Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 64

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 64
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 leases its facilities under non-cancelable operating leases with various expiration dates. Leases may contain escalating payments.

102

Blend Labs, Inc.Notes to Consolidated Financial Statements

The Company’s total operating lease costs were $6.1 million, $6.7 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. For the year ended December 31, 2024, the Company incurred an additional $1.2 million net charge related to an early termination of one of its leases. Refer to Note 13, Restructuring, for details.The Company’s total operating lease costs included variable costs in the amount of $2.2 million, $2.2 million and $1.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease costs are primarily comprised of maintenance costs and are determined based on the actual costs incurred during the period. Variable lease payments are expensed in the period incurred and not included in the measurement of lease assets and liabilities. The Company’s total operating lease costs also include short-term lease costs in the amount of $0.3 million, $0.2 million and $0.7 million for the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024 and 2023, the weighted average remaining operating lease term was 1.7 years and 3.1 years. The weighted average discount rate used to estimate operating lease liabilities for leases that existed as of December 31, 2024 and 2023 was 8.6% and 8.1%, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $4.9 million, $5.0 million and $5.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. For the year ended December 31, 2024, the Company made an additional $1.4 million cash payment related to an early termination fee. Refer to Note 13, Restructuring, for details.During the year ended December 31, 2024, the Company restructured two of its facilities and transferred two of its lease agreements, one in connection with the strategic partnership and sale of the insurance business and another in connection with the transfer of the Company's subsidiary in India to a third party.