Altisource Portfolio (NASDAQ:ASPS) reported first-quarter financial results on Thursday. The transcript from the company’s first-quarter earnings call has been provided below.
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Access the full call at https://edge.media-server.com/mmc/p/vqj9ai3i/
Summary
Altisource Portfolio reported a strong start to 2026 with a 10% increase in service revenue, driven by 71% growth in the origination segment, despite a 5% decline in the servicer and real estate segment.
The company achieved a significant turnaround with a pre-tax GAAP income of $400,000 compared to a $4.5 million loss in the first quarter of 2025, attributed to lower interest expenses and debt-related costs.
Altisource Portfolio’s Hubzu inventory surged to over 18,800 assets, positioning the company for further revenue growth, and the management anticipates continued positive cash flow for the year, supported by both business segments.
Full Transcript
OPERATOR
Good day and thank you for standing by. Welcome to the Altisource Portfolio Solutions first quarter 2026 earnings call. At this time, all participants are in a listen only mode. After the speaker’s presentation, there will be a question and answer session. To ask a question during the session, you’ll need to press Star one one on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question, please press Star one one again. Please be advised that this conference is being recorded. I would now like to introduce your speaker for today, Michelle Esterman, Chief Financial Officer. Please go ahead.
Michelle Esterman (Chief Financial Officer)
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 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 10K. 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 Sheppard, our Chairman and Chief Executive Officer. I will now turn the call over to Bill.
Bill Sheppard (Chairman and Chief Executive Officer)
Thanks Michelle and good morning. I’ll begin on slide four. We’re 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. 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. 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. Total company adjusted EBITDA declined by $800,000 due to 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. Moving to slide 6, the company generated first quarter pre …
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