Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 33

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 33
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U.S. GAAP”) and include the accounts of Blend Labs, Inc. and its subsidiaries in which the Company holds a controlling financial interest. Noncontrolling interest represents the minority stockholder’s share of the net income or loss and equity in a consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation.Changes in Financial Statement Presentation, Revenue Disaggregation and Segment CompositionIn 2023, the Company changed the presentation of revenue and cost of revenue on the consolidated statements of operations and comprehensive income (loss), by disaggregating each caption into the categories of software platform, professional services, and title, in order to provide the financial statement users with greater visibility into the composition of these accounts.In 2023, the Company changed its reporting segments to align with how the Company’s Chief Operating Decision Maker (“CODM”) reviews financial information in order to allocate resources and assess performance. As the result of this change, the Company’s digitally-enabled title component (previously referred to as “software-enabled” title component) was reclassified from the Blend Platform segment to Title segment (previously referred to as “Title365” segment).In 2023, the Company changed the presentation of its disaggregated revenue within the notes to the consolidated financial statements, to align with the change in how the CODM reviews financial information. This change was driven by the introduction of Blend Builder, which gives customers the ability to build custom solutions or configure workflows with pre-built solutions such as Instant Home Equity, Deposit Accounts, Credit Cards, and others. Within the new disaggregation, Mortgage Suite revenue represents revenue related to mortgage transactions processed through the Company’s software platform, ancillary product revenue related to mortgage transactions, and marketplace revenue (property and casualty insurance). Consumer Banking Suite revenue represents revenue related to the Company’s consumer banking products including personal loans, credit cards, deposit accounts, and home equity, including ancillary product revenue related to consumer banking transactions. Professional Services revenue represents revenue related to the deployment of the Company’s software platform, client support and consulting services. Title revenue represents revenue related to title (traditional and digitally-enabled), escrow and other closing and settlement services provided by the Title segment.Prior period amounts have been reclassified to conform to current period presentation.ReclassificationCertain prior periods amounts have been reclassified to conform to the current period’s presentation. None of these reclassifications had a material impact on the consolidated financial statements.

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Blend Labs, Inc.Notes to Consolidated Financial Statements

Use of EstimatesThe preparation of consolidated financial statements in conformity