Good day, and thank you for standing by. Welcome to the Altisource Portfolio Solutions Second Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first 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 our 2025 Form 10-Q filings. 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 Shepro, our Chairman and Chief Executive Officer. I will now turn the call over to Bill.

Thanks, Michelle, and good morning. I'll begin on Slide 4. We are pleased with our second quarter performance. In a close to historically low delinquency environment, we grew service revenue, adjusted EBITDA, pre and post-tax GAAP earnings and GAAP earnings per share compared to the second quarter of last year. This is largely from our focus on growing our businesses that have tailwinds, cost discipline, lower interest expense and the reversal of certain tax reserves related to our India operations. Turning to Slide 5. Compared to the second quarter of last year, we grew total company service revenue by 11% to $40.8 million and adjusted EBITDA by 23% to $5.4 million. Service revenue growth primarily reflects the ramp of the Renovation business and growth in the Lenders One and Foreclosure Trustee businesses. The improvement in total company adjusted EBITDA was largely from both business segments service revenue and adjusted EBITDA growth, partially offset by a modest increase in the corporate segment's adjusted EBITDA loss. The business segments generated $12.8 million of adjusted EBITDA, representing an 11% or $1.3 million improvement compared to the second quarter of 2024. The corporate segment's adjusted EBITDA loss of $7.5 million was slightly higher than the second quarter of last year. From a GAAP perspective, income before tax improved to $200,000 in the second quarter of 2025 compared to a loss of $7.6 million in the second quarter of 2024. This was primarily driven by higher adjusted EBITDA and lower interest expense from the new debt. Net income attributable to Altisource improved to $16.6 million in the second quarter of 2025 compared to a net loss of $8.3 million in the same quarter of 2024. The improvement in net income reflects an income tax benefit from the reversal of certain tax reserves related to our…

At this time, we will begin our Q&A session. [Operator Instructions] Our first question comes from the line of Shachar Minkove with Napier Park Global.

I wanted to just -- one piece that sort of jumped out at me on the cash flow statement, and it looks like there's a pretty meaningful working capital build. Just trying to understand what that is?

Shachar, it's Bill. Yes, with respect to working capital, I think there's sort of normal working capital activities that are being managed. I wouldn't say there's anything that unusual in the quarter.

[Operator Instructions] I am showing no further questions at this time. I would now like to turn the call back to Bill Shepro for closing remarks.

Thank you, operator. We're pleased with our second quarter performance and believe we are set up well. Thanks for joining us today. Have a good day.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.