Altisource Q3 net loss narrows to $0.89/share; revenue down 13% YoY to $36.3M

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

2022-Q3 EPS reported -$2.62 revenue$118,317,000

Net loss of $14.4M ($0.89 diluted loss) vs $18.3M ($1.15) in Q3 2021; adjusted net loss $11.3M ($0.70).
Service revenue $36.3M, down 13% YoY; Adjusted EBITDA loss improved to $6.5M from $7.6M.
Ended Q3 with $63.8M cash, up 75% YoY; net debt $183.4M, down 21%.
Servicer & Real Estate segment adjusted EBITDA up 45% YoY on 14% service revenue growth; Origination segment had $10M annualized sales wins.
Industry foreclosures initiations up 271% YoY but still 51% below pre-COVID; mortgage originations forecast down 55%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ALTISOURCE PORTFOLIO SOLUTIONS S.A. reported third quarter 2022 results: revenue $36.3 million, net income $(14.4) million, or $(0.89) per diluted share, EPS $(0.89) per diluted share.

Period: third quarter 2022
Revenue: $36.3 million
Net income: $(14.4) million, or $(0.89) per diluted share
EPS: $(0.89) per diluted share
Result: reported results

Exact text from the filing

are forecasted to be 55% lower for the three months ended September 30, 2022, compared to the same period in 2021 (4) Third Quarter 2022 Financial Results • Service revenue of $36.3 million • Gross profit of $4.0 million, representing 11% of service revenue • Loss before income taxes and non-controlling interests of $(14.5) million • Adjusted pre-tax loss

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Source: SEC EDGAR

accession 0001462418-22-000048

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