Business
Altisource Announces Fourth Quarter and Full Year 2022 Financial Results
LUXEMBOURG, March 30, 2023 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and
About this update from Altisource Portfolio Solutions S.a.
[{"type":"text","content":"LUXEMBOURG, March 30, 2023 (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 fourth quarter and full year 2022. “I am encouraged by our progress in 2022 and early 2023 as we execute on our plan to recover from the impact of the COVID-19 pandemic. In 2022, we grew revenue and Adjusted EBITDA in our countercyclical Servicer and Real Estate segment as we began to benefit from the restart of the default market, product mix and cost savings. We also grew our sales pipeline and wins, improved our Gross Profit margins to 15% from 4% and reduced our Adjusted EBITDA loss by $15 million. In February, we amended and extended our term loan and revolver to April 2025 with an option to extend both to April 2026 upon satisfying certain conditions,” said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, “As we look to 2023, we anticipate revenue growth, margin expansion and positive Adjusted EBITDA driven by a continuing recovery of the default market, sales pipeline growth and wins, a lower cost base and scale. There is potential revenue and Adjusted EBITDA upside in our countercyclical default business from a softening of the broader economy and the significant number of servicing portfolios reported to be in the market for sale if acquired by our customers.” 2022 Highlights(1) Corporate and Financial: Focused on growing the sales pipeline, improving operational efficiencies, reducing costs, and strengthening liquidity as the Company continued to seek to mitigate the impacts of the COVID-19 pandemic, governmental moratoriums and loss mitigation measures that affect the timing of the recovery of the market for default-related servicesReduced 2022 Corporate and Others costs by $31.0 million, representing a 32% reduction, compared to 2021Ended 2022 with $51.0 million of cash and cash equivalentsEnded 2022 with $196.2 million of net debt(3)Fourth quarter Adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”)(3) of $0.6 millionOn February 14, 2023, the Company executed amendments to its senior secured term loans and revolving credit facility (together, “Credit Agreements”) that, among other things, extended the mat...