Altisource (ASPS) 2026年第三季度业绩电话会议：营收增长与利润率展望

核心要点

• Altisource Portfolio Solutions (NASDAQ: ASPS) 公布 2026 年第三季度服务收入为 4980 万美元，同比增长 26%。调整后 EBITDA 增长 17% 至 430 万美元。
• 调整后 EBITDA 利润率为 8.5%，同比略有下降，主因利润率较低的发起（Origination）业务板块增长更快，以及对客户上线实施和增长能力的持续投资。
• 调整后税前利润增长 59% 至 210 万美元，调整后每股收益（EPS）增长 30% 至 0.13 美元。
• 来自除 Onity、Rithm 及与其投资组合相关客户以外的其他客户的收入增长了 96%，占服务总收入的 72%，高于去年同期的 46%。
• Hubzu 平台房产库存达到 26,000 宗，是去年同期 5,700 宗的四倍多。第三季度住宅交易量从 583 笔增至 789 笔。
• 管理层预计 2026 年第四季度调整后 EBITDA 将进一步增长，并认为客户业务放量、稳定的总部成本以及人工智能和自动化举措将支持未来几个季度的利润率扩张。

关键财务数据

业务与经营业绩

服务商与房地产业务

服务商与房地产业务板块在第三季度实现服务收入 3580 万美元，调整后 EBITDA 为 1020 万美元。新客户获取以及 Hubzu、产权（Title）和受托人业务的强劲表现，助力抵消了来自 Rithm 收入下降的影响。

自 2024 年以来获得的新客户在第三季度贡献了 1300 万美元收入，年化规模相当于 5190 万美元。Altisource 在第三季度新增预计 270 万美元的年化稳定服务收入订单，并在季末拥有预计 1280 万美元年化稳定收入的加权平均潜在项目储备（pipeline）。

Hubzu 库存从 2026 年 6 月 30 日的 22,300 宗资产增长 16% 至 9 月 30 日的 26,000 宗。管理层表示，库存通常需经历止赎和取消抵押品赎回权房产（REO）出售阶段才能产生收入。随着这些资产步入成熟期，公司预计将迎来更多交易及相关收入。

发起业务（Origination）

尽管行业新发放量（origination unit volume）下降了 6%，发起业务服务收入仍同比增长 65% 至 1400 万美元。即使 Altisource 持续投资于人才和运营能力，该板块调整后 EBITDA 仍增长 33% 至 120 万美元。

该板块主要通过 Lenders One 获得了预计 630 万美元的年化稳定收入新单。季末其加权平均潜在项目储备为 1850 万美元。管理层将该板块的增长主要归因于市场份额增长和客户采纳度提高，而非大盘市场环境影响。

收入多元化与效率提升

扣除 Onity、Rithm 及与其投资组合相关客户后，服务收入同比增长 96%。该部分客户占服务总收入的 72%，而 2025 年第三季度为 46%，2026 年第二季度为 65%。

Altisource 在交易市场、外勤服务、估值、财务及总部支持等部门推广了人工智能驱动的工作流。公司还利用人工智能缩短软件开发周期，并针对施工风险管理、商业贷款服务和房地产资产管理打造解决方案。管理层提醒称，许多举措仍处于早期阶段。

总部调整后 EBITDA 亏损为 710 万美元，较 2025 年第三季度改善 20 万美元，较 2026 年第二季度改善 80 万美元。两大业务板块合计贡献了约 23% 的调整后 EBITDA 利润率。

管理层业绩指引

在获客规模持续放量、运营杠杆和严格成本控制的支撑下，管理层预计 2026 年第四季度调整后 EBITDA 将实现增长。

公司预测，与去年同期相比，第四季度发起业务服务收入将保持强劲。此外，随着新服务商与房地产业务逐步成熟、发起业务收入在既有投资基础上扩大规模，以及总部成本保持相对稳定，公司预计全公司利润率将在未来几个季度有所提升。

在“45 计划”（Project 45）目标下，Altisource 继续以到 2028 年第四季度实现 4500 万美元年化（run-rate）调整后 EBITDA 为目标。管理层指出，客户增长、人工智能与自动化、运营效率以及审慎的成本管理是实现该目标的主要驱动力。

风险与关注领域

• 本季度违约和房贷发起市场仍低于正常化水平。
• Rithm 合作经纪协议的终止以及 Rithm 由 Onity 提供服务的贷款转移，减少了公司收入，并增加了向新客户业务平稳过渡的难度。
• 利润率较低的发起业务板块增长较快，拉低了合并毛利和调整后 EBITDA 利润率。
• 在部分获取的客户和库存量完全转化为收入之前，Altisource 需先行承担上线实施、人员配备和能力建设等成本。
• 尽管严重逾期和止赎贷款数量有所增加，但止赎活动仍低于疫情前水平。由此带来的任何收益都有赖于市场活跃度的持续提升。

分析师问答环节点评

一位分析师注意到，公司层面的毛利润率已从第一季度的约 27.5% 降至第三季度的约 23.4%。管理层将这一压力归因于业务结构变动、新客户业务放量、Rithm 相关业务减少以及支持未来收入的前期投入成本。

管理层表示，随着服务商与房地产业务在不增加同等额外成本的情况下产生更多收入，发起业务在前期投资的基础上扩大规模，且总部费用保持相对稳定，利润率应当会得到改善。

关于股权激励费用，管理层表示，由于许多授予发生在第一季度，季度费用可能会有所波动。在从第二季度的约 120 万美元下降至第三季度的约 80 万美元后，管理层预计该费用将稳定在接近第一和第二季度的水平。第三季度可能还包含了与员工离职或裁员补偿相关的冲回费用。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.