Altisource reports July Adj EBITDA $0.1M; guides Q3 $0-1M, FY positive

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

July prelim: revenue $12.0M, service rev $11.1M, net loss -$4.1M, Adj EBITDA $0.1M.
Cost reduction plan targeting $13.5M annual savings vs Q2 run-rate; on track; $1M/month savings from Sept 2023.
FY 2023 Adj EBITDA guidance: Q3 $0-1M, Q4 positive, full year positive.
Run-rate scenario: if default market normalizes, projected Adj EBITDA $44.5M vs LTM -$7.9M (June 30, 2023).
As of Aug 31, 2023, ~1,100 full-time employees (excl contractors).

item 2.02 item 8.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ALTISOURCE PORTFOLIO SOLUTIONS S.A. updated its July 2023 guidance (initiated).

Period: July 2023
Guidance: initiated
Result: preliminary results

Exact text from the filing

On September 7, 2023, Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) issued a press release announcing 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.

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Source: SEC EDGAR

accession 0001462418-23-000054

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