Blend Labs Inc (BLND) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blend live stream. (Operator Instructions)

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。在此，我歡迎大家來到 Blend 直播。（操作員說明）

I would now like to turn the conference over to Winnie Ling. You may begin.

現在我想把會議交給Winnie Ling。你可以開始了。

Good afternoon, and welcome to Blend's third-quarter 2024 earnings conference call. My name is Winnie Ling, and I'm the Head of Legal and People for the company. 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. You can find the supplemental slides on our Investor Relations web page at investor.blend.com.

下午好，歡迎參加 Blend 2024 年第三季財報電話會議。我叫 Winnie Ling，是公司的法務和人事主管。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。您可以在我們的投資者關係網頁 Investor.blend.com 上找到補充投影片。

During the call, we'll refer to certain non-GAAP measures that 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. Unless otherwise stated, all financial measures we discuss today, including our profitability, refer to non-GAAP.

在電話會議期間，我們將在今天的收益發布和補充投影片的附錄中提及某些與 GAAP 結果一致的非 GAAP 指標。非 GAAP 衡量標準無意取代 GAAP 結果。除非另有說明，我們今天討論的所有財務指標，包括我們的獲利能力，均指非公認會計原則。

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

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 年第四季度的指導，可能被視為前瞻性聲明。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。

Please see the risk factors we've identified in our most recent 10-K, 10-Qs, and other SEC filings. We're not undertaking any commitment to update these statements if conditions change, except as required by law.

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。

Welcome, everyone, and thank you for joining our third-quarter earnings call. I'm excited to start by announcing that this quarter marks our first positive non-GAAP operating income quarter as a public company. Over the past few quarters, I've emphasized our commitment to building for the long haul while achieving profitability, regardless of macroeconomic conditions. And this quarter, we delivered on that promise, which I'll expand on shortly.

歡迎大家，並感謝您參加我們的第三季財報電話會議。首先，我很高興地宣布，本季標誌著我們作為上市公司的第一個非 GAAP 營業收入正季度。在過去的幾個季度中，我一直強調我們致力於長期建設，同時實現盈利，無論宏觀經濟狀況如何。本季度，我們兌現了這項承諾，我很快就會詳細闡述這項承諾。

Despite mortgage rates remaining high around 7% on the prevailing 30-year mortgage, we're seeing a positive sentiment shift in the industry. The mortgage industry's outlook is improving with renewed willingness to invest in their businesses, and this optimism is reflected in both our pipeline and growth within our existing customer base.

儘管現行 30 年期抵押貸款的抵押貸款利率仍保持在 7% 左右的高位，但我們看到該行業的積極情緒發生轉變。抵押貸款行業的前景正在改善，人們重新願意投資其業務，這種樂觀情緒反映在我們的管道和現有客戶群的成長中。

Lastly, our consumer banking business also continues to grow meaningfully, surpassing our previously shared growth target of 35% and reaching over 50% growth this quarter compared to the same time last year. And we're now on the precipice of eight figures of quarterly revenue in consumer banking. This steady growth is fueled by our success with existing customers and the addition of new ones each quarter.

最後，我們的消費銀行業務也持續顯著成長，超過了我們先前設定的 35% 的成長目標，本季與去年同期相比成長超過 50%。我們現在的消費銀行業務季度收入即將達到八位數。這種穩定的成長得益於我們在現有客戶方面的成功以及每季新客戶的增加。

In short, I would characterize Q3 with one word: momentum. Profitability is a milestone, but it's not only our ultimate goal. We aim to reshape the industry, and we're still at the beginning of that journey, and we're executing on that vision every single day.

簡而言之，我會用一個詞來形容第三季：動力。獲利是一個里程碑，但它不僅僅是我們的最終目標。我們的目標是重塑產業，我們仍處於這趟旅程的開始，我們每天都在實現這個願景。

Just this past week, we closed two significant deals. The first was with a leading mortgage servicer, and the second was a consumer banking deal with a top 10 bank by assets. We're also closing in on another top 10 bank to join our mortgage platform. So as you can see, we're committed to leveraging this momentum for efficient, profitable growth over the long haul.

就在上週，我們完成了兩筆重大交易。第一個是與一家領先的抵押貸款服務商合作，第二個是與資產排名前十的銀行達成的消費銀行業務合作。我們也接近另一家排名前 10 的銀行加入我們的抵押貸款平台。正如您所看到的，我們致力於利用這一勢頭實現長期高效、盈利的成長。

Diving into the quarter, let's begin by discussing profitability, how we achieved it, and why we're well positioned for the future. Philosophically, we're transitioning to a simpler, software-focused model. Our strength lies in our platform, which enables best-in-class origination experiences across a whole suite of solutions.

深入了解本季度，我們首先討論獲利能力、我們如何實現這一目標，以及為什麼我們為未來做好了準備。從哲學上講，我們正在過渡到更簡單、以軟體為中心的模型。我們的優勢在於我們的平台，它可以在整套解決方案中提供一流的原創體驗。

We've invested in creating a broad customer base that processes millions of applications annually, and our Blend Builder platform allows us to innovate faster and more cost effectively for our customer base. This combination is part of our unique advantage, helping us create frictionless, low-cost origination experiences like, for example, our next-generation Rapid Refi solution and bring them to market regardless of the macroeconomic environment.

我們投資創建了廣泛的客戶群，每年處理數百萬份應用程序，而我們的 Blend Builder 平台使我們能夠為客戶群更快、更經濟高效地進行創新。這種組合是我們獨特優勢的一部分，幫助我們創造無摩擦、低成本的原始體驗，例如我們的下一代快速再融資解決方案，並將其推向市場，無論宏觀經濟環境如何。

But this is just one piece of the puzzle, us building these solutions. The platform also enables our partners to build net new value for our customer base. In Q3, we entered into a strategic partnership in homeowners insurance origination, which is a key part of the mortgage journey, allowing our customers to have an amazing experience through this partner with minimal operational complexity and cost in our end.

但這只是我們建立這些解決方案的一小部分。該平台還使我們的合作夥伴能夠為我們的客戶群創造淨新價值。在第三季度，我們在房屋保險發起方面建立了戰略合作夥伴關係，這是抵押貸款旅程的關鍵部分，使我們的客戶能夠透過這個合作夥伴獲得令人驚嘆的體驗，最終以最小的操作複雜性和成本。

Amir will talk about the positive financial impact of this later, but we aim to take this blueprint and enable partners to do this broadly across our software base. As more partners build on Blend, they can create new value for our customers and sharing this value creation with us as well. We expect to see an acceleration in these partnerships going forward as we open up our platform to more partners.

阿米爾稍後將討論這一點的積極財務影響，但我們的目標是採用這一藍圖，並使合作夥伴能夠在我們的軟體基礎上廣泛實現這一目標。隨著越來越多的合作夥伴基於 Blend 進行構建，他們可以為我們的客戶創造新的價值，並與我們分享這種價值創造。隨著我們向更多合作夥伴開放我們的平台，我們預計這些合作夥伴關係將會加速發展。

These things together are what ultimately create operational leverage for us. You're seeing the outcome of years of work to create that first real quarter of platform profitability in a really tough market, and we hope to continue this momentum, going forward.

這些東西最終為我們創造了營運槓桿。您將看到多年來努力的成果，在一個非常艱難的市場中創造了第一個真正的平台獲利季度，我們希望繼續保持這一勢頭。

Now let's shift to the mortgage industry. As I mentioned earlier, we're seeing renewed life and momentum in the mortgage customer and prospect base. While rates remain high and volumes are muted, we're seeing optimism for what's ahead. And now that we've delivered our first profitable quarter in this tough market, I'm not going to dwell on the macro on this call, and instead, I'm going to focus on what we can control -- our products, our pipeline and our customer base, areas where we're committed to being the best.

現在讓我們轉向抵押貸款行業。正如我之前提到的，我們看到抵押貸款客戶和潛在客戶群煥發了活力和動力。儘管利率仍然很高，交易量也很低，但我們對未來的情況感到樂觀。既然我們已經在這個艱難的市場中實現了第一個盈利季度，我不會在這次電話會議上詳細討論宏觀問題，相反，我將重點關注我們可以控制的東西——我們的產品、我們的管道和我們的客戶群，我們致力於成為最好的領域。

Starting with our products, our customers rely on us to invest ahead of the curve. Our pilot next-gen refi solution, which we're calling Rapid Refi, is an example of just that. It's a solution that we've been developing this year to support the return of refinance volume at scale. This solution is designed to be the most integrated, frictionless experience we ever created, and the goal is to drive higher conversion and higher retention for our customer base, which are two very important goals for them.

從我們的產品開始，我們的客戶依賴我們進行超前投資。我們的下一代再融資試點解決方案（我們稱之為快速再融資）就是一個例子。這是我們今年一直在開發的解決方案，旨在支持再融資量的大規模回歸。該解決方案旨在成為我們有史以來創建的整合度最高、無摩擦的體驗，目標是為我們的客戶群帶來更高的轉換率和更高的保留率，這對他們來說是兩個非常重要的目標。

As a result, the demand for this has been strong. Our hope with solutions like this is that the increased value we drive to our customers, better unit economics for them, will, in turn, turn into increased revenue and unit economics for us for every loan. And for prospects who are not on Blend yet, it gives them another entry point to get started with us.

因此，對此的需求一直很強烈。我們希望透過此類解決方案，為客戶帶來更高的價值，為他們帶來更好的單位經濟效益，進而為我們的每筆貸款帶來收入和單位經濟效益的增加。對於尚未使用 Blend 的潛在客戶來說，這為他們提供了另一個開始使用我們的切入點。

Speaking of our pipeline, our mortgage prospect base is maturing along the lines we discussed in prior calls. It reflects the broader optimism we're sensing in the industry. I can tell that people are starting to invest in the mortgage business again. And one of our recent wins was Pentagon Federal Credit Union for our mortgage product, which brings us to 7 of the top 10 credit unions by number of member accounts as customers of ours.

說到我們的管道，我們的抵押貸款前景基礎正在按照我們在之前的電話會議中討論的方式成熟。它反映了我們在行業中感受到的更廣泛的樂觀情緒。我可以看出人們又開始投資房貸業務。我們最近贏得的勝利之一是五角大廈聯邦信用社的抵押貸款產品，這使我們成為我們客戶會員帳戶數量排名前 10 名信用社中的 7 家。

Our Q4 pipeline is also strong and includes a range of independent mortgage banks, servicers, and mid- to large-sized banks' credit unions. Institutions that were largely dormant through 2023 are now preparing for the future, and we're poised to close this year strong, adding more large logos as the industry looks ahead to 2025 and a brighter future.

我們第四季的管道也很強大，包括一系列獨立抵押貸款銀行、服務商和大中型銀行的信用合作社。到 2023 年基本上處於休眠狀態的機構現在正在為未來做準備，我們準備在今年強勢結束，隨著行業展望 2025 年和更光明的未來，添加更多大型徽標。

Our customer base, it's no secret they went through significant challenges in 2023, and with some of them using that time to implement new technology for their consumers, but most of them holding off. Now that the industry is achieving profitability again, we expect that adoption will only accelerate going forward.

我們的客戶群在 2023 年經歷了重大挑戰，這已不是什麼秘密，其中一些利用這段時間為消費者實施新技術，但大多數人都推遲了。現在該行業再次實現盈利，我們預計未來的採用只會加速。

And we're seeing that in our data, where we're seeing increased implementation of our built-in features like our Spanish language intake and also our revenue-generating add-ons like Blend Close. For instance, SouthState Bank, a $44 billion bank with over 1 million customers, recently adopted Blend Close, cutting their loan processing time from 7 days to just 48 hours and enabling customers to close their loan digitally from the comfort of their home. This kind of adoption strengthens our partnership with those banks, enhances customer value for every loan that they do, and over time, helps us grow our unit economics.

我們在數據中看到了這一點，我們看到我們的內建功能（例如西班牙語攝入量）以及創收附加功能（例如 Blend Close）的實施有所增加。例如，SouthState Bank 是一家價值440 億美元、擁有超過100 萬客戶的銀行，最近採用了Blend Close，將貸款處理時間從7 天縮短到僅48 小時，並使客戶能夠在舒適的家中以數位方式結束貸款。這種採用加強了我們與這些銀行的合作關係，提高了他們提供的每筆貸款的客戶價值，並隨著時間的推移，幫助我們發展單位經濟效益。

Together, the combination of our products, our pipeline, our customer base, those are the things that make me so excited about the future. I recently returned from the Mortgage Bankers Association annual conference, and the energy and tone reminded me of 2019, a time before COVID, when there was a real responsibility for transforming the mortgage industry, building new things, rolling out new technologies. And we, at Blend, are happy to be part of this journey.

我們的產品、我們的管道、我們的客戶群的結合在一起，這些讓我對未來感到如此興奮。我最近剛從抵押貸款銀行家協會年會上回來，這裡的活力和基調讓我想起了2019 年，當時是新冠疫情爆發之前的一段時間，當時人們肩負著變革抵押貸款行業、打造新事物、推出新技術的真正責任。Blend 很高興能夠參與這趟旅程。

Switching gears to consumer banking, on the product side, we recently refreshed our deposit and member onboarding solution. We've integrated things like mobile carrier authentication, passwordless log-in, seamless cross-sell features, allowing consumers to open accounts in just a few taps. This kind of smooth, transparent experience, frictionless experience, is what today's consumers expect, and our hope for institutions is that will ultimately lead to more and deeper consumer relationships for them.

在產品方面，我們轉向消費銀行業務，最近更新了存款和會員入職解決方案。我們整合了行動電信商身分驗證、無密碼登入、無縫交叉銷售功能等功能，讓消費者只需輕按幾下即可開設帳戶。這種流暢、透明的體驗、無摩擦的體驗，是當今消費者所期望的，我們對機構的希望是，這最終將為他們帶來更多更深的消費者關係。

As a result of this innovation, our consumer banking pipeline is strong. In recent weeks, we signed Pentagon Federal Credit Union for home equity lending and another top 300 financial institution by customer accounts for deposit account opening. And this is just the beginning for Q4, with a pipeline that includes two top 10 banks for home equity lending, a large regional bank for unsecured lending and ongoing growth across credit unions of all sizes.

由於這項創新，我們的消費者銀行業務管道非常強大。最近幾週，我們與五角大廈聯邦信用合作社簽署了房屋淨值貸款協議，並與另一家按客戶帳戶排名前 300 名的金融機構簽署了存款帳戶協議。這只是第四季度的開始，管道包括兩家排名前十的房屋淨值貸款銀行、一家提供無擔保貸款的大型區域銀行以及各種規模的信用合作社的持續增長。

And our customer base is feeling the benefits of partnering with Blend. We're delivering real value to our customers through this work. For example, the passwordless authentication that I mentioned earlier drove significant conversion increases for BECU, conversion being so important to them, and that's one of the largest credit unions in the country by customer accounts.

我們的客戶群正在感受到與 Blend 合作的好處。我們透過這項工作為客戶提供真正的價值。例如，我之前提到的無密碼身份驗證顯著提高了 BECU 的轉換率，轉換率對他們來說非常重要，而且這是該國按客戶帳戶計算最大的信用合作社之一。

And another recent customer, Andrews Federal Credit Union, recently went live on our platform within weeks, a deployment they described as one of their easiest with any technology partner. To top it all off, one of our largest credit union customers is now fully rolled out, with onboarding for every new online member and plans to expand to all channels next year.

最近的另一位客戶安德魯斯聯邦信用社最近在幾週內就在我們的平台上上線了，他們稱這是與任何技術合作夥伴合作最簡單的部署之一。最重要的是，我們最大的信用合作社客戶之一現已全面推出，每位新的線上會員都可以加入，並計劃明年擴展到所有管道。

We're going to keep executing on our consumer banking suite and building on the momentum we have now. This is just the beginning for Blend in this space. And while we're on the precipice of eight figures of quarterly revenue in this area, our customers need more from us over the next decade, and we intend to innovate here and deliver on that in a methodical, high-ROI way. We're going to lead the charge on what great looks like for origination software.

我們將繼續執行我們的消費者銀行業務套件，並在現有勢頭的基礎上再接再厲。這只是 Blend 在這個領域的開始。雖然我們在這一領域的季度收入即將達到八位數，但我們的客戶在未來十年對我們的要求更高，我們打算在此進行創新，並以有條不紊、高投資回報率的方式實現這一目標。我們將引領原創軟體的偉大外觀。

To summarize the quarter, profitability was a key milestone, but it's just one step on a very long journey for us. We expect to continue to grow profitably, supported by our platform and our momentum in both mortgage and consumer banking segments. And while we're seeing the mortgage industry start to recover from the challenges of 2023 and early '24, consumer banking is building solidly on our success. We'll maintain this momentum through customer expansion, pipeline development, and innovation, the same ingredients that have gotten us this far.

總結本季度，獲利能力是一個重要的里程碑，但這只是我們漫長旅程中的一步。在我們的平台以及抵押貸款和消費銀行業務勢頭的支持下，我們預計將繼續實現獲利成長。雖然我們看到抵押貸款行業開始從 2023 年和 24 年初的挑戰中復甦，但消費者銀行業務正在為我們的成功奠定堅實的基礎。我們將透過客戶擴張、通路開發和創新來保持這一勢頭，這些都是我們取得今天成就的要素。

With that, I'll turn it over to Amir to walk through the financials.

有了這個，我會把它交給阿米爾來了解財務狀況。

Thank you, Nima, and good afternoon, everyone. I'm pleased to be joining you today to discuss our financial results for the third 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三季的財務表現。

Our third-quarter marks another period of strong execution. We returned to year-over-year revenue growth. Our consumer banking business accelerated even faster. We achieved a new high for our economic value per funded loan. And our RPO landed above $100 million, another record for Blend. And last, but certainly not least, we achieved operating profitability one quarter ahead of our target.

我們的第三季標誌著另一個強而有力的執行時期。我們恢復了年收入成長。消費銀行業務提速更快。我們的每筆貸款經濟價值創下了新高。我們的 RPO 突破了 1 億美元，這是 Blend 的另一項記錄。最後但同樣重要的一點是，我們比目標提前四分之一實現了營業利潤。

There's a lot to talk about. But before I jump into the results, let me just remind you that unless otherwise stated, including our references to profitability, all results are non-GAAP.

有很多話要談。但在我開始討論結果之前，讓我提醒您，除非另有說明，包括我們對盈利能力的提及，所有結果都是非公認會計準則的。

Total company revenues in the third quarter were $45.2 million, ahead of the high-end of our guidance and representing an 11% year-over-year growth. We reported platform revenue of $33.1 million, which exceeded the high-end of our guidance by 7% and grew 16% year over year. Our mortgage suite revenue was $21.5 million, representing a 6% year-over-year growth and a 17% sequential growth, in line with the expectation we shared in our last call that industry originations would be higher in the third quarter.

第三季公司總營收為 4,520 萬美元，高於我們指引的上限，年增 11%。我們報告的平台收入為 3,310 萬美元，比我們指導的上限高出 7%，年增 16%。我們的抵押貸款套件收入為 2,150 萬美元，年增 6%，環比增長 17%，這與我們在上次電話會議中分享的第三季度行業起源將會更高的預期一致。

In consumer banking, revenue grew 54% year over year to a total of $9.5 million. Our pace of growth is now well ahead of the 35% CAGR target we shared at our Investor Day.

消費者銀行業務收入年增 54%，達到 950 萬美元。目前，我們的成長速度遠遠超過了我們在投資者日分享的 35% 複合年增長率目標。

We also generated $2 million of professional services revenue, down slightly from the $2.1 million we generated during the same period last year. And we reported title revenue of $12.1 million, ahead of the midpoint and near the high-end of our guidance for the quarter.

我們也產生了 200 萬美元的專業服務收入，略低於去年同期的 210 萬美元。我們報告的標題收入為 1,210 萬美元，高於我們本季指導的中點並接近高端。

Moving on to gross profit, total company non-GAAP gross profit was $26.3 million. Our non-GAAP Blend platform segment gross margins were 75%, compared with 71% a year prior. We reported non-GAAP software gross margins of 80%, compared with the 79% we reported both a year prior and in our second quarter. Over the long term, we expect our software business to be generating at least 80% margins. So we're back on the right track here.

說到毛利，公司非 GAAP 毛利總額為 2,630 萬美元。我們的非 GAAP Blend 平台部門毛利率為 75%，去年同期為 71%。我們報告的非 GAAP 軟體毛利率為 80%，而去年同期和第二季的毛利率為 79%。從長遠來看，我們預計我們的軟體業務將產生至少 80% 的利潤率。所以我們又回到了正確的軌道上。

Our non-GAAP title margins came in at 12% for the third quarter, compared with 17% we reported a year prior. While our title margins are up quarter over quarter, there is still room for improvement. The year-over-year pressure came from a mix shift in title transactions we expect to normalize over time.

第三季我們的非 GAAP 標題利潤率為 12%，而我們去年報告的利潤率為 17%。雖然我們的標題利潤率逐季上升，但仍有改進的空間。同比壓力來自產權交易的混合變化，我們預計隨著時間的推移將會正常化。

Non-GAAP operating costs for the third quarter totaled $26.3 million, compared with $38.2 million in the previous year. We continue to benefit from the efficiency programs implemented over the past year and our commitment to simplifying the business as part of our platform-first strategy.

第三季非 GAAP 營運成本總計 2,630 萬美元，而去年同期為 3,820 萬美元。我們繼續受益於過去一年實施的效率計劃以及我們對簡化業務的承諾，作為我們平台優先策略的一部分。

We added more efficiency in the business as we simplified our focus, and our margins increased across the board. Along with a strong quarter for revenue, we achieved non-GAAP operating profitability in the third quarter, a full quarter ahead of our target. In generating non-GAAP income from operations, we significantly exceeded the high-end of our guidance range, which was for a non-GAAP loss from operations of $4 million.

透過簡化工作重點，我們提高了業務效率，並且我們的利潤率全面提高。除了強勁的季度收入外，我們在第三季度實現了非公認會計準則營業利潤，比我們的目標提前了整整一個季​​度。在從營運中產生非 GAAP 收入方面，我們大大超出了指導範圍的上限，即非 GAAP 營運虧損為 400 萬美元。

This is an important moment for Blend. Now that we've reached this milestone, our focus will be on sustainable profitable growth and generating excess returns to reinvest in our business and create even more shareholder value.

對 Blend 來說，這是一個重要時刻。既然我們已經達到了這一里程碑，我們的重點將是可持續的獲利成長和產生超額回報，以對我們的業務進行再投資並創造更多的股東價值。

Free cash flow for the quarter was negative $1.4 million, which compares to negative $25.9 million in the same quarter last year. Having achieved non-GAAP operating profitability earlier than our target, we're also closing in on generating positive free cash flow. Although we are not sharing guidance on positive free cash flow just yet, it is important to note that our non-GAAP operating profit was our first step in being able to transition and focus on being free cash flow positive. With our focus on prioritizing longer commitments and larger pre-purchases in our contracts as well as better revenue and expense alignment, we're confident we're right on the cusp of reaching this milestone next.

本季自由現金流為負 140 萬美元，去年同期為負 2,590 萬美元。我們比我們的目標更早實現了非公認會計準則營業利潤，我們也即將產生正的自由現金流。儘管我們尚未分享關於正自由現金流的指引，但值得注意的是，我們的非公認會計準則營業利潤是我們能夠轉型並專注於實現正自由現金流的第一步。由於我們專注於優先考慮合約中的長期承諾和較大規模的預購，以及更好的收入和支出協調，我們相信我們正處於實現下一個里程碑的風口浪尖。

We ended the quarter with approximately $124 million of cash, cash equivalents, and marketable securities, inclusive of restricted cash. We believe the strength of our balance sheet is also a differentiator in allowing us to focus on achieving our strategic initiatives with a focus on innovation.

本季結束時，我們擁有約 1.24 億美元的現金、現金等價物和有價證券，包括限制性現金。我們相信，我們的資產負債表實力也是一個差異化因素，使我們能夠專注於實現以創新為重點的策略舉措。

Shifting gears, I'd like to share our latest thinking on our market share as we continue to evolve this metric to ensure accuracy. We determined that the best way to do this is to no longer rely on third-party estimates and to shift our measurement of the market to the Home Mortgage Disclosure Act data, also known as HMDA.

換檔，我想分享我們對市場份額的最新想法，因為我們不斷發展這項指標以確保準確性。我們確定，實現這一目標的最佳方法是不再依賴第三方估計，並將我們對市場的衡量轉向《房屋抵押貸款揭露法案》數據（也稱為 HMDA）。

No measurement is perfect, and there still are some small limitations here that we are aware of. For example, this data does not include some small lenders, and it can only be presented for annual periods, instead of the semi-annual increments we've shown previously. Despite this, we believe this bottoms-up data set represents the best way we can understand how our business is performing within the market in a detailed way.

沒有一種測量是完美的，我們知道這裡仍然存在一些小限制。例如，該數據不包括一些小型貸方，並且只能按年度提供，而不是我們之前顯示的半年增量。儘管如此，我們相信這個自下而上的數據集代表了我們詳細了解我們的業務在市場中的表現的最佳方式。

Based on the HMDA data, in 2023, Blend achieved a 21.7% share of HMDA originations, a 120-basis point increase from 2022. However, given heightened industry churn in 2023, especially among some small lenders and independent mortgage banks, we expect that Blend's 2024 HMDA share will be somewhere in the range of 19.7% to 20.2%.

根據 HMDA 數據，2023 年，Blend 在 HMDA 原產地中的份額達到 21.7%，比 2022 年增加了 120 個基點。然而，鑑於 2023 年產業流失加劇，尤其是一些小型貸款機構和獨立抵押貸款銀行，我們預計 Blend 的 2024 年 HMDA 份額將在 19.7% 至 20.2% 之間。

We're confident this trend is behind us and expect a minimal impact from 2024 churn due to the strong customer retention, a robust pipeline, and recent customer wins like PenFed. Furthermore, our churn has stabilized to the low levels that we have seen in the prior years, and customer health is recovering.

我們相信這一趨勢已經過去，並且由於強大的客戶保留率、強大的管道以及最近贏得的客戶（例如 PenFed），預計 2024 年客戶流失的影響將降至最低。此外，我們的客戶流失率已穩定在前幾年的低水平，客戶健康狀況正在恢復。

When comparing this minimal churn to this year's customer wins and deals in our pipeline that we believe have a high probability to close by the end of this year, we believe we're back in a position of gaining share again. This gives us confidence we can achieve the market share targets on an equivalent basis that we shared at Investor Day over the next two years. Detailed historical HMDA transaction data is available in the latest disclosures.

將這種最小的流失率與今年我們相信很有可能在今年年底完成的客戶贏得和交易進行比較時，我們相信我們又回到了獲得份額的位置。這讓我們有信心在未來兩年內能夠在投資者日分享的同等基礎上實現市場份額目標。詳細的歷史 HMDA 交易數據可在最新披露的資訊中找到。

Moving on to some recent developments. We entered into a strategic partnership to help fuel the next phase of growth in our platform business. As part of the agreement, Blend's home insurance agency operations have been acquired by Covered Insurance Solutions, a premier provider of embedded insurance solutions, and we've granted Covered a license to integrate their solutions directly into our platform. In return, we receive cash consideration, an annual platform fee during the term of the license, and a share of the future revenue in connection with the insurance solutions provided through our platform.

繼續討論最近的一些進展。我們建立了策略合作夥伴關係，以幫助推動我們平台業務的下一階段成長。作為協議的一部分，Blend 的家庭保險代理業務已被嵌入式保險解決方案的主要提供者 Covered Insurance Solutions 收購，我們已授予 Covered 許可，將其解決方案直接整合到我們的平台中。作為回報，我們將收到現金對價、許可證有效期內的年度平台費以及與透過我們平台提供的保險解決方案相關的未來收入的份額。

This partnership transitions Blend's insurance services from an exclusively in-house model to one that leverages a specialized partner to provide an even more comprehensive insurance marketplace. We expect to deliver the same best-in-class experience to our customers while removing the costs we previously incurred to operate this business. Now almost every dollar earned by Blend in this business flows to the bottom line.

這項合作關係將 Blend 的保險服務從完全內部模式轉變為利用專業合作夥伴提供更全面的保險市場的模式。我們希望為客戶提供同樣一流的體驗，同時消除我們先前經營該業務所產生的成本。現在，Blend 在這項業務中賺到的幾乎每一塊錢都流入了利潤。

With a simpler cost structure, we expect our overall profitability to increase starting as soon as the fourth quarter of this year. As we continue to focus on simplifying Blend and our cost structure while executing on ways to enhance our platform, we expect to announce similar future partnerships. We're finding we can accelerate our goals by bringing in the right partners.

透過更簡單的成本結構，我們預計我們的整體獲利能力最快從今年第四季開始就會增加。隨著我們繼續專注於簡化 Blend 和我們的成本結構，同時執行增強我們平台的方法，我們預計未來將宣布類似的合作夥伴關係。我們發現，透過引入合適的合作夥伴，我們可以加速實現我們的目標。

Shifting gears, our mortgage suite economic value per funded loan increased by over $2 compared to last quarter and approximately $13 year over year, reaching $99, just shy of our $100 target for the end of 2024.

換個角度來看，我們每筆資助貸款的抵押貸款套件經濟價值比上個季度增加了 2 美元以上，年比增加了約 13 美元，達到 99 美元，略低於我們 2024 年底 100 美元的目標。

With the transaction I noted above, there will be a reduction in the insurance business contribution to our economic value per funded loan. However, each transaction's contribution profit will ultimately increase because of it. This shift will drive a slight decline in our economic value per funded loan in Q4 with an expected level of around $95 by year-end.

透過我上面提到的交易，保險業務對我們每筆資助貸款的經濟價值的貢獻將會減少。但每筆交易的貢獻利潤最終都會因此而增加。這一轉變將導致第四季度每筆融資貸款的經濟價值略有下降，預計到年底將達到 95 美元左右。

To reiterate, the decrease in economic value is fully offset by the gain in contribution profit, allowing us to simplify our operations while expanding our operating leverage. These points underscore our focus on the core business, centered around our platform and software applications. In addition, we expect that our ongoing expansion and the execution of our suite of value-add offerings will more than offset the trade-offs in economic value, and thus, we are keeping our combined fully utilized value unchanged from the $170 we shared with you at our Investor Day.

重申一下，經濟價值的下降完全被貢獻利潤的成長所抵消，使我們能夠在擴大營運槓桿的同時簡化營運。這些要點強調了我們對核心業務的關注，以我們的平台和軟體應用程式為中心。此外，我們預計我們的持續擴張和增值產品套件的執行將足以抵消經濟價值的權衡，因此，我們將保持我們的綜合充分利用價值與我們分享的 170 美元不變。

When we report earnings for the fourth quarter, we plan to issue new short-term and long-term targets that both reflect the impact from the insurance partnership as well as the inclusion of Rapid Refi for the first time. This is an incredibly positive milestone for Blend on several vectors. One, it allows us to operate with more leverage as we simplify Blend. Even more relevant, though, is that we have executed against the strategy we shared at Investor Day on our vision of building a partner ecosystem with positive unit economic opportunities. Last but not least, we will continue to execute against these goals as we drive further leverage in our operating profit through similar motions.

當我們報告第四季度收益時，我們計劃發布新的短期和長期目標，這些目標既反映了保險合作夥伴關係的影響，也首次納入了 Rapid Refi。對於 Blend 在多個載體上來說，這是一個令人難以置信的積極里程碑。第一，它使我們在簡化 Blend 時能夠以更大的槓桿進行操作。然而，更重要的是，我們已經按照我們在投資者日分享的策略執行了我們的願景，即建立一個具有積極單位經濟機會的合作夥伴生態系統。最後但並非最不重要的一點是，我們將繼續執行這些目標，透過類似的措施進一步提高營業利潤。

Moving to another important metric for us. In the third quarter, our remaining performance obligations landed at $107.4 million. This is a record for Blend. It represents an increase of $48.5 million compared to the third quarter of 2023 when RPO was $58.9 million. This marks the fifth consecutive quarter where our RPO balance increased year over year, with Q3 growing by 82% compared to the same period last year.

轉向對我們來說另一個重要的指標。第三季度，我們的剩餘履約義務達到 1.074 億美元。這是 Blend 的紀錄。與 2023 年第三季的 RPO 5,890 萬美元相比，增加了 4,850 萬美元。這標誌著我們的 RPO 餘額連續第五個季度同比增長，其中第三季度與去年同期相比增長了 82%。

RPO in the third quarter also returned to quarter-over-quarter growth, with the balance increasing by $20 million compared to Q2 of 2024, as we've been busy negotiating and closing a number of important renewals and new deals. Given the strength of our pipeline for deals closing in the fourth quarter and some of the newly signed customers committed to large multi-year deals, our current outlook for RPO exiting 2024 is to exceed $110 million.

第三季的 RPO 也恢復了環比成長，與 2024 年第二季相比，餘額增加了 2,000 萬美元，因為我們一直在忙於談判和完成一些重要的續約和新交易。鑑於我們第四季度完成的交易管道的實力以及一些新簽約客戶致力於大型多年期交易，我們目前對 2024 年 RPO 的預期將超過 1.1 億美元。

Lastly, let me move on to our outlook for the fourth quarter of 2024. We expect platform revenue to be between $29 million and $31 million in Q4, with the midpoint representing a 16% year-over-year growth. We expect our title business revenue to be between $10.5 million and $11.5 million, with the midpoint representing an 8% growth year over year. Our total company revenue outlook is expected to be between $39.5 million and $42.5 million for Q4, with the midpoint representing a 14% year-over-year growth.

最後，讓我談談我們對 2024 年第四季的展望。我們預計第四季平台營收將在 2,900 萬美元至 3,100 萬美元之間，中位數年增 16%。我們預計我們的遊戲業務收入將在 1,050 萬美元至 1,150 萬美元之間，中位數年增 8%。我們預計第四季度公司總收入將在 3,950 萬美元至 4,250 萬美元之間，中位數將年增 14%。

Our guidance is based on our own internal assessment of customer level growth as well as our own outlook of Q4 origination activity based on application volume observed to date through our customer base. Despite the Fed's 50-basis point cut in September, mortgage rates haven't gone down. We're waiting to see what the impact of the Fed's decisions this week will have both on the federal funds rate as well as the mortgage rates in the next few months. But for now, we're cautious about origination activity in the fourth quarter, and our platform revenue guidance reflects this.

我們的指導是基於我們自己對客戶水平成長的內部評估以及我們自己對第四季度發起活動的展望（基於迄今為止透過我們的客戶群觀察到的申請量）。儘管聯準會在 9 月降息了 50 個基點，但抵押貸款利率並未下降。我們正在等待聯準會本週的決定將對聯邦基金利率以及未來幾個月的抵押貸款利率產生什麼影響。但目前，我們對第四季的發起活動持謹慎態度，我們的平台收入指引反映了這一點。

Our total non-GAAP net operating income is expected to be between zero and $3 million for Q4, as we expect to maintain our third-quarter non-GAAP operating profit into the seasonally low fourth quarter.

我們第四季的非 GAAP 淨營業收入總額預計將在 0 至 300 萬美元之間，因為我們預計將第三季的非 GAAP 營業利潤維持到季節性較低的第四季。

With that, I want to thank you again for joining. We are now ready to take questions.

在此，我要再次感謝您的加入。我們現在準備好回答問題。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在可以提問。（操作員說明）

Seth Gilbert, UBS.

賽斯吉伯特，瑞銀集團。

Hey, thanks, guys. Thanks for the question. Maybe I'll start with consumer banking. You mentioned a lot of success with consumer banking on the call, maybe specifically a top 10 bank by assets. So I was curious, can you help us understand a little bit more about that deal as it relates to consumer banking? Are they starting small with one product, or are they starting with a [fee] products?

嘿，謝謝，夥計們。謝謝你的提問。也許我會從消費銀行業務開始。您在電話會議上提到了消費者銀行業務的許多成功，也許特別是資產排名前十的銀行。所以我很好奇，您能否幫助我們更了解該交易與消費者銀行業務的關係？他們是從一種產品開始小規模的，還是從[收費]產品開始？

And then maybe on the same topic, more broadly, are you able to comment at all about the split of consumer banking, maybe top three products by revenue or by growth rates, just to help us understand what products are having success? Thank you.

然後，也許在同一主題上，更廣泛地說，您是否能夠對消費銀行業務的劃分發表評論，也許是按收入或增長率排名前三的產品，只是為了幫助我們了解哪些產品取得了成功？謝謝。

Yeah. Sure. Thanks, Seth. This is Nima. To your first question of how that customer came on, are they starting small, actually, they happen to already use us for mortgage, and they're expanding into consumer banking. They signed with us for mortgage probably three or four years ago, and we've been working to try to get into the other side of their business for a long time. And so it was a really good team win for us. They also expanded their mortgage work with us, which is on top of that -- this deal, which is also very positive.

是的。當然。謝謝，賽斯。這尼瑪啊對於你的第一個問題，即該客戶是如何出現的，他們是從小規模開始的，實際上，他們碰巧已經使用我們進行抵押貸款，並且他們正在擴展到消費銀行業務。他們可能在三、四年前與我們簽訂了抵押貸款合同，很長一段時間以來我們一直在努力嘗試進入他們的另一邊業務。所以這對我們來說是一場非常好的團隊勝利。他們還擴大了與我們的抵押貸款工作，這是最重要的——這筆交易也是非常積極的。

And that's kind of the trend that we're seeing with some of our existing customers who existed four or five years ago, where over time as our solutions mature, they're taking another hard look at our consumer banking solutions. Because keeping those things to be the latest and greatest technology internally -- then this one had an internal build, it's a lot of work. It's a lot of energy, very expensive. And so yes, that's one that we're very excited about.

這就是我們在四、五年前存在的一些現有客戶中看到的趨勢，隨著時間的推移，隨著我們的解決方案的成熟，他們正在重新審視我們的消費者銀行解決方案。因為在內部保持這些東西是最新、最好的技術——然後這個有一個內部構建，這是一項大量的工作。這是大量的能源，非常昂貴。是的，這是我們非常興奮的一件事。

And we have a few others in pipeline, some that are not customers at all, net new logos on both mortgage and consumer banking. And so we'll continue to keep you posted on how those develop.

我們還有其他一些正在醞釀中，其中一些根本不是客戶，在抵押貸款和消費銀行業務上都有新的標誌。因此，我們將繼續向您通報這些進展的情況。

And then for your second part of the question, the parts of the business that are the biggest and fastest growing, they sort of align to the time that we release them. So the earliest released consumer banking product was home equity lending. So it's our largest business line. And that's also growing pretty well. We have a lot of -- both good deals that have been closed and good deals in pipeline. I think we actually have a decent chunk of the top 10 in home equity lenders by volume as customers.

然後，對於問題的第二部分，即業務中規模最大、成長最快的部分，它們與我們發布它們的時間是一致的。所以最早推出的消費銀行產品是房屋淨值貸款。所以這是我們最大的業務線。而且成長也相當不錯。我們有很多——既有已經完成的好交易，也有正在醞釀中的好交易。我認為，按數量計算，前 10 名房屋淨值貸款機構中，我們實際上擁有相當大一部分客戶。

But then the next one is the product that was released a few years ago after that, our deposit account opening new membership product. And so that one is -- I mentioned this on the call but -- on the pre-recorded remarks earlier. And that's one that we're excited about, because it's getting more and more traction. We had a customer finally go full-bore on their entire online channel that does tens of thousands of these things on a regular basis. So that's another area that we're seeing continued growth as well in the next frontier for us as a company.

但接下來的一個是幾年前發布的產品，我們的存款帳戶開設了新的會員產品。因此，我在電話會議上提到了這一點，但在早些時候預先錄製的演講中。這是我們感到興奮的一個，因為它越來越受到關注。我們的一位客戶最終在他們的整個線上管道上全力以赴，該管道定期執行數以萬計的此類操作。因此，這是我們公司持續成長的另一個領域，也是我們公司的下一個前沿領域。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, Nima. Hey, Amir. Really nice job here, guys. I guess maybe starting with you, Nima, given we've seen kind of the rates retrench a bit here, you did talk about positive sentiment continuing from customers. So I wonder to what extent that's driven by a lot of these kind of newer offerings you're introducing that's helping incentivize adoption and maybe how you think about that business leverage on the per funded loan side to help contribute to growth on top of whatever kind of the trajectory of volume recovery might look like into '25 and beyond.

嘿尼瑪。嘿，阿米爾。夥計們，這裡幹得真好。我想也許從你開始，尼瑪，鑑於我們已經看到這裡的費率有所縮減，你確實談到了客戶持續的積極情緒。因此，我想知道這在多大程度上是由您推出的許多此類新產品推動的，這些新產品有助於激勵採用，也許您如何看待每筆融資貸款方面的業務槓桿，以幫助促進任何類型的成長銷售恢復的軌跡可能會持續到 25 年及以後。

I think the sentiment shift is sort of two-fold. In the first half of '23 and pretty much all of '22, our customers were just fighting to become profitable and they -- in their mortgage businesses. And now that they're profitable finally in the back half of '24, it allows them that breathing room to be able to invest in the future.

我認為情緒的轉變有兩個面向。在 23 年上半年和幾乎整個 22 年，我們的客戶都在為實現盈利而奮鬥，他們在抵押貸款業務中。現在他們終於在 24 年下半年獲利，這讓他們有喘息的空間能夠投資未來。

And so a lot of the solutions that we built and matured during that time, like Blend Close, which helps with their operating efficiency or additional features that we even developed that could help them in those areas as well, they didn't have the resources -- the capacity to be able to onboard those capabilities. And some of those things do expand our unit economics, and some of those things don't. But for us, it's about making sure we're driving the most ROI for the customer.

因此，我們在那段時間構建並成熟的許多解決方案，例如 Blend Close，有助於提高他們的營運效率，或者我們甚至開發的其他功能也可以在這些領域為他們提供幫助，但他們沒有資源— —能夠利用這些能力的能力。其中一些事情確實擴大了我們的單位經濟效益，而有些則沒有。但對我們來說，這是為了確保我們為客戶帶來最大的投資報酬率。

So I do think that there's a lot of sort of -- there's continued demand for those capabilities. The biggest part of our sort of per funded loan growth is not from us necessarily going and raising prices for customers -- although that's something that happens sort of naturally over time with slight increases over time, it's really them adopting new functionality like Blend Close.

所以我確實認為對這些功能有很多持續的需求。我們的每筆貸款成長的最大部分不一定來自於我們為客戶提高價格——儘管這是隨著時間的推移自然發生的事情，並且隨著時間的推移略有增加，但實際上是他們採用了像Blend Close 這樣的新功能。

And so we've seen that in the last year. That's driven a lot of the growth. It has real results and benefits for our customers for the mortgage industry. And so we're excited to continue to invest in things like that to drive them ROI, drive them the benefits they need to make their businesses better and more profitable, going forward.

我們在去年就看到了這一點。這推動了很大的成長。它為我們的抵押貸款行業客戶帶來了實實在在的成果和好處。因此，我們很高興能夠繼續投資於此類項目，以提高他們的投資回報率，為他們帶來所需的利益，使他們的業務在未來變得更好、更有利可圖。

Okay. That's really helpful. Maybe if we think, too, obviously, about the consumer strength, if you could kind of touch on part of the competitive differentiation. Obviously, we've talked a lot about the Blend Builder platform, but I think that's one that would be helpful for investors as you see, obviously, notable success and momentum here. And then we've talked about kind of the platform and ecosystem opportunity on the mortgage side, but it feels like there's ample room to continue building that on the consumer front as well, too. So any color or commentary, thoughts there would be helpful.

好的。這真的很有幫助。顯然，如果我們也考慮一下消費者的實力，如果你能談談競爭差異化的一部分的話。顯然，我們已經談論了很多有關 Blend Builder 平台的內容，但我認為這對投資者會有幫助，正如您所看到的，顯然，這裡取得了顯著的成功和勢頭。然後我們討論了抵押貸款方面的平台和生態系統機會，但感覺在消費者方面也有足夠的空間繼續建造它。所以任何顏色或評論、想法都會有幫助。

Yeah. I think the simplest version of how I think of us as differentiated is that we build -- when you're a financial institution, you're trying to offer really great long-term sticky relationships with consumers. And we're, I think, really the only viable platform that serves across those product lines that a financial institution can offer. I don't know of any other platforms that help them offer a frictionless mortgage and a frictionless account opening as part of that, where they can offer a better rate if you bring over deposits or whatever it may be.

是的。我認為，我如何看待我們的差異化的最簡單的版本是我們建立 - 當你是一家金融機構時，你試圖與消費者提供真正良好的長期粘性關係。我認為，我們確實是唯一一個能夠為金融機構提供的產品線提供服務的可行平台。我不知道有任何其他平台可以幫助他們提供無摩擦抵押貸款和無摩擦開戶作為其中的一部分，如果您存入存款或其他任何東西，他們可以提供更好的利率。

And so us making that overall experience for the financial institution and dealing with their new members or new customers frictionless, that is so important to them, and it's core. That's how they drive the economics of their business. And we need to be a platform to be able to do that, because there are so many components that go into that.

因此，我們為金融機構提供整體體驗，並與他們的新會員或新客戶打交道，這對他們來說非常重要，而且是核心。這就是他們推動業務經濟效益的方式。我們需要成為一個能夠做到這一點的平台，因為涉及的組件太多了。

Some parts that we're going to build ourselves, like the core deposit account opening experience, the core new membership experience, the core auto-lending experience. And then there's pieces around that -- like what we talked about with the Covered Insurance deal -- that sort of allow us to make those experiences more beneficial to our customers, more beneficial to consumers. And that's work that's being done because we have a platform not by us but by partners who want to drive value to this ecosystem. And so I think the combination of those two things is what's making us really special.

我們將自己建立一些部分，例如核心存款帳戶開設體驗、核心新會員體驗、核心自動貸款體驗。然後還有一些圍繞這一點的內容——就像我們在承保保險交易中所討論的那樣——這讓我們能夠讓這些體驗對我們的客戶、對消費者來說更有利。這就是我們正在做的工作，因為我們擁有的平台不是由我們自己而是由希望為這個生態系統帶來價值的合作夥伴提供的。所以我認為這兩件事的結合使我們變得非常特別。

And then within each of those product lines, for what it's worth, we aim to be the best as a point solution in those product lines, too. And the best means the opening -- I talked about this a little bit in my remarks -- making opening an account so frictionless, pulling in data from as many sources as possible, a few taps to open an account, that is so important. Because you don't want to tell a financial institution, hey, onboarding a new member, checking for fraud and bringing on their deposits from another bank, it's going to take you 20 minutes. You want that to be a one- to two-minute experience that the consumer can get the real value they're showing up to the institution for.

然後，在每條產品線中，無論其價值如何，我們的目標也是成為這些產品線中最好的單點解決方案。最好的意味著開戶——我在發言中談到了這一點——讓開戶變得如此無摩擦，從盡可能多的來源提取數據，只需點擊幾下即可開戶，這非常重要。因為您不想告訴金融機構，嘿，加入新會員、檢查詐欺行為並從另一家銀行提取存款，這將花費您 20 分鐘。您希望這是一到兩分鐘的體驗，讓消費者獲得他們向機構展示的真正價值。

David Unger, Wells Fargo.

大衛‧昂格爾，富國銀行。

Great. Thank you for taking the questions. I'm wondering how potential consolidation in your end-market, now that we have a potentially more favorable regulatory environment, could impact your go-to-market motion. I'm just thinking through the dynamics of potentially higher rates and offsetting that with a potentially more favorable regulatory environment. Thanks.

偉大的。感謝您提出問題。我想知道，既然我們擁有潛在更有利的監管環境，那麼您的終端市場的潛在整合可能會如何影響您的上市行動。我只是在考慮潛在的更高利率的動態，並用可能更有利的監管環境來抵消它。謝謝。

That's interesting. The rates are definitely higher today than they were yesterday. I'd say I'm really excited that our customer base, the industry -- the mortgage industry, in particular -- has taken the time to really spend the last two years to get their business to a scalable model, where I'm sure they're not happy about these rates going up, but they're still set up for success in a lower-volume environment.

那很有意思。今天的利率肯定比昨天高。我想說，我真的很興奮，我們的客戶群、這個行業——尤其是抵押貸款行業——在過去兩年里花了很多時間來讓他們的業務達到可擴展的模式，我在這個模式中當然，他們對這些費率的上升並不滿意，但他們仍然為在低產量環境中取得成功做好了準備。

And so I think that's one part of it. I haven't had anybody call me and say, hey, we were going to invest, but now we're not going to invest in this thing. In fact, we had a pretty good deal signed today. So that's part of it.

所以我認為這是其中的一部分。沒有人打電話給我說，嘿，我們本來要投資，但現在我們不打算投資這個東西了。事實上，我們今天簽署了一項非常好的協議。這就是其中的一部分。

On the consolidation side, we've seen quite a bit of that over the last couple of years, mostly smaller players, but some bigger ones also consolidating. I think consolidation, if it does happen, is actually favorable to Blend in a lot of ways, because we tend to play at the higher end of the market. And so if that does start to happen and smaller entities get consolidated into larger entities or two large entities, one that uses Blend, gets consolidated with another one, I think that's pretty favorable to us.

在整合方面，我們在過去幾年中看到了相當多的整合，其中大部分是較小的參與者，但一些較大的參與者也在整合。我認為，如果合併確實發生，實際上在許多方面都有利於 Blend，因為我們傾向於在高端市場開展業務。因此，如果這種情況確實開始發生，較小的實體合併為較大的實體，或兩個大型實體（其中一個使用 Blend，與另一個實體合併），我認為這對我們非常有利。

So we're keeping an eye on it. I haven't heard -- I mean, it's too soon to tell on how much that's going to pick up if there's a more consolidation friendly administration, but we'll keep an eye on it.

所以我們正在密切關注它。我還沒有聽說——我的意思是，如果有一個更有利於整合的政府，現在判斷這種情況會增加多少還為時過早，但我們會密切關注。

Appreciate that. And just a follow-up question. So we mentioned the Investor Day a couple of times in the prepared remarks. I'm not trying to get ahead of any new guidance, but you laid out the Investor Day presentation last year. A lot has happened since then.

很欣賞這一點。只是一個後續問題。因此，我們在準備好的發言中多次提到了投資者日。我並不是想超越任何新的指導方針，但你去年在投資者日的演講中做了介紹。從那時起發生了很多事情。

So I'm just wondering when we think through the different scenarios how much surprise there's been to your forecast today -- when we look out to 2026 today versus when you provided those disclosures? Thank you.

所以我只是想知道，當我們考慮不同的情景時，您今天的預測（當我們今天展望 2026 年時與您提供這些披露時相比）有多少驚喜？謝謝。

David, there's a few areas that we'll call out. And obviously, we'll come back and revisit this in 2025 with you and the rest of the teams. But I would say, for us, the areas that we're seeing surprises is, one, obviously, from a macro perspective, that's kind of continued. But to be consistent with what we've shared, we expected that and, hence why we gave the ranges as we did for mortgage.

大衛，我們需要指出幾個面向。顯然，我們將在 2025 年與您和其他團隊一起重新審視這個問題。但我想說，對我們來說，我們看到的驚喜領域是，顯然，從宏觀角度來看，這是一種持續的情況。但為了與我們分享的內容保持一致，我們預料到了這一點，因此我們給出了與抵押貸款相同的範圍。

Two, on economic value per funded loan, we're ahead of where we had shared at Investor Day. And so we view that to be a positive. It's very much powered by what we talked about with Blend Close, and we've gone into that in a fair amount of detail.

第二，就每筆資助貸款的經濟價值而言，我們領先於投資者日分享的水平。所以我們認為這是積極的。它在很大程度上受到我們在 Blend Close 中討論的內容的推動，並且我們已經對此進行了相當多的詳細討論。

With regards to consumer banking and your reference to even this call, some of the comments that we made from our prepared perspective is that consumer banking, the growth rate that we're seeing today versus the 35% CAGR that we shared at Investor Day is also ahead of where we are.

關於消費者銀行業務以及您對本次電話會議的參考，我們從準備好的角度發表的一些評論是，我們今天看到的消費者銀行業務的增長率與我們在投資者日分享的35% 的複合年增長率相比也領先我們。

And then last but not least, our ability to -- I'll touch on what Nima mentioned with regards to Covered -- it's this notion of being able to expand on the platform. And the platform was a front -- it was a very kind of top-of-mind item for us at Investor Day in terms of being able to help share what the journey of Blend was going to be in Phase 2. And so the execution of what we did, not just with Covered, but in the overall partner ecosystem, I think, is a validation of what we want to be able to do in Phase 2. So those are all kind of the things that we're seeing as quote, unquote surprises, mainly positive.

最後但並非最不重要的一點是，我們的能力——我將談到尼瑪提到的有關 Covered 的內容——這就是能夠在平台上擴展的概念。這個平台是一個門面——對我們來說，在投資者日，它是一個非常重要的項目，因為它能夠幫助分享 Blend 在第二階段的旅程。因此，我認為，我們所做的事情的執行，不僅是在 Covered 上，而且在整個合作夥伴生態系統中，都是對我們希望在第二階段能夠做的事情的驗證。因此，這些都是我們所看到的引述、未引述的驚喜，主要是正面的。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Thanks for taking the questions. You mentioned throughout your remarks the idea of opening up the platform to more partnerships, similar to what you did here with the homeowners insurance product. Can you just give us a flavor of what that could look like over time? It sounds like this will enhance some of your marketplace services offerings in the mortgage suite. But any color there would be appreciated.

感謝您提出問題。您在演講中提到了向更多合作夥伴開放平台的想法，類似於您在房屋保險產品方面所做的事情。您能否讓我們了解一下隨著時間的推移會是什麼樣子？聽起來這將增強您在抵押貸款套件中提供的一些市場服務。但任何顏色都會受到讚賞。

It will probably enhance not just in the mortgage, but in the consumer banking suite because when you're opening up a new account, you have to deal with fraud vendors and partners in that space and anti-money laundering. Or if you're doing auto-lending, you might need gap insurance or auto insurance of some kind, payment processing. In the mortgage space, you might need appraisals. In the home equity space, you might need automated valuations.

它可能不僅會增強抵押貸款，還會增強消費者銀行業務套件，因為當您開設新帳戶時，您必須與該領域的詐欺供應商和合作夥伴以及反洗錢打交道。或者，如果您正在進行汽車貸款，您可能需要缺口保險或某種類型的汽車保險、付款處理。在抵押貸款領域，您可能需要評估。在房屋淨值領域，您可能需要自動估值。

There are so many things that are involved in doing a financial transaction with a financial institution that we, one, there are some things that we think are core to us and that we want to build ourselves. But what we really -- I think what makes us really special is being this system that can help a financial institution offer any of those products and at the right time, the right place, the right offer, to the right consumer. And so for us to be in all of those things is impossible.

與金融機構進行金融交易涉及很多事情，我們認為，有些事情是我們的核心，我們希望自己建構。但我認為真正讓我們與眾不同的是這個系統可以幫助金融機構在正確的時間、正確的地點向正確的消費者提供任何這些產品。因此，對我們來說，參與所有這些事情是不可能的。

And this is sort of a natural evolution for Blend Builder for us, where we've made it available to customers the last couple of years for customers to have used the products that are on Blend Builder. And now it's how do we open that up to partners who want to build things on a toolkit like Blend Builder and make our products more value-add to our customer base?

對我們來說，這是 Blend Builder 的自然演變，過去幾年我們向客戶提供了 Blend Builder 上使用的產品。現在的問題是，我們如何向那些想要在 Blend Builder 等工具包上建立東西並使我們的產品為我們的客戶群帶來更多增值的合作夥伴開放？

I mean, that's a win for everybody. It's a win for consumers, because they get that better experience. It's a win for our customers, because they get more value per unit. And it's a win for us, because they're often willing to share in some of those economics with us and also do that work themselves about building whatever service it is that we would otherwise have to build. So I think that is a natural evolution for us, but it just took some time to get here because it's a pretty complex ecosystem.

我的意思是，這對每個人來說都是一場勝利。這對消費者來說是一場勝利，因為他們獲得了更好的體驗。這對我們的客戶來說是一場勝利，因為他們獲得了更多的單位價值。這對我們來說是一個勝利，因為他們通常願意與我們分享其中的一些經濟學，並且自己也做這些工作來建立我們本來必須建立的任何服務。所以我認為這對我們來說是一個自然的演變，但只是花了一些時間才到達這裡，因為這是一個非常複雜的生態系統。

And then regarding the title business, can you just give us an update on the current strategy there in terms of driving more adoption of the software-enabled title solution and just broadly, if that business continues to fit within the overall strategy for the company?

然後關於產權業務，您能否向我們介紹一下當前策略的最新情況，即推動更多採用軟體支援的產權解決方案，以及廣泛地說，該業務是否繼續符合公司的整體策略？

Yeah. Title is still a critical part of the mortgage process. And so we are actively innovating in that space on the software side and hooking that into our operations there. It's a little too soon for us to share all of that. So maybe stay tuned as we think through the right time to share that when we have enough results and things like that that we can share.

是的。產權仍然是抵押貸款過程的關鍵部分。因此，我們正在軟體方面積極創新，並將其融入我們的營運中。現在分享所有這些對我們來說還為時過早。因此，也許請繼續關注，因為我們會考慮適當的時間來分享，當我們有足夠的結果和類似的事情時，我們可以分享。

But it's something that we're -- we think is an important part of the process, often drives delays in the mortgage process. And so no, we haven't -- our eye is not off the ball there. And in fact, we're trying to figure out how do we work better with partners in that space too to make a more holistic ecosystem around our operations there.

但我們認為這是該過程的重要組成部分，通常會導致抵押貸款過程的延誤。所以不，我們沒有——我們的眼睛並沒有離開那裡。事實上，我們也在試圖弄清楚如何與該領域的合作夥伴更好地合作，以圍繞我們的營運建立一個更全面的生態系統。

Joe Vafi, Canaccord.

喬·瓦菲，Canaccord。

Thank you. This is [Bonasenu] on for Joe. Thanks for taking our questions. Nima, maybe we can get an update on the refi piece. Any additional color you can provide there in the adoption of the refi product?

謝謝。這是喬的[Bonasenu]。感謝您回答我們的問題。尼瑪，也許我們可以得到改裝件的最新消息。在採用 refi 產品時，您可以提供其他顏色嗎？

Oh, yes. It's one that, as I mentioned in the prepared remarks, we started working on really this year. And we have a couple -- really actually, initially the Mortgage customers that are going live with it happen to be mortgage servicers because they are the ones who need to prepare the most for a refi wave, but I think it's applicable to all our customers.

哦是的。正如我在準備好的演講中提到的那樣，我們今年才真正開始研究這個問題。我們有幾個 - 實際上，最初接受它的抵押貸款客戶恰好是抵押貸款服務商，因為他們是最需要為再融資浪潮做好準備的人，但我認為它適用於我們所有的客戶。

They want to make the ability for a consumer to bring the rate and turn down in the event that mortgage rates come down. They want to make that available to their customers, and they want that to be high conversion, low cost, and really frictionless so that they capture as many of those as they can. Because there's so much opportunity over the next few years with people who have gotten mortgages at 7% to 8%.

他們希望讓消費者在抵押貸款利率下降的情況下降低利率並拒絕。他們希望將其提供給客戶，並希望實現高轉換、低成本且真正無摩擦，以便他們能夠捕捉盡可能多的客戶。因為對於那些以 7% 到 8% 的利率獲得抵押貸款的人來說，未來幾年有很多機會。

In terms of who's actually -- there's two or three pilot customers that happen to all be mortgage servicers that are kind of in the works of rolling out. What I really want to do before we take this broader to market is get real data on the specific ROI that they receive, because that's going to help us understand so many things like, what areas of product we have to tweak, what we should charge for a product like this, how we should take it to market with the rest of our customer base, who's the right persona. And so we're laser-focused on those pilots.

就實際情況而言，有兩三個試點客戶恰好都是正在推出的抵押貸款服務商。在我們將這個更廣泛的市場推向市場之前，我真正想做的是獲取有關他們獲得的具體投資回報率的真實數據，因為這將幫助我們了解很多事情，例如我們必須調整產品的哪些領域，我們應該收取什麼費用對於這樣的產品，我們應該如何將其與我們的其他客戶群一起推向市場，誰是合適的角色。因此，我們將重點放在這些飛行員身上。

But I can tell you, especially coming back from the Mortgage Bankers Association conference that I talked about earlier, man, the demand for that is so high. People are craving a fully automated solution like that. It's just so important. And I'm trying to hold off the demand while we get everything really lined up so that when we take it to those customers that are excited about it or prospects that are excited about it, we feel like it's going to drive the most value for them.

但我可以告訴你，尤其是從我之前談到的抵押貸款銀行家協會會議回來後，夥計，對此的需求是如此之高。人們渴望這樣的全自動解決方案。這太重要了。我試著在我們把一切都安排妥當的同時推遲需求，這樣當我們把它帶給那些對此感到興奮的客戶或對此感到興奮的潛在客戶時，我們覺得它將為我們帶來最大的價值。他們。

That's helpful. Thank you, and just a follow-up here. With the mortgage outlook potentially improving and the momentum you're seeing on the on the consumer banking side, the acceleration there, how are you thinking about the size of your sales team? Could that be an area of investment as we look to next year? Thank you.

這很有幫助。謝謝，這裡只是一個後續行動。隨著抵押貸款前景可能改善，以及您在消費者銀行業務方面看到的勢頭，那裡的加速，您如何看待銷售團隊的規模？這會成為我們明年的投資領域嗎？謝謝。

Yeah. Especially as we -- a lot of what we do is we start at the top. I've talked about this in previous calls. We start at the top end of the market, and we prove out solutions that they can work at the biggest scale institutions and create value at the biggest scale institutions. And then we take that blueprint to the rest of the market, number 100 to 1,000 financial institutions in the country.

是的。尤其是我們所做的很多事情都是從高層開始。我在之前的通話中已經談到過這一點。我們從市場的高端開始，我們證明了解決方案可以在最大規模的機構中發揮作用並為最大規模的機構創造價值。然後我們將這個藍圖推廣到市場的其他部分，即國內 100 到 1,000 家金融機構。

And so a lot of the wins that we talked about in our pipeline, while we do have some in that 100 to 1,000 bucket, a lot of them are top 10, 50 -- top 20 and top 50 accounts in the country. And so we're excited about getting those guys live. But to your point, one of the areas that we're looking and looking very carefully at investing in depending on how the pipeline looks and other metrics we track around sales efficiency, is that mid-market, that number 100 to 1,000 financial institutions, where we think there's real opportunity to serve them in a repeatable, scalable way, but we may not have enough salespeople to serve 900 accounts right now.

因此，我們在管道中談到了很多勝利，雖然我們確實有一些在 100 到 1,000 個桶中，但其中很多是該國前 10、50 名 - 前 20 和前 50 名帳戶。所以我們很高興讓這些人活下來。但就你的觀點而言，我們正在尋找並非常仔細地投資的領域之一是中端市場，即 100 到 1,000 家金融機構，具體取決於管道的外觀和我們跟踪的銷售效率其他指標。確實有機會以可重複、可擴展的方式為他們提供服務，但我們目前可能沒有足夠的銷售人員來為900 個客戶提供服務。

So we're looking closely at that. We haven't made any final decisions there, but I think there's an area of opportunity for us.

所以我們正在密切關注這一點。我們還沒有做出任何最終決定，但我認為我們有一個機會領域。

Seth Gilbert, UBS.

賽斯吉伯特，瑞銀集團。

Thanks, guys. Just a quick one here. I saw a line in the press release about the impact of -- the negative impact of revenue in the short term from the sale with Covered Insurance Solutions. Maybe you could just give us a quick update on that. And then also, more specifically, was the 4Q guide impacted at all by the sale of the insurance business, meaning, was it lowered by $1 million, $2 million, or so? Thank you very much.

謝謝，夥計們。這裡只是快速介紹一下。我在新聞稿中看到一句話，內容是關於銷售承保保險解決方案對短期收入的負面影響。也許你可以為我們快速介紹一下最新情況。然後，更具體地說，第四季度指引是否受到保險業務出售的影響，也就是說，第四季指引是否降低了 100 萬美元、200 萬美元左右？非常感謝。

Okay. A few items to unpack, and I'll try to go through them. One, it's accurate that, in essence, what we shared is that upon the sale of our homeowner insurance business to Covered, that HOI business, what you're going to see is you're going to see a decline in that overall revenue. And that revenue, yes, that was factored into the guidance. It's also factored into the economic value per funded loan commentary that we gave as well.

好的。有一些東西需要拆開，我會嘗試仔細檢查它們。第一，從本質上講，我們所分享的是，在將我們的房屋保險業務出售給 HOI 業務 Covered 後，您將看到整體收入下降，這一點是準確的。是的，收入已被納入指導中。它也被考慮到我們給出的每筆資助貸款評論的經濟價值。

But the one piece that I want to make sure I re-emphasize with you now and more so for the broader community is that what we're able to achieve is for the overall decline that you're going to see in revenue, you will see an equal size, if not greater, incremental increase in profit on a per unit transaction, both at the onset and over time.

但我現在想向你們再次強調的一點是，對於更廣泛的社區來說，我們能夠實現的目標是，你們將看到收入的總體下降，你們將無論是在開始時還是隨著時間的推移，每單位交易的利潤都會出現同等規模（如果不是更大）的增量成長。

So hence, why I think this whole notion of the partner ecosystem, albeit there may be some short-term changes that happen, to the point you made, I think the broader aspect of what we're trying to achieve at Blend through this whole notion of a simplified Blend but also do it through tighter and higher operating leverage, that's what we're able to achieve with HOI. So there's two sides of that equation to that coin, and I want to make sure I call out both.

因此，為什麼我認為合作夥伴生態系統的整個概念，儘管可能會發生一些短期變化，就您所說的而言，我認為我們在 Blend 中試圖透過整個過程實現的更廣泛的方面簡化混合的概念，但也透過更嚴格和更高的營運槓桿來實現，這就是我們透過HOI 能夠實現的目標。因此，這個等式有兩個方面，我想確保我指出了兩個方面。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. This concludes our question-and-answer session. Thank you for joining today's conference call. You may now disconnect.

目前沒有其他問題。我們的問答環節到此結束。感謝您參加今天的電話會議。您現在可以斷開連線。