Company Performance - Altisource Portfolio Solutions reported a service revenue of $136.6 million for the full year 2023, with a loss before income taxes of $(52.3) million and a net loss attributable to Altisource of $(56.3) million [6][7] - The company improved its total Adjusted EBITDA by $15.7 million in 2023 compared to 2022, with margins in the Servicer and Real Estate segments increasing to 25% from 18% [3][4] - In the fourth quarter of 2023, service revenue was $32.2 million, with a net loss attributable to Altisource of $(13.2) million [7][8] Business Segments - Service revenue in the Servicer and Real Estate segment was only down 4%, while the Origination segment outperformed the market with an 11% decline compared to a 36% decline in industrywide residential origination volume [4][5] - Adjusted EBITDA in the Business Segments improved by $7.8 million (30%) to $34.2 million in 2023 compared to 2022 [4] - The company ended 2023 with a weighted average sales pipeline estimated between $43 million and $53 million [4] Industry Context - Industrywide mortgage origination volume decreased by 36% in 2023 compared to 2022, while foreclosure initiations were 4% lower than in 2022 [5] - The industrywide early-stage mortgage delinquencies increased by 15% in December 2023 compared to December 2022 [5] - The seriously delinquent mortgage rate decreased to 1.3% in December 2023 compared to 1.6% in December 2022 [5] 2024 Financial Guidance - For 2024, the company forecasts service revenue to be in the range of $155 million to $180 million, representing a growth of 13% to 32% compared to 2023 [2][10] - Adjusted EBITDA is anticipated to be in the range of $17.5 million to $22.5 million, driven by revenue growth and lower corporate costs [2][10]

Revenue and Financial Performance - Ocwen accounted for 44% of total revenue for the year ended December 31, 2023[209]. - Total revenue for 2023 was $145.1 million, down 5% from $153.1 million in 2022[219]. - Service revenue for the year ended December 31, 2023, was $136.6 million, a 5% decrease from $144.5 million in 2022[221]. - Service revenue for the year ended December 31, 2023, was $107.8 million, a 4% decrease compared to $112.1 million in 2022[239]. - The Origination segment recognized service revenue of $28.8 million for the year ended December 31, 2023, an 11% decrease compared to $32.4 million in 2022[250]. - Revenue from Ocwen for the years ended December 31, 2023 and 2022 was $63.2 million and $63.5 million, respectively, representing 55% and 53% of segment revenue[294]. - Revenue recognized from Rithm under the Brokerage Agreement for the years ended December 31, 2023 and 2022 was $2.8 million and $3.2 million, respectively[298]. - The company recognized additional revenue of $12.6 million and $13.0 million for the years ended December 31, 2023 and 2022, respectively, when a party other than Rithm selected Altisource as the service provider[298]. - Total revenue for 2023 was $1,709,000, a decrease of 59% compared to $4,222,000 in 2022[376]. Expenses and Losses - Cost of revenue decreased by 12% to $115.4 million in 2023, down from $131.3 million in 2022[225]. - Selling, general and administrative (SG&A) expenses decreased by 15% to $46.4 million in 2023, compared to $54.8 million in 2022[229]. - Loss from operations was $(16.8) million, representing (12)% of service revenue, an improvement from $(33.2) million, or (23)%, in 2022[230]. - Other income (expense), net was $(35.6) million for 2023, compared to $(14.4) million in 2022, primarily due to higher interest expense[231]. - Net loss attributable to Altisource was $(56.3) million for 2023, a 5% increase from $(53.4) million in 2022[219]. - The company recognized a $3.7 million income tax provision for the year ending December 31, 2023[314]. - Net loss for 2023 was $56,062, compared to a net loss of $52,833 in 2022, representing an increase of approximately 4.3%[326]. Cash Flow and Liquidity - Net cash used in operating activities for the year ended December 31, 2023, was $(21.8) million, a 51% decrease from $(44.9) million in 2022[278]. - Net cash provided by financing activities increased to $2.976 million in 2023 from $(2.221) million in 2022, representing a 234% increase[280]. - Cash, cash equivalents, and restricted cash at the end of the period were $35.416 million, a 35% decrease from $54.273 million at the beginning of the period[277]. - The company anticipates total future liquidity obligations of $271.406 million, including $235.741 million for senior secured term loans and $31.880 million for interest expense payments[282]. - The company expects to fund future liquidity requirements with existing cash balances, anticipated cash generated from operating activities, and proceeds from the Amended Revolver as needed[282]. Debt and Interest Rates - The interest rate on the Company's senior secured term loans was 14.24% for the year ended December 31, 2023, compared to 7.67% for the same period in 2022[214]. - As of December 31, 2023, the interest rate on the Senior Secured Term Loans was 14.24%, including the payment-in-kind component[270]. - The maturity date of the Amended Credit Agreement is April 30, 2025, with an option to extend to April 30, 2026, contingent upon certain conditions being met[265]. - A one percentage point increase in SOFR would increase annual interest expense by approximately $2.2 million[300]. - The company made $30 million of Aggregate Paydowns during the year ended December 31, 2023, which may allow for an extension of the SSTL maturity date to April 30, 2026[282]. Assets and Liabilities - Total current assets decreased to $55,540 in 2023, down 36.5% from $87,558 in 2022[318]. - Long-term debt reduced to $215,615 in 2023, a decrease of 12.2% from $245,493 in 2022[318]. - Total liabilities decreased to $154,858 in 2023, down 20.7% from $195,268 in 2022[318]. - Cash and cash equivalents decreased to $32,522 in 2023, down 36.2% from $51,025 in 2022[318]. - The allowance for expected credit losses decreased to $3.123 million in 2023 from $4.363 million in 2022, reflecting a charge of $858,000 to expenses[372]. - Accounts payable rose to $15,275,000 in 2023 from $14,981,000 in 2022[389]. - Accrued expenses decreased to $8,637,000 in 2023 from $11,858,000 in 2022[389]. Taxation - The Company recognized an income tax provision of $3.7 million for the year ended December 31, 2023, primarily driven by income tax expense on transfer pricing income from India and the United States[214]. - The Company recognized an income tax provision of $5.3 million for the year ended December 31, 2022, driven by income tax expense on transfer pricing income from India and anticipated withholding tax on current year earnings in India[215]. - The income tax provision for 2023 was $3.7 million, down from $5.3 million in 2022, driven by various tax-related factors[232]. Business Strategy and Operations - The Company is focused on growing referrals from existing customers and attracting new customers to its offerings in the Servicer and Real Estate segment[201]. - The Company aims to grow its relationships with existing customers and develop new offerings in the Origination segment[203]. - The company noted that certain businesses are impacted by seasonality, with revenues typically lowest in fall and winter months[240]. - The Solutions business experienced a decline in service revenue due to the exit of a low-margin customer care business[239]. - The company has a concentration of revenue associated with its largest customer, Ocwen Financial Corporation, which poses various uncertainties[311].

Exhibit 99.1 | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: | | | Michelle D. Esterman Chief Financial Officer T: (770) 612-7007 E: Michelle.Esterman@altisource.com | ALTISOURCE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS Luxembourg, March 7, 2024 - Altisource Portfolio Solutions S.A. ("Altisource" or th ...

Core Insights - Lenders One Cooperative (L1) is hosting its annual summit in Los Angeles, focusing on strengthening its member network and enhancing service offerings [1][4] - Since March 2023, L1 has added 39 new members and improved its direct solutions to support its mission of maximizing revenue and reducing costs for its members [2][5] Company Developments - Lenders One has introduced various direct solutions including credit reporting, flood zone determinations, and homeowners insurance to enhance member services [2] - The launch of L1 Credit, a full credit reporting agency, provides members with essential credit-related products necessary for loan manufacturing [2] - L1 Flood offers flood zone determinations accepted by major mortgage investors, ensuring compliance with the National Flood Insurance Program [2] - L1 Insurance, in collaboration with CastleLine and Policygenius, provides competitive homeowners insurance quotes, streamlining the loan closing process [2] Capital Market and National Program Solutions - Lenders One has expanded its Capital Markets and National Programs offerings, adding three new Preferred Providers: FICO, OptiFunder, and Truv [3] - FICO provides a standard measure of consumer credit risk used by 90% of top US lenders, enhancing risk management [3] - OptiFunder offers a Warehouse Management System that optimizes warehouse allocation and reduces finance expenses for originators [3] - Truv automates verification of income and employment, now approved as a Freddie Mac AIM provider, improving efficiency in mortgage lending [3] Industry Context - Lenders One members collectively originated approximately $485 billion in mortgages during 2022, making it the largest retail mortgage entity in the U.S. [5] - The cooperative aims to help its members navigate the challenging mortgage origination environment by providing innovative solutions and support [2][4]

Core Viewpoint - Altisource Portfolio Solutions S.A. is set to report its earnings for the fourth quarter and full year of 2023 on March 7, 2024, indicating a significant upcoming event for stakeholders [1]. Group 1: Earnings Report - The earnings report will include results for both the fourth quarter and the full year of 2023 [1]. - A press release and presentation will be accessible on Altisource's website in the Investor Relations section [1]. - A conference call is scheduled for 8:30 a.m. EST on the same day to discuss the results, with a live audio webcast available [1]. Group 2: Company Overview - Altisource Portfolio Solutions S.A. operates as an integrated service provider and marketplace for the real estate and mortgage industries [2]. - The company combines operational excellence with innovative services and technologies to address the demands of changing markets [2]. - Additional information about the company can be found on its website [2].

LUXEMBOURG, Feb. 22, 2024 (GLOBE NEWSWIRE) -- On Thursday, March 7, 2024, Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS) will report earnings for the fourth quarter and full year 2023. A press release and presentation will be available on Altisource’s website in the Investor Relations section. Altisource will also host a conference call at 8:30 a.m. EST on the same day to discuss its fourth quarter and full year 2023 results. A link to the live audio webcast will be available on Altisourc ...

LUXEMBOURG, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ("Altisource®" or the "Company") (NASDAQ:ASPS), a leading provider and marketplace for the real estate and mortgage industries, proudly announces that three of its innovative technology businesses—Hubzu®, Equator®, and RentRange®—have been distinguished by HousingWire in their annual HW TECH100™ Real Estate list for 2024. This prestigious award recognizes the 100 most innovative technology companies serving the real estate sec ...

EL PASO, Texas, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Lenders One® Cooperative ("L1" or "Lenders One"), a national alliance of independent mortgage bankers, banks and credit unions managed by a subsidiary of Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ:ASPS), is pleased to welcome 29 new member companies that joined during the 2023 calendar year. The addition of these members amid the challenging mortgage origination environment is a testament to the power of the Cooperative's mis ...

Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET Company Participants Michelle Esterman - CFO Bill Shepro - Chairman and CEO Conference Call Participants Raj Sharma - B. Riley Financial FBR Mike Grondahl - Northland Securities Operator Good day. Welcome to the Altisource Third Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session ...

ALTISOURCE THIRD QUARTER 2023 SUPPLEMENTARY INFORMATION OCTOBER 26, 2023 DISCLAIMER This presentation contains forward-looking statements that involve a number of risks pandemic, customer concentration, the timing of the anticipated increase in default and uncertainties. These forward-looking statements include all statements that are related referrals following the expiration of foreclosure and eviction moratoriums and not historical fact, including statements that relate to, among other things, future for ...