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Sep 30, 2024
Altisource Q3 2024 Earnings Report
Announced third quarter financial results
Key Takeaways
Altisource reported a solid quarter with growth in Service revenue both sequentially and year-over-year. The company generated $38.2 million in Service revenue, representing an 11.8% increase compared to the same period last year. Adjusted EBITDA also improved, driven by higher Service revenue and margin expansion.
Service revenue increased by 11.8% year-over-year, reaching $38.2 million.
Adjusted EBITDA improved by $2.8 million compared to the same quarter of 2023, reaching $3.6 million.
Gross profit margin significantly improved to 31.6% compared to 21.1% in the same quarter of 2023.
The company ended the quarter with $28.3 million in cash and cash equivalents and $15.0 million available under a revolving credit facility.
Forward Guidance
The company is diversifying its revenue streams and customer base with the recent launch and ongoing ramp of its Renovation business and sales wins, positioning itself for further growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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