Slide 1: Blend Labs, Inc. Q3 2022 Earnings Supplemental Slides
Blend Labs, Inc. Q3 2022 Earnings Supplemental Slides November 10, 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: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights 3% year-over-year growth in Platform revenue, amidst an estimated 63% mortgage market volume decline Added 7 percentage points year-over-year in Blend’s funded mortgage market share 132% year-over-year growth in Consumer Banking and Marketplace revenue 3
Slide 4: Building and Capturing Mortgage Market Share
Building and Capturing Mortgage Market Share Blend funded total market share Blend untapped potential total market share Continued share gains While Blend has already captured significant mortgage transaction volume 30% and market share, we believe upside exists 26.3% in the market and within our cur
Slide 5: We Grow with Our Customers
We Grow with Our Customers Gross Revenue Retention* Market Adjusted Net Revenue Retention* 190% 181% 168% 159% 164% 159% 149% 147% 99% 100% 100% 99% 99% 98% 99% 98% Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’20 Q1’21 * See Note 2 and Note 3 included in App
Slide 6: 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 platform, expanding our presence in 175% YoY increase non-mortgage linked bank activities such 229k as home equity, personal lending, credit 150K 214k cards
Slide 7: Blend's Continued Progress in a Challenging Market
Blend’s Continued Progress in a Challenging Market Consumer Banking Consumer Banking and Marketplace revenue Blend Mortgage Mortgage Banking revenue down 27% year-over-year, driven by increases in revenue from amidst a 63% decline in mortgage loan origination & Marketplace software-enabled title mig
Slide 8: Narrowed FY 2022 Revenue Guidance
Narrowed FY 2022 Revenue Guidance (Consolidated) Blend Platform Title365 Blend Labs, Inc. $134-136 $101-104 $235-240 $ in millions Blend 2022 revenue guidance reflects the following: A narrower range for full year guidance U.S. mortgage market origination volumes declining approximately 56% from thei
Slide 9: Appendix
Appendix 9
Slide 10: Revenue Growth
Revenue Growth (in thousands) 10
Slide 11: Q3 2022 GAAP Financial Results
Q3 2022 GAAP Financial Results (in thousands) 11
Slide 12: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (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: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 14 14
Slide 15: Share count outlook
Share count outlook (in thousands) 15
Slide 16: Key Business Metrics - Volume Disaggregation
Key Business Metrics - Volume Disaggregation (in thousands) 16
Slide 17: Customer Count
Blend Customer Logo Count 400 351 354 350 343 333 316 303 291 300 Customer Count 200 100 0 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Quarter 17
Slide 18: Footnotes
Footnotes Note 1: Market Share is management’s estimate of Blend’s mortgage market share for the specified period based on signed customers, split between funded volume and untapped volume. ● Funded volume is calculated as (i) the number of mortgage banking funded loans processed on the Blend Platfor
Slide 19: Footnotes
Footnotes Note 4: 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