アルティソース（ASPS）2026年第3四半期決算説明会：売上高成長と利益率の見通し

重要ポイント

• アルティソース・ポートフォリオ・ソリューションズ（NASDAQ: ASPS）が発表した2026年第3四半期のサービス売上高は、前年同期比26%増の4,980万ドルとなった。調整後EBITDAは17%増の430万ドルに増加した。
• 調整後EBITDAマージンは8.5%となり、利益率の低いオリジネーションセグメントの成長加速や、顧客導入および成長能力強化への継続的な投資が響き、前年同期からわずかに低下した。
• 調整後税引前利益は59%増の210万ドル、調整後EPSは30%増の0.13ドルとなった。
• オニティ（Onity）、リズム（Rithm）、および両社のポートフォリオに関連する顧客以外の顧客からの売上高は96%増加し、サービス売上高全体の72%を占めた（前年同期は46%）。
• Hubzuの在庫は2万6,000件に達し、前年同期の5,700件から4倍以上に拡大した。第3四半期の住宅取引件数は583件から789件に増加した。
• 経営陣は2026年第4四半期の調整後EBITDAの増加を見込んでおり、顧客の立ち上がり、企業コストの安定、AIおよび自動化の取り組みが今後数四半期にわたるマージン拡大を支えるとみている。

主要財務データ

事業および業績の動向

サービサー・不動産セグメント

サービサー・不動産セグメントの第3四半期サービス売上高は3,580万ドル、調整後EBITDAは1,020万ドルとなった。新規顧客の獲得に加え、Hubzu、権利関係（Title）、管財業務の好調が、リズム（Rithm）からの売上減少を補った。

2024年以降に獲得した案件は四半期ベースで1,300万ドル（年換算で5,190万ドル相当）の売上を創出した。アルティソースは第3四半期中に年換算で推定270万ドルの安定成長サービス売上案件を新規追加し、四半期末時点における推定年間安定売上の加重平均パイプラインは1,280万ドルとなった。

Hubzuの在庫は、2026年6月30日時点の2万2,300件から9月30日時点には2万6,000件へと16%増加した。経営陣によると、売上が発生するまでには通常、差押え手続きや再所有不動産（REO）売却の段階を経る必要がある。これらの資産の成熟が進むにつれ、取引件数と関連売上のさらなる増加を見込んでいる。

オリジネーション（新規融資組成）セグメント

業界全体の融資組成件数が6%減少したにもかかわらず、オリジネーションのサービス売上高は前年同期比65%増の1,400万ドルに達した。人材およびオペレーション能力への投資を継続したものの、セグメント調整後EBITDAは33%増の120万ドルに増加した。

同セグメントは、主に「Lenders One」を通じて、年換算で推定630万ドルの安定売上案件を獲得した。四半期末時点の加重平均パイプラインは1,850万ドルとなった。経営陣は、同セグメントの成長について、市場全体の環境によるものではなく、主にシェア拡大と顧客獲得によるものだと説明した。

売上高の多様化と効率化

オニティ（Onity）、リズム（Rithm）、および両社のポートフォリオ関連顧客を除くサービス売上高は前年同期比で96%増加した。この顧客層がサービス売上高全体に占める割合は72%に達し、2025年第3四半期の46%、2026年第2四半期の65%から大きく上昇した。

アルティソースは、マーケットプレイス、現地調査サービス（フィールドサービス）、査定（バリュエーション）、財務、管理部門など全社的にAIを活用したワークフローを拡大した。また、AIを活用してソフトウェア開発サイクルの短縮を図るとともに、建設リスク管理、商業ローンサービシング、不動産資産管理向けソリューションの構築を進めている。ただし経営陣は、多くの取り組みが依然として初期段階にあると注意を促した。

全社費用の調整後EBITDA赤字は710万ドルとなり、2025年第3四半期から20万ドル、2026年第2四半期から80万ドル改善した。2つの事業セグメントを合わせた調整後EBITDAマージンは約23%となった。

業績見通し（ガイダンス）

経営陣は、新規顧客の立ち上がりの継続、営業レバレッジ、コスト規律に支えられ、2026年第4四半期の調整後EBITDAが増加すると見込んでいる。

当社は、第4四半期のオリジネーションによるサービス売上高が前年同期比で引き続き堅調に推移すると予測している。また、サービサー・不動産セグメントの新規事業の成熟、既存投資に対するオリジネーション売上高の拡大、全社費用の比較的な安定に伴い、会社全体の利益率は今後数四半期で改善すると見込んでいる。

アルティソースは「Project 45」目標の下、2028年第4四半期までに年換算（ランレート）調整後EBITDA 4,500万ドルの達成を引き続き目指している。経営陣は、顧客の拡大、AIと自動化、業務効率化、徹底したコスト管理がその目標達成のための主要な原動力であるとしている。

リスクおよび注視すべき点

• 当四半期中、デフォルトおよび住宅ローン組成の市場は正常な水準を下回ったままであった。
• リズム（Rithm）との協同ブローカー協定の縮小・停止、およびリズムのオニティ（Onity）管理によるローンの移管は売上高を減少させ、新規顧客ビジネスへの移行を複雑化させた。
• 利益率の低いオリジネーションセグメントの成長加速が、連結売上総利益および調整後EBITDAマージンの重荷となった。
• アルティソースは、新規獲得案件や在庫量が完全に売上高に変換される前に、導入費用、人員配置コスト、能力強化費用を先行して負担している。
• 深刻な滞納ローンや差し押さえローンの件数は増加したものの、差し押さえ活動はパンデミック前の水準を下回ったままである。事業上の恩恵が得られるかどうかは、市場活動の持続的な回復にかかっている。

アナリスト質疑応答のハイライト

アナリストは、全社ベースの売上総利益率が第1四半期の約27.5%から第3四半期には約23.4%に低下したことを指摘した。経営陣はこの圧迫要因について、事業ポートフォリオの構成変化、新規顧客の立ち上がり、リズム（Rithm）関連ビジネスの減少、将来の売上を支える先行費用の発生によるものだと説明した。

経営陣は、サービサー・不動産の取扱量が同等の追加費用なしでさらなる売上を生み出し、オリジネーションが過去の投資に対してスケールメリットを発揮し、全社費用が比較的一定に推移することから、利益率は改善するはずだと説明した。

株式報酬費用について経営陣は、多くの付与が第1四半期に行われるため、四半期ごとに変動する可能性があると述べた。第2四半期の約120万ドルから第3四半期には約80万ドルへと減少したが、今後は第1・第2四半期の水準近くで安定すると見込んでいる。また、第3四半期には従業員の退職や解雇に伴う戻し入れが含まれていた可能性もある。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.