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Mar 31, 2024
Altisource Q1 2024 Earnings Report
Generated best quarterly performance since Q3 2020 with $4.6 million of Adjusted EBITDA on $36.9 million of service revenue.
Key Takeaways
Altisource reported financial results for the first quarter 2024, with a service revenue of $36.9 million and an Adjusted EBITDA of $4.6 million, marking the best quarterly performance since Q3 2020. The company is winning new business and ramping up 2023 sales wins on a lower cost base.
Service revenue was $36.9 million, slightly lower than Q1 2023 but higher than Q4 2023.
Adjusted EBITDA was $4.6 million, significantly better than Q1 2023 and Q4 2023.
Gross profit margin was 33.4%, considerably stronger than Q1 2023 and Q4 2023.
Ended the quarter with $29.6 million of cash and cash equivalents.
Altisource
Altisource
Forward Guidance
For the balance of 2024, Altisource anticipates quarter over quarter Service revenue and Adjusted EBITDA growth compared to the same quarters in 2023 as they continue to ramp sales wins and win new business on a lower cost base.
Positive Outlook
- Anticipate quarter over quarter Service revenue growth compared to the same quarters in 2023
- Anticipate quarter over quarter Adjusted EBITDA growth compared to the same quarters in 2023
- Continue to ramp sales wins
- Win new business
- Lower cost base