Altisource Portfolio Solutions reported second-quarter service revenue of $48.7 million, a 19% increase from the prior year, driven by customer wins in both the origination and servicer and real estate segments. Revenue from customers other than Onity and Rithm rose to 65% of total service revenue, the highest level since the company's 2009 IPO. Adjusted EBITDA declined due to prior-year one-time benefits, higher growth-related costs, and a $6.6 million use of operating cash tied mainly to receivables. The company repurchased $2 million of debt and is deploying artificial intelligence initiatives to improve efficiency and support future margin expansion. Management expects service revenue and adjusted EBITDA in the origination segment to grow based on recent sales wins and forecasted market conditions.
Altisource Portfolio Solutions SAService revenue rose 19% driven by customer wins in origination and servicer/real estate segments.
Onity Group Inc.