Altisource Announces Second Quarter 2024 Financial Results

Company - Altisource Portfolio Solutions S.A. reported a strong second quarter for 2024, with service revenue of $36.9 million, an increase of $3.7 million or 11% compared to the same quarter in 2023 [4][5] - Adjusted EBITDA for the second quarter was $4.4 million, which is $7.9 million better than the same quarter in 2023, reflecting a significant improvement in operational efficiency [4][5] - The company ended the quarter with $29.7 million in cash and cash equivalents, alongside $15.0 million available under a revolving credit facility and $198.7 million in net debt [4][5] - Altisource anticipates achieving its 2024 guidance of 13% to 32% service revenue growth over 2023 and an Adjusted EBITDA between $17.5 million and $22.5 million [2][3] Industry - The industry experienced a 9% decrease in foreclosure initiations for the first half of 2024 compared to the same period in 2023, and a 14% decrease in foreclosure sales [4] - Mortgage origination volume in the industry decreased by 13% in the second quarter of 2024 compared to the same quarter in 2023 [4] - The seriously delinquent mortgage rate (90+ days past due and loans in foreclosure) declined to 1.1% in June 2024, down from 1.3% in December 2023 [4]