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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING Our business segments are based upon our organizational structure, which focuses primarily on the services offered, and are consistent with the internal reporting used by our Chief Executive Officer (our chief operating decision maker) to evaluate operating performance and to assess the allocation of our resources. We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately. The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Corporate and Others includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, and eliminations between reportable segments. Financial Information Financial information for our segments is as follows:
|  | Three months ended June 30, 2024
(in thousands) |  | Servicer and Real Estate |  | Origination |  | Corporate and Others |  | Consolidated Altisource
Revenue |  | $ | 31,124 |  |  | $ | 7,997 |  |  | $ | — |  |  | $ | 39,121 |
Cost of revenue |  | 18,716 |  |  | 6,356 |  |  | 1,332 |  |  | 26,404 |
Gross profit (loss) |  | 12,408 |  |  | 1,641 |  |  | (1,332) |  |  | 12,717 |
Selling, general and administrative expenses |  | 2,395 |  |  | 1,746 |  |  | 6,493 |  |  | 10,634 |
Income (loss) from operations |  | 10,013 |  |  | (105) |  |  | (7,825) |  |  | 2,083 |
Total other income (expense), net |  | (1) |  |  | — |  |  | (9,648) |  |  | (9,649) |
Income (loss) before income taxes and non-controlling interests |  | $ | 10,012 |  |  | $ | (105) |  |  | $ | (17,473) |  |  | $ | (7,566) |
|  | Three months ended June 30, 2023
(in thousands) |  | Servicer and Real Estate |  | Origination |  | Corporate and Others |  | Consolidated Altisource
Revenue |  | $ | 26,848 |  |  | $ | 8,387 |  |  | $ | — |  |  | $ | 35,235 |
Cost of revenue |  | 18,038 |  |  | 8,018 |  |  | 3,647 |  |  | 29,703 |
Gross profit (loss) |  | 8,810 |  |  | 369 |  |  | (3,647) |  |  | 5,532 |
Selling, general and administrative expenses |  | 2,638 |  |  | 2,350 |  |  | 7,353 |  |  | 12,341 |
Income (loss) from operations |  | 6,172 |  |  | (1,981) |  |  | (11,000) |  |  | (6,809) |
Total other income (expense), net |  | — |  |  | — |  |  | (11,389) |  |  | (11,389) |
Income (loss) before income taxes and non-controlling interests |  | $ | 6,172 |  |  | $ | (1,981) |  |  | $ | (22,389) |  |  | $ | (18,198) |
|  | Six months ended June 30, 2024
(in thousands) |  | Servicer and Real Estate |  | Origination |  | Corporate and Others |  | Consolidated Altisource
Revenue |  | $ | 62,626 |  |  | $ | 15,964 |  |  | $ | — |  |  | $ | 78,590 |
Cost of revenue |  | 37,848 |  |  | 12,489 |  |  | 3,232 |  |  | 53,569 |
Gross profit (loss) |  | 24,778 |  |  | 3,475 |  |  | (3,232) |  |  | 25,021 |
Selling, general and administrative expenses |  | 5,493 |  |  | 3,705 |  |  | 14,288 |  |  | 23,486 |
Income (loss) from operations |  | 19,285 |  |  | (230) |  |  | (17,520) |  |  | 1,535 |
Total other income (expense), net |  | (1) |  |  | — |  |  | (17,535) |  |  | (17,536) |
Income (loss) before income taxes and non-controlling interests |  | $ | 19,284 |  |  | $ | (230) |  |  | $ | (35,055) |  |  | $ | (16,001) |
|  | Six months ended June 30, 2023
(in thousands) |  | Servicer and Real Estate |  | Origination |  | Corporate and Others |  | Consolidated Altisource
Revenue |  | $ | 58,793 |  |  | $ | 15,903 |  |  | $ | — |  |  | $ | 74,696 |
Cost of revenue |  | 37,763 |  |  | 15,472 |  |  | 7,425 |  |  | 60,660 |
Gross profit (loss) |  | 21,030 |  |  | 431 |  |  | (7,425) |  |  | 14,036 |
Selling, general and administrative expenses |  | 4,939 |  |  | 4,076 |  |  | 15,420 |  |  | 24,435 |
Income (loss) from operations |  | 16,091 |  |  | (3,645) |  |  | (22,845) |  |  | (10,399) |
Total other income (expense), net |  | — |  |  | — |  |  | (19,137) |  |  | (19,137) |
Income (loss) before income taxes and non-controlling interests |  | $ | 16,091 |  |  | $ | (3,645) |  |  | $ | (41,982) |  |  | $ | (29,536) |
Total Assets Total assets for our segments are as follows:
(in thousands) |  | Servicer and Real Estate |  | Origination |  | Corporate and Others |  | Consolidated Altisource
Total assets: |  |  |  |  |  |  |  |
June 30, 2024 |  | $ | 57,411 |  |  | $ | 48,550 |  |  | $ | 40,596 |  |  | $ | 146,557 |
December 31, 2023 |  | 57,535 |  |  | 50,431 |  |  | 46,892 |  |  | 154,858 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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