XML 38 R28.htm IDEA: XBRL DOCUMENT v3.24.2
SEGMENT REPORTING
 6 Months Ended
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 EstateOriginationCorporate and OthersConsolidated Altisource
Revenue$31,124 $7,997 $— $39,121 
Cost of revenue18,716 6,356 1,332 26,404 
Gross profit (loss) 12,408 1,641 (1,332)12,717 
Selling, general and administrative expenses2,395 1,746 6,493 10,634 
Income (loss) from operations10,013 (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 EstateOriginationCorporate and OthersConsolidated Altisource
Revenue$26,848 $8,387 $— $35,235 
Cost of revenue18,038 8,018 3,647 29,703 
Gross profit (loss) 8,810 369 (3,647)5,532 
Selling, general and administrative expenses2,638 2,350 7,353 12,341 
Income (loss) from operations6,172 (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 EstateOriginationCorporate and OthersConsolidated Altisource
Revenue$62,626 $15,964 $— $78,590 
Cost of revenue37,848 12,489 3,232 53,569 
Gross profit (loss)24,778 3,475 (3,232)25,021 
Selling, general and administrative expenses5,493 3,705 14,288 23,486 
Income (loss) from operations19,285 (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 EstateOriginationCorporate and OthersConsolidated Altisource
Revenue$58,793 $15,903 $— $74,696 
Cost of revenue37,763 15,472 7,425 60,660 
Gross profit (loss) 21,030 431 (7,425)14,036 
Selling, general and administrative expenses4,939 4,076 15,420 24,435 
Income (loss) from operations16,091 (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 EstateOriginationCorporate and OthersConsolidated Altisource
Total assets:
June 30, 2024$57,411 $48,550 $40,596 $146,557 
December 31, 202357,535 50,431 46,892 154,858