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REVENUE | 12 Months Ended
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Dec. 31, 2024
Revenues [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 2). Our services are provided to customers located in the United States. The components of revenue were as follows for the years ended December 31:
(in thousands) |  | 2024 |  | 2023
Service revenue |  | $ | 150,354 |  |  | $ | 136,565 |
Reimbursable expenses |  | 9,592 |  |  | 8,273 |
Non-controlling interests |  | 188 |  |  | 228 |
Total |  | $ | 160,134 |  |  | $ | 145,066 |
Disaggregation of Revenue Disaggregation of total revenue by segment and major source was as follows for the years ended December 31:
|  | 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 |  | $ | 109,198 |  |  | $ | 10,741 |  |  | $ | 9,011 |  |  | $ | 128,950 |
Origination |  | 29,940 |  |  | 663 |  |  | 581 |  |  | 31,184 |
Total revenue |  | $ | 139,138 |  |  | $ | 11,404 |  |  | $ | 9,592 |  |  | $ | 160,134 |
|  | 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 |  | $ | 95,643 |  |  | $ | 12,136 |  |  | $ | 7,688 |  |  | $ | 115,467 |
Origination |  | 28,379 |  |  | 635 |  |  | 585 |  |  | 29,599 |
Total revenue |  | $ | 124,022 |  |  | $ | 12,771 |  |  | $ | 8,273 |  |  | $ | 145,066 |
Disaggregation of service revenue by the timing of revenue recognition was as follow for the years ended December 31:
(in thousands) |  | 2024 |  | 2023
Over-time revenue recognition |  | $ | 30,532 |  |  | $ | 23,595 |
Point-in-time revenue recognition |  | 119,822 |  |  | 112,970 |
Total service revenue |  | $ | 150,354 |  |  | $ | 136,565 |
The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as unbilled revenue on our condensed consolidated balance sheets), and customer advances (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. The over-time revenue recognition model consists primarily of the following services for which revenue is recognized over the period during which services are provided: •For foreclosure trustee services, revenue is recognized as work progresses, in accordance with agreed upon milestones with full recognition upon completion and/or recording the related foreclosure deed. •For SaaS based technology to manage REO, we recognize revenue over the estimated average number of months the REO properties are on the platform before they are sold. •For vendor management transactions, revenue is recognized over the period during which services are provided. •For fund disbursement services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements. •For residential real estate renovation services, we recognize revenue over time as work is completed, measured by the percentage of work performed relative to the total project. Field inspections by qualified professionals form a fundamental part of the Company’s assessment, measure and documentation of work completed on real estate renovations. As of December 31, 2024, the value of unfulfilled orders amounted to $4.1 million, with the majority of this backlog expected to be completed and recognized as revenue within the first quarter of 2025 and the remainder anticipated to be completed in the second quarter of 2025. •We recognize membership fees from Lender One members ratably over the term of membership. •For vendor management oversight software-as-a-service (“SaaS”), we recognize revenue over the period during which we perform the services. 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 $0.1 million and less than $0.1 million for the years ended December 31, 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 4). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying consolidated balance sheets. The deferred revenue opening and closing balances are presented below for the years ended December 31:
(in thousands) |  | 2024 |  | 2023
Deferred revenue, beginning balance |  | $ | 3,204 |  |  | $ | 3,793 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period |  | (3,047) |  |  | (3,561) |
Increase due to billing, excluding amounts recognized as revenue during the period |  | 3,822 |  |  | 2,972 |
Deferred revenue, ending balance |  | $ | 3,979 |  |  | $ | 3,204 |

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