Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 27

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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 The CODM uses revenue and net loss from continuing operations for purposes of making operating decisions, allocation of resources, and evaluation of financial performance, primarily by monitoring actual to budget results as well as by reviewing year-over-year performance.The CODM also reviews significant segment expenses for the single reportable segment. Significant segment expenses include cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses, all of which are presented in our unaudited condensed consolidated statements of operations and comprehensive income (loss). Other segment items include restructuring expenses, interest expense, other income (expense), net and income tax (expense) benefit, which are also presented in our unaudited condensed consolidated statements of operations and comprehensive income (loss).The Company does not evaluate performance or allocate resources based on segment assets, and therefore, such information is not presented.The Company’s reported measure of segment profit or loss is as follows:Three Months Ended March 31,20252024(In thousands)Loss from continuing operations$(6,609)$(20,709)

16. Assets Held for Sale and Discontinued Operations

In the first quarter of 2025 the Company has initiated a process to exit the title business. The divestiture is part of the Company’s strategic shift to transform into a platform-first company along with the further expansion of partner ecosystem. The Company expects the disposal to be completed within next 12 months.

24

Blend Labs, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)

The Company determined that all the criteria required for held-for-sale presentation were met as of March 31, 2025. As a result, the Company reported the assets and the liabilities of the disposal group as held for sale on the unaudited condensed consolidated balance sheets and the operations of the disposal group as discontinued operations starting in the first quarter of 2025.  Disposal group net assets are recorded at the lower of their carrying amount or estimated fair value less the costs to sell.  Prior period amounts have been reclassified to conform to current period presentation.The following table is a summary of the assets and liabilities held for sale from discontinued operations:March 31, 2025December 31, 2024(in thousands)Cash and cash equivalents$4,440 $4,232 Trade and other receivables, net of allowance for credit losses2,938 2,782 Prepaid expenses and other current assets1,140 2,604 Current assets held for sale from discontinued operations$8,