Altisource reports Q2 adjusted EPS (21c) vs. (68c) last year

Reports Q2 revenue $39.1M vs. $33.2M last year. “We had a strong second quarter and believe we are on track to achieve our 2024 guidance of 13% to 32% service revenue growth over 2023 and Adjusted EBITDA of between $17.5 million and $22.5 million in 2024, a $21 million improvement in Adjusted EBITDA over 2023 if the midpoint is achieved. For the quarter, we generated $36.9 million of Service revenue and $4.4 million of Adjusted EBITDA and modestly increased cash and cash equivalents to $29.7 million. Our financial results reflect our strong sales wins, price increases, referral volume growth and lower cost base in what continues to be an incredibly difficult environment of close to historically low mortgage delinquency rates and low origination volume,” said Chairman and Chief Executive Officer William B. Shepro. “We continue to win meaningful new business and are making good progress ramping sales wins on a much lower cost base. As we ramp new business, we are cautiously optimistic that we will exit the year at a $30 million plus Adjusted EBITDA run-rate.”