Altisource Q2 2020 Earnings Report
Key Takeaways
Altisource reported a challenging second quarter in 2020 due to the COVID-19 pandemic, which significantly impacted its default-related services. The company took measures to reduce costs and preserve cash, ending the quarter with $68 million in cash and cash equivalents. They are forecasting 2021 service revenue of $250 million to $270 million, adjusted EBITDA of $35 million to $43 million and adjusted EBITDA margins of 14% to 16%.
Service revenue was $91.0 million.
Loss before income taxes and non-controlling interests was $(33.7) million.
Adjusted pretax loss attributable to Altisource was $(10.0) million.
Adjusted EBITDA was $(2.1) million.
Altisource
Altisource
Forward Guidance
Altisource is forecasting 2021 service revenue of $250 million to $270 million, adjusted EBITDA of $35 million to $43 million and adjusted EBITDA margins of 14% to 16%.