Altisource Portfolio Solutions S.A.(US:ASPS)2022-03-03 14:04Financial Highlights - Altisource ended 2021 with $98.1 million in cash and cash equivalents, a 68% increase from December 31, 2020[5] - Net debt decreased by 21% to $149.1 million as of December 31, 2021, compared to December 31, 2020[5] - Q4 2021 net income attributable to Altisource was $70.6 million, benefiting from the sale of Pointillist[7] - Altisource received $102.2 million at the closing of the Pointillist sale and recognized a post-tax gain of $88.9 million[7] - The company anticipates receiving an additional $3.8 million in 2022 related to the Pointillist sale[7] Business Performance & Outlook - Altisource anticipates positive Adjusted EBITDA for the second half of 2022, driven by expected revenue growth and cost reduction initiatives[5] - The company expects quarterly year-over-year revenue growth beginning in the third quarter of 2022[5] - Lenders One membership grew by 11 members in Q4 2021, reaching a total of 251 members[9] - Despite an anticipated 34% decline in origination volume in 2022, the Origination business expects double-digit revenue growth[9] - For the first two months of 2022, trustee referrals grew 57%, pre-foreclosure title referrals grew 22%, and Hubzu referrals grew 217% compared to the same period in 2021[10] Default Business & Pandemic Recovery - The company believes the default market is entering the early stages of recovery following the expiration of foreclosure moratoriums and loss mitigation measures[10] - Fourth quarter Hubzu referrals were 158% higher than the same quarter in 2020, and 30% higher in 2021 compared to 2020[10]