The following is a summary of the Altisource Portfolio Solutions SA (ASPS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Altisource Portfolio Solutions reported Q3 2024 service revenue of $38.2 million, an 11.8% increase year-over-year.

• Adjusted EBITDA was $3.6 million for the quarter, reflecting an improvement of $2.8 million from Q3 2023.

• Service revenue grew both sequentially and year-over-year despite declines in default market activities. Year-to-date service revenue rose by $7.5 million compared to the same period last year.

Business Progress:

• Altisource launched a renovation business with rapid initial growth, expecting it to be a significant contributor to future revenues.

• The company secured $20.8 million in annualized service revenue from 2023 and 2024 sales wins.

• Altisource anticipates continued growth in service revenue and adjusted EBITDA by leveraging a more efficient and lower cost base.

Opportunities:

• The rapidly growing renovation business represents a new revenue stream that is anticipated to increase significantly.

• Service revenue and EBITDA from the renovation business are expected to ramp as the year progresses, enhancing overall company profitability.

Risks:

• Despite the growing renovation and other business sectors, lower than anticipated foreclosure starts and sales have negatively impacted higher margin businesses like Hubzu, trustee, and title, leading to a shortfall in expected service revenue growth.

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