Business
Altisource Announces Second Quarter 2024 Financial Results
LUXEMBOURG, July 25, 2024 (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 25, 2024 (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 2024. “We had a strong second quarter and believe we are on track to achieve our 2024 guidance of 13% to 32% service revenue growth over 2023 and Adjusted EBITDA(1) of between $17.5 million and $22.5 million in 2024, a $21 million improvement in Adjusted EBITDA(1) over 2023 if the midpoint is achieved. For the quarter, we generated $36.9 million of Service revenue and $4.4 million of Adjusted EBITDA(1) and modestly increased cash and cash equivalents to $29.7 million. Our financial results reflect our strong sales wins, price increases, referral volume growth and lower cost base in what continues to be an incredibly difficult environment of close to historically low mortgage delinquency rates and low origination volume,” said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, “We continue to win meaningful new business and are making good progress ramping sales wins on a much lower cost base. As we ramp new business, we are cautiously optimistic that we will exit the year at a $30 million plus Adjusted EBITDA(1) run-rate.” Second Quarter 2024 Highlights(2) Company, Corporate and Financial: Second quarter Service revenue of $36.9 million was $3.7 million, or 11%, higher than the same quarter of 2023Second quarter Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)(1) of $4.4 million was $7.9 million better than the same quarter of 2023Second quarter Adjusted EBITDA(1) margin of 11.9% was considerably stronger than the (10.5)% Adjusted EBITDA(1) margin in the same quarter of 2023 Second quarter gross profit margin of 34.0% was considerably stronger than the 16.7% gross profit margin in the same quarter of 2023Ended the quarter with $29.7 million of cash and cash equivalents, $15.0 million available under a revolving credit facility and $198.7 million of net debt(1) Business and Industry: Generated sales wins which we estimate represent potential annualized revenue on a stabilized basis of $15.3 million for the Servicer and Real Estate segment and $1.5 million for the Origination segmentEnded the qu...