Altisource Q3 2021 Earnings Report
Key Takeaways
Altisource reported a decrease in service revenue and a net loss attributable to Altisource for the third quarter of 2021. However, the company anticipates generating positive cash flow in the second half of 2022 with a reduced cost structure and expects a significant strengthening of the balance sheet from the sale of its equity interest in Pointillist.
Third quarter service revenue was $41.6 million.
Net loss attributable to Altisource was $(18.3) million, or $(1.15) per diluted share.
Adjusted net loss attributable to Altisource was $(12.6) million, or $(0.80) per diluted share.
The company ended the third quarter with $36.5 million in cash and cash equivalents.
Altisource
Altisource
Forward Guidance
Altisource is expecting Default business to generate significant revenue and earnings growth as we return to a more normal post-pandemic operating environment. We are executing on our strategic plan in our Origination business and believe this will also be a significant driver for growth. As a result, we anticipate that we will generate positive cash flow in the second half of 2022 on a significantly reduced cost structure. Finally, the anticipated sale of our equity interest in Pointillist significantly strengthens our balance sheet by adding an estimated $100 million of cash at closing