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Blend Labs(BLND) - 2024 Q3 - Quarterly Results
BLNDBlend Labs(BLND)2024-11-06 21:12

Revenue Performance - Total company revenue in Q3 2024 was 45.2million,withBlendPlatformsegmentrevenueof45.2 million, with Blend Platform segment revenue of 33.1 million and Title segment revenue of 12.1million[5].−ConsumerBankingSuiterevenuetotaled12.1 million[5]. - Consumer Banking Suite revenue totaled 9.5 million in Q3 2024, representing a 54% year-over-year growth[5]. - Total revenue for the three months ended September 30, 2024, was 45,184,000,a11.545,184,000, a 11.5% increase from 40,591,000 in the same period of 2023[39]. - The total revenue for the Blend Platform in the nine months ended September 30, 2024, was 85,640thousand,a285,640 thousand, a 2% increase from 83,677 thousand in the same period of 2023[44]. - Revenue for Q3 2024 was 40.591million,aslightdecreasefrom40.591 million, a slight decrease from 40.742 million in Q3 2023[48]. Profitability and Loss - Blend achieved non-GAAP operating profitability, with a GAAP loss from operations reduced to 13.3millionfrom13.3 million from 36.2 million in Q3 2023[6]. - The net loss attributable to Blend Labs, Inc. for the three months ended September 30, 2024, was 8,253,000,comparedtoanetlossof8,253,000, compared to a net loss of 43,212,000 in the same period of 2023, showing a significant improvement[39]. - The GAAP net loss for the three months ended September 30, 2024, was (2,627)thousand,comparedtoanetlossof(2,627) thousand, compared to a net loss of (41,820) thousand in the same period of 2023[47]. - The comprehensive loss attributable to Blend Labs, Inc. was (1,984)millionforthethreemonthsendedSeptember30,2023,comparedto(1,984) million for the three months ended September 30, 2023, compared to (41,473) million for the same period in 2022, reflecting improved financial performance[40]. Cash Flow and Liquidity - Cash provided by operating activities was 2.1millioninQ32024,comparedtocashusedof2.1 million in Q3 2024, compared to cash used of 25.9 million in Q3 2023[7]. - Cash, cash equivalents, and marketable securities totaled 124.1millionasofSeptember30,2024,withnooutstandingdebt[7].−CashpaidforinterestinQ32024was124.1 million as of September 30, 2024, with no outstanding debt[7]. - Cash paid for interest in Q3 2024 was 0, compared to 7.364millioninQ32023,reflectingreduceddebtobligations[49].−FreecashflowforQ32024was7.364 million in Q3 2023, reflecting reduced debt obligations[49]. - Free cash flow for Q3 2024 was (1.356) million, compared to (25.918)millioninQ32023,indicatingimprovedcashmanagement[48].OperatingExpenses−TotaloperatingexpensesforthethreemonthsendedSeptember30,2024,were(25.918) million in Q3 2023, indicating improved cash management[48]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were 39,315,000, down from 58,261,000inthesameperiodof2023,indicatingareductionof32.558,261,000 in the same period of 2023, indicating a reduction of 32.5%[39]. - Non-GAAP operating expenses for the three months ended September 30, 2024, were 26,281 thousand, down from 38,178thousandinthesameperiodof2023[47].−ResearchanddevelopmentexpensesforQ32024were38,178 thousand in the same period of 2023[47]. - Research and development expenses for Q3 2024 were 2.169 million, down from 4.090millioninQ32023[49].−TotaloperatingexpensesforQ32024were4.090 million in Q3 2023[49]. - Total operating expenses for Q3 2024 were 6.671 million, a decrease from 9.042millioninQ32023[49].GuidanceandFutureExpectations−ThecompanyexpectstotalrevenueforQ42024tobebetween9.042 million in Q3 2023[49]. Guidance and Future Expectations - The company expects total revenue for Q4 2024 to be between 39.5 million and 42.5million[8].−TheguidanceforQ42024reflectsexpectationsoflowerU.S.aggregateindustrymortgageoriginationscomparedtoQ32024[8].−Blend′sstrategicpartnershipwithCoveredInsuranceSolutionsisanticipatedtonegativelyimpactrevenuebutpositivelyaffectoperatingincomegoingforward[8].AssetManagement−Cashandcashequivalentsincreasedto42.5 million[8]. - The guidance for Q4 2024 reflects expectations of lower U.S. aggregate industry mortgage originations compared to Q3 2024[8]. - Blend's strategic partnership with Covered Insurance Solutions is anticipated to negatively impact revenue but positively affect operating income going forward[8]. Asset Management - Cash and cash equivalents increased to 55,041,000 as of September 30, 2024, from 30,962,000asofDecember31,2023[37].−Totalassetsdecreasedto30,962,000 as of December 31, 2023[37]. - Total assets decreased to 186,129,000 as of September 30, 2024, from 206,065,000asofDecember31,2023[38].−Thetotalcurrentliabilitiesincreasedto206,065,000 as of December 31, 2023[38]. - The total current liabilities increased to 45,244,000 as of September 30, 2024, from $31,574,000 as of December 31, 2023[36].