Altisource Portfolio Solutions Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
July 25, 2024

Key Takeaways

  • Altisource delivered $36.9 million in service revenue and $4.4 million of adjusted EBITDA in Q2, with cash rising to $29.7 million, and remains on track for full-year guidance of 13–32% service revenue growth and $17.5–22.5 million in adjusted EBITDA.
  • The Servicer & Real Estate segment grew service revenue by 16% year-over-year despite 7% fewer foreclosure starts, while adjusted EBITDA jumped 50% to $11.1 million and margin expanded to 38.1% thanks to sales wins, price increases, and efficiency initiatives.
  • New business wins in Q2—expected to add $15.3 million of annual revenue—include three foreclosure trustee clients and the launch of renovation services (over 35 referrals at ~$100k each), boosting the segment’s weighted pipeline to $20.3 million.
  • The Origination segment outperformed the broader market with only a 5% revenue decline versus a 13% industry drop, drove a $1.8 million increase in adjusted EBITDA, and introduced a homeowners insurance program with one signed customer and 35 member prospects.
  • Corporate expenses remain disciplined, narrowing the adjusted EBITDA loss to $7.2 million (a 25% improvement year-over-year), positioning the company to potentially exceed a $30 million adjusted EBITDA run rate by year-end.
AI Generated. May Contain Errors.
Earnings Conference Call
Altisource Portfolio Solutions Q2 2024
00:00 / 00:00

Transcript Sections

Skip to Participants
Operator

Good day, and thank you for standing by. Welcome to the Altisource Portfolio Solutions Second Quarter 2024 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 will 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 today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michelle Esterman, Chief Financial Officer. Please go ahead.

Michelle Esterman
Michelle Esterman
CFO at Altisource Portfolio Solutions

Thank you, Operator. We first want to remind you that the earnings release, Form 10-Q, 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. Financial projections and scenarios are expressly qualified as forward-looking statements, and, as with other forward-looking statements, should not be unduly relied upon. In addition to the usual uncertainty associated with forward-looking statements, the continuing impacts of government and servicer responses to the COVID-19 pandemic, governmental fiscal policies, and current economic conditions make it extremely difficult to predict the future state of the economy and the industries in which we operate, as well as the potential impact on Altisource.

Michelle Esterman
Michelle Esterman
CFO at Altisource Portfolio Solutions

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 2023 Form 10-K, describing 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'll now turn the call over to Bill.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Thanks, Michelle, and good morning. I'll begin on slide 4. We had a strong second quarter and believe we are on track to achieve our 2024 guidance of 13%-32% service revenue growth over 2023 and Adjusted EBITDA between $17.5 million and $22.5 million in 2024. For the quarter, we generated $36.9 million in service revenue and $4.4 million of Adjusted EBITDA and modestly increased cash to $29.7 million. We also went live and began to receive referrals from a renovation business customer and three foreclosure trustee customers. Our financial results reflect our strong sales wins, price increases, referral volume growth, and lower cost base in what continues to be an incredibly difficult environment of close to historically low mortgage delinquency rates and low origination volume.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Service revenue in our servicer and real estate segment grew by 16% compared to the same quarter in 2023, in a market that had approximately 7% fewer foreclosure starts and 13% fewer foreclosure sales. Service revenue in our origination segment declined by 5% compared to the same quarter in 2023, outperforming the 13% decline in total market mortgage origination volume. Slide five provides additional information on our total company financial performance. As you can see, the trends are positive. Service revenue was 11% higher, and adjusted EBITDA was $7.9 million better than the second quarter of last year. Adjusted EBITDA margins improved to 11.9% in the second quarter of 2024 compared to negative 10.5% in the second quarter of 2023.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

The improvement in service revenue, adjusted EBITDA, and adjusted EBITDA margins compared to last year was driven by sales wins, price increases for certain services, stronger default referrals, business segment margin expansion, and lower corporate costs. Adjusted EBITDA and adjusted EBITDA margins declined modestly compared to the first quarter due to approximately $600,000 of first quarter net non-recurring benefits comprised of $1.2 million of benefits in the corporate segment and $600,000 of costs in the servicer and real estate segment. Excluding these net non-recurring first quarter benefits, second quarter adjusted EBITDA and adjusted EBITDA margins improved compared to the first quarter. For the third and fourth quarters, we anticipate strong service revenue and adjusted EBITDA growth over 2023 as we ramp sales wins and are more efficient and lower cost base. Slide six provides additional information on our servicer and real estate segment.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Second quarter 2024 service revenue in this segment was 16% higher than the second quarter of 2023 and flat to last quarter. We continue to experience growth in certain higher margin businesses that support the earlier stage of the default process. Adjusted EBITDA of $11.1 million was 50% higher than the second quarter of 2023 and 6% higher than the first quarter of this year. Adjusted EBITDA margins were 38.1% in the second quarter of 2024 compared to 29.5% in the second quarter of 2023 and 35.8% last quarter. The improvement compared to the second quarter of last year reflects revenue growth and efficiency initiatives. The improvement compared to the first quarter of this year reflects business unit efficiency initiatives, as well as the $600,000 of non-recurring expenses in the first quarter that I just discussed.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Slide seven provides a summary of our servicer and real estate sales wins and pipeline. For the quarter, we won new business that we estimate will generate $15.3 million in annual revenue once fully ramped over the next couple of years. In the second quarter, we signed three agreements to provide foreclosure trustee services. This is in addition to the market share expansion of trustee business with a customer that we won in the first quarter. We completed the onboarding process of these three trustee customers and are ramping referrals. We anticipate that these wins will support service revenue and EBITDA growth. We also made progress ramping our renovation services for one of the largest owners of REO assets in the U.S. Since the program went live in late April, we have received over 35 renovation referrals, which we estimate will generate average revenue of close to $100,000 per property.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

We anticipate referral volume, revenue, and earnings from this customer will ramp as the year progresses. We ended the quarter with a segment-weighted average sales pipeline of $20.3 million of annual revenue on a stabilized basis, most of which we forecast will impact 2025 and beyond. The decline in the sales pipeline compared to last quarter primarily reflects the significant sales wins I just discussed and the addition of earlier stage opportunities to the pipeline, which have a lower assigned win probability. Turning to the macroeconomic environment in slide eight, as we have discussed in the past, there continues to be early signs of consumer financial stress. Consumer savings have declined, credit card debt is near a record high, and early stage delinquencies are rising. Additionally, home affordability, which is highly correlated to home prices, remains low.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Despite the significant increase in interest rates in the last two years, we believe home prices remain high, largely because the inventory of homes for sale is very low. This appears to be changing. According to the National Association of Realtors, the inventory of existing homes for sale in May 2024 was 18.5% higher than May of last year, and seasonally adjusted existing home sales were 2.8% lower. As inventory grows, home prices in certain markets may decline as the supply-demand dynamics normalize. Should this happen, stressed consumers that have low-down payment mortgages or loans that were originated over the last couple of years may no longer have equity in their homes and will therefore have fewer options to address loan defaults. This could increase foreclosure initiations and drive foreclosure conversion rates to more normal levels.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Moving to our origination segment in slide 9, we are pleased that adjusted EBITDA improved by $1.8 million compared to the second quarter of last year, despite a 5% decline in service revenue and a 13% decline in industry-wide residential origination volume for the same period. Adjusted EBITDA was flat to the first quarter on similar service revenue. Adjusted EBITDA improved over last year from cost savings and efficiency initiatives. As you can see on the slide, the origination segment's gross profit, gross profit margins, adjusted EBITDA, and adjusted EBITDA margins all improved relative to prior year. Slide 10 provides a summary of our origination segment sales wins and pipeline. On an annualized stabilized basis, we won an estimated $1.5 million in new business in the second quarter. Our weighted average sales pipeline at the end of the quarter was $14.7 million.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

We continue to focus on rolling out new solutions to help our Lenders One members make more money. We believe the regular launch of new solutions to Lenders One members, combined with greater adoption of our existing solutions, will strengthen our value proposition for Lenders One members and support further revenue and earnings growth in our origination segment. During the second quarter, we signed agreements with our first homeowners insurance customer and have a pipeline of 35 member prospects. We believe that the homeowners insurance program can improve the loan closing process for our members and their borrowers and establish an attractive revenue annuity for Altisource as policies are issued, the majority of which we believe will be renewed. Turning to our corporate segment in slide 11, we are maintaining strong cost discipline.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Second quarter corporate adjusted EBITDA loss of $7.2 million was $2.4 million, or 25% better than the second quarter of 2023, and $900,000 worse than the first quarter of this year. The first quarter 2024 results included an estimated $1.2 million of net non-recurring benefits. Absent these benefits, second quarter 2024 adjusted EBITDA loss in corporate modestly improved compared to the first quarter of 2024. The lower adjusted EBITDA loss compared to last year reflects our cost savings and efficiency initiatives. Moving to slide 12. In summary, I'm pleased with our second quarter and first half of the year performance and believe we are on track to achieve our 2024 guidance of 13%-32% service revenue growth over 2023 and adjusted EBITDA between $17.5 million and $22.5 million in 2024.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

We continue to win new business and are making good progress ramping sales wins on a much lower cost base in a historically difficult market. As a result, service revenue for the first six months of this year is $3.5 million, or 5% higher than the same period last year, and Adjusted EBITDA is $11 million higher, despite the decline in foreclosure starts, foreclosure sales, and mortgage origination volume over the same period. If we achieve the midpoint of our Adjusted EBITDA guidance, we will have grown Adjusted EBITDA by approximately $52 million over three years. As we ramp new business, we are cautiously optimistic that we will exit the year at a $30 million plus Adjusted EBITDA run rate. I'll now open up the call for questions. Operator.

Operator

Thank you. At this time, we will conduct the question and answer session.

Operator

As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from Raj Sharma with B. Riley. Please go ahead.

Raj Sharma
Senior Analyst at B. Riley & Co.

Hi. Thank you for taking my questions. If you could talk about how is service revenue growing 16% with fewer foreclosure starts and fewer foreclosure sales, how much of that is price increases? And also, if you could talk about the, excuse me, if you could talk about the incrementally new revenue from the pre and the early foreclosure process.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Hey, Raj. Bill Shepro here. Good morning. So I think a couple of things are taking place in the servicer and real estate segment. Michelle, you could jump in as well.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

I think one component of it is some price increases in our field services and valuation of business, which is contributing to the growth. Two, if you remember in the second quarter of last year in California, one of our customers had some holds on foreclosures. Those have been released. And so from a comparability perspective, we don't have that issue this year in the second quarter. Third is we're winning new business, and we're adding on the earlier stage, we're adding business to our earlier stage processes. And that includes primarily the foreclosure trustee business, where we've started receiving referrals from three new clients, two of which we think could be meaningful, and one still will be, it's exciting new business, but more modest. And then finally, although it's in the early innings, we launched the renovation business in the second quarter.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

I think it only contributed about $200,000 or so to revenue in the second quarter, but that's ramping very nicely. I think as of a week ago or so, we had received 35 referrals. I think we're now up to north of 40 referrals from this customer. And so that business is ramping nicely, and we're very optimistic that that can be a very meaningful contributor as we go forward.

Raj Sharma
Senior Analyst at B. Riley & Co.

Right. Thank you. Thank you for that. And then can you give a sort of an estimate on the margins on the pre and the earlier part of the foreclosure process versus your usual servicer business?

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Yes. Sure. Look, a lot depends on the product, but the trustee business, because of our global operations, is a very high margin business inside the business unit. Think north of 50%.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

In the title business, that's more probably, Michelle, what, in the 30s?

Michelle Esterman
Michelle Esterman
CFO at Altisource Portfolio Solutions

Yes.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

The EBITDA margin level. The field services business is typically mid- to high-teens margin business, and then that also can take place earlier in the process. And so the margins can be reasonably attractive, not necessarily as attractive as the margins inside of Hubzu at the very end of the process, but they're still pretty strong.

Raj Sharma
Senior Analyst at B. Riley & Co.

Right. That's very helpful. And then I wanted to understand your confidence level on how confident are you in the pre- and the earlier foreclosure process to continue through this year and next? Is this a structural new addition to the revenue base, or is it sort of until the actual foreclosures pick up?

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Yeah.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

So, Raj, I think if you look at the reporting that comes from ICE or Black Knight, delinquency rates are still low, very low, both 90+ and early-stage delinquencies. Early-stage delinquencies did tick up in the second quarter, but it's unclear if that was just a timing question as to what day was the last day of the month. So they did tick up. We'll see if it's a trend or not. But generally speaking, delinquency rates remain very low. And so we want to focus on the earlier stage processes just because foreclosure initiations, while they're still down almost 30% from where they were pre-pandemic, they're up quite a bit from during the pandemic. And so that's an area we want to continue to focus on and work to grab market share.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

And then we're also expanding some work we're doing in the foreclosure trustee business with an existing customer. We added, I think, 6 new states with them, and we've also started providing services on their reverse mortgage portfolio in the trustee space. So we think that represents some growth for us. But all in all, I think the delinquency market's been fairly muted. That may change. I mean, Michelle, during my prepared remarks, we mentioned what's going on with home inventory. And I think in May, homes for sale were up 18% compared to the prior year, and sales were down a couple of percent. So that's pretty interesting. So it appears there's a bit more homes that are available for sale, and due to the bid-ask spreads, less homes are selling.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

That could be typically. That's a precursor to home prices coming down, like we've already seen in markets like Austin. I think if that happens, you're going to see some of the more recent cohorts of originations, particularly those with very high loan-to-value, and also those loans, even if they had more equity, that equity was after a massive run-up in home prices. That may not continue or even come down. That's where I think there's some risk for higher delinquencies, and that could be perhaps the first shoe to drop that starts to benefit us.

Raj Sharma
Senior Analyst at B. Riley & Co.

Right. Thank you. Then just lastly, on the big win in Q2 of the $15.3 million, the annual, that's the annual estimate for the next year or two. Could you talk about that win? Is that related to the renovation services at all? The business that's getting-did I hear it correctly?

Raj Sharma
Senior Analyst at B. Riley & Co.

You're getting about $100,000 of property for?

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Yeah. Roughly, I think we're just shy of $100,000 in renovation costs on the referrals that we've received so far, where we've submitted bids and had them approved by the customer. So that's sort of the ticket price, if you will, or the total renovation cost that will be booked as revenue as we complete the renovations. And so I think, look, I like to look at our wins, our larger wins in aggregate, Raj. So if you look in the fourth quarter, we won this very large renovation opportunity. In the first and second quarter, I think in the second quarter, we won these three trustee clients, and all three are now sending referrals. We think in aggregate, if you were to look at the sales scenario slide, I think it's in the appendix. We've included that again this quarter.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

You'll see that between those three wins, Michelle, what's roughly, you're looking at $70-$80 million of revenue, is my recollection.

Michelle Esterman
Michelle Esterman
CFO at Altisource Portfolio Solutions

$88 million is what we have in the deck on.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Yes. So we're estimating from those wins and several others on the origination side, but those would be the four largest wins, as well as the expansion of trustee work with an existing customer into new states. Raj, we feel good about building up to that level of revenue from those sales wins. In fact, there's an opportunity for us to look. If we're optimistic, there's an opportunity we could outperform it. If that renovation business were to turn into 100 files a month at $100,000 a month, you're looking at $10 million of revenue a month.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

We're not including anywhere near those levels in the forecast, but I think there's an opportunity for us to certainly achieve what we've included in the appendix of the slide deck, today's slide deck.

Raj Sharma
Senior Analyst at B. Riley & Co.

Got it. Got it. Thank you. I'll end there with my questions and take it offline. Thank you again for answering my questions.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Thanks, Raj. Thank you.

Operator

Our next question comes from Mike Grondahl with Northland Securities. Please go ahead.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Hey, guys. Thank you. Hey, Bill. I think you mentioned 35 homeowners insurance in relation to that program. Are you taking any risk with the homeowners insurance policies, or are you just kind of an agent? If you could explain that.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Sure. So we launched with an insurtech partner called Policygenius, a homeowners insurance program where we're acting—we're both just acting as agents.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

So we're licensed as an insurance agent, essentially, across the country, as is Policygenius. And under the program, as members join the program and their loan officers are meeting with borrowers, we're getting lead referrals to provide homeowners insurance to those customers. And we're trying to simplify and reduce the friction in getting that homeowners insurance policy. And so through our partner, through Policygenius, we can provide multiple offers of homeowners insurance to the consumer, and then we're essentially earning a commission. That commission, I think, these are really rough numbers, but roughly half of the commission comes to us, half to our partner, and then that splits change just modestly in the second for homeowner insurance renewals in the future.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Got it. Got it. Okay.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

And so the short answer is we're not taking any risk. Right. You're not taking that risk. Okay. So we have 35 prospective.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

So you're getting a commission kind of on a sale.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

That's right. We have 35 members or lenders that are right now evaluating the program. We already have one signed up and are now receiving referrals. And we're optimistic. We've got an attractive pipeline, and we look forward to closing some of these deals. What I like about this business is it's not just the commission you earn the first year. As the homeowners insurance policies renew, and I think the industry data is around 85%+ renew, we continue to earn a commission as those policies get renewed. And at the same time, what's very important to us is we're actually making the closing process more frictionless for our members.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Got it. Yeah. You're leveraging that seat at the table for sure. On this newer renovation business, $100,000 per, can you just explain what you're doing there?

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

I'm a little naive, but is that the actual renovation work, or what are you doing to earn the $100,000?

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Sure. Yeah, of course. So basically, we're hired by this customer that's one of the larger owners of REO. And by the way, we hope to expand this to real estate investors and single-family rental investors over time, particularly as that market starts to come back. But basically, what we're doing is we go out to the property, we evaluate the condition, all based upon business rules given to us by the client. We determine, based on their business rules, what work needs to be done. And we've got some pretty sophisticated tools to do this analysis and bid work. The client basically tells us what the price is that they pay for the services. We submit the bid.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

If the client says yes, we basically are managing the renovation work through a contractor network that actually is doing the work with our oversight. And then we make the difference between what we're paid and what we pay the contractors.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Got it.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Less some internal costs.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Sure. Sure. Great. And then maybe it's too early, but any initial thoughts on 2025, just sort of assuming the world stays round? How are you thinking about 2025 at this point?

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Yeah. So look, we put a couple of scenarios in the back of the second quarter earnings slides presentation, and we show what we think revenue and EBITDA would look like as we fully ramp the sales that we've already won. And by the way, that does not include our sales pipeline. All that would be incremental to both those scenarios we've included in the presentation.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

I think we also talked about on the call that we're cautiously optimistic we can exit this year or end this year with a $30 million run rate EBITDA. So, of course, there's some puts and takes. We've included some customer attrition or churn in our sales scenario to try to be reasonable in our approach. But I think that's how we're thinking about the business right now, but we're not putting out any guidance at this point.

Michael Grondahl
Michael Grondahl
Head of Equity Research and Senior Research Analyst at Northland Securities

Fair enough. Fair enough. Okay. Hey, thank you.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Thanks, Mike.

Operator

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Bill Shepro for closing remarks.

Bill Shepro
Bill Shepro
Chairman and CEO at Altisource Portfolio Solutions

Great. Thank you, Operator. We're very happy with our second quarter financial performance and believe we're well-positioned for this year and beyond. Thanks for joining today's call.

Operator

Thank you for your participation in today's conference.

Operator

This concludes the program. You may now disconnect.

Executives
    • Bill Shepro
      Bill Shepro
      Chairman and CEO
    • Michelle Esterman
      Michelle Esterman
      CFO
Analysts
    • Michael Grondahl
      Head of Equity Research and Senior Research Analyst at Northland Securities
    • Raj Sharma
      Senior Analyst at B. Riley & Co.
Powered by Quartr