Altisource Q3 2022 Earnings Report
Key Takeaways
Altisource reported financial results for the third quarter of 2022, with a focus on improving segment margins, growing sales wins, and reducing costs. The Servicer and Real Estate segment benefited from the restart of the default business and operational efficiencies, while the Origination segment had strong sales wins.
Ended the third quarter 2022 with $63.8 million of cash and cash equivalents, a 75% increase from the third quarter of 2021
Ended the third quarter 2022 with $183.4 million of net debt, a 21% reduction from the third quarter of 2021
Third quarter Adjusted EBITDA loss of $6.5 million represents a $1.1 million improvement over the third quarter of 2021
Reduced third quarter 2022 Corporate costs by $5.9 million, representing a 25% reduction, compared to the third quarter 2021 from the sale of Pointillist, costs savings initiatives and the assignment of sales and marketing employees to the segments beginning on January 1, 2022
Altisource
Altisource
Forward Guidance
The market tailwinds from the restart of the default market, sales wins and cost discipline, should help us return to growth and create substantial value for our stakeholders. Our countercyclical default business should further benefit from a deteriorating economic environment.