Blend Labs Inc (BLND) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Blend's second quarter 2024 earnings conference call. My name is Winnie Ling, and I'm the Head of Legal and People for the company.

下午好，歡迎參加 Blend 2024 年第二季財報電話會議。我叫 Winnie Ling，是公司的法務和人事主管。

Joining us today are Nima Ghamsari, Co-Founder and Head of Blend; and Amir Jafari, our Head of Finance and Administration. After Nima and Amir deliver their prepared remarks, we'll open up the call for questions, moderated by our Investor Relations lead, Bryan Michaleski. You can find the supplemental slides on our Investor Relations webpage at investors.blend.com.

今天加入我們的是 Nima Ghamsari，共同創辦人兼 Blend 主管；以及我們的財務和行政主管 Amir Jafari。在尼瑪和阿米爾發表準備好的演講後，我們將開始提問，由我們的投資者關係主管 Bryan Michaleski 主持。您可以在我們的投資者關係網頁 Investors.blend.com 上找到補充投影片。

During the call, we'll refer to certain non-GAAP measures, which are reconciled to GAAP results in today's earnings release and in the appendix to our supplemental slides. Non-GAAP measures are not intended to be a substitute for GAAP results.

在電話會議期間，我們將提及某些非 GAAP 衡量標準，這些衡量標準與今天的收益發布和補充幻燈片附錄中的 GAAP 結果一致。非 GAAP 衡量標準無意取代 GAAP 結果。

Also, certain statements made during today's conference call regarding Blend and its operations, in particular, its guidance for the third quarter of 2024 may be considered forward-looking statements under federal securities laws.

此外，根據聯邦證券法，今天的電話會議期間發表的有關 Blend 及其運營的某些聲明，特別是其 2024 年第三季度的指導可能被視為前瞻性聲明。

The company cautions you that forward-looking statements involve substantial risks and uncertainties and a number of factors, many of which are beyond the company's control, could cause actual results, events or circumstances to differ materially from those described in these statements. Please see the risk factors we've identified in our most recent 10-K, 10-Qs and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law.

本公司提醒您，前瞻性陳述涉及重大風險和不確定性，並且許多因素（其中許​​多因素超出了公司的控制範圍）可能導致實際結果、事件或情況與這些陳述中描述的結果、事件或情況存在重大差異。請參閱我們在最近的 10-K、10-Q 和其他 SEC 文件中確定的風險因素。除非法律要求，否則我們不承諾在情況改變時更新這些聲明。

With that said, I'll now turn the call over to Nima.

話雖如此，我現在就把電話轉給尼瑪。

Thank you, Winnie. Good afternoon, everyone. Welcome to our second quarter earnings call.

謝謝你，溫妮。大家下午好。歡迎參加我們的第二季財報電話會議。

The results we're sharing with you today reflect continued execution against the objectives we set out to achieve late last year, and I'm encouraged that our ongoing commitment to serving our customers through innovation and technology is paying off.

我們今天與您分享的結果反映了我們對去年年底設定的目標的持續執行，令我感到鼓舞的是，我們透過創新和技術為客戶提供服務的持續承諾正在得到回報。

We signed a number of important new deals this quarter. We brought more customers live on our platform, and we saw a record high economic value per funded loan, all of which showcase the applicability of our platform to the challenges facing origination broadly today.

本季我們簽署了許多重要的新協議。我們在我們的平台上吸引了更多的客戶，我們看到每筆資助貸款的經濟價值創下歷史新高，所有這些都表明我們的平台適用於當今廣泛面臨的發起挑戰。

Before we get in the details of our progress, I want to spend a moment to share our latest perspective on the environment that we're operating in. Since we last spoke, there's been a meaningful shift in the tides in the lending environment across the US and see in the bond market, the bond market seems to be signaling that the Fed's target rate could end the year potentially more than 100 basis points lower than where we've been for the last year.

在詳細介紹我們的進展之前，我想花點時間分享我們對我們所處營運環境的最新看法。自從我們上次談話以來，美國各地的貸款環境發生了有意義的轉變，從債券市場來看，債券市場似乎在發出信號，美聯儲的目標利率可能會在年底降低 100 個基點以上比我們去年去過的地方還要多。

Mortgage rates hit their lowest level since April 2023 earlier this week. And we're already starting to see this show up in our business through application activity levels. And while I'd say it's too early for us to tell how this is going to convert into fundings or revenue or what lies ahead going forward in mortgage rates because things shift seemingly day to day. It's an encouraging signal as we look into the second half of the year.

本週早些時候，抵押貸款利率觸及 2023 年 4 月以來的最低水準。我們已經開始透過應用程式活動層級看到這一點在我們的業務中顯現出來。雖然我想說，現在判斷這將如何轉化為資金或收入，或者未來抵押貸款利率的變化還為時過早，因為情況似乎每天都在變化。當我們展望下半年時，這是一個令人鼓舞的訊號。

Even more importantly though, I'm hearing from our customers, the market that there's now a greater sense of urgency to get ready for the new market environment. In particular, while profitability has been low for mortgage companies in recent periods, that's kind of led to an appetite for investment being low, but as they see the light at the end of the tunnel and they see rates coming down on the horizon, they're growing more optimistic. And that means that they're willing to have the conversation about how technology can move them forward.

更重要的是，我從我們的客戶和市場得知，現在更有緊迫感為新的市場環境做好準備。特別是，雖然近年來抵押貸款公司的盈利能力較低，這在某種程度上導致了投資興趣較低，但當他們看到隧道盡頭的曙光並且看到利率即將下降時，他們變得更加樂觀。這意味著他們願意就技術如何推動他們前進進行對話。

Shifting away from the macro, our business is ramping up. We had several new customer wins across mortgage and consumer banking, as well as a pipeline that is as strong as it's been for quite some time, particularly strong in mortgage and home equity.

從宏觀角度來看，我們的業務正在蓬勃發展。我們在抵押貸款和消費者銀行業務領域贏得了多個新客戶，並且管道在相當長一段時間內保持強勁，特別是在抵押貸款和房屋淨值領域。

As a reminder, our strongest periods of bookings typically in the third and fourth quarters because our customers were mostly banks and credit unions. They budget for the upcoming year in those quarters. And so over the past six months, we've been building a pipeline, we've been seeing it mature in the past few months, and I feel confident that we're well positioned to execute some key partnerships during this important time.

提醒一下，我們的預訂量最強的時期通常是在第三季和第四季度，因為我們的客戶主要是銀行和信用合作社。他們在這些季度為來年制定預算。因此，在過去的六個月裡，我們一直在建立一條管道，在過去的幾個月裡我們已經看到它的成熟，我相信我們有能力在這個重要時期執行一些關鍵的合作關係。

On the product front, we continue to be a leader in digital origination of innovation, and we're investing across our platform. Amongst the newer additions to our portfolio are products focused on helping consumers refinance in an automated streamlined way as well as a real-time home equity product, allowing borrowers to quickly tap the equity in their homes as well as new features in our platform to leverage the recent advancements in AI.

在產品方面，我們繼續成為數位創新領域的領導者，並且我們正在整個平台上進行投資。我們產品組合的新增產品包括專注於幫助消費者以自動簡化方式進行再融資的產品以及實時房屋淨值產品，使借款人能夠快速利用其房屋淨值以及我們平台中的新功能來利用人工智能的最新進展。

And this is timely because with so much money on untapped home equity and more loans becoming in the money as rates come down, we're confident these products will be at the forefront of helping people access this enormous opportunity.

這是及時的，因為隨著利率下降，大量資金用於未開發的房屋淨值，並且更多貸款變成貨幣，我們相信這些產品將處於幫助人們獲得這一巨大機會的最前沿。

We also made a lot of progress towards our fourth quarter non-GAAP operating profitability goal, which Amir will talk a little bit about later in the work we've done in that area and how we're continuing to pace towards that goal. But before we get to that, let me share some more details on these highlights, starting with our platform.

我們在實現第四季度非公認會計準則營運獲利目標方面也取得了很大進展，阿米爾稍後將在我們在該領域所做的工作中談論這一目標，以及我們如何繼續朝著這一目標邁進。但在此之前，讓我先從我們的平台開始，分享更多有關這些亮點的詳細資訊。

When we launched Blend Builder, we intended to create an ecosystem in which Blend, our customers and our partners could all innovate on a single platform. And we already have capabilities built into the platform that span credit bureaus, income verification, automated underwriting, digital closing, already integrating the platform. And every quarter, we're adding to this list, so I want to start highlighting some of the things that we're doing.

當我們推出 Blend Builder 時，我們打算創建一個生態系統，讓 Blend、我們的客戶和合作夥伴都可以在一個平台上進行創新。我們已經在平台中內建了涵蓋信用局、收入驗證、自動核保、數位結算的功能，並且已經整合了這個平台。每個季度，我們都會添加到這個清單中，所以我想開始強調我們正在做的一些事情。

This quarter, we're excited to announce some new functionality in the platform, starting with new account funding. So for digital account opening, debit card funding is a critical piece of that. And we launched a new partnership with Astra. This unlocks a better deposit funding experience without the friction and cost it typically takes both for consumers, the friction to go through that process and the cost it typically takes for a bank or credit union to turn on that functionality.

本季度，我們很高興地宣布平台中的一些新功能，首先是新帳戶注資。因此，對於數位帳戶開設而言，金融卡資金是其中的關鍵部分。我們與 Astra 建立了新的合作關係。這可以帶來更好的存款融資體驗，而不會產生消費者通常需要的摩擦和成本、完成過程的摩擦以及銀行或信用社開啟該功能通常需要的成本。

And so in the end, now our customers can access this integration by being on the platform and offer more options to end consumers to be able to drive deposits to their institution. You'll hear about how Langley Federal Credit Union is already benefiting from this later.

因此，最終，現在我們的客戶可以透過平台存取此集成，並為最終消費者提供更多選擇，以便能夠將存款吸引到他們的機構。稍後您將了解蘭利聯邦信用合作社如何從中受益。

We're also incorporating some new advancements with AI on our platform. We've integrated some of the latest large language models and are applying them to some very practical use workflows, which is very important to me for it to be a very practical use case.

我們也在我們的平台上融入了人工智慧的一些新進步。我們整合了一些最新的大型語言模型，並將它們應用到一些非常實用的工作流程中，這對我來說非常重要，因為它是一個非常實用的用例。

And given the rate of improvement AI, we're now in a position to leverage it to automatically, for example, process documents provided during the workflows. There are still documents collected during most of the lending and origination workflows.

鑑於人工智慧的改進速度，我們現在可以利用它來自動處理工作流程中提供的文件。在大多數借貸和發起工作流程中仍然收集文件。

And so, for example, if you need to verify a birth certificate to open a new account, our platform can in real-time read and confirm the birth certificate name and date maps the data provided by the consumer. And if there's an issue or a difference, prompt the consumer to make a correction if there isn't a match.

因此，例如，如果您需要驗證出生證明才能開設新帳戶，我們的平台可以即時讀取並確認消費者提供的出生證明姓名和日期映射資料。如果有問題或差異，如果不匹配，則提示消費者進行更正。

And the simple examples like this are important because they happen all the time, but it also illustrates the ability for AI to streamline things that people otherwise wouldn't have a very cheap economical real-time way to solve.

像這樣的簡單例子很重要，因為它們一直在發生，但它也說明了人工智慧有能力簡化人們無法用非常便宜、經濟的即時方法來解決的問題。

And this application of AI is still in early stage and improving area, but we expect we can apply it broadly to all sorts of documents that come in the process to simplify and lower the cost of lending and account opening, and that could be spanning from income documentation, bank statements or other types of things that are needed throughout the process.

人工智慧的這種應用仍處於早期階段和改進領域，但我們希望我們可以將其廣泛應用於流程中的各種文件，以簡化和降低貸款和開戶成本，這可能涵蓋從整個過程中所需的收入文件、銀行對帳單或其他類型的東西。

We also bring together these capabilities, the income verification, the assets, the AI, all the things that I mentioned earlier for our customers to create end-to-end solutions that apply to the market more broadly. Our deposit account solution and our consumer loan solutions are great examples of this. And we've been expanding our product suite as time goes on.

我們還將這些功能、收入驗證、資產、人工智慧以及我之前提到的所有功能結合在一起，為我們的客戶創建適用於更廣泛市場的端到端解決方案。我們的存款帳戶解決方案和消費者貸款解決方案就是很好的例子。隨著時間的推移，我們一直在擴展我們的產品套件。

And two new areas that I'm excited to share with you today are, one, around a next-generation refinance flow and the second is a next-generation home equity flow. In particular, I'll talk about the refinance flow because it's so timely. It's important because as rates look to come down in an ideal world, a consumer could see the rates come down, have a few taps to get approved, lock in their new rate and savings and then close that institution in a matter of a week or two.

今天我很高興與大家分享兩個新領域，一是下一代再融資流程，二是下一代房屋淨值流程。我將特別討論再融資流程，因為它非常及時。這很重要，因為在理想的情況下，當利率看起來會下降時，消費者可以看到利率下降，只需點擊幾次即可獲得批准，鎖定新的利率和儲蓄，然後在一周或一周內關閉該機構二。

Unfortunately, today, it's a very arduous process that takes weeks to complete for the consumer, if not, in some cases, months and thousands of dollars in cost, and requires quite a bit of elbow grease from the institution that's offering that loan.

不幸的是，如今，對於消費者來說，這是一個非常艱鉅的過程，需要數週的時間才能完成，如果不是的話，在某些情況下，需要數月的時間和數千美元的成本，並且需要提供貸款的機構付出相當大的努力。

Credit reports have to be reviewed; income has to be verified. The filing needs to be underwritten. Our new flow takes a lot of the capabilities that I talked about earlier to create a brand-new flow around refinancing these loans in a very automated, streamlined way to offer a great experience for consumers, quick savings and a much lower cost, faster way for the institution to produce those refinance loans.

必須審查信用報告；收入必須經過核實。備案需要承保。我們的新流程採用了我之前談到的許多功能，以一種非常自動化、簡化的方式圍繞這些貸款再融資創建一個全新的流程，為消費者提供良好的體驗，快速節省資金，並以更低的成本、更快的方式以便該機構產生這些再融資貸款。

And while this is still in the early stages, we already have one customer data, and we have a couple of other projects that we're starting with us to deploy. And as you can imagine, it has broad interest from the rest of our customer base. And it gets an example of something where everyone wins with technological innovation.

雖然這仍處於早期階段，但我們已經擁有一個客戶數據，我們還有幾個其他項目正在開始部署。正如您可以想像的那樣，它引起了我們其他客戶群的廣泛興趣。它提供了一個每個人都透過技術創新獲勝的例子。

Consumers get help with their finances, which they might need in this environment, lenders get to be able to serve a greater number of them and at a lower cost. And if solutions like this can be broadly deployed in the market, which is obviously our goal, more people will lower their payments and lenders are be able to serve them, which is more profitable for them and consumers will be more financially well off.

消費者獲得財務方面的幫助，這是他們在這種環境下可能需要的，貸款機構能夠以更低的成本為更多的人提供服務。如果這樣的解決方案能夠在市場上廣泛部署（這顯然是我們的目標），更多的人將降低他們的付款，貸款人能夠為他們提供服務，這對他們來說更有利可圖，消費者的經濟狀況也會更富裕。

Citing some of our business highlights for the quarter, our continued focus on delivering leading mortgage capabilities and helping us land new customers and expand with our renewing customers. Last month, Horizon Bank, an $8 billion financial institution based in the Midwest, selected Blend as our mortgage partner.

引用我們本季的一些業務亮點，我們繼續專注於提供領先的抵押貸款能力，幫助我們吸引新客戶並擴大我們的續約客戶。上個月，總部位於中西部的價值 80 億美元的金融機構 Horizo​​n Bank 選擇 Blend 作為我們的抵押貸款合作夥伴。

Horizon was looking for a technology provider with highly automated workflows and advanced loan officer tools that could help them significantly improve operational efficiency and loan officer productivity, all while delivering a great consumer experience. It was a pretty competitive process and we're excited Horizon chose to power their consumers' home buying journey.

Horizo​​n 正在尋找一家擁有高度自動化工作流程和先進信貸員工具的技術供應商，以幫助他們顯著提高營運效率和信貸員生產力，同時提供出色的消費者體驗。這是一個競爭相當激烈的過程，我們很高興 Horizo​​n 選擇為消費者的購屋之旅提供動力。

We also created another competitive takeaway with a large regional bank, which it was a customer coming out for renewal, and they were frustrated with their existing technology. They wanted a solution that was more than just an application intake tool and had the automation in place.

我們還與一家大型區域銀行創造了另一個有競爭力的外賣，這是一位前來續約的客戶，他們對現有技術感到沮喪。他們想要的解決方案不僅僅是一個應用程式導入工具，並且具有適當的自動化功能。

So loan officer didn't have to spend a lot of time manually inputting data into the loan origination system or chasing down documents. They are impressed with our integrations into these systems and the automation is built into our origination flows, including, for example, the automatic generation delivery of conditions and documents to borrowers, we're able to get this customer live in only a few weeks. And since then, they've already added home equity lending to their mix.

因此，信貸員不必花費大量時間手動將資料輸入貸款發放系統或尋找文件。他們對我們與這些系統的整合印象深刻，並且自動化已內建到我們的啟動流程中，例如，自動生成向借款人交付條件和文件，我們能夠在短短幾週內讓該客戶上線。從那時起，他們已經將房屋淨值貸款添加到他們的組合中。

Before I turn to financial holds mortgage, I want to also talk about some investments we made to our product and specifically around the needs of independent mortgage banks who have, in particular, been hurt a lot in this environment.

在談到金融持有抵押貸款之前，我還想談談我們對產品所做的一些投資，特別是圍繞獨立抵押貸款銀行的需求進行的投資，這些銀行在這種環境下尤其受到了很大的傷害。

And so we've taken a refreshed look at our product strategy within the customer segment to make sure we remain ahead of the curve. And that's resulted in a handful of new features in development that we're making good progress on. And I'll share a couple of them.

因此，我們重新審視了我們在客戶群中的產品策略，以確保我們保持領先地位。這導致了一些新功能的開發，我們正在取得良好進展。我將分享其中的幾個。

The first relates to loan officer and branch configurability improvements. When you talk about top performing loan officers, many of them prefer to manage their own workflows rather than be constrained by our very broad standard.

第一個涉及信貸員和分支機構可配置性的改進。當您談論表現最佳的信貸員時，他們中的許多人更喜歡管理自己的工作流程，而不是受到我們非常廣泛的標準的限制。

So for example, a loan officer might prefer to have a conversation before they call a consumer's credit. While others may prioritize getting that consumer to get as much done before they get on the phone with them, so they can have a more detailed conversation.

例如，信貸員可能更願意在致電消費者信貸之前進行對話。而其他人可能會優先讓消費者在打電話之前完成盡可能多的工作，這樣他們就可以進行更詳細的對話。

And so we want to help loan officers have more autonomy on how they manage those workflows and help them manage their costs and their sales motion. And so as a result, we're investing in the ability for loan officers to be able to configure their bond experience to better fit the preferences of the workflow.

因此，我們希望幫助信貸員在如何管理這些工作流程方面擁有更多自主權，並幫助他們管理成本和銷售行動。因此，我們正在投資信貸員的能力，使其能夠配置他們的債券體驗，以更好地適應工作流程的偏好。

The second upgrade around the customer rolling out for these independent mortgage banks is a more automated disclosures flow, which is particularly important around the refinance experience because the automation is required.

為這些獨立抵押貸款銀行推出的圍繞客戶的第二個升級是更自動化的揭露流程，這對於再融資體驗尤其重要，因為需要自動化。

So we're working on the ability to automatically generate the documents that loan officers are required to provide to borrowers such as a loan estimate and put in place the guardrails such that this disclosure delivered ideally in real-time, accurately in a regulatory compliant way.

因此，我們正在研究自動產生信貸員需要向借款人提供的文件（例如貸款估算）的能力，並設置防護欄，以便以合規的方式即時、準確地提供資訊揭露。

These are just two of the many upgrades in our development pipeline to empower loan officers and independent mortgage banks to provide a more tailored experience to their customers. And given the potential for an uptick in volumes based on what we're seeing with lower rates coming in, the timing couldn't be better.

這些只是我們開發管道中的眾多升級中的兩個，這些升級旨在使信貸員和獨立抵押貸款銀行能夠為其客戶提供更量身定制的體驗。考慮到我們所看到的利率下降可能導致交易量上升，時機再好不過了。

Now, turning to some financial highlights. Our economic value per funded loan increased by nearly $5 this quarter. Customers are recognizing the benefit of applying our technology throughout the home buying process, and we're delivering more value as adoption and utilization of our attached products continue to rise.

現在，轉向一些財務亮點。本季我們每筆資助貸款的經濟價值增加了近 5 美元。客戶正在認識到在整個購房過程中應用我們的技術的好處，並且隨著我們的附加產品的採用和利用率的不斷上升，我們正在提供更多的價值。

So,for example, Blend Close, we're seeing more customers adopt this solution and deploy it more broadly across their loan books. One particular area of strength that I'm excited about, and we're seeing is within our remote online notarization solution, which offers borrowers the flexibility to sign all their real estate documents with an online notary through electronic signatures from the comfort of their home, making the whole mortgage loan application process faster, more secure and fully digital from start to finish.

因此，例如 Blend Close，我們看到越來越多的客戶採用此解決方案，並將其更廣泛地部署到他們的貸款簿中。我感到興奮的一個特殊優勢領域是我們的遠端線上公證解決方案，該解決方案使借款人可以靈活地在舒適的家中透過電子簽名與線上公證人簽署所有房地產文件，使整個抵押貸款申請流程更快、更安全，從頭到尾都完全數位化。

Our customers are already completing hundreds of these high-value closing each month. While this may not seem like a lot given the scale of our business and the scale of the mortgage industry, we're just getting started, and we expect these volumes to ramp up as the solution gets rolled to more eligible loans and more customers.

我們的客戶每個月已經完成了數百起此類高價值交易。雖然考慮到我們的業務規模和抵押貸款行業的規模，這似乎並不是很多，但我們才剛剛開始，隨著解決方案推廣到更多合格的貸款和更多的客戶，我們預計這些數量將會增加。

This is a big deal both for consumers who want that digital closing experience but also for us because the price per unit on that is even greater than our mortgage software price, and it's something that our customers love as well because it saves them time.

這對於想要數位結算體驗的消費者和我們來說都是一件大事，因為每單位的價格甚至比我們的抵押貸款軟體價格還要高，而且這也是我們的客戶喜歡的，因為它節省了他們的時間。

And some of the early data we received that shows that has been incredible. Our solution has taken defect rates on signatures down to nearly zero in a couple of the cases. It saved nearly 1.5 days off of the typical origination time. And so the solution is transformative with thesis highlighting why we think digital first and standardizing around that for closings in the industry is very important. And data points such as these add momentum to our sales strategy and service proof points that the power of the technology can drive better business results.

我們收到的一些早期數據表明，這是令人難以置信的。在某些情況下，我們的解決方案已將簽章缺陷率降至接近零。它比典型的發起時間節省了近 1.5 天。因此，該解決方案具有變革性，論文強調了為什麼我們認為數位優先，並圍繞該數字進行標準化對於行業的關閉非常重要。諸如此類的數據點為我們的銷售策略和服務提供了動力，證明技術的力量可以帶來更好的業務成果。

Our customers trust that we'll be able to continue to innovate in ways that serve their bottom line and are increasingly coming back to us for more ways to apply our latest technology to their current problems. One example of this is one of our oldest and largest anchor customers on our mortgage solution who's already expressed interest in embedding the digital closings and their mortgage experience ahead of their renewal next year. And that momentum exemplifies our growing confidence in continuing to expand the value we both deliver and earn on every loan that Blend touches.

我們的客戶相信我們將能夠繼續以服務他們的利潤的方式進行創新，並且越來越多地向我們尋求更多方法將我們的最新技術應用於他們當前的問題。這方面的一個例子是我們抵押貸款解決方案中最古老、最大的錨客戶之一，他已經表示有興趣在明年續約之前嵌入數位結帳及其抵押貸款體驗。這種勢頭體現了我們對繼續擴大 Blend 涉及的每筆貸款所提供和賺取的價值的信心不斷增強。

Further on this point, it was just last year that we shared our expectation to achieve an economic value per funded loan of $90 sometime in 2024. With the traction we've seen year-to-date, we feel like this achievement is behind us already. And as we've heard more from our customers about their latest plans to deploy our add-on solutions in more meaningful ways, it made sense to reset our expectations for this growth avenue.

進一步就這一點而言，就在去年，我們共同期望在 2024 年某個時候實現每筆融資貸款的經濟價值達到 90 美元。憑藉今年迄今所看到的牽引力，我們覺得這項成就已經成為過去。隨著我們從客戶那裡聽到更多有關他們以更有意義的方式部署附加解決方案的最新計劃，重新調整我們對這一成長途徑的期望是有意義的。

Our latest outlook is that the economic value per funded loan will exceed $100 exiting 2024 a nearly $10 improvement in just a year's time. We remain focused on enhancing these products in a way that simplifies their deployments as well as breaking down limitations to make as many loans eligible to utilize these accretive solutions.

我們最新的預測是，到 2024 年，每筆資助貸款的經濟價值將超過 100 美元，僅一年就增加了近 10 美元。我們仍然專注於增強這些產品，以簡化其部署並打破限制，使盡可能多的貸款有資格使用這些增值解決方案。

Turning over to Consumer Banking. Q2 marks the first time this business generated $8 million of revenue in the quarter, representing 37% year-over-year growth. And we've shared our near-term expectations for this business, a $50 million run rate and 35% compounded annual growth from 2024 to 2026.

轉向消費銀行業務。第二季標誌著該業務首次在該季度創造了 800 萬美元的收入，年增 37%。我們也分享了對該業務的近期預期，即 2024 年至 2026 年的營運費為 5,000 萬美元，複合年增長率為 35%。

We're now pacing ahead of that 35% growth rate, a testament to the speed and execution of our implementation teams who have been able to get customers up and running quickly as well as our go-to-market teams who have done a great job of sharing our consumer banking value proposition to new and existing customers.

我們現在正以 35% 的成長率領先，這證明了我們的實施團隊的速度和執行力，他們能夠讓客戶快速啟動並運行，而我們的市場推廣團隊也做了出色的工作。現有客戶分享我們的消費者銀行業務價值主張。

Last week, we shared some compelling statistics on the recent implementation of Langley Federal Credit Union, one of the top 100 largest credit unions in the United States with more than 5 billion assets. So Langley selected Blend's deposit account opening solution. And since going live in March, they've reported significant improvements across several key areas. Starting with, they've seen a staggering 37% increase in new digital account openings since going live with Blend. And July representing the highest month on record for digital account openings ever for them.

上週，我們分享了有關蘭利聯邦信用合作社(Langley Federal Credit Union) 最近實施情況的一些令人信服的統計數據，該合作社是美國100 家最大的信用合作社之一，擁有超過50 億資產。因此蘭利選擇了Blend的存款帳戶開設解決方案。自三月上線以來，他們報告了幾個關鍵領域的顯著改進。首先，自從使用 Blend 以來，新開設的數位帳戶數量增加了 37%，令人震驚。7 月是他們有史以來開設數位帳戶數量最高的月份。

On the back end, the rate at which they approved applications that come in required any contact center intervention decreased from 32% of applications to just 7% of applications after implementing Blend. The combination of driving new business while also improving operational efficiency creates a unique competitive edge for our customers.

在後端，實施 Blend 後，需要聯絡中心介入的申請的批准率從 32% 下降到僅 7%。推動新業務與提高營運效率相結合，為我們的客戶創造了獨特的競爭優勢。

And this is why many of our customers who originally launched with one or two products on Blend end up expanding with us over time. And you can see that quantified in our pipeline. Coming to the second half of the year, we have about 40 cross-sell opportunities in our pipeline across our full suite of consumer making products.

這就是為什麼許多最初在 Blend 上推出一兩種產品的客戶最終隨著時間的推移而與我們一起擴展。您可以在我們的管道中看到這一點的量化。今年下半年，我們的全套消費品製造產品中約有 40 個交叉銷售機會。

For years, there's been this trend of consumers wanting to have a simple single interface that they can understand everything the bank or credit union can do for them. And we've talked about this for some time, but we knew it would take time to evolve, which makes sense when you're an institution of billions of dollars in assets and numerous product lines, operating in different systems and different silos, it does take time. It does feel like we have recent inflection point.

多年來，消費者一直希望擁有一個簡單的單一介面，以便他們能夠了解銀行或信用社可以為他們做的一切。我們已經討論這個問題有一段時間了，但我們知道這需要時間來發展，當你是一家擁有數十億美元資產和眾多產品線、在不同系統和不同孤島中運營的機構時，這是有意義的。感覺我們最近確實遇到了拐點。

The signs are all there. We have some large deals with very large financial institutions like Navy Federal Credit Union and Citizens Bank. We have a growing interest from large credit unions for us to power their entire platform, and we have a pipeline of cross-sell that's accelerating growth. These are all signs that we've turned the corner and are making meaningful progress towards the vision of frictionless or encompassing banking.

跡像都在那裡。我們與海軍聯邦信用合作社和公民銀行等大型金融機構有一些大額交易。大型信用合作社對我們為他們的整個平台提供支援的興趣越來越濃厚，而且我們擁有一系列正在加速成長的交叉銷售管道。這些跡像都表明我們已經渡過難關，並朝著無摩擦或包容性銀行業務的願景取得有意義的進展。

Shifting gears to home equity lending. Home equity makes up a large portion of our current cross-sell opportunities. And these prospects are often ones that have seen firsthand, how much of a differentiated Blend solutions are in other areas, and they're ready to expand the partnership into this area of the business, particularly given the macro trend around how much equity has been built up in homes.

轉向房屋淨值貸款。房屋淨值占我們目前交叉銷售機會的很大一部分。這些潛在客戶通常親眼目睹了 Blend 解決方案在其他領域的差異化程度，並且他們準備將合作夥伴關係擴展到這一業務領域，特別是考慮到圍繞股權多少的宏觀趨勢。

Consumers have benefited from that home price appreciation over the past few years, and they may tune and find themselves owning a large amount of equity in homes that as the rate environment comes down, they can tap in a very low-rate way.

消費者在過去幾年中從房價上漲中受益，他們可能會調整併發現自己擁有大量房屋淨值，隨著利率環境的下降，他們可以以非常低的利率方式利用。

And so it may be common again to start of home remodeling project or renovation project or pay down some more expensive debt that they have that they can consolidate into one place. And so as a result, it's become a very natural area for our customers to want to serve their consumers in this environment.

因此，開始房屋改建項目或翻新項目或償還一些更昂貴的債務可能會再次成為常見的情況，他們可以將這些債務合併到一個地方。因此，我們的客戶自然而然地希望在這種環境下為消費者提供服務。

Before I hand off to Amir that will help translate this into our quarter and the results we've seen in our upcoming guidance, let me take a moment to reiterate some of the key areas of momentum that I see for Blend in the second half of the year.

在我將這將有助於將其轉化為我們的季度以及我們在即將發布的指導中看到的結果之前，讓我花點時間重申我認為 Blend 在下半年的一些關鍵動力領域那一年。

To start, the data we observed in just the past week tells we may be on the cusp of a shift in the lending landscape. It's an encouraging signal that the activity that underpins our business is nearing return to growth. Even more importantly, our business could be poised to benefit. We have more customers. We have a lot of loans going through the system. We have good market share. And every incremental one that we do, we're creating a lot more value and we're getting a lot more revenue from it. And so the work we've done to optimize our expense structure on top of that will just give us a lot of financial leverage as the overall macro rebounds.

首先，我們在過去一周觀察到的數據表明，我們可能正處於貸款格局轉變的風口浪尖。這是一個令人鼓舞的信號，表明支撐我們業務的活動即將恢復成長。更重要的是，我們的業務有望受益。我們有更多的客戶。我們有很多貸款正在通過該系統。我們擁有良好的市場佔有率。我們所做的每一項增量工作，都在創造更多的價值，並從中獲得更多的收入。因此，隨著整體宏觀經濟的反彈，我們為優化費用結構所做的工作將為我們提供大量的財務槓桿。

Second, our investment in our platform is maturing at just the right moment. modern experiences such as the AI integrations or the real-time home equity experience or the refinance flow that creates much faster and much simpler refinance for consumers who need it. This has all been work that's come together after years of working on this platform from the ground up.

其次，我們對平台的投資適時。現代體驗，如人工智慧整合或即時房屋淨值體驗或再融資流程，為有需要的消費者創造更快、更簡單的再融資。這一切都是我們在這個平台上從頭開始工作多年後的成果。

This new evolution of the way that we build our technology is resonating and our customers are bringing more ideas of the applicability of our solution to their own businesses and new and compelling ways. And we haven't let up on our community to innovate in the ways that serve each of our various customer segments.

我們建立技術的方式的新演變引起了共鳴，我們的客戶正在為他們自己的業務帶來更多關於我們的解決方案的適用性的想法以及新的、引人注目的方式。我們並沒有放棄我們的社區以創新的方式為我們各個客戶群提供服務。

One of the great aspects of well-built technology that can be flexible enough to solve some of the broadest and most unique challenges facing the industry we serve. In RIs, there are almost no limits to the applicability of our solution, and we're continuing to evolve to the needs of our customer base that result in more value for them and us.

精心打造的技術的一大優點是能夠足夠靈活地解決我們所服務的行業面臨的一些最廣泛和最獨特的挑戰。在 RI 中，我們的解決方案的適用性幾乎沒有限制，我們正在不斷發展以滿足客戶群的需求，從而為他們和我們帶來更多價值。

And lastly, I'm excited to share with you that our pipeline opportunities that we just can apply to is as healthy as I've seen it for a long time. And I think a lot of that has to do with the macro as well as the maturation of our solutions.

最後，我很高興與您分享，我們可以申請的管道機會與我長期以來所看到的一樣健康。我認為這很大程度上與宏觀以及我們解決方案的成熟有關。

Our sales team, including myself, we're busy on the road, listing the customers, the growing wish lists from prospects as well as even existing customers who are using our products. And it's clear that Blend is top of mind and a top choice for them to deliver best-in-class modern origination experiences.

我們的銷售團隊，包括我自己，都在路上忙碌，列出客戶、潛在客戶甚至正在使用我們產品的現有客戶不斷增長的願望清單。很明顯，Blend 是他們提供一流現代原創體驗的首要考慮因素和首選。

And as more of our focus -- our customers, focus to what's ahead, our phones are staying incredibly busy. I look forward to sharing some of the new innovative partnerships that we're set to establish in the next few months with you all very soon.

隨著我們越來越多地關注我們的客戶，關注未來，我們的電話變得異常繁忙。我期待很快與大家分享我們將在未來幾個月內建立的一些新的創新合作關係。

And with that, let me turn over to Amir to discuss our second quarter results. Amir, over to you.

接下來，讓我請阿米爾討論我們第二季的業績。阿米爾，交給你了。

Thank you, Nima, and good afternoon, everyone. I'm pleased to be joining you today to discuss our financial results for the second quarter.

謝謝尼瑪，大家下午好。我很高興今天能與大家一起討論我們第二季的財務表現。

Our second quarter marks another period of strong execution. We welcome several new customers to our platform. We increased the pace of growth in consumer banking. We've reached a new high for our economic value per funded loan, and we took one step closer to reaching our goal of fourth quarter non-GAAP operating profitability.

我們的第二季標誌著另一個強而有力的執行時期。我們歡迎幾位新客戶來到我們的平台。我們加快了消費銀行業務的成長步伐。我們的每筆資助貸款的經濟價值已達到新高，距離實現第四季度非公認會計準則營運獲利能力的目標又近了一步。

Before I jump into the results, let me just remind you that unless otherwise stated, all results are non-GAAP. Total company revenues in the second quarter were $40.5 million, ahead of the midpoint and near the high-end of our guidance.

在我開始討論結果之前，我想提醒您，除非另有說明，否則所有結果都是非公認的會計準則。第二季公司總收入為 4,050 萬美元，高於我們指引的中點並接近高端。

We reported platform revenue of $28.7 million, which was also ahead of the midpoint of our guidance. Our mortgage suite revenue was $18.5 million, in line with our expectations for a decrease in aggregate industry originations in the quarter. As Nima shared, we brought in a number of new mortgage customers this year and put together a strong pipeline to fuel growth in the future quarters.

我們報告的平台收入為 2870 萬美元，也高於我們指導的中位數。我們的抵押貸款套件收入為 1,850 萬美元，符合我們對本季產業總收入下降的預期。正如尼瑪所說，我們今年引入了許多新的抵押貸款客戶，並建立了強大的管道來推動未來幾季的成長。

We do believe aggregate industry originations will likely be up in the third quarter as compared to Q2. And if the market is right and predicting multiple rate cuts this year, the volume increase should persist into next year, assuming affordability increases for homebuyers.

我們確實相信，與第二季相比，第三季的產業總起點可能會上升。如果市場是正確的並預測今年多次降息，那麼假設購屋者的負擔能力增加，成交量的成長應該會持續到明年。

Turning to another highlight. Our mortgage suite economic value for funded loan rose by more than $5 compared to last quarter and by approximately $11 compared to the same period last year, reaching $97. The step-up in our per funded loan rates continue to be primarily driven by higher attach rates of our value accretive add-on products.

轉向另一個亮點。與上個季度相比，我們的抵押貸款套件經濟價值增加了 5 美元以上，與去年同期相比增加了約 11 美元，達到 97 美元。我們的每筆資助貸款利率的上升仍然主要是由我們的增值附加產品的附加率較高所推動的。

Shifting to the other key part of our platform. Consumer banking products continue to drive expansion of our footprint with customers with revenue for those products growing 37% year-over-year to a total of $8 million. Our pace of growth is accelerating as we launch new deployments that add incremental platform fees, as well as more adoption of our full suite of solutions. With 37% year-over-year growth, just two quarters into the threen-year guidance we provided at our Investor Day, we are on the right track to exceed the 35% CAGR target.

轉移到我們平台的另一個關鍵部分。消費者銀行產品持續推動我們擴大客戶足跡，這些產品的收入年增 37%，達到 800 萬美元。隨著我們推出增加平台費用的新部署以及更多地採用我們的全套解決方案，我們的成長速度正在加快。我們在投資者日提供的三年期指導僅過了兩個季度，就實現了 37% 的同比增長，我們正走在超越 35% 複合年增長率目標的正確軌道上。

We also generated $2.2 million of professional services revenue, which was consistent with the same period last year. We reported title revenue of $11.8 million, exceeding the high-end of our guidance range. Moving on to gross profit. Total company non-GAAP gross profit was $21.8 million. Our non-GAAP Blend platform segment gross margins were 71% compared with 74% a year prior.

我們也產生了 220 萬美元的專業服務收入，與去年同期持平。我們報告的遊戲收入為 1180 萬美元，超出了我們指導範圍的上限。轉向毛利。公司非 GAAP 毛利總額為 2,180 萬美元。我們的非 GAAP Blend 平台部門毛利率為 71%，去年同期為 74%。

Our software, we reported non-GAAP software gross margins of 79% compared with 81% a year prior. Our non-GAAP title margins came in at 11% for the second quarter, which was consistent with the same period last year.

我們的軟體，我們報告的非 GAAP 軟體毛利率為 79%，而去年同期為 81%。第二季我們的非 GAAP 標題利潤率為 11%，與去年同期一致。

Non-GAAP operating costs for the second quarter totaled $27.4 million compared with $41.6 million in the previous year. And as we invest in our platform and go-to-market functions, we continue to boost efficiency to balance out our investments. This is also leading to a business that is more durable and resilient than ever.

第二季非 GAAP 營運成本總計 2,740 萬美元，而去年同期為 4,160 萬美元。隨著我們對平台和上市功能的投資，我們不斷提高效率以平衡我們的投資。這也導致業務比以往任何時候都更加持久和有彈性。

Our non-GAAP loss from operations was $5.6 million in Q2, coming in well ahead of the high end of our guidance range. We expect more improvement in Q3 as we pace towards our target of non-GAAP operating profitability in Q4.

第二季度，我們的非 GAAP 營運虧損為 560 萬美元，遠遠超出了我們指導範圍的上限。隨著我們朝著第四季度非公認會計原則營業利潤率的目標邁進，我們預計第三季將會有更多改善。

For the second quarter, our remaining performance obligations landed at $87.4 million, which represents an increase of $34.2 million compared to the second quarter of 2023 when RPO was $53.2 million. This marks the fifth consecutive quarter where our RPO balance increased year-over-year, with Q2 growing by 64% year-over-year.

第二季度，我們的剩餘履約義務達到 8,740 萬美元，與 2023 年第二季的 RPO 5,320 萬美元相比增加了 3,420 萬美元。這標誌著我們的 RPO 餘額連續第五個季度同比增長，其中第二季度同比增長 64%。

RPO in the second quarter, decreased by $5.6 million compared to Q1 of 2024, given the pace of go-live to ramp for our customers. Now that we're in the second half of the year, we're starting to negotiate a number of renewals and new deals, which should bring us back to quarterly growth, along with year-over-year outperformance.

鑑於我們的客戶上線速度加快，第二季的 RPO 比 2024 年第一季減少了 560 萬美元。現在已經進入下半年，我們開始談判一些續約和新交易，這應該會讓我們恢復季度成長以及同比優異的表現。

Free cash flow for the quarter was negative $8.5 million, which compares to negative $34.6 million in the same quarter last year. Free cash flow for the quarter did include approximately one month's worth of interest expense from our term loan, which we paid down in full at the end of April with the capital received from a valued investment.

本季自由現金流為負 850 萬美元，去年同期為負 3,460 萬美元。本季的自由現金流確實包括我們定期貸款的大約一個月的利息費用，我們在四月底用從一項有價值的投資中獲得的資本全額償還了這筆利息。

Our unlevered free cash flow, which includes -- which excludes the impact of interest expense, was negative $6.9 million in the second quarter. Despite the decrease in Q2, the momentum that we've created in pushing towards positive free cash flow isn't slowing down.

我們的無槓桿自由現金流（其中不包括利息支出的影響）在第二季為負 690 萬美元。儘管第二季有所下降，但我們在推動正自由現金流方面所創造的勢頭並沒有放緩。

Many of our customers time their renewals at the end of their fiscal year. So Q1 seasonally tends to have a larger influx of prepayment cash inflows. The company is debt-free, and we're operating at a high level of efficiency. The expectation is that we'll still generate positive quarterly cash flow sometime shortly after reaching non-GAAP operating profitability.

我們的許多客戶將續約時間安排在財政年度結束時。因此，第一季季節性往往會有較大的預付款現金流入。該公司沒有債務，而且我們的營運效率很高。預計在達到非公認會計準則營運獲利能力後不久，我們仍將產生正的季度現金流。

Beyond this, we are also seeing additional leverage from our partnership with Haveli. We ended the quarter with approximately $120 million of cash, cash equivalents, marketable securities, inclusive of restricted cash. In light of the visibility that we have towards profitable growth, combined with our strong balance sheet and significantly reduced cash needs, we are excited to share that our Board has authorized our first share repurchase program of up to $25 million.

除此之外，我們也看到與 Haveli 的合作帶來了額外的影響力。本季結束時，我們擁有約 1.2 億美元的現金、現金等價物、有價證券，包括限制性現金。鑑於我們對獲利成長的預見性，加上我們強勁的資產負債表和顯著減少的現金需求，我們很高興地告訴大家，董事會已批准我們的首次股票回購計劃，金額高達 2500 萬美元。

We continue to believe that our current valuation does not properly reflect the market opportunity, our comprehensive product offerings and the expense discipline that we have instilled in our business. Additionally, this decision was contemplated in conjunction with all of the planned investments we are making into the next generation of our origination technology that Nima shared with you. We are confident our balance sheet is in a position of strength to achieve our current set of investment objectives and provide shareholder return.

我們仍然認為，我們目前的估值未能正確反映市場機會、我們全面的產品供應以及我們在業務中灌輸的費用紀律。此外，這項決定是與尼瑪與您分享的我們對下一代起源技術進行的所有計劃投資結合起來考慮的。我們相信我們的資產負債表有能力實現我們目前的投資目標並為股東提供回報。

Lastly, let me move on to our outlook for the third quarter of 2024. We expect platform revenue to be between $28 million and $31 million in Q3 of 2024. We expect our title business revenue to be between $11.5 million and $12.5 million. Our total company revenue outlook is expected to be $39.5 million and $43.5 million for Q3.

最後，讓我談談我們對 2024 年第三季的展望。我們預計 2024 年第三季平台營收將在 2,800 萬美元至 3,100 萬美元之間。我們預計我們的產權業務收入將在 1150 萬美元至 1250 萬美元之間。我們預計第三季公司總營收分別為 3,950 萬美元和 4,350 萬美元。

Our guidance is based on an internal assessment of customer level growth as well as our own outlook of Q3 origination activity based on application volume observed to date through the customer base. Our total non-GAAP net operating loss is expected to be between $4 million and $7 million for Q3, with the midpoint representing a 65% improvement year-over-year.

我們的指導是基於對客戶水準成長的內部評估以及我們根據迄今為止透過客戶群觀察到的申請量對第三季發起活動的展望。我們第三季的非 GAAP 淨營運虧損總額預計在 400 萬美元至 700 萬美元之間，中點表示年增 65%。

And with that, I thank you again for joining. Bryan, we're now ready for questions.

在此，我再次感謝您的加入。布萊恩，我們現在準備好提問了。

Thank you, Nima, Amir and Winnie for your remarks. With that, we'll now shift to the Q&A portion of the call. (Event Instructions).

謝謝尼瑪、阿米爾和維妮的發言。這樣，我們現在將轉向電話會議的問答部分。（活動說明）。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen, nice job here. Maybe Nima starting for you, obviously assumed some recent news on the rate dynamic here throughout the balance of the year. I wonder obviously that has has an impact on affordability, but supply has been a big constraint as well.

嘿，先生們，幹得好。也許尼瑪從你開始，顯然假設了今年餘下的一些有關利率動態的最新消息。我顯然想知道這對負擔能力有影響，但供應也是一個很大的限制。

You kind of called out some of the home equity piece, but can we start to shift away from some of that lock in that incentivizes more sellers into the market here kind of getting a push from both the supply side and the demand side to help fuel some of that recovery?

您提到了一些房屋淨值部分，但我們是否可以開始擺脫一些鎖定，以激勵更多賣家進入市場，從供應方和需求方的推動來幫助推動一些恢復？

Yeah. It's a good question, Dylan. Thanks for the question. I think it's interesting -- everyone understands that refinance are very interest rate-sensitive because you have to be in the money unless you're taking cash out, but you have to be in the money to refinance otherwise.

是的。這是個好問題，迪倫。謝謝你的提問。我認為這很有趣——每個人都知道再融資對利率非常敏感，因為除非你提取現金，否則你必須處於資金狀態，但否則你必須處於資金狀態才能進行再融資。

But actually, purchase tends to be relatively sensitive to interest rates as well. So I think it will unlock new supply, new demand. And I also think the general macro that we're seeing where consumers have sort of been waiting for a long time.

但實際上，購買往往對利率也相對敏感。所以我認為這將釋放新的供應、新的需求。我還認為，我們所看到的整體宏觀情況是消費者等待了很長時間的。

We might start to see some of those who felt locked in when rates start having a five handle on them. Start feel like it's, okay, it's going to move and think rates are moving in the right direction. So I can move homes and refinance that new home that I buy in a year or two in the for handle and not feel like it's a big difference because, yes, people have been waiting on the sidelines for a long time and only wait so long.

當利率開始受到五級控制時，我們可能會開始看到一些人感到被鎖定。開始感覺，好吧，它會發生變化，並認為利率正在朝著正確的方向發展。因此，我可以搬家並為我在一兩年內購買的新房進行再融資，而不會覺得有什麼大的不同，因為，是的，人們已經在場邊等待了很長時間，而且只等了這麼長時間。

Sure. Okay. That makes perfect sense. And maybe obviously, great to see the consumer strength as well here and what sounds like healthy pipeline commentary. I know it's a bit of an earlier initiative too, but it sounds like there's been some notable go-lives.

當然。好的。這是完全有道理的。也許顯然，很高興在這裡看到消費者的力量以及聽起來健康的管道評論。我知道這也是一個較早的舉措，但聽起來已經有一些值得注意的上線。

So kind of help us get a sense of the referenceability, some of the value that's been tied and realized from some of those early customers that's helping kind of fuel the later-stage pipeline activity that seems to be growing pretty nicely?

那麼，這是否可以幫助我們了解可參考性，以及從一些早期客戶那裡獲得並實現的一些價值，這些價值正在幫助推動似乎增長得相當不錯的後期管道活動？

Yeah. Actually, I love the idea of reference ability as a key tenant because it's the same word we use internally. We want every customer to be referenceable. We want them to be that happy to get the solution. And when we did the Langley Federal Credit Unit case study, I was, frankly, even surprised by how good it turned out.

是的。事實上，我喜歡將參考能力作為關鍵租戶的想法，因為它與我們內部使用的單字相同。我們希望每個客戶都具有參考價值。我們希望他們能夠高興地得到解決方案。當我們進行蘭利聯邦信貸部門案例研究時，坦白說，我甚至對結果如此之好感到驚訝。

Obviously, we believe in our solutions, but the numbers were so good, the 37% growth in accounts going down from 32% requiring contact center intervention now to 7%. That's almost three quarters drop, maybe more than three quarter drop in how many contact interventions they needed.

顯然，我們相信我們的解決方案，但數字非常好，37% 的客戶成長從現在需要聯絡中心介入的 32% 下降到 7%。他們所需的接觸介入次數幾乎下降了四分之三，甚至可能下降了四分之三以上。

So things like that become really critical. Actually, another anecdote from a customer today that I saw that their -- they had a new feature that they rolled out and almost doubled the number of people who are getting to the flow without that contact center intervention. It was a different customer.

所以類似的事情變得非常關鍵。事實上，我今天看到一位客戶的另一則軼事，他們推出了一項新功能，在沒有聯絡中心幹預的情況下進入流程的人數幾乎增加了一倍。這是一個不同的客戶。

And then so I think those kinds of things that we do because it's building more capabilities into our platform, every future product that we offer, not even for that same product, not just for deposit account opening, but every future product we build or capability rollout is going to have that benefit built into it.

然後，我認為我們所做的這些事情是因為它將更多的功能建構到我們的平台中，我們提供的每一個未來產品，甚至不是同一個產品，不僅僅是開立存款帳戶，而是我們建構的每一個未來產品或能力推出將帶來這種好處。

So it becomes this sort of self-fulfilling prophecy over time if we can keep executing on making these flows better and having a good true north for our customers.

因此，隨著時間的推移，如果我們能夠繼續努力改善這些流程並為我們的客戶提供良好的真實方向，那麼隨著時間的推移，它就會成為這種自我實現的預言。

Okay, great. Thanks Nima.

好的，太好了。謝謝尼瑪。

Joe Vafi, Canaccord Genuity.

喬‧瓦菲 (Joe Vafi)，Canaccord Genuity。

Hey, guys, good afternoon, and really nice to see really nice progress in the business. I guess, Nima following up when -- on the commentary that customers kind of now know it's time to get ready for a rebound is there?

嘿，夥計們，下午好，很高興看到業務取得了很大的進展。我想，尼瑪會跟進——關於客戶現在知道是時候為反彈做好準備的評論了，是嗎？

Can they get ready quickly here? Or is it going to take them a whole another budget cycle to get ready if they want to be in a position to, I guess, be positioned for a rebound in mortgage volumes. And then I'll have a quick follow-up.

他們能在這裡快速做好準備嗎？或者，如果他們想要為抵押貸款數量的反彈做好準備，他們是否需要一個完整的預算週期才能做好準備。然後我會進行快速跟進。

Yeah. It's a good -- I mean, another great question. One, I think it is something where they see it as a critical part of their business going forward, being able to help customers if they want to lower their monthly payments, if the macro on mortgage does shift.

是的。這是一個很好的問題——我的意思是，另一個很好的問題。第一，我認為他們將其視為未來業務的關鍵部分，如果抵押貸款宏觀確實發生變化，如果客戶想要降低每月付款，則能夠為他們提供幫助。

And so we are seeing some customers who were kind of standing on the sidelines in terms of deploying new technology. They suddenly came to the table in the last month or two, wanting to move really quickly. And by really quickly, I mean, abnormally quickly for organizations of their size.

因此，我們看到一些客戶在部署新技術方面持觀望態度。他們在過去一兩個月突然來到談判桌前，希望能盡快採取行動。我所說的「非常快」是指，對於其規模的組織來說，速度異常快。

And so it turns out that these organizations can move quickly if it's important enough at the very top of the house. Now, that won't be true to all of them, but we're definitely seeing it a sizable institution as well as smaller, more nimble ones. And so I think it just sort of goes to show how important this is going to become for their long-term ability to serve their customers, getting something in place.

事實證明，如果高層夠重要，這些組織就能迅速採取行動。現在，並非所有機構都如此，但我們肯定會看到它是一個相當大的機構，以及更小、更靈活的機構。所以我認為這只是表明這對於他們長期服務客戶的能力以及將某些東西落實到位將變得多麼重要。

And we're excited that we can build a solution like that. Having a solution where a consumer can go through and get through the process of refinancing a loan and locking their rate mostly in the first few minutes, I mean, it's pretty -- it's going to be pretty -- should it all work out how we hope and how we think it's going to work out. It should be pretty powerful for the market and help lots of consumers, hopefully, millions of consumers long-term.

我們很高興能夠建立這樣的解決方案。有一個解決方案，讓消費者可以在最初幾分鐘內完成貸款再融資並鎖定利率的過程，我的意思是，這很漂亮——這將會很漂亮——如果這一切都能解決我們如何解決問題的話。它對市場來說應該非常強大，並且可以幫助許多消費者，希望能夠長期幫助數百萬消費者。

Sure. That's pretty exciting. And then kind of on that same note, I think you called the refinance product, I think, refinance flow or something like that. And I know you mentioned that you were in beta with one customer there.

當然。這非常令人興奮。然後，在同樣的情況下，我認為您將再融資產品稱為再融資流程或類似的東西。我知道您提到您正在與一位客戶進行測試。

Just wondering if there's a time line on getting that out to general production because it does feel like it's a great product. And I definitely know that sometimes the refinance process is even more arduous than a purchase mortgage. So just wanted to get a little more color on that next-generation refinance product.

只是想知道是否有一個將其投入一般生產的時間表，因為它確實感覺這是一個很棒的產品。我絕對知道，有時再融資過程甚至比購買抵押貸款還要艱鉅。所以只是想對下一代再融資產品有更多的了解。

Yeah. And I mean, it's the same question a lot of our customers are asking us right now, Joe. They're sort of a growing interest list, and there's only so much capacity we can handle at once to roll that out. But we have -- like I said, we have the next two already lined up.

是的。我的意思是，喬，我們的許多客戶現在都在問我們同樣的問題。它們是一個不斷增長的興趣列表，而我們一次只能處理這麼多的能力來推出它。但我們——就像我說的，接下來的兩個已經排好了隊。

I mean, we plan to make this available as soon as we can because we realize the timeliness of it, we just want to be able to do it in a really, let's call it, highly impactful way. I'll say there's two things working in our favor in terms of be it in this case.

我的意思是，我們計劃盡快提供這項服務，因為我們意識到它的及時性，我們只是希望能夠以一種真正的、我們稱之為高度影響力的方式來做到這一點。我想說，在這種情況下，有兩件事對我們有利。

One is we're using existing capabilities in our platform that have already existed for a long-time. Think about the things you need to do to do a refinance, you need to run credit, you need to check the new price of the loan, what the new interest rate will be and you compare your old payments to your new one, you need to calculate the fees, bake in those fees to make sure that, that is encapsulated in the loan capture.

一是我們正在使用平台中已經存在很長時間的現有功能。考慮一下再融資時您需要做的事情，您需要運行信貸，您需要檢查貸款的新價格，新的利率是多少，並且您將舊付款與新付款進行比較，您需要要計算費用，請考慮這些費用以確保將其包含在貸款捕獲中。

You need to do income verification in some cases, an asset verification in some cases, if you're on underwriting steps, if it generates documents and then get what's called intent to proceed in order to lock the rate. Those steps, those have already existed in our platform. It's really about how we bring it together in a seamless way. I mean, it's unique to have all those steps in a platform that a consumer accesses, but how we bring it together is very important.

在某些情況下，您需要進行收入驗證，在某些情況下需要進行資產驗證，如果您正在進行承保步驟，如果它會產生文件，然後獲得所謂的繼續意圖以鎖定利率。這些步驟，那些已經存在於我們的平台中。這實際上是關於我們如何以無縫的方式將它們整合在一起。我的意思是，在消費者訪問的平台中包含所有這些步驟是獨一無二的，但我們如何將它們整合在一起非常重要。

And so we already -- it's bringing together something we've already been doing for about eight months. And so we feel good about the state of our product. And the reason I think we'll be able to roll out our customers effectively is that it's going to reuse a lot of the same integrations to their middle and back-office systems that we already have in place with them.

所以我們已經 - 它匯集了我們已經做了大約八個月的事情。所以我們對我們產品的狀態感覺良好。我認為我們能夠有效地向客戶推出的原因是，它將重複使用我們已經為他們提供的中後台系統的許多相同整合。

So I think we'll benefit from those things. I would say, in aggregate, it's too soon to tell how long it will take for us to get broad adoption in the market with something like this because sometimes these are as regulated institutions, they want to take extra measures to make sure they do the right things. But we're going to move as fast as seemingly possible.

所以我認為我們將從這些事情中受益。我想說，總的來說，現在判斷我們需要多長時間才能在市場上廣泛採用這樣的東西還為時過早，因為有時這些機構是受監管的機構，他們希望採取額外的措施來確保他們做到正確的事。但我們將盡可能快地採取行動。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Good morning, guys. Thank you for taking the questions. In terms of the add-on products and mortgage, you've called out nice traction with the closed solution Nima. It'd be helpful if you could quantify where those attach rates are today, where you think they can go? And just generally, what you find is the biggest hurdle to overcome for getting customers to adopt that solution?

早安，夥計們。感謝您提出問題。在附加產品和抵押貸款方面，您已經透過封閉的解決方案 Nima 獲得了良好的吸引力。如果您能量化目前的附加率，您認為它們會走向何方，那將會很有幫助？一般來說，您發現讓客戶採用該解決方案所需克服的最大障礙是什麼？

And then as a follow-up on the same topic, income verification seems like a pretty interesting opportunity for the company given the competitive dynamics in that space with some of the higher cost incumbents. Have you seen any notable traction in that product? And just generally, how are you thinking about that opportunity for income verification?

然後，作為同一主題的後續行動，考慮到該領域與一些成本較高的現有企業的競爭動態，收入驗證對於該公司來說似乎是一個非常有趣的機會。您是否看到該產品有任何顯著的吸引力？總的來說，您如何看待收入核實的機會？

Yeah. I mean, we don't share specific attach rates on either of these two products. I can say, we've done great traction in the Blend closed product, but we still have a lot of white space ahead of us. There's a lot of opportunity still within our current customer base.

是的。我的意思是，我們不分享這兩種產品的具體附加費率。我可以說，我們在 Blend 封閉產品中取得了很大的進展，但我們面前仍然有很多空白。我們目前的客戶群中仍然存在著許多機會。

And we also are seeing -- actually, it's interesting because we see a lot of benefit for our customers to doing digital close, I called some of this out during the call, where digital closings can help them close loans faster, have less errors on the loan files and the signature documents, things like that.

我們還看到- 實際上，這很有趣，因為我們看到進行數位結帳給我們的客戶帶來很多好處，我在電話會議中指出了其中的一些，其中數位結帳可以幫助他們更快地結清貸款，減少錯誤貸款文件和簽名文件之類的。

And so it ends up being a win-win. It just sometimes takes time to answer a question, why is it not 100% today? It seems obvious that 100% of people want to -- not have to -- even if they go in person, not have to go and sign on 50 different pieces of paper, it seems pretty natural not want to have that as part of your process.

所以這最終是雙贏的。只是有時候需要時間回答一個問題，為什麼今天不是100%呢？似乎很明顯，100% 的人想要——不是必須——即使他們親自去，不必去簽署 50 張不同的紙，不希望將其作為你的一部分似乎很自然。

It just takes time and there's a lot of myth in this industry around digital closing. I even hear today from some of our customers well, there's a lot of states where you can't do digital closings. And that's not entirely true. I mean, there are certain parts of the country and certain counties even that make it more difficult than others. But those are very rare. It's a small, call it, less than 10% or around 10% of the volume in the country that's not eligible for a fully digital closing.

這只是需要時間，而且這個行業有很多關於數字關閉的神話。今天我甚至從我們的一些客戶那裡聽說，有很多州無法進行數位結帳。但這並不完全正確。我的意思是，該國的某些地區和某些縣甚至比其他地區更困難。但這些非常罕見。這個規模很小，可以這麼說，不到該國不符合完全數位化結帳條件的交易量的 10% 或 10% 左右。

And in which case, you can even do a hybrid digital closing, which is an offering we have to do the note digitally, but do the D electronically. And so the short answer is we have a good attach rate, but a lot of runways ahead of us to close, and we're excited to keep building on that solution.

在這種情況下，您甚至可以進行混合數位結帳，即我們必須以數位方式進行註釋，但以電子方式進行 D。因此，簡短的回答是，我們擁有良好的附加率，但我們還有很多跑道需要關閉，我們很高興能夠繼續建造該解決方案。

And we want to make that the market standard for how all the closings of the mortgage industry happen. On the income piece, I am excited about the income piece. The interest thing about the income piece is it's not about one vendor or one solution. If you're a customer of ours, what you want is a provider that can bring together all those solutions and all the necessary pieces so that a consumer -- you can help them with a consumer who is self-employed. You can help them with a consumer who's traditional payroll provider, you can help them with a consumer who wants to upload their documents and you want to read the data from the documents using AI in real-time.

我們希望將其作為所有抵押貸款行業關閉方式的市場標準。關於收入部分，我對收入部分感到興奮。關於收入部分的有趣之處在於，它與某個供應商或一種解決方案無關。如果您是我們的客戶，您想要的是一個能夠將所有這些解決方案和所有必要部分整合在一起的供應商，以便消費者 - 您可以幫助他們與自營職業的消費者。您可以為他們提供傳統薪資提供者的消費者協助，您可以為想要上傳文件的消費者提供協助，並且您希望使用人工智慧即時從文件中讀取資料。

And so I think that Blend will bring to that space is the best-in-class orchestration of what I'll call the broader income set of things that have to happen in the broader income waterfall. I think that's the real opportunity for Blend long-term. But we're definitely seeing interest from our customers. They want to find a way to make income verification, automated and faster and cheaper. And so I won't share specific numbers around that. It's near another area of business we find very interesting.

因此，我認為 Blend 將為這個領域帶來一流的編排，我稱之為更廣泛的收入集合，這些事情必須在更廣泛的收入瀑布中發生。我認為從長遠來看，這對 Blend 來說是一個真正的機會。但我們確實看到了客戶的興趣。他們希望找到一種方法來實現收入驗證的自動化、更快、更便宜。所以我不會分享具體的數字。它靠近我們發現非常有趣的另一個業務領域。

And just a follow-up for Amir. It sounds like this is the case, but just to clarify, the 4Q operating income profitability for the fourth quarter, that's still something you think is achievable? And I guess, given 4Q is typically, has negative seasonality. Maybe that's more muted this year in light of rate cuts.

這只是阿米爾的後續行動。聽起來確實是這樣，但澄清一下，第四季度的營業收入盈利能力，這仍然是您認為可以實現的目標嗎？我想，鑑於第四季通常具有負季節性。鑑於降息，今年的情況可能會更加溫和。

But just help us understand the bridge from the second quarter that gets you there or the leverage you have to pull on the expense side, better remaining? And then also, if you'd expect operating income to be sustainably profitable after that fourth quarter inflection?

但請幫助我們了解第二季度幫助您實現這一目標的橋樑，或者您必須在費用方面發揮的槓桿作用，更好地留下來嗎？另外，您是否預期營業收入在第四季的拐點之後能夠持續獲利？

Thanks for the question, Ryan. Yeah, I think, first and foremost, just to confirm for everybody, although we've stated this, yes, we're definitely confirming our path to breakeven in Q4, and we still have line of sight to that. So we feel great, including just how we're stepping with regards to our operating expenses, and ultimately, what you saw in our net operating loss results.

謝謝你的提問，瑞安。是的，我認為，首先也是最重要的是，只是為了向大家確認，儘管我們已經聲明了這一點，是的，我們肯定會確認我們在第四季度實現盈虧平衡的道路，而且我們仍然有視線。因此，我們感覺很好，包括我們在營運支出方面的進展，以及最終您在我們的淨營運虧損結果中看到的情況。

Second, you're right, Q4 definitely has an aspect of negative seasonality and putting aside maybe what you're seeing from the overall kind of movements in the news and in the macro, it will still take a little bit of time. And so for us to be able to achieve this whole notion of being breakeven in Q4, it's important to us because it is at a seasonally low point, which is, I think, an important point of emphasis to us.

其次，你是對的，第四季肯定有負面季節性的一面，拋開你從新聞和宏觀的整體走勢中看到的情況，它仍然需要一點時間。因此，對於我們能夠在第四季度實現盈虧平衡的整個概念來說，這對我們來說很重要，因為它正處於季節性低點，我認為這對我們來說是一個重要的重點。

That takes us to maybe also wear your head, which is, is this going to be something sustainable. And so, although we haven't given forward guidance outside of Q4, our intentions are quite consistent with what we shared at our Investor Day, which is in the foreseeable future, we will shift to becoming much more free cash flow oriented in how we speak.

這讓我們可能也需要戴上你的頭，也就是說，這會是可持續的嗎？因此，儘管我們沒有在第四季度之外給出前瞻性指引，但我們的意圖與我們在投資者日分享的內容非常一致，在可預見的未來，我們將轉向更加以自由現金流為導向的方式說話。

And as I stated on this earnings call, we do have line of sight and our plans are to be able to move to just that in the foreseeable future. And then lastly, this notion of just kind of where do we have levers. Our levers are not just expenses maybe the way that we've looked at them historically.

正如我在本次財報電話會議上所說，我們確實有遠見，我們的計劃是能夠在可預見的未來實現這一目標。最後，我們在哪裡有槓桿的概念。我們的槓桿不僅僅是支出，也許就像我們歷史上看待它們的方式一樣。

The way that we operate today, again, through the lens of operational excellence is to dissect every process to ensure that it's just operating not just with the velocity, but in terms of its maximum efficiency. And Builder, by the way, is one aspect that's helping us kind of find more and more ways to be efficient. And we're kind of using the momentum, not necessarily Builder directly, but across the rest of the organization to do just that, you're seeing a trickle to what we shared in results this quarter.

我們今天的運作方式再次從卓越營運的角度來剖析每個流程，以確保它不僅以速度運行，而且以最大效率運行。順便說一句，Builder 是幫助我們找到越來越多提高效率的方法的一方面。我們正在利用這種勢頭，不一定是直接使用 Builder，而是在組織的其他部門中這樣做，您會看到我們在本季度分享的結果中出現了一點變化。

David Andrew, Wells Fargo.

大衛安德魯，富國銀行。

Hi, thanks for taking the questions. So just building on the breakeven comments, as you work towards achieving profitable free cash flow in the somewhat near future with the support of a strategic partner, how should we think about the balance between improving cash flow versus investing for growth, especially as you think through buying back stock?

您好，感謝您提出問題。因此，僅以損益平衡評論為基礎，當您在策略夥伴的支持下努力在不久的將來實現盈利的自由現金流時，我們應該如何考慮改善現金流與投資成長之間的平衡，特別是當您認為透過回購股票？

David, I'd say the best answer for us is just -- it's been what we've been consistently saying around the following notions. One, we plan to remain extremely balanced. And by that, I mean, we never kind of let this pendulum swing too far when there was a negative sentiment nor will we let it swing too far when maybe things are happening quite quickly in the short-term.

大衛，我想說對我們來說最好的答案就是──這是我們一直圍繞著以下概念所說的。第一，我們計劃保持極度平衡。我的意思是，當有負面情緒時，我們永遠不會讓鐘擺擺動得太遠，當事情在短期內發生得很快時，我們也不會讓它擺動得太遠。

The reason that we stay balanced is because, again, the mindset that we've created in Phase 2 of Blend is everything is very ROI-centric. And so we have a high level of conviction in some of the initiatives. A few of them you've heard Nima speak to, our next-gen refi flows, elements of home equity as an example. And so, that conviction exists in either scenario, and it's part of kind of this balanced approach followed by ROI.

我們保持平衡的原因是，我們在 Blend 第二階段創建的心態是一切都以投資回報率為中心。因此，我們對某些舉措抱持高度信心。您曾聽過尼瑪與其中一些人交談過，例如我們的下一代再融資流程、房屋淨值要素等。因此，無論哪種情況，這種信念都存在，而且這是投資回報率所遵循的平衡方法的一部分。

And then lastly, I'd take just a notion of free cash flow. The approach that we've taken is -- as we build up the customer base and as you hear the sentiment of what we're sharing with you, some of what you can see in things like RPO, over time, as we continue to land more and more of these customers and drive our renewals, you'll see that build, which is what is going to get us to this path to free cash flow positive.

最後，我只想談談自由現金流的概念。我們採取的方法是——隨著我們建立客戶群，當您聽到我們與您分享的內容時，您可以在 RPO 等內容中看到一些內容，隨著時間的推移，隨著我們繼續吸引越來越多的客戶並推動我們的續約，你會看到這種構建，這將使我們走上自由現金流正值的道路。

Maybe I'll just add a quick note there, David, too. On one of the prior calls, I think it was three or four quarters ago, I talked about innovation per dollar going up as it relates to building new things because we have our own platform that we built from the ground up, and we spend a lot of time and money doing.

也許我也會在那裡添加一個簡短的註釋，大衛。在之前的一次電話會議上，我想是三、四個季度前，我談到了每美元創新的上升，因為它與構建新事物有關，因為我們擁有自己從頭開始構建的平台，並且我們花費了大量的時間和金錢去做。

And that platform is very powerful. It has so many built-in capabilities. Those capabilities are like building -- they are like LEGO blocks, so you can drag and drop for different flows. And just to give you a very practical example, this next-gen refi flow is the most integrated, most complex products.

而且這個平台非常強大。它有很多內建功能。這些功能就像建造一樣——它們就像樂高積木，因此您可以拖放以適應不同的流程。舉一個非常實際的例子，這個下一代再熔流程是整合度最高、最複雜的產品。

We probably -- I have to think through all the examples of things we've built, but that we've ever had to build, and we built it for a fraction of what we built our first mortgage product, a small fraction. And it's because when you like we've invested so much in this underlying platform that allows us to innovate at extremely high level of efficiency and almost like allow us to innovate too fast for the market to even, in some cases, absorb that innovation.

我們可能——我必須仔細考慮我們已經構建的所有示例，但我們曾經必須構建這些示例，而且我們構建它的成本只是我們構建第一個抵押貸款產品的一小部分，一小部分。這是因為，如果您願意的話，我們已經在這個底層平台上投入了大量資金，該平台使我們能夠以極高的效率進行創新，並且幾乎可以讓我們創新得太快，以至於市場在某些情況下甚至無法吸收這種創新。

And so it's a little bit on us for making sure that we continue to innovate. But I want to make that clear. We have our foot to the gas and innovation, and we're still managing to hit these great operating loss targets and hopefully operating profit here soon, like we've guided to targets and a longer-term free cash flow positivity despite all those things. So I'm pretty excited about our path forward and the innovation side.

因此，我們有責任確保我們繼續創新。但我想澄清這一點。我們正全力以赴，不斷創新，我們仍在設法實現這些巨大的營業虧損目標，並希望很快就能實現營業利潤，就像我們所指導的目標和長期自由現金流積極性一樣，儘管如此。因此，我對我們的前進道路和創新方面感到非常興奮。

I Very much appreciate all the detail. And just a follow-up for me. So in terms of the 3Q guide, sorry if I missed this, so it's based off your internal forecast, but I'm just wondering the timing of when you came up with that guide, given how much the market's moved in the past couple of weeks.

我非常欣賞所有的細節。這只是我的後續行動。因此，就第三季指南而言，抱歉，如果我錯過了這一點，所以它是基於您的內部預測，但我只是想知道您何時提出該指南，考慮到過去幾年市場的變動程度幾週。

The movements that you're seeing for the last two weeks per se, David, they're not necessarily in those numbers. It takes time as you think about the conclusion of a funded loan to go through a start and submit. And so, I'd say to the gist of your question, it's -- we are seeing some early indicators that are very positive, as Nima alluded to, but our guidance was built just off of what we're seeing with our customers, that was really built off before what you're seeing in the last few weeks.

大衛，你在過去兩週看到的運動本身並不一定在這些數字中。當您考慮資助貸款的結束、開始和提交時，需要時間。因此，我想說的是，對於你問題的要點，我們看到了一些非常積極的早期指標，正如尼瑪提到的那樣，但我們的指導是基於我們在客戶身上看到的情況而製定的，這實際上是在你過去幾週看到的事情之前建立的。

Thak you

謝謝你

Seeing no further questions. This concludes today's earnings call. Thank you all for joining. Have a nice rest of your day.

看到沒有進一步的問題。今天的財報電話會議到此結束。感謝大家的加入。祝你今天休息愉快。