Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 32

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 32
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958)2,220Effect of exchange rates on cash, cash equivalents, and restricted cash(5)(31)(116)Net increase (decrease) in cash, cash equivalents, and restricted cash11,284(91,304)(88,883)Cash, cash equivalents, and restricted cash at beginning of period38,253129,557218,440Cash, cash equivalents, and restricted cash at end of period$49,537$38,253$129,557Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets:Cash and cash equivalents$42,243$30,962$124,199Restricted cash7,2947,2915,358Total cash, cash equivalents, and restricted cash$49,537$38,253$129,557Supplemental disclosure of cash flow information:Cash paid for income taxes$76$107$276Cash paid for interest$6,150$27,814$25,056Supplemental disclosure of non-cash investing and financing activities:Vesting of early exercised stock options$363$1,446$4,060Operating lease liabilities arising from obtaining new or modified right-of-use assets$1,151$327$605Stock-based compensation included in capitalized internal-use software development costs$2,450$—$—Accretion of redeemable noncontrolling interest to redemption value$6,259$6,627$48,438Accretion of Series A redeemable convertible preferred stock to redemption value$10,879$—$—Covered Warrant received in connection with strategic partnership and sale of insurance business$222$—$—Capitalized internal-use software development costs included in accrued compensation$155$—$—

See accompanying notes to consolidated financial statements 

81

Blend Labs, Inc.Notes to Consolidated Financial Statements

1. Description of Business and Basis of Presentation

Description of BusinessBlend Labs, Inc. (the “Company,” “Blend,” “we,” “us,” or “our”) was incorporated on April 17, 2012. The Company offers a cloud-based software platform for financial services firms that is designed to power the end-to-end consumer journey for banking products. The Company’s solutions make the journey from application to close fast, simple, and transparent for consumers, while helping financial services firms increase productivity, deepen customer relationships, and deliver exceptional consumer experiences.Basis of Presentation and Principles of ConsolidationThe consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“