0001462418-22-000020 | 10-Q | XBRL Viewer | Altisource Portfolio Solutions SA

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LOSS PER SHARE - Schedule of Basic and Diluted Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to Altisource	$ (12,190)	$ (22,002)
Weighted average common shares outstanding, basic (in shares)	15,956	15,717
Weighted average common shares outstanding, diluted (in shares)	15,956	15,717
Loss per share:
Basic (in usd per share)	$ (0.76)	$ (1.40)
Diluted (in usd per share)	$ (0.76)	$ (1.40)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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PREMISES AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of premises and equipment, net

Premises and equipment, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Computer hardware and software	$	48,935	$	50,452
Leasehold improvements	5,837		5,927
Furniture and fixtures	3,856		4,441
Office equipment and other	438		811

	59,066		61,631
Less: Accumulated depreciation and amortization	(53,139)		(54,758)

Total	$	5,927	$	6,873

Schedule of premises and equipment, net by country

Our services are provided to customers primarily located in the United States. Premises and equipment net, consist of the following, by country:


(in thousands)	March 31, 2022		December 31, 2021

Luxembourg	$	3,526	$	3,883
United States	1,475		1,932
India	878		999
Uruguay	48		59


Total	$	5,927	$	6,873

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Billed	$	15,717	$	17,907
Unbilled	7,412		5,398
	23,129		23,305
Less: Allowance for credit losses	(4,811)		(5,297)

Total	$	18,318	$	18,008

Unbilled accounts receivable consist primarily of certain real estate asset management, REO sales, title and closing services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and foreclosure trustee services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month.

We are exposed to credit losses through our sales of products and services to our customers which are recorded as accounts receivable, net on the Company’s condensed consolidated financial statements. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. Estimated credit losses are written off in the period in which the financial asset is determined to be no longer collectible. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to our allowance for credit losses.

Changes in the allowance for expected credit losses consist of the following:


			Additions
(in thousands)	Balance at Beginning of Period		Charged to Expenses		Deductions Note (1)		Balance at End of Period

Allowance for expected credit losses:

Three months ended March 31, 2022	$	5,297	$	343	$	829	$	4,811
Twelve months ended December 31, 2021	5,581		1,354		1,638		5,297

______________________________________

(1) Amounts written off as uncollectible or transferred to other accounts or utilized.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (12,029)	$ (21,915)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	958	1,184
Amortization of right-of-use assets under operating leases	1,144	1,927
Amortization of intangible assets	1,284	2,599
Share-based compensation expense	1,290	1,438
Bad debt expense	343	217	$ 1,354
Amortization of debt discount	166	168
Amortization of debt issuance costs	276	215
Deferred income taxes	67	562
Loss on disposal of fixed assets	0	7
Changes in operating assets and liabilities:
Accounts receivable	(653)	2,240
Prepaid expenses and other current assets	(3,558)	(1,486)
Other assets	143	258
Accounts payable and accrued expenses	(4,515)	11
Current and non-current operating lease liabilities	(1,279)	(1,941)
Other current and non-current liabilities	(547)	(2,294)
Net cash used in operating activities	(16,910)	(16,810)
Cash flows from investing activities:
Additions to premises and equipment	(74)	(467)
Proceeds from the sale of business	0	3,000
Net cash (used in) provided by investing activities	(74)	2,533
Cash flows from financing activities:
Distributions to non-controlling interests	(264)	(1,395)
Payments of tax withholding on issuance of restricted share units and restricted shares	(1,014)	(830)
Net cash used in financing activities	(1,278)	(2,225)
Net decrease in cash, cash equivalents and restricted cash	(18,262)	(16,502)
Cash, cash equivalents and restricted cash at the beginning of the period	102,149	62,096	62,096
Cash, cash equivalents and restricted cash at the end of the period	83,887	45,594	$ 102,149
Supplemental cash flow information:
Interest paid	3,090	3,090
Income taxes paid, net	3,257	902
Acquisition of right-of-use assets with operating lease liabilities	29	15
Reduction of right-of-use assets from operating lease modifications or reassessments	(173)	0
Non-cash investing and financing activities:
Net decrease in payables for purchases of premises and equipment	$ (62)	$ (78)

LOSS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

LOSS PER SHARE

Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share excludes all dilutive securities because their impact would be anti-dilutive, as described below.

Basic and diluted loss per share are calculated as follows:


	Three months ended March 31,
(in thousands, except per share data)		2022		2021

Net loss attributable to Altisource		$	(12,190)	$	(22,002)

Weighted average common shares outstanding, basic		15,956		15,717


Weighted average common shares outstanding, diluted		15,956		15,717

Loss per share:
Basic		$	(0.76)	$	(1.40)
Diluted		$	(0.76)	$	(1.40)

For the three months ended March 31, 2022 and 2021, 1.5 million and 1.7 million, respectively, stock options, restricted shares and restricted share units, were excluded from the computation of loss per share, as a result of the following:

•For both the three months ended March 31, 2022 and 2021, 0.3 million stock options, restricted shares and restricted share units were anti-dilutive and have been excluded from the computation of diluted loss per share because the Company incurred a net loss

•For both the three months ended March 31, 2022 and 2021, 0.3 million stock options were anti-dilutive and have been excluded from the computation of diluted loss per share because their exercise price was greater than the average market price of our common stock

•For the three months ended March 31, 2022 and 2021, 0.9 million and 1.2 million, respectively, stock options, restricted shares and restricted share units, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and a total shareholder return compared to the market benchmark, that have not yet been met in each period have been excluded from the computation of diluted loss per share

OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets

Other assets consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Restricted cash	$	3,935	$	4,017
Security deposits	966		1,043

Other	1,108		1,072

Total	$	6,009	$	6,132

LONG-TERM DEBT - Narrative (Details)		1 Months Ended
LONG-TERM DEBT - Narrative (Details)	Jun. 22, 2021 USD ($)	Apr. 30, 2018 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 27, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount					$ 1,300,000
Debt issuance costs, net			$ 1,400,000	$ 1,600,000
Accumulated amortization, debt issuance costs			$ (3,100,000)	(2,900,000)
Altisource S.A.R.L.
Debt Instrument [Line Items]
Noncontrolling ownership percentage			24.00%
Credit Facility
Debt Instrument [Line Items]
Payment due date default period	3 days
Debt issuance costs, net			$ 397,000	441,000
Accumulated amortization, debt issuance costs			(100,000)	(100,000)
Term	3 years
Interest rate	9.00%
Upfront fee	$ 500,000
Unused commitment fee	0.50%
Covenant threshold	$ 40,000,000
Senior secured term loans			$ 0	$ 0
Credit Facility Borrowings Through June 22, 2022 \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	20,000,000
Outstanding balance threshold	15,000,000
Credit Facility Borrowings Through June 22, 2023 \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	15,000,000
Outstanding balance threshold	10,000,000
Credit Facility Borrowings Through End Of Term \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000
Term B loans \| April 3, 2018 Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount		$ 412,000,000
Leverage ratio to avoid mandatory prepayments under the Credit Agreement		3.00
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)		3.50
Interest rate at the end of the period			5.00%
Term B loans \| April 3, 2018 Credit Agreement \| Maximum
Debt Instrument [Line Items]
Amount of principal or interest if failed to pay considered as event of default		$ 40,000,000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default		40,000,000
Amount of unbonded, undischarged or unstayed debt under entry by court of one or more judgments for certain period to determine as event of default		$ 40,000,000
Term B loans \| April 3, 2018 Credit Agreement \| Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate		1.00%
Interest rate margin		4.00%
Term B loans \| April 3, 2018 Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate		2.00%
Interest rate margin		3.00%
Line of Credit \| April 3, 2018 Credit Agreement \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 15,000,000
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)		3.50
Potential increase in additional borrowings		$ 125,000,000
Potential increase in additional borrowings, sublimit		$ 80,000,000
Payment due date default period		5 days

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: Debt issuance costs, net	$ (1,400)	$ (1,600)
Long-term debt	244,079	243,637
Credit Facility
Debt Instrument [Line Items]
Senior secured term loans	0	0
Less: Debt issuance costs, net	(397)	(441)
Total Long-term debt	(397)	(441)
Senior secured term loans
Debt Instrument [Line Items]
Senior secured term loans	247,204	247,204
Less: Debt issuance costs, net	(1,400)	(1,632)
Less: Unamortized discount, net	(1,328)	(1,494)
Total Long-term debt	$ (244,476)	$ (244,078)

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

CUSTOMER CONCENTRATION

3 Months Ended

Mar. 31, 2022

CUSTOMER CONCENTRATION

Ocwen

Ocwen Financial Corporation (together with its subsidiaries, “Ocwen”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of MSRs owned by others.

During the three months ended March 31, 2022, Ocwen was our largest customer, accounting for 35% of our total revenue. Ocwen purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Ocwen Services Agreements”) with terms extending through August 2030. Certain of the Ocwen Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things.

Revenue from Ocwen primarily consists of revenue earned from the loan portfolios serviced and subserviced by Ocwen when Ocwen engages us as the service provider, and revenue earned directly from Ocwen, pursuant to the Ocwen Services Agreements. For the three months ended March 31, 2022 and 2021, we recognized revenue from Ocwen of $13.7 million and $16.9 million, respectively. Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows for the three months ended March 31:


	2022		2021

Servicer and Real Estate	48	%	52	%
Origination	—	%	—	%
Corporate and Others	—	%	2	%
Consolidated revenue	35	%	34	%

We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSR owner selects Altisource as the service provider. For the three months ended March 31, 2022 and 2021, we recognized revenue of $2.4 million and $2.6 million, respectively, of such revenue. These amounts are not included in deriving revenue from Ocwen and revenue from Ocwen as a percentage of revenue discussed above.

As of March 31, 2022, accounts receivable from Ocwen totaled $4.3 million, $3.3 million of which was billed and $1.0 million of which was unbilled. As of December 31, 2021, accounts receivable from Ocwen totaled $3.0 million, $2.8 million of which was billed and $0.2 million of which was unbilled.

NRZ

New Residential Investment Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “NRZ”) is a real estate investment trust that invests in and manages investments primarily related to residential real estate, including MSRs and excess MSRs.

Ocwen has disclosed that NRZ is its largest client. As of December 31, 2021, approximately 21% of loans serviced and subserviced by Ocwen (measured in unpaid principal balance (“UPB”)) were related to NRZ MSRs or rights to MSRs (the “Subject MSRs”).

NRZ purchases brokerage services for real estate owned (“REO”) exclusively from us, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Brokerage Agreement”) with terms extending through August 2025.

For the three months ended March 31, 2022 and 2021, we recognized revenue from NRZ of $0.9 million and $0.8 million, respectively, under the Brokerage Agreement. For the three months ended March 31, 2022 and 2021, we recognized additional revenue of $3.7 million and $3.4 million, respectively, relating to the Subject MSRs when a party other than NRZ selects Altisource as the service provider.

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands		3 Months Ended			12 Months Ended
	May 27, 2021 USD ($)	Mar. 31, 2022 USD ($) installment	Mar. 31, 2022 USD ($) segment installment	Mar. 31, 2022 USD ($) installment	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)
Summary of significant accounting policies
Number of reporting segments			2	2
Total assets:		$ 239,777	$ 239,777	$ 239,777		$ 257,808
Contributions for the creation of Pointillist					$ 8,500
Debt instrument, face amount	$ 1,300
Threshold for sale of equity	5,000
Pointillist valuation	$ 13,100
Convertible debt payable to related parties \| Convertible Notes Due January 2023
Summary of significant accounting policies
Interest rate	7.00%
Pointillist, Inc. \| Pointillist Management
Summary of significant accounting policies
Noncontrolling ownership percentage					12.10%
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of terms \| installment		3	3	3
Agreement term		5 years
Total assets:		$ 1,700	$ 1,700	$ 1,700		2,200
Total liabilities		$ 1,000	$ 1,000	$ 1,000		$ 1,400

LOSS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	1.5	1.7
Employee and Nonemployee Stock Options, Restricted Stock and Restricted Stock Units Whose Impacts are Anti-Dilutive
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	0.3	0.3
Options Whose Exercise Price is Greater than Average Market Price
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	0.3	0.3
Options and Restricted Shares Issuable upon Achievement of Certain Market and Performance Criteria That Has Not Been Met
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	0.9	1.2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Total







Balance as of March 31, 2022 and December 31, 2021	$	30,681	$	25,279	$	—	$	55,960

We determined that each reportable segment represents a reporting unit. Goodwill was allocated to each reporting unit based on the relative fair value of each of our reporting units.

Schedule of intangible assets, net

Intangible assets, net consist of the following:


	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization				Net book value
(in thousands)		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(195,344)	$	(194,594)	$	18,963	$	19,713
Operating agreement	20	35,000		35,000		(21,292)		(20,854)		13,708		14,146
Trademarks and trade names	16	9,709		9,709		(6,805)		(6,709)		2,904		3,000



Total		$	259,016	$	259,016	$	(223,441)	$	(222,157)	$	35,575	$	36,859

LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted EPS calculation

Basic and diluted loss per share are calculated as follows:


	Three months ended March 31,
(in thousands, except per share data)		2022		2021

Net loss attributable to Altisource		$	(12,190)	$	(22,002)

Weighted average common shares outstanding, basic		15,956		15,717


Weighted average common shares outstanding, diluted		15,956		15,717

Loss per share:
Basic		$	(0.76)	$	(1.40)
Diluted		$	(0.76)	$	(1.40)

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Term and Assumption (Details)	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	3 years 5 months 23 days	3 years 21 days
Weighted average discount rate	5.70%	7.01%

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net
Accounts receivable, gross	$ 23,129	$ 23,305
Less: Allowance for credit losses	(4,811)	(5,297)	$ (5,581)
Total	18,318	18,008
Billed
Accounts receivable, net
Accounts receivable, gross	15,717	17,907
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 7,412	$ 5,398

OTHER ASSETS

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Restricted cash	$	3,935	$	4,017
Security deposits	966		1,043

Other	1,108		1,072

Total	$	6,009	$	6,132

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Operating lease liabilities	$ 4,409	$ 5,029
Income tax liabilities	14,034	14,156
Deferred revenue	70	0
Other non-current liabilities	81	81
Total	$ 18,594	$ 19,266

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 79,952	$ 98,132
Accounts receivable, net	18,318	18,008
Prepaid expenses and other current assets	25,422	21,864
Total current assets	123,692	138,004
Premises and equipment, net	5,927	6,873
Right-of-use assets under operating leases	6,306	7,594
Goodwill	55,960	55,960
Intangible assets, net	35,575	36,859
Deferred tax assets, net	6,308	6,386
Other assets	6,009	6,132
Total assets	239,777	257,808
Current liabilities:
Accounts payable and accrued expenses	41,958	46,535
Deferred revenue	$ 3,947	$ 4,342
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 2,967	$ 3,870
Total current liabilities	48,872	54,747
Long-term debt	244,079	243,637
Deferred tax liabilities, net	$ 9,119	$ 9,028
Other non-current liabilities	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 18,594	$ 19,266
Commitments, contingencies and regulatory matters (Note 21)
Equity (deficit):
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,057 outstanding as of March 31, 2022; 15,911 outstanding as of December 31, 2021)	25,413	25,413
Additional paid-in capital	145,588	144,298
Retained earnings	163,796	186,592
Treasury stock, at cost (9,356 shares as of March 31, 2022 and 9,502 shares as of December 31, 2021)	(416,853)	(426,445)
Altisource deficit	(82,056)	(70,142)
Non-controlling interests	1,169	1,272
Total deficit	(80,887)	(68,870)
Total liabilities and deficit	$ 239,777	$ 257,808

OTHER (EXPENSE) INCOME, NET

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

OTHER (EXPENSE) INCOME, NET

Other (expense) income, net consists of the following:


	Three months ended March 31,
(in thousands)		2022		2021

Interest income (expense)		$	45	$	(21)
Other, net		695		970

Total		$	740	$	949

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Effective January 1, 2022, our reportable segments changed as a result of a change in the way our Chief Executive Officer (our chief operating decision maker) manages our businesses, allocates resources and evaluates performance, and the related changes in our internal organization. We now report our operations through two new reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately. Prior to the January 1, 2022 change in reportable segments, the Company operated with one reportable segment (total Company). Prior year comparable period segment disclosures have been restated to conform to the current year presentation. See Note 22 for a description of our business segments. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
Future Adoption of New Accounting Pronouncements	Future Adoption of New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. This standard applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This standard provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR. This standard is effective from the period from March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a topic or an industry subtopic, the standard must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,413,000	25,413,000
Common stock, shares outstanding (in shares)	16,057,000	15,911,000
Treasury shares (in shares)	9,356,000	9,502,000

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk
Revenue	$ 39,516	$ 50,465
Customer Concentration Risk \| Ocwen
Concentration Risk
Accounts receivable	4,300		$ 3,000
Customer Concentration Risk \| Ocwen \| Billed
Concentration Risk
Accounts receivable	3,300		2,800
Customer Concentration Risk \| Ocwen \| Unbilled
Concentration Risk
Accounts receivable	$ 1,000		$ 200
Customer Concentration Risk \| Ocwen \| Revenue
Concentration Risk
Concentration percentage	35.00%	34.00%
Revenue	$ 13,700	$ 16,900
Customer Concentration Risk \| Highly Correlated - Ocwen \| Revenue
Concentration Risk
Concentration percentage	6.00%
Revenue	$ 2,400	2,600
Customer Concentration Risk \| NRZ \| Revenue
Concentration Risk
Revenue	900	800
Percentage of loans serviced and subserviced by largest customer's largest client			21.00%
Customer Concentration Risk \| Highly Correlated - NRZ \| Revenue
Concentration Risk
Revenue	$ 3,700	$ 3,400

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - RSU (Details) - Restricted Stock And Restricted Stock Units	3 Months Ended
	Mar. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of period (in shares)	677,175
Granted (in shares)	387,761
Issued (in shares)	(146,567)
Forfeited/canceled (in shares)	(126,564)
Outstanding at the end of period (in shares)	791,805

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Dec. 01, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business			$ 0	$ 3,000
Pointillist, Inc. \| Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Future proceeds from divestiture of business		$ 300
Pointillist, Inc. \| Forecast \| Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business	$ 3,500

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 958	$ 1,184

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Gross carrying amount	$ 259,016	$ 259,016
Accumulated amortization	(223,441)	(222,157)
Net book value	35,575	36,859
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	214,307	214,307
Accumulated amortization	(195,344)	(194,594)
Net book value	18,963	19,713
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000	35,000
Accumulated amortization	(21,292)	(20,854)
Net book value	13,708	14,146
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	9,709	9,709
Accumulated amortization	(6,805)	(6,709)
Net book value	$ 2,904	$ 3,000
Weighted Average \| Customer related intangible assets
Intangible Assets, Net
Weighted average estimated useful life (in years)	9 years
Weighted Average \| Operating agreement
Intangible Assets, Net
Weighted average estimated useful life (in years)	20 years
Weighted Average \| Trademarks and trade names
Intangible Assets, Net
Weighted average estimated useful life (in years)	16 years

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 39,516	$ 50,465
Cost of revenue	33,869	50,158
Gross profit	5,647	307
Operating expenses:
Selling, general and administrative expenses	13,974	18,886
Loss from operations	(8,327)	(18,579)
Other income (expense), net
Interest expense	(3,556)	(3,442)
Other income, net	740	949
Total other income (expense), net	(2,816)	(2,493)
Loss before income taxes and non-controlling interests	(11,143)	(21,072)
Income tax provision	(886)	(843)
Net loss	(12,029)	(21,915)
Net income attributable to non-controlling interests	(161)	(87)
Net loss attributable to Altisource	$ (12,190)	$ (22,002)
Loss per share:
Basic (in usd per share)	$ (0.76)	$ (1.40)
Diluted (in usd per share)	$ (0.76)	$ (1.40)
Weighted average shares outstanding:
Basic (in shares)	15,956	15,717
Diluted (in shares)	15,956	15,717
Comprehensive loss:
Comprehensive loss, net of tax	$ (12,029)	$ (21,915)
Comprehensive income attributable to non-controlling interests	(161)	(87)
Comprehensive loss attributable to Altisource	$ (12,190)	$ (22,002)

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other current liabilities
Operating lease liabilities	$ 2,090	$ 2,893
Other	877	977
Total	$ 2,967	$ 3,870

REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

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 income to arrive at net income 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 March 31,
(in thousands)		2022		2021

Service revenue		$	37,763	$	48,080
Reimbursable expenses		1,592		2,013
Non-controlling interests		161		372

Total		$	39,516	$	50,465

Disaggregation of Revenue

Disaggregation of total revenues by segment and major source is as follows:


	Three months ended March 31, 2022
(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	$	24,659	$	2,498	$	1,379	$	28,536
Origination	10,759		8		213		10,980

Total revenue	$	35,418	$	2,506	$	1,592	$	39,516


	Three months ended March 31, 2021
(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	$	28,045	$	2,631	$	1,965	$	32,641
Origination	17,206		13		48		17,267
Corporate and Others	—		557		—		557
Total revenue	$	45,251	$	3,201	$	2,013	$	50,465

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 condensed consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $1.8 million and $2.2 million for the three months ended March 31, 2022 and 2021, respectively

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of financial information of segments

Financial information for our segments is as follows:


	Three months ended March 31, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	28,536	$	10,980	$	—	$	39,516
Cost of revenue	19,740		9,307		4,822		33,869
Gross profit (loss)	8,796		1,673		(4,822)		5,647
Selling, general and administrative expenses	3,059		2,120		8,795		13,974
Income (loss) from operations	5,737		(447)		(13,617)		(8,327)
Total other income (expense), net	—		—		(2,816)		(2,816)

Income (loss) before income taxes and non-controlling interests	$	5,737	$	(447)	$	(16,433)	$	(11,143)


	Three months ended March 31, 2021
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	32,641	$	17,267	$	557	$	50,465
Cost of revenue	25,771		14,286		10,101		50,158
Gross profit (loss)	6,870		2,981		(9,544)		307
Selling, general and administrative expenses	3,854		1,310		13,722		18,886
Income (loss) from operations	3,016		1,671		(23,266)		(18,579)
Total other income (expense), net	2		—		(2,495)		(2,493)

Income (loss) before income taxes and non-controlling interests	$	3,018	$	1,671	$	(25,761)	$	(21,072)


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Total assets:
March 31, 2022	$	64,451	$	59,829	$	115,497	$	239,777
December 31, 2021	61,832		59,741		136,235		257,808

Schedule of premises and equipment, net by country

Our services are provided to customers primarily located in the United States. Premises and equipment net, consist of the following, by country:


(in thousands)	March 31, 2022		December 31, 2021

Luxembourg	$	3,526	$	3,883
United States	1,475		1,932
India	878		999
Uruguay	48		59


Total	$	5,927	$	6,873

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 39,516	$ 50,465
Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		557
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	35,418	45,251
Revenue recognized when services are performed or assets are sold \| Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		0
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	2,506	3,201
Revenue related to technology platforms and professional services \| Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		557
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	1,592	2,013
Reimbursable expenses revenue \| Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		0
Servicer and Real Estate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	28,536	32,641
Servicer and Real Estate \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	24,659	28,045
Servicer and Real Estate \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,498	2,631
Servicer and Real Estate \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	1,379	1,965
Origination \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	10,980	17,267
Origination \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	10,759	17,206
Origination \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	8	13
Origination \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 213	$ 48

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of revenue

The components of revenue were as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Service revenue		$	37,763	$	48,080
Reimbursable expenses		1,592		2,013
Non-controlling interests		161		372

Total		$	39,516	$	50,465

Disaggregation of revenue

Disaggregation of total revenues by segment and major source is as follows:


	Three months ended March 31, 2022
(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	$	24,659	$	2,498	$	1,379	$	28,536
Origination	10,759		8		213		10,980

Total revenue	$	35,418	$	2,506	$	1,592	$	39,516


	Three months ended March 31, 2021
(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	$	28,045	$	2,631	$	1,965	$	32,641
Origination	17,206		13		48		17,267
Corporate and Others	—		557		—		557
Total revenue	$	45,251	$	3,201	$	2,013	$	50,465

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Income taxes receivable	$	7,650	$	8,403
Maintenance agreements, current portion	1,281		1,717
Prepaid expenses	5,783		2,865
Other current assets	10,708		8,879

Total	$	25,422	$	21,864

ACCOUNTS RECEIVABLE, NET - Schedule of Allowance for Doubtful Accounts and Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Allowance for expected credit losses:
Balance at Beginning of Period	$ 5,297	$ 5,581	$ 5,581
Charged to Expenses	343	$ 217	1,354
Deductions Note	829		1,638
Balance at End of Period	$ 4,811		$ 5,297

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets under operating leases	$ 14,886		$ 19,595
Less: Accumulated amortization	(8,580)		(12,001)
Total	6,306		$ 7,594
Amortization of right-of-use assets under operating leases	$ 1,144	$ 1,927

SEGMENT REPORTING - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
SEGMENT REPORTING
Revenue	$ 39,516	$ 50,465
Cost of revenue	33,869	50,158
Gross profit	5,647	307
Operating expenses:
Selling, general and administrative expenses	13,974	18,886
Loss from operations	(8,327)	(18,579)
Total other income (expense), net	(2,816)	(2,493)
Loss before income taxes and non-controlling interests	(11,143)	(21,072)
Total assets:
Total assets:	239,777		$ 257,808
Corporate and Others
SEGMENT REPORTING
Revenue	0	557
Cost of revenue	4,822	10,101
Gross profit	(4,822)	(9,544)
Operating expenses:
Selling, general and administrative expenses	8,795	13,722
Loss from operations	(13,617)	(23,266)
Total other income (expense), net	(2,816)	(2,495)
Loss before income taxes and non-controlling interests	(16,433)	(25,761)
Total assets:
Total assets:	115,497		136,235
Servicer and Real Estate \| Operating Segments
SEGMENT REPORTING
Revenue	28,536	32,641
Cost of revenue	19,740	25,771
Gross profit	8,796	6,870
Operating expenses:
Selling, general and administrative expenses	3,059	3,854
Loss from operations	5,737	3,016
Total other income (expense), net	0	2
Loss before income taxes and non-controlling interests	5,737	3,018
Total assets:
Total assets:	64,451		61,832
Origination \| Operating Segments
SEGMENT REPORTING
Revenue	10,980	17,267
Cost of revenue	9,307	14,286
Gross profit	1,673	2,981
Operating expenses:
Selling, general and administrative expenses	2,120	1,310
Loss from operations	(447)	1,671
Total other income (expense), net	0	0
Loss before income taxes and non-controlling interests	(447)	$ 1,671
Total assets:
Total assets:	$ 59,829		$ 59,741

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Senior secured term loans	$	247,204	$	247,204
Less: Debt issuance costs, net	(1,400)		(1,632)
Less: Unamortized discount, net	(1,328)		(1,494)


Total Senior secured term loans	244,476		244,078

Credit Facility	—		—
Less: Debt issuance costs, net	(397)		(441)
Net Credit Facility	(397)		(441)



Total Long-term debt	$	244,079	$	243,637

Credit Agreement

Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l. entered into a credit agreement (the “Credit Agreement”) in April 2018 with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders. Under the Credit Agreement, Altisource borrowed $412.0 million in the form of Term B Loans and obtained a $15.0 million revolving credit facility. The Term B Loans mature in April 2024. Altisource terminated the revolving credit facility on December 1, 2021. Altisource Portfolio Solutions S.A. and certain subsidiaries are guarantors of the Term B Loans (collectively, the “Guarantors”).

There are no mandatory repayments of the Term B Loans except as set forth below until the April 2024 maturity when the balance is due. All amounts outstanding under the Term B Loans will become due on the earlier of (i) April 3, 2024, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Credit Agreement; other capitalized terms, unless defined herein, are defined in the Credit Agreement) or as otherwise provided in the Credit Agreement upon the occurrence of any event of default.

In addition to the scheduled principal payments, subject to certain exceptions, the Term B Loans are subject to mandatory prepayment upon issuances of debt, certain casualty and condemnation events and sales of assets, as well as from a percentage of Consolidated Excess Cash Flow if our leverage ratio as of each year-end computation date is greater than 3.00 to 1.00, as calculated in accordance with the provisions of the Credit Agreement (the percentage increases if our leverage ratio exceeds 3.50 to 1.00).

Altisource may incur incremental indebtedness under the Credit Agreement from one or more incremental lenders, which may include existing lenders, in an aggregate incremental principal amount not to exceed $125.0 million, subject to certain conditions set forth in the Credit Agreement, including a sublimit of $80.0 million with respect to incremental revolving credit commitments and, after giving effect to the incremental borrowing, the Company’s leverage ratio does not exceed 3.00 to 1.00. The lenders have no obligation to provide any incremental indebtedness.

The Term B Loans bear interest at rates based upon, at our option, the Adjusted Eurodollar Rate or the Base Rate. Adjusted Eurodollar Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Adjusted Eurodollar Rate for a three month interest period and (y) 1.00% plus (ii) 4.00%. Base Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Base Rate and (y) 2.00% plus (ii) 3.00%. The interest rate as of March 31, 2022 was 5.00%.

The payment of all amounts owing by Altisource under the Credit Agreement is guaranteed by the Guarantors and is secured by a pledge of all equity interests of certain subsidiaries of Altisource, as well as a lien on substantially all of the assets of Altisource S.à r.l. and the Guarantors, subject to certain exceptions.

The Credit Agreement includes covenants that restrict or limit, among other things, our ability, subject to certain exceptions and baskets, to incur indebtedness; incur liens on our assets; sell, transfer or dispose of assets; make Restricted Junior Payments including share repurchases, dividends and repayment of junior indebtedness; make investments; dispose of equity interests of any Material Subsidiaries; engage in a line of business substantially different than existing businesses and businesses reasonably related, complimentary or ancillary thereto; amend material debt agreements or other material contracts; engage in certain transactions with affiliates; enter into sale/leaseback transactions; grant negative pledges or agree to such other

restrictions relating to subsidiary dividends and distributions; make changes to our fiscal year; and engage in mergers and consolidations.

The Credit Agreement contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Credit Agreement within five days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described in the Credit Agreement, (iv) failure to pay principal or interest on any other debt that equals or exceeds $40.0 million when due, (v) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events, (viii) entry by a court of one or more judgments against us in an amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (ix) the occurrence of certain ERISA events and (x) the failure of certain Loan Documents to be in full force and effect. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Agreement or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of March 31, 2022, debt issuance costs were $1.4 million, net of $3.1 million of accumulated amortization. As of December 31, 2021, debt issuance costs were $1.6 million, net of $2.9 million of accumulated amortization.

Credit Facility

On June 22, 2021 Altisource S.à r.l, a subsidiary of Altisource Portfolio Solutions S.A., entered into a revolving credit facility with a related party, STS Master Fund, Ltd. (“STS”) (the “Credit Facility”). STS is an investment fund managed by Deer Park Road Management Company, LP. Deer Park Road Management Company, LP owns approximately 24% of Altisource’s common stock as of March 31, 2022. Deer Park’s Chief Investment Officer and managing partner was a member of Altisource’s Board of Directors until his resignation on March 1, 2022. The replacement director appointed by the Board of Directors is a current employee of Deer Park. Under the terms of the Credit Facility, STS will make loans to Altisource from time to time, in amounts requested by Altisource and Altisource may voluntarily prepay all or any portion of the outstanding loans at any time. The Credit Facility provides Altisource the ability to borrow a maximum amount of $20.0 million through June 22, 2022, $15.0 million through June 22, 2023, and $10.0 million until the end of the term. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below.

Outstanding amounts borrowed pursuant to the Credit Facility will amortize over the three-year term as follows: on June 22, 2022, the difference between the then outstanding balance above $15.0 million and $15.0 million, on June 22, 2023, the difference between the then outstanding balance above $10.0 million and $10.0 million, and on June 22, 2024, the then outstanding balance of the loan will be due and payable by Altisource.

Borrowings under the Credit Facility bear interest at 9.00% per annum and are payable quarterly on the last business day of each March, June, September and December, commencing on September 30, 2021. In connection with the Credit Facility, Altisource is required to pay customary fees, including an upfront fee equal to $0.5 million at the initial extension of credit pursuant to the facility, an unused line fee of 0.5% and, an early termination fee in the event of a refinancing transaction.

Altisource’s obligations under the Credit Facility are secured by a lien on all equity in Altisource’s subsidiary incorporated in India, Altisource Business Solutions Private Limited, pursuant to a pledge agreement entered into by Altisource Asia Holdings Ltd I, a wholly owned Altisource subsidiary.

The Credit Facility contains additional representations, warranties, covenants, terms and conditions customary for transactions of this type, that restrict or limit, among other things, our ability to use the proceeds of credit only for general corporate purposes.

The Credit Facility contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Credit Facility within three business days of becoming due, (ii) failure to perform or observe any material provisions of the Credit Documents to be performed or complied with, (iii) material incorrectness of representations and warranties when made, (iv) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (v) entry by a court of one or more judgments against us in an amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Facility or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of March 31, 2022 and December 31, 2021, there was no outstanding debt under the Credit Facility. As of March 31, 2022 and December 31, 2021, debt issuance costs were $0.4 million, net of $0.1 million of accumulated amortization.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of Grant Date Fair Value of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted per share	$ 8.19	$ 0
Intrinsic value of options exercised	$ 0	$ 0
Grant date fair value of stock options that vested	$ 1,031	$ 1,186

OTHER (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Interest income (expense)	$ 45	$ (21)
Other, net	695	970
Total	$ 740	$ 949

OTHER (EXPENSE) INCOME, NET (Tables)

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Schedule of other (expense) income, net

Other (expense) income, net consists of the following:


	Three months ended March 31,
(in thousands)		2022		2021

Interest income (expense)		$	45	$	(21)
Other, net		695		970

Total		$	740	$	949

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Income taxes receivable	$	7,650	$	8,403
Maintenance agreements, current portion	1,281		1,717
Prepaid expenses	5,783		2,865
Other current assets	10,708		8,879

Total	$	25,422	$	21,864

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recognized an income tax provision of $0.9 million and $0.8 million for the three months ended March 31, 2022 and 2021, respectively. The income tax provision for the three months ended March 31, 2022 was driven by income tax on transfer pricing income from India, no tax benefit on the pretax loss from our Luxembourg operating company and uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

3 Months Ended

Mar. 31, 2022

Selling, General and Administrative Expense [Abstract]

Schedule of the components of selling, general and administrative expenses

The components of selling, general and administrative expenses were as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Compensation and benefits		$	5,409	$	7,852
Amortization of intangible assets		1,284		2,599
Professional services		2,749		3,218
Occupancy related costs		1,624		3,180
Marketing costs		887		474
Depreciation and amortization		337		384
Other		1,684		1,179

Total		$	13,974	$	18,886

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Lease term and assumption

Information about our lease terms and our discount rate assumption is as follows for the three months ended March 31:



	2022		2021

Weighted average remaining lease term (in years)	3.48		3.06
Weighted average discount rate	5.70	%	7.01	%

Lease activity during period

Our lease activity during the period is as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Operating lease costs:
Selling, general and administrative expense		$	934	$	2,092
Cost of revenue		265		171

Cash used in operating activities for amounts included in the measurement of lease liabilities		$	1,182	$	3,078
Short-term (twelve months or less) lease costs		28		481

Maturities of operating lease liabilities

Maturities of our lease liabilities as of March 31, 2022 are as follows:


(in thousands)	Operating lease obligations

2022	$	1,658
2023	2,047
2024	1,543
2025	1,109
2026	563

Total lease payments	6,920
Less: interest	(421)

Present value of lease liabilities	$	6,499

CUSTOMER CONCENTRATION - Schedule of Revenue from Ocwen (Details) - Ocwen - Revenue - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Concentration percentage	35.00%	34.00%
Corporate and Others
Concentration Risk [Line Items]
Concentration percentage	0.00%	2.00%
Servicer and Real Estate \| Operating Segments
Concentration Risk [Line Items]
Concentration percentage	48.00%	52.00%
Origination \| Operating Segments
Concentration Risk [Line Items]
Concentration percentage	0.00%	0.00%

CUSTOMER CONCENTRATION (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Revenue from Major Customers by Reporting Segments

Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows for the three months ended March 31:


	2022		2021

Servicer and Real Estate	48	%	52	%
Origination	—	%	—	%
Corporate and Others	—	%	2	%
Consolidated revenue	35	%	34	%

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	March 31, 2022								December 31, 2021
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	79,952	$	79,952	$	—	$	—	$	98,132	$	98,132	$	—	$	—
Restricted cash	3,935		3,935		—		—		4,017		4,017		—		—

Short-term receivable	3,688		—		—		3,688		3,643		—		—		3,643


Liabilities:
Senior secured term loan	247,204		—		220,012		—		247,204		—		224,956		—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 79,952	$ 98,132
Restricted cash	3,935	4,017
Short-term receivable	3,688	3,643
Level 1 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	79,952	98,132
Restricted cash	3,935	4,017
Short-term receivable	0	0
Level 2 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	0	0
Level 3 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	3,688	3,643
Senior secured term loan
Liabilities:
Convertible debt payable to related parties	247,204	247,204
Senior secured term loan \| Level 1 \| Fair Value, Measurements, Recurring
Liabilities:
Convertible debt payable to related parties	0	0
Senior secured term loan \| Level 2 \| Fair Value, Measurements, Recurring
Liabilities:
Convertible debt payable to related parties	220,012	224,956
Senior secured term loan \| Level 3 \| Fair Value, Measurements, Recurring
Liabilities:
Convertible debt payable to related parties	$ 0	$ 0

REVENUE - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in the contract liability at the beginning of the period	$ 1.8	$ 2.2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock, at cost	Non-controlling interests
Balance (in shares) at Dec. 31, 2020		25,413
Balance at Dec. 31, 2020	$ (82,556)	$ 25,413	$ 141,473	$ 190,383	$ (441,034)	$ 1,209
Increase (Decrease) in Equity
Net loss	(21,915)			(22,002)		87
Distributions to non-controlling interest holders	(1,395)					(1,395)
Share-based compensation expense	1,438		1,438
Issuance of restricted share units and restricted shares	0			(5,905)	5,905
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(830)			(3,586)	2,756
Balance (in shares) at Mar. 31, 2021		25,413
Balance at Mar. 31, 2021	(105,258)	$ 25,413	142,911	158,890	(432,373)	(99)
Balance (in shares) at Dec. 31, 2021		25,413
Balance at Dec. 31, 2021	(68,870)	$ 25,413	144,298	186,592	(426,445)	1,272
Increase (Decrease) in Equity
Net loss	(12,029)			(12,190)		161
Distributions to non-controlling interest holders	(264)					(264)
Share-based compensation expense	1,290		1,290
Issuance of restricted share units and restricted shares	0			(6,560)	6,560
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(1,014)			(4,046)	3,032
Balance (in shares) at Mar. 31, 2022		25,413
Balance at Mar. 31, 2022	$ (80,887)	$ 25,413	$ 145,588	$ 163,796	$ (416,853)	$ 1,169

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Accounts payable	$	18,240	$	15,978
Accrued expenses - general	13,565		13,653
Accrued salaries and benefits	8,833		12,254
Income taxes payable	1,320		4,650

Total	$	41,958	$	46,535

Other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Operating lease liabilities	$	2,090	$	2,893
Other	877		977

Total	$	2,967	$	3,870

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range.

Litigation

We are currently involved in legal actions in the course of our business, some of which seek monetary damages. We do not believe that the outcome of these proceedings, both individually and in the aggregate, will have a material impact on our financial condition, results of operations or cash flows.

Regulatory Matters

Periodically, we are subject to audits, examinations and investigations by federal, state and local governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries.

Ocwen Related Matters

As discussed in Note 2, during the three months ended March 31, 2022, Ocwen was our largest customer, accounting for 35% of our total revenue. Additionally, 6% of our revenue for the three months ended March 31, 2022 was earned on the loan portfolios serviced by Ocwen, when a party other than Ocwen or the MSRs owner selected Altisource as the service provider.

Ocwen has disclosed that it is subject to a number of ongoing federal and state regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against Ocwen for substantial monetary damages. Previous regulatory actions against Ocwen have subjected Ocwen to independent oversight of its operations and placed certain restrictions on its ability to acquire servicing rights. Existing or future similar matters could result in adverse regulatory or other actions against Ocwen. In addition to the above, Ocwen may become subject to future adverse regulatory or other actions.

Ocwen has disclosed that NRZ is its largest client. As of December 31, 2021, approximately 21% of loans serviced and subserviced by Ocwen (measured in UPB) were related to NRZ MSRs or rights to MSRs.

The existence or outcome of Ocwen regulatory matters or the termination of the NRZ sub-servicing agreement with Ocwen may have significant adverse effects on Ocwen’s business and/or our continuing relationship with Ocwen. For example, Ocwen may be required to alter the way it conducts business, including the parties it contracts with for services, it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Ocwen’s business that could require it to sell assets or change its business operations. Any or all of these effects and others could result in our eventual loss of Ocwen as a customer or a reduction in the number and/or volume of services they purchase from us or the loss of other customers.

If any of the following events occurred, Altisource’s revenue could be significantly reduced and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable:

•Altisource loses Ocwen as a customer or there is a significant reduction in the volume of services they purchase from us

•Ocwen loses, sells or transfers a significant portion of its GSE or Federal Housing Administration servicing rights or subservicing arrangements or remaining other servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider

•The contractual relationship between Ocwen and NRZ changes significantly, including Ocwen’s sub-servicing arrangement with NRZ expiring without renewal, and this change results in a change in our status as a provider of services related to the Subject MSRs

•Ocwen loses state servicing licenses in states with a significant number of loans in Ocwen’s servicing portfolio

•The contractual relationship between Ocwen and Altisource changes significantly or there are significant changes to our pricing to Ocwen for services from which we generate material revenue

•Altisource otherwise fails to be retained as a service provider

Management cannot predict whether any of these events will occur or the amount of any impact they may have on Altisource.

Leases

We lease certain premises and equipment, primarily consisting of office space and information technology equipment. Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $0.3 million for the three months ended March 31, 2022 and 2021. The amortization periods of right-of-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years.

Information about our lease terms and our discount rate assumption is as follows for the three months ended March 31:



	2022		2021

Weighted average remaining lease term (in years)	3.48		3.06
Weighted average discount rate	5.70	%	7.01	%

Our lease activity during the period is as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Operating lease costs:
Selling, general and administrative expense		$	934	$	2,092
Cost of revenue		265		171

Cash used in operating activities for amounts included in the measurement of lease liabilities		$	1,182	$	3,078
Short-term (twelve months or less) lease costs		28		481

Maturities of our lease liabilities as of March 31, 2022 are as follows:


(in thousands)	Operating lease obligations

2022	$	1,658
2023	2,047
2024	1,543
2025	1,109
2026	563

Total lease payments	6,920
Less: interest	(421)

Present value of lease liabilities	$	6,499

Escrow Balances

We hold customers’ assets in escrow accounts at various financial institutions pending completion of certain real estate activities. These amounts are held in escrow accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow accounts were $23.3 million and $27.5 million as of March 31, 2022 and December 31, 2021, respectively.

COST OF REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Cost of Revenue [Abstract]

Schedule of components of cost of revenue

The components of cost of revenue were as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Compensation and benefits		$	13,521	$	22,035
Outside fees and services		12,903		18,723
Technology and telecommunications		5,232		6,587
Reimbursable expenses		1,592		2,013
Depreciation and amortization		621		800

Total		$	33,869	$	50,158

SEGMENT REPORTING - Premises and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Premises & equipment, net
Premises and equipment, net	$ 5,927	$ 6,873
Luxembourg
Premises & equipment, net
Premises and equipment, net	3,526	3,883
United States
Premises & equipment, net
Premises and equipment, net	1,475	1,932
India
Premises & equipment, net
Premises and equipment, net	878	999
Uruguay
Premises & equipment, net
Premises and equipment, net	$ 48	$ 59

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk
Sublease income	$ 0.3	$ 0.3
Amounts held in escrow and trust accounts	$ 23.3		$ 27.5
Minimum
Concentration Risk
Lease term	1 year
Maximum
Concentration Risk
Lease term	6 years
Ocwen \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer	35.00%	34.00%
Highly Correlated - Ocwen \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer	6.00%
NRZ \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client			21.00%

COST OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
COST OF REVENUE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Cost of Revenue [Abstract]
Compensation and benefits	$ 13,521	$ 22,035
Outside fees and services	12,903	18,723
Technology and telecommunications	5,232	6,587
Reimbursable expenses	1,592	2,013
Depreciation and amortization	621	800
Total	$ 33,869	$ 50,158

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ (886)	$ (843)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Share Repurchase Program

On May 15, 2018, our shareholders approved the renewal and replacement of the share repurchase program previously approved by the shareholders on May 17, 2017. Under the program, we are authorized to purchase up to 4.3 million shares of our common stock, based on a limit of 25% of the outstanding shares of common stock on the date of approval, at a minimum price of $1.00 per share and a maximum price of $500.00 per share, for a period of five years from the date of approval. As of March 31, 2022, approximately 2.4 million shares of common stock remain available for repurchase under the program. There were no purchases of shares of common stock during the three months ended March 31, 2022 and 2021. Luxembourg law limits share repurchases to the balance of Altisource Portfolio Solutions S.A. (unconsolidated parent company) retained earnings, less the value of shares repurchased. As of March 31, 2022, we can repurchase up to approximately $74 million of our common stock under Luxembourg law. Our Credit Agreement also limits the amount we can spend on share repurchases, which limit was approximately $420 million as of March 31, 2022, and may prevent repurchases in certain circumstances, including if our leverage ratio exceeds 3.50 to 1.00.

Share-Based Compensation

We issue share-based awards in the form of stock options, restricted shares and restricted share units for certain employees, officers and directors. We recognized share-based compensation expense of $1.3 million and $1.4 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, estimated unrecognized compensation costs related to share-based awards amounted to $6.1 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.64 years.

Stock Options

Stock option grants are composed of a combination of service-based, market-based and performance-based options.

Service-Based Options. These options generally vest over three or four years with equal annual vesting and generally expire on the earlier of ten years after the date of grant or following termination of service. A total of 186 thousand service-based options were outstanding as of March 31, 2022.

Market-Based Options. These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20% over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25% over the exercise price. Market-based options vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 96 thousand market-based options were outstanding as of March 31, 2022.

Performance-Based Options. These option grants generally will vest if certain specific financial measures are achieved; typically with one-fourth vesting on each anniversary of the grant date. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants generally have the opportunity to vest in 50% to 200% of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the options are canceled. The options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service in which case vesting will generally continue in accordance with the provisions of the award agreement. There were 450 thousand performance-based options outstanding as of March 31, 2022.

The Company granted 105 thousand stock options (at a weighted average exercise price of $11.86 per share) for the three months ended March 31, 2022 (no comparative amount for the three months ended March 31, 2021).

The fair values of the performance-based options are determined using the Black-Scholes option pricing model. The following assumptions were used to determine the fair values as of the grant date:


	Three months ended March 31, 2022
	Black-Scholes

Risk-free interest rate (%)	1.62
Expected stock price volatility (%)	67.75		%
Expected dividend yield	—
Expected option life (in years)	6.00
Fair value	$	7.27

We determined the expected option life of all service-based stock option grants using the simplified method, determined based on the graded vesting term plus the contractual term of the options, divided by two. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life.

The following table summarizes the grant date fair value of stock options that vested during the periods presented:


	Three months ended March 31,
(in thousands, except per share data)	2022		2021

Weighted average grant date fair value of stock options granted per share	$	8.19	$	—
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	1,031		1,186

The following table summarizes the activity related to our stock options:


	Number of options	Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2021	687,339	$	27.99	4.57	$	—
Granted	105,000	11.86

Forfeited	(59,900)	59.99

Outstanding as of March 31, 2022	732,439	27.35		5.47	—

Exercisable as of March 31, 2022	544,190	25.45		4.92	—

Other Share-Based Awards

The Company’s other share-based and similar types of awards are comprised of restricted shares and restricted share units. The restricted shares and restricted share units are comprised of a combination of service-based awards, performance-based awards and market-based awards.

Service-Based Awards. These awards generally vest over one to four year periods with vesting in equal annual installments. A total of 422 thousand service-based awards were outstanding as of March 31, 2022.

Performance-Based Awards. These awards generally vest if certain specific financial measures are achieved; generally one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and restricted share units that may vest is based on the level of achievement as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 150% of the restricted share unit award for certain awards. If the performance criteria achieved is below certain thresholds, the award is canceled. A total of 159 thousand performance-based awards were outstanding as of March 31, 2022.

Market-Based Awards. 50% of these awards generally vest if certain specific market conditions are achieved over a 30-day period and the remaining 50% of these awards generally vest on the one year anniversary of the initial vesting. The

Company estimates the grant date fair value of these awards using a lattice (binomial) model. A total of 112 thousand market-based awards were outstanding as of March 31, 2022.

Performance-Based and Market-Based Awards. These awards generally vest if certain specific financial measures are achieved and if certain specific market conditions are achieved. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 300% of the restricted share unit award for certain awards. If the performance criteria or the market criteria is below certain thresholds, the award is canceled. The Company estimates the grant date fair value of these awards using a Monte Carlo simulation model. A total of 98 thousand performance-based and market-based awards were outstanding as of March 31, 2022.

The Company granted 388 thousand restricted share units (at a weighted average grant date fair value of $10.81 per share) during the three months ended March 31, 2022. These grants include 46 thousand performance-based awards that include both a performance condition and a market condition, and 46 thousand performance-based awards for the three months ended March 31, 2022.

The following table summarizes the activity related to our restricted shares and restricted share units:


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2021			677,175
Granted			387,761
Issued			(146,567)
Forfeited/canceled			(126,564)

Outstanding as of March 31, 2022			791,805

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,658
2023	2,047
2024	1,543
2025	1,109
2026	563
Total lease payments	6,920
Less: interest	(421)
Present value of lease liabilities	$ 6,499

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Accounts payable	$	18,240	$	15,978
Accrued expenses - general	13,565		13,653
Accrued salaries and benefits	8,833		12,254
Income taxes payable	1,320		4,650

Total	$	41,958	$	46,535

Schedule of other current liabilities

Other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Operating lease liabilities	$	2,090	$	2,893
Other	877		977

Total	$	2,967	$	3,870

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Activity Related to Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Number of options
Outstanding at the beginning of the period (in shares)	687,339
Granted (in shares)	105,000	0
Forfeited (in shares)	(59,900)
Outstanding at the end of the period (in shares)	732,439
Exercisable at the end of the period (in shares)	544,190
Weighted average exercise price
Outstanding at the beginning of the period (in usd per share)	$ 27.99
Granted (in usd per share)	11.86
Forfeited (in usd per share)	59.99
Outstanding at the end of the period (in usd per share)	27.35
Exercisable at the end of the period (in usd per share)	$ 25.45
Weighted average contractual term (in years)
Weighted average contractual term	5 years 5 months 19 days		4 years 6 months 25 days
Exercisable at the end of the period	4 years 11 months 1 day
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value, beginning balance (in dollars)	$ 0
Aggregate intrinsic value, ending balance (in dollars)	0
Exercisable at the end of the period (in dollars)	$ 0

PREMISES AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Computer hardware and software	$	48,935	$	50,452
Leasehold improvements	5,837		5,927
Furniture and fixtures	3,856		4,441
Office equipment and other	438		811

	59,066		61,631
Less: Accumulated depreciation and amortization	(53,139)		(54,758)

Total	$	5,927	$	6,873

Depreciation and amortization expense amounted to $1.0 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Pricing Model (Details) - Stock Options	3 Months Ended
	Mar. 31, 2022 $ / shares
Equity And Share-Based Compensation
Risk-free interest rate (%)	162.00%
Expected stock price volatility (%)	67.75%
Expected dividend yield (%)	0.00%
Expected option life (in years)	6 years
Fair value (in usd per share)	$ 7.27

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 18,240	$ 15,978
Accrued expenses - general	13,565	13,653
Accrued salaries and benefits	8,833	12,254
Income taxes payable	1,320	4,650
Total	$ 41,958	$ 46,535

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income taxes receivable	$ 7,650	$ 8,403
Maintenance agreements, current portion	1,281	1,717
Prepaid expenses	5,783	2,865
Other current assets	10,708	8,879
Total	$ 25,422	$ 21,864

OTHER NON-CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of other non-current liabilities

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Operating lease liabilities	$	4,409	$	5,029
Income tax liabilities	14,034		14,156
Deferred revenue	70		—
Other non-current liabilities	81		81

Total	$	18,594	$	19,266

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

3 Months Ended

Mar. 31, 2022

Selling, General and Administrative Expense [Abstract]

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses include payroll and employee benefits associated with personnel employed in executive, sales and marketing, finance, technology, law, compliance, human resources, vendor management, facilities and risk management roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Compensation and benefits		$	5,409	$	7,852
Amortization of intangible assets		1,284		2,599
Professional services		2,749		3,218
Occupancy related costs		1,624		3,180
Marketing costs		887		474
Depreciation and amortization		337		384
Other		1,684		1,179

Total		$	13,974	$	18,886

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of March 31, 2022 and December 31, 2021. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	March 31, 2022								December 31, 2021
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	79,952	$	79,952	$	—	$	—	$	98,132	$	98,132	$	—	$	—
Restricted cash	3,935		3,935		—		—		4,017		4,017		—		—

Short-term receivable	3,688		—		—		3,688		3,643		—		—		3,643


Liabilities:
Senior secured term loan	247,204		—		220,012		—		247,204		—		224,956		—

Fair Value Measurements on a Recurring Basis

Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and were measured using Level 1 inputs.

The fair value of our senior secured term loan is based on quoted market prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs.

In connection with the sale of Pointillist in December 1, 2021, Altisource is to receive $3.5 million on the first anniversary of the sale closing and $0.3 million following the confirmation of closing date working capital (See Note 3 for additional information). We measure short-term receivables without a stated interest rate based on the present value of the future payments.

There were no transfers between different levels during the periods presented.

Concentrations of Credit Risk

Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derived 35% of its revenue from Ocwen for the three months ended March 31, 2022 (see Note 2 for additional information on Ocwen revenues and accounts receivable balance). The Company strives to mitigate its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following is a summary of goodwill by segment:


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Total







Balance as of March 31, 2022 and December 31, 2021	$	30,681	$	25,279	$	—	$	55,960

We determined that each reportable segment represents a reporting unit. Goodwill was allocated to each reporting unit based on the relative fair value of each of our reporting units.

Intangible Assets, net

Intangible assets, net consist of the following:


	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization				Net book value
(in thousands)		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(195,344)	$	(194,594)	$	18,963	$	19,713
Operating agreement	20	35,000		35,000		(21,292)		(20,854)		13,708		14,146
Trademarks and trade names	16	9,709		9,709		(6,805)		(6,709)		2,904		3,000



Total		$	259,016	$	259,016	$	(223,441)	$	(222,157)	$	35,575	$	36,859

Amortization expense for definite lived intangible assets was $1.3 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. Forecasted annual definite lived intangible asset amortization expense for 2022 through 2026 is $5.1 million, $5.1 million, $5.1 million, $5.1 million and $4.9 million, respectively.

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

Right-of-use assets under operating leases, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Right-of-use assets under operating leases	$	14,886	$	19,595
Less: Accumulated amortization	(8,580)		(12,001)

Total	$	6,306	$	7,594

Amortization of operating leases was $1.1 million and $1.9 million for the three months ended March 31, 2022 and 2021, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 1,182	$ 3,078
Short-term (twelve months or less) lease costs	28	481
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	934	2,092
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 265	$ 171

SEGMENT REPORTING - Narrative (Details) - 3 months ended Mar. 31, 2022	segment	installment
Segment Reporting [Abstract]
Number of reporting segments	2	2

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Description of Business Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. We are publicly traded on the NASDAQ Global Select Market under the symbol “ASPS.” We are organized under the laws of the Grand Duchy of Luxembourg. Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Effective January 1, 2022, our reportable segments changed as a result of a change in the way our Chief Executive Officer (our chief operating decision maker) manages our businesses, allocates resources and evaluates performance, and the related changes in our internal organization. We now report our operations through two new reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately. Prior to the January 1, 2022 change in reportable segments, the Company operated with one reportable segment (total Company). Prior year comparable period segment disclosures have been restated to conform to the current year presentation. See Note 22 for a description of our business segments. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of March 31, 2022, Lenders One had total assets of $1.7 million and total liabilities of $1.0 million. As of December 31, 2021, Lenders One had total assets of $2.2 million and total liabilities of $1.4 million. In 2019, Altisource created Pointillist, Inc. (“Pointillist”) and contributed the Pointillist® customer journey analytics business and $8.5 million to it. On May 27, 2021, Pointillist issued $1.3 million in principal of convertible notes to related parties with a maturity date of January 1, 2023. The notes bore interest at a rate of 7% per annum. The principal and unpaid accrued interest then outstanding under the notes (1) would automatically convert to Pointillist equity at the earlier of the time Pointillist receives proceeds of $5.0 million or more from the sale of its equity or January 1, 2023, or (2) are repaid in cash or converted into Pointillist common stock equity based on a $13.1 million Pointillist valuation (at the Lenders’ option) in the event of a corporate transaction or initial public offering of Pointillist. On December 1, 2021, the notes were converted to Pointillist equity and Altisource and other shareholders of Pointillist sold all of the equity interests in Pointillist (See Note 3 for additional information). Prior to the sale, Pointillist was owned by Altisource and management of Pointillist, with management of Pointillist owning a non-controlling interest representing 12.1% of the outstanding equity of Pointillist. Through December 1, 2021, Pointillist is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the portion of Pointillist owned by Pointillist management is reported as non-controlling interests. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 3, 2022. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. Future Adoption of New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. This standard applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This standard provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR. This standard is effective from the period from March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a topic or an industry subtopic, the standard must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

COST OF REVENUE

3 Months Ended

Mar. 31, 2022

Cost of Revenue [Abstract]

COST OF REVENUE

Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows:


	Three months ended March 31,
(in thousands)		2022		2021

Compensation and benefits		$	13,521	$	22,035
Outside fees and services		12,903		18,723
Technology and telecommunications		5,232		6,587
Reimbursable expenses		1,592		2,013
Depreciation and amortization		621		800

Total		$	33,869	$	50,158

SALE OF BUSINESSES (Details) $ in Thousands		1 Months Ended		3 Months Ended
SALE OF BUSINESSES (Details) $ in Thousands	Dec. 01, 2021 USD ($)	Jan. 31, 2021 USD ($)	Aug. 31, 2018 USD ($) installment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business				$ 0	$ 3,000
Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred	$ 150,000
Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire businesses, gross	144,500
Restricted cash	$ 5,000
Pointillist, Inc. \| Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, ownership percentage by parent	69.00%
Pointillist, Inc. \| Working Capital Escrow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	$ 500
Discontinued Operations, Disposed of by Sale \| Rental Property Management Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business		$ 3,000	$ 15,000
Total proceeds from the sale of business			$ 18,000
Number of installment payments \| installment			2
Disposal Group, Held-for-sale, Not Discontinued Operations \| Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of disposal group	106,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| Pointillist, Inc. \| Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets				$ 3,700		$ 3,600
Disposal Group, Held-for-sale, Not Discontinued Operations \| Pointillist, Inc. \| Working Capital Escrow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	300
Disposal Group, Held-for-sale, Not Discontinued Operations \| Pointillist, Inc. \| Indemnification Escrow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	3,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business	$ 102,200

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 3,935	$ 4,017
Security deposits	966	1,043
Other	1,108	1,072
Total	$ 6,009	$ 6,132

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Goodwill	$ 55,960	$ 55,960
Corporate and Others
Intangible Assets, Net
Goodwill	0	0
Servicer and Real Estate \| Operating Segments
Intangible Assets, Net
Goodwill	30,681	30,681
Origination \| Operating Segments
Intangible Assets, Net
Goodwill	$ 25,279	$ 25,279

OTHER NON-CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021

Operating lease liabilities	$	4,409	$	5,029
Income tax liabilities	14,034		14,156
Deferred revenue	70		—
Other non-current liabilities	81		81

Total	$	18,594	$	19,266

REVENUE - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of revenue [Line Items]
Revenue	$ 39,516	$ 50,465
Service revenue
Schedule of revenue [Line Items]
Revenue	37,763	48,080
Non-controlling interests
Schedule of revenue [Line Items]
Revenue	$ 161	$ 372

- Definition

+ References

+ Details

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 59,066	$ 61,631
Less: Accumulated depreciation and amortization	(53,139)	(54,758)
Total	5,927	6,873
Computer hardware and software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	48,935	50,452
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	5,837	5,927
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	3,856	4,441
Office equipment and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 438	$ 811

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Financial Position [Abstract]
Amortization of intangible assets	$ 1,284	$ 2,599
2021	5,100
2022	5,100
2023	5,100
2024	5,100
2025	$ 4,900

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	May 15, 2018 $ / shares shares	Apr. 30, 2018	Mar. 31, 2022 USD ($) component $ / shares shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 shares
Share Repurchase Program
Authorized amount \| $			$ 74,000
Capacity available to repurchase common stock under senior secured term loan \| $			420,000
Share-Based Compensation
Share-based compensation expense \| $			1,290	$ 1,438
Estimated unrecognized compensation costs \| $			$ 6,100
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized			1 year 7 months 20 days
Outstanding (in shares)			732,439		687,339
Stock options granted (in shares)			105,000	0
Weighted average exercise price (in usd per share) \| $ / shares			$ 11.86
Stock Options, Service-Based
Share-Based Compensation
Outstanding (in shares)			186,000
Stock Options, Service-Based \| Minimum
Share-Based Compensation
Vesting period			3 years
Stock Options, Service-Based \| Maximum
Share-Based Compensation
Vesting period			4 years
Expiration term			10 years
Stock Options, Market-Based
Share-Based Compensation
Outstanding (in shares)			96,000
Number of components of an award \| component			2
Allowable performance period before expiration date			3 years
Stock Options, Market-Based \| Minimum
Share-Based Compensation
Vesting period			3 years
Expiration term			10 years
Stock Options, Market-Based \| Maximum
Share-Based Compensation
Vesting period			4 years
Stock Options, Market-Based, Ordinary Performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest			20.00%
Stock Options, Market-Based, Extraordinary Performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest			25.00%
Stock Options, Performance-Based
Share-Based Compensation
Outstanding (in shares)			450,000
Stock Options, Performance-Based \| Minimum
Share-Based Compensation
Allowable performance period before expiration date			10 years
Attainment above threshold performance levels, vesting percentage			50.00%
Stock Options, Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage			200.00%
Restricted Stock and Restricted Stock Units, Service-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			422,000
Restricted Stock and Restricted Stock Units, Service-Based \| Minimum
Share-Based Compensation
Vesting period			1 year
Restricted Stock and Restricted Stock Units, Service-Based \| Maximum
Share-Based Compensation
Vesting period			4 years
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			159,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage			150.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			112,000
Restricted Stock and Restricted Stock Units (RSUs), Market-Based \| Minimum
Share-Based Compensation
Vesting period			30 days
Vesting percentage			50.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based \| Maximum
Share-Based Compensation
Vesting period			1 year
Vesting percentage			50.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			98,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage			300.00%
Restricted Stock Units (RSUs)
Share-Based Compensation
Restricted share units granted (in shares)			388,000
Restricted share units granted, weighted average grant date fair value (in usd per share) \| $ / shares			$ 10.81
Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted share units granted (in shares)			46,000
Restricted Stock Units (RSUs), Market-Based
Share-Based Compensation
Restricted share units granted (in shares)			46,000
Stock Options
Share-Based Compensation
Stock options granted (in shares)			105,000
Credit Facility \| April 3, 2018 Credit Agreement \| Line of Credit
Share Repurchase Program
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)		3.50
Share Repurchase Program, Current
Share Repurchase Program
Number of shares of common stock authorized to be purchased (in shares)	4,300,000
Percentage of outstanding shares authorized to be repurchased	25.00%
Minimum purchase price authorized (in usd per share) \| $ / shares	$ 1.00
Maximum purchase price authorized (in usd per share) \| $ / shares	$ 500.00
Period that shares may be repurchased, from the date of approval	5 years
Remaining number of shares available for repurchase under the plan (in shares)			2,400,000
Number of shares of common stock purchased (in shares)			0	0

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Right-of-Use Assets Under Operating Leases

Right-of-use assets under operating leases, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Right-of-use assets under operating leases	$	14,886	$	19,595
Less: Accumulated amortization	(8,580)		(12,001)

Total	$	6,306	$	7,594

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

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.

Effective January 1, 2022, our reportable segments changed as a result of a change in the way our Chief Executive Officer (our chief operating decision maker) manages our businesses, allocates resources and evaluates performance, and the related changes in our internal organization. We now report our operations through two new reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately. Prior to the January 1, 2022 change in reportable segments, the Company operated with one reportable segment (total Company). Prior year comparable period segment disclosures have been restated to conform to the current year presentation.

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 Pointillist (sold on December 1, 2021), interest expense and costs related to corporate functions including executive, finance, law, compliance, human resources, vendor management, facilities, risk management, as well as eliminations between reportable segments.

Financial information for our segments is as follows:


	Three months ended March 31, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	28,536	$	10,980	$	—	$	39,516
Cost of revenue	19,740		9,307		4,822		33,869
Gross profit (loss)	8,796		1,673		(4,822)		5,647
Selling, general and administrative expenses	3,059		2,120		8,795		13,974
Income (loss) from operations	5,737		(447)		(13,617)		(8,327)
Total other income (expense), net	—		—		(2,816)		(2,816)

Income (loss) before income taxes and non-controlling interests	$	5,737	$	(447)	$	(16,433)	$	(11,143)


	Three months ended March 31, 2021
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	32,641	$	17,267	$	557	$	50,465
Cost of revenue	25,771		14,286		10,101		50,158
Gross profit (loss)	6,870		2,981		(9,544)		307
Selling, general and administrative expenses	3,854		1,310		13,722		18,886
Income (loss) from operations	3,016		1,671		(23,266)		(18,579)
Total other income (expense), net	2		—		(2,495)		(2,493)

Income (loss) before income taxes and non-controlling interests	$	3,018	$	1,671	$	(25,761)	$	(21,072)


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Total assets:
March 31, 2022	$	64,451	$	59,829	$	115,497	$	239,777
December 31, 2021	61,832		59,741		136,235		257,808

Our services are provided to customers primarily located in the United States. Premises and equipment net, consist of the following, by country:


(in thousands)	March 31, 2022		December 31, 2021

Luxembourg	$	3,526	$	3,883
United States	1,475		1,932
India	878		999
Uruguay	48		59


Total	$	5,927	$	6,873

- 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.

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+ Details

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of performance-based option pricing model

The following assumptions were used to determine the fair values as of the grant date:


	Three months ended March 31, 2022
	Black-Scholes

Risk-free interest rate (%)	1.62
Expected stock price volatility (%)	67.75		%
Expected dividend yield	—
Expected option life (in years)	6.00
Fair value	$	7.27

Summary of the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested

The following table summarizes the grant date fair value of stock options that vested during the periods presented:


	Three months ended March 31,
(in thousands, except per share data)	2022		2021

Weighted average grant date fair value of stock options granted per share	$	8.19	$	—
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	1,031		1,186

Summary of the activity of the entity's stock options

The following table summarizes the activity related to our stock options:


	Number of options	Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2021	687,339	$	27.99	4.57	$	—
Granted	105,000	11.86

Forfeited	(59,900)	59.99

Outstanding as of March 31, 2022	732,439	27.35		5.47	—

Exercisable as of March 31, 2022	544,190	25.45		4.92	—

Restricted stock and restricted stock units activity

The following table summarizes the activity related to our restricted shares and restricted share units:


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2021			677,175
Granted			387,761
Issued			(146,567)
Forfeited/canceled			(126,564)

Outstanding as of March 31, 2022			791,805

ACCOUNTS RECEIVABLE, NET (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of change in allowance for doubtful accounts and expected credit losses

Accounts receivable, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Billed	$	15,717	$	17,907
Unbilled	7,412		5,398
	23,129		23,305
Less: Allowance for credit losses	(4,811)		(5,297)

Total	$	18,318	$	18,008

Changes in the allowance for expected credit losses consist of the following:


			Additions
(in thousands)	Balance at Beginning of Period		Charged to Expenses		Deductions Note (1)		Balance at End of Period

Allowance for expected credit losses:

Three months ended March 31, 2022	$	5,297	$	343	$	829	$	4,811
Twelve months ended December 31, 2021	5,581		1,354		1,638		5,297

______________________________________

(1) Amounts written off as uncollectible or transferred to other accounts or utilized.

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:


(in thousands)	March 31, 2022		December 31, 2021

Senior secured term loans	$	247,204	$	247,204
Less: Debt issuance costs, net	(1,400)		(1,632)
Less: Unamortized discount, net	(1,328)		(1,494)


Total Senior secured term loans	244,476		244,078

Credit Facility	—		—
Less: Debt issuance costs, net	(397)		(441)
Net Credit Facility	(397)		(441)



Total Long-term debt	$	244,079	$	243,637

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SALE OF BUSINESSES	3 Months Ended
SALE OF BUSINESSES	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
SALE OF BUSINESSES	SALE OF BUSINESSES Pointillist Business On October 6, 2021, Altisource and other shareholders of Pointillist entered into a definitive Stock Purchase Agreement (as amended, the “SPA”) to sell all of the equity interests in Pointillist to Genesys Cloud Services, Inc. (“Genesys”) for $150.0 million (the “Purchase Price”) (the “Transaction”). The Purchase Price consisted of (1) an up-front payment of $144.5 million, subject to certain adjustments, (2) $0.5 million deposited into an escrow account to be used to satisfy potential deficits between estimated closing date working capital and actual closing date working capital (the “Working Capital Escrow”), with excess amounts remaining after satisfying such deficits (if any) being paid to the sellers, and (3) $5.0 million deposited into an escrow account to satisfy certain Genesys indemnification claims that may arise on or prior to the first anniversary of the sale closing and, at Genesys’ election, any working capital deficits that exceed the Working Capital Escrow (the “Indemnification Escrow”), with the balance to be paid to the sellers thereafter. The Transaction closed on December 1, 2021. On a fully diluted basis, Altisource owned approximately 69% of the equity of Pointillist. After working capital and other applicable adjustments, Altisource received approximately $106.0 million from the sale of its Pointillist equity and the collection of outstanding receivables, with $102.2 million received at closing, approximately $0.3 million deposited into the Working Capital Escrow and approximately $3.5 million deposited into the Indemnification Escrow. The present value of the amounts in escrow is included in other current assets in the accompanying condensed consolidated balance sheets at a discounted value of $3.7 million and $3.6 million as of March 31, 2022 and December 31, 2021, respectively. Rental Property Management Business In August 2018, Altisource entered into an amendment to its agreements with Front Yard Residential Corporation (“RESI”) to sell Altisource’s rental property management business to RESI and permit RESI to internalize certain services that had been provided by Altisource. The proceeds from the transaction totaled $18.0 million, payable in two installments. The first installment of $15.0 million was received in August 2018 and the second installment of $3.0 million was received in January 2021.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 5,409	$ 7,852
Amortization of intangible assets	1,284	2,599
Professional services	2,749	3,218
Occupancy related costs	1,624	3,180
Marketing costs	887	474
Depreciation and amortization	337	384
Other	1,684	1,179
Total	$ 13,974	$ 18,886