Blend Labs, Inc. · NYSE:BLND

Blend Labs — Q2 2021 Earnings Presentation

17 slides from Blend Labs's earnings presentation, Aug 19, 2021

  1. Slide 1: Blend Labs, Inc. Q2 2021 Earnings Supplemental Slides

    Blend Labs, Inc. Q2 2021 Earnings Supplemental Slides

  2. 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

  3. Slide 3: Our vision: Bring simplicity and transparency to financial services

    Our vision: Bring simplicity and transparency to financial services

  4. Slide 4: The future of banking

    The future of banking – Proactive – Personalized – Data-driven

  5. Slide 5: Massive market opportunity

    Massive market opportunity 2010 2025, 10210 Serviceable Addressable Market $33B+ 2020 North America home financing and consumer banking transactions $308M 2020 pro-forma revenue Moreh 202. The $72B 2020 global enterprise spend on software in the banking industry: $19B 2020 Title insurance premiums 2

  6. Slide 6: Customer wins

    Customer wins Overall as of June 30: - 32 of the top 100 financial services firms are now customers - 28 of the top 100 non-bank mortgage lenders are now customers 1 - 3 quarters Signed In deployment $ Live Growth – Mr. Cooper (mortgage, – Utah Community Credit Union – Fairway Independent – BMO Harris

  7. Slide 7: Title365 progress

    Title365 progress – Integrating Title365 team with Blend – Building key technology integrations – Deploying the Blend platform at Mr. Cooper as of early Q3 – Expecting to launch pilots of the joint Blend and Title365 experience by year’s end – Significant interest in Blend Title from large Blend cust

  8. Slide 8: Q2 Blend Platform financial highlights

    Q2 21 Blend Platform financial highlights Total Revenue Non-GAAP Gross Profit 35M 46% YoY increase 35M $32.1M 30M 30M 25M 25M 50% YoY increase 20M 20M 15M $21.9M 15M $19.9M $13.3M 10M 10M 5M 5M 0 0 Q2 2020 Q2 2021 Q2 2020 Q2 2021

  9. Slide 9: Q2 Blend platform total banking transactions

    Q2 21 Blend Total Banking Transactions platform total 700K banking transactions 600K 51% YoY increase 520K 500K 400K 344K 300K 200K 100K 0 Q2 2020 Q2 2021 *Note that we also generate a small percentage of banking transactions under enterprise license agreements with certain customers that are not in

  10. Slide 10: Appendix

    Appendix

  11. Slide 11: Q2 GAAP Financial Results

    Q2 21 GAAP Financial Results Q ended Q ended YTD YTD $ in thousands June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue $32,062 $21,920 $63,937 $37,523 Cost of revenue 12,360 8,665 23,220 16,023 Gross profit 19,702 13,255 40,717 21,500 Operating expenses: Research and development 20,884 1

  12. Slide 12: Q2 Pro Forma Non-GAAP Financial Information

    Q2 21 Pro Forma Non-GAAP Financial Information Purchase Accounting & Pro Forma $ in thousands Blend Title365 Blend +Title365 Adjustments 1 Pro Forma Revenue $32,062 $66,157 $98,219 - $98,219 GAAP Gross Profit $19,702 $21,108 $40,810 - $40,810 Non-GAAP expenses: Stock-based compensation $157 $37 $194

  13. Slide 13: Reconciliation of GAAP to Non-GAAP Measures

    Reconciliation of GAAP to Non-GAAP Measures Q ended Q ended YTD YTD $ in thousands June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 GAAP gross profit $19,702 $13,255 $40,717 $21,500 Non-GAAP expenses: Stock-based compensation 157 18 215 37 Non-GAAP gross profit $19,859 $13,273 $40,932 $21,537 G

  14. Slide 14: Reconciliation of GAAP to Non-GAAP Measures

    Reconciliation of GAAP to Non-GAAP Measures Q ended Q ended YTD YTD $ in thousands June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 GAAP loss from operations $(39,634) $(20,807) $(66,841) $ (43,891) Non-GAAP expenses: Stock-based compensation and amortization of warrant 6,652 3,480 10,841 6,7

  15. Slide 15: Cash overview

    Cash overview Cash, cash equivalents, and marketable securities as of June 30, 2021 $453,685 IPO proceeds, including overallotment, net of underwriters' discounts and commissions 377,127 Debt proceeds, net of issuance costs 219,380 Title365 purchase consideration (420,216) Pro forma cash $629,976

  16. Slide 16: Share count outlook

    Share count outlook Q ended YTD YTD (in thousands) September 30, 2021 September 30, 2021 December 31, 2020 Weighted average shares used in calculating net loss per share (basic and diluted) 198,962 99,188 133,235

  17. Slide 17: Blend

    S blend

Blend Labs — Q2 2021 Earnings Presentation on 6ix