Blend Labs Inc (BLND) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Blend Labs, Inc., second-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Meg Nunnally, Head of Investor Relations. Please go ahead.

感謝您的支持，歡迎參加 Blend Labs, Inc. 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資者關係主管梅格·納納利 (Meg Nunnally)。請繼續。

Good afternoon, and welcome to Blend's financial results conference call for the second quarter Of 2025. I'm Meg Nunnally, Blend's Head of Investor Relations. Joining me today is Nima Ghamsari, our Co-Founder and CEO; and Amir Jafari, our Head of Finance and Administration.

下午好，歡迎參加 Blend 2025 年第二季財務業績電話會議。我是 Blend 投資人關係主管 Meg Nunnally。今天與我一起出席的是我們的共同創辦人兼執行長 Nima Ghamsari；以及我們的財務和行政主管 Amir Jafari。

Before we start today's call, I'd like to note some of the statements on our call will be forward-looking. We also refer to certain non-GAAP measures, which are reconciled to GAAP measures 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'll discuss today, including our profitability, refer to non-GAAP.

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。我們也參考了某些非 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 指標進行了協調。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。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。

Also, certain statements made during today's conference call regarding Blend and its operations, in particular, its guidance for the third quarter and full year 2025, and expectations about our markets, our strategic investments, product development plans, and operational targets may be considered forward-looking statements under the federal securities laws.

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 年第三季和全年的指導，以及對我們的市場、戰略投資、產品開發計劃和營運目標的預期，根據聯邦證券法，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.

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。

All comparisons made in the course of this call are against continuing operations for the same period in the prior year, unless otherwise stated.

除非另有說明，本次電話會議中進行的所有比較均與去年同期的持續經營進行比較。

Lastly, we'll be providing a copy of our prepared remarks on our website by the conclusion of today's call, and an audio replay will also be available soon after the call.

最後，我們將在今天的電話會議結束後在我們的網站上提供一份我們準備好的發言稿的副本，並且電話會議結束後不久也將提供音訊回放。

I'll now turn the call over to Nima.

現在我將把電話轉給尼瑪。

Hello, everyone. This is our second-quarter earnings call, and it's the middle of 2025, but it feels like an annual call since it is our fourth consecutive quarter of solid results. We've now posted four quarters of year-over-year total revenue growth and four quarters of non-GAAP operating profitability.

大家好。這是我們的第二季財報電話會議，時間是 2025 年中期，但感覺就像是年度電話會議，因為這是我們連續第四個季度取得穩健的業績。我們現在已經公佈了四個季度的年增長和四個季度的非公認會計準則營業利潤。

I did want to take a moment to acknowledge the news we released earlier today regarding the leadership transition. I want to thank Amir for his contributions. He took us on the hard work of navigating the company through a challenging period and has set us on a path towards a brighter future. We wish him great success in his future endeavors.

我確實想花點時間來確認我們今天早些時候發布的有關領導層過渡的消息。我要感謝阿米爾的貢獻。他帶領我們努力工作，帶領公司度過了充滿挑戰的時期，並為我們指明了走向更光明的未來的道路。我們祝福他在未來的事業中取得巨大成功。

Our strong results today are a reflection of the hard work we did in 2023 and the first half of 2024, to get our house in order and refocus on our strength as a platform company with our simplified Blend strategy. We turned the corner around the middle of 2024 and entered 2025 ready to execute.

我們今天的強勁業績反映了我們在 2023 年和 2024 年上半年所做的努力，我們透過簡化的 Blend 策略理順了公司內部秩序，並重新專注於我們作為平台公司的優勢。我們在 2024 年中期完成了轉變，並準備在 2025 年實施。

There are three key areas I'd like to highlight where we feel very confident and excited for the future: one, expanding our market share with new logos; two, expanding take rate with existing customers; and three, growing consumer banking to diversify our revenue base.

我想強調三個關鍵領域，我們對未來充滿信心和興奮：第一，用新標誌擴大我們的市場份額；第二，擴大現有客戶的接受率；第三，發展消費者銀行業務，實現收入來源多元化。

Our sales momentum accelerated in Q2 with 23 newer expanded deals, which is double Q1. This growth was driven by a healthy mix of new customer acquisitions and deep product expansions from existing customers, reinforcing Blend's position as a long-term multiproduct platform partner.

我們第二季的銷售動能加速，新增了 23 筆擴展交易，是第一季的兩倍。這一成長是由新客戶的獲取和現有客戶的深度產品擴展的健康組合推動的，鞏固了 Blend 作為長期多產品平台合作夥伴的地位。

In addition to expansion deal we previewed in May, we signed additional seven-figure expansion. This figure also includes three net new logos in the independent mortgage bank or IMB vertical, where we've built a dedicated business unit that brings innovation and go-to-market under a single leader, allowing us to focus on this vertical and capture market share ahead of a market rebound.

除了我們在五月預覽的擴張協議之外，我們還簽署了額外的七位數擴張協議。這一數字還包括獨立抵押貸款銀行或 IMB 垂直領域的三個淨新標識，我們在這些領域建立了一個專門的業務部門，在單一領導下進行創新和上市，使我們能夠專注於此垂直領域並在市場反彈之前佔領市場份額。

Taken together, these customer wins and expansions have propelled our remaining performance obligations balance, or RPO, to a new record for Blend of $190 million.

總的來說，這些客戶的贏得和擴張推動了我們剩餘的履約義務餘額（RPO）達到了 Blend 的 1.9 億美元的新紀錄。

Our sales momentum is helping us drive market share gains. For the customers we signed over the last 12 months, these new logos represent more than 80 bps of 2024 market volumes based on the Home Mortgage Disclosure Act, or HMDA data.

我們的銷售動能正在幫助我們提高市場佔有率。對於我們在過去 12 個月內簽約的客戶而言，根據《房屋抵押貸款揭露法案》（HMDA）數據，這些新標誌代表了 2024 年市場交易量的 80 個基點以上。

Growing share directly translates into Blend revenue growth as new customers ramp. Of the 17 mortgage customers we've signed in the last 12 months, six are already live and ramping on our platform. But even more exciting than our trend in new customers is our trend on churn. Our customer base always comes first, and we consider customer satisfaction and retention as essential to our success.

隨著新客戶的增加，份額的成長直接轉化為 Blend 收入的成長。在過去 12 個月中，我們簽約了 17 位抵押貸款客戶，其中 6 位已在我們的平台上開始營運並逐步發展。但比新客戶趨勢更令人興奮的是客戶流失趨勢。我們的客戶群永遠是第一位的，我們認為客戶滿意度和保留率對我們的成功至關重要。

Looking back, it's no secret that 2023 was a rough year for the mortgage industry, which was unprofitable and cutting costs by any means necessary. That year, we received churn notices from a decent number of customers going out of business or cutting costs. But in 2024, that number declined by 70%. And so far this year, seven months in, we have received zero churn notices from customers.

回顧過去，2023 年對於抵押貸款行業來說是艱難的一年，這已不是什麼秘密，因為該行業沒有盈利，並且不惜一切代價削減成本。那一年，我們收到了大量客戶因停業或削減成本而發出的客戶流失通知。但到2024年，這一數字下降了70%。今年到目前為止，七個月來，我們沒有收到任何客戶流失通知。

The foundation of any vertical SaaS business is this customer base, and I feel momentum qualitatively and I see momentum quantitatively in these numbers. Getting to this point in the cycle wasn't easy, but now that we're here, we have a great foundation for the future to build market share with newly signed customers.

任何垂直 SaaS 業務的基礎都是這個客戶群，我從這些數字中感受到了定性的動力，也看到了定量的動力。要達到週期中的這一點並不容易，但現在我們已經達到了這個水平，為未來透過新簽約客戶建立市場份額奠定了良好的基礎。

Looking forward, on our last earnings call, I talked about the wave of customer inquiries we received in the wake of the announcement that Rocket Mortgage is acquiring Mr. Cooper. Lenders understand that consumers are looking for simplicity and personalization that comes from tech-enabled solutions. Blend can help lenders achieve this goal, and we're seeing both existing customers and prospects who are choosing to invest now to stay competitive rather than wait for the cycle to turn potentially get caught flat-footed. To put some quantification around this, our current pipeline consists of a range of customers representing more than 4% of the 2024 HMDA market share.

展望未來，在我們上次的收益電話會議上，我談到了在 Rocket Mortgage 宣布收購 Cooper 先生之後我們收到的大量客戶問詢。貸款人明白，消費者正在尋找由技術支援的解決方案帶來的簡單性和個人化。Blend 可以幫助貸款人實現這一目標，我們看到現有客戶和潛在客戶都選擇立即投資以保持競爭力，而不是等待週期轉變而措手不及。為了對此進行量化，我們目前的通路由一系列客戶組成，這些客戶佔 2024 年 HMDA 市場份額的 4% 以上。

In addition to growing our market share with new logos, we can also grow revenue by providing more value to our existing customers and in turn expanding our take rate with existing customers. As we help our customers succeed, we'll succeed and pass this down to shareholders.

除了透過新標誌擴大我們的市場份額之外，我們還可以透過為現有客戶提供更多價值並進而擴大現有客戶的接受率來增加收入。當我們幫助客戶取得成功時，我們也會成功並將這項成功傳遞給股東。

Within our mortgage suite, the main way we measure take rate is economic value per funded loan or EVPFL, which represents the per loan contractual rates we receive for mortgages and mortgage-related products. In the second quarter of 2025, our EVPFL was $88, which was in line with the forecast we provided in May. Our EVPFL is now near trough levels after our strategic move to simplify Blend and shift a set of formerly direct services, including home insurance, income verification, and finally, title to a lower revenue but higher-margin partnership model.

在我們的抵押貸款套件中，我們衡量利率的主要方式是每筆貸款的經濟價值或 EVPFL，它代表我們收到的抵押貸款和抵押貸款相關產品的每筆貸款合約利率。2025 年第二季度，我們的 EVPFL 為 88 美元，與我們 5 月提供的預測一致。在我們採取策略性措施簡化 Blend 並將一系列先前的直接服務（包括家庭保險、收入驗證以及最終所有權）轉移到收入較低但利潤率較高的合作模式後，我們的 EVPFL 現已接近低谷水平。

We said in May that we expected the second quarter to be the trough for EVPFL, though Amir will talk in a minute about some of the near-term headwinds that may adversely impact third- and fourth-quarter numbers. Over the longer-term, we continue to expect an upward trend in EVPFL as existing customers add new products and new customers launch with multiproduct solutions.

我們在五月曾表示，預計第二季將成為 EVPFL 的低谷，不過阿米爾稍後會談到一些可能對第三季和第四季數據產生不利影響的近期不利因素。從長遠來看，隨著現有客戶增加新產品以及新客戶推出多產品解決方案，我們預期 EVPFL 將持續呈現上升趨勢。

In the medium-term, we believe the rollout of Rapid Refi has the best potential to drive EVPFL expansion in our mortgage suite. We launched Rapid Refi in February 2025, and discussed the product in some detail on our last earnings call. We believe Blend's Rapid Refi solution is the industry's fastest, most automated, and hyper-personalized refinance solution.

從中期來看，我們認為快速再融資的推出最有可能推動我們抵押貸款套件中 EVPFL 的擴張。我們於 2025 年 2 月推出了 Rapid Refi，並在上次財報電話會議上詳細討論了該產品。我們相信 Blend 的快速再融資解決方案是業界最快、最自動化、超個人化的再融資解決方案。

Customers are willing to pay more for Rapid Refi because it drives better customer conversion, engagement, and loyalty. The product is especially appealing to customers looking to prepare in advance of a market rebound. When volumes do recover, the mix shift towards our Rapid Refi product has the potential to add an extra kicker to our EVPFL.

客戶願意為快速再融資支付更多費用，因為它可以提高客戶轉換率、參與度和忠誠度。該產品對於希望在市場反彈前做好準備的客戶尤其有吸引力。當交易量恢復時，向我們的快速再融資產品轉變有可能為我們的 EVPFL 增添額外的推動力。

Our focus today is on signing new customers so that we, both Blend and our customers, are ready if and when a refi wave comes. In the first half of 2025, we signed four customers with Rapid Refi, and we're just getting started.

我們今天的重點是簽約新客戶，以便當再融資浪潮來臨時，我們（Blend 和我們的客戶）都能做好準備。2025 年上半年，我們與 Rapid Refi 簽約了四位客戶，而這才剛開始。

The other key product for driving EVPFL over the medium- to long term is Blend Close. Blend Close product revenue nearly doubled this quarter compared to the second quarter of 2024. eClose adoption is becoming widespread, especially as a low friction add-on. We're finding that customers often want to include Blend Close and expansions, indicating it's viewed as an essential next step in mortgage modernization.

另一個在中長期推動 EVPFL 發展的關鍵產品是 Blend Close。與 2024 年第二季相比，本季 Blend Close 產品收入幾乎翻了一番。 eClose 的採用正變得越來越廣泛，尤其是作為低摩擦附加組件。我們發現客戶經常希望包括 Blend Close 和擴展，這表明它被視為抵押貸款現代化的下一個重要步驟。

In addition to Rapid Refi and Blend Close, our new ecosystem approach as part of our simplified Blend strategy is an avenue for long-term EVPFL expansion. One example of this is Upfront Title. We announced our Upfront Title partnership with Doma in July. Upfront Title is a solution that integrates a faster and more cost-effective title product directly into the Blend platform.

除了 Rapid Refi 和 Blend Close 之外，作為我們簡化 Blend 策略的一部分，我們的新生態系統方法是長期 EVPFL 擴展的途徑。其中一個例子就是 Upfront Title。我們於 7 月宣布與 Doma 建立 Upfront Title 合作夥伴關係。Upfront Title 是將更快、更具成本效益的標題產品直接整合到 Blend 平台的解決方案。

Since our pilot launch in 2024, we've already seen strong adoption with two major lenders, a top five bank and a top five servicer, and we have a large pipeline of interest. And beyond that, we have more that we're building behind the scenes that should increase our value to our customers, and therefore, drive up value per unit that we capture. I'll talk more about AI later, but this is an area where I see hundreds of dollars of opportunity per loan for us and our customer base.

自 2024 年試點啟動以來，我們已經看到兩家主要貸款機構、一家排名前五的銀行和一家排名前五的服務商的大力採用，並且我們擁有大量的興趣管道。除此之外，我們還在幕後進行更多建設，以增加我們對客戶的價值，從而提高我們獲得的每單位價值。我稍後會詳細談論人工智慧，但我認為在這個領域，我們和我們的客戶群每筆貸款都蘊藏著數百美元的機會。

Shifting gears, while we're working to gain share and expand our take rate within the mortgage suite, we're also seeing rapid growth in our consumer banking suite. Consumer banking represented 36% of total revenue in the second quarter of 2025, up from 28% one year ago. This mix shift is driven by the segment's rapid growth. Year-over-year growth in the second quarter was 43%.

換個角度來說，在我們努力爭取市場份額並擴大抵押貸款業務的佣金率的同時，我們也看到消費者銀行業務的快速成長。2025 年第二季度，消費銀行業務佔總收入的 36%，高於一年前的 28%。這種組合轉變是由該領域的快速成長所推動的。第二季年增43%。

Out of the 23 wins and expansions we posted for the second quarter, 18 included core consumer banking or home equity products. Continued growth of our consumer banking suite is highly strategic to us, not only because of the revenue uplift, but also for diversification of revenue streams, which makes our business more stable over the long-term.

我們在第二季公佈的 23 項成功和擴張中，有 18 項涉及核心消費者銀行業務或房屋淨值產品。我們的消費者銀行業務的持續成長對我們來說具有重要的戰略意義，這不僅是因為收入的增加，還因為收入來源的多樣化，這使我們的業務長期更加穩定。

The pipeline for consumer banking continues to expand as well. Our open pipeline is up 18% year over year at the end of the second quarter.

消費者銀行業務管道也不斷擴大。截至第二季末，我們的開放通路年增了 18%。

Before turning the call over to Amir, I wanted to summarize where we are today and where we're going in the future. We've been through the gauntlet, but we're coming out the other side stronger, and we're committed to driving value for our customers and sustainable growth for shareholders.

在將電話轉給阿米爾之前，我想總結一下我們目前的狀況以及未來的發展方向。我們經歷了嚴峻考驗，但我們會變得更加強大，我們致力於為客戶創造價值並為股東實現永續成長。

Our recent new customer wins, our progress on value-added products, and our growing consumer banking business all give us confidence on the path forward. We're energized, excited and staying ready to capitalize as volumes recover.

我們最近贏得的新客戶、我們在增值產品方面取得的進展以及我們不斷增長的消費者銀行業務都讓我們對未來充滿信心。我們充滿活力、興奮，隨時準備好利用交易量的恢復。

One final topic I'd like to preview with you is the potential for AI to shape the future of the industry. Blend is uniquely positioned as a technology leader with deep relationships in an industry that has historically been burdened with highly manual and time-consuming processes. Legacy loan origination processes have many stare and compare moments, starting with initial documents that are submitted all the way up to post close when quality control teams pour over the data once again. It's tedious, repetitive and subject to human error, making it an excellent candidate for AI.

我想與大家討論的最後一個主題是人工智慧塑造產業未來的潛力。Blend 擁有獨特的技術領先地位，與歷史上一直承受著高度手動和耗時的流程負擔的行業有著深厚的關係。傳統的貸款發放流程有很多凝視和比較的時刻，從提交的初始文件一直到品質控制團隊再次仔細檢查數據後結束。它繁瑣、重複，而且容易出現人為錯誤，因此非常適合人工智慧。

Blend is currently piloting a new AI tool that sits across documents, data, and origination guidelines. The AI tool can identify gaps and potential discrepancies with lightning speed and efficiency. We view it like having the smartest underwriter sitting in the room and checking everything upfront on every loan. By saving time and the painful back-and-forth process, we believe we can potentially save customers thousands of dollars while also capturing better economics for Blend. We'll be moving forward with the pilot and rollout and hope to share more in coming quarters.

Blend 目前正在試用一種跨文件、資料和發起指南的新 AI 工具。人工智慧工具可以以閃電般的速度和效率來識別差距和潛在差異。我們認為這就像讓最聰明的承銷商坐在房間裡，提前檢查每筆貸款的所有內容。透過節省時間和痛苦的來回過程，我們相信我們可以為客戶節省數千美元，同時也為 Blend 帶來更好的經濟效益。我們將繼續推進試點和推廣，並希望在未來幾季分享更多資訊。

With that, I'll turn the call over to Amir.

說完這些，我會把電話轉給阿米爾。

Thank you, Nima. I'd like to say that while I will be moving on from Blend, I'm extremely proud of what we've achieved during my time here. Everything we've done, including our simplified Blend strategy, has made Blend stronger.

謝謝尼瑪。我想說，雖然我將離開 Blend，但我對我們在這裡工作期間所取得的成就感到非常自豪。我們所做的一切，包括簡化的 Blend 策略，都使 Blend 變得更強大。

We cleared one of the final hurdles in implementing our simplified Blend strategy when we announced the signing of a definitive agreement to sell Title365 to Covius in June. We expect that transaction to close later this year, subject to regulatory approvals. With this transition, we are now fully aligned both operationally and strategically around a software-first model that scales through partnerships and platform innovation rather than own services. With our simplified platform focus, we're staying ready to capitalize when volumes recover.

當我們在 6 月宣布簽署最終協議將 Title365 出售給 Covius 時，我們掃清了實施簡化混合策略的最後障礙之一。我們預計交易將於今年稍後完成，但需獲得監管部門的批准。透過這一轉變，我們現在在營運和策略上都完全圍繞軟體優先模式進行調整，該模式透過合作夥伴關係和平台創新而不是自己的服務來擴展。透過簡化平台重點，我們隨時準備在交易量恢復時利用這一優勢。

Let's dive into the results. Total revenue in the second quarter of 2025 was $31.5 million, ahead of the midpoint of our guidance and up 10% year-over-year. As Nima mentioned, this is our fourth consecutive quarter of year-over-year growth.

讓我們深入了解一下結果。2025 年第二季的總營收為 3,150 萬美元，高於我們預期的中位數，年增 10%。正如尼瑪所說，這是我們連續第四個季度實現年增長。

Growth was driven by a 43% increase in consumer banking suite revenue to $11.4 million and partially offset by a 3% decrease in mortgage suite revenue to $18 million. A 43% increase in consumer banking suite revenue was broad-based across all product lines, including core consumer banking products like deposit account openings, credit cards, and vehicle loans as well as home equity lending products, which are included in our consumer banking suite.

成長主要得益於消費者銀行業務套件收入成長 43% 至 1,140 萬美元，但抵押貸款套件收入下降 3% 至 1,800 萬美元，部分抵消了這一增長。消費者銀行套件收入成長 43%，涵蓋所有產品線，包括存款帳戶開立、信用卡和汽車貸款等核心消費者銀行產品以及房屋淨值貸款產品，這些都包含在我們的消費者銀行套件中。

Overall volumes for our mortgage suite were roughly flat year over year. The 3% decrease in mortgage suite revenue was primarily driven by lower EVPFL, which was $88 for the second quarter of 2025 versus $97 a year ago. We, of course, anticipated lower EVPFL as a consequence of our shift to a platform model, and this accounted for $5 of the step down as we decreased low-margin add-on product revenue by $12 per loan and increased high-margin partnership revenue by $7 per loan. To reiterate, our focus is to optimize the operating profit and margins of these partnership transitions. Total revenue also includes $2.1 million of professional services revenue in the second quarter.

我們的抵押貸款總額與去年同期基本持平。抵押貸款套件收入下降 3% 主要是由於 EVPFL 下降，2025 年第二季 EVPFL 為 88 美元，而去年同期為 97 美元。當然，由於我們轉向平台模式，我們預計 EVPFL 會降低，這導致了 5 美元的下降，因為我們將低利潤的附加產品收入每筆貸款減少了 12 美元，而高利潤的合作夥伴收入每筆貸款增加了 7 美元。重申一下，我們的重點是優化這些合作夥伴關係轉型的營業利潤和利潤率。總收入還包括第二季的 210 萬美元專業服務收入。

Looking back to consolidated results. Our total gross profit was $23.3 million. After excluding stock-based compensation and capitalization of amortized software, our non-GAAP gross profit was $24 million, and our non-GAAP gross margin was 76%, up from 71% in the second quarter of 2024. Non-GAAP operating expenses were $19.3 million, down $6.6 million year over year. Non-GAAP operating income was positive $4.7 million, above the midpoint of our guidance and representing a non-GAAP operating margin of 15%. This is our fourth consecutive quarter of positive non-GAAP operating income.

回顧合併結果。我們的總毛利為2330萬美元。扣除股票薪資和攤銷軟體資本化後，我們的非公認會計準則毛利為 2,400 萬美元，非公認會計準則毛利率為 76%，高於 2024 年第二季的 71%。非公認會計準則營運費用為 1,930 萬美元，年減 660 萬美元。非公認會計準則營業收入為正 470 萬美元，高於我們預期的中位數，非公認會計準則營業利益率為 15%。這是我們連續第四個季度實現非公認會計準則營業收入為正。

Free cash flow for the quarter was negative $9 million, which compares to negative $5.1 million in the same quarter last year. Our balance sheet remains strong, thanks to the work we did in 2024 to clear away debt and realign the cost structure of the business for sustainable growth. As of June 30, 2025, we had approximately $93.3 million of cash, cash equivalents, and marketable securities, inclusive of restricted cash.

本季自由現金流為負 900 萬美元，去年同期為負 510 萬美元。由於我們在 2024 年為清除債務和重新調整業務成本結構以實現永續成長所做的工作，我們的資產負債表依然強勁。截至 2025 年 6 月 30 日，我們擁有約 9,330 萬美元的現金、現金等價物和有價證券，包括受限現金。

Year-to-date through June 30, we repurchased approximately 1.3 million shares worth more than $4 million. As of June 30, we had $20.9 million remaining under our repurchase authorization, and we continue to view this as an opportunity for further capital allocation given current stock trading levels.

截至 6 月 30 日，我們年初至今已回購約 130 萬股，價值超過 400 萬美元。截至 6 月 30 日，我們的回購授權餘額為 2,090 萬美元，鑑於目前的股票交易水平，我們繼續將此視為進一步配置資本的機會。

Next, I want to provide some additional color on EVPFL and RPO. EVPFL for the second quarter came in at $88, which is in line with the guidance we provided in May. EVPFL has been coming down in recent quarters due to our strategic decision to sell and transition to a partnership model for our homeowner insurance and income verification businesses as part of our simplified Blend strategy.

接下來，我想對 EVPFL 和 RPO 提供一些額外的說明。第二季的 EVPFL 為 88 美元，與我們 5 月提供的指導一致。由於我們做出了一項策略決策，即出售房屋保險和收入核實業務，並將其轉變為合作夥伴模式，作為我們簡化混合策略的一部分，EVPFL 在最近幾季一直在下降。

We have previously said that we expect the second quarter of 2025 to be a trough as we're moving past the strategic transition headwind. While we are indeed near trough levels, we have another near-term headwind that we expect to impact EVPFL for the rest of 2025. This near-term headwind is primarily related to a large strategic deal we signed with a top five IMB that has lower upfront pricing.

我們之前曾表示，預計 2025 年第二季將進入低谷，因為我們正在走出策略轉型的逆風。雖然我們確實接近低谷水平，但我們還面臨另一個短期阻力，預計這將在 2025 年剩餘時間內影響 EVPFL。近期的不利因素主要與我們與前期定價較低的五大 IMB 簽署的一項大型策略協議有關。

The size, scope, and long-term nature of this deal made it more than worth the near-term drag on EVPFL. With this in mind, we expect third quarter EVPFL to be approximately $85 to $86, and we expect to exit 2025 near the mid- to upper-80s. Longer-term, we still expect uplift from value-add products as Nima discussed.

這筆交易的規模、範圍和長期性質使得它對 EVPFL 造成的短期拖累是值得的。考慮到這一點，我們預計第三季的 EVPFL 約為 85 至 86 美元，並且我們預計 2025 年的 EVPFL 將在 85 美元左右。從長期來看，我們仍然預計加值產品將會帶來提升，正如 Nima 所討論的那樣。

Shifting to RPO. For the second quarter, RPO set another record, coming in at $190 million. This is up from $158 million in the first quarter of 2025. As a reminder, RPO stands for remaining performance obligations. This balance represents commitments and minimums in customer contracts for services expected to be provided in the future that have not been recognized as revenue.

轉向RPO。第二季度，RPO 創下另一項紀錄，達到 1.9 億美元。這一數字高於 2025 年第一季的 1.58 億美元。提醒一下，RPO 代表剩餘履約義務。此餘額代表客戶合約中預計未來提供的服務的承諾和最低限額，但尚未確認為收入。

Before I turn to guidance, I'd like to offer some commentary on industry volumes. As a reminder, we use HMDA data as our benchmark for total market size. 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.

在給出指導之前，我想對行業規模發表一些評論。提醒一下，我們使用 HMDA 數據作為總市場規模的基準。我們相信，這種自下而上的資料集是我們詳細了解我們的業務在市場中的表現的最佳方式。

For 2024, HMDA mortgage volumes were approximately 4 million. For full year 2025, we're estimating market volumes of 4.24 million to 4.64 million, representing year-over-year growth of 5% to 15%. We've been giving these estimates on a quarterly basis. As previously noted, we estimated first quarter 2025 market volumes were 800,000 to 900,000 units and second quarter volumes were 1.15 million to 1.25 million.

到 2024 年，HMDA 抵押貸款金額約為 400 萬。到 2025 年全年，我們預計市場銷量將達到 424 萬至 464 萬輛，年增 5% 至 15%。我們一直按季度給出這些估計。如前所述，我們估計 2025 年第一季的市場銷量為 80 萬至 90 萬輛，第二季的市場銷量為 115 萬至 125 萬輛。

Our estimate for the third quarter is 1.16 million to 1.26 million units, which at the midpoint represents quarter-over-quarter growth of approximately 0.8%. We'd expect a slight volume downtick between Q3 and Q4, in line with normal seasonal patterns. Our current expectation for the fourth quarter is 1.13 million to 1.23 million units.

我們對第三季的預測是 116 萬至 126 萬輛，中間值代表季增約 0.8%。我們預計第三季和第四季之間的銷量會略有下降，符合正常的季節性模式。我們目前對第四季的預期是113萬至123萬台。

Now, turning to our financial expectations for the third quarter. We expect total revenue between $31.5 million and $33.5 million, with the midpoint representing a year-over-year decline of 2%. Our total non-GAAP operating income is expected to be between $3 million and $4.5 million. We've previously said we expect full-year non-GAAP operating expenses to be in the range of $85 million to $90 million. We're actively making adjustments to the business in response to ongoing pressure in the mortgage market that could result in operating expenses coming in below that range. We'll be able to provide further updates on our next earnings call.

現在，我們來談談我們對第三季的財務預期。我們預計總收入在 3,150 萬美元至 3,350 萬美元之間，中間值代表年減 2%。我們的非公認會計準則總營業收入預計在 300 萬美元至 450 萬美元之間。我們之前曾表示，預計全年非 GAAP 營運費用將在 8,500 萬美元至 9,000 萬美元之間。我們正在積極調整業務，以應對抵押貸款市場的持續壓力，這可能導致營運費用低於該範圍。我們將在下次收益電話會議上提供進一步的更新資訊。

And now, let's take your questions.

現在，我們來回答你們的問題。

(Operator Instructions) Dylan Becker, William Blair.

（操作員指示）迪倫貝克爾、威廉布萊爾。

Hey guys, I appreciate it here. Maybe Nima, starting with you. I know there's been a little bit more near-term rate volatility and some kind of pump takes on origination volumes over the past few years here. But wonder how you're kind of thinking about the factors that are contributing to potential unlock of overall volumes, whether rates, pricing, supply, et cetera, and kind of what you're hearing there?

嘿夥計們，我很感激。可能尼瑪，就從你開始吧。我知道，過去幾年來，短期利率波動有所加大，而且貸款發放量也出現了一定幅度的成長。但想知道您是如何看待那些導致整體交易量潛在釋放的因素的，無論是利率、定價、供應等等，以及您聽到的是什麼？

And then maybe pairing that with the momentum you guys are seeing in the home equity product on the consumer side that maybe makes you a little bit more insulated regardless of which directions rates move.

然後也許將其與你們在消費者方面的房屋淨值產品中看到的勢頭相結合，無論利率如何變動，也許會讓你更加免受影響。

Yeah. Thanks for the question, Dylan. A couple of things I'd say, the small rate movements make a big difference in our customers' volume basis. And so we've seen that a few times late '24, we saw that once. And then even recently when rates came down on Friday because of the jobs report, we saw that as well.

是的。謝謝你的提問，迪倫。我想說的有幾點，微小的利率變動會對我們客戶的交易量產生很大的影響。我們在 24 年末見過幾次這種情況，我們見過一次。甚至最近，當週五由於就業報告而導致利率下降時，我們也看到了這種情況。

So on the one hand, it's something we pay very close attention to. But on the other hand, it's something that's out of our control. And so the things that in our control is one of the things that you called out, which is a budding home equity business. And I talked about Rapid Refi in my prepared remarks, but another one of our Rapid products is Rapid Home Equity, which is a far more automated, far higher conversion home equity product that we're really excited about.

因此，一方面，這是我們非常關注的事情。但另一方面，這是我們無法控制的事情。因此，我們所控制的事情就是您所提到的事情之一，即新興的房屋淨值業務。我在準備好的演講中談到了 Rapid Refi，但我們的另一款 Rapid 產品是 Rapid Home Equity，它是一種自動化程度更高、轉換率更高的房屋淨值產品，我們對此感到非常興奮。

And it's getting great uptake from our customers. I mean, they really love the concept of giving someone a real home equity offer that they can really act on in the moment and it creates more value for them, creates more value for us in turn. So not only are we seeing home equity volumes rebound, we signed a number of very large home equity lenders late last year and some this year.

我們的客戶對此反應熱烈。我的意思是，他們真的很喜歡向某人提供真正的房屋淨值報價的概念，他們可以立即採取行動，這為他們創造了更多價值，反過來也為我們創造了更多價值。因此，我們不僅看到房屋淨值交易量反彈，我們還在去年年底和今年簽署了一些非常大的房屋淨值貸款機構。

And on top of that, we've been adding Rapid Home Equity as an add-on to existing home equity customers. So in some ways, that's helping insulate us from the things that are out of our control like rate movements. But I think we've kind of set ourselves up really well.

除此之外，我們也為現有房屋淨值客戶增加了「快速房屋淨值」附加服務。因此，從某種程度上來說，這有助於我們免受利率變動等我們無法控制的因素的影響。但我認為我們已經做好了充分的準備。

The last thing I want to highlight as part of that is probably the most important, the thing that I really love the most about this year's numbers is how much we've stabilized our customer base in a time of turmoil, because that's the thing that sets us as a foundation. It sets the foundation for us as a company to not just take advantage of the rate rebound, but come out much stronger when rates do come down. The fact that we have basically -- I shouldn't say basically, we have zero churn this year, churn notices this year from customers. I mean, that's quite a feat for any software company, let alone a software company in the space as volatile as the mortgage industry.

我最後要強調的一點可能是最重要的一點，我對今年的數據最喜歡的一點是，在動盪時期，我們的客戶群穩定了多少，因為這是我們的基礎。它為我們公司奠定了基礎，使我們不僅能夠利用利率反彈，而且當利率下降時，我們公司將變得更加強大。事實上，我們基本上——我不應該說基本上，今年我們的客戶流失率為零，今年的客戶流失通知為零。我的意思是，對於任何軟體公司來說這都是一項了不起的成就，更不用說在像抵押貸款行業這樣動蕩的領域中的軟體公司了。

So very excited about that and something that we really hang our hat on because we've stayed customer focused. We've made sure we do right by our customers. It doesn't mean we're perfect, but we always follow through on the things that we say we're going to do as best that we can, and our customers all know that we care about them.

我們對此感到非常興奮，我們對此非常重視，因為我們始終以客戶為中心。我們確保為客戶提供優質服務。這並不意味著我們是完美的，但我們總是盡最大努力完成我們說過要做的事情，我們的客戶都知道我們關心他們。

Yeah. No, certainly. No, I agree wholeheartedly with that and that makes sense, Nima. Maybe, Amir, switching over to you on the per funded loan metrics. And I do think with a large customer kind of working with them from an economic perspective makes sense with the near-term step down there. But could you maybe remind us the puts and takes of what that kind of implementation and ramp can look like over time as maybe they start onboarding and adopting more products and how we could think about kind of the pace of recovery as Rapid Refi and a handful of these other solutions start to contribute more materially due to the higher RPO uplift there? Thank you.

是的。不，當然。不，我完全同意這一點，而且這很有道理，尼瑪。也許，阿米爾，我們可以根據每筆貸款的發放指標來決定是否要接受你。我確實認為，從經濟角度來看，與大客戶合作對於短期內降低成本是有意義的。但是，您能否提醒我們，隨著時間的推移，這種實施和提升會是什麼樣子，因為他們可能會開始引入和採用更多的產品，以及我們如何看待復甦的速度，因為快速再融資和少數其他解決方案由於那裡的 RPO 提升而開始做出更實質性的貢獻？謝謝。

Absolutely. Thanks, Dylan, for the question. I'll start with the same component as to what Nima mentioned, which is for the customer that we signed and this ability to, in essence, not just keep the customer, but enable us to grow with them.

絕對地。謝謝 Dylan 提出這個問題。我將從 Nima 提到的相同部分開始，即針對我們簽約的客戶，這種能力本質上不僅能夠留住客戶，還能讓我們與他們共同成長。

We brought a very large customer on board. That customer, in terms of your question of ramp, they're already a large customer. And so in the short-term, what you'd see is in essence, the headwind that we discussed, which is a pressure on our economic value per funded loan for this customer and for our other customers, the expansion for us on EVPFL will come from two components.

我們引進了一位非常大的客戶。就您提到的坡道問題而言，該客戶已經是一個大客戶了。因此，在短期內，您會看到，本質上，就是我們所討論的阻力，即對我們為該客戶和其他客戶每筆貸款的經濟價值的壓力，我們在 EVPFL 上的擴張將來自兩個方面。

It will come from not just the ramp of the mortgage solution, which is where we always start, but it will come from then the adoption of Close, which we've shared is highly accretive to us and very -- just very beneficial for both Blend and obviously, our customers.

它不僅來自於抵押貸款解決方案的提升（這是我們一直以來的起點），而且還來自於 Close 的採用，我們已經分享過，這對我們來說非常有增值作用，並且對 Blend 和我們的客戶都非常有利。

Then lastly, as it pertains to what you already noted yourself, we have shared and we believe Rapid Refi, for what we're seeing in the market today -- not just in terms of timing, but also in terms of its value components -- will be the second component that allows us to become much more headwind -- much more tailwind centric, I'm sorry, and allow us to regrow and get EVPFL back to a growth rate.

最後，正如您自己已經提到的，我們已經分享過，並且我們相信，就我們今天在市場上看到的而言，Rapid Refi 將是第二個組成部分，它使我們變得更加順風，對不起，更加以順風為中心，並使我們能夠重新成長並使 EVPFL 恢復增長率。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

Hi everyone, thanks for taking the questions. Nice to see the strong sales momentum. Regarding the 23 deals you called out in the third quarter, can you say what the mix was in terms of new logos versus expansion?

大家好，感謝你們回答問題。很高興看到強勁的銷售動能。關於您在第三季提到的 23 筆交易，您能否說明一下新標誌與擴張的比例是多少？

And on the new logo front, it sounds like Nima, you're seeing traction there, but just any way to quantify if you're seeing that mix of new logos in terms of deals quarter-to-quarter increase?

在新的標誌方面，聽起來就像尼瑪，你看到了那裡的吸引力，但是有沒有辦法量化你是否看到新標誌組合在交易量方面逐季增加？

And then lastly, just on the IMB logos you called out, I think, three new logos signed in the quarter here. Any context on what drove those wins, specifically if those were competitive takeaways?

最後，就您所提到的 IMB 標識而言，我認為本季已經簽署了三個新標誌。有什麼背景可以說明這些勝利的動力嗎，特別是那些具有競爭力的收穫？

Yeah. In many cases -- I'll start with the IMB question first. In many cases, those are competitive takeaways. because it's taken a lot for us to get to this point in the cycle where we're not just stable, but we're innovating quite a bit. And we mentioned Rapid Refi, but that's one piece. We're investing heavily in Blend Close. We're investing heavily in our core platform.

是的。在很多情況下——我會先從 IMB 問題開始。在很多情況下，這些都是競爭優勢。因為我們花了很多功夫才達到週期中的這一點，我們不僅穩定，而且還在進行大量創新。我們提到了快速再融資，但這只是其中一部分。我們正在對 Blend Close 進行大量投資。我們正在大力投資我們的核心平台。

And so our customers really appreciate that. They want a partner who can innovate through the ups and downs in the market. And so I think we've shown that we're resilient, and we will do that. And we'll keep building things.

我們的客戶對此非常感激。他們希望找到一個能夠在市場起伏中不斷創新的合作夥伴。所以我認為我們已經證明了我們的韌性，我們也會做到這一點。我們將繼續建設。

I mean, one of the most common things I hear about software providers in the industry is they stopped innovating. They let their technology get stale. And they look at this AI wave as something that our customers look at it as something they can really benefit from. But tech companies in this space aren't really being able to take advantage of it in the way that they should. And so I think a lot of that is our resilience is what has led us to this point in the cycle with the IMBs. And I think layering that on top of the fact that we now have a dedicated business unit.

我的意思是，我聽到的關於業內軟體供應商的最常見的事情之一就是他們停止了創新。他們讓自己的技術變得陳舊。他們將這股人工智慧浪潮視為我們的客戶能夠真正從中受益的東西。但該領域的科技公司實際上並沒有能夠以應有的方式利用它。所以我認為，很大程度上是我們的韌性讓我們在 IMB 週期中達到了這個階段。我認為，我們現在有一個專門的業務部門，這一點至關重要。

One thing about IMBs, and you probably know this, Ryan, is they're very idiosyncratic. They're a little different than a bank or a credit union or maybe a lot different in some cases. And so they have unique needs. They're very different in how they operate, how they track their P&L, what things are important to them, which is why we stood up a dedicated IMB business unit. And that dedicated IMB business unit includes the ability to build products, the ability to support our customers, the ability to sell to our customers, our prospects, and that's really driven a lot of, I guess, positive momentum with the IMBs from us.

關於 IMB 的一個特點是，Ryan，你可能知道這一點，那就是它們非常獨特。它們與銀行或信用合作社略有不同，在某些情況下甚至有很大不同。因此他們有獨特的需求。他們的運作方式、如何追蹤損益表以及哪些事情對他們重要都有很大的不同，這就是我們成立專門的 IMB 業務部門的原因。這個專門的 IMB 業務部門包括製造產品的能力、支援客戶的能力、向客戶銷售產品的能力、我們的潛在客戶的能力，我想這確實為我們的 IMB 帶來了許多積極的發展勢頭。

They feel more than ever that we care about them. We've always cared about them, but now they get to feel it and see it firsthand and have a dedicated team that they get to work with. And so I think it's been really a very positive story for Blend and one that I think this market with the IMBs, it's such a big market, such an interesting market and one that now we have this focused unit, I think we can take a focused effort at continued expansion there.

他們比以往任何時候都更感受到我們的關心。我們一直關心他們，但現在他們可以親身感受和看到這一點，並擁有一支專門的團隊與他們合作。因此，我認為這對 Blend 來說確實是一個非常積極的故事，而且我認為這個擁有 IMB 的市場是一個非常大的市場，一個非常有趣的市場，而且現在我們有了這個專注的部門，我認為我們可以集中精力繼續在那裡擴張。

As for a breakdown of new logos versus expansions, we don't share that -- we haven't shared that number. But I think one thing that's been surprising to me has been how much -- through the first half of '24, it was very hard to sign new logos because people are still in cost-cutting mode.

至於新標誌與擴充的細分情況，我們不會分享——我們還沒有分享這個數字。但我認為令我感到驚訝的一件事是——在 2024 年上半年，簽署新標誌非常困難，因為人們仍處於削減成本的模式。

Now, not only are we getting new -- existing customers to expand, but we are getting -- our pipeline is very good. The customers we've signed this year, the new logos we brought on this year, we've announced a number of them publicly, in fact, are some big names. And of course, smaller ones that go along with it, but these are companies that maybe took '23 in the first half of '24 off, and now they're coming back to the table and saying, hey, it looks like the market is going to recover imminently. Let's get in front of that.

現在，我們不僅在拓展新舊客戶，而且我們的管道也非常好。我們今年簽約的客戶、今年推出的新標識，我們已經公開宣布了不少，事實上，都是一些大牌。當然，也有一些規模較小的公司也加入進來，但這些公司可能在 2024 年上半年休息了 2023 年，現在他們又回到談判桌前說，嘿，看起來市場即將復甦。讓我們先來談談這個問題。

So it's one of the things that -- layered on all the other good things that I said that I'm excited about, it gives me a lot of promise for the industry's future and obviously, Blend is part of it.

所以，這是我所說的所有其他讓我興奮的好事之一，它給了我對這個行業的未來很多希望，顯然，Blend 是其中的一部分。

Great. And then, Amir, I think -- apologies if I missed this in your prepared remarks, but I think you've previously been guiding to a Rule of 40 by the end of this year. Is that still the case? Or anything notable to call out in terms of changes on that front?

偉大的。然後，阿米爾，我想——如果我在你準備好的發言中沒有提到這一點，請原諒，但我認為你之前已經指導過在今年年底之前實現 40 規則。現在還是這樣嗎？或者在這方面有什麼值得注意的變化嗎？

Hey, Ryan. Thanks for the question. We're not in a position to make any changes yet. We're obviously monitoring the macro in its own aggregate. There's a lot of movements, not just to your question, but to what Dylan mentioned earlier. But we expect to be able to come back in the next quarter and just either reaffirm or obviously change or update our perspective.

嘿，瑞安。謝謝你的提問。我們目前還不能做出任何改變。顯然，我們正在以自己的總量來監控宏觀經濟。有很多動作，不僅是針對你的問題，還有 Dylan 之前提到的。但我們預計能夠在下個季度回來並重申或明顯改變或更新我們的觀點。

Thanks for taking the questions.

感謝您回答這些問題。

(Operator Instructions) Aaron Kimson, Citizens.

（操作員指示）Aaron Kimson，公民。

Great, thank you guys. Nima, I want to start with a bigger picture question. I think it's topical with the release of GPT-5 today, SaaS companies trading off in your vertical software background of Palantir and Blend. How do you think about the relative positioning of vertical software vendors versus horizontal vendors in an agentic AI world, specifically in financial services?

太好了，謝謝大家。尼瑪，我想從一個更大的問題開始。我認為這與今天 GPT-5 的發布有關，SaaS 公司在 Palantir 和 Blend 的垂直軟體背景中進行權衡。您如何看待代理人工智慧世界中垂直軟體供應商與水平供應商的相對定位，特別是在金融服務領域？

Yeah. The thing about vertical software that makes it so special is that you can get real results as a customer very quickly. Some of the customers that we announced, putting aside AI for a second, some of the customers we announced earlier this year or last year are already live and ramped and doing a ton of volume, including a top 10 bank. So something that we're super proud of is that because it's vertical software, because it's built -- purpose-built for this industry and for this use case, it allows for much more rapid ROI for our customers. So that's one piece.

是的。垂直軟體的特別之處在於，作為客戶，您可以非常快速地獲得真正的結果。我們宣布的一些客戶，暫且不談人工智慧，我們在今年稍早或去年宣布的一些客戶已經上線並開始大規模運營，交易量巨大，其中包括一家排名前十的銀行。因此，我們非常自豪的是，由於它是垂直軟體，因為它是專門為這個行業和這個用例構建的，它可以為我們的客戶帶來更快的投資回報。這就是其中一件事。

I think vertical software in general is superior in a lot of ways for that reason versus going into a horizontal platform and completely having to customize it from scratch to serve a use case that's the same across hundreds of or thousands of institutions.

基於這個原因，我認為垂直軟體總體上在許多方面都比水平平台更勝一籌，而水平平台則必須完全從頭開始定制，以滿足數百或數千個機構的相同用例。

And then with AI, it becomes even more acute because the purpose of AI, agentic AI is to -- is going to be in this industry, my belief is going to be to take a lot of the things that are operationally very manual for our customers that drives up costs for our customers and ultimately for consumers.

然後，隨著人工智慧的發展，這個問題變得更加尖銳，因為人工智慧的目的，代理人工智慧的目的，我相信在這個行業中，將會為我們的客戶承擔很多操作上非常手動的事情，這會增加我們客戶的成本，並最終會增加消費者的成本。

It's going to make those things much faster and easier. And so a simple example would be, humans have to go and look at appraisals and look for three exterior photos and three interior photos. And that's something that AI can do extremely well. But there's thousands of those examples per loan.

這將使這些事情變得更快、更容易。一個簡單的例子是，人類必須去查看評估並尋找三張外部照片和三張內部照片。而這正是人工智慧可以做得非常好的事情。但每筆貸款都有數千個這樣的例子。

And so when you're thinking about how to make this industry modern and efficient, really the only way is something we can handle this level of unstructured complexity and bring simplicity to it, and it has to be purpose-built for this industry in order to do that. Otherwise, every single lender is going to be building the same prompts, the same agents with the same tools for the same use case from scratch. And it's hard to maintain because those rules change as Fannie and Freddie and others update their guidelines as regulations change.

因此，當您思考如何使這個行業現代化和高效時，唯一的方法就是我們能夠處理這種程度的非結構化複雜性並使其變得簡單，並且必須專門為這個行業打造才能做到這一點。否則，每個貸方將從頭開始為相同的用例建立相同的提示、相同的代理和相同的工具。而且很難維持，因為隨著房利美和房地美以及其他公司根據法規的變化更新其指導方針，這些規則也會隨之變化。

So it's very important, and I think vertical software companies are well positioned to deliver outcomes faster with AI. And hopefully, Blend is no exception.

所以這非常重要，我認為垂直軟體公司有能力利用人工智慧更快地交付成果。希望 Blend 也不例外。

That's really helpful perspective. Thank you. And then Amir, thanks for everything as well. I guess one last question on the public calls for you. It's great to see the strong consumer banking growth again this quarter at 43%. I'm trying to quantify Dylan's question a little bit. How should we think about the home equity component of the consumer banking line, its contribution to growth coming in above the top end of the CAGR range again in 2Q and the possibility that [HELOCs] will be included in the mortgage revenue line in the future so we can better understand the core consumer revenue?

這確實是一個很有幫助的觀點。謝謝。還有阿米爾，也謝謝你所做的一切。我想問您最後一個關於公眾呼籲的問題。很高興看到本季消費者銀行業務再次強勁成長 43%。我嘗試稍微量化一下 Dylan 的問題。我們應該如何看待消費銀行業務中的房屋淨值部分，它對成長的貢獻在第二季度再次超過複合年增長率範圍的上限，以及未來 [HELOC] 被納入抵押貸款收入線的可能性，以便我們更好地了解核心消費者收入？

Thanks, Aaron. Let me double click into that by just breaking it down into a few pieces. First, as it pertains to home equity, there's a seasonal aspect that we've spoken to. And so you're seeing that uptick from a quarter-over-quarter perspective.

謝謝，亞倫。讓我雙擊它並將其分解成幾個部分。首先，就房屋淨值而言，我們已經談到了季節性因素。因此，從季度環比來看，你會看到這種上升趨勢。

Second, we've continued to not just add from the core home equity application, but in essence, our Rapid Home Equity. We're seeing that app gain traction, which implies that our market share and overall, what we're able to achieve has been increasing, hence, the increase that you see relative in the consumer banking numbers.

其次，我們不僅繼續增加核心房屋淨值應用程序，而且從本質上增加我們的快速房屋淨值。我們看到該應用程式越來越受歡迎，這意味著我們的市場份額以及我們能夠實現的整體目標一直在增加，因此，您可以看到消費者銀行業務數據相對增加。

Embedded in those numbers as well, though, is our success as it pertains to non-home equity, so deposits and the other core components, credit cards, auto, and so on and so forth. It's the function that all of those are in essence, executing right now, which is why we were able to execute to what we did in Q2.

不過，這些數字也反映了我們在非房屋淨值方面的成功，包括存款和其他核心組成、信用卡、汽車等等。從本質上講，這些都是現在正在執行的功能，這也是我們能夠執行第二季所做的事情的原因。

On a prospective basis, to now correlated to your question as it pertains to what Dylan mentioned, there will be a point in time where, again, as you see a very large return and stabilization of mortgage and refi, we expect home equity to somewhat stabilize. You'll see, in essence, one side versus another. But we feel very good because of the market share that we have in home equity, the expansion through Rapid Home Equity, which is really allowing us to drive price uplift. And then lastly, our ability to just bring that together from a whole suite of solutions that just power what we do today.

從預期來看，現在與你的問題相關的是，因為它與 Dylan 提到的有關，在某個時間點，當你看到抵押貸款和再融資的回報非常大且穩定時，我們預計房屋淨值會有所穩定。從本質上來說，你會看到一方對抗另一方。但我們感覺非常好，因為我們在房屋淨值市場佔有一定份額，而且透過 Rapid Home Equity 實現擴張，這確實使我們能夠推動價格上漲。最後，我們有能力將這一切整合到一整套解決方案中，為我們今天的工作提供動力。

Thank you.

謝謝。

(Operator Instructions) Joe Vafi, Canaccord.

（操作員指示）Joe Vafi，Canaccord。

Thank you. This is Pallav Saini on for Joe. Thanks for taking the question. I just have one. Nima, you talked about the opportunities in AI and what you can do there for your clients. How should we think about the investment that's needed to get there?

謝謝。我是帕拉夫·塞尼，代表喬發言。感謝您回答這個問題。我只有一個。Nima，您談到了人工智慧領域的機會以及您可以為客戶做些什麼。我們應該如何考慮實現這一目標所需的投資？

Good question. Yeah, I would say to start with, it's -- we're very early in our AI journey. So I want to couch my answer with that in mind. But one of the things that makes AI very helpful for us is not only the use cases and outcomes that it can drive for our customers, but it's also making us more efficient as an organization using the AI tools internally. We use it across our entire product life cycle. We use it across every aspect of how we work with creating materials, content. And so it's making us more efficient. And even building AI tools is getting more efficient by the day.

好問題。是的，首先我想說的是，我們的人工智慧之旅才剛開始。因此我想以此為基礎來回答。但是，人工智慧對我們非常有幫助的因素之一不僅是它可以為我們的客戶帶來用例和結果，而且還使我們作為一個組織在內部使用人工智慧工具更有效率。我們在整個產品生命週期中使用它。我們在創作材料和內容的各個方面都使用它。因此它使我們更有效率。甚至建置人工智慧工具也變得越來越有效率。

I don't know if you saw, but an hour ago or so, OpenAI released GPT-5. Those kinds of things are only beneficial to our story and our ability to serve our customers and drive ROI. And so while I don't have an exact investment number for you, I can say, in aggregate, it's making our company better and more efficient, and it will make our customers' lives better and more efficient as well.

我不知道你是否看到了，但大約一個小時前，OpenAI 發布了 GPT-5。這些事情只會對我們的故事以及我們服務客戶和推動投資回報率的能力有益。因此，雖然我沒有確切的投資數字可以告訴您，但我可以說，總的來說，這使我們的公司變得更好、更有高效，也將使我們客戶的生活變得更好、更有效率。

Thank for the color. That's all for me.

謝謝你的顏色。對我來說就這些了。

(Operator Instructions) There is no further question at this time. That concludes today's call. Thank you all for joining. You may now disconnect.

（操作員指示）目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。