Blend Labs, Inc. · NYSE:BLND
Blend Labs — Q2 2022 Earnings Presentation
18 slides from Blend Labs's earnings presentation, Aug 15, 2022
Slide 1: Blend Labs, Inc. Q2 2022 Earnings
Blend Labs, Inc. Q2 2022 Earnings Supplemental Slides August 15, 2022 1
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: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights 5% year-over-year growth in Platform revenue, versus an estimated 37% mortgage market volume decline 12% year-over-year growth in Blend’s customer base 53% year-over-year growth in Consumer Banking and Marketplace revenue 3
Slide 4: We Grow with Our Customers
We Grow with Our Customers Gross Revenue Retention* Market Adjusted Net Revenue Retention* 181% 168% 162% 164% 159% 159% 149% 147% 98% 99% 100% 100% 99% 99% 98% 99% Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 * See Note 1 and Note 2 included in App
Slide 5: Growing our Consumer Banking platform
Growing our Consumer Consumer Banking Transactions* Banking platform We continue to add new and existing customers to our Consumer Banking 200K 215K platform, expanding our presence in non-mortgage linked bank activities such as personal lending, auto finance, deposit 150K 160K accounts, and home equ
Slide 6: Strong Revenue Performance in Blend Platform Segment
Strong Revenue Performance in Blend Platform Segment Consumer Banking Consumer Banking and Marketplace revenue up Blend Mortgage Mortgage Banking revenue down 6% year-over-year, 53% year-over-year, driven by increases in reflecting an estimated second quarter 2022 & Marketplace revenue from Blend Clo
Slide 7: Full Year 2022 Revenue Guidance
Full Year 2022 Revenue Guidance (Consolidated) Blend Platform Title365 Blend Labs, Inc. $135-145 $95-105 $230-250 $ in millions Blend 2022 revenue guidance reflects the following: Continued Federal Reserve interest rate and open market policy actions in the context of current market expectations. U.S
Slide 8: Appendix
Appendix 8
Slide 9: Revenue Growth
Revenue Growth (in thousands) 9
Slide 10: Q2 2022 GAAP Financial Results
Q2 2022 GAAP Financial Results (in thousands) 10
Slide 11: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (in thousands) 11
Slide 12: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 12 12
Slide 13: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 13 13
Slide 14: Share count outlook
Share count outlook (in thousands) 14
Slide 15: Key Business Metrics - Volume Disaggregation
Key Business Metrics - Volume Disaggregation (in thousands) 15
Slide 16: Customer Count
Blend Customer Logo Growth 400 351 354 343 333 316 303 291 300 260 Customer Count 200 100 0 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Quarter 16
Slide 17: Footnotes
Footnotes Note 1: Gross Revenue Retention measures revenue lost from our customer base, not including any benefits from expansion revenue or price increases. Gross retention for a quarter is calculated from total revenue from the same quarter in the prior year (excluding expansion and price increases
Slide 18: Footnotes
Footnotes Note 3: Consumer Banking Transactions is calculated based on the transactions for funded loans reported by our customers and other transaction data available to us as of a particular date. The number of Consumer Banking Transactions for the latest quarter shown in this presentation include