The following is a summary of the Altisource Portfolio Solutions S.A. (ASPS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Altisource reported Q1 2024 adjusted EBITDA of $4.6 million on $36.9 million of service revenue.

• Over the last two years, adjusted EBITDA improved by over $30 million despite low origination volume and historically low mortgage delinquacy rates.

• For 2024, the company predicts revenue growth of 23% and an EBITDA increase of $21 million compared to previous year.

• The service revenue grew 15% compared to Q4 2023, with an 11% growth in the Servicer and Real Estate segment and a 30% growth in the Origination segment.

• Q1 2024 EBITDA margins expanded to 12.6%, compared to 0.7% in Q4 2023 and 4% in Q1 2023.

Business Progress:

• The Servicer and Real Estate segment is gaining market share with two new contracts signed in March and April.

• Thirteen agreements were signed for the tri-merge credit product and related reseller services in the Origination segment in the first quarter.

• Despite industry-wide decline, service revenue in the Origination segment grew 30%.

• Anticipated annualized service revenue is projected to increase from $147 million to $219 million, and EBITDA from $16 million to $35 million due to recent business wins.

• Altisource attributes its $88 million revenue increase from business wins largely to the growth in renovations, trustee wins, and REO auction work.

• The company is strategically targeting the early stage of foreclosure process and expanding its foreclosure trustee business.

• Projected EBITDA could increase by about $20-$25 million and revenue growth of $60 million above current trends, even if the market normalizes.

• Future expenses are expected to increase due to hiring for business growth.

More details: Altisource Portfolio IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.