Teleconferência de Resultados do 3º Trimestre de 2026 da Altisource (ASPS): Crescimento da Receita e Perspectivas de Margem

Principais Destaques

• A Altisource Portfolio Solutions (NASDAQ: ASPS) relatou uma receita de serviços no 3º trimestre de 2026 de US$ 49,8 milhões, uma alta de 26% em relação ao 3º trimestre de 2025. O EBITDA ajustado subiu 17%, para US$ 4,3 milhões.
• A margem EBITDA ajustada foi de 8,5%, uma queda discreta em relação ao mesmo período do ano anterior, devido ao crescimento mais rápido no segmento de Originação, de menor margem, e aos investimentos contínuos em implementações de clientes e capacidades de crescimento.
• O lucro antes dos impostos ajustado subiu 59%, para US$ 2,1 milhões, enquanto o LPA ajustado avançou 30%, para US$ 0,13.
• A receita proveniente de clientes que não Onity, Rithm e clientes associados às suas carteiras cresceu 96% e representou 72% da receita total de serviços, ante 46% um ano antes.
• O inventário da Hubzu atingiu 26.000 ativos, mais de quatro vezes os 5.700 ativos registrados um ano antes. As transações imobiliárias no 3º trimestre aumentaram de 583 para 789.
• A administração projeta um EBITDA ajustado maior no 4º trimestre de 2026 e acredita que a aceleração na captação de clientes, custos corporativos estáveis e iniciativas de IA e automação darão suporte à expansão das margens nos próximos trimestres.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

Servicer e Real Estate

O segmento Servicer e Real Estate gerou US$ 35,8 milhões em receita de serviços no 3º trimestre e US$ 10,2 milhões em EBITDA ajustado. A conquista de novos clientes e a força nas operações da Hubzu, títulos imobiliários e custódia ajudaram a compensar a menor receita vinda da Rithm.

As conquistas garantidas desde 2024 geraram US$ 13 milhões de receita trimestral, o equivalente a US$ 51,9 milhões em base anualizada. A Altisource adicionou um valor estimado de US$ 2,7 milhões em conquistas de receita de serviços estabilizada anualizada durante o 3º trimestre e encerrou o trimestre com um pipeline médio ponderado de US$ 12,8 milhões em receita anual estabilizada estimada.

O inventário da Hubzu aumentou 16%, de 22.300 ativos em 30 de junho de 2026 para 26.000 em 30 de setembro. A administração afirmou que o inventário normalmente precisa passar pelas etapas de execução hipotecária e venda de imóveis retomados antes de gerar receita. À medida que esses ativos amadurecem, a empresa espera mais transações e receitas associadas.

Originação

A receita de serviços de Originação aumentou 65% em relação ao mesmo período do ano anterior, atingindo US$ 14 milhões, apesar de uma queda de 6% no volume unitário de originação do setor. O EBITDA ajustado do segmento subiu 33%, para US$ 1,2 milhão, mesmo com os investimentos contínuos da Altisource em talentos e capacidades operacionais.

O segmento garantiu um valor estimado de US$ 6,3 milhões em novas receitas estabilizadas anualizadas, principalmente por meio da Lenders One. Seu pipeline médio ponderado ficou em US$ 18,5 milhões no encerramento do trimestre. A administração atribuiu o crescimento do segmento principalmente a ganhos de participação de mercado e à adesão de clientes, em vez de condições de mercado mais amplas.

Diversificação de Receita e Eficiência

A receita de serviços excluindo Onity, Rithm e clientes associados às suas carteiras cresceu 96% na comparação anual. Esse grupo representou 72% da receita total de serviços, em comparação com 46% no 3º trimestre de 2025 e 65% no 2º trimestre de 2026.

A Altisource expandiu fluxos de trabalho impulsionados por IA nos setores de marketplace, serviços de campo, avaliações, finanças e funções de suporte corporativo. A empresa também está utilizando IA para encurtar ciclos de desenvolvimento de software e criar soluções para gestão de risco na construção civil, serviços de empréstimos comerciais e gestão de ativos imobiliários. A administração alertou que muitas iniciativas ainda estão em estágio inicial.

O prejuízo do EBITDA ajustado corporativo foi de US$ 7,1 milhões, uma melhoria de US$ 200 mil em relação ao 3º trimestre de 2025 e de US$ 800 mil em relação ao 2º trimestre de 2026. Os dois segmentos operacionais produziram uma margem EBITDA ajustada combinada de aproximadamente 23%.

Projeções da Administração

A administração espera que o EBITDA ajustado do 4º trimestre de 2026 aumente, impulsionado pela aceleração contínua das conquistas de clientes, alavancagem operacional e disciplina de custos.

A empresa prevê que a receita de serviços de Originação no 4º trimestre permaneça forte em comparação com o mesmo período do ano anterior. Também espera que as margens consolidadas da empresa melhorem nos próximos trimestres, à medida que novos negócios de Servicer e Real Estate amadureçam, a receita de Originação ganhe escala em relação aos investimentos existentes e os custos corporativos se mantenham relativamente estáveis.

A Altisource continua mantendo a meta de US$ 45 milhões em EBITDA ajustado anualizado (run-rate) até o 4º trimestre de 2028, como parte da meta do seu Project 45. A administração apontou o crescimento de clientes, IA e automação, eficiência operacional e gestão disciplinada de custos como os principais impulsionadores dessa meta.

Riscos e Pontos de Atenção

• Os mercados de inadimplência e originação de hipotecas permaneceram abaixo dos níveis normalizados durante o trimestre.
• O encerramento do Acordo de Corretagem Cooperativa com a Rithm e a transferência dos empréstimos da Rithm atendidos pela Onity reduziram a receita e complicaram a transição para novos negócios com clientes.
• O crescimento mais rápido no segmento de Originação, de menor margem, pressionou o lucro bruto consolidado e as margens EBITDA ajustadas.
• A Altisource está incorrendo em custos de implementação, pessoal e capacidade antes que algumas conquistas de clientes e volumes de inventário se convertam totalmente em receita.
• Embora o volume de empréstimos com inadimplência grave e em execução hipotecária tenha aumentado, a atividade de execução permaneceu abaixo dos níveis pré-pandemia. Qualquer benefício depende de um aumento sustentado na atividade do mercado.

Destaques das Perguntas e Respostas dos Analistas

Um analista destacou que a margem de lucro bruto consolidada da empresa havia caído de aproximadamente 27,5% no 1º trimestre para cerca de 23,4% no 3º trimestre. A administração atribuiu a pressão ao mix de negócios, à aceleração de novos clientes, ao declínio dos negócios relacionados à Rithm e aos custos iniciais de suporte a receitas futuras.

A administração afirmou que as margens devem melhorar à medida que os volumes de Servicer e Real Estate gerarem mais receita sem custos adicionais equivalentes, a Originação ganhe escala em relação aos investimentos anteriores e as despesas corporativas permaneçam relativamente estáveis.

Sobre a remuneração baseada em ações, a administração afirmou que a despesa trimestral pode flutuar porque muitas concessões ocorrem no primeiro trimestre. Após uma queda de aproximadamente US$ 1,2 milhão no 2º trimestre para cerca de US$ 800 mil no 3º trimestre, a administração espera que a despesa se estabilize em níveis mais próximos aos do 1º e 2º trimestres. O 3º trimestre também pode ter incluído reversões associadas a desligamentos de funcionários ou rescisões.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.

Perguntas e respostas

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.