Business
Altisource Announces Second Quarter 2022 Financial Results
LUXEMBOURG, July 28, 2022 (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, July 28, 2022 (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 2022. “I am pleased with our second quarter results and performance as we continue to execute on our strategic plan. Our Servicer and Real Estate segment is benefiting from the restart of the default business with both sequential and year-over-year revenue and Adjusted EBITDA growth. In our Origination segment, we grew the average weighted sales pipeline to $32 million, a 54% increase since last quarter, as our Lenders One members are increasingly focused on buying our solutions which are designed to help them reduce costs,” said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, “As we continue to execute on our plan, win more business and benefit from market tailwinds, we anticipate that the Company will return to growth and create substantial value for our stakeholders.” Second Quarter 2022 Highlights(1) Corporate and Financial: Ended the second quarter 2022 with $70.7 million of cash and cash equivalents, a 100% increase from the second quarter of 2021Ended the second quarter 2022 with $176.5 million of net debt(2), a 17% reduction from the second quarter of 2021Second quarter Adjusted EBITDA loss of $6.6 million represents a $0.1 million improvement over the second quarter of 2021Reduced second quarter 2022 Corporate costs by $6.8 million, representing a 28% reduction, compared to the second quarter 2021 from costs savings initiatives and the sale of Pointillist, partially offset by the assignment of sales and marketing employees to the segments beginning on January 1, 2022 Business Highlights: The Servicer and Real Estate segment is benefiting from the restart of the default business with both sequential and year-over-year revenue and Adjusted EBITDA growthThe current unweighted sales pipeline in the Servicer and Real Estate business is approximately $105 million on a stabilized basis, representing $30 million to $37 million in annual revenue based upon our forecasted probability of closingThe current unweighted sales pipeline in the Origination business is approximately $97 million on a stabilized basis, representing $28 milli...