Altisource Portfolio Solutions S.A. (ASPS) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Altisource Portfolio Solutions' first-quarter 2026 earnings call.

大家好，感謝您撥冗等候。歡迎參加 Altisource Portfolio Solutions 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

Please be advised that this conference is being recorded.

請注意，本次會議將被錄音。

I would now like to introduce your speaker for today, Michelle Esterman, Chief Financial Officer. Please go ahead.

現在我想介紹今天的講者：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.

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 include 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. These describe some factors that may lead to different results.

我們今天的發言包含前瞻性陳述，其中包含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。這些內容說明了可能導致結果不同的一些因素。

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.

因情勢變化、新資訊或未來事件所致，對於先前提供或於本次提供之陳述、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.

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中。

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

今天與我一同參與電話會議的還有董事長兼執行長 Bill Shepro。接下來我把電話交給 Bill。

Thanks, Michelle, and good morning. I'll begin on slide 4. We are off to a strong start this year. For the quarter, we grew service revenue and pre-tax GAAP earnings compared to the first quarter of 2025 from sales wins and lower debt-related interest and transaction costs.

謝謝你，Michelle，大家早安。我將從第 4 頁投影片開始。我們今年開局強勁。本季相較於 2025 年第一季，我們的服務營收與稅前 GAAP 盈利均有所成長，主要來自銷售得標，以及較低的與債務相關利息與交易成本。

More importantly, we are seeing strength in both business segments. The Origination segment's first-quarter service revenue and EBITDA growth compared to last year accelerated from sales wins and a stronger origination market. The Servicer and Real Estate segment is positioned extremely well with Hubzu inventory at 17,200 homes as of the end of the first quarter and exciting first-quarter sales wins in the title and Foreclosure Trustee businesses. We anticipate this momentum to continue as the year progresses.

更重要的是，我們看到兩個業務部門都展現強勁動能。Origination（貸款發起）部門第一季服務營收與 EBITDA 相較去年成長加速，受惠於銷售得標與更強勁的發起市場。Servicer and Real Estate（服務商與不動產）部門的布局非常有利：截至第一季末 Hubzu 庫存為 17,200 戶住宅，且在產權（Title）與法拍受託人（Foreclosure Trustee）業務方面於第一季取得令人振奮的銷售得標。我們預期這股動能將隨著年度推進而延續。

Turning to slide 5, for the first quarter, we generated service revenue of $45.1 million, a 10% increase over the first quarter of 2025. This was driven by 71% growth in service revenue in our Origination segment, primarily from sales wins in our Lenders One business. Origination segment revenue growth is partially offset by a 5% revenue decline in our Servicer and Real Estate segment, primarily from a one-time 2025 pricing adjustment benefit in our Foreclosure Trustee business.

轉到第 5 頁投影片，第一季我們的服務營收為 4,510 萬美元，較 2025 年第一季成長 10%。成長主要由 Origination 部門服務營收年增 71% 所帶動，主要來自我們 Lenders One 業務的銷售得標。Origination 部門的營收成長，部分被 Servicer and Real Estate 部門營收下滑 5% 所抵銷；該下滑主要源自我們 Foreclosure Trustee 業務在 2025 年一次性價格調整帶來的利益。

Total company adjusted EBITDA declined by $800,000 due to the revenue mix, including higher revenue in the lower margin Origination segment, lower revenue in the Servicer and Real Estate segment, and modestly higher corporate costs.

公司整體調整後 EBITDA 因營收組合而減少 80 萬美元，包括低毛利的 Origination 部門營收占比提高、Servicer and Real Estate 部門營收較低，以及公司層級成本小幅上升。

Moving to slide 6, the company generated first quarter pre-tax GAAP income of $400,000 compared to a $4.5 million loss in the first quarter of 2025. This improvement was primarily attributable to lower interest expense and debt exchange transaction expenses incurred last year.

來到第 6 頁投影片，公司第一季稅前 GAAP 利潤為 40 萬美元，而 2025 年第一季為虧損 450 萬美元。此改善主要歸因於利息費用下降，以及去年發生的債務交換交易費用降低。

Net cash provided by operating activities was $4.5 million, a $9.4 million improvement compared to the first quarter of 2025. We ended the quarter with $30.3 million in unrestricted cash.

營運活動提供的淨現金為 450 萬美元，較 2025 年第一季改善 940 萬美元。本季末我們持有 3,030 萬美元的不受限制現金。

Turning to slide 7 and our counter-cyclical Servicer and Real Estate segment. First-quarter 2026 service revenue of $31.4 million decreased 5% from the same quarter last year. The revenue decline was primarily attributable to a one-time 2025 pricing adjustment benefit in our Foreclosure Trustee business and lower volume in our Renovation business.

轉到第 7 頁投影片，以及我們具逆景氣循環特性的 Servicer and Real Estate 部門。2026 年第一季服務營收為 3,140 萬美元，較去年同期下降 5%。營收下滑主要歸因於我們 Foreclosure Trustee 業務在 2025 年一次性價格調整帶來的利益，以及我們 Renovation（整修）業務量下降。

First-quarter Servicer and Real Estate segment adjusted EBITDA of $10.8 million decreased by 10% compared to the same quarter last year, primarily from the lower revenue in the Foreclosure Trustee business that I just discussed.

Servicer and Real Estate 部門第一季調整後 EBITDA 為 1,080 萬美元，較去年同期下降 10%，主要因我剛提到的 Foreclosure Trustee 業務營收較低所致。

Slide 8 summarizes our Servicer and Real Estate segment sales wins and pipeline. For the quarter we won an estimated $12.4 million in annualized stabilized service revenue wins. Two of the larger first quarter wins were in our higher margin Foreclosure Trustee and Title businesses.

第 8 頁投影片彙總了我們 Servicer and Real Estate 部門的銷售得標與商機管線。本季我們取得估計年化、穩態服務營收得標金額為 1,240 萬美元。第一季兩筆較大的得標來自我們毛利較高的 Foreclosure Trustee 與 Title 業務。

Toward the end of the first quarter, we began receiving referrals from this new business. We anticipate referral growth and earnings from these wins to accelerate as the year progresses. We ended the quarter with a Servicer and Real Estate segment total weighted average sales pipeline of $11.7 million on a stabilized basis.

在第一季接近尾聲時，我們開始收到這些新業務的轉介案件。我們預期隨著年度推進，轉介量成長與這些得標帶來的獲利將加速。本季末，Servicer and Real Estate 部門在穩態基礎下的加權平均銷售管線總額為 1,170 萬美元。

Turning to slide 9 and our growing Hubzu inventory. As mentioned in our March call, we recently onboarded two larger Hubzu wins. Driven by these and other recent customer wins, total Hubzu inventory has more than tripled since September 30 and stands at 17,200 assets as of March 31 and over 18,800 assets as of earlier this week. We anticipate revenue from these wins to grow during the year as REO and foreclosure referrals proceed to sale.

轉到第 9 頁投影片，以及我們持續成長的 Hubzu 庫存。如同我們 3 月的電話會議所提到，我們近期導入了兩個較大型的 Hubzu 得標案。在這些以及其他近期客戶得標的帶動下，自 9 月 30 日以來 Hubzu 總庫存已增加逾三倍；截至 3 月 31 日為 17,200 項資產，而截至本週稍早已超過 18,800 項資產。我們預期這些得標帶來的營收將在年度內成長，因為 REO 與法拍轉介案件將逐步進入出售流程。

We are forecasting full-year service revenue growth in our Servicer and Real Estate segment from the significant growth in Hubzu inventory and recent sales wins. Our forecast assumes that our revenue growth is partially offset by lower owner and Rhythm revenue based on our estimated timing for both the service transfer of owner servicing to Rhythm and the transition of the cooperative brokerage agreement REO assets from Altisource to Rhythm.

我們預測 Servicer and Real Estate 部門全年服務營收將成長，主要來自 Hubzu 庫存的大幅增加與近期銷售得標。我們的預測假設：營收成長將部分被 owner 與 Rhythm 營收下降所抵銷；此下降係基於我們對兩項時程的估計，包括將 owner 服務移轉至 Rhythm 的服務移轉時點，以及合作經紀協議下 REO 資產自 Altisource 轉移至 Rhythm 的過渡時程。

Moving to slide 10 in our Origination segment. We are continuing to demonstrate strong service revenue and adjusted EBITDA growth. First-quarter 2026 service revenue of $13.7 million was 71% higher than the first quarter of 2025. Adjusted EBITDA more than doubled to $1.2 million in the first quarter of 2026 from $500,000 in the same period last year. The acceleration of the Origination segment's revenue and EBITDA growth in the first quarter of 2026 reflects sales wins and a stronger market.

接著看第 10 頁投影片的 Origination 部門。我們持續展現強勁的服務營收與調整後 EBITDA 成長。2026 年第一季服務營收為 1,370 萬美元，較 2025 年第一季高出 71%。調整後 EBITDA 在 2026 年第一季增至 120 萬美元，較去年同期的 50 萬美元增加逾一倍。Origination 部門在 2026 年第一季營收與 EBITDA 成長加速，反映銷售得標與更強勁的市場環境。

Slide 11 outlines our Origination segment sales wins and pipeline. During the quarter, we secured an estimated $4.7 million in wins primarily in lenders and ended the quarter with an estimated $17.2 million weighted average sales pipeline. Based upon the sales wins, sales pipeline, and forecasted market conditions we are anticipating strong full-year service revenue growth in our Origination segment.

第 11 張投影片概述了我們承作（Origination）事業部的銷售斬獲與銷售管線。本季我們取得約 470 萬美元的斬獲，主要來自放款機構，並以約 1,720 萬美元的加權平均銷售管線結束本季。基於銷售斬獲、銷售管線以及預測的市場狀況，我們預期承作事業部全年服務營收將強勁成長。

Turning to slide 12 in our Corporate segment. First-quarter 2026 corporate adjusted EBITDA loss was $7.6 million reflecting a modest increase compared to the first quarter of 2025. Looking forward, we believe corporate costs should remain relatively stable as revenue grows.

接著看第 12 張投影片的公司（Corporate）部門。2026 會計年度第一季公司部門調整後 EBITDA 虧損為 760 萬美元，較 2025 會計年度第一季小幅增加。展望未來，我們認為隨著營收成長，公司成本應可維持相對穩定。

Moving to slide 13 and the business environment. We continue to operate in an environment with both low delinquency rates and origination volume though the market trends appear to be changing. 90-plus day mortgage delinquency rates increased from 1.45% in December 2025 to 1.6% in February.

接著看第 13 張投影片與營運環境。我們仍在一個同時具有低逾期率與低承作量的環境中營運，儘管市場趨勢似乎正在改變。90 天以上房貸逾期率自 2025 年 12 月的 1.45% 上升至 2 月的 1.6%。

As of February 28, 2026, there were 612,000 late-stage delinquent mortgages, a 9% increase since December. This marks the highest level of late-stage delinquent mortgages since July 2022. Foreclosure starts for January and February of 2026 were 5% higher than the same period in 2025 and foreclosure sales were 27% higher although both remain significantly below pre-pandemic levels.

截至 2026 年 2 月 28 日，晚期逾期房貸共有 612,000 筆，較 12 月增加 9%。這是自 2022 年 7 月以來晚期逾期房貸的最高水準。2026 年 1 月與 2 月的法拍啟動件數較 2025 年同期高出 5%，法拍成交件數高出 27%，但兩者仍顯著低於疫情前水準。

For the origination market, first quarter 2026 mortgage origination unit volume increased. 42% compared to the first quarter 2025 driven by a 91% increase in refinance volume and a 19% increase in purchase volume. The MBA projects 5.7 million loans will be originated in 2026 representing 4% growth over 2025.

就承作市場而言，2026 會計年度第一季房貸承作件數（單位量）較 2025 會計年度第一季增加 42%，主要由再融資量增加 91% 與購屋貸款量增加 19% 所帶動。MBA 預估 2026 年將承作 570 萬筆貸款，較 2025 年成長 4%。

To conclude, I am pleased with the first quarter performance and how we are positioned for the year. In addition to 10% service revenue growth and exciting sales wins that should support future growth, we improved pre-tax GAAP earnings by $4.9 million and cash provided by operating activities by $9.4 million compared to the first quarter of 2025.

總結來說，我對第一季表現以及我們今年的布局感到滿意。除了服務營收成長 10% 與令人振奮、可支持未來成長的銷售斬獲之外，相較於 2025 會計年度第一季，我們的稅前 GAAP 盈利改善 490 萬美元，營運活動提供的現金增加 940 萬美元。

As the year progresses, we believe Onity and Rhythm will continue to become a smaller percentage of our revenue base and total company service revenue and EBITDA will be more balanced between our segments. I am proud of what the team has accomplished this quarter and I'm excited about our future.

隨著年度推進，我們認為 Onity 與 Rhythm 將持續占我們營收基礎較小的比重，而全公司服務營收與 EBITDA 將在各事業部之間更為均衡。我為團隊本季的成果感到自豪，也對未來感到振奮。

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

接下來我將開放提問。接線員。

(Operator Instructions) Timothy D'Agostino, B. Riley Securities.

(接線員指示) B. Riley Securities 的 Timothy D'Agostino。

Congrats on the quarter. My first question is on the sales pipeline in the Servicer and Real Estate segment. I guess just understanding the quarter-over- quarter move a little bit more from $19.3 million to $11.7 million. It would be great to just kind of understand why it decreased. I know earlier in the call you had mentioned it's at this stabilized level. So just understanding that language and what we should expect from the pipeline going forward throughout the year.

恭喜本季表現。我的第一個問題是關於服務商與不動產（Servicer and Real Estate）事業部的銷售管線。我想更了解一下銷售管線季對季從 1,930 萬美元降到 1,170 萬美元的變動。希望能理解為何會下降。我知道你們在電話會議前面提到它已在這個穩定水準。所以想了解這個說法，以及我們對今年接下來的管線應有何預期。

Hey, Tim. Good morning. We appreciate you covering Altisource. So the difference in the pipeline reflects the $10 million or $11 million in sales wins I discussed in the call. So it's just simply partially offset by some increases in the sales pipeline. And so we'll be working very diligently to rebuild that pipeline, but the change reflects the fact that we had over $10 million. I think it was $11 million in sales wins in the first quarter.

嗨，Tim。早安。感謝你持續關注 Altisource。所以管線的差異反映了我在電話會議中提到的 1,000 萬或 1,100 萬美元的銷售斬獲。因此這只是很單純地被銷售管線的一些增加所部分抵銷。我們會非常努力地重建該管線，但這個變動反映的是我們第一季有超過 1,000 萬美元。我想是 1,100 萬美元的銷售斬獲。

Okay. Great. Understood on that. Thank you. And then just as a second one, net cash provided by operating activities, as you highlighted earlier in the call, at $4.5 million, a significant increase year over year.

好的。很好。了解了。謝謝。第二個問題是關於你先前提到的營運活動提供的淨現金，為 450 萬美元，年對年大幅增加。

I guess not really asking for guidance, but as we look to the second quarter, third quarter, fourth quarter, should we expect this to be positive or are there items later in the year that maybe could turn this back negative? Just trying to get an understanding if net cash is going to continue to be positive throughout the year, as that's a pretty important and great milestone you all hit in the first quarter.

我不是要你們提供指引，但當我們看第二季、第三季、第四季時，是否應預期仍為正值？或是今年稍晚是否有一些項目可能讓它轉回負值？我只是想了解淨現金是否會在全年持續為正，因為你們第一季達成這個里程碑非常重要也很棒。

Michelle, do you want to take that?

Michelle，你要回答這題嗎？

Yeah, I'm happy to. Yes, I think we guided earlier in the year to positive cash flow -- operating cash flow for the year. You do see fluctuations from quarter to quarter depending on revenue growth, et cetera. But yes, we do anticipate positive cash flow for the year.

好的，我很樂意。是的，我想我們在年初就已指引今年將有正的現金流——也就是營運現金流為正。你確實會看到各季之間因營收成長等因素而有波動。但沒錯，我們預期全年現金流為正。

Okay, great. And then on that positive cash flow, is that more supported by the Servicer and Real Estate segment or Origination segment? I know Hubzu is one of the higher margin businesses, but just getting a better understanding of maybe the driver of the net cash provided.

好的，很好。那麼關於這個正的現金流，主要是由服務商與不動產事業部支撐，還是承作事業部？我知道 Hubzu 是毛利較高的業務之一，但想更了解淨現金流入的驅動因素。

Sure. So you can see in our slides what our EBITDA is broken out in between Servicer and Real Estate and Origination, they both have positive EBITDA. You do have larger EBITDA in Servicer and Real Estate, so more of the cash flow does come from that segment. But as Bill mentioned, we expect that to become more balanced as we move through time.

當然。你可以在我們的投影片中看到 EBITDA 在服務商與不動產，以及承作兩個事業部之間的拆分，兩者的 EBITDA 都是正的。服務商與不動產的 EBITDA 較大，因此較多的現金流來自該事業部。但如 Bill 所提，我們預期隨著時間推進會變得更均衡。

(Operator Instructions)

(接線員指示)

I would like to turn the call back over to Bill for closing remarks. Please go ahead.

我想把電話會議交回給 Bill 做結語。請開始。

Thanks, operator. We're very pleased with the first-quarter performance. We're particularly pleased that our Hubzu inventory is standing at roughly 18,800 assets as of earlier this week. We think we're set up very well for continued growth during the year. Thanks for joining us today.

謝謝，接線員。我們對第一季表現非常滿意。我們尤其高興的是，截至本週稍早，Hubzu 的庫存約為 18,800 項資產。我們認為今年我們已為持續成長做好非常好的準備。感謝各位今天加入。

This does conclude today's conference call. You may all disconnect. Thank you.

今天的電話會議到此結束。各位可以掛線。謝謝。