Mon, Mar 31, 2:34 PM (27 days ago)
### Summary of Altisource Portfolio Solutions S.A. (ASPS) **Financial Performance:** - **Revenue:** $160.1 million (2024), up 10% from $145.1 million (2023). - **Net Income:** $(35.4) million (2024), an improvement from $(56.1) million (2023). - **Earnings per Share:** $(1.25) (2024), improved from $(2.51) (2023). - **Operating Income:** $3.2 million (2024), a significant improvement from $(16.8) million (2023). **Segment Performance:** - **Servicer and Real Estate:** Revenue increased by 11% to $120 million, with operating income of $37.9 million. - **Origination:** Revenue increased by 6% to $30 million, with a slight operating income of $0.1 million. - **Corporate and Others:** Continued to be a significant drag with an operating loss of $(34.8) million. **Strategic Overview:** - **Focus Areas:** Servicer and Real Estate, Origination, and Corporate and Others. - **Market Position:** Positioned to gain market share from existing and new customers. - **Growth Strategy:** Focus on growing referrals, attracting new customers, and developing new offerings. **Future Outlook:** - **Revenue Growth:** Anticipated from renovation business, default market improvement, and on-boarding sales wins. - **Cost Structure:** Reduced through efficiency initiatives and cost savings measures. - **Debt Obligations:** Significant debt obligations with the New Facility and Super Senior Facility, with mandatory repayments and interest expenses. **Risk Factors:** - **Customer Concentration:** High dependence on Onity and Rithm, with Onity accounting for 44% of total revenue. - **Market Risks:** Sensitivity to economic conditions, interest rates, and regulatory changes. - **Operational Risks:** Dependence on technology, third-party services, and potential cybersecurity threats. **Financial Condition:** - **Liquidity:** Primarily from cash flow from operations, with significant debt obligations. - **Debt:** New Facility and Super Senior Facility with substantial repayments and interest expenses. - **Cash Flow:** Negative operating cash flow, with improvements expected from revenue growth and cost reductions. **Market Position Changes:** - **Customer Base:** Includes large financial institutions, government-sponsored enterprises, and real estate investors. - **Competitive Landscape:** Highly competitive with national and regional providers. **Note:** Amounts are usually in thousands, 000s.