Altisource Announces Third Quarter Financial Results

October 22, 2015

LUXEMBOURG, October 22, 2015 – Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ:ASPS) today reported strong third quarter results.

Third Quarter 2015 Results Compared to Third Quarter 2014:

 

  • Service revenue of $245.5 million, a 1% decrease
  • Net income attributable to Altisource of $37.0 million, a 12% decrease
  • Adjusted net income attributable to Altisource(1) of $46.4 million, a 10% decrease
  • Diluted earnings per share of $1.82, a 2% increase
  • Adjusted diluted earnings per share(1) of $2.27, a 4% increase

 

"We remain focused on providing high quality, compliant services to our customers and positioning the Company, through our strategic initiatives, for long term growth. We continue to execute with existing customers, on-board new customers and receive very good feedback on our offerings from the market. We believe we have the right strategic initiatives, with each addressing very large markets, in line with our core competencies and our competitive advantages," said William B. Shepro, Chief Executive Officer.

 

Shepro further commented, "I am pleased with the financial results for the quarter. Compared to the third quarter of 2014, growth in our asset management business largely offset lost revenue from the November 2014 discontinuation of the lender placed insurance brokerage business, the full amortization of the Equator acquisition deferred revenue in November 2014 and fewer third quarter 2015 property valuation referrals. With a focus on growth through our four strategic initiatives, we have increased our investments in sales and marketing in 2015, primarily accounting for the lower net income."

 

Third quarter 2015 highlights include:

The average number of loans serviced by Ocwen on REALServicing was 1.9 million for the third quarter 2015, a 15% decrease compared to the third quarter 2014

The Company repurchased 0.2 million shares of common stock at an average price of $26.88 per share

The Company repurchased a portion of the senior secured term loan with a par value of $11.0 million at an 11% discount; net income included an after-tax gain of $0.8 million on the early extinguishment of debt

The Company acquired CastleLine Holdings, LLC and its subsidiaries for $12.3 million in cash at closing,$10.5 million of cash payable over four years from the acquisition date and $14.4 million of restricted common shares of the Company (495 thousand shares)

Subsequent to the close of the third quarter, we acquired GoldenGator, LLC (doing business as RentRange®), REIsmart, LLC (doing business as InvestabilityTM) and Onit Solutions, LLC, a support company for RentRange and Investability.  RentRange is a leading provider of rental home data and information to the financial services and real estate industries, delivering a wide assortment of address and geography level data, analytics and rent-based valuation solutions for single and multi-family properties.  Investability is an online residential real estate search and acquisition platform that utilizes data and analytics to allow real estate investors to access the estimated cash flow, capitalization rate, net yield and market value of properties for sale in the United States

 

"I am very pleased with our operating results and the progress we are making on our strategic initiatives to diversify and grow our revenue and earnings. We believe our non-Ocwen growth, recent customer wins, current negotiations with new and existing customers and our robust pipeline activity demonstrate Altisource's value to the market and our ability to deliver on our initiatives," said Chief Executive Officer William B. Shepro.

Fourth quarter and full year 2015 highlights include:


We were selected by two top ten banks(2) to provide services for their portfolios in 2015, including the selection by a top four bank in the fourth quarter. We have agreements to provide services and/or software to five of the top ten banks and one GSE;

We repurchased $58.9 million of our common stock in 2015 (2.1 million shares at an average price of$27.60 per share); this includes $10.0 million of repurchases in the fourth quarter (0.4 million shares at an average price of $26.23 per share). In January and February of 2016, we repurchased $5.0 million of our common stock (0.2 million shares at an average price of $27.58 per share);

We repurchased $49.0 million of our senior secured term loan for $44.4 million (a weighted average discount of 10.3%), resulting in net pretax gains of $3.8 million on the early extinguishment of debt in 2015; this includes fourth quarter repurchases of $22.0 million for $19.8 million (a discount of 11.0%), resulting in a pretax gain of $1.8 million; 

To strengthen the Real Estate Investor Solutions initiative, we acquired RentRange® and Investability in the fourth quarter for $24.8 million; and

The average number of loans serviced by Ocwen Financial Corporation and its subsidiaries ("Ocwen") on REALServicing® was 2.0 million, an 8% decrease compared to the year ended December 31, 2014 (the average number of loans was 1.7 million in the fourth quarter 2015, a 31% decrease compared to the fourth quarter 2014).

 

The financial data in this press release is unaudited and preliminary, based upon estimates and subject to completion of the Company's financial closing procedures and the audit of the Company's financial statements. Moreover, this data has been prepared on the basis of currently available information. This data does not constitute a comprehensive statement of the Company's financial results for the year ended December 31, 2015, and the Company's final numbers for this data may differ materially from these estimates. The Company's independent registered public accounting firm has not audited or reviewed, and does not express an opinion with respect to, this data.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations. These statements may be identified by words such as "anticipate," "intend," "expect," "may," "could," "should," "would," "plan," "estimate," "seek," "believe," "potential" and similar expressions. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to the future and are not statements of historical fact, actual results may differ materially from what is contemplated by the forward-looking statements. Altisource undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, Altisource's ability to integrate acquired businesses, retain key executives or employees, retain existing customers and attract new customers, general economic and market conditions, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, availability of adequate and timely sources of liquidity and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of Altisource's Form 10-K and other filings with the Securities and Exchange Commission.

Webcast

Altisource will host a webcast at 11:00 a.m. EST today to discuss our fourth quarter and full year results. A link to the live audio webcast will be available on Altisource's website in the Investor Relations section. Those who want to listen to the call should go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

About Altisource

Altisource Portfolio Solutions S.A. is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries. Altisource's proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Additional information is available at www.Altisource.com.

ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 

 

Three months ended
December 31,

 

Years ended
December 31,

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

Service revenue

 

 

 

 

 

 

 

 

Mortgage Services

 

$

183,945

 

 

$

145,776

 

 

$

676,222

 

 

$

653,093

 

Financial Services

 

21,351

 

 

21,816

 

 

88,328

 

 

98,312

 

Technology Services

 

56,083

 

 

62,415

 

 

215,482

 

 

227,300

 

Eliminations

 

(10,339

)

 

(12,163

)

 

(39,112

)

 

(40,026

)

Total service revenue

 

251,040

 

 

217,844

 

 

940,920

 

 

938,679

 

Reimbursable expenses

 

18,102

 

 

37,414

 

 

107,344

 

 

137,634

 

Non-controlling interests

 

745

 

 

629

 

 

3,202

 

 

2,603

 

Total revenue

 

269,887

 

 

255,887

 

 

1,051,466

 

 

1,078,916

 

Cost of revenue

 

154,390

 

 

149,238

 

 

579,983

 

 

569,546

 

Reimbursable expenses

 

18,102

 

 

37,414

 

 

107,344

 

 

137,634

 

Gross profit

 

97,395

 

 

69,235

 

 

364,139

 

 

371,736

 

Selling, general and administrative expenses

 

65,558

 

 

61,979

 

 

220,868

 

 

201,733

 

Impairment losses

 

71,785

 

 

 

 

71,785

 

 

37,473

 

Change in the fair value of Equator earn out liability

 

 

 

 

 

(7,591

)

 

(37,924

)

Income (loss) from operations

 

(39,948

)

 

7,256

 

 

79,077

 

 

170,454

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

(6,812

)

 

(7,323

)

 

(28,208

)

 

(23,363

)

Loss on sale ofHLSSequity securities, net of dividends received

 

 

 

 

 

(1,854

)

 

 

Other income (expense), net

 

2,568

 

 

39

 

 

4,045

 

 

174

 

Total other income (expense), net

 

(4,244

)

 

(7,284

)

 

(26,017

)

 

(23,189

)

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and non-controlling interests

 

(44,192

)

 

(28

)

 

53,060

 

 

147,265

 

Income tax provision

 

(159

)

 

(878

)

 

(8,260

)

 

(10,178

)

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(44,351

)

 

(906

)

 

44,800

 

 

137,087

 

Net income attributable to non-controlling interests

 

(745

)

 

(629

)

 

(3,202

)

 

(2,603

)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable toAltisource

 

$

(45,096

)

 

$

(1,535

)

 

$

41,598

 

 

$

134,484

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

(2.35

)

 

$

(0.08

)

 

$

2.13

 

 

$

6.22

 

Diluted

 

$

(2.35

)

 

$

(0.08

)

 

$

2.02

 

 

$

5.69

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

19,196

 

 

20,306

 

 

19,504

 

 

21,625

 

Diluted

 

19,196

 

 

20,306

 

 

20,619

 

 

23,634

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures(1)

 

 

 

 

 

 

 

 

Adjusted net income attributable toAltisource

 

$

38,048

 

 

$

6,275

 

 

$

143,475

 

 

$

169,141

 

Adjusted diluted earnings per share

 

$

1.86

 

 

$

0.28

 

 

$

6.96

 

 

$

7.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

__________________________
(1) These are non-GAAP measures that are defined and reconciled to the corresponding GAAP measures herein

ALTISOURCE PORTFOLIO SOLUTIONS S.A.
SEGMENT FINANCIAL INFORMATION
(in thousands)
(unaudited)

 

 

Year ended December 31, 2015

 

 

Mortgage
Services

 

Financial
Services

 

Technology
Services

 

Corporate
Itemsand
Eliminations

 

Consolidated
Altisource

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

676,222

 

 

$

88,328

 

 

$

215,482

 

 

$

(39,112

)

 

$

940,920

 

Reimbursable expenses

 

107,224

 

 

120

 

 

 

 

 

 

107,344

 

Non-controlling interests

 

3,202

 

 

 

 

 

 

 

 

3,202

 

 

 

786,648

 

 

88,448

 

 

215,482

 

 

(39,112

)

 

1,051,466

 

Cost of revenue

 

474,169

 

 

60,806

 

 

187,835

 

 

(35,483

)

 

687,327

 

Gross profit (loss)

 

312,479

 

 

27,642

 

 

27,647

 

 

(3,629

)

 

364,139

 

Selling, general and administrative expenses

 

105,153

 

 

18,707

 

 

29,902

 

 

67,106

 

 

220,868

 

Impairment losses

 

 

 

 

 

71,785

 

 

 

 

71,785

 

Change in the fair value of Equator earn out liability

 

 

 

 

 

(7,591

)

 

 

 

(7,591

)

Income (loss) from operations

 

207,326

 

 

8,935

 

 

(66,449

)

 

(70,735

)

 

79,077

 

Other income (expense), net

 

506

 

 

58

 

 

61

 

 

(26,642

)

 

(26,017

)

Income (loss) before income taxes and non-controlling interests

 

$

207,832

 

 

$

8,993

 

 

$

(66,388

)

 

$

(97,377

)

 

$

53,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2014

 

 

Mortgage
Services

 

Financial
Services

 

Technology
Services

 

Corporate
Itemsand
Eliminations

 

Consolidated
Altisource

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

653,093

 

 

$

98,312

 

 

$

227,300

 

 

$

(40,026

)

 

$

938,679

 

Reimbursable expenses

 

137,447

 

 

187

 

 

 

 

 

 

137,634

 

Non-controlling interests

 

2,603

 

 

 

 

 

 

 

 

2,603

 

 

 

793,143

 

 

98,499

 

 

227,300

 

 

(40,026

)

 

1,078,916

 

Cost of revenue

 

486,387

 

 

64,338

 

 

192,426

 

 

(35,971

)

 

707,180

 

Gross profit (loss)

 

306,756

 

 

34,161

 

 

34,874

 

 

(4,055

)

 

371,736

 

Selling, general and administrative expenses

 

94,686

 

 

18,791

 

 

32,393

 

 

55,863

 

 

201,733

 

Impairment losses

 

 

 

 

 

37,473

 

 

 

 

37,473

 

Change in the fair value of Equator earn out liability

 

 

 

 

 

(37,924

)

 

 

 

(37,924

)

Income (loss) from operations

 

212,070

 

 

15,370

 

 

2,932

 

 

(59,918

)

 

170,454

 

Other income (expense), net

 

204

 

 

62

 

 

(31

)

 

(23,424

)

 

(23,189

)

Income (loss) before income taxes and non-controlling interests

 

$

212,274

 

 

$

15,432

 

 

$

2,901

 

 

$

(83,342

)

 

$

147,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

 

 

December 31,

 

 

2015

 

2014

ASSETS

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

179,327

 

 

$

161,361

 

Accounts receivable, net

 

105,023

 

 

112,183

 

Prepaid expenses and other current assets

 

21,751

 

 

23,567

 

Deferred tax assets, net

 

 

 

4,987

 

Total current assets

 

306,101

 

 

302,098

 

 

 

 

 

 

Premises and equipment, net

 

119,121

 

 

127,759

 

Goodwill

 

82,801

 

 

90,851

 

Intangible assets, net

 

197,003

 

 

245,246

 

Deferred tax assets, net

 

3,619

 

 

 

Other assets

 

19,337

 

 

22,267

 

 

 

 

 

 

Total assets

 

$

727,982

 

 

$

788,221

 

 

 

 

 

 

LIABILITIES AND EQUITY

Current liabilities:

 

 

 

 

Accounts payable and accrued expenses

 

$

91,871

 

 

$

111,766

 

Current portion of long-term debt

 

5,945

 

 

5,945

 

Deferred revenue

 

15,060

 

 

9,829

 

Other current liabilities

 

16,266

 

 

13,227

 

Total current liabilities

 

129,142

 

 

140,767

 

 

 

 

 

 

Long-term debt, less current portion

 

528,417

 

 

582,669

 

Deferred tax liabilities, net

 

 

 

2,694

 

Other non-current liabilities

 

18,153

 

 

20,648

 

 

 

 

 

 

Equity:

 

 

 

 

Common stock ($1.00par value; 25,413 shares authorized and issued and 19,021 outstanding as ofDecember 31, 2015; 25,413 shares authorized and issued and 20,279 outstanding as ofDecember31, 2014)

 

25,413

 

 

25,413

 

Additional paid-in capital

 

96,321

 

 

91,509

 

Retained earnings

 

369,270

 

 

367,967

 

Treasurystock, at cost (6,392 shares as ofDecember31, 2015and 5,134 shares as ofDecember31, 2014)

 

(440,026

)

 

(444,495

)

Altisourceequity

 

50,978

 

 

40,394

 

 

 

 

 

 

Non-controlling interests

 

1,292

 

 

1,049

 

Total equity

 

52,270

 

 

41,443

 

 

 

 

 

 

Total liabilities and equity

 

$

727,982

 

 

$

788,221

 

 

 

 

 

 

 

 

 

 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 

Years ended December 31,

 

2015

 

2014

 

 

 

 

Cash flows from operating activities:

 

 

 

Net income

$

44,800

 

 

$

137,087

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

36,470

 

 

29,046

 

Amortization of intangible assets

41,135

 

 

37,680

 

Loss on sale ofHLSSequity securities, net of dividends received

1,854

 

 

 

Change in the fair value of acquisition related contingent consideration

(7,184

)

 

(37,924

)

Impairment losses

71,785

 

 

37,473

 

Share-based compensation expense

4,812

 

 

2,236

 

Bad debt expense

5,514

 

 

16,257

 

Gain on early extinguishment of debt

(3,836

)

 

 

Amortization of debt discount

498

 

 

317

 

Amortization of debt issuance costs

1,374

 

 

1,151

 

Deferred income taxes

(1,326

)

 

1,166

 

Loss on disposal of fixed assets

26

 

 

184

 

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

Accounts receivable

2,401

 

 

(22,492

)

Prepaid expenses and other current assets

1,883

 

 

(12,501

)

Other assets

2,993

 

 

(1,750

)

Accounts payable and accrued expenses

(14,483

)

 

24,285

 

Other current and non-current liabilities

6,636

 

 

(14,722

)

Net cash provided by operating activities

195,352

 

 

197,493

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to premises and equipment

(36,188

)

 

(64,846

)

Acquisition of businesses, net of cash acquired

(28,675

)

 

(34,720

)

Purchase ofHLSSequity securities

(29,966

)

 

 

Proceeds received from sale of and dividends fromHLSSequity securities

28,112

 

 

 

Change in restricted cash

722

 

 

(1,402

)

Other investing activities

 

 

(300

)

Net cash used in investing activities

(65,995

)

 

(101,268

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt

 

 

198,000

 

Repurchases and repayment of long-term debt

(50,373

)

 

(4,959

)

Debt issuance costs

 

 

(2,608

)

Proceeds from stock option exercises

1,390

 

 

2,688

 

Purchase of treasury stock

(58,949

)

 

(255,713

)

Distributions to non-controlling interests

(2,959

)

 

(2,596

)

Other financing activities

(500

)

 

 

Net cash used in financing activities

(111,391

)

 

(65,188

)

 

 

 

 

Net increase in cash and cash equivalents

17,966

 

 

31,037

 

Cash and cash equivalents at the beginning of the period

161,361

 

 

130,324

 

 

 

 

 

Cash and cash equivalents at the end of the period

$

179,327

 

 

$

161,361

 

 

 

 

 

Supplemental cash flow information:

 

 

 

Interest paid

$

26,274

 

 

$

21,829

 

Income taxes paid, net

9,725

 

 

13,340

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

Acquisition of businesses with restricted shares

$

21,733

 

 

$

 

Decrease in payables for purchases of premises and equipment

(6,679

)

 

(2,328

)

Decrease in acquisition of businesses from subsequent working capital true-ups

 

 

(3,711

)

 

 

 

 

 

 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.
NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)

Adjusted net income attributable to Altisource and adjusted diluted earnings per share are non-GAAP measures used by management, existing shareholders and potential shareholders to measure Altisource's performance. Adjusted net income attributable to Altisource is calculated by adding intangible asset amortization expense (net of tax) and impairment losses (net of tax) and deducting gains associated with reductions of the Equator earn out liability (net of tax) to GAAP net income attributable to Altisource. Adjusted diluted earnings per share is calculated by dividing net income attributable to Altisource plus intangible asset amortization expense (net of tax) plus impairment losses (net of tax) less gains associated with reductions of the Equator earn out liability (net of tax) to GAAP net income attributable to Altisource by the weighted average number of diluted shares. Reconciliations of the non-GAAP measures to the corresponding GAAP measures are as follows:

 

 

Three months ended
December 31,

 

Years ended
December 31,

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

Net income (loss) attributable toAltisource

 

$

(45,096

)

 

$

(1,535

)

 

$

41,598

 

 

$

134,484

 

 

 

 

 

 

 

 

 

 

Intangible amortization expense, net of tax

 

12,514

 

 

7,810

 

 

38,187

 

 

35,076

 

Impairment loss, net of tax

 

70,630

 

 

 

 

70,630

 

 

34,884

 

Gain on Equator earn out liability, net of tax

 

 

 

 

 

(6,940

)

 

(35,303

)

 

 

 

 

 

 

 

 

 

Adjusted net income attributable toAltisource

 

$

38,048

 

 

$

6,275

 

 

$

143,475

 

 

$

169,141

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

$

(2.35

)

 

$

(0.08

)

 

$

2.02

 

 

$

5.69

 

 

 

 

 

 

 

 

 

 

Impact of using diluted share count instead of basic share count for a loss per share

 

0.14

 

 

0.01

 

 

 

 

 

Intangible amortization expense, net of tax, per diluted share

 

0.61

 

 

0.35

 

 

1.85

 

 

1.48

 

Impairment loss, net of tax, per diluted share

 

3.46

 

 

 

 

3.43

 

 

1.48

 

Gain on Equator earn out liability, net of tax, per diluted share

 

 

 

 

 

(0.34

)

 

(1.49

)

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share

 

$

1.86

 

 

$

0.28

 

 

$

6.96

 

 

$

7.16

 

 

 

 

 

 

 

 

 

 

Calculation of the impact of intangible amortization expense, net of tax

 

 

 

 

 

 

 

 

Intangible amortization expense

 

$

13,140

 

 

$

8,390

 

 

$

41,135

 

 

$

37,680

 

Tax benefit from intangible asset amortization

 

(626

)

 

(580

)

 

(2,948

)

 

(2,604

)

Intangible asset amortization expense, net of tax

 

12,514

 

 

7,810

 

 

38,187

 

 

35,076

 

Diluted share count

 

20,417

 

 

22,100

 

 

20,619

 

 

23,634

 

Intangible asset amortization expense, net of tax, per diluted share

 

$

0.61

 

 

$

0.35

 

 

$

1.85

 

 

$

1.48

 

 

 

 

 

 

 

 

 

 

Calculation of the impact of impairment loss, net of tax

 

 

 

 

 

 

 

 

Impairment loss

 

$

71,785

 

 

$

 

 

$

71,785

 

 

$

37,473

 

Tax benefit from impairment loss

 

(1,155

)

 

 

 

(1,155

)

 

(2,589

)

Impairment loss, net of tax

 

70,630

 

 

 

 

70,630

 

 

34,884

 

Diluted share count

 

20,417

 

 

22,100

 

 

20,619

 

 

23,634

 

Impairment loss, net of tax, per diluted share

 

$

3.46

 

 

$

 

 

$

3.43

 

 

$

1.48

 

 

 

 

 

 

 

 

 

 

Calculation of gain on Equator earn out liability, net of tax

 

 

 

 

 

 

 

 

Gain on Equator earn out liability

 

$

 

 

$

 

 

$

(7,591

)

 

$

(37,924

)

Tax provision from the gain on Equator earn out liability

 

 

 

 

 

651

 

 

2,621

 

Gain on Equator earn out liability, net of tax

 

 

 

 

 

(6,940

)

 

(35,303

)

Diluted share count

 

20,417

 

 

22,100

 

 

20,619

 

 

23,634

 

Gain on Equator earn out liability, net of tax, per diluted share

 

$

 

 

$

 

 

$

(0.34

)

 

$

(1.49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

___________________
(1)
 This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein.

(2) Source: Wall Street Journal's list of top ten banks by assets