0001462418-23-000024 | 10-K | XBRL Viewer | Altisource Portfolio Solutions SA

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-34354
Entity Registrant Name	ALTISOURCE PORTFOLIO SOLUTIONS S.A.
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	98-0554932
Entity Address, Address Line One	33, Boulevard Prince Henri
Entity Address, Postal Zip Code	L-1724
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
City Area Code	352
Local Phone Number	2060 2055
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ASPS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 60,214,003
Entity Common Stock, Shares Outstanding		20,814,821
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement to be filed subsequent to the date hereof with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s Annual Meeting of Shareholders to be held on May 16, 2023 are incorporated by reference into Part III of this report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001462418
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Filer Category	Non-accelerated Filer

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	RSM US LLP	Mayer Hoffman McCann P.C.
Auditor Location	Jacksonville, Florida	St. Petersburg, Florida
Auditor Firm ID	49	199

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 51,025	$ 98,132
Accounts receivable, net	12,989	18,008
Prepaid expenses and other current assets	23,544	21,864
Total current assets	87,558	138,004
Premises and equipment, net	4,222	6,873
Right-of-use assets under operating leases	5,321	7,594
Goodwill	55,960	55,960
Intangible assets, net	31,730	36,859
Deferred tax assets, net	5,048	6,386
Other assets	5,166	6,132
Total assets	195,005	257,808
Current liabilities:
Accounts payable and accrued expenses	33,507	46,535
Deferred revenue	3,711	4,342
Other current liabilities	2,867	3,870
Total current liabilities	40,085	54,747
Long-term debt	245,230	243,637
Deferred tax liabilities, net	9,028	9,028
Other non-current liabilities	19,536	19,266
Commitments, contingencies and regulatory matters (Note 22)
Equity (deficit):
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,129 outstanding as of December 31, 2022; 15,911 outstanding as of December 31, 2021)	25,413	25,413
Additional paid-in capital	149,348	144,298
Retained earnings	118,948	186,592
Treasury stock, at cost (9,284 shares as of December 31, 2022 and 9,502 shares as of December 31, 2021)	(413,358)	(426,445)
Altisource deficit	(119,649)	(70,142)
Non-controlling interests	775	1,272
Total deficit	(118,874)	(68,870)
Total liabilities and deficit	$ 195,005	$ 257,808

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 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	100,000
Common stock, shares issued (in shares)	25,413	25,413
Common stock, shares outstanding (in shares)	16,129	15,911
Treasury stock, shares (in shares)	9,284	9,502

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 153,120	$ 178,453
Cost of revenue	131,305	171,366
Gross profit	21,815	7,087
Selling, general and administrative expenses	54,755	67,049
Loss (gain) on sale of business	242	(88,930)
(Loss) income from operations	(33,182)	28,968
Other income (expense), net:
Interest expense	(16,639)	(14,547)
Other income, net	2,254	864
Total other income (expense), net	(14,385)	(13,683)
(Loss) income before income taxes and non-controlling interests	(47,567)	15,285
Income tax provision	(5,266)	(3,232)
Net (loss) income	(52,833)	12,053
Net income attributable to non-controlling interests	(585)	(241)
Net (loss) income attributable to Altisource	$ (53,418)	$ 11,812
(Loss) earnings per share:
Basic (in USD per share)	$ (3.32)	$ 0.75
Diluted (in USD per share)	$ (3.32)	$ 0.74
Weighted average shares outstanding:
Basic (in shares)	16,070	15,839
Diluted (in shares)	16,070	16,063
Comprehensive (loss) income:
Comprehensive (loss) income, net of tax	$ (52,833)	$ 12,053
Comprehensive income attributable to non-controlling interests	(585)	(241)
Comprehensive (loss) income attributable to Altisource	$ (53,418)	$ 11,812

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock, at cost	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2020		25,413,000
Beginning balance at Dec. 31, 2020	$ (82,556)	$ 25,413	$ 141,473	$ 190,383	$ (441,034)	$ 1,209
Increase (Decrease) in Equity
Net Income (Loss)	12,053			11,812		241
Non-controlling interests eliminated on deconsolidation	1,781					1,781
Distributions to non-controlling interest holders	(1,959)		0			(1,959)
Share-based compensation expense	2,825		2,825
Issuance of restricted share units and restricted shares	0			(11,092)	11,092
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(1,014)			(4,511)	3,497
Ending balance (in shares) at Dec. 31, 2021		25,413,000
Ending balance at Dec. 31, 2021	(68,870)	$ 25,413	144,298	186,592	(426,445)	1,272
Increase (Decrease) in Equity
Net Income (Loss)	(52,833)			(53,418)		585
Distributions to non-controlling interest holders	(1,082)					(1,082)
Share-based compensation expense	5,050		5,050
Issuance of restricted share units and restricted shares	0			(9,747)	9,747
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(1,139)			(4,479)	3,340
Ending balance (in shares) at Dec. 31, 2022		25,413,000
Ending balance at Dec. 31, 2022	$ (118,874)	$ 25,413	$ 149,348	$ 118,948	$ (413,358)	$ 775

- 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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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (52,833)	$ 12,053
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	3,440	4,592
Amortization of right-of-use assets under operating leases	2,730	7,935
Amortization of intangible assets	5,129	9,467
Share-based compensation expense	5,050	2,825
Bad debt expense	885	1,354
Amortization of debt discount	661	665
Amortization of debt issuance costs	932	847
Deferred income taxes	1,098	(705)
Loss on disposal of fixed assets	10	47
Loss (gain) on sale of business	242	(88,930)
Other non-cash items	0	137
Changes in operating assets and liabilities:
Accounts receivable	4,134	2,963
Prepaid expenses and other current assets	(1,922)	1,146
Other assets	341	902
Accounts payable and accrued expenses	(12,964)	(8,442)
Current and non-current operating lease liabilities	(2,911)	(8,803)
Other current and non-current liabilities	1,090	1,542
Net cash used in operating activities	(44,888)	(60,405)
Cash flows from investing activities:
Additions to premises and equipment	(863)	(1,379)
Proceeds from the sale of businesses	346	104,141
Other investing activities	(250)	0
Net cash (used in) provided by investing activities	(767)	102,762
Cash flows from financing activities:
Proceeds from revolving credit facility	0	20,000
Repayments of long-term debt and revolving credit facility	0	(20,000)
Debt issuance costs	0	(531)
Proceeds from convertible debt payable to related parties	0	1,200
Distributions to non-controlling interests	(1,082)	(1,959)
Payments of tax withholding on issuance of restricted share units and restricted shares	(1,139)	(1,014)
Net cash used in financing activities	(2,221)	(2,304)
Net (decrease) increase in cash, cash equivalents and restricted cash	(47,876)	40,053
Cash, cash equivalents and restricted cash at the beginning of the period	102,149	62,096
Cash, cash equivalents and restricted cash at the end of the period	54,273	102,149
Supplemental cash flow information:
Interest paid	14,962	12,532
Income taxes paid, net	3,299	2,455
Acquisition of right-of-use assets with operating lease liabilities	920	7,318
Reduction of right-of-use assets from operating lease modifications or reassessments	(463)	(6,119)
Non-cash investing and financing activities:
Net decrease in payables for purchases of premises and equipment	(64)	(116)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	51,025	98,132
Restricted cash	3,248	4,017
Total cash, cash equivalents and restricted cash reported in the statements of cash flow	$ 54,273	$ 102,149

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION 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.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany transactions and accounts have been eliminated in consolidation.

Principles of Consolidation

The financial statements include the accounts of the Company, its wholly-owned subsidiaries and those entities in which we have a variable interest and are the primary beneficiary.

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 consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of December 31, 2022, Lenders One had total assets of $1.2 million and total liabilities of $1.1 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 4 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 consolidated financial statements on a consolidated basis and the portion of Pointillist owned by Pointillist management is reported as non-controlling interests as of December 31, 2021.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, determining share-based compensation, income taxes, collectability of receivables, valuation of acquired intangibles and goodwill, depreciable lives and valuation of fixed assets and contingencies. Actual results could differ materially from those estimates.

Cash and Cash Equivalents

We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents.

Accounts Receivable, Net

Accounts receivable are presented net of an allowance for expected credit losses. 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. The carrying value of accounts receivable, net, approximates fair value.

Premises and Equipment, Net

We report premises and equipment, net at cost or estimated fair value at acquisition for premises and equipment recorded in connection with a business combination and depreciate these assets over their estimated useful lives using the straight-line method as follows:


Furniture and fixtures			5 years
Office equipment			5 years
Computer hardware			3-5 years
Computer software			3-7 years
Leasehold improvements			Shorter of useful life, 10 years or the term of the lease

Maintenance and repair costs are expensed as incurred. We capitalize expenditures for significant improvements and new equipment and depreciate the assets over the shorter of the capitalized asset’s life or the life of the lease.

We review premises and equipment for impairment following events or changes in circumstances that indicate the carrying amount of an asset or asset group may not be recoverable. We measure recoverability of assets to be held and used by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, we recognize an impairment charge for the amount that the carrying value of the asset or asset group exceeds the fair value of the asset or asset group.

Computer software includes the fair value of software acquired in business combinations, capitalized software development costs and purchased software. Capitalized software development and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful lives. Software acquired in business combinations is recorded at fair value and amortized using the straight-line method over its estimated useful life.

Business Combinations

We account for acquisitions using the purchase method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price of an acquisition is allocated to the assets acquired and liabilities assumed using their fair value as of the acquisition date.

Goodwill

Goodwill represents the excess cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. We evaluate goodwill for impairment annually during the fourth quarter or more frequently when an event occurs or circumstances change in a manner that indicates the carrying value may not be recoverable. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value as a basis for determining whether we need to perform the quantitative goodwill impairment test. Only if we determine, based on qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying value will we calculate the fair value of the reporting unit. We would then test goodwill for impairment by comparing the fair value of the reporting unit with its carrying amount. If the fair value is determined to be less than its carrying amount, we recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. We estimate the fair value of the reporting unit using discounted cash flows and market comparisons. The discounted cash flow method is based on the present value of projected cash flows. Forecasts of future cash flows are based on our estimate of future sales and operating expenses, based primarily on estimated pricing, sales volumes, market segment share, cost trends and general economic conditions. The estimated cash flows are discounted using a rate that represents our weighted average cost of capital. The market comparisons include an analysis of revenue and earnings multiples of guideline public companies compared to the Company.

Intangible Assets, Net

Identified intangible assets consist primarily of customer related intangible assets, operating agreements, trademarks and trade names and other intangible assets. Identifiable intangible assets acquired in business combinations are recorded based on their fair values at the date of acquisition. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any arrangements, the history of the asset, our long-term strategy for use of the asset and other economic factors. We amortize intangible assets that we deem to have definite lives in proportion to actual and expected customer revenues or on a straight-line basis over their useful lives, generally ranging from 4 to 20 years.

We perform tests for impairment if conditions exist that indicate the carrying value may not be recoverable. When facts and circumstances indicate that the carrying value of intangible assets determined to have definite lives may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of cash flows of discrete intangible assets generally consistent with models utilized for internal planning purposes. If the sum of the undiscounted expected future cash flows is less than the carrying value, we recognize an impairment to the extent the carrying amount exceeds fair value.

Long-Term Debt

Long-term debt is reported net of applicable discount or premium and net of debt issuance costs. The debt discount or premium and debt issuance costs are amortized to interest expense through maturity of the related debt using the effective interest method.

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.

Functional Currency

The currency of the primary economic environment in which our operations are conducted is the United States dollar. Therefore, the United States dollar has been determined to be our functional and reporting currency. Non-United States dollar transactions and balances have been measured in United States dollars in accordance with ASC Topic 830, Foreign Currency Matters. All transaction gains and losses from the measurement of monetary balance sheet items denominated in non-United States dollar currencies are reflected in the consolidated statements of operations and comprehensive (loss) income as income or expenses, as appropriate.

Defined Contribution 401(k) Plan

Some of our employees participate in a defined contribution 401(k) plan under which we may make matching contributions equal to a discretionary percentage determined by us. We recorded expenses of $0.2 million and $0.5 million for the years ended December 31, 2022 and 2021, respectively, related to our discretionary contributions.

Revenue Recognition

We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer in an amount that reflects the consideration that we expect to receive. This revenue can be recognized at a point in time or over time. We invoice customers based on our contractual arrangements with each customer, which may not be consistent with the period that revenues are recognized. When there is a timing difference between when we invoice customers and when revenues

are recognized, we record either a contract asset (unbilled accounts receivable) or a contract liability (deferred revenue or other current liabilities), as appropriate. See Note 23 for descriptions of our principal revenue generating activities.

Share-Based Compensation

Share-based compensation is accounted for under the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC Topic 718”). Under ASC Topic 718, the cost of services received in exchange for an award of equity instruments is generally measured based on the grant date fair value of the award. Share-based awards that do not require future service are expensed immediately. Share-based awards that require future service are recognized over the relevant service period. The Company has made an accounting policy election to account for forfeitures in compensation expense as they occur.

Income Taxes

We record income taxes in accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”). We account for certain income and expense items differently for financial reporting purposes and income tax purposes. We recognize deferred income tax assets and liabilities for these differences between the financial reporting basis and the tax basis of our assets and liabilities as well as expected benefits of utilizing net operating loss and credit carryforwards. The most significant temporary differences relate to accrued compensation, interest expense, amortization, loss carryforwards and valuation allowances. We measure deferred income tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we anticipate recovery or settlement of those temporary differences. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions including evaluating uncertainties under ASC Topic 740. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our results of operations.

Earnings Per Share

We compute earnings per share in accordance with ASC Topic 260, Earnings Per Share. Basic net income per share is computed by dividing net income attributable to Altisource by the weighted average number of shares of common stock outstanding for the period. Diluted net income per share reflects the assumed conversion of all dilutive securities using the treasury stock method.

CUSTOMER CONCENTRATION	12 Months Ended
CUSTOMER CONCENTRATION	Dec. 31, 2022
Risks and Uncertainties [Abstract]
CUSTOMER CONCENTRATION	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 loans owned by others. During the year ended December 31, 2022, Ocwen was our largest customer, accounting for 41% 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 years ended December 31, 2022 and 2021, we recognized revenue from Ocwen of $63.5 million and $55.6 million, respectively. Revenue from Ocwen as a percentage of consolidated revenue was 41% and 31% for the years ended December 31, 2022 and 2021, respectively. We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSRs owner selects Altisource as the service provider. For both the years ended December 31, 2022 and 2021, we recognized $9.5 million 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 December 31, 2022, accounts receivable from Ocwen totaled $4.0 million, $3.2 million of which was billed and $0.8 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. Rithm Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) (formerly New Residential Investment Corp., or “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 Rithm is its largest client. As of December 31, 2022, approximately 17% of loans serviced and subserviced by Ocwen (measured in unpaid principal balance (“UPB”)) were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”). Rithm 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 years ended December 31, 2022 and 2021, we recognized revenue from Rithm of $3.2 million and $3.1 million, respectively, under the Brokerage Agreement. For the years ended December 31, 2022 and 2021, we recognized additional revenue of $13.0 million and $13.6 million, respectively, relating to the Subject MSRs when a party other than Rithm selects Altisource as the service provider.

SALE OF BUSINESSES	12 Months Ended
SALE OF BUSINESSES	Dec. 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 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. Altisource received the working Capital Escrow in May 2022. The Indemnification Escrow funds have not yet been received. During the year ended December 31, 2022, the Company recognized a loss of $(0.2) million based on estimated losses from claims expected to be made against the Indemnification Escrow account. The present value of the amounts in escrow is included in other current assets in the accompanying consolidated balance sheets at a discounted value of $3.2 million and $3.6 million as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2021, the Company recognized a pre-tax and after-tax gain of $88.9 million from the sale of Pointillist. 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.

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following as of December 31:


(in thousands)	2022		2021

Billed	$	11,993	$	17,907
Unbilled	5,359		5,398
	17,352		23,305
Less: Allowance for credit losses	(4,363)		(5,297)

Total	$	12,989	$	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 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		Charged to Other Accounts Note(1)		Deductions Note(2)		Balance at End of Period

Allowance for expected credit losses:

Year ended December 31, 2022	$	5,297	$	885	$	(260)	$	1,559	$	4,363
Year ended December 31, 2021	5,581		1,354		—		1,638		5,297

______________________________________
(1) Primarily includes amounts previously written off which were credited directly to this account when recovered.
(2) Amounts written off as uncollectible or transferred to other accounts or utilized.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 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 as of December 31:


(in thousands)	2022		2021

Income taxes receivable	$	7,031	$	8,403
Prepaid expenses	5,165		2,865
Maintenance agreements, current portion	1,498		1,717
Surety bond collateral	4,000		2,000
Other current assets	5,850		6,879

Total	$	23,544	$	21,864

PREMISES AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following as of December 31:


(in thousands)	2022		2021

Computer hardware and software	$	49,339	$	50,452
Leasehold improvements	5,794		5,927
Furniture and fixtures	3,832		4,441
Office equipment and other	346		811
	59,311		61,631
Less: Accumulated depreciation and amortization	(55,089)		(54,758)

Total	$	4,222	$	6,873

Depreciation and amortization expense amounted to $3.4 million and $4.6 million for the years ended December 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 consolidated statements of operations and comprehensive (loss) income.

Premises and equipment, net consist of the following by country as of December 31:


(in thousands)	2022		2021

Luxembourg	$	2,455	$	3,883
United States	586		1,932
India	1,129		999
Uruguay	52		59

Total	$	4,222	$	6,873

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

Right-of-use assets under operating leases, net consists of the following as of December 31:


(in thousands)	2022		2021

Right-of-use assets under operating leases	$	11,808	$	19,595
Less: Accumulated amortization	(6,487)		(12,001)

Total	$	5,321	$	7,594

Amortization of operating leases was $2.7 million and $7.9 million for the years ended December 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 consolidated statements of operations and comprehensive (loss) income.

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


(in thousands)	Total

Balance as of January 1, 2021	$	73,849
Write-off (1)	(17,889)

Balance as of December 31, 2021 and 2022	$	55,960
______________________________________

(1) During 2021, the Company sold its equity interest in Pointillist (See Note 4 for additional information) which had $17.9 million of goodwill attributed to it. The amount of goodwill attributable to Pointillist was based on the relative fair values of Pointillist and the Company excluding Pointillist. Pointillist was determined to be a business within the Company’s existing reporting unit.

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 as of December 31:


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

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(197,594)	$	(194,594)	$	16,713	$	19,713
Operating agreement	20	35,000		35,000		(22,604)		(20,854)		12,396		14,146
Trademarks and trade names	16	9,709		9,709		(7,088)		(6,709)		2,621		3,000




Total		$	259,016	$	259,016	$	(227,286)	$	(222,157)	$	31,730	$	36,859

Amortization expense for definite lived intangible assets was $5.1 million and $9.5 million for the years ended December 31, 2022 and 2021, respectively. Forecasted annual definite lived intangible asset amortization expense for 2023 through 2027 is $5.1 million, $5.1 million, $5.1 million, $4.9 million and $4.7 million, respectively.

OTHER ASSETS

12 Months Ended

Dec. 31, 2022

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

OTHER ASSETS

Other assets consist of the following as of December 31:


(in thousands)	2022		2021

Restricted cash	$	3,248	$	4,017
Security deposits	596		1,043
Other	1,322		1,072

Total	$	5,166	$	6,132

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consist of the following as of December 31:


(in thousands)	2022		2021

Accounts payable	$	14,981	$	15,978
Accrued expenses - general	11,858		13,653
Accrued salaries and benefits	5,501		12,254
Income taxes payable	1,167		4,650

Total	$	33,507	$	46,535

Other current liabilities consist of the following as of December 31:


(in thousands)	2022		2021

Operating lease liabilities	$	2,097	$	2,893
Other	770		977

Total	$	2,867	$	3,870

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following as of December 31:


(in thousands)	2022		2021

Senior secured term loans	$	247,204	$	247,204
Less: Debt issuance costs, net	(878)		(1,632)
Less: Unamortized discount, net	(833)		(1,494)
Total Senior secured term loans	245,493		244,078

Credit Facility	—		—
Less: Debt issuance costs, net	(263)		(441)
Total Credit facility	(263)		(441)



Total Long-term debt	$	245,230	$	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). Our leverage ratio exceeded 3.50 to 1.00 during the year ended December 31, 2022. However, because the Company did not generate any Consolidated Excess Cash Flow in 2022, no amounts were due under this provision.

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 December 31, 2022 was 7.67%.

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 December 31, 2022, debt issuance costs were $0.9 million, net of $3.6 million of accumulated amortization. As of December 31, 2021, debt issuance costs were $1.6 million, net of $2.9 million of accumulated amortization.

Interest expense on the senior secured term loans, including amortization of debt issuance costs and the net debt discount, totaled $16.4 million and $13.9 million for the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, maturities of our long-term debt are as follows:


(in thousands)	Maturities

2023	$	—
2024	247,204

	$	247,204

Altisource entered into an amendment to the Credit Agreement effective February 14, 2023. See Note 24, Subsequent Events.

Revolver

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 “Revolver”). STS is an investment fund managed by Deer Park Road Management Company, LP (“Deer Park”). Deer Park owns approximately 24% of Altisource’s common stock as of December 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 Revolver, 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 Revolver 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 Revolver 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 Revolver bear interest at 9.00% per annum and are payable quarterly on the last business day of each March, June, September and December. In connection with the Revolver, 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 Revolver 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 Revolver 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 Revolver 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 Revolver within three business days of becoming due, (ii) failure to perform or observe any material provisions of the Revolver 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 Revolver or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of December 31, 2022 and 2021, there was no outstanding debt under the Revolver. As of December 31, 2022, debt issuance costs were $0.3 million, net of $0.3 million of accumulated amortization. As of December 31, 2021, debt issuance costs were $0.4 million, net of $0.1 million of accumulated amortization.

Altisource entered into an amendment to the Revolver effective February 14, 2023. See Note 24, Subsequent Events.

- 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 https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

OTHER NON-CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following as of December 31:


(in thousands)	2022		2021

Operating lease liabilities	$	3,371	$	5,029
Income tax liabilities	16,079		14,156
Deferred revenue	82		—
Other non-current liabilities	4		81

Total	$	19,536	$	19,266

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 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 December 31, 2022 and 2021. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	December 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	$	51,025	$	51,025	$	—	$	—	$	98,132	$	98,132	$	—	$	—
Restricted cash	3,248		3,248		—		—		4,017		4,017		—		—
Short-term receivable	3,223		—		—		3,223		3,643		—		—		3,643


Liabilities:
Senior secured term loan	247,204		—		200,235		—		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 on December 1, 2021, $3.5 million was deposited into the Indemnification Escrow and $0.3 million was deposited into the Working Capital Escrow. These amounts were recorded as short-term receivables. Altisource received the Working Capital Escrow in May 2022. The Indemnification Escrow funds have not yet been received. (See Note 4 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 41% of its revenue from Ocwen for the year ended December 31, 2022 (see Note 3 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

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Common Stock

As of December 31, 2022, we had 100.0 million shares authorized, 25.4 million issued and 16.1 million shares of common stock outstanding. As of December 31, 2021, we had 100.0 million shares authorized, 25.4 million shares issued and 15.9 million shares of common stock outstanding. The holders of shares of Altisource common stock generally are entitled to one vote for each share on all matters voted on by shareholders, and the holders of such shares generally will possess all voting power.

Equity Incentive Plan

Our 2009 Equity Incentive Plan (the “Plan”) provides for various types of equity awards, including stock options, stock appreciation rights, stock purchase rights, restricted shares, restricted share units and other awards, or a combination of any of the above. Under the Plan, we may grant up to 6.7 million Altisource share-based awards to officers, directors, employees and to employees of our affiliates. As of December 31, 2022, 2.5 million share-based awards were available for future grant under the Plan. Expired and forfeited awards are available for reissuance.

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 December 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 years ended December 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 December 31, 2022, we can repurchase up to approximately $69 million of our common stock under Luxembourg law. Our Credit Agreement also limits the amount we can spend on share repurchases and may prevent repurchases in certain circumstances, including if our leverage ratio exceeds 3.50 to 1.00. Our leverage ratio exceeded 3.50 to 1.00 during the year ended December 31, 2022.

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 $5.1 million and $2.8 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, estimated unrecognized compensation costs related to share-based awards amounted to $3.1 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.46 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 188 thousand service-based options were outstanding as of December 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 December 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 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 461 thousand performance-based options outstanding as of December 31, 2022.

The Company granted 120 thousand stock options (at a weighted average exercise price of $11.86 per share) for the year ended December 31, 2022 (no comparative amount for the year ended December 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 for the year ended December 31,:


						2022
						Black-Scholes

Risk-free interest rate (%)						1.62 - 4.20
Expected stock price volatility (%)						67.75 - 67.99
Expected dividend yield						—
Expected option life (in years)						6
Fair value						$7.27 - $7.63

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 weighted average grant date fair value of stock options granted per share, the total intrinsic value of stock options exercised and the grant date fair value of stock options that vested during the years ended December 31:


(in thousands, except per share data)	2022		2021

Weighted average grant date fair value of stock options granted per share	$	8.25	$	—
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	$	1,031	$	1,203

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	120,000	11.86


Forfeited	(62,062)	58.95

Outstanding as of December 31, 2022	745,277	27.03		4.83	—

Exercisable as of December 31, 2022	542,290	25.44		4.17	—

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2022:


	Options outstanding				Options exercisable
Exercise price range (1)	Number	Weighted average remaining contractual life (in years)	Weighted average exercise price		Number	Weighted average remaining contractual life (in years)	Weighted average exercise price

$10.01 — $20.00	247,400	5.66	$	15.43	123,238	2.29	$	18.79
$20.01 — $30.00	413,398	4.14	24.85		388,046	4.15	24.82
$30.01 — $40.00	29,479	3.65	33.19		17,256	3.65	33.58




$80.01 — $90.00	25,000	1.60	86.69		6,250	1.60	86.69
$90.01 — $100.00	30,000	1.75	96.87		7,500	1.75	96.87



	745,277				542,290
______________________________________
(1) These options contain market-based and performance-based components as described above.

The following table summarizes the market prices necessary in order for the market-based options to begin to vest:


	Market-based options
Vesting price	Ordinary performance		Extraordinary performance


$50.01 — $60.00	7,581		4,162
$60.01 — $70.00	8,148		6,250

$80.01 — $90.00	—		3,791
$90.01 — $100.00	—		4,075

$170.01 — $180.00	12,500		—

Over $190.00	15,000		13,750

Total	43,229		32,028

Weighted average share price	$	69.69	$	53.74

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 two to four year periods. A total of 391 thousand service-based awards were outstanding as of December 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 154 thousand performance-based awards were outstanding as of December 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 December 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 December 31, 2022.

The Company granted 501 thousand restricted share units (at a weighted average grant date fair value of $10.33 per share) during the year ended December 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 year ended December 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			625,638
Granted			500,631
Issued			(218,106)
Forfeited/canceled			(153,157)

Outstanding as of December 31, 2022			755,006

The following assumptions were used to determine the fair values for the performance-based awards that include both a performance condition and a market condition, and fair values for market-based awards as of the grant date for the years ended December 31:


	2022		2021
	Monte Carlo	Binomial	Monte Carlo	Binomial

Risk-free interest rate (%)	1.04	—	0.16	—
Expected stock price volatility (%)	59.90	—	39.54	—
Expected dividend yield	—	—	—	—
Expected life (in years)	3	0	3	0
Fair value	$—	$—	$10.16	$—

REVENUE

12 Months Ended

Dec. 31, 2022

Revenues [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 2). Our services are provided to customers located in the United States. The components of revenue were as follows for the years ended December 31:


(in thousands)	2022		2021

Service revenue	$	144,496	$	170,613
Reimbursable expenses	8,039		6,555
Non-controlling interests	585		1,285

Total	$	153,120	$	178,453

Disaggregation of Revenue

Disaggregation of total revenues by major source was as follows:


(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

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120
For the year ended December 31, 2021	157,855		14,043		6,555		178,453

Contract Balances

Our contract assets consist of unbilled accounts receivable (see Note 5). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $4.2 million and $5.5 million for the years ended December 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

COST OF REVENUE

12 Months Ended

Dec. 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 for the years ended December 31:


(in thousands)	2022		2021

Compensation and benefits	$	48,064	$	69,990
Outside fees and services	55,979		66,386
Technology and telecommunications	16,937		25,273
Reimbursable expenses	8,039		6,555
Depreciation and amortization	2,286		3,162


Total	$	131,305	$	171,366

Transactions with Related Parties

In May 2022, John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), joined the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company. Between May 2022 and December 2022, the Company recognized $0.5 million of reimbursable expenses relating to services provided to Aldridge Pite.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

12 Months Ended

Dec. 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 for the years ended December 31:


(in thousands)	2022		2021

Compensation and benefits	$	22,973	$	28,367
Professional services	11,595		10,163
Amortization of intangible assets	5,129		9,467
Occupancy related costs	5,000		9,332
Marketing costs	3,107		2,157
Depreciation and amortization	1,154		1,430
Other	5,797		6,133

Total	$	54,755	$	67,049

OTHER INCOME (EXPENSE), NET

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

Other income (expense), net consists of the following for the years ended December 31:


(in thousands)	2022		2021

Interest income	$	665	$	4

Other, net	1,589		860

Total	$	2,254	$	864

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of (loss) income before income taxes and non-controlling interests consist of the following for the years ended December 31:


(in thousands)	2022		2021

Domestic - Luxembourg	$	(47,432)	$	25,490
Foreign - U.S.	912		(9,536)
Foreign - non-U.S.	(1,047)		(669)

Total	$	(47,567)	$	15,285

The income tax provision consists of the following for the years ended December 31:


(in thousands)	2022		2021

Current:
Domestic - Luxembourg	$	(570)	$	—
Foreign - U.S. federal	547		(432)
Foreign - U.S. state	497		(308)
Foreign - non-U.S.	(4,642)		(3,197)

	$	(4,168)	$	(3,937)
Deferred:
Domestic - Luxembourg	$	—	$	(140)
Foreign - U.S. federal	(495)		519
Foreign - U.S. state	(400)		836
Foreign - non-U.S.	(203)		(510)

	$	(1,098)	$	705

Income tax provision	$	(5,266)	$	(3,232)

We operate in a Uruguay free trade zone that provides an indefinite future tax benefit. The tax holiday is conditioned upon our meeting certain employment and investment thresholds. The impact of these tax holidays decreased foreign taxes by $0.1 million ($0.01 per diluted share) and $0.1 million ($0.01 per diluted share) for the years ended December 31, 2022 and 2021, respectively.

The Company accounts for certain income and expense items differently for financial reporting purposes and income tax purposes. We recognize deferred income tax assets and liabilities for these differences between the financial reporting basis and the tax basis of our assets and liabilities as well as expected benefits of utilizing net operating loss and credit carryforwards. We measure deferred income tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences.

A summary of the tax effects of the temporary differences is as follows for the years ended December 31:


(in thousands)	2022		2021

Non-current deferred tax assets:
Net operating loss carryforwards	$	383,908	$	368,824
U.S. federal and state tax credits	282		194
Other non-U.S. deferred tax assets	12,775		13,326
Share-based compensation	1,317		1,220
Accrued expenses	1,369		962
Unrealized losses	10,112		10,397
Other	—		334
Depreciation	144		61

Non-current deferred tax liabilities:
Intangible assets	(9,082)		(8,290)

Other non-U.S. deferred tax liability	(420)		(523)
Other	(244)		—
	400,161		386,505

Valuation allowance	(404,141)		(389,147)

Non-current deferred tax liabilities, net	$	(3,980)	$	(2,642)

A valuation allowance is provided when it is deemed more likely than not that some portion or all of a deferred tax asset will not be realized. In determining whether a valuation allowance is needed requires an extensive analysis of positive and negative evidence regarding realization of the deferred tax assets and, inherent in that, an assessment of the likelihood of sufficient future

taxable income. When there is a cumulative pretax loss for financial reporting for the current and two preceding years (i.e., a three year cumulative loss), this is a significant element of negative evidence that would be difficult to overcome on a more likely than not or any other basis. Therefore, the Company’s valuation allowance was $404.1 million and $389.1 million as of December 31, 2022 and 2021, respectively.

The Company does not recognize deferred taxes on cumulative earnings of its U.S. subsidiaries because the Company intends for those earnings to be indefinitely reinvested. As of January 1, 2021, approximately $15 million of earnings in India were deemed to be indefinitely reinvested. During 2021, the Company recognized income tax expense on the $15 million as the Company no longer intended for India earnings to be indefinitely reinvested. The other non-Luxembourg earnings that are indefinitely reinvested as of December 31, 2022 were approximately $3.8 million, which if distributed would result in no additional tax due.

The Company had a deferred tax asset of $383.9 million as of December 31, 2022 relating to Luxembourg, U.S. federal, state and foreign net operating losses compared to $368.8 million as of December 31, 2021. As of December 31, 2022 and 2021, a valuation allowance of $383.1 million and $367.8 million, respectively, has been established related to Luxembourg net operating loss (“NOL”). The gross amount of net operating losses available for carryover to future years is approximately $1,537.7 million as of December 31, 2022 and approximately $1,476.8 million as of December 31, 2021. These losses are scheduled to expire between the years 2024 and 2042.

In addition, the Company had a deferred tax asset of $0.8 million and $0.8 million as of December 31, 2022 and 2021, respectively, relating to state tax credits. Some of the state tax credit carryforwards have an indefinite carryforward period.

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on March 27, 2020 allowed the Company to utilize a five year carryback of the full $14.8 million net operating loss generated in the U.S. in 2020. The Company’s income tax receivable related to such carryback was $5.1 million and $6.0 million as of December 31, 2022 and 2021, respectively. The Company received $5.1 million related to such receivable in the first quarter of 2023.

The effective tax rate differs from the Luxembourg statutory tax rate due to tax rate differences on foreign earnings, increases in uncertain tax positions, state taxes, a decrease in unrecognized tax benefits, tax exempt income primarily from the sale of Pointillist (see Note 4) and a valuation allowance against deferred tax assets the Company believes it is more likely than not will not be realized

The following table reconciles the Luxembourg statutory tax rate to our effective tax rate for the years ended December 31:


	2022		2021

Statutory tax rate	24.94	%	24.94	%
Change in valuation allowance	(32.14)		130.03
State tax expense	(0.01)		(3.87)
Tax credits	—		0.36
Uncertain tax positions	(6.80)		11.82


Tax rate differences on foreign earnings	(1.21)		6.46
Tax Exempt Income	0.19		(145.91)
Provision to Return	3.45		—
Other	0.51		(2.70)

Effective tax rate	(11.07)	%	21.14	%

The Company follows ASC Topic 740 which clarifies the accounting and disclosure for uncertainty in tax positions. We analyzed our tax filing positions in the domestic and foreign tax jurisdictions where we are required to file income tax returns as well as for all open tax years subject to audit in these jurisdictions. The Company has open tax years in the United States (2016 through 2021), India (2011 through 2022) and Luxembourg (2016 through 2021).

The following table summarizes changes in unrecognized tax benefits during the years ended December 31:


(in thousands)	2022		2021

Amount of unrecognized tax benefits as of the beginning of the year	$	9,023	$	8,541
Decreases as a result of tax positions taken in a prior period	(1,595)		(1,648)
Increases as a result of tax positions taken in a prior period	11		2,130
Increases as a result of tax positions taken in the current period	1,576		—

Amount of unrecognized tax benefits as of the end of the year	$	9,015	$	9,023

The total amount of unrecognized tax benefits including interest and penalties that, if recognized, would affect the effective tax rate is $16.7 million and $14.9 million as of December 31, 2022 and 2021, respectively. The Company recognizes interest, if any, related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2022 and 2021, the Company had recorded accrued interest and penalties related to unrecognized tax benefits of $7.6 million and $5.8 million, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

(LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

Basic (loss) earnings per share is computed by dividing (loss) earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted (loss) earnings per share reflects the assumed conversion of all dilutive securities using the treasury stock method. Diluted net (loss) earnings per share excludes all dilutive securities because their impact would be anti-dilutive, as described below.

Basic and diluted (loss) earnings per share are calculated as follows for the years ended December 31:


(in thousands, except per share data)	2022		2021

Net (loss) income attributable to Altisource	$	(53,418)	$	11,812

Weighted average common shares outstanding, basic	16,070		15,839
Dilutive effect of stock options, restricted shares and restricted share units	—		224

Weighted average common shares outstanding, diluted	16,070		16,063

(Loss) earnings per share:
Basic	$	(3.32)	$	0.75
Diluted	$	(3.32)	$	0.74

For the years ended December 31, 2022 and 2021, 1.3 million and 1.2 million, respectively, of stock options, restricted shares and restricted share units were excluded from the computation of (loss) earnings per share, as a result of the following:

•For the year ended December 31, 2022, 0.2 million stock options, restricted shares and restricted share units were anti-dilutive and have been excluded from the computation of diluted (loss) earnings per share as a result of the net (loss) income attributable to Altisource for the year ended December 31, 2022.

•For the years ended December 31, 2022 and 2021, 0.2 million and 0.3 million, respectively, of stock options were anti-dilutive and have been excluded from the computation of diluted (loss) earnings per share because their exercise price was greater than the average market price of our common stock.

•For the years ended December 31, 2022 and 2021, 0.9 million and 0.9 million, respectively, of 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) earnings per share.

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERSWe 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 3, during the year ended December 31, 2022, Ocwen was our largest customer, accounting for 41% of our total revenue. Additionally, 6% of our revenue for the year ended December 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 Rithm is its largest client. As of December 31, 2022, approximately 17% of loans serviced and subserviced by Ocwen (measured in UPB) were related to Rithm MSRs or rights to MSRs.

The existence or outcome of Ocwen regulatory matters or the termination of the Rithm sub-servicing agreement with Ocwen may have significant adverse effects on Ocwen’s business. 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 Rithm changes significantly, including Ocwen’s sub-servicing arrangement with Rithm 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 $0.5 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. 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 was as follows as of December 31:


	2022		2021

Weighted average remaining lease term (in years)	2.99		3.30
Weighted average discount rate	5.68	%	5.84	%

Our lease activity was as follows for the years ended December 31:


(in thousands)	2022		2021

Operating lease costs:
Selling, general and administrative expense	$	2,787	$	6,026
Cost of revenue	265		2,294

Cash used in operating activities for amounts included in the measurement of lease liabilities	$	2,198	$	9,072
Short-term (twelve months or less) lease costs	1,183		(1,017)

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


(in thousands)	Operating lease obligations

2023	$	2,657
2024	1,889
2025	1,233
2026	636
2027	—

Total lease payments	6,415
Less: interest	(947)

Present value of lease liabilities	$	5,468

We have executed no standby letters of credit related to office leases that are secured by restricted cash balances.

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 consolidated balance sheets. Amounts held in escrow accounts were $13.2 million and $27.5 million as of December 31, 2022 and 2021, respectively.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

Overview

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 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, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, as well as eliminations between reportable segments.

Revenue

Descriptions of our principal revenue generating activities are as follows:

Servicer and Real Estate

•For property preservation and inspection services and payment management technologies, we recognize transactional revenue when the service is provided.

•For vendor management transactions, we recognize revenue over the period during which we perform the services.

•For loan disbursement review services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements.

•For foreclosure trustee services, we recognize revenue over the period during which we perform the related services, with full recognition upon completion and/or recording the related foreclosure deed. We use judgment to determine the period over which we recognize revenue for certain of these services.

•For the real estate auction platform, real estate auction and real estate brokerage services, we recognize revenue on a net basis (i.e., the commission on the sale) as we perform services as an agent without assuming the risks and rewards of ownership of the asset and the commission earned on the sale is a fixed percentage or amount.

•For SaaS based technology to manage REO, we recognize revenue over the estimated average number of months the REO are on the platform or ratably over the contract period. We generally recognize revenue for professional services as services are provided.

•For loan servicing technologies, we recognized revenue based on the number of loans on the system. We generally recognize revenue from professional services over the contract period.

•Reimbursable expenses revenue related to property preservation and inspection services, real estate sales title services and foreclosure trustee services is included in revenue with an equal amount recognized in cost of revenue. These amounts are recognized on a gross basis, principally because generally we have control over selection of vendors and the vendor relationships are with us, rather than with our customers.

Origination

•For the majority of the services we provide, we recognize transactional revenue when the service is provided. We recognize membership fees from Lender One members ratably over the term of membership.

•For vendor management oversight software-as-a-service (“SaaS”), we recognize revenue over the period during which we perform the services.

Corporate and Others

•For our customer journey analytics platform (sold on December 1, 2021), we recognized revenue primarily based on subscription fees. We recognized revenue associated with implementation services and maintenance services ratably over the contract term.

During the years ended December 31, 2022 and 2021, Ocwen was our largest customer. Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:


	2022		2021

Servicer and Real Estate	53	%	49	%
Origination	—	%	—	%
Corporate and Others	—	%	—	%
Consolidated revenue	41	%	31	%

Disaggregation of Revenue

Disaggregation of total revenues by segment and major source was as follows for the years ended December 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	$	101,716	$	10,416	$	7,529	$	119,661
Originations	32,915		34		510		33,459

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120


	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	$	98,610	$	9,180	$	5,846	$	113,636
Originations	59,245		42		709		59,996
Corporate and Others	—		4,821		—		4,821
For the year ended December 31, 2021	$	157,855	$	14,043	$	6,555	$	178,453

Financial Information

Financial information for our segments is as follows:


	For the year ended December 31, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	119,661	$	33,459	$	—	$	153,120
Cost of revenue	81,148		32,052		18,105		131,305
Gross profit (loss)	38,513		1,407		(18,105)		21,815
Selling, general and administrative expenses	12,057		8,825		33,873		54,755
Loss on sale of businesses	—		—		242		242
Income (loss) from operations	26,456		(7,418)		(52,220)		(33,182)
Total other income (expense), net	4		—		(14,389)		(14,385)

Income (loss) before income taxes and non-controlling interests	$	26,460	$	(7,418)	$	(66,609)	$	(47,567)


	For the year ended December 31, 2021
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	113,636	$	59,996	$	4,821	$	178,453
Cost of revenue	87,427		49,012		34,927		171,366
Gross profit (loss)	26,209		10,984		(30,106)		7,087
Selling, general and administrative expenses	12,557		5,702		48,790		67,049
Gain on sale of businesses	—		—		(88,930)		(88,930)
Income from operations	13,652		5,282		10,034		28,968
Total other income (expense), net	8		—		(13,691)		(13,683)

Income (loss) before income taxes and non-controlling interests	$	13,660	$	5,282	$	(3,657)	$	15,285

Total Assets

Total assets for our segments are as follows:


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

Total assets:
December 31, 2022	$	63,696	$	53,984	$	77,325	$	195,005
December 31, 2021	61,832		59,741		136,235		257,808

Goodwill

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


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

Balance as of January 1, 2021	$	30,681	$	25,279	$	17,889	$	73,849
Write-off (1)	—		—		(17,889)		(17,889)

Balance as of December 31, 2021 and 2022	$	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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Public offering of Common Stock

On February 14, 2023, Altisource closed on an underwritten public offering to sell 4,550,000 shares of its common stock, at a price of $5.00 per share, generating net proceeds of approximately $21 million, after deducting the underwriting discounts and commissions and other offering expenses.

On February 22, 2023, Altisource used $20 million of the net proceeds of the offering to repay its term loans.

Term Loan Amendment

Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.a.r.l., executed Amendment No. 2 (the “Second Amendment”) to the Credit Agreement effective February 14, 2023 (as amended by the Second Amendment, the “Amended Credit Agreement”).

The following is a summary of certain key terms of the Second Amendment and the Amended Credit Agreement.

•The maturity date of the term loans under the Amended Credit Agreement is April 30, 2025

•If the amount of par paydown that the Company makes on the term loans (excluding amortization and other required payments) in the aggregate using proceeds of junior capital raises (the “Par Paydown”) prior to February 14, 2024 (the “Paydown Measurement Date”) is equal to or greater than $30 million, then (subject to the representations and warranties being true and correct as of such date and there being no default or event of default being in existence as of such date) the maturity date of the term loans will be extended to April 30, 2026. Such extension is conditioned upon the Company’s payment of a 2% payment-in-kind extension fee

•The principal amortization of the term loans under the Amended Credit Agreement is 1.00% per year through April 30, 2025 and, if applicable, 12% per year for the year ended April 30, 2026

•The interest rate on the term loans will initially be Secured Overnight Financing Rate (“SOFR”) plus 5.00% per annum payable in cash plus 5.00% per annum payable in kind (“PIK”). The PIK component of the interest rate will be subject to adjustment based on the amount of Par Paydown prior to the Paydown Measurement Date as set forth in the table below:


Par Paydown			PIK Component of Interest Rate
Less than $20 million			5.00%
$20 million+ but less than below			4.50%
$30 million+ but less than below			3.75%
$40 million+ but less than below			3.50%
$45 million+ but less than below			3.00%
$50 million+ but less than below			2.50%
$55 million+ but less than below			2.00%
$60 million+ but less than below			1.00%
$65 million+ but less than below			0.50%
$70 million+			0.00%

•If, as of the end of any calendar quarter, (i) the amount of unencumbered cash and cash equivalents of Altisource S.à r.l. and its direct and indirect subsidiaries on a consolidated basis plus (ii) the undrawn commitment amount under the Revolver is, or is forecast as of the end of the immediately subsequent calendar quarter to be, less than $35 million, then up to 2.00% in interest otherwise payable in cash in the following quarter may be paid in kind at the Company’s election

•The lenders under the Amended Credit Agreement received warrants (the “Warrants”) to purchase 3,223,851 shares of Altisource common stock (the “Warrant Shares”). The number of Warrant Shares is subject to reduction based on the amount of Par Paydown by the Paydown Measurement Date as set forth in the table below.


Par Paydown			Warrant Shares
Less than $20 million			3,223,851
$20 million+ but less than below			2,578,743
$30 million+			1,612,705

•The exercise price per share of common stock under each Warrant is equal to $0.01. The Warrants may be exercised at any time on and after the Paydown Measurement Date and prior to their expiration date. The Warrants are exercisable on a cashless basis and will be subject to customary anti-dilution provisions. The Warrants, if not previously exercised or terminated, will be automatically exercised on May 22, 2027. The Warrants are subject to a lock-up agreement, subject to customary exceptions, ending two business days after the Paydown Measurement Date

•The lenders under the Amended Credit Agreement were paid an amendment fee equal to 1.0%, substantially all of which was paid in cash at closing

•Various of the affirmative and negative covenants, mandatory prepayments, events of default and other terms to which the Company is subject under the Amended Credit Agreement have been modified including in many cases to be more restrictive or to reduce certain permissions previously available to the Company.

Revolver Amendment

The Company entered into Amendment No. 1 (the “First Revolver Amendment”) to the Revolver effective February 14, 2023. The First Revolver Amendment establishes the credit available under the Revolver at $15 million, extends the facility termination and maturity date to coincide with the maturity date of the term loans under the Amended Credit Agreement, and increases the interest rate under the Revolver to 10% per annum payable in cash and 3% per annum PIK. A usage fee of $750,000 will be payable upon the initial drawing under the Revolver following the effectiveness of the First Revolver Amendment. The Revolver is secured by a first-priority lien on substantially all of the assets of the Company, which lien will be pari passu with liens securing the term loans under the Amended Credit Agreement, and the Revolver will continue to be guaranteed by Altisource and substantially all of the material subsidiaries of the Borrower.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Accounting and Presentation

Principles of Consolidation

The financial statements include the accounts of the Company, its wholly-owned subsidiaries and those entities in which we have a variable interest and are the primary beneficiary.

Use of Estimates

Cash and Cash Equivalents

We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents.

Accounts Receivable, Net

Premises and Equipment, Net


Furniture and fixtures			5 years
Office equipment			5 years
Computer hardware			3-5 years
Computer software			3-7 years
Leasehold improvements			Shorter of useful life, 10 years or the term of the lease

Business Combinations

Goodwill

Intangible Assets, Net

Long-Term Debt

Fair Value Measurements

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.

Functional Currency

Defined Contribution 401(k) Plan

Defined Contribution 401(k) PlanSome of our employees participate in a defined contribution 401(k) plan under which we may make matching contributions equal to a discretionary percentage determined by us.

Revenue Recognition

Share-Based Compensation

Income Taxes

Earnings Per Share

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of estimated useful lives using the straight-line method


Furniture and fixtures			5 years
Office equipment			5 years
Computer hardware			3-5 years
Computer software			3-7 years
Leasehold improvements			Shorter of useful life, 10 years or the term of the lease

CUSTOMER CONCENTRATION (Tables)

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:


	2022		2021

Servicer and Real Estate	53	%	49	%
Origination	—	%	—	%
Corporate and Others	—	%	—	%
Consolidated revenue	41	%	31	%

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of accounts receivable, net

Accounts receivable, net consists of the following as of December 31:


(in thousands)	2022		2021

Billed	$	11,993	$	17,907
Unbilled	5,359		5,398
	17,352		23,305
Less: Allowance for credit losses	(4,363)		(5,297)

Total	$	12,989	$	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		Charged to Other Accounts Note(1)		Deductions Note(2)		Balance at End of Period

Allowance for expected credit losses:

Year ended December 31, 2022	$	5,297	$	885	$	(260)	$	1,559	$	4,363
Year ended December 31, 2021	5,581		1,354		—		1,638		5,297

______________________________________
(1) Primarily includes amounts previously written off which were credited directly to this account when recovered.
(2) Amounts written off as uncollectible or transferred to other accounts or utilized.

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 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 as of December 31:


(in thousands)	2022		2021

Income taxes receivable	$	7,031	$	8,403
Prepaid expenses	5,165		2,865
Maintenance agreements, current portion	1,498		1,717
Surety bond collateral	4,000		2,000
Other current assets	5,850		6,879

Total	$	23,544	$	21,864

PREMISES AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of premises and equipment, net

Premises and equipment, net consists of the following as of December 31:


(in thousands)	2022		2021

Computer hardware and software	$	49,339	$	50,452
Leasehold improvements	5,794		5,927
Furniture and fixtures	3,832		4,441
Office equipment and other	346		811
	59,311		61,631
Less: Accumulated depreciation and amortization	(55,089)		(54,758)

Total	$	4,222	$	6,873

Premises and equipment, net consist of the following by country as of December 31:


(in thousands)	2022		2021

Luxembourg	$	2,455	$	3,883
United States	586		1,932
India	1,129		999
Uruguay	52		59

Total	$	4,222	$	6,873

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

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Right-of-Use Assets Under Operating Leases

Right-of-use assets under operating leases, net consists of the following as of December 31:


(in thousands)	2022		2021

Right-of-use assets under operating leases	$	11,808	$	19,595
Less: Accumulated amortization	(6,487)		(12,001)

Total	$	5,321	$	7,594

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


(in thousands)	Total

Balance as of January 1, 2021	$	73,849
Write-off (1)	(17,889)

Balance as of December 31, 2021 and 2022	$	55,960
______________________________________

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


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

Balance as of January 1, 2021	$	30,681	$	25,279	$	17,889	$	73,849
Write-off (1)	—		—		(17,889)		(17,889)

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

Schedule of intangible assets, net

Intangible assets, net consist of the following as of December 31:


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

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(197,594)	$	(194,594)	$	16,713	$	19,713
Operating agreement	20	35,000		35,000		(22,604)		(20,854)		12,396		14,146
Trademarks and trade names	16	9,709		9,709		(7,088)		(6,709)		2,621		3,000




Total		$	259,016	$	259,016	$	(227,286)	$	(222,157)	$	31,730	$	36,859

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of other assets

Other assets consist of the following as of December 31:


(in thousands)	2022		2021

Restricted cash	$	3,248	$	4,017
Security deposits	596		1,043
Other	1,322		1,072

Total	$	5,166	$	6,132

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

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following as of December 31:


(in thousands)	2022		2021

Accounts payable	$	14,981	$	15,978
Accrued expenses - general	11,858		13,653
Accrued salaries and benefits	5,501		12,254
Income taxes payable	1,167		4,650

Total	$	33,507	$	46,535

Schedule of other current liabilities

Other current liabilities consist of the following as of December 31:


(in thousands)	2022		2021

Operating lease liabilities	$	2,097	$	2,893
Other	770		977

Total	$	2,867	$	3,870

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following as of December 31:


(in thousands)	2022		2021

Senior secured term loans	$	247,204	$	247,204
Less: Debt issuance costs, net	(878)		(1,632)
Less: Unamortized discount, net	(833)		(1,494)
Total Senior secured term loans	245,493		244,078

Credit Facility	—		—
Less: Debt issuance costs, net	(263)		(441)
Total Credit facility	(263)		(441)



Total Long-term debt	$	245,230	$	243,637

Schedule of maturities of long-term debt

As of December 31, 2022, maturities of our long-term debt are as follows:


(in thousands)	Maturities

2023	$	—
2024	247,204

	$	247,204

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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-Topic 835
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-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

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-Section 50
-Paragraph 3
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-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

OTHER NON-CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of other non-current liabilities

Other non-current liabilities consist of the following as of December 31:


(in thousands)	2022		2021

Operating lease liabilities	$	3,371	$	5,029
Income tax liabilities	16,079		14,156
Deferred revenue	82		—
Other non-current liabilities	4		81

Total	$	19,536	$	19,266

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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:


	December 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	$	51,025	$	51,025	$	—	$	—	$	98,132	$	98,132	$	—	$	—
Restricted cash	3,248		3,248		—		—		4,017		4,017		—		—
Short-term receivable	3,223		—		—		3,223		3,643		—		—		3,643


Liabilities:
Senior secured term loan	247,204		—		200,235		—		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

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of assumptions used to determine the fair value of options as of the grant date

The following assumptions were used to determine the fair values as of the grant date for the year ended December 31,:


						2022
						Black-Scholes

Risk-free interest rate (%)						1.62 - 4.20
Expected stock price volatility (%)						67.75 - 67.99
Expected dividend yield						—
Expected option life (in years)						6
Fair value						$7.27 - $7.63

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


(in thousands, except per share data)	2022		2021

Weighted average grant date fair value of stock options granted per share	$	8.25	$	—
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	$	1,031	$	1,203

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	120,000	11.86


Forfeited	(62,062)	58.95

Outstanding as of December 31, 2022	745,277	27.03		4.83	—

Exercisable as of December 31, 2022	542,290	25.44		4.17	—

Shares authorized under stock option plans, by exercise price range

The following table summarizes information about stock options outstanding and exercisable as of December 31, 2022:


	Options outstanding				Options exercisable
Exercise price range (1)	Number	Weighted average remaining contractual life (in years)	Weighted average exercise price		Number	Weighted average remaining contractual life (in years)	Weighted average exercise price

$10.01 — $20.00	247,400	5.66	$	15.43	123,238	2.29	$	18.79
$20.01 — $30.00	413,398	4.14	24.85		388,046	4.15	24.82
$30.01 — $40.00	29,479	3.65	33.19		17,256	3.65	33.58




$80.01 — $90.00	25,000	1.60	86.69		6,250	1.60	86.69
$90.01 — $100.00	30,000	1.75	96.87		7,500	1.75	96.87



	745,277				542,290
______________________________________
(1) These options contain market-based and performance-based components as described above.

Shares authorized under stock option plans by vesting price range

The following table summarizes the market prices necessary in order for the market-based options to begin to vest:


	Market-based options
Vesting price	Ordinary performance		Extraordinary performance


$50.01 — $60.00	7,581		4,162
$60.01 — $70.00	8,148		6,250

$80.01 — $90.00	—		3,791
$90.01 — $100.00	—		4,075

$170.01 — $180.00	12,500		—

Over $190.00	15,000		13,750

Total	43,229		32,028

Weighted average share price	$	69.69	$	53.74

Restricted shares and restricted share 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			625,638
Granted			500,631
Issued			(218,106)
Forfeited/canceled			(153,157)

Outstanding as of December 31, 2022			755,006

Fair Value of Performance-based Awards


	2022		2021
	Monte Carlo	Binomial	Monte Carlo	Binomial

Risk-free interest rate (%)	1.04	—	0.16	—
Expected stock price volatility (%)	59.90	—	39.54	—
Expected dividend yield	—	—	—	—
Expected life (in years)	3	0	3	0
Fair value	$—	$—	$10.16	$—

REVENUE (Tables)

12 Months Ended

Dec. 31, 2022

Revenues [Abstract]

Schedule of revenue

The components of revenue were as follows for the years ended December 31:


(in thousands)	2022		2021

Service revenue	$	144,496	$	170,613
Reimbursable expenses	8,039		6,555
Non-controlling interests	585		1,285

Total	$	153,120	$	178,453

Disaggregation of revenue

Disaggregation of total revenues by major source was as follows:


(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

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120
For the year ended December 31, 2021	157,855		14,043		6,555		178,453

Disaggregation of total revenues by segment and major source was as follows for the years ended December 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	$	101,716	$	10,416	$	7,529	$	119,661
Originations	32,915		34		510		33,459

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120


	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	$	98,610	$	9,180	$	5,846	$	113,636
Originations	59,245		42		709		59,996
Corporate and Others	—		4,821		—		4,821
For the year ended December 31, 2021	$	157,855	$	14,043	$	6,555	$	178,453

COST OF REVENUE (Tables)

12 Months Ended

Dec. 31, 2022

Cost of Revenue [Abstract]

Schedule of components of cost of revenue

The components of cost of revenue were as follows for the years ended December 31:


(in thousands)	2022		2021

Compensation and benefits	$	48,064	$	69,990
Outside fees and services	55,979		66,386
Technology and telecommunications	16,937		25,273
Reimbursable expenses	8,039		6,555
Depreciation and amortization	2,286		3,162


Total	$	131,305	$	171,366

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

12 Months Ended

Dec. 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 for the years ended December 31:


(in thousands)	2022		2021

Compensation and benefits	$	22,973	$	28,367
Professional services	11,595		10,163
Amortization of intangible assets	5,129		9,467
Occupancy related costs	5,000		9,332
Marketing costs	3,107		2,157
Depreciation and amortization	1,154		1,430
Other	5,797		6,133

Total	$	54,755	$	67,049

OTHER INCOME (EXPENSE), NET (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of other income (expense), net

Other income (expense), net consists of the following for the years ended December 31:


(in thousands)	2022		2021

Interest income	$	665	$	4

Other, net	1,589		860

Total	$	2,254	$	864

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income before income tax, domestic and foreign

The components of (loss) income before income taxes and non-controlling interests consist of the following for the years ended December 31:


(in thousands)	2022		2021

Domestic - Luxembourg	$	(47,432)	$	25,490
Foreign - U.S.	912		(9,536)
Foreign - non-U.S.	(1,047)		(669)

Total	$	(47,567)	$	15,285

Schedule of income tax provision (benefit)

The income tax provision consists of the following for the years ended December 31:


(in thousands)	2022		2021

Current:
Domestic - Luxembourg	$	(570)	$	—
Foreign - U.S. federal	547		(432)
Foreign - U.S. state	497		(308)
Foreign - non-U.S.	(4,642)		(3,197)

	$	(4,168)	$	(3,937)
Deferred:
Domestic - Luxembourg	$	—	$	(140)
Foreign - U.S. federal	(495)		519
Foreign - U.S. state	(400)		836
Foreign - non-U.S.	(203)		(510)

	$	(1,098)	$	705

Income tax provision	$	(5,266)	$	(3,232)

Summary of tax effects of the temporary differences

A summary of the tax effects of the temporary differences is as follows for the years ended December 31:


(in thousands)	2022		2021

Non-current deferred tax assets:
Net operating loss carryforwards	$	383,908	$	368,824
U.S. federal and state tax credits	282		194
Other non-U.S. deferred tax assets	12,775		13,326
Share-based compensation	1,317		1,220
Accrued expenses	1,369		962
Unrealized losses	10,112		10,397
Other	—		334
Depreciation	144		61

Non-current deferred tax liabilities:
Intangible assets	(9,082)		(8,290)

Other non-U.S. deferred tax liability	(420)		(523)
Other	(244)		—
	400,161		386,505

Valuation allowance	(404,141)		(389,147)

Non-current deferred tax liabilities, net	$	(3,980)	$	(2,642)

Schedule of the reconciliation of income tax provision to the Luxembourg statutory income tax rate

The following table reconciles the Luxembourg statutory tax rate to our effective tax rate for the years ended December 31:


	2022		2021

Statutory tax rate	24.94	%	24.94	%
Change in valuation allowance	(32.14)		130.03
State tax expense	(0.01)		(3.87)
Tax credits	—		0.36
Uncertain tax positions	(6.80)		11.82


Tax rate differences on foreign earnings	(1.21)		6.46
Tax Exempt Income	0.19		(145.91)
Provision to Return	3.45		—
Other	0.51		(2.70)

Effective tax rate	(11.07)	%	21.14	%

Summary of income tax contingencies

The following table summarizes changes in unrecognized tax benefits during the years ended December 31:


(in thousands)	2022		2021

Amount of unrecognized tax benefits as of the beginning of the year	$	9,023	$	8,541
Decreases as a result of tax positions taken in a prior period	(1,595)		(1,648)
Increases as a result of tax positions taken in a prior period	11		2,130
Increases as a result of tax positions taken in the current period	1,576		—

Amount of unrecognized tax benefits as of the end of the year	$	9,015	$	9,023

(LOSS) EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted EPS calculation

Basic and diluted (loss) earnings per share are calculated as follows for the years ended December 31:


(in thousands, except per share data)	2022		2021

Net (loss) income attributable to Altisource	$	(53,418)	$	11,812

Weighted average common shares outstanding, basic	16,070		15,839
Dilutive effect of stock options, restricted shares and restricted share units	—		224

Weighted average common shares outstanding, diluted	16,070		16,063

(Loss) earnings per share:
Basic	$	(3.32)	$	0.75
Diluted	$	(3.32)	$	0.74

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Lease term and assumption

Information about our lease terms and our discount rate assumption was as follows as of December 31:


	2022		2021

Weighted average remaining lease term (in years)	2.99		3.30
Weighted average discount rate	5.68	%	5.84	%

Lease activity during period

Our lease activity was as follows for the years ended December 31:


(in thousands)	2022		2021

Operating lease costs:
Selling, general and administrative expense	$	2,787	$	6,026
Cost of revenue	265		2,294

Cash used in operating activities for amounts included in the measurement of lease liabilities	$	2,198	$	9,072
Short-term (twelve months or less) lease costs	1,183		(1,017)

Maturities of operating lease liabilities

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


(in thousands)	Operating lease obligations

2023	$	2,657
2024	1,889
2025	1,233
2026	636
2027	—

Total lease payments	6,415
Less: interest	(947)

Present value of lease liabilities	$	5,468

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:


	2022		2021

Servicer and Real Estate	53	%	49	%
Origination	—	%	—	%
Corporate and Others	—	%	—	%
Consolidated revenue	41	%	31	%

Disaggregation of revenue

Disaggregation of total revenues by major source was as follows:


(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

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120
For the year ended December 31, 2021	157,855		14,043		6,555		178,453

Disaggregation of total revenues by segment and major source was as follows for the years ended December 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	$	101,716	$	10,416	$	7,529	$	119,661
Originations	32,915		34		510		33,459

For the year ended December 31, 2022	$	134,631	$	10,450	$	8,039	$	153,120


	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	$	98,610	$	9,180	$	5,846	$	113,636
Originations	59,245		42		709		59,996
Corporate and Others	—		4,821		—		4,821
For the year ended December 31, 2021	$	157,855	$	14,043	$	6,555	$	178,453

Schedule of financial information of segments

Financial information for our segments is as follows:


	For the year ended December 31, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	119,661	$	33,459	$	—	$	153,120
Cost of revenue	81,148		32,052		18,105		131,305
Gross profit (loss)	38,513		1,407		(18,105)		21,815
Selling, general and administrative expenses	12,057		8,825		33,873		54,755
Loss on sale of businesses	—		—		242		242
Income (loss) from operations	26,456		(7,418)		(52,220)		(33,182)
Total other income (expense), net	4		—		(14,389)		(14,385)

Income (loss) before income taxes and non-controlling interests	$	26,460	$	(7,418)	$	(66,609)	$	(47,567)


	For the year ended December 31, 2021
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	113,636	$	59,996	$	4,821	$	178,453
Cost of revenue	87,427		49,012		34,927		171,366
Gross profit (loss)	26,209		10,984		(30,106)		7,087
Selling, general and administrative expenses	12,557		5,702		48,790		67,049
Gain on sale of businesses	—		—		(88,930)		(88,930)
Income from operations	13,652		5,282		10,034		28,968
Total other income (expense), net	8		—		(13,691)		(13,683)

Income (loss) before income taxes and non-controlling interests	$	13,660	$	5,282	$	(3,657)	$	15,285

Total Assets

Total assets for our segments are as follows:


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

Total assets:
December 31, 2022	$	63,696	$	53,984	$	77,325	$	195,005
December 31, 2021	61,832		59,741		136,235		257,808

Summary of changes in goodwill

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


(in thousands)	Total

Balance as of January 1, 2021	$	73,849
Write-off (1)	(17,889)

Balance as of December 31, 2021 and 2022	$	55,960
______________________________________

Changes in goodwill during the years ended December 31, 2022 and 2021 are summarized below:


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

Balance as of January 1, 2021	$	30,681	$	25,279	$	17,889	$	73,849
Write-off (1)	—		—		(17,889)		(17,889)

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

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

+ Details

SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Schedule of Debt

The PIK component of the interest rate will be subject to adjustment based on the amount of Par Paydown prior to the Paydown Measurement Date as set forth in the table below:


Par Paydown			PIK Component of Interest Rate
Less than $20 million			5.00%
$20 million+ but less than below			4.50%
$30 million+ but less than below			3.75%
$40 million+ but less than below			3.50%
$45 million+ but less than below			3.00%
$50 million+ but less than below			2.50%
$55 million+ but less than below			2.00%
$60 million+ but less than below			1.00%
$65 million+ but less than below			0.50%
$70 million+			0.00%

Schedule of Warrants

The number of Warrant Shares is subject to reduction based on the amount of Par Paydown by the Paydown Measurement Date as set forth in the table below.


Par Paydown			Warrant Shares
Less than $20 million			3,223,851
$20 million+ but less than below			2,578,743
$30 million+			1,612,705

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Narrative (Details) $ in Thousands		12 Months Ended
	May 27, 2021 USD ($)	Dec. 31, 2022 USD ($) term	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Summary of significant accounting policies
Total assets		$ 195,005	$ 257,808
Expense recorded for discretionary amounts contributed		$ 200	500
Pointillist, Inc.
Summary of significant accounting policies
Noncontrolling ownership percentage				12.10%
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of agreement terms \| term		3
Agreement term		5 years
Total assets		$ 1,200	2,200
Total liabilities		$ 1,100	$ 1,400
Minimum
Summary of significant accounting policies
Estimated useful life		4 years
Maximum
Summary of significant accounting policies
Estimated useful life		20 years
Pointillist, Inc.
Summary of significant accounting policies
Contributions for the creation of Pointillist				$ 8,500
Sale of stock, threshold for sale of equity	$ 5,000
Pointillist, Inc. \| Convertible Notes Due January 2023 \| Convertible Debt
Summary of significant accounting policies
Debt instrument, face amount	$ 1,300
Interest rate (in percent)	7.00%
Pointillist, Inc. \| Pointillist, Inc.
Summary of significant accounting policies
Conversion of stock, equity valuation threshold	$ 13,100

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PP&E Useful Life (Details)	12 Months Ended
	Dec. 31, 2022
Furniture and fixtures
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	5 years
Office equipment
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	5 years
Computer hardware \| Minimum
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	3 years
Computer hardware \| Maximum
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	5 years
Computer software \| Minimum
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	3 years
Computer software \| Maximum
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	7 years
Leasehold improvements
Summary of significant accounting policies
Property, plant and equipment, useful life (in years)	10 years

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Revenue	$ 153,120	$ 178,453
Ocwen \| Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable from largest customer	4,000	3,000
Ocwen \| Customer Concentration Risk \| Billed
Concentration Risk [Line Items]
Accounts receivable from largest customer	3,200	2,800
Ocwen \| Customer Concentration Risk \| Unbilled
Concentration Risk [Line Items]
Accounts receivable from largest customer	$ 800	$ 200
Ocwen \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	41.00%	31.00%
Revenue	$ 63,500	$ 55,600
Highly Correlated - Ocwen \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	6.00%
Revenue	$ 9,500
Rithm \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue	$ 3,200	3,100
Rithm \| Revenue Benchmark \| Customer Concentration Risk \| Ocwen
Concentration Risk [Line Items]
Concentration risk (in percent)	17.00%
Highly Correlated - Rithm \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue	$ 13,000	$ 13,600

SALE OF BUSINESSES (Details) $ in Thousands			1 Months Ended	12 Months Ended
SALE OF BUSINESSES (Details) $ in Thousands	Dec. 01, 2021 USD ($)	Oct. 06, 2021 USD ($)	Aug. 31, 2018 USD ($) installment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business				$ 346	$ 104,141
Gain on sale of business				(242)	88,930
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
Pointillist, Inc. \| Genesys
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business combination, consideration transferred		150,000
Payments to acquire businesses, gross		$ 144,500
Restricted cash	$ 5,000
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]
Gain on sale of business	88,900
Gain on sale of business net of tax	88,900
Pointillist, Inc. \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of disposal group	106,000
Pointillist, Inc. \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Working Capital Escrow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash						$ 300
Pointillist, Inc. \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Indemnification Escrow
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business	3,500
Pointillist, Inc. \| 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
Pointillist, Inc. \| 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
Estimated losses				(200)
Pointillist, Inc. \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Pointillist, Inc. \| Working Capital Escrow and Indemnification Escrow \| Pointillist, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets				$ 3,200	$ 3,600
Pointillist, Inc. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business	$ 102,200
Rental Property Management Business \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of business			$ 15,000
Total proceeds from the sale of business			$ 18,000
Number of installment payments \| installment			2
Future proceeds from the sale of business			$ 3,000

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net
Accounts receivable, gross	$ 17,352	$ 23,305
Less: Allowance for credit losses	(4,363)	(5,297)	$ (5,581)
Total	12,989	18,008
Billed
Accounts receivable, net
Accounts receivable, gross	11,993	17,907
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 5,359	$ 5,398

ACCOUNTS RECEIVABLE, NET - Schedule of Allowance for Doubtful Accounts and Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Allowance for expected credit losses:
Balance at Beginning of Period	$ 5,297	$ 5,581
Charged to Expenses	885	1,354
Charged to Other Accounts Note	(260)	0
Deductions Note	1,559	1,638
Balance at End of Period	$ 4,363	$ 5,297

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income taxes receivable	$ 7,031	$ 8,403
Prepaid expenses	5,165	2,865
Maintenance agreements, current portion	1,498	1,717
Surety bond collateral	4,000	2,000
Other current assets	5,850	6,879
Total	$ 23,544	$ 21,864

PREMISES AND EQUIPMENT, NET - Summary of Premise and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PREMISES AND EQUIPMENT, NET
Premises and equipment, gross	$ 59,311	$ 61,631
Less: Accumulated depreciation and amortization	(55,089)	(54,758)
Total	4,222	6,873
Computer hardware and software
PREMISES AND EQUIPMENT, NET
Premises and equipment, gross	49,339	50,452
Leasehold improvements
PREMISES AND EQUIPMENT, NET
Premises and equipment, gross	5,794	5,927
Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Premises and equipment, gross	3,832	4,441
Office equipment and other
PREMISES AND EQUIPMENT, NET
Premises and equipment, gross	$ 346	$ 811

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 3,440	$ 4,592

PREMISES AND EQUIPMENT, NET - Summary by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Premises and equipment	$ 4,222	$ 6,873
Luxembourg
Property, Plant and Equipment [Line Items]
Premises and equipment	2,455	3,883
United States
Property, Plant and Equipment [Line Items]
Premises and equipment	586	1,932
India
Property, Plant and Equipment [Line Items]
Premises and equipment	1,129	999
Uruguay
Property, Plant and Equipment [Line Items]
Premises and equipment	$ 52	$ 59

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets under operating leases	$ 11,808	$ 19,595
Less: Accumulated amortization	(6,487)	(12,001)
Total	$ 5,321	$ 7,594

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of right-of-use assets under operating leases	$ 2,730	$ 7,935

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance as of January 1, 2021	$ 55,960	$ 73,849
Write-off	(17,889)
Balance as of December 31, 2021 and 2022	$ 55,960	55,960
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Owners.com
Goodwill [Roll Forward]
Write-off		$ (17,900)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Gross carrying amount	$ 259,016	$ 259,016
Accumulated amortization	(227,286)	(222,157)
Net book value	31,730	36,859
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	214,307	214,307
Accumulated amortization	(197,594)	(194,594)
Net book value	$ 16,713	19,713
Customer related intangible assets \| Weighted average
Intangible Assets, Net
Weighted average estimated useful life (in years)	9 years
Operating agreement
Intangible Assets, Net
Gross carrying amount	$ 35,000	35,000
Accumulated amortization	(22,604)	(20,854)
Net book value	$ 12,396	14,146
Operating agreement \| Weighted average
Intangible Assets, Net
Weighted average estimated useful life (in years)	20 years
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	$ 9,709	9,709
Accumulated amortization	(7,088)	(6,709)
Net book value	$ 2,621	$ 3,000
Trademarks and trade names \| Weighted average
Intangible Assets, Net
Weighted average estimated useful life (in years)	16 years

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for definite lived intangible assets	$ 5,129	$ 9,467
Amortization expense, year 1	5,100
Amortization expense, year 2	5,100
Amortization expense, year 3	5,100
Amortization expense, year 4	4,900
Amortization expense, year 5	$ 4,700

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 3,248	$ 4,017
Security deposits	596	1,043
Other	1,322	1,072
Total	$ 5,166	$ 6,132

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accounts Payable and Accrued Expenses - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 14,981	$ 15,978
Accrued expenses - general	11,858	13,653
Accrued salaries and benefits	5,501	12,254
Income taxes payable	1,167	4,650
Total	$ 33,507	$ 46,535

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Operating lease liabilities	$ 2,097	$ 2,893
Other	770	977
Total	$ 2,867	$ 3,870
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gross, long-term debt	$ 247,204,000
Less: Debt issuance costs, net	(900,000)	$ (1,600,000)
Total Long-term debt	(245,230,000)	(243,637,000)
Credit Facility
Debt Instrument [Line Items]
Gross, long-term debt	0	0
Less: Debt issuance costs, net	(300,000)	(400,000)
Less: Debt issuance costs, net	(263,000)	(441,000)
Total Long-term debt	(263,000)	(441,000)
Senior secured term loans
Debt Instrument [Line Items]
Gross, long-term debt	247,204,000	247,204,000
Less: Debt issuance costs, net	(878,000)	(1,632,000)
Less: Unamortized discount, net	(833,000)	(1,494,000)
Total Long-term debt	$ (245,493,000)	$ (244,078,000)

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LONG-TERM DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	247,204
Total	$ 247,204

LONG-TERM DEBT - Narrative (Details)		1 Months Ended	12 Months Ended
LONG-TERM DEBT - Narrative (Details)	Jun. 22, 2021 USD ($)	Apr. 30, 2018 USD ($) lender	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt issuance costs, net			$ 900,000	$ 1,600,000
Accumulated amortization			3,600,000	2,900,000
Interest on long-term debt			(16,639,000)	(14,547,000)
Gross, long-term debt			$ 247,204,000
Altisource S.A.R.L.
Debt Instrument [Line Items]
Noncontrolling ownership percentage			24.00%
Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net			$ 300,000	400,000
Accumulated amortization			300,000	100,000
Interest rate (in percent)	9.00%
Line of credit facility, commitment fee amount	$ 500,000
Unused commitment fee	0.50%
Payment due date	3 days
Line of credit facility, covenant threshold	$ 40,000,000
Gross, long-term debt			$ 0	0
Term B Loans
Debt Instrument [Line Items]
Leverage ratio to be maintained under the credit facility covenants		3.00
Covenant threshold, leverage ratio		3.50	3.50
Term B Loans \| 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
Senior secured term loans
Debt Instrument [Line Items]
Debt issuance costs, net			$ 878,000	1,632,000
Interest on long-term debt			16,400,000	(13,900,000)
Gross, long-term debt			$ 247,204,000	$ 247,204,000
April 3, 2018 Credit Agreement
Debt Instrument [Line Items]
Number of incremental lenders (or more) \| lender		1
Increase in incremental indebtedness limit		$ 125,000,000
April 3, 2018 Credit Agreement \| Term B Loans
Debt Instrument [Line Items]
Debt instrument, face amount		$ 412,000,000
Interest rate at the end of the period			7.67%
April 3, 2018 Credit Agreement \| Term B Loans \| Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Fixed interest rate base		1.00%
Interest rate margin (in percent)		4.00%
April 3, 2018 Credit Agreement \| Term B Loans \| Base Rate
Debt Instrument [Line Items]
Fixed interest rate base		2.00%
Interest rate margin (in percent)		3.00%
April 3, 2018 Credit Agreement \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 15,000,000
Increase in incremental indebtedness limit		$ 80,000,000
Credit Facility Borrowings Through June 22, 2022 \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	20,000,000
Line of credit amortization period			3 years
Line of credit facility, outstanding balance threshold	15,000,000
Credit Facility Borrowings Through June 22, 2023 \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	15,000,000
Line of credit facility, outstanding balance threshold	10,000,000
Credit Facility Borrowings Through End Of Term \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Operating lease liabilities	$ 3,371	$ 5,029
Income tax liabilities	16,079	14,156
Deferred revenue	82	0
Other non-current liabilities	4	81
Total	$ 19,536	$ 19,266
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Total	Total

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 51,025	$ 98,132
Restricted cash	3,248	4,017
Short-term receivable	3,223	3,643
Senior secured term loan
Liabilities:
Senior secured term loan	247,204	247,204
Level 1 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	51,025	98,132
Restricted cash	3,248	4,017
Short-term receivable	0	0
Level 1 \| Fair Value, Measurements, Recurring \| Senior secured term loan
Liabilities:
Senior secured term loan	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 2 \| Fair Value, Measurements, Recurring \| Senior secured term loan
Liabilities:
Senior secured term loan	200,235	224,956
Level 3 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	3,223	3,643
Level 3 \| Fair Value, Measurements, Recurring \| Senior secured term loan
Liabilities:
Senior secured term loan	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 01, 2021	Aug. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	May 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from the sale of businesses			$ 346	$ 104,141
Ocwen \| Revenue Benchmark \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk (in percent)			41.00%	31.00%
Discontinued Operations, Disposed of by Sale \| Rental Property Management Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from the sale of businesses		$ 15,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Pointillist, Inc. \| Working Capital Escrow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash					$ 300
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Pointillist, Inc. \| Indemnification Escrow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from the sale of businesses	$ 3,500

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 15, 2018 $ / shares shares	Apr. 30, 2018	Dec. 31, 2022 USD ($) vote component $ / shares shares	Dec. 31, 2021 USD ($) shares
Equity And Share-Based Compensation
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)			16,129,000	15,911,000
Voting rights per share \| vote			1,000
Maximum number of Altisource share-based awards that can be granted under the Plan (in shares)			6,700,000
Share-based awards available for future grants under the Plan (in shares)			2,500,000
Authorized amount (approximately) \| $			$ 69.0
Share-based compensation expense \| $			5.1	$ 2.8
Estimated unrecognized compensation costs \| $			$ 3.1
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized			1 year 5 months 15 days
Options outstanding (in shares)			745,277	687,339
Granted (in shares)			120,000	0
Stock Options, Performance-Based
Equity And Share-Based Compensation
Options outstanding (in shares)			461,000
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Two
Equity And Share-Based Compensation
Award vesting percentage (in percent)			25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Four
Equity And Share-Based Compensation
Award vesting percentage (in percent)			25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche One
Equity And Share-Based Compensation
Award vesting percentage (in percent)			25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Three
Equity And Share-Based Compensation
Award vesting percentage (in percent)			25.00%
Restricted Shares and Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Other than options, outstanding (in shares)			154,000
Restricted Shares and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Two
Equity And Share-Based Compensation
Award vesting percentage (in percent)			33.00%
Restricted Shares and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche One
Equity And Share-Based Compensation
Award vesting percentage (in percent)			33.00%
Restricted Shares and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Three
Equity And Share-Based Compensation
Award vesting percentage (in percent)			33.00%
Stock Options, Market-Based
Equity And Share-Based Compensation
Options outstanding (in shares)			96,000
Number of components of an award \| component			2
Allowable performance period before expiration date (in years)			3 years
Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Other than options, granted (in shares)			46,000
Restricted Share Units
Equity And Share-Based Compensation
Other than options, granted (in shares)			501,000
Other than options, granted (in dollars per share) \| $ / shares			$ 10.33
Restricted Stock Units (RSUs), Market-Based
Equity And Share-Based Compensation
Other than options, granted (in shares)			46,000
Restricted Shares and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Equity And Share-Based Compensation
Other than options, outstanding (in shares)			98,000
Restricted Shares and Restricted Stock Units (RSUs), Market-Based
Equity And Share-Based Compensation
Other than options, outstanding (in shares)			112,000
Stock Options, Service-Based
Equity And Share-Based Compensation
Options outstanding (in shares)			188,000
Stock Options
Equity And Share-Based Compensation
Granted (in shares)			120,000
Ordinary performance
Equity And Share-Based Compensation
Percentage of awards (in percent)			67.00%
Vesting threshold			2
Restricted Shares and Restricted Stock Units (RSUs), Service-Based
Equity And Share-Based Compensation
Other than options, outstanding (in shares)			391,000
Extraordinary performance
Equity And Share-Based Compensation
Percentage of awards (in percent)			33.00%
Vesting threshold			3
Term B Loans
Equity And Share-Based Compensation
Covenant threshold, leverage ratio		3.50	3.50
Minimum \| Stock Options, Performance-Based
Equity And Share-Based Compensation
Allowable performance period before expiration date (in years)			10 years
Attainment above threshold performance levels, vesting percentage (in percent)			50.00%
Minimum \| Stock Options, Market-Based
Equity And Share-Based Compensation
Vesting period (in years)			3 years
Minimum \| Restricted Shares and Restricted Stock Units (RSUs), Market-Based
Equity And Share-Based Compensation
Vesting period (in years)			30 days
Award vesting percentage (in percent)			50.00%
Minimum \| Stock Options, Service-Based
Equity And Share-Based Compensation
Vesting period (in years)			3 years
Minimum \| Ordinary performance
Equity And Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest (in percent)			20.00%
Minimum \| Restricted Shares and Restricted Stock Units (RSUs), Service-Based
Equity And Share-Based Compensation
Vesting period (in years)			2 years
Minimum \| Extraordinary performance
Equity And Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest (in percent)			25.00%
Maximum \| Stock Options, Performance-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting percentage (in percent)			200.00%
Maximum \| Restricted Shares and Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting percentage (in percent)			150.00%
Maximum \| Stock Options, Market-Based
Equity And Share-Based Compensation
Vesting period (in years)			4 years
Expiration term (in years)			10 years
Maximum \| Restricted Shares and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting percentage (in percent)			300.00%
Maximum \| Restricted Shares and Restricted Stock Units (RSUs), Market-Based
Equity And Share-Based Compensation
Vesting period (in years)			1 year
Award vesting percentage (in percent)			50.00%
Maximum \| Stock Options, Service-Based
Equity And Share-Based Compensation
Vesting period (in years)			4 years
Expiration term (in years)			10 years
Maximum \| Restricted Shares and Restricted Stock Units (RSUs), Service-Based
Equity And Share-Based Compensation
Vesting period (in years)			4 years
Stock Repurchase Program, Current
Equity And Share-Based Compensation
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 dollars per share) \| $ / shares	$ 1.00
Maximum purchase price authorized (in dollars per share) \| $ / shares	$ 500.00
Stock repurchase program, period in force	5 years
Remaining number of shares available for repurchase under the plan (in shares)			2,400,000
Stock Repurchase Programs
Equity And Share-Based Compensation
Number of shares of common stock purchased (in shares)			0

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Pricing Model (Details) - Stock Options	12 Months Ended
	Dec. 31, 2022 $ / shares
Equity And Share-Based Compensation
Risk-free interest rate (%), minimum	1.62%
Risk-free interest rate (%), maximum	4.20%
Expected stock price volatility (%), minimum	67.75%
Expected stock price volatility (%), maximum	67.99%
Expected dividend yield (%)	0.00%
Expected option life (in years)	6 years
Minimum
Equity And Share-Based Compensation
Fair value (in usd per share)	$ 7.27
Maximum
Equity And Share-Based Compensation
Fair value (in usd per share)	$ 7.63

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Weighted Average Fair Value of Stock Options Granted and Total Intrinsic Value of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted average fair value of stock options granted and total intrinsic value of stock options exercised
Weighted average grant date fair value of stock options granted per share (in dollars per share)	$ 8.25	$ 0
Intrinsic value of options exercised	$ 0	$ 0
Grant date fair value of stock options that vested	$ 1,031	$ 1,203

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of options
Outstanding at the beginning of the period (in shares)	687,339
Granted (in shares)	120,000	0
Forfeited (in shares)	(62,062)
Outstanding at the end of the period (in shares)	745,277	687,339
Exercisable at the end of the period (in shares)	542,290
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 27.99
Granted (in dollars per share)	11.86
Forfeited (in dollars per share)	58.95
Outstanding at the end of the period (in dollars per share)	27.03	$ 27.99
Exercisable at the end of the period (in dollars per share)	$ 25.44
Weighted average contractual term (in years)
Weighted average contractual term	4 years 9 months 29 days	4 years 6 months 25 days
Exercisable at the end of the period	4 years 2 months 1 day
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value (in dollars)	$ 0	$ 0
Exercisable at the end of the period (in dollars)	$ 0

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Stock option information (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Options outstanding
Number (in shares) \| shares	745,277
Options exercisable
Number (in shares) \| shares	542,290
$10.01 — $20.00
Stock options outstanding and exercisable
Exercise price, low end of range (in dollars per share)	$ 10.01
Exercise price, high end of range (in dollars per share)	$ 20.00
Options outstanding
Number (in shares) \| shares	247,400
Weighted average remaining contractual life (in years)	5 years 7 months 28 days
Weighted average exercise price (in dollars per share)	$ 15.43
Options exercisable
Number (in shares) \| shares	123,238
Weighted average remaining contractual life (in years)	2 years 3 months 14 days
Weighted average exercise price (in dollars per share)	$ 18.79
$20.01 — $30.00
Stock options outstanding and exercisable
Exercise price, low end of range (in dollars per share)	20.01
Exercise price, high end of range (in dollars per share)	$ 30.00
Options outstanding
Number (in shares) \| shares	413,398
Weighted average remaining contractual life (in years)	4 years 1 month 20 days
Weighted average exercise price (in dollars per share)	$ 24.85
Options exercisable
Number (in shares) \| shares	388,046
Weighted average remaining contractual life (in years)	4 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 24.82
$30.01 — $40.00
Stock options outstanding and exercisable
Exercise price, low end of range (in dollars per share)	30.01
Exercise price, high end of range (in dollars per share)	$ 40.00
Options outstanding
Number (in shares) \| shares	29,479
Weighted average remaining contractual life (in years)	3 years 7 months 24 days
Weighted average exercise price (in dollars per share)	$ 33.19
Options exercisable
Number (in shares) \| shares	17,256
Weighted average remaining contractual life (in years)	3 years 7 months 24 days
Weighted average exercise price (in dollars per share)	$ 33.58
$80.01 — $90.00
Stock options outstanding and exercisable
Exercise price, low end of range (in dollars per share)	80.01
Exercise price, high end of range (in dollars per share)	$ 90.00
Options outstanding
Number (in shares) \| shares	25,000
Weighted average remaining contractual life (in years)	1 year 7 months 6 days
Weighted average exercise price (in dollars per share)	$ 86.69
Options exercisable
Number (in shares) \| shares	6,250
Weighted average remaining contractual life (in years)	1 year 7 months 6 days
Weighted average exercise price (in dollars per share)	$ 86.69
$90.01 — $100.00
Stock options outstanding and exercisable
Exercise price, low end of range (in dollars per share)	90.01
Exercise price, high end of range (in dollars per share)	$ 100.00
Options outstanding
Number (in shares) \| shares	30,000
Weighted average remaining contractual life (in years)	1 year 9 months
Weighted average exercise price (in dollars per share)	$ 96.87
Options exercisable
Number (in shares) \| shares	7,500
Weighted average remaining contractual life (in years)	1 year 9 months
Weighted average exercise price (in dollars per share)	$ 96.87

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Market-based options vesting prices (Details)	Dec. 31, 2022 $ / shares shares
Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	43,229
Market-based options, weighted average share price (in dollars per share) \| $ / shares	$ 69.69
Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	32,028
Market-based options, weighted average share price (in dollars per share) \| $ / shares	$ 53.74
$50.01 — $60.00
Market prices for market performance options to vest
Market-based options, vesting price, low end of range (in dollars per share) \| $ / shares	50.01
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 60.00
$50.01 — $60.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	7,581
$50.01 — $60.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	4,162
$60.01 — $70.00
Market prices for market performance options to vest
Market-based options, vesting price, low end of range (in dollars per share) \| $ / shares	$ 60.01
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 70.00
$60.01 — $70.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	8,148
$60.01 — $70.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	6,250
$80.01 — $90.00
Market prices for market performance options to vest
Market-based options, vesting price, low end of range (in dollars per share) \| $ / shares	$ 80.01
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 90.00
$80.01 — $90.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	0
$80.01 — $90.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	3,791
$90.01 — $100.00
Market prices for market performance options to vest
Market-based options, vesting price, low end of range (in dollars per share) \| $ / shares	$ 90.01
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 100.00
$90.01 — $100.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	0
$90.01 — $100.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	4,075
$170.01 — $180.00
Market prices for market performance options to vest
Market-based options, vesting price, low end of range (in dollars per share) \| $ / shares	$ 170.01
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 180.00
$170.01 — $180.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	12,500
$170.01 — $180.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	0
Over $190.00
Market prices for market performance options to vest
Market-based options, vesting price, high end of range (in dollars per share) \| $ / shares	$ 190.00
Over $190.00 \| Ordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	15,000
Over $190.00 \| Extraordinary performance
Market prices for market performance options to vest
Market-based options, options expected to vest (in shares)	13,750

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Restricted stock awards (Details) - Restricted Shares and Restricted Share Units	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	625,638
Granted (in shares)	500,631
Issued (in shares)	(218,106)
Forfeited/canceled (in shares)	(153,157)
Outstanding, end of period (in shares)	755,006

SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Assumptions Used to Determine the Fair Values for Performance-Based Awards (Details) - Restricted Shares and Restricted Share Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Monte Carlo
Equity And Share-Based Compensation
Risk-free interest rate (%)	1.04%	0.16%
Expected stock price volatility (%)	59.90%	39.54%
Expected dividend yield	0.00%	0.00%
Expected life (in years)	3 years	3 years
Fair value (in usd per share)	$ 0	$ 10.16
Binomial
Equity And Share-Based Compensation
Risk-free interest rate (%)	0.00%
Expected stock price volatility (%)	0.00%	0.00%
Expected dividend yield	0.00%	0.00%
Expected life (in years)	0 years	0 years
Fair value (in usd per share)	$ 0	$ 0
Binomial \| Minimum
Equity And Share-Based Compensation
Risk-free interest rate (%)		0.00%

REVENUE - Narrative (Details) $ in Millions	12 Months Ended
REVENUE - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) category	Dec. 31, 2021 USD ($)
Revenues [Abstract]
Number of revenue categories \| category	3
Revenue recognized that was included in the contract liability at the beginning of the period \| $	$ 4.2	$ 5.5

REVENUE - Schedule of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 153,120	$ 178,453
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	144,496	170,613
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	8,039	6,555
Non-controlling interests
Disaggregation of Revenue [Line Items]
Revenue	$ 585	$ 1,285

- 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
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+ Details

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 153,120	$ 178,453
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	134,631	157,855
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	10,450	14,043
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 8,039	$ 6,555

- Definition

+ References

+ Details

COST OF REVENUE - Components of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost of Revenue [Abstract]
Compensation and benefits	$ 48,064	$ 69,990
Outside fees and services	55,979	66,386
Technology and telecommunications	16,937	25,273
Reimbursable expenses	8,039	6,555
Depreciation and amortization	2,286	3,162
Total	$ 131,305	$ 171,366

COST OF REVENUE - Narrative (Details) $ in Millions	8 Months Ended
COST OF REVENUE - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Cost of Revenue [Abstract]
Reimbursable expenses	$ 0.5

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 22,973	$ 28,367
Professional services	11,595	10,163
Amortization of intangible assets	5,129	9,467
Occupancy related costs	5,000	9,332
Marketing costs	3,107	2,157
Depreciation and amortization	1,154	1,430
Other	5,797	6,133
Total	$ 54,755	$ 67,049

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest income	$ 665	$ 4
Other, net	1,589	860
Total	$ 2,254	$ 864

INCOME TAXES - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income before income taxes and non-controlling interests [Line Items]
Domestic - Luxembourg	$ (47,432)	$ 25,490
(Loss) income before income taxes and non-controlling interests	(47,567)	15,285
Foreign - U.S.
Income before income taxes and non-controlling interests [Line Items]
Foreign - U.S. and Non-U.S.	912	(9,536)
Foreign - non-U.S.
Income before income taxes and non-controlling interests [Line Items]
Foreign - U.S. and Non-U.S.	$ (1,047)	$ (669)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

INCOME TAXES - Income Tax (Provision) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Domestic - Luxembourg	$ (4,168)	$ (3,937)
Deferred:
Domestic - Luxembourg	(1,098)	705
Income tax provision	(5,266)	(3,232)
Domestic - Luxembourg
Current:
Domestic - Luxembourg	(570)	0
Deferred:
Domestic - Luxembourg	0	(140)
Foreign - U.S. federal
Current:
Foreign	547	(432)
Deferred:
Foreign	(495)	519
Foreign - U.S. state
Current:
Foreign	497	(308)
Deferred:
Foreign	(400)	836
Foreign - non-U.S.
Current:
Foreign	(4,642)	(3,197)
Deferred:
Foreign	$ (203)	$ (510)

INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 01, 2021	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax effects of temporary differences
Decrease in foreign taxes due to tax holidays			$ 100	$ 100
Effect on diluted per share due to decrease in foreign tax holiday (in dollars per share)			$ 0.01	$ 0.01
Valuation allowance			$ 404,141	$ 389,147
Net operating loss carryforwards			383,908	368,824
Operating loss carryforwards			1,537,700	1,476,800
Carryback period (in years)					5 years
Operating loss carryback, CARES Act					$ 14,800
Income taxes receivable			5,100	6,000
Unrecognized tax benefits that would affect the effective tax rate			16,700	14,900
Unrecognized tax benefits, income tax penalties and interest accrued			7,600	5,800
Subsequent Event \| Forecast
Tax effects of temporary differences
Income tax receivable, received		$ 5,100
India
Tax effects of temporary differences
Income tax expense				15,000
Domestic - Luxembourg
Tax effects of temporary differences
Operating loss carryforwards, valuation allowance			383,100	367,800
Foreign - U.S. state
Tax effects of temporary differences
Income recognized on deferred foreign income			400	(836)
Income tax expense			(497)	308
Deferred tax asset relating to tax credits			800	800
Foreign - U.S. federal
Tax effects of temporary differences
Income recognized on deferred foreign income			495	(519)
Income tax expense			(547)	432
Foreign - non-U.S.
Tax effects of temporary differences
Income recognized on deferred foreign income			203	510
Income tax expense			4,642	$ 3,197
Foreign Tax Authority
Tax effects of temporary differences
Income recognized on deferred foreign income			$ 3,800
India
Tax effects of temporary differences
Income recognized on deferred foreign income	$ 15,000

INCOME TAXES - Summary of Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current deferred tax assets:
Net operating loss carryforwards	$ 383,908	$ 368,824
U.S. federal and state tax credits	282	194
Other non-U.S. deferred tax assets	12,775	13,326
Share-based compensation	1,317	1,220
Accrued expenses	1,369	962
Unrealized losses	10,112	10,397
Other	0	334
Depreciation	144	61
Non-current deferred tax liabilities:
Intangible assets	(9,082)	(8,290)
Other non-U.S. deferred tax liability	(420)	(523)
Other	(244)	0
Deferred tax assets net of deferred tax liabilities	400,161	386,505
Valuation allowance	(404,141)	(389,147)
Non-current deferred tax liabilities, net	$ (3,980)	$ (2,642)

INCOME TAXES - Reconciliation of Luxembourg Statutory Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Income Tax Provision to the Luxembourg income tax rate
Statutory tax rate	24.94%	24.94%
Change in valuation allowance	(32.14%)	130.03%
State tax expense	(0.01%)	(3.87%)
Tax credits	0.00%	0.36%
Uncertain tax positions	(6.80%)	11.82%
Tax rate differences on foreign earnings	(1.21%)	6.46%
Tax Exempt Income	0.19%	(145.91%)
Provision to Return	3.45%	0.00%
Other	0.51%	(2.70%)
Effective tax rate	(11.07%)	21.14%

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Amount of unrecognized tax benefits as of the beginning of the year	$ 9,023	$ 8,541
Decreases as a result of tax positions taken in a prior period	(1,595)	(1,648)
Increases as a result of tax positions taken in a prior period	11	2,130
Increases as a result of tax positions taken in the current period	1,576	0
Amount of unrecognized tax benefits as of the end of the year	$ 9,015	$ 9,023

(LOSS) EARNINGS PER SHARE - Summary of Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to Altisource	$ (53,418)	$ 11,812
Weighted average common shares outstanding, basic (in shares)	16,070	15,839
Dilutive effect of stock options, restricted shares and restricted share units (in shares)	0	224
Weighted average common shares outstanding, diluted (in shares)	16,070	16,063
(Loss) earnings per share:
Basic (in USD per share)	$ (3.32)	$ 0.75
Diluted (in USD per share)	$ (3.32)	$ 0.74

- 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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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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(LOSS) EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Anti-dilutive securities
Excluded from the computation of diluted EPS (in shares)	1.3	1.2
Options, Restricted Stock and Restricted Stock Units Whose Impacts are Anti-Dilutive Because of Net Loss
Anti-dilutive securities
Excluded from the computation of diluted EPS (in shares)	0.2	0.2
Options Whose Exercise Price is Greater than Average Market Price
Anti-dilutive securities
Excluded from the computation of diluted EPS (in shares)	0.2	0.3
Options, Restricted Shares and Restricted Share Units Issuable upon Achievement of Certain Market and Performance Criteria That Has Not Been Met
Anti-dilutive securities
Excluded from the computation of diluted EPS (in shares)	0.9	0.9

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) letterOfCredit	Dec. 31, 2021 USD ($)
Concentration Risk
Sublease income	$ 0.5	$ 1.0
Amounts held in escrow and trust accounts	$ 13.2	$ 27.5
Standby Letters of Credit
Concentration Risk
Standby letters of credit, number \| letterOfCredit	0
Minimum
Concentration Risk
Lease term (in years)	1 year
Maximum
Concentration Risk
Lease term (in years)	6 years
Ocwen \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk
Concentration risk (in percent)	41.00%	31.00%
Highly Correlated - Ocwen \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk
Concentration risk (in percent)	6.00%
RITM \| Revenue Benchmark \| Customer Concentration Risk \| Ocwen
Concentration Risk
Concentration risk (in percent)	17.00%

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Term and Assumption (Details)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	2 years 11 months 26 days	3 years 3 months 18 days
Weighted average discount rate	5.68%	5.84%

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 2,198	$ 9,072
Short-term (twelve months or less) lease costs	1,183	(1,017)
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	2,787	6,026
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 265	$ 2,294

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 2,657
2024	1,889
2025	1,233
2026	636
2027	0
Total lease payments	6,415
Less: interest	(947)
Present value of lease liabilities	$ 5,468

SEGMENT REPORTING - Narrative (Details) - segment	12 Months Ended
SEGMENT REPORTING - Narrative (Details) - segment	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	2	1

SEGMENT REPORTING - Disaggregation of Revenue by Largest Customer (Details) - Ocwen - Revenue Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEGMENT REPORTING
Concentration risk (in percent)	41.00%	31.00%
Operating Segment \| Servicer and Real Estate
SEGMENT REPORTING
Concentration risk (in percent)	53.00%	49.00%
Operating Segment \| Origination
SEGMENT REPORTING
Concentration risk (in percent)	0.00%	0.00%
Corporate and Others
SEGMENT REPORTING
Concentration risk (in percent)	0.00%	0.00%

SEGMENT REPORTING - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 153,120	$ 178,453
Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue	0	4,821
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	134,631	157,855
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	10,450	14,043
Revenue related to technology platforms and professional services \| Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		4,821
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	8,039	6,555
Reimbursable expenses \| Corporate and Others
Disaggregation of Revenue [Line Items]
Revenue		0
Servicer and Real Estate \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	119,661	113,636
Servicer and Real Estate \| Revenue recognized when services are performed or assets are sold \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	101,716	98,610
Servicer and Real Estate \| Revenue related to technology platforms and professional services \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	10,416	9,180
Servicer and Real Estate \| Reimbursable expenses \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	7,529	5,846
Origination \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	33,459	59,996
Origination \| Revenue recognized when services are performed or assets are sold \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	32,915	59,245
Origination \| Revenue related to technology platforms and professional services \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	34	42
Origination \| Reimbursable expenses \| Operating Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 510	$ 709

- Definition

+ References

+ Details

SEGMENT REPORTING - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEGMENT REPORTING
Revenue	$ 153,120	$ 178,453
Cost of revenue	131,305	171,366
Gross profit (loss)	21,815	7,087
Selling, general and administrative expenses	54,755	67,049
Loss (gain) on sale of business	242	(88,930)
Income (loss) from operations	(33,182)	28,968
Total other income (expense), net	(14,385)	(13,683)
(Loss) income before income taxes and non-controlling interests	(47,567)	15,285
Total Assets:
Total assets	195,005	257,808
Operating Segment \| Servicer and Real Estate
SEGMENT REPORTING
Revenue	119,661	113,636
Cost of revenue	81,148	87,427
Gross profit (loss)	38,513	26,209
Selling, general and administrative expenses	12,057	12,557
Loss (gain) on sale of business	0	0
Income (loss) from operations	26,456	13,652
Total other income (expense), net	4	8
(Loss) income before income taxes and non-controlling interests	26,460	13,660
Total Assets:
Total assets	63,696	61,832
Operating Segment \| Origination
SEGMENT REPORTING
Revenue	33,459	59,996
Cost of revenue	32,052	49,012
Gross profit (loss)	1,407	10,984
Selling, general and administrative expenses	8,825	5,702
Loss (gain) on sale of business	0	0
Income (loss) from operations	(7,418)	5,282
Total other income (expense), net	0	0
(Loss) income before income taxes and non-controlling interests	(7,418)	5,282
Total Assets:
Total assets	53,984	59,741
Corporate and Others
SEGMENT REPORTING
Revenue	0	4,821
Cost of revenue	18,105	34,927
Gross profit (loss)	(18,105)	(30,106)
Selling, general and administrative expenses	33,873	48,790
Loss (gain) on sale of business	242	(88,930)
Income (loss) from operations	(52,220)	10,034
Total other income (expense), net	(14,389)	(13,691)
(Loss) income before income taxes and non-controlling interests	(66,609)	(3,657)
Total Assets:
Total assets	$ 77,325	$ 136,235

SEGMENT REPORTING - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Balance as of January 1, 2021	$ 55,960	$ 73,849
Write-off	(17,889)
Balance as of December 31, 2021 and 2022	55,960	55,960
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Owners.com
Intangible Assets, Net
Write-off		(17,900)
Corporate and Others
Intangible Assets, Net
Balance as of January 1, 2021	0	17,889
Write-off	(17,889)
Balance as of December 31, 2021 and 2022	0	0
Servicer and Real Estate \| Operating Segment
Intangible Assets, Net
Balance as of January 1, 2021	30,681	30,681
Write-off	0
Balance as of December 31, 2021 and 2022	30,681	30,681
Origination \| Operating Segment
Intangible Assets, Net
Balance as of January 1, 2021	25,279	25,279
Write-off	0
Balance as of December 31, 2021 and 2022	$ 25,279	$ 25,279

- Definition

+ References + Details

SUBSEQUENT EVENTS - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 22, 2023 USD ($)	Feb. 14, 2023 USD ($) $ / shares shares	Jun. 22, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Cash and cash equivalents				$ 51,025	$ 98,132
Subsequent Event
Subsequent Event [Line Items]
Exercise price (in usd per share) \| $ / shares		$ 0.01
Secured Debt \| Line of Credit \| Subsequent Event \| $30 million+ but less than below
Subsequent Event [Line Items]
PIK extension fee (in percent)		3.75
Secured Debt \| Line of Credit \| Subsequent Event \| $30 million+
Subsequent Event [Line Items]
PIK extension fee (in percent)		0.02
Secured Debt \| Line of Credit \| Subsequent Event \| Second Amended Credit Facility
Subsequent Event [Line Items]
Repayment of debt		$ 30,000
Amendment fee percentage (in percent)		0.010
Secured Debt \| Line of Credit \| Subsequent Event \| Second Amended Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component One, Paid In Cash
Subsequent Event [Line Items]
Interest rate margin (in percent)		5.00%
Secured Debt \| Line of Credit \| Subsequent Event \| Second Amended Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component Two, Paid In Kind
Subsequent Event [Line Items]
Interest rate margin (in percent)		5.00%
Secured Debt \| Line of Credit \| Subsequent Event \| Second Amended Credit Facility \| Debt Instrument, Amortization, Period One
Subsequent Event [Line Items]
Amortization of debt percentage (in percent)		0.0100
Secured Debt \| Line of Credit \| Subsequent Event \| Second Amended Credit Facility \| Debt Instrument, Amortization, Period Two
Subsequent Event [Line Items]
Amortization of debt percentage (in percent)		0.12
Credit Facility
Subsequent Event [Line Items]
Interest rate (in percent)			9.00%
Line of credit facility, commitment fee amount			$ 500
Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Interest rate (in percent)		10.00%
Credit Facility \| Subsequent Event \| Maximum
Subsequent Event [Line Items]
PIK extension fee (in percent)		0.0200
Cash and cash equivalents		$ 35,000
Credit Facility \| Subsequent Event \| First Revolver Amendment
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000
Interest rate, paid in kind (in percent)		0.03
Line of credit facility, commitment fee amount		$ 750
Common stock \| Subsequent Event \| Public Stock Offering
Subsequent Event [Line Items]
Number of shares issued in transaction \| shares		4,550,000
Sale of stock (in usd per share) \| $ / shares		$ 5.00
Net proceeds from sale of stock		$ 21,000
Repayment of debt	$ 20,000
Common stock \| Secured Debt \| Line of Credit \| Subsequent Event
Subsequent Event [Line Items]
Warrant shares (in shares) \| shares		3,223,851
Common stock \| Secured Debt \| Line of Credit \| Subsequent Event \| $30 million+
Subsequent Event [Line Items]
Warrant shares (in shares) \| shares		1,612,705

SUBSEQUENT EVENTS - PIK Interest Rate (Details) - Subsequent Event - Line of Credit - Secured Debt	Feb. 14, 2023
Less than $20 million
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	5
$20 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	4.5
$30 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	3.75
$40 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	3.5
$45 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	3
$50 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	2.5
$55 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	2
$60 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	1
$65 million+ but less than below
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	0.5
$70 million+
Subsequent Event [Line Items]
PIK Component of Interest Rate (in percent)	0

SUBSEQUENT EVENTS - Schedule of Warrants (Details) - Secured Debt - Line of Credit - Common stock - Subsequent Event	Feb. 14, 2023 shares
Subsequent Event [Line Items]
Warrant shares (in shares)	3,223,851
Less than $20 million
Subsequent Event [Line Items]
Warrant shares (in shares)	3,223,851
$20 million+ but less than below
Subsequent Event [Line Items]
Warrant shares (in shares)	2,578,743
$30 million+
Subsequent Event [Line Items]
Warrant shares (in shares)	1,612,705