Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 53

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 53
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 how to allocate resources to enable investors to develop more decision-useful financial analyses. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU as of December 31, 2024 resulted in enhanced disclosures, but did not materially impact the Company’s consolidated financial statements.Recently Issued Accounting Standards Not Yet AdoptedIn December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This update improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

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Blend Labs, Inc.Notes to Consolidated Financial Statements

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. This update improves the disclosures about a public entity’s expenses, primarily through additional disclosures of specific information about certain costs and expenses in the notes to financial statements. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

3. Revenue Recognition and Contract Costs 

Disaggregation of RevenueThe following table provides information about disaggregated revenue by service offering:Year Ended December 31,202420232022(In thousands)Blend Platform:Mortgage Suite$73,257 $77,574 $94,280 Consumer Banking Suite33,657 23,630 19,309 Total software platform106,914 101,204 113,589 Professional services8,848 8,345 7,835 Total Blend Platform115,762 109,549 121,424 Title46,257 47,297 113,777 Total revenue$162,019 $156,