Business
Altisource Announces Preliminary July 2023 Financial Results, A Status Update On The July 2023 Cost Reduction Plan, Guidance For The Second Half Of 2023, And An Updated Run-Rate Scenario
LUXEMBOURG, Sept. 07, 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, Sept. 07, 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 announced certain preliminary unaudited financial results for July 2023, a status update on the July 2023 cost reduction plan, updated guidance for adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the second half of 2023, and an updated Run-Rate scenario. “Altisource continues to execute on its strategy to recover from the impact of the pandemic. We believe our July 2023 Adjusted EBITDA(1) of $0.1 million, updated outlook for the third quarter of break-even to $1 million of Adjusted EBITDA(1), and outlook for full year 2023 positive Adjusted EBITDA(1) demonstrates our progress. We are also on plan to reduce annual cash operating expenses by $13.5 million compared to the annualized second quarter cash operating expenses. Based upon our progress in the third quarter, we estimate that we will generate $1.0 million per month of expense savings for the month of September 2023,” said William B. Shepro, Chairman and Chief Executive Officer of Altisource. The Company has prepared the preliminary estimates of financial results for the month of July 2023 in good faith based upon the most recent information available to management from the Company’s internal reporting procedures as of the date of this press release. The estimated amounts set forth herein are preliminary, unaudited and subject to further completion, reflect our current good faith estimates, are subject to additional financial closing procedures and may be revised as a result of management’s further review of the Company’s results and any adjustments that may result from the completion of the interim review of the third quarter 2023 consolidated financial statements. The Company and its auditors have not completed its normal quarterly review as of and for the three months ended September 30, 2023, and there can be no assurance that the Company’s final results for this quarterly period will not differ from these estimates. Any such changes could be material. During the course of the preparation of the Company’s consolidated financial statements and related notes as of and for the three months ended September 30, 2023, ...