LUXEMBOURG, July 23, 2026 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the second quarter 2026.
“We are pleased with our second quarter 2026 performance with sequential and year-over-year Service revenue growth in both segments. Service revenue growth from customer wins has more than replaced the loss of a portion of the Rithm-related business as demonstrated by our more diversified customer base and growing Hubzu inventory. In addition to strong Service revenue, we reduced outstanding debt and continued to deploy AI and other efficiency initiatives which we anticipate will improve product development speed and EBITDA margins," said William B. Shepro, Chairman and Chief Executive Officer.
Mr. Shepro further commented, "We believe the ramp of sales wins, on-going efficiency initiatives and continued sales wins position us well to achieve our Project 45 objective of $45 million in run rate Adjusted EBITDA(1) by the fourth quarter of 2028."
Second Quarter 2026 Highlights(2)
Company, Corporate and Financial:
- Second quarter Service revenue of $48.7 million was $7.9 million, or 19%, higher than the same quarter of 2025
- Second quarter Loss before income taxes and non-controlling interests of $43 thousand was a $0.2 million decrease compared to the same quarter of 2025
- Second quarter Net loss attributable to Altisource of $0.6 million was a $17.1 million decline compared to the same quarter of 2025 from an $18.5 million benefit in 2025 from the reversal of reserves for uncertain tax positions and related accrued interest
- Second quarter Diluted loss per share of $(0.05) was a $1.53 decrease compared to the same quarter of 2025
- Second quarter Adjusted diluted earnings per share(1) of $0.17 was a $0.02 decrease compared to the same quarter of 2025
- Second quarter Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)(1) of $4.4 million was $1.0 million, or 18% lower than the same quarter of 2025
- Second quarter Adjusted EBITDA(1) margin of 9% was lower than the 13% Adjusted EBITDA(1) margin in the same quarter of 2025 largely due to a non-recurring benefit realized in the second quarter 2025 related to a legacy matter in the Servicer and Real Estate segment and higher costs to support revenue growth
- Repurchased $2.0 million of our debt at a discount of 23.7%, recognizing a net gain of $0.7 million on the early extinguishment of debt
- Second quarter Cash used in operating activities of $6.6 million was a $6.3 million increase, compared to the same quarter of 2025, almost all of which was driven by an increase in receivables from revenue growth; we ended the quarter with $23.2 million of cash and cash equivalents
Business and Industry:
- Adjusted EBITDA(1) in the Servicer and Real Estate and Origination segments (together “Business Segments”) was $12.3 million, or 25.2% of Service revenue, compared to $12.9 million, or 31.5% of Service revenue, in the same quarter of 2025 primarily due to a non-recurring benefit realized in the second quarter 2025 related to a legacy matter in the Servicer and Real Estate segment and higher costs to support revenue growth
- Generated sales wins which we estimate represent potential annualized service revenue on a stabilized basis of $5.2 million for the Servicer and Real Estate segment and $7.1 million for the Origination segment
- Driven by recent sales wins, total Hubzu inventory grew 30% since the first quarter 2026
2025 March 31,
2026 June 30,
2026 Foreclosure Auction Inventory(5) 4.9 14.0 19.3 REO Inventory - Customers other than Rithm 1.4 2.3 2.6 REO Inventory - Rithm 1.0 0.9 0.4 Total Hubzu Inventory 7.3 17.2 22.3
- Ended the quarter with an estimated weighted average sales pipeline between $25.1 million and $31.3 million of potential estimated annual revenue on a stabilized basis based upon forecasted probability of closing (comprising of between $7.3 million and $9.1 million in the Servicer and Real Estate segment and between $17.8 million and $22.3 million in the Origination segment)
- Industrywide foreclosure initiations were 14% higher for the five months ended May 31, 2026 compared to the same period in 2025 (although still 11% lower than the same pre-COVID-19 period in 2019)(3)
- Industrywide foreclosure sales were 19% higher for the five months ended May 31, 2026 compared to the same period in 2025 (although still 42% lower than the same pre-COVID-19 period in 2019)(3)
- Industrywide mortgage origination unit volume increased by 9% for the second quarter 2026 compared to the same period in 2025, comprised of a 4% decrease in purchase origination unit volume and a 37% increase in refinancing origination unit volume(4)
Second Quarter 2026 Financial Results
- Service revenue of $48.7 million
- Income from operations of $1.1 million
- Loss before income taxes and non-controlling interests of $43 thousand
- Net loss attributable to Altisource of $(0.6) million
- Adjusted EBITDA(1) of $4.4 million
- Diluted loss per share of $(0.05)
- Adjusted diluted earnings per share(1) of $0.17
Second Quarter 2026 Results Compared to the Second Quarter 2025 (unaudited):
(in thousands, except per share data)Second Quarter 2026 Second Quarter 2025 % Change Year-to-Date June 30, 2026 Year-to-Date June 30, 2025 % ChangeService revenue$48,730 $40,787 19 $93,819 $81,682 15 Revenue 50,663 43,288 17 98,247 86,727 13 Gross profit 12,820 13,027 (2) 25,931 26,352 (2)Income from operations 1,131 3,231 (65) 2,856 6,476 (56)Adjusted operating income(1) 3,558 5,435 (35) 7,969 10,634 (25)(Loss) income before income taxes and non-controlling interests (43) 187 (123) 313 (4,342) 107 Pretax (loss) income attributable to Altisource(1) (90) 111 (181) 162 (4,491) 104 Adjusted pretax income attributable to Altisource(1) 2,337 2,787 (16) 5,275 3,119 69 Adjusted EBITDA(1) 4,406 5,382 (18) 8,855 10,644 (17)Net (loss) income attributable to Altisource (562) 16,582 (103) (1,197) 11,238 (111)Adjusted net income attributable to Altisource(1) 1,990 2,166 (8) 4,126 2,023 104 Diluted (loss) earnings per share (0.05) 1.48 (103) (0.11) 1.19 (109)Adjusted diluted earnings per share(1) 0.17 0.19 (11) 0.35 0.22 59 Net cash used in operating activities (6,630) (306) N/M (2,177) (5,278) 59 Net cash used in operating activities less additions to premises and equipment(1) (6,861) (309) N/M (2,546) (5,306) 52 Margins: Gross profit / service revenue 26% 32% 28% 32% Adjusted EBITDA(1)/ service revenue 9% 13% 9% 13% N/M - not meaningful- Second quarter 2026 loss before income taxes and non-controlling interests includes $0.7 million of gain on early extinguishment of debt (no comparative amount for the second quarter 2025)
- 2025 loss before income taxes and non-controlling interests includes $0.5 million and $3.5 million of Debt Exchange Transaction expenses for the three and six month period ended, respectively (no comparative amount for three or six month period ended second quarter 2026 )
- Second quarter 2025 net income attributable to Altisource includes an $18.5 million income tax benefit related to the reversal of a portion of its reserves for uncertain India tax positions and related accrued interest (no comparable amount for the second quarter of 2026).
____________________
(1) This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein
(2) Applies to the second quarter 2026 unless otherwise indicated
(3) Based on data from ICE’s Mortgage Monitor and First Look reports with data through May 2026
(4) Based on estimated number of loans originated as reported by the Mortgage Bankers Association’s Mortgage Finance Forecast dated June 22, 2026
(5) Altisource does not provide foreclosure auction services to Rithm
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 that relate to, among other things, future events or our future financial / operating performance or financial condition. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “will,” “plan,” “estimate,” “seek,” “believe,” “potential” or “continue” or the negative of these terms and comparable terminology. Such statements are based on expectations as to the future and are not statements of historical fact. Furthermore, forward-looking statements are not guarantees of future performance and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in Item 1A of Part I “Risk Factors” in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 4, 2026 and our Form 10-Q filed with the SEC on July 23, 2026. We caution you not to place undue reliance on these forward-looking statements which reflect our view only as of the date of this report. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, risks related to customer concentration, impacts to default related referrals occasioned by government, investor or servicer actions, the use and success of our products and services, our ability to retain existing customers and attract new customers and the potential for expansion or changes in our customer relationships, technology disruptions, our compliance with applicable data requirements, our use of third party vendors and contractors, our ability to effectively manage potential conflicts of interest, macro-economic and industry specific conditions, our ability to effectively manage our regulatory and contractual obligations, the adequacy of our financial resources, including our sources of liquidity and ability to repay borrowings and comply with our debt agreements, including the financial and other covenants contained therein, as well as Altisource’s ability to retain key executives or employees, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies. The financial projections and scenarios contained in this press release are expressly qualified as forward-looking statements and, as with other forward-looking statements, should not be unduly relied upon. We undertake no obligation to update these statements, scenarios and projections as a result of a change in circumstances, new information or future events, except as required by law.
Webcast
Altisource will host a webcast at 08:30 a.m. EDT today to discuss our second quarter. 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 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 demands of the ever-changing markets it serves. Additional information is available at www.altisource.com.
FOR FURTHER INFORMATION CONTACT:
Michelle D. Esterman
Chief Financial Officer
T: (770) 612-7007
E: [email protected]
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(in thousands, except per share data)
(unaudited)
Three months ended
June 30, Six months ended
June 30, 2026 2025 2026 2025 Service revenue $48,730 $40,787 $93,819 $81,682 Reimbursable expenses 1,886 2,425 4,277 4,896 Non-controlling interests 47 76 151 149 Total revenue 50,663 43,288 98,247 86,727 Cost of revenue 37,843 30,261 72,316 60,375 Gross profit 12,820 13,027 25,931 26,352 Selling, general and administrative expenses 11,689 9,796 23,075 19,876 Income from operations 1,131 3,231 2,856 6,476 Other income (expense), net: Interest expense (2,129) (2,615) (4,238) (7,553)Gain on early extinguishment of debt 696 — 696 — Debt exchange transaction expenses — (472) — (3,452)Other income (expense), net 259 43 999 187 Total other income (expense), net (1,174) (3,044) (2,543) (10,818) (Loss) income before income taxes and non-controlling interests (43) 187 313 (4,342)Income tax (provision) benefit (472) 16,471 (1,359) 15,729 Net (loss) income (515) 16,658 (1,046) 11,387 Net income attributable to non-controlling interests (47) (76) (151) (149) Net (loss) income attributable to Altisource $(562) $16,582 $(1,197) $11,238 (Loss) earnings per share: Basic $(0.05) $1.51 $(0.11) $1.22 Diluted $(0.05) $1.48 $(0.11) $1.19 Weighted average shares outstanding: Basic 11,344 10,966 11,228 9,178 Diluted 11,344 11,206 11,228 9,439 Comprehensive (loss) income: Comprehensive (loss) income, net of tax $(515) $16,658 $(1,046) $11,387 Comprehensive income attributable to non-controlling interests (47) (76) (151) (149) Comprehensive (loss) income attributable to Altisource $(562) $16,582 $(1,197) $11,238
CONSOLIDATED BALANCE SHEETS
(in thousands, except for per share data)
(unaudited) June 30,
2026 December 31,
2025 ASSETSCurrent assets: Cash and cash equivalents$23,186 $26,603 Accounts receivable, net of allowance for credit losses of $1,935 and $2,492, respectively 26,930 17,984 Prepaid expenses and other current assets 6,464 9,690 Total current assets 56,580 54,277 Premises and equipment, net 508 253 Right-of-use assets under operating leases 708 1,117 Goodwill 55,960 55,960 Intangible assets, net 14,238 17,085 Deferred tax assets, net 6,242 6,342 Other assets 2,252 4,767 Total assets$136,488 $139,801 LIABILITIES AND DEFICITCurrent liabilities: Accounts payable and accrued expenses$42,497 $39,595 Current portion of long-term debt 1,211 1,225 Deferred revenue 3,047 3,440 Other current liabilities 1,691 2,805 Total current liabilities 48,446 47,065 Long-term debt 185,000 189,861 Deferred tax liabilities, net 8,668 8,641 Other non-current liabilities 3,703 3,697 Commitments, contingencies and regulatory matters Deficit: Common stock ($0.01 par value; 250,000 shares authorized, 11,420 issued and outstanding as of June 30, 2026; 11,021 issued and 10,994 outstanding as of December 31, 2025) 114 110 Additional paid-in capital 258,673 257,359 Accumulated deficit (368,899) (363,735)Treasury stock, at cost (27 shares as of December 31, 2025) — (3,948)Altisource deficit (110,112) (110,214) Non-controlling interests 783 751 Total deficit (109,329) (109,463) Total liabilities and deficit$136,488 $139,801
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited) Six months ended
June 30, 2026 2025 Cash flows from operating activities: Net (loss) income$(1,046) $11,387 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortization 114 363 Amortization of right-of-use assets under operating leases 766 546 Amortization of intangible assets 2,847 2,540 Share-based compensation expense 2,435 1,758 Bad debt expense 189 (38)Amortization of debt premium (2,391) (1,677)Amortization of debt discount 209 718 Amortization of debt issuance costs 111 448 Gain on early extinguishment of debt (696) — Deferred income taxes 27 70 Changes in operating assets and liabilities: Accounts receivable (9,135) (3,354)Prepaid expenses and other current assets 3,243 737 Other assets 106 (23)Accounts payable and accrued expenses 2,902 (1,521)Current and non-current operating lease liabilities (802) (563)Other current and non-current liabilities (1,056) (16,669)Net cash used in operating activities (2,177) (5,278) Cash flows from investing activities: Additions to premises and equipment (369) (28)Net cash used in investing activities (369) (28) Cash flows from financing activities: Proceeds from the Super Senior Facility — 11,250 Debt issuance costs — (1,741)Repayments and repurchases of long-term debt (2,108) (306)Equity issuance costs (263) (3,350)Purchase of fractional shares — (1)Distributions to non-controlling interests (119) (55)Payments of tax withholding on vesting of restricted share units and restricted shares (873) (328)Net cash (used in) provided by financing activities (3,363) 5,469 Net (decrease) increase in cash, cash equivalents and restricted cash (5,909) 163 Cash, cash equivalents and restricted cash at the beginning of the period 30,493 32,700 Cash, cash equivalents and restricted cash at the end of the period$24,584 $32,863 Six months ended
June 30, 2026 2025 Supplemental cash flow information: Interest paid$6,295 $7,910 Income taxes (refunded) paid, net 94 (682)Acquisition of right-of-use assets with operating lease liabilities 360 77 Reduction of right-of-use assets from operating lease modifications or reassessments (3) (162) Non-cash investing and financing activities: Equity issued in exchange for debt reduction — 45,370
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)
Adjusted operating income, pretax (loss) income attributable to Altisource, adjusted pretax income attributable to Altisource, adjusted net income attributable to Altisource, adjusted diluted earnings per share, Net cash used in operating activities less additions to premises and equipment, Adjusted EBITDA, Business Segments Adjusted EBITDA and net debt, which are presented elsewhere in this earnings release, 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 income from operations, (loss) income before income taxes and non-controlling interests, net (loss) income attributable to Altisource, diluted (loss) earnings per share, Net cash used in operating activities and long-term debt, including current portion, as measures of Altisource’s performance. We believe these measures are useful to management, existing shareholders, potential shareholders and other users of our financial information in evaluating operating profitability and cash flow generation more on the basis of continuing cost and cash flows as they exclude amortization expense related to acquisitions that occurred in prior periods and non-cash share-based compensation, as well as the effect of more significant non-operational items from earnings, cash flows from operating activities and long-term debt net of cash on-hand. We believe these measures are also useful in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Furthermore, we believe the exclusion of more significant non-operational items enables comparability to prior period performance and trend analysis. Specifically, management uses adjusted net income attributable to Altisource to measure the on-going after tax performance of the Company because the measure adjusts for the after tax impact of more significant non-recurring items, amortization expense relating to prior acquisitions (some of which fluctuates with revenue from certain customers and some of which is amortized on a straight-line basis) and non-cash share-based compensation expense which can fluctuate based on vesting schedules, grant date timing and the value attributable to awards. We believe adjusted net income attributable to Altisource is useful to existing shareholders, potential shareholders and other users of our financial information because it provides an after-tax measure of Altisource’s on-going performance that enables these users to perform trend analysis using comparable data. Management uses adjusted diluted earnings per share to further evaluate adjusted net income attributable to Altisource while taking into account changes in the number of diluted shares over the comparable periods. We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Altisource on a per share basis. Management uses Adjusted EBITDA to measure the Company’s overall performance and Business Segments Adjusted EBITDA to measure the segments overall performance (with the adjustments discussed earlier with regard to adjusted net income attributable to Altisource) without regard to its capitalization (debt vs. equity) or its income taxes and to perform trend analysis of the Company’s performance over time. Our effective income tax rate can vary based on the jurisdictional mix of our income. Additionally, as the Company’s capital expenditures have significantly declined over time, it provides a measure for management to evaluate the Company’s performance without regard to prior capital expenditures. Management also uses Adjusted EBITDA as one of the measures in determining bonus compensation for certain employees. We believe Adjusted EBITDA and Business Segments Adjusted EBITDA are useful to existing shareholders, potential shareholders and other users of our financial information for the same reasons that management finds the measure useful. Management uses net debt in evaluating the amount of debt the Company has that is in excess of cash and cash equivalents. We believe net debt is useful to existing shareholders, potential shareholders and other users of our financial information for the same reasons management finds the measure useful.
Altisource operates in several countries, including Luxembourg, India, the United States and Uruguay. The Company has differing effective tax rates in each country and these rates may change from year to year. In determining the tax effects related to the adjustments in calculating adjusted net (loss) income attributable to Altisource and adjusted diluted earnings per share, we use the tax rate in the country in which the adjustment applies or, if the adjustment is recognized in more than one country, we separate the adjustment by country, apply the relevant tax rate for each country to the applicable adjustment, and then sum the result to arrive at the total adjustment, net of tax. In 2019, the Company recognized a full valuation allowance on its net deferred tax assets in Luxembourg. Accordingly, for 2026 and 2025, the Company has an effective tax rate of close to 0% in Luxembourg.
It is management’s intent to provide non-GAAP financial information to enhance the understanding of Altisource’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies. The non-GAAP financial information should not be unduly relied upon.
Adjusted operating income is calculated by removing intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other and litigation matter from income from operations. Pretax (loss) income attributable to Altisource is calculated by removing non-controlling interests from (loss) income before income taxes and non-controlling interests. Adjusted pretax income attributable to Altisource is calculated by removing non-controlling interests, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other, litigation matter and debt exchange transaction expenses from (loss) income before income taxes and non-controlling interests. Adjusted net income attributable to Altisource is calculated by removing intangible asset amortization expense (net of tax), share-based compensation expense (net of tax), cost of cost savings initiatives and other (net of tax), litigation matter (net of tax), debt exchange transaction expenses (net of tax), litigation matter (net of tax) and certain income tax related items from net (loss) income attributable to Altisource. Adjusted diluted earnings per share is calculated by dividing net (loss) income attributable to Altisource after removing intangible asset amortization expense (net of tax), share-based compensation expense (net of tax), cost of cost savings initiatives and other (net of tax), litigation matter (net of tax), debt exchange transaction expenses (net of tax), litigation matter (net of tax) and certain income tax related items by the weighted average number of diluted shares. Net cash used in operating activities less additions to premises and equipment is calculated by removing additions to premises and equipment from Net cash used in operating activities. Adjusted EBITDA is calculated by removing the income tax provision, interest expense (net of interest income), depreciation and amortization, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other, litigation settlement loss (net of tax) and debt exchange transaction expenses from net (loss) income attributable to Altisource. Business Segments Adjusted EBITDA is calculated by removing non-controlling interests, interest expense (net of interest income), depreciation and amortization, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other, litigation matter (net of tax) and debt exchange transaction expenses from income before income taxes and non-controlling interests. Net debt is calculated as long-term debt, including current portion, minus cash and cash equivalents.
Reconciliations of the non-GAAP measures to the corresponding GAAP measures are as follows:
Three months endedJune 30, Six months ended
June 30, 2026 2025 2026 2025 Income from operations$1,131 $3,231 $2,856 $6,476 Intangible asset amortization expense 1,423 1,270 2,847 2,540 Share-based compensation expense 1,242 664 2,435 1,758 Cost of cost savings initiatives and other 473 270 542 (140)Litigation matter (711) — (711) — Adjusted operating income$3,558 $5,435 $7,969 $10,634 (Loss) income before income taxes and non-controlling interests$(43) $187 $313 $(4,342) Non-controlling interests (47) (76) (151) (149)Pretax (loss) income attributable to Altisource (90) 111 162 (4,491)Intangible asset amortization expense 1,423 1,270 2,847 2,540 Share-based compensation expense 1,242 664 2,435 1,758 Cost of cost savings initiatives and other 473 270 542 (140)Litigation matter (711) — (711) — Debt exchange transaction expenses — 472 — 3,452 Adjusted pretax income attributable to Altisource$2,337 $2,787 $5,275 $3,119 Net (loss) income attributable to Altisource$(562) $16,582 $(1,197) $11,238 Income tax provision (benefit) 472 (16,471) 1,359 (15,729)Interest expense (net of interest income) 2,013 2,417 3,466 7,162 Depreciation and amortization 56 178 114 363 Intangible asset amortization expense 1,423 1,270 2,847 2,540 Share-based compensation expense 1,242 664 2,435 1,758 Cost of cost savings initiatives and other 473 270 542 (140)Litigation matter (711) — (711) — Debt exchange transaction expenses — 472 — 3,452 Adjusted EBITDA$4,406 $5,382 $8,855 $10,644 Business Segments: Income before income taxes and non-controlling interests$11,290 $11,824 $21,781 $22,680 Non-controlling interests (47) (76) (151) (149)Depreciation and amortization 46 76 95 154 Intangible asset amortization expense 1,423 1,270 2,847 2,540 Share-based compensation expense 228 (364) 361 (85)Cost of cost savings initiatives and other 30 102 67 131 Litigation matter (711) — (711) — Interest expense (net of interest income) 6 19 14 46 Business Segments Adjusted EBITDA$12,265 $12,851 $24,303 $25,317 Corporate and Others: Loss before income taxes and non-controlling interests$(11,333) $(11,637) $(21,468) $(27,022) Depreciation and amortization 10 102 19 209 Share-based compensation expense 1,014 1,028 2,074 1,843 Cost of cost savings initiatives and other 443 168 475 (271)Debt exchange transaction expenses — 472 — 3,452 Interest expense (net of interest income) 2,007 2,398 3,452 7,116 Corporate and Others Adjusted EBITDA$(7,859) $(7,469) $(15,448) $(14,673) Net (loss) income attributable to Altisource$(562) $16,582 $(1,197) $11,238 Intangible asset amortization expense, net of tax 1,389 1,270 2,780 2,540 Share-based compensation expense, net of tax 1,202 701 2,266 1,655 Cost of cost savings initiatives and other, net of tax 324 297 383 (99)Litigation matter, net of tax (556) — (556) — Debt exchange transaction expenses, net of tax — 472 — 3,452 Certain income tax related items 193 (17,156) 450 (16,763) Adjusted net income attributable to Altisource$1,990 $2,166 $4,126 $2,023 Diluted (loss) earnings per share$(0.05) $1.48 $(0.11) $1.19 Intangible asset amortization expense, net of tax, per diluted share 0.12 0.11 0.24 0.27 Share-based compensation expense, net of tax, per diluted share 0.10 0.06 0.19 0.18 Cost of cost savings initiatives and other, net of tax, per diluted share 0.03 0.03 0.03 (0.01)Litigation matter, net of tax, per diluted share (0.05) — (0.05) — Debt exchange transaction expenses, per diluted share — 0.04 — 0.37 Certain income tax related items, per diluted share 0.02 (1.53) 0.04 (1.78) Adjusted diluted earnings per share$0.17 $0.19 $0.35 $0.22 Calculation of the per share impact of intangible asset amortization expense, net of tax Intangible asset amortization expense$1,423 $1,270 $2,847 $2,540 Tax benefit from intangible asset amortization (34) — (67) — Intangible asset amortization expense, net of tax 1,389 1,270 2,780 2,540 Diluted share count 11,767 11,206 11,671 9,439 Intangible asset amortization expense, net of tax, per diluted share$0.12 $0.11 $0.24 $0.27 Calculation of the per share impact of share-based compensation expense, net of tax Share-based compensation expense$1,242 $664 $2,435 $1,758 Tax (benefit) provision from share-based compensation expense (40) 38 (169) (103)Share-based compensation expense, net of tax 1,202 701 2,266 1,655 Diluted share count 11,767 11,206 11,671 9,439 Share-based compensation expense, net of tax, per diluted share$0.10 $0.06 $0.19 $0.18 Calculation of the impact of Litigation matter, net of tax Litigation matter$(711) $— $(711) $— Tax provision from Litigation matter 155 — 155 — Litigation matter, net of tax (556) — (556) — Diluted share count 11,767 11,206 11,671 9,439 Litigation matter, net of tax per diluted share$(0.05) $— $(0.05) $— Calculation of the impact of debt exchange transaction expenses, net of tax Debt exchange transaction expenses$— $472 $— $3,452 Tax benefit from debt exchange transaction expenses — — — — Debt exchange transaction expenses, net of tax — 472 — 3,452 Diluted share count 11,767 11,206 11,671 9,439 Debt exchange transaction expenses, net of tax per diluted share$— $0.04 $— $0.37 Calculation of the per share impact of cost of cost savings initiatives and other, net of tax Cost of cost savings initiatives and other$473 $270 $542 $(140)Tax (benefit) provision from cost of cost savings initiatives and other (149) 27 (159) 41 Cost of cost savings initiatives and other, net of tax 324 297 383 (99)Diluted share count 11,767 11,206 11,671 9,439 Cost of cost savings initiatives and other, net of tax, per diluted share$0.03 $0.03 $0.03 $(0.01) Calculation of the per share impact of certain income tax related items resulting from: Foreign income tax reserves / other$193 $(17,156) $450 $(16,763)Certain income tax related items 193 (17,156) 450 (16,763)Diluted share count 11,767 11,206 11,671 9,439 Certain income tax related items, per diluted share$0.02 $(1.53) $0.04 $(1.78) Net cash used in operating activities$(6,630) $(306) $(2,177) $(5,278)Less: additions to premises and equipment (231) (3) (369) (28) Net cash used in operating activities less additions to premises and equipment$(6,861) $(309) $(2,546) $(5,306)
$156,666 Super senior term loan
12,328 Less: Cash and cash equivalents
(23,186) Net debt
$145,808 Note: Amounts may not add to the total due to rounding.