Altisource Portfolio Solutions SA (ASPS) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Altisource Portfolio Solutions, second quarter 2025 earnings call.

您好，感謝您的支持。歡迎參加 Altisource Portfolio Solutions 2025 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給第一位發言人，首席財務官米歇爾·埃斯特曼 (Michelle Esterman)。請繼續。

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.

謝謝您，接線生。首先，我們想提醒您，您可以在我們的網站 www.altisource.com 上查看收益報告和季度幻燈片。這些資訊可能對投資者有所幫助。

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 section in the company's earnings release and quarterly slides, as well as the risk factors contained in our 2024 Form 10-K and our 2025 Form 10-Q filings.

我們今天的評論包括前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果有所不同。請查看公司收益報告和季度幻燈片中的前瞻性陳述部分，以及我們 2024 年 10-K 表和 2025 年 10-Q 表文件中包含的風險因素。

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.

這些描述了一些可能導致不同結果的因素。我們不承擔因情況變化、新資訊或未來事件而更新先前提供或在此提供的報表、財務情景和預測的義務。

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。在我們的收益報告和季度幻燈片中，您將找到有關非公認會計準則指標的更多揭露。季度幻燈片的附錄包含了 GAAP 與非 GAAP 指標的對帳。

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

參加今天電話會議的還有我們的董事長兼執行長比爾謝普羅 (Bill Shepro)。我現在將電話轉給比爾。

Thanks, Michelle, and good morning. I'll begin on slide 4. We are pleased with our second quarter performance. In a close to historically low delinquency environment. We grew service revenue, adjusted EBITDA, pre- and post-tax GAAP earnings, and GAAP earnings per share compared to the second quarter of last year.

謝謝，米歇爾，早安。我將從第 4 張投影片開始。我們對第二季的表現感到滿意。在接近歷史最低的犯罪率環境中。與去年第二季相比，我們的服務收入、調整後的 EBITDA、稅前和稅後 GAAP 收益以及 GAAP 每股盈餘均有所增長。

This is largely from our focus on growing our businesses that have tailwinds, cost discipline, lower interest expense, and the reversal of certain tax reserves related to our India operations.

這主要是因為我們專注於發展順風業務、成本控制、較低的利息支出以及與印度業務相關的某些稅收儲備的逆轉。

Turning to slide 5, compared to the second quarter of last year, we grew total company service revenue by 11% to $40.8 million and adjusted EBITDA by 23% to $5.4 million. Service revenue growth primarily reflects the ramp of the renovation business and growth in the lenders won and foreclosure trustee businesses.

翻到投影片 5，與去年第二季相比，我們公司服務總營收成長了 11%，達到 4,080 萬美元，調整後 EBITDA 成長了 23%，達到 540 萬美元。服務收入的成長主要反映了翻新業務的成長以及貸款人贏得的收益和止贖受託人業務的成長。

The improvement in total company adjusted EBITDA was largely from both business segments, service revenue and adjusted EBITDA growth, partially offset by a modest increase in the corporate segments adjusted EBITDA loss.

公司調整後 EBITDA 總額的改善主要來自兩個業務部門、服務收入和調整後 EBITDA 的成長，但被公司部門調整後 EBITDA 虧損的適度增加部分抵銷。

The business segments generated $12.8 million of adjusted EBITDA, representing an 11% or $1.3 million dollar improvement compared to the second quarter of 2024. The corporate segments adjusted EBITDA loss of $7.5 million was slightly higher than the second quarter of last year.

該業務部門的調整後 EBITDA 為 1,280 萬美元，與 2024 年第二季相比成長了 11%，即 130 萬美元。公司部門調整後的 EBITDA 虧損為 750 萬美元，略高於去年第二季。

From a GAAP perspective, income before tax improved to $200,000 in the second quarter of 2025, compared to a loss of $7.6 million in the second quarter of 2024. This was primarily driven by higher adjusted EBITDA and lower interest expense from the new debt.

從 GAAP 角度來看，2025 年第二季稅前收入改善至 20 萬美元，而 2024 年第二季虧損為 760 萬美元。這主要是由於調整後的 EBITDA 增加和新債務利息支出減少所致。

Net income attributable to Altisource improved to $16.6 million in the second quarter of 2025, compared to a net loss of $8.3 million in the same quarter of 2024. The improvement in net income reflects an income tax benefit from the reversal of certain tax reserves related to our India operations. We ended the quarter with $30 million in unrestricted cash.

2025 年第二季度，歸屬於 Altisource 的淨收入增至 1,660 萬美元，而 2024 年同期的淨虧損為 830 萬美元。淨收入的成長反映了與我們的印度業務相關的某些稅收儲備的逆轉所帶來的所得稅收益。本季末，我們擁有 3000 萬美元的非限制現金。

Moving to slide 6, and our largely countercyclical servicer and real estate segment. Second quarter 2025 service revenue of $32 million was 10% higher than the second quarter of 2024, primarily from the ramp of the renovation business and growth in the foreclosure trustee business.

轉到投影片 6，以及我們主要的反週期服務和房地產部門。2025 年第二季的服務收入為 3,200 萬美元，比 2024 年第二季高出 10%，主要得益於翻新業務的成長和法拍受託人業務的成長。

Second quarter 2025 adjusted EBITDA of $12 million for the segment was $900,000 or 8% higher than the second quarter of 2024. Adjusted EBITDA margins declined to 37.4% from 38.1%. Adjusted EBITDA growth primarily reflects service revenue growth and lower SG&A. The slight decline in margins is from revenue mix with higher growth in the lower margin renovation business.

該部門 2025 年第二季的調整後 EBITDA 為 1,200 萬美元，比 2024 年第二季高出 90 萬美元，即 8%。調整後的 EBITDA 利潤率從 38.1% 下降至 37.4%。調整後的 EBITDA 成長主要反映了服務收入的成長和銷售、一般及行政費用的降低。利潤率略有下降，是因為利潤率較低的翻新業務收入成長較快。

Slide 7, provides a summary of our service earned real estate sales wins and pipeline. For the second quarter, we want new business that we estimate will generate $1.1 million in annual service revenue on a stabilized basis over the next couple of years. We ended the quarter with the service earned real estate segment, estimated total weighted average sales pipeline of $25.3 million of annual service revenue on a stabilized basis.

投影片 7 概述了我們的服務所獲得的房地產銷售勝利和管道。對於第二季度，我們預計新業務將在未來幾年內穩定產生 110 萬美元的年度服務收入。本季結束時，我們透過服務賺取房地產部門，估計穩定基礎上的年度服務收入總額加權平均銷售管道為 2,530 萬美元。

Moving to our origination segment and slide 8. Second quarter 2025 service revenue of $8.8 million was 13% higher than the second quarter of 2024. Adjusted EBITDA of $900,000 was $400,000 or 81% better than the same quarter last year. The increase in service revenue primarily reflects growth in the lenders' one business. Adjusted EBITDA growth primarily reflects stronger margins and service revenue growth.

轉到我們的起源部分和幻燈片 8。2025 年第二季的服務收入為 880 萬美元，比 2024 年第二季高出 13%。調整後的 EBITDA 為 90 萬美元，比去年同期高出 40 萬美元，即 81%。服務收入的成長主要反映了貸款人一項業務的成長。調整後的 EBITDA 成長主要反映了更高的利潤率和服務收入成長。

Slide 9, provides a summary of our origination segments sales wins and pipeline. Our focus on helping our lenders when members save money and better compete continue to drive substantial interest in our solutions.

投影片 9 概述了我們的發起部門銷售勝利和管道。當會員節省資金並更好地競爭時，我們專注於幫助我們的貸方，這繼續引起人們對我們的解決方案的極大興趣。

On an annualized stabilized basis, we want an estimated $3.3 million in new business in the second quarter. Our estimated weighted average sales pipeline at the end of the quarter was $14.7 million. We are pleased with the progress we are making in developing our sales pipeline and are optimistic that our sales pipeline and recent sales wins will contribute to growth in our origination segment.

以年化穩定計算，我們預計第二季新業務將達到 330 萬美元。我們估計本季末的加權平均銷售額為 1,470 萬美元。我們對在開發銷售管道方面取得的進展感到滿意，並樂觀地認為我們的銷售管道和最近的銷售勝利將有助於我們發起部門的成長。

Before discussing our corporate segment, please turn to slide 10, where we list the five businesses that we believe represent an outsized growth opportunity for Altisource over the next couple of years. These businesses include renovation, Granite Construction Risk Management, Lenders One, Habzu Marketplace, and foreclosure Trustee.

在討論我們的公司部門之前，請翻到第 10 張投影片，其中我們列出了我們認為在未來幾年內為 Altisource 帶來巨大成長機會的五項業務。這些業務包括翻新、Granite Construction Risk Management、Lenders One、Habzu Marketplace 和止贖受託人。

On this slide, we provide a summary of the opportunities and the status of each. What's important is that the success of these initiatives does not depend on an increase in foreclosure starts or sales, nor on a growing residential loan origination market.

在這張投影片上，我們概述了各個機會及其狀態。重要的是，這些措施的成功並不取決於法拍開始或銷售的增加，也不取決於住宅貸款發放市場的成長。

As you can see from the slide, we believe we are making solid progress against these initiatives and are optimistic that these initiatives represent a strong growth engine for the company. Of course, should the US economy deteriorate or origination volumes grow, we should be able to accelerate our growth even more.

正如您從幻燈片中看到的，我們相信我們在這些舉措方面正在取得堅實的進展，並樂觀地認為這些舉措代表著公司強勁的成長引擎。當然，如果美國經濟惡化或發起量成長，我們應該能夠進一步加速成長。

Turning to our corporate segment and slide 11. Second quarter 2025, corporate adjusted EBITDA a loss of $7.5 million was $300,000 higher than the second quarter of 2024, largely from a prior year tech com benefit and higher unrealized foreign currency exchange losses.

轉向我們的公司部門和幻燈片 11。2025 年第二季度，公司調整後 EBITDA 虧損 750 萬美元，比 2024 年第二季高出 30 萬美元，主要來自上一年科技通訊收益和未實現外匯損失增加。

Moving to slide 12, and the business environment in which we operate. Starting with the residential mortgage default market, 90 day mortgage delinquency rates remain near historic lows at 1.2% in May. Foreclosure starts to increase by 15% in April and May of 2025 compared to the same period in 2024. However, April and May 2025 foreclosure starts were 29% lower than the same period in 2019.

前往第 12 張投影片，以及我們經營的業務環境。從住宅抵押貸款違約市場開始，5月90天抵押貸款拖欠率仍接近歷史低點1.2%。與 2024 年同期相比，2025 年 4 月和 5 月的止贖率開始增加 15%。然而，2025 年 4 月和 5 月的止贖開始數量比 2019 年同期下降了 29%。

Foreclosure sales for April and May of 2025 increased by 10% compared to last year, but were 47% lower than the same period in 2019. For the origination market, industry-wide origination unit volume increased by 27% in the second quarter compared to the same quarter of last year, with purchase origination volume up by 5% and refinance activity increasing by 89%.

2025 年 4 月和 5 月的止贖房屋銷售額與去年相比增長了 10%，但比 2019 年同期下降了 47%。對於發起市場，第二季度全行業發起單位數量與去年同期相比增長了 27%，其中購買發起量增長了 5%，再融資活動增長了 89%。

For the full year, MBA's July 2025 forecast projects there will be 5.6 million loans originated in 2025, a 12% increase compared to the full year 2024 and 3% lower than the MBA's April 2025 forecast.

就全年而言，MBA 7 月的 2025 年預測顯示，2025 年將發放 560 萬筆貸款，比 2024 年全年增長 12%，比 MBA 2025 年 4 月的預測低 3%。

Turning to slide 13, in closing, we are pleased with our second quarter results. We have a strong sales pipeline, are winning new business, and ramping sales wins while maintaining cost discipline and significantly reducing corporate interest expense. To support longer term growth, we are focusing our efforts on accelerating the growth of those businesses that we believe have tailwinds in what remains a close to historically low delinquency environment.

最後翻到第 13 張投影片，我們對第二季的業績感到滿意。我們擁有強大的銷售管道，正在贏得新業務，並在保持成本紀律和大幅降低公司利息支出的同時，不斷提升銷售業績。為了支持長期成長，我們正集中精力加速那些我們認為在接近歷史低點拖欠率的環境下有順風的業務的成長。

Should loan delinquencies, foreclosure starts, and foreclosure sales increase, we believe we are well positioned to also benefit from stronger revenue and adjustted EBITDA growth in our largest and most profitable countercyclical businesses.

如果貸款拖欠、止贖開始和止贖銷售增加，我們相信我們也將受益於我們最大、最賺錢的逆週期業務的更強勁的收入和調整後的 EBITDA 成長。

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

我現在開始提問。操作員。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Shachar Minkove, Napier Park Global.

Shachar Minkove，納皮爾公園全球公司。

Hey guys, good morning. Thanks for the call. Hope you're well. I just, I, one piece that sort of jumped out at me, on the cash flow statement, and it looks like there's a pretty meaningful working capital build, just trying to understand what that is.

大家好，早安。謝謝您的來電。希望你一切都好。我只是，我，現金流量表上有一點讓我印象深刻，看起來有一個非常有意義的營運資本構建，只是想了解那是什麼。

Hey Shachar, it's Bill.

嘿，Shachar，我是比爾。

Yeah, with respect to working capital, I think there's sort of normal working capital activities that are being managed. I wouldn't say there's anything that unusual in the quarter.

是的，關於營運資本，我認為正在管理的是正常的營運資本活動。我不會說本季有什麼不尋常的事情。

Thank you so much for your question. (Operator Instructions)

非常感謝您的提問。（操作員指示）

I am showing no further questions at this time. I would now like to turn the call back to Bill Shepro for closing remarks.

我目前沒有其他問題。現在我想請比爾謝普羅 (Bill Shepro) 致閉幕詞。

Thank you, Operator. We're pleased with our second quarter performance and believe we are set up well. Thanks for joining us today. Have a good day.

謝謝您，接線生。我們對第二季的表現感到滿意，並相信我們已經準備好了。感謝您今天加入我們。祝你有美好的一天。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。