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REVENUE | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. The Lenders One members’ earnings are included in revenue and reduced from net loss to arrive at net loss attributable to Altisource (see Note 1). Our services are provided to customers located in the United States. The components of revenue were as follows:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service revenue |  | $ | 38,150 |  |  | $ | 34,112 |  |  | $ | 111,904 |  |  | $ | 104,356 |
Reimbursable expenses |  | 2,321 |  |  | 2,039 |  |  | 7,081 |  |  | 6,398 |
Non-controlling interests |  | 60 |  |  | 62 |  |  | 136 |  |  | 155 |
Total |  | $ | 40,531 |  |  | $ | 36,213 |  |  | $ | 119,121 |  |  | $ | 110,909 |
Disaggregation of Revenue Disaggregation of total revenue by segment and major source was as follows:
|  | Three months ended September 30, 2024
(in thousands) |  | Revenue recognized when services are performed or assets are sold |  | Revenue related to technology platforms and professional services |  | Reimbursable expenses revenue |  | Total revenue
Servicer and Real Estate |  | $ | 27,467 |  |  | $ | 2,922 |  |  | $ | 2,160 |  |  | $ | 32,549 |
Origination |  | 7,654 |  |  | 167 |  |  | 161 |  |  | 7,982 |
Total revenue |  | $ | 35,121 |  |  | $ | 3,089 |  |  | $ | 2,321 |  |  | $ | 40,531 |
|  | Three months ended September 30, 2023
(in thousands) |  | Revenue recognized when services are performed or assets are sold |  | Revenue related to technology platforms and professional services |  | Reimbursable expenses revenue |  | Total revenue
Servicer and Real Estate |  | $ | 24,223 |  |  | $ | 2,677 |  |  | $ | 1,802 |  |  | $ | 28,702 |
Origination |  | 7,264 |  |  | 10 |  |  | 237 |  |  | 7,511 |
Total revenue |  | $ | 31,487 |  |  | $ | 2,687 |  |  | $ | 2,039 |  |  | $ | 36,213 |
|  | Nine months ended September 30, 2024
(in thousands) |  | Revenue recognized when services are performed or assets are sold |  | Revenue related to technology platforms and professional services |  | Reimbursable expenses revenue |  | Total revenue
Servicer and Real Estate |  | $ | 80,358 |  |  | $ | 8,137 |  |  | $ | 6,680 |  |  | $ | 95,175 |
Origination |  | 23,064 |  |  | 481 |  |  | 401 |  |  | 23,946 |
Total revenue |  | $ | 103,422 |  |  | $ | 8,618 |  |  | $ | 7,081 |  |  | $ | 119,121 |
|  | Nine months ended September 30, 2023
(in thousands) |  | Revenue recognized when services are performed or assets are sold |  | Revenue related to technology platforms and professional services |  | Reimbursable expenses revenue |  | Total revenue
Servicer and Real Estate |  | $ | 73,314 |  |  | $ | 8,265 |  |  | $ | 5,916 |  |  | $ | 87,495 |
Origination |  | 22,908 |  |  | 24 |  |  | 482 |  |  | 23,414 |
Total revenue |  | $ | 96,222 |  |  | $ | 8,289 |  |  | $ | 6,398 |  |  | $ | 110,909 |
Transactions with Related Parties John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), is a member of the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company and pays for the use of certain of the Company’s technology in connection with providing these services. The Company recognized less than $0.1 million for the three and nine months ended September 30, 2024 and 2023, respectively, of service revenue relating to services provided to Aldridge Pite. Contract Balances Our contract assets consist of unbilled accounts receivable (see Note 3). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying condensed consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $2.7 million and $3.3 million for the nine months ended September 30, 2024 and 2023, respectively ($0.5 million and $0.5 million for the third quarter of 2024 and 2023 respectively).

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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