Altisource Q3 2020 Earnings Report
Key Takeaways
Altisource reported a service revenue of $85.4 million, a loss before income taxes and non-controlling interests of $(11.1) million, an adjusted pretax loss attributable to Altisource of $(1.4) million, and an adjusted EBITDA of $6.4 million for the third quarter of 2020.
Increased adjusted EBITDA by $8.5 million in the third quarter of 2020 compared to the second quarter of 2020.
Implementing 2021 operating plan that targets $250 million to $270 million of service revenue and $35 million to $43 million of adjusted EBITDA.
Increased the backlog of potential default related business which we anticipate will be available to us in late 2021 and into 2022.
Service revenue from customers other than Ocwen, NRZ and RESI was relatively flat in the third quarter of 2020 compared to the third quarter of 2019 primarily due to COVID-19 foreclosure moratoriums and forbearance programs offset by strong originations demand.
Altisource
Altisource
Forward Guidance
Company has developed an operating plan targeting 2021 adjusted EBITDA margins of 14% to 16% on $250 million to $270 million of forecasted revenue.