Business
Altisource Announces First Quarter 2020 Financial Results
Service revenue of $113.2 millionLoss from operations of $(4.2) millionAdjusted operating income(1) of $8.5 millionLoss before income taxes and
About this update from Altisource Portfolio Solutions S.a.
[{"type":"text","content":"Service revenue of $113.2 millionLoss from operations of $(4.2) millionAdjusted operating income(1) of $8.5 millionLoss before income taxes and non-controlling interests of $(9.1) millionAdjusted pretax income attributable to Altisource(1) of $4.4 millionAdjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”)(1) of $13.2 millionNet loss attributable to Altisource of $(11.7) million, or $(0.75) per diluted shareAdjusted net income attributable to Altisource(1) of $2.7 million, or $0.17 per diluted share LUXEMBOURG, April 30, 2020 (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 first quarter 2020.\n “Altisource, like other companies in our industry, is adapting to the rapidly changing environment from the COVID-19 pandemic. Our first quarter 2020 financial performance in our default related services businesses was negatively impacted by COVID-19 related governmental restrictions and changing vendor and consumer behavior. This impact was partially offset by stronger performance from our origination related businesses that benefited from lower interest rates throughout most of the quarter. We have three areas of focus in responding to the pandemic. First, maintaining the health and safety of our employees. Second, adjusting our operations to mitigate some of the impact to our customers and business while complying with governmental orders and guidance. Third, addressing our cost structure and preserving liquidity to prepare for what could be a period of lower revenue than planned,” said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, “At the same time, we are also seeking to maintain capacity for anticipated growth in our origination related services, continue to innovate across our businesses and prepare for what we believe will be strong medium to longer term demand for our default related services. As a leading national provider of services to support residential loan originators and servicers, we believe Altisource is in a strong position to support the industry and capture a sizable share of the business opportunity that a low interest rate and rising delinquency environment would present.”...