Conferencia de resultados del T3 de 2026 de Altisource (ASPS): Crecimiento de ingresos y perspectivas de margen

Puntos clave

• Altisource Portfolio Solutions (NASDAQ: ASPS) informó de unos ingresos por servicios en el T3 de 2026 de 49,8 millones de dólares, un 26% más que en el T3 de 2025. El EBITDA ajustado aumentó un 17% hasta los 4,3 millones de dólares.
• El margen EBITDA ajustado fue del 8,5%, con un modesto descenso interanual debido al crecimiento más rápido en el segmento de Origination de menor margen y a la continua inversión en implementaciones de clientes y capacidades de crecimiento.
• El beneficio antes de impuestos ajustado aumentó un 59% hasta los 2,1 millones de dólares, mientras que el BPA ajustado subió un 30% hasta los 0,13 dólares.
• Los ingresos procedentes de clientes distintos de Onity, Rithm y clientes asociados a sus carteras aumentaron un 96% y representaron el 72% del ingreso total por servicios, frente al 46% del año anterior.
• El inventario de Hubzu alcanzó los 26.000 activos, más de cuatro veces los 5.700 activos informados un año antes. Las transacciones de viviendas en el T3 aumentaron a 789 frente a las 583 anteriores.
• La dirección prevé un EBITDA ajustado más elevado en el T4 de 2026 y confía en que el escalado de clientes, la estabilidad de los costes corporativos y las iniciativas de IA y automatización impulsarán la expansión del margen en los próximos trimestres.

Datos financieros clave

Rendimiento operativo y del negocio

Servicer y Real Estate

El segmento Servicer y Real Estate generó 35,8 millones de dólares en ingresos por servicios en el T3 y 10,2 millones de dólares en EBITDA ajustado. La captación de clientes y la solidez de las operaciones de Hubzu, Title y custodia de fideicomisos ayudaron a compensar los menores ingresos procedentes de Rithm.

Los contratos adjudicados desde 2024 generaron 13 millones de dólares de ingresos trimestrales, equivalente a 51,9 millones de dólares anualizados. Altisource sumó una estimación de 2,7 millones de dólares en ingresos anualizados estabilizados ganados durante el T3 y cerró el trimestre con una cartera ponderada (pipeline) de 12,8 millones de dólares en ingresos anuales estabilizados estimados.

El inventario de Hubzu aumentó un 16%, pasando de 22.300 activos al 30 de junio de 2026 a 26.000 al 30 de septiembre. La dirección señaló que el inventario habitualmente debe avanzar por las etapas de ejecución hipotecaria y venta de inmuebles adjudicados antes de generar ingresos. A medida que esos activos maduren, la empresa prevé un mayor número de transacciones e ingresos relacionados.

Origination

Los ingresos por servicios de Origination aumentaron un 65% interanual hasta los 14 millones de dólares a pesar de una caída del 6% en el volumen unitario de originación del sector. El EBITDA ajustado del segmento subió un 33% hasta 1,2 millones de dólares, aun cuando Altisource continuó invirtiendo en talento y capacidades operativas.

El segmento logró una captación estimada de 6,3 millones de dólares en ingresos anualizados estabilizados, principalmente a través de Lenders One. Su cartera ponderada de oportunidades (pipeline) se situó en 18,5 millones de dólares al cierre del trimestre. La dirección atribuyó el crecimiento del segmento principalmente a las ganancias de cuota de mercado y a la adopción por parte de los clientes, más que a las condiciones generales del mercado.

Diversificación de ingresos y eficiencia

Los ingresos por servicios excluyendo a Onity, Rithm y clientes asociados a sus carteras crecieron un 96% interanual. Este grupo representó el 72% del total de ingresos por servicios, frente al 46% en el T3 de 2025 y el 65% en el T2 de 2026.

Altisource amplió los flujos de trabajo basados en IA en marketplace, servicios de campo, valoraciones, finanzas y funciones de soporte corporativo. La empresa también está utilizando IA para acortar los ciclos de desarrollo de software y crear soluciones para la gestión de riesgos en la construcción, administración de préstamos comerciales y gestión de activos inmobiliarios. La dirección advirtió de que muchas iniciativas se encuentran aún en una fase inicial.

La pérdida de EBITDA ajustado corporativo fue de 7,1 millones de dólares, lo que representa una mejora de 200.000 dólares respecto al T3 de 2025 y de 800.000 dólares respecto al T2 de 2026. Los dos segmentos operativos produjeron un margen EBITDA ajustado combinado de aproximadamente el 23%.

Orientaciones de la dirección

La dirección prevé que el EBITDA ajustado del T4 de 2026 aumente, impulsado por el continuado escalado de los nuevos clientes ganados, el apalancamiento operativo y la disciplina de costes.

La empresa prevé que los ingresos por servicios de Origination en el T4 se mantengan sólidos en comparación con el mismo periodo del año anterior. Asimismo, prevé que los márgenes totales de la empresa mejoren durante los próximos trimestres a medida que madure el nuevo negocio de Servicer y Real Estate, los ingresos de Origination se escalen con respecto a las inversiones existentes y los costes corporativos se mantengan relativamente estables.

Altisource mantiene su objetivo de alcanzar un EBITDA ajustado a tasa de ejecución anualizada de 45 millones de dólares para el T4 de 2028 en el marco de su iniciativa Proyecto 45. La dirección identificó el crecimiento de clientes, la IA y la automatización, la eficiencia operativa y una gestión disciplinada de los costes como los principales impulsores de dicho objetivo.

Riesgos y aspectos a vigilar

• Los mercados de ejecuciones por impago y de originación hipotecaria se mantuvieron por debajo de los niveles normalizados durante el trimestre.
• El cierre definitivo del acuerdo de intermediación cooperativa (Cooperative Brokerage Agreement) con Rithm y la transferencia de los préstamos prestados por Onity para Rithm redujeron los ingresos y complicaron la transición hacia los nuevos negocios de clientes.
• El crecimiento más rápido del segmento Origination, de menor margen, pesó sobre el beneficio bruto consolidado y los márgenes de EBITDA ajustado.
• Altisource está incurriendo en costes de implementación, personal y capacidad antes de que algunas victorias de clientes y volúmenes de inventario se conviertan plenamente en ingresos.
• Aunque el volumen de préstamos con morosidad grave y en proceso de ejecución hipotecaria aumentó, la actividad de ejecuciones se mantuvo por debajo de los niveles prepandémicos. Cualquier beneficio dependerá de un aumento sostenido de la actividad del mercado.

Puntos destacados de la sesión de preguntas y respuestas con analistas

Un analista señaló que el margen de beneficio bruto a nivel de la empresa había disminuido desde aproximadamente el 27,5% en el T1 hasta alrededor del 23,4% en el T3. La dirección atribuyó esta presión a la mezcla de negocios, el escalado de nuevos clientes, el descenso del negocio relacionado con Rithm y los costes iniciales necesarios para respaldar ingresos futuros.

La dirección afirmó que los márgenes deberían mejorar a medida que los volúmenes de Servicer y Real Estate generen más ingresos sin costes adicionales equivalentes, Origination se escale con respecto a las inversiones previas y los gastos corporativos permanezcan relativamente estables.

En cuanto a la remuneración basada en acciones, la dirección indicó que el gasto trimestral puede fluctuar debido a que muchas concesiones se realizan en el primer trimestre. Tras un descenso desde aproximadamente 1,2 millones de dólares en el T2 a unos 800.000 dólares en el T3, la dirección prevé que el gasto se estabilice en niveles más cercanos a los del T1 y T2. El T3 también pudo haber incluido reversiones vinculadas a salidas de empleados o indemnizaciones por despido.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and thank you for standing by. Welcome to the Altisource Portfolio Solutions Third Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Michelle Esterman, Chief Financial Officer. Please go ahead.

Michelle Esterman

Thank you, operator. We first want to remind you that the earnings release and quarterly slides are available on our website at www.altisource.com. These provide additional information investors may find useful. Our remarks today include forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ. Please review the forward-looking statements sections in the company's earnings release and quarterly slides as well as the risk factors contained in our 2025 Form 10-K and our 2026 Form 10-Q filings. These describe some factors that may lead to different results.

We undertake no obligation to update statements, financial scenarios and projections previously provided or provided herein as a result of a change in circumstances, new information or future events. During this call, we will present both GAAP and non-GAAP financial measures. In our earnings release and quarterly slides, you will find additional disclosures regarding the non-GAAP measures. A reconciliation of GAAP to non-GAAP measures is included in the appendix to the quarterly slides.

Joining me for today's call is Bill Shepro, our Chairman and Chief Executive Officer. I'll now turn the call over to Bill.

William Shepro

Thanks, Michelle, and good morning. I'll begin on Slide 4. Our third quarter results provide further evidence that Altisource's growth strategy is gaining traction. Service revenue and adjusted EBITDA increased year-over-year. Recent customer wins continue to ramp and our AI and other efficiency initiatives began accelerating product development speed and are anticipated to drive scalability and operating leverage over the upcoming quarters.

Importantly, we achieved this progress while industry volumes remained below normalized levels, and our business was impacted by the wind down of the Rithm Cooperative Brokerage Agreement and transfer of Rithm's Onity-serviced loans to Rithm. Together, the continued ramp of customer wins, greater operating leverage and disciplined cost management represent the core building blocks of Project 45, our objective of reaching $45 million of run rate adjusted EBITDA by the fourth quarter of 2028. We anticipate these same drivers to support higher adjusted EBITDA in the fourth quarter.

Turning to Slide 5. We delivered revenue and adjusted EBITDA growth across both segments while continuing to invest in customer implementations and capabilities to support our next phase of growth. Third quarter service revenue of $49.8 million increased 26% over the same quarter last year and adjusted EBITDA of $4.3 million increased 17% over the same period. Adjusted EBITDA margins of 8.5% declined modestly from the same quarter a year ago from revenue mix changes with stronger growth in the lower-margin origination segment and continued investment in new customer implementations and future growth, largely offset by stable corporate costs and growing revenue. As the customer implementations progress, wins season and our more recent efficiency initiatives take hold, we forecast improved operating leverage and higher adjusted EBITDA margins.

Moving to Slide 6. Revenue and EBITDA growth is also contributing to improving earnings performance. For the third quarter of 2026, adjusted pretax income grew by 59% to $2.1 million compared to $1.3 million in the same 2025 period. Adjusted earnings per share grew by 30% to $0.13 compared to $0.10 in the third quarter of 2025. Net cash provided by operating activities was $1.3 million for the 9 months ended September 30, 2026, and $3.5 million for the quarter. During the quarter, we also opportunistically purchased and retired $900,000 of our term loan. We ended the quarter with $25.1 million in unrestricted cash.

Turning to Slide 7 and our countercyclical Servicer and Real Estate segment. Third quarter 2026 service revenue increased 15% quarter-over-quarter and 4% sequentially to $35.8 million. This growth was driven primarily by customer wins and strength in the Hubzu Title and trustee businesses, partially offset by lower Rithm revenue. We believe recently won business provides a visible path to continued growth as it ramps towards stabilized volumes over the next several quarters, while a future normalization in default market activity could create additional upside. Servicer and Real Estate segment adjusted EBITDA increased 2% quarter-over-quarter to $10.2 million. The increase demonstrates that revenue from recent customer wins is offsetting the loss of Rithm revenue and beginning to translate into improved earnings. As this new business seasons, we anticipate a greater portion of incremental revenue to contribute to adjusted EBITDA, improving margins.

Slide 8 illustrates the progression of our Servicer and Real Estate segment growth. First, we added an estimated $2.7 million of annualized stabilized service revenue wins during the quarter. Second, wins secured since 2024 generated $13 million of revenue this quarter, equivalent to $51.9 million on an annualized basis. Third, we ended the quarter with an estimated weighted average pipeline of $12.8 million in stabilized annual revenue. Together, these measures provide both current revenue momentum and additional opportunities for future growth.

Turning to Slide 9. Hubzu inventory within Marketplace more than quadrupled over the past year, reaching 26,000 assets as of September 30, 2026, compared with 5,700 assets a year earlier. That growth continued in the third quarter with inventory increasing by 16% from 22,300 assets as of June 30, 2026. Because Hubzu inventory typically moves through the foreclosure process and REO sales stages before generating revenue, inventory growth should be a precursor to home sales and revenue growth. In the third quarter, we transacted 789 homes compared with 583 homes in the third quarter of 2025 and 710 homes last quarter. As our growing inventory seasons, we anticipate a larger number of assets to advance to sale, supporting future Hubzu transaction volumes and revenue growth.

Moving to Slide 10. Our Origination segment delivered strong quarter-over-quarter sales growth despite a difficult origination market with origination unit volume down by 6% compared to the third quarter 2025. Third quarter 2026 service revenue increased 65% over the same quarter last year to $14 million, driven principally by customer wins. Adjusted EBITDA over the same period increased 33% to $1.2 million even as we continue to invest in the talent and capabilities to support further growth. These results demonstrate that our performance was driven primarily by market share gains and customer adoption rather than market-based fluctuations.

Slide 11 outlines our Origination segment customer wins and pipeline. During the quarter, we secured an estimated $6.3 million of annualized stabilized revenue wins, primarily in Lenders One and ended the quarter with an estimated weighted average pipeline of $18.5 million. The level of wins and pipeline activity reinforces our view that lenders are responding to solutions that can lower costs, improve execution and provide access to scalable operating capabilities. Based on sales wins, our pipeline and the market, we forecast fourth quarter origination service revenue to remain strong compared to the prior year.

Turning to Slide 12. We are executing against our plan to grow revenue, reduce our dependence on Onity and Rithm and build a more resilient revenue base across Altisource. Total company service revenue in the third quarter of this year increased by 26% compared to the third quarter of 2025. Over the same period, service revenue from customers other than Onity, Rithm and customers associated with their portfolios grew by 96%, representing 72% of Altisource's service revenue compared with 46% a year ago and 65% last quarter. This shift reduces Onity and Rithm customer concentration, broadens the source of our growth and should enhance the durability of our revenue base.

Moving to Slide 13. Our AI and automation strategy is focused on 3 measurable outcomes: increasing operating efficiency, accelerating software development and strengthening our product offering. During the quarter, we expanded AI-enabled workflows across marketplace, field services, valuations, finance and other corporate support functions. We also use AI to shorten development cycles across our software products and continue building new AI-developed software solutions for construction risk management, commercial loan servicing and real estate asset management. While many of these initiatives are still in the early stages, we believe they can improve our scalability and support revenue growth.

Turning to Slide 14 in our Corporate segment. Third quarter 2026 corporate adjusted EBITDA loss was $7.1 million, reflecting a $200,000 reduction in corporate costs compared with the third quarter of 2025 and an $800,000 decrease compared with last quarter. We continue to expect corporate costs to remain relatively stable as the business grows. Because the business segments generated combined adjusted EBITDA margins of approximately 23% in the third quarter, incremental revenue should contribute meaningfully to consolidated earnings. This operating leverage is a central component of the plan to achieve our Project 45 objectives.

Moving to Slide 15 and the business environment. The default market remains below pre-pandemic norms, but several indicators are beginning to move higher. As of August 2026, the number of seriously delinquent loans and loans in foreclosure totaled 872,000, an increase of 26% from August 2025 and 9% from December 2025. Foreclosure starts for the 8 months ending August 2026 were 20% higher than in the comparable period in 2025 and foreclosure sales were 17% higher, although both remain below pre-pandemic activity. A sustained increase in foreclosure activity could provide additional volume across several of our businesses.

For the origination market, third quarter 2026 mortgage origination unit volume decreased 6% year-over-year, including an 8% decrease in refinance volume and a 5% decrease in purchase volume. The MBA projects 5.3 million loans will be originated in 2026, representing 6% growth over 2025. Against that backdrop, we believe our recent customer wins and pipeline position us to outperform the broader market. Any sustained market recovery should provide additional upside.

To conclude, the third quarter provides further evidence that our strategy is working. First, customer wins should continue to drive strong revenue growth. Second, our revenue base is more diversified from Onity and Rithm. Third, our AI automation and operating efficiency initiatives should build a more scalable cost structure. We are delivering this progress in default and origination markets that remain below normalized volume levels. As recent wins continue to ramp and season and efficiency benefits build, we believe Altisource is positioned to generate stronger earnings, increased operating leverage and durable stakeholder value with upside if market conditions improve.

I'll now open up the call for questions. Operator?

Operator

[Operator Instructions] Our first question comes from the line of Timothy D'Agostino of B. Riley Securities.

Preguntas y respuestas

Timothy D'Agostino

I guess on margins, there's been a lot of helpful commentary here. But I guess working up to the gross profit margin, that's at the company level, that's ticked down here over the past couple of quarters. I guess it would be great to just hear a little bit of commentary on why that might be. Just looking at our spreadsheet here, it went from about 27.5% in the first quarter to about 23.4% in the third quarter. So, any additional color there would be great to hear.

William Shepro

Tim, I'm going to have Michelle answer the question more specifically. But at a high level, keep in mind that what's going on at Altisource is we're ramping up a lot of new customer wins think we talked about something like non-Onity and Rithm wins up something like 90-plus percent over last year, while we are ramping down the Rithm Cooperative Brokerage agreement and the business we received as a result of Ocwen no longer being -- the business we're losing as a result of Ocwen no longer being the sub-servicer on the Rithm assets as those were transitioned back.

So, you're managing business getting ready for growth while you're also managing down as well. And so, that creates some complications just from an operating perspective. But -- and I'll let Michelle explain in more detail, but I feel very confident that we're in a good position to significantly grow our EBITDA margins over the coming quarters. But I'll let Michelle get into the specifics.

Michelle Esterman

Yes, absolutely right. And I think from a gross profit margin, you could see a mix issue as well because we've had much higher growth in the Origination segment than we've experienced in the Servicer and Real Estate segment. But from a total company EBITDA margin perspective, we think these margins are going to significantly improve over the coming quarters. In addition to benefiting from our ongoing AI automation and operating efficiency initiatives, there's really kind of 3 drivers that we think would support margin expansion.

The first would be in the Servicer and Real Estate segment. Bill talked about this new business. But as it seasons, we anticipate that a greater portion of incremental revenue is going to contribute to margins. So, in short, you can think about it as we were already incurring the cost to support growing revenue from higher inventory and referral volumes, but that revenue hasn't -- we're not going to incur more costs as that revenue grows.

And the second, in the Origination segment, we've been investing in the talent and capabilities to support our future growth. So, as revenue continues to grow in that segment, we expect margins will expand. And then finally, at a total company level, we expect corporate costs to remain relatively stable as the business grows. So, in the third quarter, business segments contributed combined EBITDA margins of about 23%. And as we grow revenue while maintaining relatively flat corporate costs, total company margins should expand, both at the gross profit and the total EBITDA level.

Timothy D'Agostino

Okay. That's super helpful. I appreciate the color. And then I guess, just looking at my model here, just, kind of, a quick question. What working down to adjusted net income, the share-based comp expense, it was a little bit below our estimates. It seems like it moved from about $1.2 million in the second quarter to about $800,000 in the third quarter. Is that kind of a onetime decrease? Just wanted to note if there's anything there that we should be thinking about or if that should kind of normalize back up in the fourth quarter?

Michelle Esterman

Yes. With share-based comp you do see fluctuations from quarter-to-quarter. A lot of grants happen in the first quarters of each year. So, sometimes you'll see a little bit higher. It did trend down a little bit this quarter. I expect it will stabilize, probably somewhere back to kind of first quarter, second quarter levels.

Also that you may have had some reversal of share-based comp in the third quarter related to exits or severance, kind of, things.

Operator

[Operator Instructions] I'm showing no further questions at this time. I would now like to turn it back to Bill for closing remarks.

William Shepro

Great. Thank you, operator. We're pleased with our third quarter performance and believe we are set up for continued growth and margin improvement. Thank you for joining us today.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.