Good day, and welcome to the Altisource Portfolio Solutions First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Michelle Esterman, Chief Financial Officer. Please go ahead.

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 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 2024 Form 10-K and first quarter 2025 10-Q. These describe some factors that may lead to different results. We undertake no obligation to update statements, financial scenarios or 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 Shepro, our Chairman and Chief Executive Officer. I'll now turn the call over to Bill.

Thanks, Michelle, and good morning. I'll begin on Slide 4. We're pleased with our first quarter performance as we continue to drive year-over-year and sequential service revenue and adjusted EBITDA growth, primarily from the ramp of our renovation business, stronger foreclosure starts and sales wins. Compared to the first quarter of last year, we grew total company service revenue by 11% to $40.9 million and adjusted EBITDA by 14% to $5.3 million. Adjusted EBITDA growth outpaced service revenue growth from scale benefits and favorable revenue mix. On February 19, we closed the exchange and maturity extension transaction with our lenders, significantly strengthening our balance sheet and reducing interest expense. We ended the quarter with $30.8 million in unrestricted cash. Turning to our financial performance on Slide 5. For the first quarter, we generated $40.9 million of service revenue, an 11% increase over the first quarter of 2024. The service revenue increase was driven by growth in both business segments. First quarter 2025 total company adjusted EBITDA of $5.3 million represents a 14% increase over the first quarter of 2024. The improvement was largely from the business segment service revenue growth and higher adjusted EBITDA margins in the Servicer and Real Estate segment, partially offset by an increase in the Corporate segment's adjusted EBITDA loss. The business segments generated $12.5 million of adjusted EBITDA at 30.5% adjusted EBITDA margins, representing a 14.5% or $1.6 million improvement in adjusted EBITDA and a 100 basis point improvement in adjusted EBITDA margins compared to the first quarter of 2024. The Corporate segment's adjusted EBITDA loss increased by $900,000 or 15% to $7.2 million, primarily due to certain non-recurring benefits in the first quarter of 2024. First quarter service revenue marked the highest level since the third quarter of 2021 and first quarter adjusted EBITDA…

I'm currently showing no questions in the queue at this time. I'll turn the call back over to Mr. Bill Shepro for any closing remarks.

Great. Thanks, Operator. We're pleased with our first quarter performance and believe we are set up well. Thanks for joining us today.

This concludes today's program. Thank you all for participating. You may now disconnect.