank We may the release, first additional information Form find at Web site our want investors to slides www.altisource.com. available useful. XX-Q

events. as the the that obligation in to quarterly the our include that XX-K results information statements to Form actual different which and forward-looking may XXXX future result a update lead to forward-looking remarks XX-Q, as describe cause risk sections factors which involve well release, a may number no contained Please could review and new company’s of Form as XX-Q Our Form undertake statements, risks slides these statements results. We in and earnings of factors uncertainties differ. or

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

Joining like turn call is our to Bill me over Bill? to Bill. the would I for today’s CEO. call now Shepro,

William Shepro

of joining Good first half of financial of the today’s Thanks, you midpoint and share This second the our for the per XX% financial quarter of earnings $X.XX diluted per I’m thank morning share our Indro. earnings performance, pleased with and adjusted adjusted call. $X.XX for scenarios. quarter generating for diluted represents the year.

in of to select to Servicer country. Solutions REO the and In of progress few the auction investors the estate front. our the and foreclosure very are a largest master be a and competitive signed excellent we mortgage process, institutional won making one on importantly, services agreement one provider More real business sales

downturn. grow an recently for of in These to referrals from and upside the the share. with excellence, in fourth We quarter, to market represent both will to highlight wins signed bank. These our which share grow potential have focus an to high-performing provide these operational significant industry vendors, us earnings wins top-X performance. our strong and base also with meaningful client anticipate agreement consolidation economic receiving combined and that services our a field very has customers opportunities allowed expand We market on

enthusiasm is wins. Our than our taking it our we success ramp growth, to and bolsters though long-term onboard and revenue considerably for longer even revenue anticipated up earnings from

first cash and adjusted and of Turning to per earnings generated $XXX.X share our in second diluted X to of the slides quarter and in smaller $XX.X were half comparable loans XXXX, RESI Altisource normal second primarily revenue $X.XX than revenue, of Ocwen I’ll X. million REO. adjusted results of of million refer periods in service operating as from servicing XXXX lower non-performing Residential, the Yard the which quarter the portfolio of Service of portfolio Front flow. and run-off

growing revenue by of service quarter year compared first the XX%. with to quarter Second non-Ocwen/NRZ revenue service XX% grew by this

shares. The share scenarios the gain similar are to half achieve and was higher we service adjusted our share remain share aligning repurchase diluted in XXXX. our Based from on related of per the interest XXXX, opportunities. results the diluted Slide of and to on the adjusted refinancing onboarding all-elongated service X wins, discussed of range cost EPS securities Altisource same. within scenarios count quarter also quarter an and X. on we to clarity primarily million per the our in estimate position and To of expense, marketable approximately XX the million estate $X.X XXXX, real growth for our the adjusted non-Ocwen/NRZ the impact RESI quarter, XX.X million clients. BRS scenario wins our share debt growth structure we our diluted million price of existing at EPS revenue the $XXX service our announced with and used greater of cash lower to and of revenue quarter outstanding $XX.X the the we from marketable based our of the $X.X $XXX fluctuate underwriting to cash quarter-to-quarter service average stock the debt of timing less the per $XX.XX, timing onboarding in sales, and of business of standards We our million pre-tax gains on tightening average excludes expect from second net represents pre-tax of in of second and BRS earnings generated for first on of at ended revenue and previously focusing lower non-Ocwen the revenue of on earnings from repurchase lower XXXX. quarter investment and end with loss April $X.XX of quarter our million million non-diluted revenue to mark-to-market Adjusted In shares approximately the larger million. operating in client securities. XXX,XXX dollar count no bringing adjusted We consistent of $XX.X the to $X.XX Adjusted Compared second debt

of Now I’d a our making four we progress like brief are to with of provide overview with core you the each businesses.

business wins continued. of earlier, our our client Servicer strong discussed I Solutions As in momentum

had selected we’ve services XXXX the well – by In field the believe services for we product. growth. modest provide growth non-Ocwen future we were of are field XXXX onboarding excuse in also existing servicer non-Ocwen/NRZ an me, a customer of we first and clients, these to revenue In non-bank year. positioned the and half to compared for revenue I us last selected Ocwen addition year, additional service this an top-X wins highlighted, anticipated and bank to on in wins Based

is Our same this XXXX next modestly year, declined In strategic the Solutions. a of volume service in the compared origination with environment. business half lower first non-Ocwen period revenue and Origination

which and offering, offering, Origination significantly the clients grew received selected prospects us. from same pipeline they’ve client the growth. should onboarding fulfillment Estate quarter, for our growth loans the by criteria, pipeline The for notification BRS BRS. Solutions we as in smaller first partially costs program the promising will wins, that this business by tighter to of anticipate in primary end-to-end another we our the non-performing customer of by business client that significant services our During renting our our offset as the our REO, position primarily we RESI future Trelix program, advancing acquisition period To of XXXX, of of Even be recent focused refer second first growth Investor economics buy-renovate-lease-sell improve launched sales the with our new and underwriting XX% half acquiring Real compared to attractive portfolio the our we timeline experienced XXXX, growth in have through this I’ll grow business driver further pipeline, for develop the the Solutions our on from in in and we In BRS and the declined and renovation to acquisition revenue a service sales business driven reducing are segment. home. pipeline, onboarded and

homes As quarter, inventory. had XXX we with end this the of in

first of tools service by transactions year. of same Solutions the to make to growing Estate Real on the by half grew Consumer very XX% XX% online the of XXXX, compared homes. capitalizing progress, In our using consumers period buy trend to we the good and number last revenue sell continues business Finally, and

this ended improvements. working sales largest performance We the conclusion, and to We model, the agile of year industry, the In our business a a several quarter. in key most funnel, customer are in third end online the made working we customers X,XXX the from approximately our customers, X,XXX We pipeline we and also time and well-respected first from financial expect experience the improved completing leveraging customers revenue. components future that with operational sizable launch the building X,XXX operating with win across up last of we’re of to the new we of quarter. some continue institutions at quarter

we their revenue longer simply generating to work to clients are with It to wins. anticipated board but launching these programs timetables. these Our have committed to large is very us, we than taking new

our long-term diligently the value. now that launch performance. Operator? like will through for these call up lay working open to client and wins revenue to are shareholder We We questions. the I’d believe creating for customers with anticipate grow foundation

Operator

Instructions]. [Operator

Advisors. question of line Cooperman first from Lee comes Omega with Our

Your now open. line is

Leon Cooperman

want very plan? you Are you much. and a monopolize the a this in player Thank don’t interesting the so is I part any with there small to is have Ocwen, call, see few maybe that PHH. questions, I’ll about ask I queue. industry Bill, Look M&A obviously bunch come at but of back struggling undergoing consolidation. game opportunities The then and

William Shepro

can Lee, your me there then questions. let So, you ask start and additional

and seeing more the we’ll PHH into Servicer the to on Differently next consolidation right. you’re expect think certainly progresses Ocwen side, some consolidation are industry I with probably see we year as year. So and

some for There’s that is we strong a very do distinct we think not work be of we Altisource, pay make terms In occasionally may and a to attractive. a smaller have bolt-on growth. that customers focused acquisitions price on we’re and it we lastly and doing where and have where may marquee deals advantage believe believe very adds competitive primarily it advantage very strong we we sense competitive where can we where organic

generally organic growth. So speaking, it’s

Leon Cooperman

shareholders? you would is acquire rule wanted is If you Would guess industry if for answer standard the you whatever somebody do that to right consolidating? I the out Altisource, the give

William Shepro

certainly to but can’t Yes, look here, we the shareholders. going interest comment best would I we’re to certainly in evaluate we that. – our what’s for out And of look

Leon Cooperman

guess the the to is the is you price from back stock of that you repurchase, being there is assets the continue mispricing stock I ultimate despite prospects the the view continue your still if of And buy everything company? to that pattern delayed of believe because

William Shepro

you, We agree with yes.

Leon Cooperman

Okay.

You’ve when [ph] business is should of on spend investments. think you profitable? lines plan about We and And these the my That’s of year be actions. spent your going to these spending last about massing this year. investments profitable? $X.X they a on observation – I’m XX XX not, I investments money I are are spent if measure to How are share million and well, million

William Shepro

Yes.

Lee, right. think So, I you’re

– over investments putting totaling two the You’re is that years, you’re correct?

Leon Cooperman

million. I think year spent XX XX you $X.X million, This year last that’s a share. so

William Shepro

now. understand Got Right. what it. doing you’re I

we’re value. I the believe think and drive is we on investments focusing Lee, substantial real at add growth Altisource key, can So that

if it money with not pleased the sorry, and that lot maybe leading be So we that opportunities of a we to And strong. are will larger – didn’t a indicators larger opportunities we’re the more spending making But sure the those that to we’re are what we’re normalized that of R&D, is we generally actually we’ll focused largest some now really, speaking, spending, get are we the for be to think larger – going we’re what really in and on only think doing are very earnings. not also we wouldn’t generate evaluating making seeing focusing on we’re ultimately performing and and good some opportunities very present smaller Altisource not the we’re investments expected. progress, but

Leon Cooperman

I’ll question, running first you quarter, At back business. are the XX Why need cash? end come said you had run securities. with company to Last think in and XXX cash and the you million the the you queue. then about excess I million of the of

looking all first in that pay You’ve amortization aggressively homes. said Why million to rising for still back more also home operating you of part buy more not is quarter said that or at for? million having reason on the the home your of cash? guided last What’s down prices you quarter purchases to are than of the the holding then also calls debt quarter. last for think XX to more rates, I cash back XX rising and shares end flow were second the you – are single-family And investments due this

what to You mark is prices? homes high buy and cash more for? at not, If plan the

William Shepro

Yes.

So Lee, yes, question, we tightened of the our part second but answer more your we the underwriting. is have buying homes, are on

prices haven’t because in the So the interest tightened, we I underwriting criteria won’t to buy year for as expectations raised originally a has environment. come function a and them And rising supply. for expect have down people’s planned rates at rate as our you that’s would think sales rate as of we interest many homes

to continue to going are we homes. buy So

focused We to continuing our profitability very our BRS improve are on business. in

cash. question The of was your around part other

July or sorry, -- loan? when we the So we on close did recently, early

Indroneel Chatterjee

April X.

William Shepro

we closed has contractual of loan April, loan. early in That Lee, Sorry, amortization, -- the

Indroneel Chatterjee

XX%.

William Shepro

for Yes, XX% years. the two first

a million $XX around bit little a it’s think I year.

have So that contractual that against about and a be can do certainly, the we perspective. we of course, we thinking applied be debt obligation. to we But amortization. And sooner always it have would from that so if pay choose

We are is to going we price also buy-renovate-sell the And buy shares to where depending continue trading, to business as back. look well. the share grow on

Leon Cooperman

people Thank re-prompt you give you. very a other to later I’ll Thank much. chance.

William Shepro

Thanks, Lee.

Operator

Northland comes the of next The Securities. from question Grondahl with line Mike

is open. line Your now

Michael Grondahl

first the of sort that be run Servicer new Bill, of what kind up like Thanks. Solutions, quantify you question, spoke wins once contract about two rate to think can what they could board? they the in you you

William Shepro

a estate remarks, through largest and careful Yes, and do very Mike, potential that’s that somewhat loans one to the to highlighted in performance, going are for the we’re they be to depends ourselves here lot and investors auctions prepared of a ultimately – to good foreclosure but I holders question, REO of real want the the beginning at my because customer I country. prove have sales in or

ourselves. potential. potential, large if quite we I perform. very, So not if very numbers And prove breathtaking mean that very has I when could the to But be we large got say frankly a large

it’s really if to today be in hard tell referral to perform we think sitting we top we’ve got well auction really going you we if it’s grow to haven’t our though in space, that good when a I and So seat with like. first But look customer. actually innovator my to the potential continue though what gotten

a they’ll perform services bank. is customer and through in space. my a a the And here. country but at giving suspect other vendors of largest the on spending I say, looking their one if the grow performance. well, is start $XX you’re If we part, $XX of states. side we educated spending, is top-X The million And in firm the But we well, probably perform that this – field on opportunity complete servicers to guess and that by a us couple it’s million, have month on let’s

it vendors, potential it will but several and be meaningful. the has has also we potential be So one the to of

from today’s from try Ocwen, compared not base So at clients, as revenue other and I and of these look example, to are the get quarter I our the looked but results look second for at Hubzu, gigantic, exclude call. and it’s those preparing at good – in end business look, really, really Mike, in XX% I increased this looked our the the last I the important wins. quarter for And at I I well. is to customers at 'XX. and we RESI just pretty year by If NRZ, inventory

XXXX perform We that, third and of one second up of this Then 'XX it inventory won got opportunity a the and with well, we we if won, the top-XX referrals, we quarter started on other Our we with is going these They’re a the the it frankly XX% to this look We in at top-XX we’re in Again, to when XX But second of or customers just compared in end a the we homes, July. third of year. in 'XX. in customer the servicer the grow. of deals auctions deal we that April in the quarter of of second to you our won There first end XX it’s thought quarter top board top-X a third U.S. quarter. of servicer. XXXX May the in bank. is just the that won it’s quarter has

a for we large on them. We’re based very to latest days first going of in going their meeting provide REO quarter couple of That board had based take now information, on of ago large a to and portion XXXX. over a is integration the auctions the business

for one loans very of it’s largest we board that – the just I investors think estate And discussed real Hubzu. also quarter. that institutional that win bodes then of with that well fourth will in and lastly, So the

we have quarter. at are that starting next And in for week to meeting the We fourth board integration their hopefully looking office.

wrong, market, Where a frankly, opportunities So think very the And and and large these but I’ve wrong from it in of timing. prospects Hubzu share. got this consolidating we’re been year for very could meaningful. very, I be are clients size very these the gaining is I the the wins

Michael Grondahl

lot. Kind the it. came timing the can that? anything better forecast, non-Ocwen else of so reason? to revenue one Got we your Is a number there out there call understand down guidance Is just segueing

William Shepro

last previewed be. for two Yes, impact’s the call, big expectations readjusted of We our We’ve to on which tightening had change necessarily Mike, not sure there’s reasons and quarter’s how one weren’t started and the is for we tightening the business. that underwriting standards. our we going

timing. so frankly, And And is, the piece. that’s second all first it’s the

us. – our with We’re programs committed launching to clients these working are

just we timetables today with than remarks, a longer is what onboard. a harder perspective. board. The we their had and I IT is than great fantastic are That’s the from Mike, said a our to expected a winning taking the to teams The are comfortable the perspective of we’re working – from what wrong it’s our in takes been Look, my amount and timing and for this good historically, a perspective, getting it with we management news prepared us it purchasing onboard closely opportunities client news. work much job And to much, to departments, bad compliance sales departments, we got have from As departments. absolutely work business and and to clients it working client doing and much firm.

Michael Grondahl

revenue – be softens, look kind Is cost down pace of some just clearly guess sold those as and of kept Can to call of of your saves, Got coming because not lot. at more? you about I’ll what your I talk goods you the of it. – those SG&A, I If a categories if of seemed some some cost cost sustainable? that

William Shepro

overall – good think, very is we the forecast a originally keeping will relatively business revenue at think for business, than Mike the expected. if declining we’ve you later going the new environment, job same. – tell I of for I some done in in the look, look margins the I like to and a come margins you Yes, that

leadership we’re as a So forecast. that sure very at and with costs very team current revenue our on focused focused are Altisource align making we

can we important at make And manage And doing also to to cost side. the feverishly be we we sure so that’s that. believe working are successful

the in focus other and are those. we – as larger see we so and We have also important some seller? look And where the also potential my – a I of as mentioned of potential on or look, opportunities buyer opportunities, which at don’t prepared a And much it’s close remarks very strong some should expected. to we taking a we’re as

Michael Grondahl

it. Got

So saying continue. takeaway? I kind those think that can the you’re of Is

William Shepro

a do Yes, we think costs. continue – we very can managing a decent job those to good

Michael Grondahl

Got on any it. NRZ the And agreement? then status

William Shepro

just listened – I NRZ’s call. yes, by the So I to way earnings

his So We’ve call think this we’ve Nierenberg his I same earnings extended said hopes he August. on this and extended agreement said get quarter. the thing to to the it end on basically earlier the services Mike of Mike done morning. call And

I to more much add beyond have that. So don’t – think I

Michael Grondahl

Got it.

in back queue. the jump I’ll Okay.

I think I got back more jump in. one or I’ll you. two but Thank

William Shepro

Mike. Thanks,

Operator

comes Shachar Minkove of line The the Park. Napier next question from with

Your now open. line is

Shachar Minkove

just in Most little cash. with actually again the for questions Hi, guess the my a been my come taking guys. debt but – Thanks have on of question. bit wanted I or to dealt

guys out significant excess pointed you cash. Cooperman Mr. As have

the you options not just thought $XX sort you X% which including in give of prepaying that. million, X% term kind seems he I is loan there? said to you have cash Can of happening be said what us the a And it process no-brainer that like prepaying amortization. talked think At Why already? about you’ve past. to a drag, I think

William Shepro

very think because the approach. continue is we what’s very at Shachar, flow. amortization prudent to agreed it to right I We believe Look, to we meaningful clearly generate attractive cash we contractual look And delever.

or evaluate so sense to continue whether do it And to makes we will it not. sooner

Shachar Minkove

alternatives? other would And have Okay. you

William Shepro

the look alternative other yes, our buy-renovate-sell Yes, the developing program. how on based exactly at cash, we including uses – for

Shachar Minkove

you that thought not is think it’s said ramping I as it But fast might? as as you moving – but

William Shepro

assumed It’s quite not scenarios. it revenue achieve the tighter going still But even out standards. put originally when to a we levels with basically growing our nicely is we underwriting

Shachar Minkove

talk kind Owners.com. that how Okay. the And to think question you close and you you Can – I – of when other was had to unless around about do that profitability profitability? is then gets

William Shepro

Yes.

the my owners. prospects to of perspective, have from – we respect strong it’s with very conviction So long-term

think somewhere of If note a have really sort you as – may it’s take I performance our at year-over-year sequentially, look well doing as well. here. I And a

you last just the under of XXX a this this ago contract couple month, even as July like full contract under something quarter, we’ve put put that If to of have of homes compared days in month we homes we’ve XX look year.

seeing – we’re the we leads. So base sort good consider improvements time converting around we’re the strong how good. sequential And on and leading base cohort we’re what indicators of really, well so leads really doing the the based improvement our receiving, is very in really rates as prospects those the in is our conversion as growth

the toward business, planning to point, you sometime And of it. next current develop types scale in marketing looking year on contribution. you positive continue positive as have these to want of contribution marketing based our that to at we’re So middle

to and The hope next but And very so bring the a is businesses about sequential meantime, in toward attractive will a are some So be performance growth. contribution we it. is to The very this we is a invest getting growth very see good we’re business good. indicators year, path do going marketing good, losses the seeing the really the positive good well. leading to we’re down continue are We in. and to performing excited

Shachar Minkove

over next to months? that investment Okay. to making XX And the XX how you think much be need into you do

William Shepro

– new in all we’ve for But we going when should as on unit the the cost just today business services, year. do losses in were that we down grab example, markets bring believe it. made they these the you think next as into guidance markets investing a and business that we’re markets, is continue to different it contribution how some getting into time, have those like to launch, give So marketing very blanketing There the significant can positive given cost that all money we to you same if a in make we we investments sense But to into in buildings the that not believe at also office subscription in continue to competitive performing. market we you on as business, is advantages and makes have entering a all up back very, time information investment sign that then you market. on CoStar, it. and go there’s new gather pays but data your And to over the then

in same the So applies owners. thing

our As we’ll scale, in repeat. we markets and positive become markets into contribution the profitable. new individual be markets then basically And entering more will get you and and more those marketing

even at And so the XX% long XX% paying that. our you’re is term, still to looking cost term, the – there works believe margins realtor long be repeating realtor who’s But business. agent In a we the for to very it who after can attractive. an

Shachar Minkove

right. Thank All you.

William Shepro

you. Thank

Operator

Our Suisse. with next Ramin Kamali Credit comes question from

now Your line is open.

Ramin Kamali

Bill call. Thanks and of afternoon. my impressive some put segment. recent Good for guess Hi. pretty wins margins forth services I the in guess that in taking I field congrats you’ve on

estate still and in related questions, Just it others. to the contributions prior like negative real the seems the

steady-state steady-state and sequential on don’t And you provide performance guess real I in in of as demonstrates basis both kind know of estate form So should those year-over-year what is there the follow-ups look expect well. an of when I margin or margins basis, kind reach both margins, of EBIT to basis I market in and metrics segment some you good other? on anything the steady-state the to guess kind both I a we – like And gross segments? can expect of that have but on

William Shepro

Okay.

think around So business Solutions, look, from the selling a lot work of program. in converting RESI Investor into want transitioning this we’re homes that to Estate doing the didn’t buy-renovate-sell I Real that

but on we’re our yet covering unit profits. money cost we’re a not homes, basis those internal on So making with the

equation. So on the that we��re on business. the continue of of of to focus those working and the the homes to improve side continuing cost And profitability scale

So we feel good about that.

covered growth in In owners, that having And terms already. think then as growth is I and revenue it’s actually business, that business and basically well. some our financial of we modest NCI, earnings decent services corporate,

Ramin Kamali

what’s So BRS balance current how and business in the the -- sheet value

William Shepro

It’s think $XX $XX about roughly. I we million. million, about have

Ramin Kamali

that where peak investment? at And can reach

William Shepro

we’re say, Ramin, prepared we’re sure, to that would buy about today. to homes. I talk not I’m But continuing

We’re call, also light continuing this business. as But the to term, longer capital Ramin, more last for sell to I expect homes. to on a of look We it be we grow. do mentioned

to program. And so develop we’re working pretty a hard

So over time, we this can capital convert to a light opportunity.

Ramin Kamali

internalizing quite So you’ve has management onto more for now in RESI get comments some question, the then some if I back management. may, I’ll and guess about stock and one property queue. I held the team there made several

what’s the that on I plan comments there any investment? guess with that So or

William Shepro

not as think property I’ve calls listened talked I’ve holder as internalizing has I said George’s shares. past, about well, of a the so and he Yes, RESI clearly in we’re long-term to management.

there. come I think more to

both Clearly, good – it have be having dialogue works would have having dialogue to to – We’re we’re George around we’ll that. and very but and for a that George have with something parties see. a we starting with to we’re

So to more come.

Ramin Kamali

All right. And would I reiterate the of I guess comments. prior some

Your about minimum of in place. [indiscernible] liquidity revolver $XX past the in million comments

now, we continue stock you the delever to is the cash company. given think to So should where use

William Shepro

We Yes. And – clearly thanks, yes, support. your appreciate Ramin.

Operator

Advisors. with comes line Cooperman Our of Omega Lee from question the next

Your open. line is now

Leon Cooperman

Thanks.

been inflection some of looking years, you’ve last point. couple the for For

just point for X confident the how you of question. inflection ask being let a So From qualitative company? are that low, scale X XXXX me a being is high, you to XX XX, the

William Shepro

put I to, hoped together two we had that won’t week leadership per which I we hard a was just share the year. the same meeting of is team for Lee, and a deliver very can we working got earnings, what but meeting next managed would or tell earnings The on so days. focus number around leadership it, the better last you adjusted

chop for hard to wouldn’t there but telling to level us I weren’t we of we we to try Lee, working to committed you to we there. reasonable a are very is wood confidence we’ll it. get if it think get be to it, a do and of have We’re do get didn’t really there, and Obviously, hard can going lot there

Leon Cooperman

at public some extremely within the discouraging whatever in of guys not valued companies, in entertained they of are for Have Looking transactions the you’re private you reason, some some at being multiples. the businesses businesses market idea properly high sell of that Altisource? some

William Shepro

individual Yes, clearly, types were point, we mcsauction.com, continue here best and And what so value are I your sold again, the there’s the multiples. shareholders. and options transactions create to that But don’t at Altisource. want look to our for we’ll very to earlier been talk analyze shareholder of about firm trades, the at those to attractive

Leon Cooperman

No more you. questions. Thank

William Shepro

Thanks, Lee.

Operator

question comes line Securities. Northern next Grondahl Mike from Our of with the

is Your line now open.

Michael Grondahl

Hi, Bill, again.

as With EPS the and of staying the we EBITDA kind non-Ocwen revenues falling same, but offset? of of the what think sort do

William Shepro

simple. Mike, cost making Yes, that that the side. to focusing sure get we’re tight larger It’s back on and opportunities being the really on

Michael Grondahl

of Got Hubzu it. NRZ sense from then the And business? revenue any of outside

William Shepro

transaction NRZ with that to – with Cooperative So when – understanding But we good that continue to NRZ, And opportunity remember a that if closed but any Brokerage at My acquiring going the them we else you at referrals we come portfolio haven’t will were was point. NRZ this that first an we’re over the from be the probably some yet, REO we PLS PHH. off is we revenue. dialogue get working there’s have point. of received Agreement nothing also look, signed so hasn’t that would

Michael Grondahl

it. Got

Okay. Thank you.

William Shepro

Thanks, Mike.

Operator

to questions in -- at like turn I’m call Mr. not any Chatterjee queue back further the this I’d to time. showing

William Shepro

Thanks next speak call. call Bill. for again. you to joining for Thanks the quarter. and the joining It’s Thanks we’ll

Operator

for you may today’s thank you gentlemen, and in This the great Ladies concludes your a program participation day. have disconnect. conference. and Everyone, now

Altisource Portfolio Solutions (ASPS) 29 Jul 182018 Q2 Earnings call transcript