LUXEMBOURG, July 23, 2024 (GLOBE NEWSWIRE) -- On Thursday, July 25, 2024, Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS) will report earnings for the second quarter 2024. A press release and presentation will be available on Altisource’s website in the Investor Relations section. Altisource will also host a conference call at 8:30 a.m. EDT on the same day to discuss its second quarter 2024 results. A link to the live audio webcast will be available on Altisource’s website in the Investor ...

EL PASO, Texas, May 22, 2024 (GLOBE NEWSWIRE) -- Lenders One® Cooperative (“L1” or “Lenders One”), a national alliance of independent mortgage bankers, banks and credit unions, managed by a subsidiary of Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), today announces the availability of Lenders One Insurance (“L1 Insurance”), a homeowners and automobile insurance solution offered to Lenders One members. L1 Insurance is a new member benefit that provides borrowers with mul ...

EL PASO, Texas, May 22, 2024 (GLOBE NEWSWIRE) -- Lenders One® Cooperative ("L1" or "Lenders One"), a national alliance of independent mortgage bankers, banks and credit unions, managed by a subsidiary of Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ:ASPS), today announces the availability of Lenders One Insurance ("L1 Insurance"), a homeowners and automobile insurance solution offered to Lenders One members. L1 Insurance is a new member benefit that provides borrowers with mult ...

ALTISOURCE FIRST QUARTER 2024 SUPPLEMENTARY INFORMATION APRIL 25, 2024 1 DISCLAIMER This presentation contains forward-looking statements that involve a number of risks pandemic, customer concentration, the timing of the anticipated increase in default and uncertainties. These forward-looking statements include all statements that are related referrals following the expiration offoreclosureand eviction moratoriums and not historical fact, including statements that relate to, among other things, future forbe ...

Financial Data and Key Metrics Changes - The company generated $4.6 million of adjusted EBITDA, marking the best quarterly performance since Q3 2020, on $36.9 million of service revenue [6] - Adjusted EBITDA improved by more than $30 million over the last two calendar years despite low origination volume and historically low mortgage delinquency rates [6] - For 2024, the company forecasts revenue growth of 23% and adjusted EBITDA growth of $21 million compared to last year [7] - Adjusted EBITDA margins expanded to 12.6% in Q1 2024, compared to 0.7% in Q4 2023 and 4% in Q1 2023 [9] Business Line Data and Key Metrics Changes - Total company service revenue grew 15% compared to Q4 2023, with 11% growth in the Servicer and Real Estate segment and 30% in the Origination segment [8] - In the Servicer and Real Estate segment, service revenue was 11% higher than Q4 2023 but 2% lower than Q1 2023 [12] - The Origination segment outperformed the market with service revenue growth of 30% despite a 6% decline in industry-wide residential origination volume [16] Market Data and Key Metrics Changes - The company continues to see early signs of consumer financial stress, which could lead to a rise in mortgage delinquency rates [15] - The Origination segment's revenue growth was driven by customer wins from newer solutions and price increases [16] Company Strategy and Development Direction - The company is focused on winning new business and improving operational efficiency in a challenging market [20] - The strategy includes ramping sales wins and expanding services to existing customers, particularly in the Servicer and Real Estate segment [14] - The company is not waiting for the default market to recover to grow revenue and earnings, indicating a proactive approach to business development [23] Management's Comments on Operating Environment and Future Outlook - Management believes the market is recovering at a slower pace than expected, with mortgage delinquency rates remaining flat [24] - The company anticipates that as the economy normalizes, the operating environment for recent loan originations will improve [25] - Management is optimistic about the potential for significant EBITDA growth if the market returns to normal conditions [26] Other Important Information - The company ended the quarter with a total weighted average sales pipeline of $26.7 million of annual revenue on a stabilized basis [15] - The corporate adjusted EBITDA loss was $6.3 million, which was 22% better than Q4 2023 and 30% better than Q1 2023 [19] Q&A Session Summary Question: When might foreclosure sales ramp up? - Management indicated they are not waiting for the market to recover and noted that the market is recovering slower than expected, with current indicators showing flat delinquency rates [23][24] Question: How should the remaining $60 million in sales pipeline flow into revenue? - Management expects to ramp sales wins throughout the year, with an anticipated EBITDA run rate north of $30 million by Q4 [28] Question: Is the current sales pipeline satisfactory? - Management expressed a desire for a larger sales pipeline but is pleased with the progress made in a tough market [30][31] Question: How is the $88 million in annualized revenue increase split between segments? - A significant portion of the increase is tied to the growth of the renovation business and trustee wins, with some contribution from the Origination side [34] Question: Are there more cost cuts to come? - Management indicated that while there were one-time benefits in Q1, they expect modest savings in corporate costs moving forward, with some hiring anticipated in Q2 [42]

Altisource Portfolio Solutions (ASPS) came out with a quarterly loss of $0.20 per share versus the Zacks Consensus Estimate of a loss of $0.26. This compares to loss of $0.38 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.08%. A quarter ago, it was expected that this real estate services firm would post a loss of $0.33 per share when it actually produced a loss of $0.37, delivering a surprise of -12.12%.Over the last four ...

LUXEMBOURG, April 25, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ:ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the first quarter 2024. "I am very pleased with our first quarter performance. We generated $4.6 million of Adjusted EBITDA(1), marking our best quarterly performance since the third quarter of 2020, on $36.9 million of service revenue. We are winning meaningful ne ...

Exhibit 99.1 FOR IMMEDIATE RELEASEFOR FURTHER INFORMATION CONTACT: Michelle D. Esterman Chief Financial Officer T: (770) 612-7007 E: Michelle.Esterman@altisource.com ALTISOURCE ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS Luxembourg, April 25, 2024 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the first quarter 2024. (1) "I am very pleased with our fi ...

Financial Performance - Total revenue for Q1 2024 was $39,469,000, slightly up from $39,461,000 in Q1 2023, indicating a growth of 0.02% year-over-year[14] - Gross profit increased to $12,304,000 in Q1 2024 from $8,504,000 in Q1 2023, representing a significant increase of 44.5%[14] - Net loss attributable to Altisource for Q1 2024 was $9,198,000, an improvement compared to a net loss of $12,947,000 in Q1 2023, reflecting a reduction of 29.1%[14] - Basic and diluted loss per share for Q1 2024 was $(0.33), compared to $(0.70) in Q1 2023, showing a 52.9% improvement[14] - Service revenue decreased to $36.891 million in Q1 2024 from $37.071 million in Q1 2023, a decline of approximately 0.5%[109] - Cost of revenue for Q1 2024 was $27.165 million, a decrease of 12.5% compared to $30.957 million in Q1 2023[118] - Selling, general and administrative expenses increased to $12.852 million in Q1 2024 from $12.094 million in Q1 2023, reflecting a rise of approximately 6.3%[123] - The company recognized $1.3 million in revenue from contract liabilities at the beginning of the period for Q1 2024, down from $1.9 million in Q1 2023[116] - The company recognized $0.1 million in service revenue from Aldridge Pite for Q1 2024, compared to less than $0.1 million in Q1 2023[115] Assets and Liabilities - Total assets decreased to $148,868,000 as of March 31, 2024, down from $154,858,000 as of December 31, 2023, a decline of 3.9%[10] - Total liabilities decreased to $148,868,000 as of March 31, 2024, down from $154,858,000 as of December 31, 2023, also a decline of 3.9%[10] - Cash and cash equivalents decreased to $29,599,000 as of March 31, 2024, from $32,522,000 as of December 31, 2023, a decrease of 9.0%[10] - Long-term debt increased to $219,266,000 as of March 31, 2024, up from $215,615,000 as of December 31, 2023, an increase of 1.5%[10] - Total accounts payable decreased to $13,419,000 as of March 31, 2024, from $15,275,000 as of December 31, 2023, a reduction of 12.1%[59] - Total other assets slightly decreased to $6,675,000 as of March 31, 2024, from $6,730,000 as of December 31, 2023, a decline of 0.8%[57] Revenue Sources - Revenue from Ocwen Financial Corporation accounted for 45% of total revenue, with recognized revenue of $17.7 million for Q1 2024, slightly up from $17.6 million in Q1 2023[32][33] - Ocwen was the largest customer, accounting for 45% of total revenue in Q1 2024[134] - For the three months ended March 31, 2024, Ocwen accounted for 45% of Altisource's total revenue, with an additional 7% earned from loan portfolios serviced by Ocwen[176] - The Origination segment generated $7.8 million in service revenue, reflecting growth driven by newer reseller products and an increase in mortgage originations[187] Cash Flow and Expenses - Cash flows from operating activities resulted in a net cash used of $2.237 million, an improvement from $3.058 million in the prior year[21] - Total cash, cash equivalents, and restricted cash at the end of the period was $32.480 million, down from $46.328 million a year earlier[21] - The company reported a significant increase in share-based compensation expense, rising to $2.213 million from $1.445 million in the previous year[21] - Interest expense increased by 41% to $(9.5) million in Q1 2024 from $(6.8) million in Q1 2023, primarily due to higher interest rates[196] Strategic Initiatives and Risks - The company is evaluating the impact of new accounting standards on its consolidated financial statements, effective after December 15, 2023[30][31] - Management highlighted risks related to retaining key customers like Ocwen and Rithm, which could impact future revenue and operational stability[157] - The company is focused on growing referrals from existing customers and attracting new customers to its offerings, particularly in the Servicer and Real Estate segment, which includes government-sponsored enterprises and large servicers[169] - Altisource aims to diversify its revenue and customer base through strategic initiatives and by developing new offerings within its Origination segment, which serves mortgage loan originators[170] Shareholder Information - The company has approximately 3.1 million shares available for repurchase under the share repurchase program as of March 31, 2024[92] - Altisource's share repurchase program allows for the purchase of up to 3.1 million shares at a minimum price of $1.00 and a maximum price of $25.00 per share, with approximately $115 million available for repurchase under Luxembourg law as of March 31, 2024[175]

Group 1 - Altisource Portfolio Solutions S.A. will report its earnings for the first quarter of 2024 on April 25, 2024 [1] - A press release and presentation will be available on Altisource's website in the Investor Relations section [1] - A conference call to discuss the first quarter results will be held at 8:30 a.m. EDT on the same day [1] Group 2 - Altisource is an integrated service provider and marketplace for the real estate and mortgage industries [2] - The company combines operational excellence with innovative services and technologies to address market demands [2] - Additional information about Altisource can be found on their website [2]