Benzinga | Mar 11, 2021 07:07AM EST

Altisource Sees FY21 Service Revenue Midpoint Of $210M, Sees FY22 Sales $270M-$290M

* The midpoint of the Company's updated 2021 operating plan targets $210 million of service revenue, $54 million of adjusted EBITDA before corporate and common costs and a $10 million adjusted EBITDA loss after corporate and common costs This operating plan reflects the Company's anticipated reduction in corporate and common costs from approximately $93 million in 2020 to $64 million in 2021, positioning it to improve adjusted EBITDA margins when the Company returns to revenue growth For the first time since 2009, Altisource is forecasting that it will generate a greater percentage of revenue from customers other than Ocwen and NRZ

* Preliminarily, the Company forecasts 2022 revenue of approximately $270 million to $290 million and adjusted EBITDA of approximately $25 million to $30 million The Company anticipates entering 2022 in a strong position based upon the structural changes that it is making to its cost base, momentum in the origination businesses and the 2022 return to growth in the default businesses

* In addition to the usual uncertainty associated with forward looking statements, the current COVID-19 pandemic makes it extremely difficult to predict the future state of the economy and delinquency rates and its potential impact on Altisource