Altisource (ASPS) 2026 年第三季財報電話會議：營收成長與利潤率展望

重點摘要

• Altisource Portfolio Solutions (NASDAQ: ASPS) 公布 2026 年第三季服務收入為 4,980 萬美元，較 2025 年第三季成長 26%。調整後 EBITDA 成長 17% 至 430 萬美元。
• 調整後 EBITDA 利潤率為 8.5%，較去年同期小幅下降，主因是利潤率較低的房貸發行（Origination）業務部門成長較快，加上公司持續投資於客戶導入與成長能力。
• 調整後稅前淨利成長 59% 至 210 萬美元，調整後每股盈餘 (EPS) 則成長 30% 至 0.13 美元。
• 來自非 Onity、Rithm 及其相關投資組合客戶的收入成長了 96%，占總服務收入的 72%，高於去年同期的 46%。
• Hubzu 平台待售資產規模達 26,000 筆，為去年同期 5,700 筆的四倍以上。第三季房屋交易量由 583 筆增加至 789 筆。
• 管理層預計 2026 年第四季調整後 EBITDA 將有所提升，並認為客戶量能釋放、穩定的公司營運成本，以及人工智慧（AI）與自動化方案，將有助於未來幾個季度的利潤率擴張。

關鍵財務數據

業務與營運表現

服務商與房產業務部門

服務商與房產（Servicer and Real Estate）業務部門在第三季創造了 3,580 萬美元的服務收入和 1,020 萬美元的調整後 EBITDA。新增客戶以及 Hubzu、產權服務（Title）與受託人業務的強勁表現，有助於抵銷來自 Rithm 的收入減少。

自 2024 年以來獲取的合約在第三季貢獻了 1,300 萬美元收入，相當於年化 5,190 萬美元。Altisource 在第三季新增了預估年化穩定服務收入 270 萬美元的新合約，本季末預估穩定年收入的加權平均案源達到 1,280 萬美元。

Hubzu 平台的待售資產數量從 2026 年 6 月 30 日的 22,300 筆成長 16% 至 9 月 30 日的 26,000 筆。管理層表示，資產通常必須經過法拍和銀行不良資產（REO）出售階段才能產生收入。隨著這些資產逐步釋出與成熟，公司預計將帶動更多交易及相關收入。

房貸發行業務部門

儘管全行業房貸發行量下滑 6%，房貸發行（Origination）服務收入仍年增 65% 至 1,400 萬美元。儘管 Altisource 持續投資於人才與營運能力，該部門的調整後 EBITDA 仍成長 33% 至 120 萬美元。

該部門主要透過 Lenders One 獲得預估 630 萬美元的年化穩定收入合約。季末其加權平均案源達 1,850 萬美元。管理層將該部門的成長主要歸因於市占率提升與客戶採用率增加，而非整體市場環境的推動。

收入多元化與營運效率

扣除 Onity、Rithm 及其相關投資組合客戶後，服務收入年增 96%。該客戶群占總服務收入的 72%，高於 2025 年第三季的 46% 及 2026 年第二季的 65%。

Altisource 在交易平台、外勤服務、估值、財務及企業支援功能中擴大了 AI 驅動的工作流程。公司還利用 AI 來縮短軟體開發週期，並開發用於建築風險管理、商業貸款服務和房地產資產管理的解決方案。管理層提醒，許多專案仍處於早期階段。

總部（Corporate）調整後 EBITDA 虧損為 710 萬美元，較 2025 年第三季改善 20 萬美元，較 2026 年第二季改善 80 萬美元。兩個營運部門合計產生約 23% 的調整後 EBITDA 利潤率。

管理層財務展望

在持續增長的新客戶營運量能、營運槓桿和成本紀律支援下，管理層預計 2026 年第四季調整後 EBITDA 將會成長。

公司預測第四季房貸發行服務收入與去年同期相比將保持強勁。隨著新服務商與房產業務趨於成熟、房貸發行收入在現有投資基礎上形成規模效應，以及總部成本保持相對穩定，公司預計未來幾個季度整體利潤率將會改善。

在「Project 45」目標下，Altisource 繼續以到 2028 年第四季實現 4,500 萬美元的年化（run-rate）調整後 EBITDA 為目標。管理層指出，客戶成長、AI 與自動化、營運效率及嚴格的成本管理是實現該目標的主要驅動力。

風險與關注焦點

• 本季度違約與房貸發行市場仍低於常態化水準。
• Rithm 合作經紀協議的終止以及 Rithm 由 Onity 服務貸款的轉移，減少了公司收入，並增加了過渡至新客戶業務的複雜度。
• 利潤率較低的房貸發行部門成長較快，壓低了合併毛利潤與調整後 EBITDA 利潤率。
• 在部分新合約與資產庫存完全轉化為收入之前，Altisource 需先承擔導入、人員配置和營運能力的建置成本。
• 儘管嚴重逾期與法拍貸款數量有所增加，但法拍活動仍低於疫情前水準。任何相關效益均取決於市場活力的持續提升。

分析師問答集錦

有分析師指出，公司整體的毛利率已從第一季的約 27.5% 下降至第三季的約 23.4%。管理層將此壓力歸因於業務組合變化、新客戶業務開展、Rithm 相關業務下滑，以及支援未來收入的前期投入成本。

管理層表示，隨著服務商與房產業務量在不大幅增加額外成本的情況下創造更多收入、房貸發行業務在前期投資基礎上實現規模化，以及總部費用保持相對穩定，利潤率應會有所改善。

關於以股份為基礎的薪酬費用，管理層表示，由於許多發放發生在第一季，單季費用可能有所波動。在費用從第二季的約 120 萬美元降至第三季的約 80 萬美元後，管理層預期該費用將穩定在接近第一季與第二季的水準。第三季也可能包含了與員工離職或資遣相關的沖回項目。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.