Altisource Portfolio Solutions S.A. (ASPS) 2025 Q4 法說會逐字稿

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

各位好，感謝您耐心等候。歡迎參加 Altisource Portfolio Solutions 2025 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I'd now like to hand the conference over to Michelle Esterman, Chief Financial Officer. Please go ahead.

現在我想把會議交給財務長 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.

謝謝，接線員。我們首先提醒各位，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。

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 2025 Form 10-K. 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.

我們今天的發言包含前瞻性陳述，其中涉及多項風險與不確定性，可能導致實際結果有所差異。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 2025 年 Form 10-K 中所載的風險因素。其中說明了可能導致結果不同的部分因素。因情況變化、新資訊或未來事件而對先前提供或於本次提供之陳述、財務情境與預測進行更新，我們不承擔任何義務。

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。

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

今天與我一同出席電話會議的還有董事長兼執行長 Bill Shepro。接下來我把電話會議交給 Bill。

Thanks, Michelle, and good morning. I'll begin on slide 4 with our 2025 highlights. We are pleased with our full year 2025 results. We grew service revenue, adjusted EBITDA, and GAAP earnings compared to 2024. These improvements reflect disciplined execution, lower interest expense, and strong sales wins across both business segments.

謝謝，Michelle，大家早安。我將從第 4 頁投影片開始，回顧我們 2025 年的重點。我們對 2025 全年的表現感到滿意。相較於 2024 年，我們的服務營收、調整後 EBITDA 與 GAAP 盈利均有所成長。這些改善反映了嚴謹的執行、更低的利息費用，以及兩大業務部門皆取得強勁的銷售勝出。

The strong sales wins, including fourth quarter wins, estimated to generate $13.2 million in stabilized annual revenue should put us in a strong position to mitigate the impact of anticipated legacy revenue losses, materially diversify Altisource's revenue base, and support our growth.

強勁的銷售勝出（包括第四季的勝出）預估在穩定後可帶來 1,320 萬美元的年度營收，這應使我們具備良好條件以緩解預期的既有（legacy）營收流失影響，實質分散 Altisource 的營收基礎，並支持我們的成長。

We are particularly excited by the growth of our Hubzu inventory from recent sales wins. Hubzu's foreclosure auction and REO inventory grew by 137% since the end of the third quarter to 13,500 assets as of mid-February.

我們對 Hubzu 因近期銷售勝出而帶動的庫存成長尤其感到振奮。自第三季末以來，Hubzu 的法拍拍賣與 REO 庫存成長 137%，截至 2 月中旬資產數達 13,500 件。

Turning to slide 5. Service revenue for 2025 increased by 7% to $161.3 million, with sales wins in both segments contributing to the growth. The Business segment's adjusted EBITDA improved by $3 million or 7% to $47.6 million and total company adjusted EBITDA improved by $900,000 or 5% to $18.3 million, driven by higher revenue, partially offset by revenue mix and modestly higher corporate costs.

接著看第 5 頁投影片。2025 年服務營收成長 7% 至 1.613 億美元，兩個部門的銷售勝出皆對成長有所貢獻。Business 部門的調整後 EBITDA 改善 300 萬美元（或 7%）至 4,760 萬美元；全公司調整後 EBITDA 改善 90 萬美元（或 5%）至 1,830 萬美元，主要由較高營收帶動，但部分被營收組合影響與公司層級成本小幅上升所抵銷。

Moving to slide 6. We improved total company 2025 GAAP loss before income taxes to $14.1 million from $32.9 million in 2024. This was primarily driven by lower interest expense from the new capital structure, partially offset by $3.6 million of debt exchange transaction expenses and a $7.5 million loss from a legacy litigation settlement.

接著看第 6 頁投影片。我們將 2025 年全公司 GAAP 稅前虧損改善至 1,410 萬美元，較 2024 年的 3,290 萬美元為佳。主要原因是新資本結構帶來較低的利息費用，但部分被 360 萬美元的債務交換交易費用，以及一項既有訴訟和解造成的 750 萬美元損失所抵銷。

2025 net cash used in operating activities would have been close to 0 if you exclude the debt exchange transaction expenses and $1.2 million of higher first quarter cash interest expense related to the prior debt agreement.

若排除債務交換交易費用，以及與先前債務協議相關、第一季較高的 120 萬美元現金利息支出，2025 年用於營運活動的淨現金將接近 0。

Adjusting for these items, net cash used in operating activities improved by approximately $60 million over the last five years. We ended the year with $26.6 million in unrestricted cash.

在調整上述項目後，過去五年用於營運活動的淨現金流出改善約 6,000 萬美元。年底我們持有 2,660 萬美元的非受限現金。

Turning to slide 7. Fourth quarter 2025 service revenue was $39.9 million, up 4% from the fourth quarter of last year, driven by growth in the Origination segment. Fourth quarter 2025 business segment adjusted EBITDA of $11.4 million was flat to the fourth quarter 2024, while higher fourth quarter 2025 corporate segment costs resulted in total company adjusted EBITDA of $4 million for the quarter. The corporate segment's costs were $700,000 higher than the prior year, primarily from foreign currency fluctuations.

接著看第 7 頁投影片。2025 年第四季服務營收為 3,990 萬美元，較去年第四季成長 4%，主要由 Origination 部門成長帶動。2025 年第四季 Business 部門調整後 EBITDA 為 1,140 萬美元，與 2024 年第四季持平；但 2025 年第四季公司層級成本較高，使全公司當季調整後 EBITDA 為 400 萬美元。公司部門成本較去年增加 70 萬美元，主要來自外匯波動。

Our fourth quarter GAAP loss before income taxes and non-controlling interests improved to $8.1 million from $8.4 million in the fourth quarter of 2024, primarily from lower interest expense, partially offset by a $7.5 million loss from a legacy litigation settlement.

我們第四季 GAAP 稅前及非控股權益前虧損改善至 810 萬美元，較 2024 年第四季的 840 萬美元為佳，主要因利息費用下降，但部分被一項既有訴訟和解造成的 750 萬美元損失所抵銷。

Before turning to the segment updates, I want to address developments related to Rithm and Onity. As we discussed last quarter, the cooperative brokerage agreement between Altisource and Rithm, which I'll refer to as the CBA expired on August 31, 2025. Despite the expiration of the CBA at Rithm's discretion, we continue to manage CBA REO assets and receive new referrals with limited exceptions. From a 2026 guidance perspective, which I'll review shortly, we assume that this business will roll off during the first half of this year.

在進入各部門更新之前，我想先說明與 Rithm 與 Onity 相關的進展。如同我們上季所討論，Altisource 與 Rithm 之間的合作經紀協議（我將其稱為 CBA）已於 2025 年 8 月 31 日到期。儘管 CBA 依 Rithm 的決定到期，我們仍持續管理 CBA 的 REO 資產並在少數例外情況下持續收到新的轉介。就我稍後將說明的 2026 年指引而言，我們假設這項業務將在今年上半年逐步退出。

With respect to Onity, Rithm provided notice in the fourth quarter that it is terminating its servicing agreements with Onity. As the service transfers occur, we expect a reduction in our foreclosure trustee title and field service referrals from Onity tied to these portfolios.

至於 Onity，Rithm 已於第四季通知其將終止與 Onity 的服務協議。隨著服務移轉發生，我們預期來自 Onity、與這些投資組合相關的法拍受託人（foreclosure trustee）、產權（title）與外勤服務（field service）轉介將減少。

Our 2026 guidance assumes that the Onity serviced to Rithm owned MSRs transferred a Rithm during the first half of this year. Although we would prefer to retain this business, we believe that our sales wins, once stabilized, should more than offset the anticipated reduction in service revenue and EBITDA from the Rithm and Onity related changes. As a result, the midpoint of our 2026 guidance reflects service revenue growth and close to flat adjusted EBITDA, with Rithm and Onity representing a significantly smaller share of our revenue base by the fourth quarter of 2026.

我們的 2026 年指引假設：由 Onity 服務、轉移至 Rithm 持有之 MSR，將在今年上半年移轉至 Rithm。雖然我們希望能保留這項業務，但我們相信，一旦銷售勝出達到穩定狀態，應可超過抵銷因 Rithm 與 Onity 相關變動所預期造成的服務營收與 EBITDA 減少。因此，我們 2026 年指引的中位數反映服務營收成長與調整後 EBITDA 大致持平；到 2026 年第四季，Rithm 與 Onity 在我們營收基礎中的占比將顯著降低。

Turning to slide 8 and our countercyclical servicer and Real Estate segment. 2025 service revenue of $126 million increased 5% from last year, reflecting a full year of the newer renovation business and growth across Foreclosure Trustee, Granite, and Field Services, partially offset by fewer home sales in the marketplace business.

接著看第 8 頁投影片，以及我們具逆景氣循環特性的服務商（servicer）與不動產部門。2025 年服務營收為 1.26 億美元，較去年成長 5%，反映較新的整修業務貢獻了完整年度，以及 Foreclosure Trustee、Granite 與 Field Services 的成長，但部分被 marketplace 業務單位的房屋成交量下降所抵銷。

2025 Service Earned Real Estate segment adjusted EBITDA increased by 6% to $44.6 million, with adjusted EBITDA margins higher due to revenue mix.

2025 年 Service Earned Real Estate 部門的調整後 EBITDA 成長 6% 至 4,460 萬美元；由於營收組合因素，調整後 EBITDA 利潤率提高。

Slide 9 summarizes our servicer and Real Estate segment wins and pipeline. In 2025, we won an estimated $20.6 million in annualized stabilized service revenue wins, including $11.5 million in fourth quarter wins.

第 9 頁投影片總結了我們服務商與不動產部門的勝出案與銷售管線。2025 年，我們贏得估計 2,060 萬美元的年化、穩定後服務營收勝出案，其中包括第四季的 1,150 萬美元勝出案。

Two of the larger fourth quarter wins were in our higher-margin marketplace business unit, which we also refer to as Hubzu. The first was an REO asset management and foreclosure auction agreement with a residential loan servicer and the second, CWCOT first chance foreclosure auction agreement with an existing customer. We ended the year with a service earned real estate segment total weighted average sales pipeline of $19.3 million on a stabilized basis. The pipeline includes a couple of larger opportunities for our trustee and title businesses that we are optimistic should close in the second quarter, if not sooner.

第四季較大的兩項勝出案來自我們利潤率較高的 marketplace 業務單位，我們也稱之為 Hubzu。第一項是與一家住宅貸款服務商簽訂的 REO 資產管理與法拍拍賣協議；第二項是與既有客戶簽訂的 CWCOT first chance 法拍拍賣協議。年底時，我們的 Service Earned Real Estate 部門在穩定後基礎上的加權平均銷售管線總額為 1,930 萬美元。該管線包含我們受託人與產權業務的幾個較大型機會，我們樂觀預期可在第二季（若非更早）完成簽約。

Turning to Slide 10 and our growing Hubzu inventory. We onboarded the two new Hubzu wins I just discussed and are off to a strong start. As of February 15, total Hubzu inventory stands at 13,500 assets compared to 5,700 assets as of September 30 of last year.

接著看第 10 頁以及我們持續成長的 Hubzu 庫存。我們已將我剛才提到的兩個新的 Hubzu 得標案導入上線，並且有一個強勁的開局。截至 2 月 15 日，Hubzu 總庫存為 13,500 項資產，相較於去年 9 月 30 日的 5,700 項資產。

These two wins were significant contributors to this growth. We anticipate revenue from these customers to grow during the year as REO and foreclosure referrals for seed to sale.

這兩個得標案是本次成長的重要貢獻者。我們預期來自這些客戶的營收將在今年隨著 REO 與法拍轉介（從種子到成交）而成長。

Moving to slide 11 and our Originations segment. 2025 service revenue grew 16% to $35.2 million. Adjusted EBITDA increased 19% to $2.9 million, with margins improving modestly. Service revenue growth was driven by continued expansion in the Lenders One business, including onboarding the forecasted $11.2 million in third quarter wins. Due to these wins, the Origination segment service revenue growth accelerated in the fourth quarter, increasing 40% year over year.

接著看第 11 頁以及我們的起案（Originations）部門。2025 年服務營收成長 16% 至 3,520 萬美元。調整後 EBITDA 成長 19% 至 290 萬美元，利潤率小幅改善。服務營收成長主要來自 Lenders One 業務的持續擴張，包括導入第三季預估 1,120 萬美元的得標案。由於這些得標案，起案部門的服務營收成長在第四季加速，同比增加 40%。

For 2026, we anticipate strong year-over-year service revenue and adjusted EBITDA growth for the Originations segment as recently won business continues to grow and scale, and we convert our sales pipeline to wins.

展望 2026 年，隨著近期得標業務持續成長並擴大規模，以及我們將銷售管線轉化為得標案，我們預期起案部門的服務營收與調整後 EBITDA 將呈現強勁的年增成長。

Slide 12 outlines our Originations segment sales wins and pipeline. We secured an estimated $1.8 million in wins primarily in Lenders One and ended the year with an estimated $14.9 million weighted average sales pipeline. We are actively engaging with several large prospects and anticipate additional wins in the first half of 2026.

第 12 頁概述了我們起案部門的銷售得標與管線。我們取得約 180 萬美元的得標案，主要來自 Lenders One，並在年底擁有約 1,490 萬美元的加權平均銷售管線。我們正積極與數個大型潛在客戶接洽，並預期在 2026 年上半年取得更多得標案。

Turning to slide 13 and our corporate segment. 2025 corporate adjusted EBITDA loss was $29.3 million, reflecting a year-over-year increase in costs primarily related to non-recurring benefits in the first quarter of 2024 and higher foreign currency expenses in 2025. We believe corporate costs should remain relatively stable as revenue grows.

接著看第 13 頁以及我們的公司（Corporate）部門。2025 年公司部門調整後 EBITDA 虧損為 2,930 萬美元，反映成本年增，主要與 2024 年第一季的一次性利益以及 2025 年較高的外幣費用相關。我們認為隨著營收成長，公司部門成本應可維持相對穩定。

Moving to slide 14 and the business environment. We've been operating in a challenging environment with both low delinquency rates and origination volume, though recent indicators are improving. 90-plus day mortgage delinquency rates modestly increased to 1.45% in December 2025. As of December 31, 2025, there were 560,000 late-stage delinquent mortgages. The highest level since February 2023.

接著看第 14 頁以及營運環境。我們一直在充滿挑戰的環境中營運，逾期率與起案量皆偏低，不過近期指標正在改善。90 天以上房貸逾期率在 2025 年 12 月小幅上升至 1.45%。截至 2025 年 12 月 31 日，晚期逾期房貸共有 56 萬筆。為 2023 年 2 月以來的最高水準。

In 2025, foreclosure starts grew by 25% and foreclosure sales grew by 17% compared to 2024 and although still significantly below pre-pandemic levels. We believe the increase over 2024 reflects the end of the voluntary VA foreclosure moratoriums, rising FHA delinquency rates, and the softening real estate market.

2025 年，相較 2024 年，法拍啟動件數成長 25%，法拍成交成長 17%，儘管仍顯著低於疫情前水準。我們認為相較 2024 年的增加，反映自願性的 VA 法拍暫緩措施結束、FHA 逾期率上升，以及房地產市場走弱。

We anticipate that borrowers may face additional pressure in 2026, given the fourth quarter implementation of the April 2025 FHA mortgage letter that extends the time between loan modifications from every 18 months to every 24 months.

鑑於 2025 年 4 月 FHA 房貸函在第四季開始實施，將兩次貸款修改之間的間隔由每 18 個月延長至每 24 個月，我們預期借款人在 2026 年可能面臨額外壓力。

For the origination market, total 2025 mortgage origination unit volume increased 19% driven by a 92% increase in refinance volume, partially offset by a 2% decline in purchase volume. For 2026, the MBA projects 5.8 million loans originated or 7% year-over-year growth with a forecasted 8% increase in refinance volume and a 6% increase in purchase volume.

就起案市場而言，2025 年房貸起案總筆數成長 19%，主要由再融資量成長 92% 所帶動，部分被購屋貸款量下滑 2% 所抵銷。展望 2026 年，MBA 預估起案 580 萬筆貸款，或年增 7%，其中再融資量預估成長 8%，購屋貸款量預估成長 6%。

Turning to slide 15 and our 2026 outlook. We are forecasting service revenue of $165 million to $185 million and adjusted EBITDA of $15 million to $20 million.

接著看第 15 頁以及我們對 2026 年的展望。我們預估服務營收為 1.65 億至 1.85 億美元，調整後 EBITDA 為 1,500 萬至 2,000 萬美元。

At the midpoint, this represents 8.5% service revenue growth and close to flat adjusted EBITDA. Revenue growth assumptions include roughly flat industry-wide delinquency rates, the MBA's forecasted origination volume growth, and our estimated timing for the on-boarding and ramp of sales wins, conversion of pipeline opportunities, and price increases for certain services, partially offset by the assumed loss of business related to the CBA and Rithm's termination of its servicing agreements with Onity.

以中位數計算，這代表服務營收成長 8.5%，調整後 EBITDA 接近持平。營收成長假設包括全產業逾期率大致持平、MBA 預估的起案量成長、以及我們對得標案導入與爬坡、管線機會轉換、與部分服務價格調升的預估時程；部分被與 CBA 相關的業務流失，以及 Rithm 終止其與 Onity 的服務合約所帶來的影響所抵銷。

The projected adjusted EBITDA reflects forecasted service revenue growth and scale efficiencies, partially offset by product mix and modest growth in corporate segment costs. The forecast range for service revenue and adjusted EBITDA primarily reflects timing differences in the potential loss of business related to the CBA and Onity service transfer and the ramp in business from sales wins and pipeline conversion. At the midpoint of the guidance, we are forecasting to generate positive operating cash flow for the year.

預估的調整後 EBITDA 反映服務營收成長與規模效率，部分被產品組合影響以及公司部門成本的溫和成長所抵銷。服務營收與調整後 EBITDA 的預估區間，主要反映與 CBA 及 Onity 服務移轉相關的潛在業務流失時點差異，以及得標案與管線轉換帶來的業務爬坡時點差異。以指引中位數計算，我們預期今年將產生正的營運現金流。

Moving to slide 16 and 17. Our 2026 outlook is supported by momentum in the businesses we believe offer the greatest long-term growth potential, Lenders One, Hubzu Marketplace, Foreclosure Trustee, Title, Granite, Renovation, and field services.

接著看第 16 與第 17 頁。我們對 2026 年的展望，來自於我們認為具備最大長期成長潛力之業務的動能：Lenders One、Hubzu Marketplace、Foreclosure Trustee、Title、Granite、Renovation，以及外勤服務。

The anticipated growth of these businesses forms the foundation for Altisource's Project 45 strategic initiatives. Our company-wide objective to achieve a run rate of $45 million in adjusted EBITDA by the fourth quarter of 2028. While individual businesses and support group contributions to this initiative may vary, we believe the businesses we identified best position Altisource for meaningful, diversified growth.

這些業務的預期成長，構成 Altisource「Project 45」策略計畫的基礎。我們全公司的目標是在 2028 年第四季達成調整後 EBITDA 4,500 萬美元的年化運行率（run rate）。雖然各個業務與支援團隊對此計畫的貢獻可能不同，但我們相信所識別的這些業務最能讓 Altisource 取得有意義且多元化的成長。

Turning to slide 18. We believe we are positioned to diversify our revenue base, ramp newly won business maintain cost discipline, and lower corporate interest expense in 2026. The Project 45 initiatives, supported by our 2025 sales wins, should help mitigate the impact from anticipated Rithm-related revenue losses and support a stronger, more resilient Altisource. I'm proud of what the team has accomplished in 2025, and I'm excited about our prospects for 2026 and beyond.

接著看第 18 頁。我們認為 2026 年我們已具備條件以分散營收基礎、加速新得標業務的爬坡、維持成本紀律，並降低公司利息費用。Project 45 計畫在 2025 年銷售得標案的支持下，應可協助緩解預期與 Rithm 相關的營收流失影響，並支持更強健、更具韌性的 Altisource。我為團隊在 2025 年的成果感到自豪，也對 2026 年及未來的前景感到振奮。

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

接下來我將開放提問。接線員？

(Operator Instructions) I'm showing no questions at this time. I'd like to turn the call back to Bill Shepro for closing remarks.

(接線員指示) 目前顯示沒有提問。我想把電話交回給 Bill Shepro 作結語。

Thank you, operator. We're pleased with our 2025 performance and believe we're set up well for continued growth. Thanks for joining our call today.

謝謝，接線員。我們對 2025 年的表現感到滿意，並相信我們已為持續成長做好良好準備。感謝各位今天參與我們的電話會議。

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。