FOR IMMEDIATE RELEASE
|FOR FURTHER INFORMATION CONTACT:|
|Michelle D. Esterman|
|Chief Financial Officer|
|T: (770) 612-7007|
ALTISOURCE ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS
Luxembourg, April 28, 2022 - 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 2022.
“I am pleased with our first quarter financial results. We generated service revenue of $37.8 million, marking the first quarter of sequential revenue growth in 11 quarters. Our first quarter Adjusted EBITDA loss of $4.1 million represents a $4.7 million improvement over the fourth quarter of 2021. We benefited from revenue growth as the default market begins to recover, a favorable revenue mix, a lower cost base and approximately $1.8 million of non-recurring items,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “We are executing well on our Strategic Plan. In our Origination business, we believe we are building an exciting and innovative business that we anticipate will benefit from new product launches, membership growth and a strong sales pipeline. In our Servicer and Real Estate business, we should benefit from the market tailwinds and our strong sales pipeline. As we continue to execute on our plan and win more business, we anticipate Altisource will return to a growth Company and create substantial value for our customers and shareholders.”
First Quarter 2022 Highlights(1)
Corporate and Financial:
•Ended the first quarter 2022 with $80.0 million of cash and cash equivalents, a 93% increase from the first quarter of 2021
•Ended the first quarter 2022 with $167.3 million of net debt(2), a 19% reduction from the first quarter of 2021
•Grew service revenue in the first quarter 2022 compared to the fourth quarter 2021, representing the first quarter of sequential service revenue growth in eleven quarters
•First quarter Adjusted EBITDA loss of $4.1 million represents a $4.4 million improvement over the first quarter of 2021 and a $4.7 million improvement over the fourth quarter of 2021
•Reduced first quarter 2022 cash operating costs (excluding outside fees and services) by $13.6 million, representing a 31% savings from the first quarter 2021
•First quarter 2022 Hubzu referrals were 198% higher than the first quarter of 2021, including a 451% increase in foreclosure referrals and a 37% increase in REO referrals. As of March 31, 2022, Hubzu inventory was over 6,800 homes, representing a 53% increase compared to March 31, 2021, including a 119% increase in foreclosure inventory and a 1% decrease in REO inventory
•First quarter 2022 Trustee, Pre-foreclosure Title and Valuation referrals were 68%, 9% and 5%, respectively, higher than the first quarter of 2021
The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Thursday, April 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.