Slide 1: Blend Labs, Inc. Q4 2021 Earnings Supplemental Slides
Blend Labs, Inc. Q4 2021 Earnings Supplemental Slides
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks
Slide 3: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights Achieved 14% growth in our mortgage banking revenues, despite an estimated 35% market volume decline Strong growth in consumer banking and marketplace revenues Capitalizing on the secular growth trend in cloud banking software solutions
Slide 4: Building and Capturing Mortgage Market Share
Building and Capturing Mortgage Market Share Blend signed untapped Blend utilized mortgage mortgage market share market share Near term growth opportunity While Blend has already captured 30% significant mortgage transaction volume and market share, we believe substantial 24.9% 25% 23.5% upside exist
Slide 5: We Grow with Our Customers
We Grow with Our Customers Gross Revenue Retention Market Adjusted Net Revenue Retention 181% 168% 162% 157% 159% 146% 149% 147% 95% 97% 98% 99% 100% 100% 99% 99% Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’20 Q2’20 5 See Note 2 and Note 3 included in Appen
Slide 6: Strong Growth in Consumer Banking & Marketplace Revenues
Strong Growth in Consumer Banking & Marketplace Revenues Consumer Banking Transactions Consumer Banking and Marketplace Revenues 120K 10M 376% YoY increase 90K 46% YoY increase 91K 84K $6.6M $6.3M 76K 60K 5M $5.6M $4.3M $4.6M 30K 48K 19K 0K 0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q
Slide 7: Progress with Title365
Progress with Title365 ✔ Finished Q4 2021 and full year 2021 strong ✔ Progress building key technology integrations ✔ Anticipate Mr. Cooper live on the Blend Platform mid-2022 ✔ Significant interest in Blend Title from large Blend customers 7
Slide 8: Strong Revenue Growth in Blend Platform Segment
Strong Revenue Growth in Blend Platform Segment Mortgage Banking revenue up 14% Consumer Banking and Marketplace Revenues Blend Mortgage Revenues year-over-year, despite estimated fourth quarter 2021 industry-wide decline of approximately 35% in mortgage loan origination volumes 10M 14% YoY increase
Slide 9: Full Year 2022 Revenue Guidance
Full Year 2022 Revenue Guidance (Consolidated) Blend Platform Title365 Blend Labs, Inc. $140-150 $90-100 $230-250 $ in millions Blend 2022 revenue guidance reflects the following: Continued U.S. economic growth and Federal Reserve interest rate and open market policy actions in the context of current
Slide 10: Appendix
Appendix
Slide 11: Revenue Growth
Revenue Growth (in thousands) 11
Slide 12: Q4 2021 GAAP Financial Results
Q4 2021 GAAP Financial Results (in thousands) 12
Slide 13: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (in thousands) 13
Slide 14: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 14
Slide 15: Blend Platform Revenue Disaggregation
Blend Platform Revenue Disaggregation (in thousands) 15
Slide 16: Blend Platform Volume Disaggregation
Blend Platform Volume Disaggregation (in thousands) 16
Slide 17: Customer Count
Blend Customer Logo Growth 400 343 333 316 303 291 300 260 247 252 Customer Count 200 100 0 Quarter Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 17
Slide 18: Footnotes
Footnotes Note 1: Market Share is management’s estimate of Blend’s mortgage market share based on signed customers, split between utilized and signed untapped volume, where “untapped volume” refers to volume at our current signed customers that Blend is not capturing today but is targeting to captur
Slide 19: Blend
S blend