Altisource Portfolio Solutions S.A.(US:ASPS)2025-03-13 11:17Revenue Performance - Altisource reported a 10% increase in total Company Service revenue, reaching $150.4 million in 2024 compared to 2023[5]. - In Q4 2024, Service revenue was $38.4 million, a 19% increase from Q4 2023, marking the highest quarterly revenue since Q3 2021[5]. - The Servicer and Real Estate segment saw an 11% increase in Service revenue to $120 million, while the Origination segment increased by 6% to $30 million[6]. - The Company expects 2025 Service revenue to be between $165 million and $185 million, representing a projected 16% growth over 2024[4]. EBITDA and Profitability - Adjusted EBITDA for the full year 2024 was $17.4 million, an increase of $18.3 million from 2023, with margins improving to 29.7% from 25.1%[5]. - Altisource's Adjusted EBITDA guidance for 2025 is between $18 million and $23 million, indicating an 18% growth compared to 2024[4]. - For the year ended December 31, 2024, Altisource reported an adjusted operating income of $14,821,000, compared to an adjusted operating loss of $(2,282,000) for 2023[29]. - Adjusted EBITDA for the year ended December 31, 2024, was $17,387,000, compared to an adjusted EBITDA of $(909,000) for 2023, indicating a significant turnaround[29]. - The business segments adjusted EBITDA for the year ended December 31, 2024, was $44,607,000, compared to $34,212,000 in 2023, reflecting a 30.5% increase[31]. Cash and Debt Management - The Company ended 2024 with $29.8 million in cash and cash equivalents[5]. - A Term Loan Exchange Transaction was executed, reducing annual cash interest expenses by approximately $18 million[6]. - Cash and cash equivalents decreased to $29,811 million as of December 31, 2024, down from $32,522 million in 2023[18]. - The net debt as of December 31, 2024, was $202,989 thousand, an increase from $191,563 thousand at the end of 2023[35]. Losses and Improvements - Net loss attributable to Altisource for the year 2024 was $35,636 million, an improvement from a net loss of $56,290 million in 2023[16]. - The company reported a comprehensive loss of $8,769 million in Q4 2024, compared to a comprehensive loss of $13,151 million in Q4 2023[16]. - The net loss attributable to Altisource for the year ended December 31, 2024, was $(35,636,000), a decrease from $(56,290,000) in 2023, representing a 36.7% improvement[31]. - The company reported a loss before income taxes and non-controlling interests of $(32,867,000) for 2024, down from $(52,348,000) in 2023, reflecting a 37.1% reduction[29]. Operating Activities - Net cash used in operating activities for 2024 was $(5,025) million, a significant improvement from $(21,833) million in 2023[20]. - The company reported a net cash used in operating activities of $(1,401) thousand for the three months ended December 31, 2024, an improvement from $(4,238) thousand in the same period of 2023[35]. Tax and Amortization - Altisource's effective tax rate in Luxembourg is close to 0% for 2023 and 2024 due to a full valuation allowance on net deferred tax assets recognized in 2019[23]. - The company incurred $5,080,000 in intangible asset amortization expense for the year ended December 31, 2024, consistent with the previous year[29]. - The total intangible asset amortization expense for the year ended December 31, 2024, was $5,080 thousand, slightly down from $5,182 thousand in 2023[33]. Share-Based Compensation - Share-based compensation expense for the year ended December 31, 2024, was $4,737,000, down from $5,069,000 in 2023, indicating a 6.6% decrease[29]. - Share-based compensation expense, net of tax, for the year ended December 31, 2024, was $4,122 thousand, down from $4,409 thousand in 2023[33].