Slide 1: Blend Labs, Inc. Q1 2022 Earnings Supplemental Slides
Blend Labs, Inc. Q1 2022 Earnings Supplemental Slides May 12, 2022
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: First Quarter 2022 Highlights
First Quarter 2022 Highlights Achieved 3% annual growth in our Platform revenues, despite an estimated 44% mortgage market volume decline from Q1 2021 55% growth in Consumer Banking and Marketplace revenues versus Q1 2021 More than 100,000 additional Consumer Banking transactions* versus Q1 2021 * S
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% 159% 149% 147% 97% 98% 99% 100% 100% 99% 99% 98% Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’20 See Note 2 and Note 3 included in Appendi
Slide 6: Growing our Consumer Banking platform
Growing our Consumer Banking platform Consumer Banking Transactions* We continue to add new and existing customers to our Consumer Banking 150K platform, expanding our presence in 155K non-mortgage linked bank activities such as personal lending, auto finance, deposit 118K accounts, and home equity 1
Slide 7: 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 7% year-over-year, and Marketplace 55% year-over-year, driven by increases in reflecting an estimated first quarter 2022 industry-wide revenue
Slide 8: Reaffirming Full Year 2022 Revenue Guidance
Reaffirming 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
Slide 9: Appendix
Appendix
Slide 10: Revenue Growth
Revenue Growth (in thousands) 10
Slide 11: Q1 2022 GAAP Financial Results
Q1 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
Slide 13: Reconciliation of GAAP to Non-GAAP Measures (cont.)
Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 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 400 351 343 333 316 303 291 300 260 252 Customer Count 200 100 0 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Quarter 16
Slide 17: 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 18: 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
Slide 19: Blend
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