Blend Labs Inc (BLND) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Rebecca and I will be your conference operator today. At this time, I would like to welcome everyone to the Blend Labs Incorporated first-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫麗貝卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Blend Labs Incorporated 2025 年第一季財報電話會議。（操作員指示）

Thank you. I will now turn the call over to Amir Jafari, Head of Finance and Administration. Please go ahead.

謝謝。現在我將把電話轉給財務和行政主管阿米爾·賈法裡 (Amir Jafari)。請繼續。

Good afternoon and welcome to Blend's financial results conference call for the first quarter of 2025. I'm Amir Jafari, Head of Finance and Operations. Joining me today is Nima Ghamsari, co-Founder and CEO of Blend.

下午好，歡迎參加 Blend 2025 年第一季財務業績電話會議。我是財務和營運主管 Amir Jafari。今天與我一起參加的是 Blend 聯合創始人兼執行長 Nima Ghamsari。

Before we start today's call, I'd like to note that some of the statements on our call will be forward-looking. We will also 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.

在我們開始今天的電話會議之前，我想指出，我們電話會議中的一些陳述將是前瞻性的。我們也將參考某些非 GAAP 指標，這些指標與今天的收益報告和補充幻燈片附錄中的 GAAP 結果相協調。非公認會計準則 (Non-GAAP) 衡量標準並非旨在取代公認會計準則 (GAAP) 結果。

Unless otherwise stated, all financial measures we discussed today, including our profitability, refer to non-GAAP. Also, certain statements made during today's conference call regarding Blend and its operations, in particular, its guidance for the second quarter in full year 2025, and expectations about our markets, our strategic initiatives, product development plans, and operational targets may be considered forward-looking statements under federal security laws.

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）均指非公認會計準則。此外，今天的電話會議上關於 Blend 及其營運的某些聲明，特別是其對 2025 年全年第二季度的指導，以及對我們的市場、戰略舉措、產品開發計劃和運營目標的預期，根據聯邦安全法，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-Q, and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law. We will provide a transcript of this call and supplemental slides for the quarter on our investor relations website.

該公司提醒您，前瞻性陳述涉及重大風險和不確定性，許多因素（其中許​​多超出公司的控制範圍）可能導致實際結果、事件或情況與這些陳述中描述的結果、事件或情況有重大差異。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。我們將在投資者關係網站上提供本次電話會議的記錄和本季的補充幻燈片。

I'll now turn the call over to Nima.

現在我將把電話轉給尼瑪。

Good afternoon, everyone, and thank you for joining. There are three themes I want to cover today. First, our continued shift towards becoming a software first company. Second, the rocket Mr. Cooper deal as a catalyst for the industry. And third, how that shift is helping fuel the strong momentum in Q1 for Blend. Starting with our Simplify Blend initiative, we began our journey to become a software focused company, enhancing customer value and improving our unit economics by transitioning to strategic platform partnerships rather than building non-core services ourselves.

大家下午好，感謝大家的參與。今天我想談三個主題。首先，我們持續轉向軟體優先的公司。其次，火箭隊庫柏先生的交易成為該產業的催化劑。第三，這種轉變如何幫助推動 Blend 第一季的強勁發展動能。從我們的簡化混合計劃開始，我們開始了成為一家以軟體為中心的公司的旅程，透過轉向策略平台合作夥伴關係而不是自己建立非核心服務來提高客戶價值並改善單位經濟。

As a significant step in this evolution, we are pleased to announce that we are in an exclusive process with a leading title and mortgage services provider for the potential sale of our title insurance business. This move aligns with our commitment to fully embrace a software-first model and will be the final step in our journey to simplify Blend. This potential transaction is envisioned to have three key benefits.

作為這一轉變過程中的重要一步，我們很高興地宣布，我們正在與一家領先的產權和抵押貸款服務提供者進行獨家洽談，以出售我們的產權保險業務。此舉符合我們全面擁抱軟體優先模式的承諾，也將成為我們簡化 Blend 的最後一步。預計這項潛在交易將帶來三大主要好處。

First, similar to our successful partnerships in homeowners insurance and income verification, the intended structure includes an ongoing software revenue stream for Blend. While this results in lower reported revenue than a typical title transaction, it will drive higher absolute profit dollars, be created to our gross margin, and have better capital efficiency, similar to our other partnerships.

首先，與我們在房屋保險和收入驗證方面的成功合作類似，預期的結構包括 Blend 的持續軟體收入流。雖然這會導致報告收入低於典型的產權交易，但它將帶來更高的絕對利潤，創造我們的毛利率，並具有更好的資本效率，類似於我們的其他合作夥伴關係。

Second, This allows us to strategically exit the capital-intensive title agency business while maintaining some unit economics that will be beneficial in a macro recovery. But most importantly, it accelerates our vision for a more cost-effective, software-driven title insurance experience that's embedded directly into the blind platform. We'll share more details about this embedded solution in the coming quarters.

其次，這使我們能夠策略性地退出資本密集的產權代理業務，同時保持一些有利於宏觀復甦的單位經濟效益。但最重要的是，它加速了我們實現更具成本效益、軟體驅動的產權保險體驗的願景，這種體驗直接嵌入到盲平台中。我們將在未來幾季分享有關該嵌入式解決方案的更多細節。

Ultimately, this move reinforces our core objective to leverage the power and reach of our platform and focus on what we do best. delivering innovative software that drives meaningful value to our customers. By focusing on our software strengths and forging strategic partnerships, we can provide a seamless workflow and deep integrations.

最終，此舉強化了我們的核心目標，即利用我們平台的力量和影響力，專注於我們最擅長的領域。提供創新軟體，為我們的客戶帶來有意義的價值。透過專注於我們的軟體優勢並建立策略合作夥伴關係，我們可以提供無縫的工作流程和深度整合。

This allows us to capture a portion of the value we create without the need for direct operational ownership. We believe that this direction will be instrumental in providing even greater benefits to our entire customer base through innovative software-driven solutions. In our supplemental presentation, we shared information illustrating the financial benefits we've already derived from our recent partnerships, as well as a preview of the effects these decisions will have on our bottom line over the next 12 months.

這使我們能夠獲取我們創造的部分價值，而無需直接經營所有權。我們相信，這一方向將有助於透過創新的軟體驅動解決方案為我們的整個客戶群帶來更大的利益。在我們的補充介紹中，我們分享了信息，說明了我們已經從最近的合作夥伴關係中獲得的財務利益，以及這些決定將在未來 12 個月內對我們的底線產生的影響的預覽。

Contribution profit per funded loan will serve as a key metric to inform our business leaders on how we're performing relative to our profitability goals, and we'll consider the effect of our product and commercial decisions that those will have on this metric. This amplifies our focus on profitable growth. I'm proud of what our team has done to simplify Blend over the past year. And this sets us up nicely to continue to invest in our software for a very long time.

每筆貸款的貢獻利潤將作為一個關鍵指標，告知我們的業務領導者我們相對於獲利目標的表現如何，並且我們將考慮我們的產品和商業決策對此指標的影響。這加強了我們對獲利成長的關注。我為我們的團隊在過去一年中為簡化 Blend 所做的努力感到自豪。這為我們在很長一段時間內繼續投資我們的軟體奠定了良好的基礎。

Shifting gears, there was another major announcement from Rocket this quarter, announcing the acquisition of Mr. Cooper. While Rocket has never had a commercial relationship with Blend, I have a lot of admiration for them. And I actually attribute a lot of our success to their presence in the market. Going back to early on in Blend's history, it was difficult to get mortgage companies and banks to move fast. Businesses stabilized from the post financial crisis, and there wasn't a strong catalyst. to make a big shift towards digital and mobile things that we all take for granted out. had so many conversations and many interested potential customers, but the pace that was conversations was anemic.

換個話題，本季 Rocket 公司也發布了另一項重大公告，宣布收購 Mr. Cooper。儘管 Rocket 從未與 Blend 建立過商業關係，但我還是非常欽佩他們。事實上，我將我們的成功很大程度歸功於他們在市場上的存在。回顧 Blend 早期的歷史，讓抵押貸款公司和銀行快速採取行動非常困難。金融危機後，企業趨於穩定，沒有出現強勁的催化劑。向數位化和行動化轉變，而這些我們都習以為常。進行了多次對話，並有許多感興趣的潛在客戶，但對話的速度很慢。

And then all of a sudden everything changed. Almost 10 years ago, Rocket came out with a simple slogan, push button, get mortgage. The market was confused. What does that mean? You can't really push a button and get a mortgage, right? Ultimately that didn't matter.

然後突然間一切都改變了。大約 10 年前，Rocket 提出了一個簡單的口號：按下按鈕，獲得抵押貸款。市場一片混亂。這意味著什麼？你不可能真的按一下按鈕就能獲得抵押貸款，對吧？最終這並不重要。

Consumers were now expecting a different type of digital experience and the market started to react. I remember I fielded hundreds of phone calls from lenders in the following months and the rest was history. That shift in consumer expectation was the catalyst that Blend needed to move the market.

消費者現在期待不同類型的數位體驗，市場也開始做出反應。我記得在接下來的幾個月裡我接到了數百個來自貸款人的電話，剩下的就成為歷史了。消費者期望的轉變是 Blend 推動市場發展的催化劑。

The recently announced Mr. Cooper and Rocket Alliance has a similar tone to it for the market, and it impacts our own trajectory as well as a result. Their creation of an end-to-end platform underscores the increasing expectation of borrowers to be treated as valued customers, demanding personalized experiences, acknowledging their ongoing relationship with financial institutions.

最近宣布的庫柏先生和火箭聯盟對市場的影響與此類似，也影響了我們自己的軌跡。他們創建的端到端平台強調了借款人日益增長的期望，即被視為有價值的客戶，要求個性化的體驗，並承認他們與金融機構的持續關係。

This strategic move powerfully validates our longstanding vision of a unified digital mortgage experience. which inherently folks on creating more personalized and customer centric interactions. And this value is just theoretical. We're experiencing it tangibly through the acquisition and expansion of our relationships that now include 10 of the nation's top 20 mortgage servicers.

這項策略性舉措有力地驗證了我們長期以來對統一數位抵押貸款體驗的願景。這本質上是為了創造更個人化和以客戶為中心的互動。而這個值只是理論上的。我們透過收購和擴大合作關係切實地感受到了這一點，目前我們的合作夥伴包括全美排名前 20 位的抵押貸款服務商中的 10 家。

You'll see this in our pipeline numbers later, but that week when the acquisition was announced, I fielded more calls than I had in a long time with customers and prospects knowing they need to react in the short term and in the long term. And as for Mr. Cooper, we are so grateful to have him as a long-time customer. They are on the latest version of our Blend Builder powered flows, meaning they have our embedded modular API rich flows embedded right at the right points in the workflow.

您稍後會在我們的通路數字中看到這一點，但在宣布收購的那一周，我接到的客戶和潛在客戶電話比很長一段時間以來都要多，我知道他們需要在短期和長期內做出反應。至於庫柏先生，我們非常感激他成為我們的長期客戶。他們使用的是我們最新版本的 Blend Builder 驅動流程，這意味著他們在工作流程的正確位置嵌入了我們嵌入式模組化 API 豐富的流程。

With them and similar for other large institutions that demand that level of flexibility, it's no longer a question of build versus buy. It's a question of using the right piece of our platform alongside the internally built tools that differentiate their institution. So all of these things together have laid the groundwork for the momentum we're seeing in Q1 and beyond.

對於他們以及其他需要這種靈活性的大型機構來說，這不再是一個建造還是購買的問題。問題在於如何使用我們平台的正確部分以及內部建立的工具來區分他們的機構。因此，所有這些因素共同為我們在第一季及以後看到的勢頭奠定了基礎。

To start on Q1, we came in right near the high end of our platform revenue range and similar for our platform operating income. That's now three consecutive quarters of non-GAAP operating profitability. We also achieved positive free cashflow of $15.5 million, which is a record for us and in very tough market. That's not even counting the 11 newer expanded deals we signed in Q1 nearly three times more than the same period last year. And Q1 is typically a slower quarter for us.

從第一季開始，我們的平台收入就接近最高水平，平台營運收入也接近最高水平。這已是連續三個季度實現非公認會計準則營業盈利。我們也實現了 1550 萬美元的正自由現金流，這對我們來說是一個記錄，尤其是在非常艱難的市場環境下。這還不包括我們在第一季簽署的 11 項新擴展協議，這些協議的數量幾乎是去年同期的三倍。對我們來說，第一季通常是一個較為緩慢的季度。

So we're seeing that momentum continue into Q2 where we've already secured 10 newer expansion deals and we're only about a month in. Two things I want to quickly highlight about the Q1 deals are the quality of customers and the breadth of solution. We signed a top five mortgage servicer, a top 10 mortgage resonator across our mortgage, home equity, and closed solutions. These customers will typically deploy in two quarters or so.

因此，我們看到這種勢頭持續到了第二季度，我們已經獲得了 10 項新的擴張協議，而這才過去一個月左右。關於第一季的交易，我想快速強調的兩件事是客戶的品質和解決方案的廣度。我們與排名前五的抵押貸款服務商和排名前十的抵押貸款共振商簽署了協議，涵蓋抵押貸款、房屋淨值和封閉式解決方案。這些客戶通常會在兩個季度左右的時間內部署。

And when these customers, this large rollout, they'll typically start with just the initial rollout being the mortgage solution, which is a little dilutive to our economic value per funded loan. But they quickly follow on with solutions they signed up for like BlendClose and become a credo. So for all the reasons above, the mortgage industry is gaining speed. There are catalysts and companies are now stable. They're ready to invest in the future, which we're seeing in our customer base and in our pipeline.

當這些客戶大規模推出這項服務時，他們通常會從最初的抵押貸款解決方案開始，這會稍微削弱我們每筆貸款的經濟價值。但他們很快就採用了他們所簽署的解決方案，例如 BlendClose，並將其變成了一種信條。因此，由於上述所有原因，抵押貸款行業正在加速發展。有催化劑存在，公司目前穩定。他們已準備好投資未來，這一點我們從我們的客戶群和管道中就可以看出來。

So turning to expansions, first of all, I'd like to announce our largest deal ever, a $50 million renewal and expansion with a top financial institution that we signed early in Q2. This is a multi-product deal that shows our ability to scale with our customers over time and hopefully serves as a blueprint for other customers as they add more product lines with us.

那麼談到擴張，首先，我想宣布我們迄今為止最大的交易，即與一家頂級金融機構簽署的價值 5000 萬美元的續約和擴張協議，該協議於第二季度初簽署。這是一項多產品交易，表明我們有能力隨著時間的推移與客戶一起擴大規模，並希望成為其他客戶在與我們一起增加更多產品線時的藍圖。

On top of that, we're excited to report that we've already signed five customers who are recently launched Rapid Home Lending Suite this quarter, which includes both refinance and home equity lending solutions. These are important to us, so I want to take a moment to highlight why these are so relevant in the current market. Home equity, first of all, has rapidly emerged as a compelling opportunity for lenders, driven by a significant increase in home values.

最重要的是，我們很高興地報告，我們已經簽了五位客戶，他們本季最近推出了快速房屋貸款套件，其中包括再融資和房屋淨值貸款解決方案。這些對我們很重要，所以我想花點時間來強調為什麼這些在當前市場如此重要。首先，由於房屋價值大幅上漲，房屋淨值迅速成為貸款人的一個極具吸引力的機會。

So currently, the average homeowner has approximately $315,000 in equity, presenting substantial potential for lenders as borrowers increasingly seek funds for home improvements, debt consolidation, and other major expenditures. We believe that the home equity market has grown double digits year over year based on the data we're observing from our customers.

因此，目前，平均每個房主擁有約 315,000 美元的資產淨值，這為貸款人帶來了巨大的潛力，因為借款人越來越多地尋求資金用於房屋裝修、債務合併和其他重大支出。根據我們從客戶觀察到的數據，我們認為房屋淨值市場比去年同期成長了兩位數。

On top of that, lenders are also preparing for the next refinance wave. They want to make sure that as rates come down through this year and next year and beyond, they can take advantage of that refinance volume. when it comes their way. Our rapid refinance and rapid home equity lending solutions are specifically designed to capitalize on these trends by delivering hyper-personalized real-time approvals, allowing lenders to capture borrow intent precisely when it matters the most.

除此之外，貸款人也正在為下一波再融資浪潮做準備。他們希望確保隨著今年、明年及以後利率的下降，他們可以利用再融資額。當它來到他們面前時。我們的快速再融資和快速房屋淨值貸款解決方案專門用於利用這些趨勢，透過提供超個人化的即時審批，使貸方能夠在最重要的時候準確捕捉借款意圖。

Our additional title last year demonstrated the power of this approach, yielding conversion improvements of over 50%, which is critical, especially considering the average cost of originating in the mortgage industry is about $11,000 per loan, as you saw on slide 20 of our refresh corporate overview, which can be found on the investor relations website.

我們去年的附加標題證明了這種方法的威力，轉換率提高了 50% 以上，這一點至關重要，特別是考慮到抵押貸款行業的平均發起成本約為每筆貸款 11,000 美元，正如您在我們更新的公司概述的第 20 張幻燈片中看到的那樣，您可以在投資者關係網站上找到。

Higher conversion rates, therefore not just beneficial, they are essential and they form the core rationale between our rapid product line. The earliest test of our rapid refinance and home equity offerings is also evidenced by the fact that our customers are paying 1.9x higher in economic value per funded loan based on our signed deal so far.

因此，更高的轉換率不僅有益，而且至關重要，並且構成了我們快速產品線的核心原則。對我們的快速再融資和房屋淨值產品的最早測試也證明，根據我們迄今為止簽署的協議，我們的客戶每筆貸款的經濟價值支付額高出 1.9 倍。

This growth is fueled by stronger borrower engagement and higher retention rates. For our customers, this translates to a more streamlined borrower journey and reduced manual effort and higher conversion. And for Blend, it means we have a better margin profile and enhanced value per relationship, which gives us a continual path to continue to drive more value to our customers and economic stocks.

這一增長得益於借款人參與度的提高和留存率的提高。對我們的客戶來說，這意味著借款人的流程更加簡化，人工工作量減少，轉換率更高。對 Blend 而言，這意味著我們擁有更好的利潤狀況和更高的每筆關係價值，這為我們提供了一條持續為客戶和經濟股創造更多價值的途徑。

Ultimately, the traction we're seeing with rapid refinance and home equity validates our commitment to providing lenders with powerful solutions to capitalize key market opportunities and build stronger customer relationships. And we're seeing this kind of momentum on the consumer banking side as well. This quarter, we signed multiple deposit and consumer lending deals.

最終，我們在快速再融資和房屋淨值方面看到的吸引力證實了我們致力於為貸方提供強大的解決方案，以利用關鍵的市場機會並建立更牢固的客戶關係。我們在消費銀行業務方面也看到了這種勢頭。本季度，我們簽署了多項存款和消費貸款協議。

Notably, we've partnered with yet another top 25 credit union by asset size, an institution serving over 400,000 numbers. to spearhead a comprehensive multi-year transformation. Their decision to adopt our full product suite, encompassing deposits, credit cards, personal loans, and home lending, demonstrates a strong vote of confidence and Blend as a strategic ally poised to drive long-term growth and foster innovation.

值得注意的是，我們已與另一家按資產規模排名前 25 位的信用合作社建立了合作夥伴關係，該機構的服務號碼超過 400,000 個。引領一場為期多年的全面轉型。他們決定採用我們的全套產品，包括存款、信用卡、個人貸款和房屋貸款，這表明他們非常信任 Blend，並且相信 Blend 作為戰略盟友，將推動長期成長並促進創新。

These partnerships underscore the inherent value of our end-to-end platform and our robust suite of solutions, areas in which we will continue to invest in and strengthen over time. One example, yesterday we announced the launch of our business to profit account outputting product, further rounding out our product suite. Finance institutions can now leverage a single, omniscient platform to seamlessly serve both consumers and small businesses across a full spectrum of lending products, including personal loans, credit cards, auto loans, and home lending.

這些合作關係凸顯了我們端到端平台和強大解決方案套件的內在價值，我們將繼續在這些領域進行投資並不斷加強。舉個例子，昨天我們宣布推出我們的業務到利潤帳戶輸出產品，進一步完善我們的產品套件。金融機構現在可以利用單一的、無所不知的平台，透過全方位的貸款產品（包括個人貸款、信用卡、汽車貸款和房屋貸款）無縫地為消費者和小型企業提供服務。

Ultimately, these developments solidify our commitment to providing a unified and future-proof platform for the financial services industry. And we expect these investments to continue attracting leading institutions. Our pipeline for Q2 and beyond is nearly double what it was this time last year. That includes opportunities like the one I mentioned with the top 25 credit union, where we're selling the platform end-to-end across all products, as well as mortgage and consumer banking products to institutions of all sizes.

最終，這些發展鞏固了我們為金融服務業提供統一、面向未來的平台的承諾。我們預計這些投資將繼續吸引領先的機構。我們第二季及以後的管道數量幾乎是去年同期的兩倍。這包括我提到的與前 25 家信用合作社合作的機會，我們向各種規模的機構端到端銷售所有產品以及抵押貸款和消費者銀行產品的平台。

Notably, this includes another top 10 bank, another top 10 servicer, another top 10 IND, and another top 10 credit union. In closing, I am so proud of what our team and what they did in Q1. We are nearing the successful simplification of our business, allowing us to be laser focused on our core software strengths. The more catalysts created by the rocket Mr. Cooper deal is energizing our customers and our pipeline and drive a significant opportunity.

值得注意的是，這包括另一家排名前 10 位的銀行、另一家排名前 10 位的服務商、另一家排名前 10 位的 IND 和另一家排名前 10 位的信用合作社。最後，我為我們的團隊以及他們在第一季所取得的成就感到非常自豪。我們即將成功簡化業務，這使我們能夠專注於我們的核心軟體優勢。庫柏先生的火箭交易產生的更多催化劑正在激發我們的客戶和我們的管道，並帶來重大機會。

Prospects for US banking deregulation also have the potential to drive a period of renewed investment in technology and modernization. And industry M&A trends are yielding market share gains for our customers. And to cap it off our Q1 results marked by strong sales momentum, nearing the high end of our revenue guidance, positive operating income and record free cashflow demonstrate the tangible impact of our strategic direction. We believe this confluence of factors positions us for accelerated growth and sustained profitability as we continue to power the future of banking.

美國銀行業放鬆管制的前景也有可能推動對科技和現代化的新一輪投資。行業併購趨勢正在為我們的客戶帶來市場份額的成長。我們第一季的業績以強勁的銷售勢頭為標誌，接近我們預期的收入上限，正的營業收入和創紀錄的自由現金流證明了我們戰略方向的實際影響。我們相信，這些因素的匯合將使我們在繼續推動銀行業未來發展的進程中實現加速成長和持續獲利。

With that, I want to turn it over to Amir for his remarks.

現在，我想把時間交給阿米爾來發表意見。

Thank you, Nima. We have kicked off 2025 with execution and focus. We have created momentum across our business and the announcement of the sale process for Title 365 will be the final step in our journey to simplify Blend, which we expect will amplify our operating leverage while allowing us to focus with conviction on our goals for 2025 and the strategic initiatives that will propel us into 2026 and beyond.

謝謝尼瑪。我們以執行力和專注力開啟了 2025 年。我們在整個業務中創造了良好的發展勢頭，而 Title 365 出售流程的宣布將是我們簡化 Blend 的最後一步，我們預計此舉將擴大我們的經營槓桿，同時讓我們能夠堅定地專注於 2025 年的目標以及推動我們邁向 2026 年及以後的戰略舉措。

Every change we have announced is a positive change that will propel profitable growth and deliver value to our customers and shareholders. Our results in the first quarter of 2025 illustrate this. But before I discuss our results, I'd like to speak to the overall macro along with the Mr. Cooper acquisition by Rocket. Starting with the macro, we recognize that Q1 was volatile.

我們宣布的每項變化都是積極的變化，將推動獲利成長並為我們的客戶和股東帶來價值。我們 2025 年第一季的結果證明了這一點。但在討論我們的結果之前，我想先談談整體宏觀情況以及 Rocket 收購 Cooper 先生的情況。從宏觀角度來看，我們認識到第一季是波動的。

We saw a similar situation in September and October of last year as volumes increased as rates dipped only to see things reverse quickly as the rate volatility remained. Unlike 2024, 2025 also has uncertainty around the potential economic impacts from tariffs offset by potential benefits from banking deregulation. We've always been clear that we cannot predict outcomes related to the macro. We do not plan to change our approach.

去年 9 月和 10 月我們也看到類似的情況，當時利率下降，交易量卻增加，但由於利率波動持續，情況很快就出現逆轉。與 2024 年不同的是，2025 年也存在不確定性，即關稅帶來的潛在經濟影響會被銀行放鬆管制帶來的潛在好處所抵消。我們一直很清楚，我們無法預測與宏觀相關的結果。我們不打算改變我們的方法。

With this being said, it's important for us to know that volatility typically leads to spikes in originations. We saw this in the industry before in 2007 and 2008, and today we see a backlog of demand that has been building since 2022. With this, We are focused on being the leading platform for financial institutions and delivering innovation through our suite of solutions. The launch of RapidRefi in February 2025 is a great example of this.

話雖如此，我們必須知道波動性通常會導致發動量激增。我們在 2007 年和 2008 年之前就曾在業界看到過這種情況，而今天我們看到自 2022 年以來一直在累積的需求積壓。為此，我們致力於成為金融機構的領先平台，並透過我們的解決方案套件提供創新。2025 年 2 月推出的 RapidRefi 就是一個很好的例子。

As for the acquisition of Mr. Cooper by Rocket, to Nima's point, this may potentially be a catalytic moment for the industry. We are focused on providing value to Mr. Cooper until the acquisition closes and through the terms of the renewal which expire in June 2028. Mr. Cooper represented 60 basis points of market share according to the preliminary 2024 HMDA results and roughly 130 basis points of market share going back to the peak of 2021.

至於 Rocket 收購 Mr. Cooper，正如 Nima 所說，這可能是該行業的一個催化時刻。我們致力於在收購完成之前以及 2028 年 6 月到期的續約條款期間為庫柏先生提供價值。根據 2024 年 HMDA 的初步結果，庫柏先生佔據了 60 個基點的市場份額，而追溯到 2021 年的峰值，他的市場份額約為 130 個基點。

Moving to our Title 365 business. As Nima mentioned, today we announced our intention to exit our Title 365 business in 2025. The sale of Title 365 is the last significant step in this process and will allow us to focus with conviction on our platform. to our suite of solutions and partnerships. In connection with this change with respect to Title 365, Blend now operates in a single reportable segment and the results of our previously reported title segment are presented as discontinued operations in our financial filing and supporting materials. Any financial results disclosed on this call reflect our platform business and exclude Title 365 unless otherwise noted.

轉向我們的 Title 365 業務。正如 Nima 所提到的，今天我們宣布了在 2025 年退出 Title 365 業務的計劃。出售 Title 365 是這一過程中的最後一步重要舉措，將使我們能夠堅定地專注於我們的平台。我們的解決方案和合作夥伴關係套件。鑑於 Title 365 的這項變化，Blend 現在以單一報告分部運營，而我們先前報告的標題分部的結果在我們的財務文件和支援資料中列為已終止經營業務。本次電話會議中揭露的任何財務結果均反映我們的平台業務，且不包括 Title 365，除非另有說明。

Our results for the first quarter of 2025 were encouraging as we continued to exhibit signs of operating leverage and scale. Platform revenue in the first quarter of 2025 was $26.8 million, above the midpoint of our guidance. Our platform revenue also grew 12% year over year, marking the third consecutive quarter of year-over-year growth.

我們 2025 年第一季的業績令人鼓舞，因為我們持續展現出經營槓桿和規模的跡象。2025 年第一季的平台收入為 2,680 萬美元，高於我們預期的中位數。我們的平台營收也年增了12%，這是連續第三個季度實現年增。

Our mortgage suite revenue was $14.6 million. In our fourth quarter earnings, we shared our projected market size of 800,000 to 900,000 HMDA originations. the first quarter of 2025. We are holding to the estimate for the first quarter origination activity with a midpoint representing an 8% year-over-year increase. Our consumer banking suite revenue was $9.6 million, growing 45% year over year.

我們的抵押貸款收入為 1460 萬美元。在我們的第四季度收益中，我們分享了預計的 800,000 至 900,000 個 HMDA 發起的市場規模。 2025年第一季。我們堅持第一季發起活動的估計，中間值年增 8%。我們的消費者銀行套件收入為 960 萬美元，年增 45%。

Nima highlighted several deals this quarter and we continue to have confidence in our growing pipeline. As we announce new deals, it's important to know that revenue will lag as we progress through implementation, go live, and ramp.

Nima 本季重點介紹了幾筆交易，我們繼續對我們不斷增長的管道充滿信心。當我們宣布新的交易時，重要的是要知道，隨著我們實施、上線和提升的進展，收入將會落後。

Lastly, we reported professional services revenue of $2.5 million. Moving to platform non-GAAP gross profit and gross margins. Our platform non-GAAP gross profit for the first quarter of 2025 was $19.5 million, representing platform gross margin of 73%, up from 68% in the first quarter of 2024.

最後，我們報告的專業服務收入為 250 萬美元。轉向平台非 GAAP 毛利和毛利率。我們 2025 年第一季的平台非 GAAP 毛利為 1,950 萬美元，平台毛利率為 73%，高於 2024 年第一季的 68%。

Operating expenses for the first quarter of 2025 were $18.5 million, down $9 million year over year. Non-GAAP operating income for the first quarter of 2025 was $1 million, representing non-GAAP operating margin of 4%. This came in at the high end of our guidance for the first quarter.

2025 年第一季的營運費用為 1,850 萬美元，年減 900 萬美元。2025 年第一季非公認會計準則營業收入為 100 萬美元，非公認會計準則營業利潤率為 4%。這達到了我們對第一季的預期的最高水平。

We want to highlight that our execution continues to be strong even in the absence of a normalized market. Market normalization will represent leverage for our mortgage suite as we have minimal operating expenses tied to the return of originations to these more normalized levels. We spent the majority of 2024 strengthening our balance sheet to allow us to focus on playing offense.

我們想強調的是，即使在沒有正常化市場的情況下，我們的執行力仍然強勁。市場正常化將代表我們抵押貸款套件的槓桿作用，因為我們的營運費用與貸款發放恢復到這些更正常的水平有關。我們花了 2024 年的大部分時間來加強我們的資產負債表，以便我們可以專注於進攻。

We ended the first quarter with approximately $110 million of cash, cash equivalents, and marketable securities inclusive of restricted cash. During the first quarter, we repurchased and retired approximately 923,000 shares of our Class A common stock for a total of $3.1 million. As of the end of the quarter, we had $21.9 million available to repurchase additional shares of class A common stock under our current share repurchase program, and we continue to believe that we are undervalued. We have executed on profitability goals and shown the ability to sustain this.

第一季結束時，我們擁有約 1.1 億美元的現金、現金等價物和有價證券（包括受限現金）。第一季度，我們回購並註銷了約 923,000 股 A 類普通股，總計 310 萬美元。截至本季末，根據我們目前的股票回購計劃，我們有 2,190 萬美元可用於回購額外的 A 類普通股，我們仍然認為我們的價值被低估了。我們已經實現了盈利目標，並展示了維持這一目標的能力。

We've also shared that this will allow us to expand our focus to becoming free cash flow positive. For the first quarter of 2025, we generated $15.5 million of free cash flow, representing a free cash flow margin of 58%. This was largely attributed to the collection of cash from the deal that we had signed in the latter part of 2024.

我們也表示，這將使我們能夠擴大我們的重點，並實現自由現金流為正。2025 年第一季度，我們產生了 1,550 萬美元的自由現金流，自由現金流利潤率為 58%。這主要歸功於我們在 2024 年下半年簽署的協議所獲得的現金。

Tied to this is the drive to increase our remaining performance obligations or RPO. Our RPO for the first quarter of 2025 set another record for Blend at $158.1 million. This represents the financial commitments typically in the form of minimums and platform fees that we are able to achieve as we sign new customers and renew and expand existing customers.

與此相關的是增加我們剩餘履約義務或 RPO 的動力。我們 2025 年第一季的 RPO 為 Blend 創下了 1.581 億美元的新紀錄。這代表了我們在簽約新客戶、續約和擴大現有客戶時能夠實現的財務承諾，通常以最低費用和平台費用的形式體現。

We have previously shared a target RPO of $150 million for 2025 and are excited to be well ahead of the target only one quarter into the new year. Our economic value per funded loan for the first quarter of 2025 was $93, just below our guidance of $94.

我們之前曾分享過 2025 年 1.5 億美元的 RPO 目標，並且很高興在新年剛過一個季度就遠遠超出了這一目標。2025 年第一季度，我們每筆貸款的經濟價值為 93 美元，略低於我們的預期 94 美元。

With the conclusion of the sale and transition to a partnership of our homeowner insurance and verification of income businesses, we have shared new analysis in this quarter's supplemental presentation. providing a first look at contribution profit per funded loan to illustrate the immediate contribution profit and margin improvement resulting from the transition to partnerships.

隨著我們的房屋保險和收入驗證業務的出售和向合作夥伴關係的過渡的完成，我們在本季度的補充報告中分享了新的分析。首次展示每筆已發放貸款的貢獻利潤，以說明向合作夥伴關係轉型所帶來的直接貢獻利潤和利潤率的提高。

This solidifies why we transitioned to a partner-first model, leveraging the power of our platform to deliver high quality growth. As you can see on slide six in our supplemental presentation, in the third quarter of 2024, economic value per funded loan generated from add-on software products and existing partnerships was $17. with contribution profit of $6.

這鞏固了我們轉向合作夥伴優先模式的原因，利用我們平台的力量實現高品質的成長。正如您在我們的補充簡報的第六張幻燈片中所看到的，在 2024 年第三季度，附加軟體產品和現有合作夥伴關係產生的每筆貸款的經濟價值為 17 美元。貢獻利潤為6美元。

This resulted in a 35% contribution margin for those add-on products and partnerships. In the first quarter of 2025, on $15 of economic value per funded loan, we generated $10 of contribution profit per funded loan. This demonstrates how in two quarters and with the execution of a partner-first model, contribution profit per funded loan was up by $4 or 67%. In the near term, we expect the contribution profit margin for our add-on products and partnerships to exceed 90%.

這使得這些附加產品和合作夥伴關係的貢獻利潤率為 35%。2025 年第一季度，我們每筆貸款的經濟價值為 15 美元，每筆貸款的貢獻利潤為 10 美元。這表明，在兩個季度內，透過實施合作夥伴優先模式，每筆貸款的貢獻利潤增加了 4 美元，即 67%。短期內，我們預期附加產品和合作夥伴關係的貢獻利潤率將超過 90%。

Overall, while this may adversely affect economic value per funded loan, our overall contribution profit per funded loan is increasing, which is why we view these transitions as strictly positive to Blend in the short-term and long-term.

總體而言，雖然這可能會對每筆已發放貸款的經濟價值產生不利影響，但我們每筆已發放貸款的總體貢獻利潤正在增加，這就是為什麼我們認為這些轉變對 Blend 的短期和長期而言都是非常有利的。

Also, as we roll out new customers, they will start with mortgage as their core application before expanding to close and other partnerships. This will put downward pressure on economic value at the start of our engagements, amplified by the large customer wins before we expand with closed, rapid refi and other solutions.

此外，隨著我們推出新客戶，他們將以抵押貸款作為其核心應用，然後再擴展到緊密合作關係和其他合作關係。這將在我們開始合作時對經濟價值造成下行壓力，而在我們透過封閉、快速再融資和其他解決方案進行擴展之前，大量客戶的成功將進一步放大這種壓力。

With this in mind, for the second quarter of 2025, we expect economic value per funded loan to be $88. We anticipate this to be the trough in economic value per funded loan as implementations from rapid refi and other accretive solutions begin to contribute to our economic value per funded loan.

考慮到這一點，我們預計 2025 年第二季每筆貸款的經濟價值將達到 88 美元。我們預計，隨著快速再融資和其他增值解決方案的實施開始為每筆已發放貸款的經濟價值做出貢獻，這將成為每筆已發放貸款的經濟價值的低谷。

Before I move to our guidance. We recognize that HMDA has released its preliminary figures for 2024. Our teams are analyzing the data and we will report on this in our third quarter of 2025 earnings report, as is our current reporting cadence. Our guidance for the second quarter of 2025 is based on our view that the HMDA originations will range from $1.15 million to $1.25 million originations.

在我轉向我們的指導之前。我們得知 HMDA 已經發布了 2024 年的初步數據。我們的團隊正在分析數據，我們將按照我們目前的報告節奏，在 2025 年第三季的收益報告中報告這一情況。我們對 2025 年第二季的指導是基於我們認為 HMDA 發起金額將在 115 萬美元至 125 萬美元之間的觀點。

With this context, we're guiding to Q2 platform revenue between $30.5 million and $32.5 million. with the midpoint representing year-over-year growth of 10%. Our Q2 platform non-GAAP operating income is expected to be between $3.5 million and $5 million for the second quarter. One additional guidance we would like to share as we begin the year is our estimate for platform non-GAAP operating expenses for the full year of 2025.

基於此，我們預計第二季平台營收將在 3,050 萬美元至 3,250 萬美元之間。中點代表年增10%。我們第二季平台非 GAAP 營業收入預計在 350 萬美元至 500 萬美元之間。在新的一年伊始，我們想分享的另一個指導是我們對 2025 年全年平台非 GAAP 營運費用的估計。

We expect operating expenses to be in the range of $85 million to $90 million. As we have noted in the past, We continue to believe we can create leverage in our operating motions and will utilize the necessary actions to achieve the Rule of 40, which we define as year-over-year platform revenue growth plus our non-GAAP operating margin as we exit 2025. Thank you for joining us, and we will now open the line to questions.

我們預計營運費用將在 8,500 萬美元至 9,000 萬美元之間。正如我們過去所指出的，我們仍然相信我們可以在營運中創造槓桿作用，並將採取必要的行動來實現 40 規則，我們將其定義為 2025 年結束時平台收入同比增長加上非 GAAP 營運利潤率。感謝您的參與，我們現在開始回答問題。

Moderator, please proceed with opening the line.

主持人，請繼續開線。

(Operator Instructions) Dylan Becker, William Blair.

（操作員指示）迪倫貝克爾、威廉布萊爾。

Hey Nima, I appreciate the question here. Nice job guys. Maybe Nima, starting with you, we touched a lot on the call too of kind of the need and impetus for digital investment in a period of uncertainty. I wonder how you're thinking about kind of the dual benefit of some of these higher ARPU products with RapidRefi and the home loan piece tying into kind of how your customers are thinking about the opportunity for retention. in that volume recovery scenario and really how that kind of sheds light or maybe both confidence in their ability to continue investing ahead of potentially what's to come here.

嘿尼瑪，我很感謝你提出這個問題。幹得好，夥計們。也許尼瑪，從你開始，我們在電話會議上也談了很多關於不確定時期數位投資的需求和動力。我想知道您如何看待 RapidRefi 和房屋貸款等更高 ARPU 產品帶來的雙重好處，以及您的客戶如何看待保留機會。在這種交易量恢復的情況下，這實際上如何揭示或也許兩者都對他們在未來可能發生的事情之前繼續投資的能力的信心。

Great question and thank you for the question. I'd say a couple things. One, the product is designed to make it, it's designed to be the easiest, most frictionless way to do a refinance and it's very tailored. So if you're a veteran and you have a VA loan versus you're a first-time home buyer and you have an FHA loan or you're a conventional Fannie Freddie loan, it's designed to be very tailored to a specific situation and that's what drives the higher pull through for our customers.

很好的問題，謝謝你的提問。我想說幾件事。首先，該產品旨在成為最簡單、最順暢的再融資方式，而且非常量身訂製。因此，如果您是退伍軍人並且擁有 VA 貸款，或者您是首次購房者並且擁有 FHA 貸款或傳統的 Fannie Freddie 貸款，那麼它的設計將非常針對特定情況，這就是為我們的客戶帶來更高回報的原因。

And what that means in practice is that they can do more things in that flow that we couldn't do when we didn't have that level of specificity and personalization for example, we show the home owner who is now looking to refinance their old monthly payment and their new monthly payment side by side to be able to compare and look at those and say, wow, I can save $200 a month in this scenario. So that's one example.

在實踐中，這意味著他們可以在流程中做更多的事情，而當我們沒有那麼具體和個性化的時候，我們無法做到這一點，例如，我們向現在想要重新融資舊月付款和新月付款的房主展示，以便能夠比較和查看它們並說，哇，在這種情況下，我每月可以節省 200 美元。這是一個例子。

We can also take them all the way through things like intent to proceed and rate lock, which are critical moments. in a mortgage workflow and drives higher conversion as well because you're leaving that to a phone call later, a day later, two days later, having a human have to do that and then the consumer has gone off to some other place and getting a call from some other lenders while they're waiting to hear from you.

我們還可以引導他們完成諸如繼續進行和利率鎖定等關鍵時刻。在抵押貸款工作流程中，這也能提高轉換率，因為你把這件事留到一天後、兩天后再打電話過去，需要人工來做，然後消費者就去了其他地方，在等待你的消息時接到了其他貸款人的電話。

And so with those things in place, that's exactly why lenders are putting this in place now because they want to be able to take advantage of the recovery and get as much of that. They've done millions of loans in the past few years at high interest rates. They know those consumers want to refinance to save money in tough economic times. And this is precisely built for that exact purpose.

因此，在這些條件都具備的情況下，這正是貸方現在實施這項措施的原因，因為他們希望能夠利用經濟復甦並獲得盡可能多的收益。過去幾年裡，他們以高利率發放了數百萬筆貸款。他們知道這些消費者希望在經濟困難時期透過再融資來省錢。這正是為了這個目的而建造的。

Very helpful, thank you. And then maybe switching over to Amir, appreciate the portfolio and platform kind of simplification here, divesting the title business and some of the incremental color on kind of the margin contribution of the additive pieces here. How should we think about, if we take a step back, what this kind of means for the evolution of the financial profile of Blend as a higher margin, potentially faster growth business even if we look at kind of that like for like contribution component.

非常有幫助，謝謝。然後也許切換到阿米爾，欣賞這裡的投資組合和平台的簡化，剝離產權業務和一些附加部分的利潤貢獻的增量色彩。如果我們退一步來看，我們應該如何思考，這對 Blend 的財務狀況的演變意味著什麼，即使我們看一下類似的貢獻部分，Blend 是一家利潤率更高、成長速度更快的公司。

Thank you. I'll bring it down into the following. I think for us, this notion of simplification has actually always been surrounded by the desire to accelerate and be able to grow. We've made the statements around wanting to become growth-oriented, which we have.

謝謝。我將把它歸結為以下內容。我認為對我們來說，這種簡化的概念實際上一直被加速和成長的願望所包圍。我們已經聲明要以成長為導向，而我們確實做到了。

It was evident in Nima's comments. We want to do it from a perspective of profitability. So to break that down, with simplification, you can think about the following. The expansion of what we will do across our partnerships and what you're seeing today. That will allow us to not just grow what we have historically talked about with regards to economic value, but really also what we're taking due today in terms of some of the new supplemental information for contribution profit.

從尼瑪的評論可以看出這一點。我們希望從獲利的角度來做這件事。因此，為了簡化這一點，您可以考慮以下內容。我們將在合作關係中進行的工作以及您今天所看到的工作將擴展。這將使我們不僅能夠實現我們在歷史上談論的經濟價值的成長，而且能夠實現我們今天在貢獻利潤方面的一些新補充資訊的成長。

And then further, almost to the point that Nino just made a second ago, as you see some of our solutions like rapid refi come to the market, that will again be not just an accelerant to the top line, but actually allow us to have not just top line growth, but also grow profitability. So the portfolio and the approach that we want is to be able to continue to leverage the innovation that we have. through our platform capture as much of that, in essence, the value that we deliver, expand, not just in essence our revenue base through economic value-profund alone, but by adding new logos and then making it just be as profitable as possible.

然後進一步說，幾乎到了尼諾剛才提到的觀點，正如你所看到的，我們的一些解決方案，如快速再融資進入市場，這不僅會加速我們的收入增長，而且實際上使我們不僅能實現收入增長，還能提高盈利能力。因此，我們想要的投資組合和方法是能夠繼續利用我們現有的創新。透過我們的平台盡可能多地獲取我們所提供的價值，不僅透過經濟價值深度來擴大我們的收入基礎，還可以透過添加新標誌並使其盡可能獲利。

Very helpful. Thank you both. Appreciate it.

非常有幫助。謝謝你們兩位。非常感謝。

Aaron Kimson, Citizens.

亞倫金森（Aaron Kimson），公民。

Thanks, guys. The $50 million expansion is really impressive. Can you talk a little bit about the evolution of that relationship if the customer is using products beyond mortgage and what the timeline is to realize that incremental $50 million in RPO? It looks like in the 10Q that the language is the same around realizing RPO as in prior quarters.

謝謝大家。5000萬美元的擴建確實令人印象深刻。如果客戶使用抵押貸款以外的產品，您能否稍微談談這種關係的演變，以及實現 RPO 增量 5000 萬美元的時間表是什麼？看起來，第 10 季中關於實現 RPO 的語言與前幾季相同。

Thanks. Yeah, the relationship started years ago and you know, it's been a good one where we started with just mortgage, added home equity, then they Blend clothes and Blend income, and then they added a consumer product to that mix. And you know, now they've rolled that out to all their channels or they're rolling that out to all their channels, which is what prompted this, this renewal.

謝謝。是的，這種關係始於幾年前，你知道，這是一個很好的關係，我們一開始只是抵押貸款，增加了房屋淨值，然後他們混合了衣服和收入，然後他們在這個組合中添加了消費品。你知道，現在他們已經將其推廣到所有管道，或者正在將其推廣到所有管道，這就是促使這次更新的原因。

And so it's been a really great, you know, long time partnership where we build, we do what vertical software companies have to do to be successful, which is if that first initial entry point becomes super successful, the customer loves you and they want to do more business with you and everything that you do that provides value, they take a really serious look at because they trust you, they trust us. And think that's sort of a great, this is a great case study for us of one that we've built that long standing successful trustworthy relationship with this customer.

所以，這真的是一個非常好的長期合作夥伴關係，我們做垂直軟體公司要取得成功必須做的事情，也就是說，如果第一個初始切入點變得非常成功，客戶就會喜歡你，他們想和你做更多的生意，你做的每件事只要能提供價值，他們就會認真考慮，因為他們信任你，他們信任我們。我認為這對我們來說是一個很好的案例研究，表明我們與該客戶建立了長期、成功、值得信賴的關係。

But I think there's many more to come of customers that want to do more things with us. but I've had to put the brakes on it during turbulent times in the markets. And so I'm very excited about this. And then as far as RPO, we haven't shared how much of that contract, but I think typically what we say is about half of our RPO is to be collected in the next 12 months.

但我認為，未來還會有更多的客戶希望與我們合作做更多的事情。但在市場動盪時期，我不得不停止這種做法。所以我對此感到非常興奮。至於 RPO，我們還沒有透露合約金額，但我認為通常我們會說大約一半的 RPO 將在未來 12 個月內收回。

And so I don't know, Amir, if you want to add anything on the RPO side.

所以我不知道，阿米爾，你是否想在 RPO 方面添加任何內容。

Well, you shared in the disclosures that we've provided. There's consistent.

好吧，您分享了我們提供的披露資訊。有一致性。

Got it. And then just to follow up, yesterday you announced business deposit account opening. How does business deposit account opening compare to retail deposit account opening from a product development perspective and then a pricing perspective? Can you talk about this, a little bit about the competitive landscape there as well?

知道了。然後順便問一下，昨天你們宣布開商業存款帳戶。從產品開發與定價角度來看，商業存款帳戶開立與零售存款帳戶開立有何不同？您能否談談那裡的競爭格局？

Yeah, sure. And the impetus for this came from our customers because they liked us for the consumer account opening. And it turns out a lot of consumers are also small business owners. And they had to go and jump through a bunch of hoops to open their business account with the institution that we were working with. And so they wanted to make it a simple, frictionless experience, focused on individuals or groups with small business types and be able to make that a consumer-like, consumer quality experience.

是的，當然。而這股動力來自於我們的客戶，因為他們喜歡我們開設消費者帳戶的服務。事實證明，很多消費者也是小企業主。他們必須經過一系列的考驗才能在我們合作的機構開設商業帳戶。因此，他們希望使其成為一種簡單、無摩擦的體驗，專注於個人或小型企業團體，並能夠使其成為一種類似消費者的、消費者品質的體驗。

So the feel of the experience is very similar, but there's different components. You have to do different things around knowing your business, making sure you're doing the right checks with. various government and regulatory lists that you have to check before you can open an account for that business. You to be able to support multiple different account types.

因此體驗的感覺非常相似，但包含不同的組成部分。您必須採取不同的方式來了解您的業務，確保您進行了正確的檢查。在您為該企業開設帳戶之前，您必須檢查各種政府和監管清單。您能夠支援多種不同的帳戶類型。

There's different kinds of businesses that are registered in different ways. so while it's actually all the same DNA and a lot of the same components, it's so many different things under the hood that are powering that. And all these things on one platform, that's what our customers love is that they don't have to think about those 500 different things that they might have to think about across mortgage and home equity and consumer and deposit accounts.

不同類型的企業採用不同的註冊方式。因此，雖然它們實際上都具有相同的 DNA 和許多相同的組件，但其內部卻有許多不同的東西在為其提供動力。所有這些功能都在一個平台上，這就是我們的客戶喜歡的，因為他們不必考慮抵押貸款、房屋淨值、消費者和存款帳戶等 500 種不同的事項。

And for the consumer, they certainly don't care. What they want is they want their mortgage and their checking account, or they want their personal account and their small business account to be open at the same time. And so we want to make that as easy as possible for both our customer and their customer member.

而對消費者來說，他們當然不在乎。他們想要的是同時開立抵押貸款和支票帳戶，或同時開通個人帳戶和小型企業帳戶。因此，我們希望盡可能為我們的客戶及其客戶會員提供便利。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

Hi everyone, thanks for taking the questions. Given the significant milestones you guys have achieved here, obviously cash flow generation, the simplification, curious how you're thinking about maybe leaning a bit more into investing for growth again. Obviously not something that you haven't been doing, but just given the simplification, the efficiency you've stripped out, just how should we be thinking about reinvesting from here to really capitalize on the opportunity?

大家好，感謝你們回答問題。鑑於你們在這裡取得的重大里程碑，顯然是現金流的產生，簡化，很好奇你們是如何考慮可能再次更多地傾向於投資成長的。顯然這不是您沒有做過的事情，但是考慮到您所簡化和去除的效率，我們應該如何考慮從現在開始進行再投資，以真正利用這個機會？

Yeah, great question. It's interesting because these past few quarters are the first time I feel like because we've gone through these simplification steps, because we've reached profitability, because we now have a very high free cash flow quarter behind us, that we've earned the right to go and say we're going to go invest in growth again.

是的，很好的問題。有趣的是，過去幾個季度我第一次感覺到，由於我們完成了這些簡化步驟，由於我們實現了盈利，由於我們現在已經擁有一個非常高的自由現金流季度，所以我們已經贏得了權利，可以說我們將再次投資於增長。

And so for me, where I'm looking is things like rapid refi and rapid home equity. Those are such so complex, but such beautiful solutions. Those are the kinds of things that we have been building the last few quarters and the last few months, and we want to keep investing in. I'd say one area that wasn't covered on this that we'll probably cover on future calls is AI.

所以對我來說，我正在尋找諸如快速再融資和快速房屋淨值之類的東西。這些解決方案非常複雜，但卻非常完美。這些都是我們在過去幾個季度和幾個月一直在建立的事情，我們希望繼續投資。我想說的是，我們可能會在未來的電話會議中討論的一個尚未涉及的領域是人工智慧。

One of the things that our customers do a lot is look through lots of documents and investor guidelines and regulations, and those are things that AI can help them with because it can do that extremely well. And so that's maybe one area you'll see us invest in and do some -- we'll share some more details on that in the coming quarters.

我們的客戶經常做的事情之一就是查閱大量的文件和投資者指南及法規，而這些都是人工智慧可以幫助他們做的事情，因為它可以做得非常好。因此，這也許是我們進行投資並採取行動的一個領域——我們將在接下來的幾季分享更多細節。

And then also on GoToMarket on our sales team, making sure that we have enough coverage to make these accounts that are successful with us, make them continue to be successful with us first and foremost, bright green, loving us, but wanting to also, as we have new solutions in place, wanting to make sure that they're aware of those. And so we've also given an OpEx guide for the year. And so all this will fall within that OpEx guide that we gave for the year.

然後，我們的銷售團隊也在使用 GoToMarket，確保我們有足夠的覆蓋範圍，以使這些與我們合作成功的客戶能夠繼續與我們合作並取得成功，最重要的是，讓他們保持良好的心態，喜歡我們，但同時也希望，隨著我們推出新的解決方案，我們希望確保他們了解這些解決方案。因此，我們也提供了今年的營運支出指南。因此，所有這些都將符合我們今年給出的營運支出指南。

Great, and then on the product evolution, as you already highlighted, business account opening helps round out the products further. But I'm curious how you're thinking about additional expansion of the product set from here. For example, I think you've talked about commercial loan origination being a potential opportunity down the road. I'm curious if that's something still on the cards today, where it stands on a list of priorities. And then also international, not to kind of get over head over skis here, just touching on things that you guys have highlighted in the past.

太好了，關於產品發展，正如您已經強調的那樣，商業帳戶的開設有助於進一步完善產品。但我很好奇您是如何考慮從這裡進一步擴展產品集的。例如，我認為您曾談到商業貸款發放是未來的一個潛在機會。我很好奇這是否是今天仍在考慮的事情，它在優先事項清單中處於什麼位置。然後還有國際問題，這裡不是要討論滑雪的問題，只是談談你們過去強調過的事情。

Thanks. Yeah, and I think both as a general rule of thumb, think this sector banking and lending has been underserved by tech vendors. And you layer that in with the recent, I guess, evolution of AI, which is now 10 times or 100 times as powerful as it was even two years ago. There's so much opportunity in even the US banking space where we will continue to look at opportunities with our customers and our customers are the ones who pull us in these directions as opposed to us pushing into specific areas.

謝謝。是的，我認為根據一般經驗法則，銀行和貸款行業尚未得到技術供應商的充分服務。我認為，將其與人工智慧的最新發展結合起來，現在人工智慧的功能比兩年前強大 10 倍甚至 100 倍。即使在美國銀行業也存在著如此多的機會，我們將繼續與客戶一起尋找機會，而我們的客戶會把我們拉向這些方向，而不是我們向特定領域推進。

And so we'll continue to look at opportunities with them while maintaining focus. mean, one of the things that is probably underrated in business and in product companies like ours is we want to make sure that the products that we're delivering today, like the rapid refi, the rapid home equity, the consumer accounts, the consumer lending, we want to make sure that those are the best in the world, that we have a repeatable and scalable motion about not just selling it, but building new features, rolling those features out.

因此，我們將繼續尋找與他們合作的機會，同時保持專注。意思是，在商業和像我們這樣的產品公司中可能被低估的一件事是，我們希望確保我們今天提供的產品，如快速再融資、快速房屋淨值、消費者帳戶、消費者貸款，我們希望確保它們是世界上最好的，我們有一個可重複和可擴展的動議，不僅僅是銷售它，而且是構建新功能，推出這些功能。

So we want to really perfect those before we go and spend time on other things. So those are, I'd say, expansion areas in the future that we'll do when the time is right. We'll make sure that we deliver on the things that we say we're going to deliver. We don't want to be another vendor who underserves the industry. We want to be a real partner.

因此，我們希望在花時間做其他事情之前，先真正完善這些內容。所以我想說，這些都是我們未來在適當的時候會進行的擴展領域。我們將確保兌現我們承諾的諾言。我們不想成為另一個對產業服務不足的供應商。我們希望成為真正的合作夥伴。

And so we'll deliver on things that we say we're going to deliver on, and then we'll go from there. And I think international is another great one where both commercial originations and international. Those are things that our Blend Builder platform are capable of doing when the time is right. So we've set ourselves up nicely for those things to be able to enter those markets without huge, massive investments.

因此，我們會履行我們承諾要做的事情，然後從那裡開始。我認為國際是另一個偉大的領域，既有商業起源，也有國際起源。當時機成熟時，我們的 Blend Builder 平台就能夠完成這些事情。因此，我們已經做好了充分的準備，使這些產品能夠在無需巨額投資的情況下進入這些市場。

And then I touched on this earlier, but I also believe that banking is in particular because you're moving bits around and not atoms in banking is a particular area where AI could be very powerful for our customers. so I get the pleasure of being able to work on some of those newer areas for our company.

然後我之前提到過這一點，但我也相信銀行業之所以如此特別，是因為你在銀行業中移動的是比特而不是原子，所以在這個特殊的領域中，人工智慧可以為我們的客戶提供非常強大的功能。因此我很高興能夠為我們公司的一些較新的領域開展工作。

Great, thanks for taking the question.

太好了，謝謝你回答這個問題。

David Unger, Wells Fargo.

富國銀行的戴維‧昂格。

Great, thank you for taking the questions. I just want to double click on the reinvesting efficiency comment just now. I'm wondering how we should think about any change in the capital deployment philosophy once you get proceeds from TIDAL as that layers on top of positive free cash flow.

太好了，謝謝你回答這些問題。我只是想雙擊剛才的再投資效率評論。我想知道，一旦從 TIDAL 獲得收益，我們應該如何看待資本配置理念的任何變化，因為這是基於正自由現金流的。

Thanks. Hey, David, thanks for the question. Let me compliment a little bit of what Nima shared. For us from an investment perspective, everything that Nima mentioned, as you think about it, we're measuring what we do to make sure that we're doing these things with efficiency, whether it's things like the magic number to make sure that our AED deployment.

謝謝。嘿，大衛，謝謝你的提問。讓我對尼瑪的分享稍微讚美一下。對我們來說，從投資的角度來看，Nima 提到的每一件事，正如你所想的，我們都在衡量我們所做的事情，以確保我們高效地完成這些事情，無論是像神奇數字這樣的東西，以確保我們的 AED 部署。

So we're going to continue to reinvest. To your point around post title and title efficiencies and consideration components, this has been on our radar. been on our mission. it's evidence in what we're doing. think for us, the spectrum in the areas that we want to double-click on are the following.

因此我們將繼續進行再投資。對於您提到的有關帖子標題和標題效率以及考慮因素的問題，我們一直在關注。一直在執行我們的使命。這是我們正在做的事情的證據。想想看，我們想要雙擊的區域中的光譜如下。

One, Nima mentioned AI. In terms of not just what he's saying, Srini himself and others, what we can do for our customers and prospects with regards to AI and product expansion, that'll always be in our DNA. Second, go to market. It's down the lines of what you heard Nima say. It's not just the AEs, it's about awareness. It's about making it so that our implementation and our approaches enriching our partner ecosystem to be the strongest. That's going to be the area that we reinvest in and just continue to deploy capital. And we'll always deploy capital in a very ROI centric mindset.

一，尼瑪提到了AI。不僅僅是他所說的，Srini 本人和其他人所說的，我們在人工智慧和產品擴展方面可以為我們的客戶和潛在客戶做些什麼，這些將永遠存在於我們的 DNA 中。第二，走向市場。這和你聽到尼瑪說的一致。這不僅與 AE 有關，也與意識有關。這是為了使我們的實施和方法能夠豐富我們的合作夥伴生態系統，使其變得最強大。這將是我們重新投資並繼續部署資本的領域。我們將始終以投資報酬率為中心的思維方式部署資本。

Appreciate that. And you read my mind, I was actually going to ask you about AI and engagement with customers, but I guess I'll ask it from a different angle in terms of have you been using it internally to help drive efficiency gains in the business?

非常感謝。你讀懂了我的心思，我實際上想問你關於人工智慧和與客戶的互動的問題，但我想我會從不同的角度問，你是否在內部使用它來幫助提高業務效率？

Thanks. Yeah, and know, AI is evolving so quickly that a year ago, some of these efficiency tools were not that great, and now they're really good. And so we are adopting in areas where we think it's really good, and using that to also help us envision how it can help our customer base, because it's similar, actually it's interesting, it's so similar to how these institutions can be more efficient. And it's our job to be able to productize that, package that up nicely for them so they can use it as part of their current workflow, as part of their back office workflow.

謝謝。是的，人工智慧發展如此之快，一年前，一些效率工具還不是那麼好，但現在它們已經非常好了。因此，我們在我們認為非常好的領域採用它，並利用它來幫助我們設想它如何幫助我們的客戶群，因為它很相似，實際上很有趣，它與這些機構如何提高效率非常相似。我們的工作就是將其產品化，為他們精心打包，以便他們可以將其作為當前工作流程的一部分，作為後台工作流程的一部分。

We want to make their lives lot easier with the things that we build for them, whether it's with AI or other modern technologies. I actually want to touch on one thing that Amir mentioned around partnerships and why we've invested so much in partnerships as opposed to our own, building our own things in every area.

我們希望透過我們為他們打造的東西讓他們的生活變得更加輕鬆，無論是人工智慧還是其他現代科技。我實際上想談談阿米爾提到的有關合作夥伴關係的一件事，以及為什麼我們在合作夥伴關係上投入瞭如此多的資金，而不是自己投資，在每個領域建立自己的業務。

Part of it is focus. Like I said, being the best in the world of the two or three things you do really well. is materially better than being just really good at those things. And then second of all, maybe this is on me, I underestimated how, maybe I forgot because I live this every day, how special and how much I appreciate our customers and how special they are.

其中一部分是焦點。就像我說的，在你所擅長的兩三件事中成為世界上最好的。比僅僅擅長這些事情在物質上要好得多。其次，也許這是我的錯，我低估了，也許我忘記了，因為我每天都過著這樣的生活，我多麼珍惜我們的客戶，他們是多麼特別。

So many institutions ranging all sizes, the biggest ones in the world, smaller ones that are trying to be to keep up and be innovative and drive their segment of the market or their niche in the right ways. And that's really appealing to our partners.

有如此眾多的機構，規模各異，有世界上最大的機構，也有規模較小的機構，它們都在努力跟上步伐，不斷創新，以正確的方式推動各自的市場領域或利基市場的發展。這對我們的合作夥伴來說確實很有吸引力。

And the reason that that's so important for us, if we can only do two or three things and be the best in the world at those, and the partners, they do that one or two things and they're the best in the world at those things, and they're motivated to and want to integrate into our platform, that just creates even more value for our customers. And if we always work backwards from the value for our customers, everything will work out in the end.

這對我們來說非常重要，因為如果我們能做兩三件事，並在這些事情上做到世界一流，合作夥伴也能做一​​兩件事，並在這些事情上做到世界一流，他們就會積極主動地融入我們的平台，這就能為我們的客戶創造更多價值。如果我們始終從客戶價值的角度出發，最終一切都會順利。

Customers are willing to stick with us longer, try new products with us. The partners are building more things, building more market share and contributing something to us as a partner of theirs. And for us as Blend, it allows us to grow efficiently as Amir was mentioning.

客戶願意與我們合作更長時間，並與我們一起嘗試新產品。合作夥伴正在創造更多的東西，佔據更多的市場份額，並作為他們的合作夥伴為我們做出貢獻。對我們 Blend 來說，正如 Amir 所提到的，它使我們能夠有效率地成長。

I appreciate all the detail. Thank you very much.

我感謝所有的細節。非常感謝。

Joseph Vafi, Canaccord.

約瑟夫·瓦菲（Joseph Vafi），Canaccord。

Hey guys, good afternoon. Nice results, nice progress. I thought maybe Nima, we'd circle back to your comments on Rocket and Mr. Cooper a bit and appreciate the analogy, you know, going back in time when Rocket first launched and just kind of wanted to drill down a little bit on the kind of similarities today. Number one, do you think that this announcement is more focused on the servicer market or more broad-based, and then could you kind of just remind us kind of how you see your service or share and Greenfield in the mortgage service market?

大家好，下午好。不錯的結果，不錯的進步。我想也許尼瑪，我們會稍微回顧一下你對火箭和庫柏先生的評論，並欣賞這個類比，你知道，回到火箭首次發射的時候，只是想深入了解一下今天的相似之處。第一，您認為此公告更側重於服務商市場還是更廣泛的市場，然後您能否提醒我們，您如何看待您的服務或份額以及 Greenfield 在抵押貸款服務市場中的地位？

And now a quick follow-up, thanks.

現在簡單跟進一下，謝謝。

Yeah, good questions. I'd say, one, I definitely see this broader in the market. I I fielded phone calls that week when the announcement was made from our customers, really of all sizes and of all types, banks, credit unions, IMBs. other servicers. Rocket is a very admirable company, one of the largest in the space, if not the largest, and doing really big things.

是的，好問題。我想說，首先，我確實看到這種現像在市場上更為普遍。當公告發布的那一周，我接聽了來自我們各個規模和類型的客戶的電話，包括銀行、信用合作社和 IMB。其他服務商。Rocket 是一家非常令人欽佩的公司，它是該領域最大的公司之一，甚至可以說是最大的公司，並且正在做著非常大的事情。

It's the rest of the industry's job to make sure that they keep up and in some ways surpass. There are some things that institutions have that Rocket doesn't. The IMDs, look at their retail force as a big strength for them. The credit unions look at their very loyal member base.

該行業的其他部分的任務是確保他們跟上並在某些方面超越。有些東西是機構所擁有的，而 Rocket 所沒有的。IMD 認為零售力量是他們的一大優勢。信用合作社關注的是其非常忠誠的會員基礎。

The banks look at the fact that they touch so many households and they serve a very specific segment of the market. And so those are things that they all view as strengths and they're trying to think of how do they use those strengths to be better in their areas and maybe have unfair advantages.

銀行考慮到它們接觸到如此多的家庭並且它們服務於非常特定的市場部分。因此，他們都將這些東西視為優勢，他們正在思考如何利用這些優勢在自己的領域做得更好，甚至可能獲得不公平的優勢。

And then the second question about our servicer market share, the interesting thing about servicers is a lot of them have been sort of holding steady on the origination side. The originations are typically a recapture of their existing book and they're generally they're better at refinance transactions or much better at refinance recapture than they are on purchase recapture.

第二個問題是關於我們的服務商市場份額，有趣的是，許多服務商在發起方面一直保持穩定。起源通常是對其現有帳簿的重新奪回，並且他們通常更擅長再融資交易或比購買重新奪回更擅長再融資重新奪回。

And so the reason that that's important and the reason I'm so excited about how well we're doing in the servicer space and some of the new ones we sign and we have more, like I said, in the pipeline is that they're the ones best positioned for when there's a refi wave.

所以這很重要，而且我對我們在服務領域的出色表現感到如此興奮，我們簽署了一些新協議，還有更多協議，就像我說的，正在籌備中，因為它們在再融資浪潮來臨時處於最佳位置。

Now the refis will spread around to everyone, but the servicers have that regular monthly touch point with their customers. And so they've sort of been waiting on the sidelines for rates to come down in some ways. Now we have other exposures as well, but for their originations arm to be able to capitalize on lower rates. And so I think the servicers in particular will do extremely well in a lower interest rate environment.

現在，再融資將惠及每個人，但服務商仍會與客戶每月定期接觸。因此，他們一直觀望，等待利率下降。現在我們也有其他風險敞口，但其發起部門能夠利用較低的利率。因此我認為服務商在低利率環境下的表現會非常好。

As will the whole market in Agri, I think the market is sort of spring loaded right now, waiting for rates to come down. But the servicers in particular, because they're so refi heavy, will gain a lot of market share during that time.

正如整個農業市場一樣，我認為市場現在就像彈簧一樣，等待利率下降。但特別是服務商，由於其再融資業務量大，將在此期間獲得大量市場份額。

That's great. Thanks for that color, Nina. And just, you know, I appreciate the color on EB per loan, the moving parts there with the partnership and, you know, contribution per loan going up. Just also wanted to kind of circle back on contribution per loan on the core mortgage product. I know that maybe some of these new customers are going to start there. Is that? Is there variability in that contribution margin on the core product versus some of the add-ons to trying to understand some of the moving parts there a little bit better?

那太棒了。謝謝你的顏色，妮娜。而且，您知道，我很欣賞每筆貸款的 EB 色彩、合作夥伴關係的變動部分以及每筆貸款的貢獻增加。只是想回顧一下核心抵押貸款產品中每筆貸款的貢獻。我知道也許一些新客戶會從那裡開始。是嗎？核心產品與一些附加產品的貢獻利潤率是否存在差異，以便更好地了解其中的一些活動部件？

Thanks. Hi, Joe. The variability is only in that our partnership margins are extremely high for the type of offering that we provide. In terms of what you've seen from us now for a few years, the efficiencies that we've driven, you've seen it come through on the cost of revenue, our contribution profit in aggregate is going to go up. We haven't disclosed that. It's not an area that we will speak to yet. Contribution profit, think for us, our goal this quarter was to start to illuminate it, to focus on it with you and the broader community as it pertains to partnerships and then we'll continue to build on this and so more to come from us as it pertains to our contribution profit. It's really going to be the guiding light for how we think about the expansion and the growth of this business.

謝謝。你好，喬。差異僅在於，對於我們提供的產品類型而言，我們的合作夥伴利潤率極高。就您這幾年看到的情況而言，我們所推動的效率，您已經看到它體現在收入成本上，我們的總貢獻利潤將會上升。我們尚未透露此事。這還不是我們要談論的領域。貢獻利潤，對我們來說，我們本季度的目標是開始闡明它，與您和更廣泛的社區一起關注它，因為它涉及合作夥伴關係，然後我們將繼續在此基礎上繼續發展，並在貢獻利潤方面取得更多進展。它確實將成為我們思考該業務擴張和成長的指路明燈。

Great. Thanks for those comments on there. Thanks, guys.

偉大的。感謝那裡的評論。謝謝大家。

(Operator Instructions) Seth Gilbert, UBS.

（操作員指示）Seth Gilbert，瑞銀。

Thanks for the questions. Maybe for the first one, I'd to dig into RPO a little bit more. It was really strong and I was wondering if you could dig into some of the drivers on the consumer banking side, any products you'd call out or change in the competitive position. And just to confirm, heard this right, the $50 million deal that would be allocated to two-queue RPO, right? So nothing in one queue would be the result of that deal.

感謝您的提問。也許對於第一個，我應該更深入地研究 RPO。它確實很強大，我想知道您是否可以深入研究消費者銀行業務方面的一些驅動因素，以及您會提及的任何產品或在競爭地位方面做出的改變。只是為了確認一下，你沒聽錯，這筆 5000 萬美元的交易將分配給雙隊列 RPO，對嗎？因此，佇列中沒有任何內容是該交易的結果。

Thank you. Yeah, we're happy to. Let me just start with first and foremost on RPOs. Going backwards, the $50 million deal that Nima referenced, the massive win for us, yes, that is a Q2, so you're not going to see that in the RPO that we disclosed in Q1.

謝謝。是的，我們很樂意。我首先從 RPO 開始。回顧一下，Nima 提到的 5000 萬美元的交易，對我們來說是巨大的勝利，是的，那是第二季度，所以你不會在我們在第一季度披露的 RPO 中看到這一點。

And then tied to Q1, we haven't disclosed any elements of RPOs that pertains to byproduct. I think where we want to double down on that is the following. Our ability to gain traction, you heard those numbers that Nima shared, the number of wins that we had not just in Q1, the momentum that we're seeing in Q2, and the month of April alone, the traction that we saw. our ability to continue to, in essence, to let our customers win, in essence, as many of the deals as we've been winning, and then to do so as we've historically done, where the RPO that we're really adding is either tied to platform fees or the minimums.

然後與 Q1 相關，我們尚未揭露與副產品相關的任何 RPO 元素。我認為我們要加倍努力的地方如下。我們獲得牽引力的能力，您聽到了 Nima 分享的那些數字，我們不僅在 Q1 取得的勝利次數，我們在第二季度看到的勢頭，以及僅在 4 月份，我們看到的牽引力。從本質上來說，我們有能力繼續讓我們的客戶贏得盡可能多的交易，然後像我們過去所做的那樣，我們真正增加的 RPO 要么與平台費用掛鉤，要么與最低費用掛鉤。

That's where you're seeing, in essence, the expansion. That's what we were excited about. Obviously, a record quarter for us that we were thrilled with.

從本質上來說，這就是你所看到的擴張。這就是令我們興奮的事情。顯然，對我們來說這是一個創紀錄的季度，我們感到非常興奮。

Yes, understood. And maybe for my second question, maybe it would be helpful to just dig in a little bit more on the priorities. for the company. I mean, you kind of outlined some of them in the prepared remarks. You know, now we have the sale of title, you know, cleaning up that part of the business, preparing for the refi wave when rates lower. There's a bunch of new products within consumer banking.

是的，明白了。對於我的第二個問題，也許進一步深入探討優先事項會有所幫助。為公司。我的意思是，您在準備好的演講中概述了其中的一些內容。你知道，現在我們已經出售了產權，你知道，清理了這部分業務，為利率降低時的再融資浪潮做準備。消費者銀行業務中出現了一系列新產品。

Maybe you could just help us with the top three priorities as we think about 2025.

也許您可以幫助我們確定 2025 年的三大優先事項。

Thank you. Yeah, sure. I would say the number one priority for any vertical software company is to make sure that the existing products at the existing customers are really loved. And so it's got to be the number one priority. And so we're putting a lot of emphasis on that. We're spending a lot of time with our customers. We just had our customer advisory board where we brought 12 key customers from two different parts of our business and two different days and we did that at the New York Stock Exchange, was very well received.

謝謝。是的，當然。我想說，任何垂直軟體公司的首要任務是確保現有客戶真正喜愛現有產品。所以這必須是首要任務。因此我們非常重視這一點。我們花了很多時間與客戶相處。我們剛剛召開了客戶諮詢委員會會議，在兩天的時間裡，我們從兩個不同的業務部門召集了 12 位關鍵客戶，會議在紐約證券交易所舉行，受到了熱烈歡迎。

We want to make sure we're always investing in our customer base and making sure they're getting the most from our products and loving what they're getting without having to pay us an additional incremental dollar. So that's always priority number one. Priority number two is for those existing customers, helping them use the value accreted solutions that are already available from Blend but they're not using. So Blend close would be an example.

我們希望確保我們始終投資於我們的客戶群，並確保他們從我們的產品中獲得最大收益，並且喜歡他們所獲得的產品，而無需向我們支付額外的增量費用。所以這始終是第一要務。第二個優先事項是針對現有客戶，幫助他們使用 Blend 已經提供但他們尚未使用的增值解決方案。Blend close 就是一個例子。

Now the new rapid products, refi, rapid home equity, that's priority number two, because once they're getting a ton of value on their existing products, these are natural add-ons that can drive incremental value to them. And so that's priority number two. then priority number three is once they have those two things, now we can talk about other product lines with them.

現在，新的快速產品、再融資、快速房屋淨值是第二要務，因為一旦他們在現有產品上獲得大量價值，這些都是可以為他們帶來增量價值的自然附加產品。這是第二要務。那麼第三個優先事項是，一旦他們有了這兩樣東西，我們現在就可以與他們討論其他產品線。

And so that could be, know, for a consumer customer, we have consumer customers who are really happy and want to talk about mortgage. We have mortgage customers who are really happy and want to talk to but we have to earn that right with the first two priorities.

因此，對於消費者客戶來說，我們擁有非常高興並希望談論抵押貸款的消費者客戶。我們有一些非常高興並希望與我們交談的抵押貸款客戶，但我們必須透過前兩個優先事項來贏得這項權利。

And in particular, the first priority, which is make sure our mortgage and consumer customers are really, happy with us. Because when they're happy and they're successful and they're making money as a business, that's when they want to invest more with us in the second two priorities.

特別是，首要任務是確保我們的抵押貸款和消費客戶真正對我們滿意。因為當他們感到高興、獲得成功並且透過經營賺錢時，他們就會願意與我們一起在後兩個優先事項上投入更多資金。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員指示）Ryan Tomasello，KBW。

Yeah, that was close. Just a quick follow up, guys. Nima, you mentioned getting the go-to-market sales motion right and that being a big focus here, especially now that you're more inclined to reinvest. So maybe just help us understand what the scalability of the sales organization looks like today and what What do you think is needed there to really start to hit its stride with the new expanded product set?

是的，很接近了。這只是一次快速的跟進，夥計們。Nima，您提到了正確地制定市場銷售計劃，這是這裡的重點，特別是現在您更傾向於再投資。因此，也許只是幫助我們了解當今銷售組織的可擴展性是什麼樣的，以及您認為需要什麼才能真正開始在新的擴展產品系列中取得進展？

Thanks. Yeah, and actually I would say our sales in Q1 and so far in Q2 have been far ahead of my expectations so far this year. Now, there's always room for improvement. There's always things we're looking to do there. I'd say I think given the size of our market, there's a question of how we go after the broader market. And some of it is we do really well with the top 200 or 250 financial institutions in the country because we have a relatively small sales force that goes and talks to them and spends time with them on the ground.

謝謝。是的，實際上我想說，今年到目前為止，我們第一季和第二季的銷售額遠遠超出了我的預期。現在，總有改進的空間。我們總是想在那裡做一些事情。我想說，考慮到我們市場的規模，存在一個問題，即我們如何追逐更廣泛的市場。部分原因是我們與國內排名前 200 或 250 的金融機構合作非常順利，因為我們擁有一支相對較小的銷售隊伍，可以親自去與他們交談並與他們進行實地交流。

Maybe already has an existing relationship because they're an existing customer of ours. And then I think for the down market beneath those top 250, which are still very large financial institutions. So I don't want to downplay the size of those institutions for looking at different models. There's partnership models that we can do to grow that. There's other internal models of building different kinds of teams.

可能已經存在關係，因為他們是我們現有的客戶。然後我認為對於前 250 名的機構而言，低端市場仍然包括非常大的金融機構。因此，我不想為了考察不同的模型而低估這些機構的規模。我們可以採用合作模式來發展這項業務。還有其他建構不同類型團隊的內部模型。

So we're looking at various things. We'll share more with you in the coming quarters, but I would say I'm very pleased with the pace and quality of the wins so far this year from the sales team.

所以我們正在研究各種各樣的事情。我們將在接下來的幾個季度與您分享更多信息，但我想說，我對今年迄今為止銷售團隊取得的勝利的速度和質量感到非常滿意。

And it all goes back to what I said about priorities. And they're also the ones responsible in a lot of cases for making sure the existing customers with the existing products are happy. So I've been very happy with their focus on that as well.

這一切都回到了我所說的優先事項。在許多情況下，他們也負責確保現有產品的客戶滿意。因此，我對他們對此的關注感到非常高興。

And I feel it from our customers. The sentiment, it's sort of always drifts up to me, I always hear about things. And so the fact that I'm hearing it and feeling it from customers, and again, it's not like every day isn't without challenges or something interesting that happens, but in aggregate, it's really trending in the right direction. I'm proud of the team and there's still a lot more work to do.

我從我們的客戶身上感受到了這一點。這種情緒總是縈繞在我的心頭，我總是聽到一些事情。事實上，我從客戶那裡聽到並感受到了這一點，並不是每天都沒有挑戰或發生一些有趣的事情，但總的來說，它確實朝著正確的方向發展。我為這個團隊感到驕傲，還有很多工作要做。

I will now turn the call back over to our host, Amir Jafari, for closing remarks.

現在我將把電話轉回給我們的主持人阿米爾·賈法裡 (Amir Jafari)，請他致最後講話。

Thank you for everyone for joining. There are no further remarks from our side. you. Moderator, can end the call.

感謝大家的參與。我方沒有進一步的評論。你。主持人，可以結束通話了。

Ladies and gentlemen, that concludes today's call. Thank you, all.

女士們、先生們，今天的電話會議到此結束。謝謝大家。