Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 60

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 60
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 for the year ended December 31, 2022 was $8.4 million.

99

Blend Labs, Inc.Notes to Consolidated Financial Statements

6. Significant Balance Sheet Components

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following:December 31, 2024December 31, 2023(In thousands)Contract assets$2,539 $1,593 Deferred contract costs1,277 1,015 Prepaid software3,076 4,319 Prepaid insurance1,641 1,855 Prepaid other2,409 3,438 Recording fee advances1,765 470 Restricted cash5,023 — Other current assets1,599 1,879 Total prepaid expenses and other current assets$19,329 $14,569 Recording fee advances represent amounts advanced on behalf of customers in the Title segment associated with the recording of mortgage documents. These amounts are primarily recouped within 30 days from funds in the escrow accounts the Company administers.Property and Equipment, NetProperty and equipment, net, consisted of the following:December 31, 2024December 31, 2023(In thousands)Computer and software$3,575 $6,335 Furniture and fixtures149 1,816 Capitalized internal-use software12,105 63 Leasehold improvements(1)— 4,886 Total property and equipment, gross15,829 13,100 Accumulated depreciation and amortization(3,508)(9,155)Total property and equipment, net$12,321 $3,945 ____________(1) Leasehold improvements were disposed of in the year ended December 31, 2024, in connection with the lease abandonment (refer to Note 13, Restructuring) and the sale of insurance business (refer to Note 16, Strategic Partnership and Sale of Insurance Business). Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $1.8 million, $2.4 million and $2.3 million, respectively.Amortization of capitalized internal use software development costs for the year ended December 31, 2024 was $0.5 million. The amortization of capitalized internal use software development costs for the years ended December 31, 2023 and 2022 was not material.No impairment was recorded for the years ended