Altisource Portfolio Solutions S.A. (ASPS) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Altisource Portfolio Solutions third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference call 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.

大家好，感謝您稍候。歡迎參加 Altisource Portfolio Solutions 2025 年第三季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。現在我想將電話交給今天的第一位講者，財務長 Michelle Esterman。請開始。

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.

謝謝，接線員。我們首先提醒各位，財報新聞稿與季度簡報投影片已公布於我們的網站 www.altisource.com。這些資料提供投資人可能覺得有用的補充資訊。我們今天的發言包含前瞻性陳述，涉及多項風險與不確定性，可能導致實際結果有所差異。

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 2024 Form 10-K and our 2025 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 the change in circumstances, new information, or future events.

請查閱公司財報新聞稿與季度簡報投影片中的前瞻性陳述章節，以及我們 2024 年 Form 10-K 與 2025 年 Form 10-Q 申報文件中所載的風險因素。這些內容說明了可能導致結果不同的一些因素。因情況變化、新資訊或未來事件所致，對於先前提供或本文所提供之陳述、財務情境與預測，我們不承擔更新義務。

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

在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。在我們的財報新聞稿與季度簡報投影片中，您可找到關於非 GAAP 指標的額外揭露。GAAP 與非 GAAP 指標之調節表收錄於季度簡報投影片的附錄。今天與我一同參與電話會議的還有我們的董事長兼執行長 Bill Shepro。接下來我把電話交給 Bill。

Thanks Michelle, and good morning. I'll begin on slide 4. We delivered solid third quarter performance. We grew service revenue and improved pre- and post-tax GAAP earnings per share, and cash flow from operations, compared to the third quarter of last year. This is largely from our focus on growing our businesses that have tailwinds, cost discipline, and lower interest expense.

謝謝 Michelle，大家早安。我將從第 4 頁投影片開始。我們在第三季交出穩健的表現。與去年第三季相比，我們提升了服務收入，並改善了稅前與稅後 GAAP 每股盈餘，以及營運活動現金流。這主要來自我們專注於擴大具順風因素的業務、成本紀律，以及較低的利息費用。

Turning to slide 5, compared to the third quarter of last year, we grew total company service revenue by 4% to $39.7 million. Service revenue growth primarily reflects the ramp of the renovation business, and growth in the lenders one, foreclosure trustee, granite construction risk management, and field services businesses.

轉到第 5 頁投影片，與去年第三季相比，我們的全公司服務收入成長 4%，至 3,970 萬美元。服務收入成長主要反映整修（renovation）業務的放量，以及 Lenders One、法拍受託人（foreclosure trustee）、Granite 建築風險管理與現場服務（field services）業務的成長。

The business segments generated $10.9 million of adjusted EBITDA, representing modest growth compared to the third quarter of 2024. The corporate segments adjust the EBITDA loss of $7.3 million was slightly higher than the third quarter of last year.

各業務部門合計產生 1,090 萬美元的調整後 EBITDA，較 2024 年第三季呈現小幅成長。公司部門的調整後 EBITDA 虧損為 730 萬美元，較去年第三季略高。

Adjusted EBITDA was flat at $3.6 million, primarily from service revenue growth offset by lower business segment margins from revenue mix. Moving to slide 6, from a GAAP perspective are lost before income taxes, and non-controlling interests improved by $6.8 million to a pre-tax loss of $1.7 million in the third quarter of 2025, compared to a pre-tax loss of $8.5 million in the same quarter of last year.

調整後 EBITDA 持平於 360 萬美元，主要因服務收入成長被收入組合導致的業務部門毛利率下降所抵銷。轉到第 6 頁，從 GAAP 角度來看，所得稅前及非控制權益前的虧損改善 680 萬美元，2025 年第三季稅前虧損為 170 萬美元，相較去年同期稅前虧損 850 萬美元。

This was primarily driven by lower interest expense from the new debt. For the quarter, we improved operating cash flow by $2.3 million compared to last year. We ended the quarter with $28.6 million in unrestricted cash. In addition to delivering solid financial performance, we are making progress diversifying our customer base, and growing the businesses that we believe represent an outsized growth opportunity for Altisource.

這主要是由於新債務帶來的利息費用降低所驅動。本季相較去年，我們的營運現金流改善 230 萬美元。季末我們持有 2,860 萬美元的非受限現金。除了交出穩健的財務表現外，我們也在客戶基礎多元化方面取得進展，並擴大我們認為對 Altisource 具有超額成長機會的業務。

These businesses which are set forth on slides 7 and 8, include renovation, granite construction risk management, lenders 1, Hubzu Marketplace, Foreclosure Trustee, Field Services, and Tidal.

這些業務（列於第 7 與第 8 頁投影片）包括：整修、Granite 建築風險管理、Lenders One、Hubzu Marketplace、法拍受託人、現場服務，以及 Tidal。

On these slides, we provide a summary of the opportunities and the progress we are making with each. The success of these initiatives does not depend on an increase in foreclosure starts or sales, nor on a growing residential loan origination market. We believe these initiatives represent a strong growth engine for the company.

在這些投影片中，我們提供各項機會與我們在每一項上的進展摘要。這些計畫的成功不取決於法拍啟動或成交量的增加，也不取決於住宅貸款承作市場的成長。我們相信這些計畫代表公司強勁的成長引擎。

Moving to slide 9 in our largely countercyclical servicer and real estate segment. Third quarter 2025 service revenue of $31.2 million was 3% higher than the third quarter of '24, primarily from the ramp of the renovation business, and growth in the foreclosure trustee, granite, and field services businesses, partially offset by fewer home sales in the marketplace business.

轉到第 9 頁，我們的服務商與不動產部門在很大程度上具有逆景氣循環特性。2025 年第三季該部門服務收入為 3,120 萬美元，較 2024 年第三季高出 3%，主要來自整修業務放量，以及法拍受託人、Granite 與現場服務業務成長；部分被 Marketplace 業務房屋銷售量下降所抵銷。

Third quarter 2025 adjusted EBITDA of $10 million for the segment was $100,000 or 1% higher than the third quarter of 2024. Adjusted EBITDA margins declined to 32.1%, from 32.5% from revenue mix with higher growth in the lower margin renovation business.

該部門 2025 年第三季調整後 EBITDA 為 1,000 萬美元，較 2024 年第三季增加 10 萬美元或 1%。由於收入組合中低毛利的整修業務成長較快，調整後 EBITDA 利潤率由 32.5% 降至 32.1%。

Slide 10 provides a summary of our servicer and real estate sales wins and pipeline. For the third quarter, we want new business that we estimate will generate $3.2 million in annual service revenue on a stabilized basis over the next couple of years. We ended the quarter with a servicer and real estate segment, estimated total weighted average sales pipeline of $24.4 million of annual service revenue on a stabilized basis.

第 10 頁投影片摘要了我們在服務商與不動產部門的銷售得標與管線。就第三季而言，我們贏得的新業務估計在未來幾年達到穩定後，將帶來每年 320 萬美元的服務收入。季末我們的服務商與不動產部門之加權平均銷售管線，估計在穩定後的年度服務收入總額為 2,440 萬美元。

The pipeline includes a few very significant foreclosure auction and REO asset management opportunities that we hope to close in the fourth quarter. Before turning to our origination segment, I'd like to discuss the status of the cooperative brokerage agreement between Altisource and Rhythm, which I'll refer to as the CBA.

該管線包含幾項非常重大的法拍拍賣與 REO 資產管理機會，我們希望能在第四季完成簽約。在轉到我們的承作（origination）部門之前，我想先談談 Altisource 與 Rhythm 之間的合作經紀協議狀態，我將其稱為 CBA。

Under the terms of the CBA, the agreement expired on August 31. At Rhythm's discretion, Altisource has continued to manage the REO and receive new referrals with limited exceptions, despite the expiration of this agreement. Moving to our origination segment and slide 11.

依 CBA 條款，該協議已於 8 月 31 日到期。儘管協議已到期，在 Rhythm 自行決定下，除少數例外外，Altisource 仍持續管理 REO 並接收新的轉介。接著轉到我們的承作部門與第 11 頁投影片。

Third quarter, 2025 service revenue of $8.5 million was 9% higher than the third quarter of 2024. Adjusted EBITDA $900,000 was flat compared to the same quarter last year, and adjusted EBITDA margins declined to 10.3% from 11.7%. The increase in service revenue primarily reflects growth in the lenders one business, while the margin decline relates to product mix.

2025 年第三季服務營收為 850 萬美元，較 2024 年第三季高出 9%。調整後 EBITDA 為 90 萬美元，與去年同期持平，而調整後 EBITDA 利潤率由 11.7% 降至 10.3%。服務營收的增加主要反映 lenders one 業務的成長，而利潤率下滑則與產品組合有關。

Slide 12 provides a summary of our origination segment sales wins and pipeline. Our focus on helping lenders one member save money and better compete continues to drive substantial interest in our solutions. On an annualized, stabilized basis, we want an estimated $11.2 million in new sales in the third quarter, primarily in our lenders one business.

投影片 12 提供我們承作（origination）事業部門銷售得標與銷售管線的摘要。我們專注於協助 lenders one 會員節省成本並提升競爭力，持續帶動市場對我們解決方案的高度興趣。以年化、穩定化基礎計算，我們在第三季取得估計 1,120 萬美元的新銷售額，主要來自 lenders one 業務。

On a fully stabilized basis, this new business would increase the origination segment's annualized third quarter service revenue by 33%. We have already onboarded most of these wins and anticipate beginning to benefit from them in the fourth quarter. Our estimated weighted average sales pipeline at the end of the quarter was $13.4 million.

在完全穩定化的基礎下，這些新業務將使承作事業部門第三季服務營收的年化金額增加 33%。我們已完成其中大多數得標案的導入，並預期將於第四季開始受益。本季末我們估計的加權平均銷售管線為 1,340 萬美元。

We anticipate that our sales pipeline and recent sales wins will contribute to strong growth in our origination segment. Turning to our corporate segment in slide 13. Third quarter 2025, corporate adjusted EBITDA loss of $7.3 million was $100,000 higher than the third quarter of 2024. We believe that we can maintain relatively stable corporate segment costs as revenue grows.

我們預期銷售管線與近期銷售得標將推動承作事業部門的強勁成長。接著看投影片 13 的公司（corporate）部門。2025 年第三季，公司部門調整後 EBITDA 虧損為 730 萬美元，較 2024 年第三季增加 10 萬美元。我們相信，隨著營收成長，我們能維持公司部門成本相對穩定。

Moving to slide 14 in the business environment, starting with the residential mortgage default market, 90 day mortgage delinquency rates remain near historic lows at 1.3% in August. Despite the low delinquency rates, foreclosure starts and sales are increasing. Foreclosure starts increased by 19%, and foreclosure sales increased by 10% for the eight months ended August 2025 compared to the same period in 2024.

接著看投影片 14 的營運環境，先從住宅房貸違約市場談起，8 月 90 天房貸逾期率仍接近歷史低點，為 1.3%。儘管逾期率偏低，法拍啟動與法拍成交正在增加。截至 2025 年 8 月止的八個月，與 2024 年同期相比，法拍啟動增加 19%，法拍成交增加 10%。

We believe the increase reflects rising FHA delinquency rates, and a weakening real estate market. Borrowers may soon face additional pressure as the April FHA mortgagee letter extends the time between loan modifications from every 18 months to every 24 months beginning as early as October 1.

我們認為此一增加反映 FHA 逾期率上升，以及房地產市場走弱。借款人可能很快會面臨額外壓力，因為 4 月的 FHA 抵押權人函將貸款修改之間的間隔時間，從每 18 個月延長至每 24 個月，最早自 10 月 1 日起生效。

Turning to the real estate market, we believe the market is weakening as demonstrated by higher for sale inventory, extended sales timelines, and rising sale cancellation rates. As a result, we believe a lower percentage of homes are selling to third parties at the foreclosure auctions, driving higher REO inventory.

談到房地產市場，我們認為市場正在走弱，表現在待售庫存增加、銷售週期拉長，以及取消成交率上升。因此，我們認為在法拍拍賣中售予第三方的房屋比例下降，推升 REO 庫存。

This is supported by our own experience. Altisource's third quarter REO asset management referrals from Unity and Rhythm were the highest since the second quarter of 2024. For the origination market, mortgage origination unit volume increased by 17% from the nine months ended September 30, 2025, compared to the same period in '24, with purchase origination volume declining by 4%, and refinance volume increasing by 103%.

這也與我們自身經驗一致。Altisource 在第三季來自 Unity 與 Rhythm 的 REO 資產管理轉介量，為自 2024 年第二季以來最高。就承作市場而言，截至 2025 年 9 月 30 日止九個月的房貸承作件數較 2024 年同期增加 17%，其中購屋貸款承作量下降 4%，再融資承作量增加 103%。

For the full year, the NBA's October 2025 forecast projects that there will be $5.4 million loans originated in 2025, an 18% increase compared to '24. The NBA's full year projections reflect an 87% increase in refinance activity and a 2% decline in purchase activity.

就全年而言，NBA 於 2025 年 10 月的預測指出，2025 年將有 540 萬筆貸款完成承作，較 2024 年增加 18%。NBA 的全年預測反映再融資活動增加 87%，購屋活動下降 2%。

Turning to slide 15, we are pleased with our third quarter results. More importantly, we are winning new business, and have a strong sales pipeline while maintaining cost discipline, and significantly reducing corporate interest expense.

接著看投影片 15，我們對第三季的結果感到滿意。更重要的是，我們正在贏得新業務，並在維持成本紀律、且大幅降低公司利息費用的同時，擁有強勁的銷售管線。

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.

為支持較長期的成長，我們正將重點放在加速那些我們認為在目前仍接近歷史低逾期環境下具備順風的業務成長。

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

若貸款逾期、法拍啟動與法拍成交增加，我們相信我們也具備良好定位，可在我們最大且最具獲利能力的逆景氣循環業務中，受益於更強的營收與調整後 EBITDA 成長。

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

我現在開放提問。接線員？

(Operator Instructions)

(接線員指示)

And I would now like to turn the call to Michelle for additional questions.

接下來我想把電話交給 Michelle 來進行其他提問。

So we received an email question. I'll read that. On August 18, the company announced some customer wins for the Equator platform. Are these customer wins expected to translate to more inventory on Hubzu in the future? Yeah.

我們收到一個電子郵件提問。我來念一下。8 月 18 日，公司宣布 Equator 平台取得一些客戶得標。這些客戶得標是否預期未來會轉化為 Hubzu 上更多的庫存？是的。

Thanks, Michelle. So in August, we announced we won four new customers for the equator platform. Three of those customers are now live and loading properties, and one is in the process of implementing the equator system.

謝謝你，Michelle。所以在 8 月，我們宣布 Equator 平台新增四位客戶。其中三位客戶已上線並開始上架物件，另有一位正在導入 Equator 系統。

As these customers load more assets, we should begin to generate revenue. And then historically, we've had good success in cross-selling equator customers with the Hubzu platform and other services, which we would hope to continue to do with some of these newer customers. Is there any additional questions?

隨著這些客戶上架更多資產，我們應該會開始產生營收。此外，過去我們在將 Equator 客戶交叉銷售至 Hubzu 平台及其他服務方面有不錯的成果，我們也希望能在這些較新的客戶上延續這樣的成效。還有其他問題嗎？

(Operator Instructions)

(接線員指示)

And I am showing no further questions. I would now like to hand the call back to Bill for closing remarks.

我這邊顯示沒有其他問題。接下來我想把電話交回 Bill 進行結語。

Great, thank you, operator. We're pleased with our third quarter performance and believe we are set up well for continued growth. Thanks for joining us today.

好的，謝謝你，接線員。我們對第三季表現感到滿意，並相信我們已為持續成長做好良好準備。感謝各位今天加入。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。