Blend Labs Inc (BLND) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫艾米，今天我將擔任你們的會議接線生。在此，我謹代表 Blend Labs, Inc. 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

It is now my pleasure to turn the call over to Meg Nunnally. You may begin.

現在我很高興將電話轉交給梅格·納納利。你可以開始了。

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

下午好，歡迎參加 Blend 公司 2025 年第三季財務業績電話會議。我是 Meg Nunnally，Blend 公司的投資人關係主管。今天與我一同出席的有我們的共同創辦人兼調配負責人尼瑪·加姆薩裡，以及我們的財務和行政負責人傑森·里姆。

Before we start today's call, I'd like to note that 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 results we'll discuss today, including our profitability, refer to non-GAAP.

在今天的電話會議開始之前，我想指出，我們還會提到一些非GAAP指標，這些指標已在今天的收益報告中與GAAP指標進行了核對，並在補充幻燈片的附錄中進行了說明。非GAAP指標並非旨在取代GAAP結果。除非另有說明，我們今天討論的所有財務業績，包括我們的獲利能力，均指非GAAP財務業績。

Also, certain statements made during today's conference call regarding Blend and its operations, in particular, its guidance for the fourth quarter of 2025, commentary regarding 2026 and expectations about our markets, our strategic investments, product development plans and operational targets may be considered forward-looking statements under federal securities law. 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, can cause actual results, events, or circumstances to differ materially from those described in these statements.

此外，在今天的電話會議上，有關 Blend 及其營運的某些聲明，特別是其對 2025 年第四季度的指導、對 2026 年的評論以及對我們市場、戰略投資、產品開發計劃和運營目標的預期，可能被視為聯邦證券法下的前瞻性聲明。本公司提醒您，前瞻性聲明涉及重大風險和不確定性，許多因素（其中許​​多因素超出公司的控制範圍）可能導致實際結果、事件或情況與這些聲明中描述的內容有重大差異。

Please see the risk factors we have 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.

請參閱我們在最新的 10-K、10-Q 和其他提交給美國證券交易委員會的文件中確定的風險因素。除法律另有規定外，我們不承諾在情況發生變化時更新這些聲明。

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

除非另有說明，本次電話會議中所做的所有比較均與去年同期持續經營業務進行比較。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，電話會議結束後不久，還將提供音訊回放。

I'll now turn the call over to Nima.

現在我將把通話交給尼瑪。

Thank you, Meg, and welcome, everyone. Our third-quarter results demonstrate our team's strong execution and the increasing resilience of our business model. We delivered total revenue just above the midpoint of guidance and more importantly, non-GAAP operating income that exceeded the high end of our guidance. This marks our fifth consecutive quarter of non-GAAP operating profitability, a trend we expect to continue into the fourth quarter. For all of this, I want to personally thank the entire Blend team.

謝謝你，梅格，也歡迎各位。第三季業績顯示我們團隊執行力強，商業模式的韌性日益增強。我們實現的總收入略高於預期的中點，更重要的是，非GAAP營業收入超過了預期的上限。這標誌著我們連續第五個季度實現非GAAP營運獲利，我們預計這一趨勢將延續到第四季。在此，我要親自感謝Blend團隊的全體成員。

This five-quarter streak of profitability is not an accident. It's a direct result of their focus, their discipline, and their deep commitment to our customer success. Their execution is what gives us the stability to invest in our future from a position of strength. This profitability is a result of deliberate work to right-size the business over the past few years and build a foundation for sustainable long-term growth.

這連續五季獲利絕非偶然。這是他們專注、自律以及對客戶成功的堅定承諾的直接結果。正是他們的執行力，才使我們擁有了從優勢地位出發，穩定地投資未來。這種獲利能力是過去幾年有意識地調整業務規模並為可持續的長期成長奠定基礎的結果。

While our overall top line was steady, it reflects a tale of two dynamics. We saw continued strength and growth in our Consumer Banking Suite, which was offset by some headwinds to revenue in our mortgage business, but this was not a surprise to us. It reflects the intentional strategic transitions that we are navigating, specifically moving from lower-margin services businesses to higher-margin partnerships and managing the final roll-off of legacy customers that we've discussed in prior quarters. We expected and are managing these headwinds, and they are clearing the way for a healthier, more profitable future.

雖然我們的整體營收保持穩定，但這反映了兩種截然不同的動態。我們的消費者銀行業務套件持續保持強勁成長勢頭，但抵押貸款業務的收入受到一些不利因素的影響，不過這並沒有讓我們感到驚訝。這反映了我們正在進行的有意策略轉型，特別是從低利潤的服務業務轉向高利潤的合作夥伴關係，以及管理我們在前幾個季度討論過的舊客戶的最終退出。我們預料到了這些不利因素，並且正在應對它們，這些不利因素正在為更健康、更盈利的未來鋪平道路。

I want to spend our time today on three topics. First, the quality of our new customer wins and the strength of our future pipeline. Second, the incredible energy and pull-through we're seeing from our customers around our Rapid Suite and AI. And finally, our key strategic priorities as we drive towards 2026.

今天我想花點時間討論三個話題。首先，我們新客戶的品質以及未來業務管道的實力至關重要。其次，我們看到客戶對我們的 Rapid Suite 和 AI 表現出了令人難以置信的熱情和積極性。最後，我們展望2026年的主要策略重點。

To start out, in the third quarter, we signed 14 new deals and expansions in line with the prior year. But the quality of these deals is what's most important. Our largest deal was a seven-figure expansion with a top 20 US bank for solar home equity lending. This is a prime example of our platform strategy at work, using our core technology to rapidly deploy and configure complex, high-value solutions with our largest clients. This is precisely what we mean by our platform. Customers can launch new high-margin products in weeks, not years, leveraging the technology they already have.

首先，在第三季度，我們簽署了 14 項新協議和擴張計劃，與去年同期持平。但這些交易的品質才是最重要的。我們最大的一筆交易是與美國排名前 20 的銀行達成的七位數規模的太陽能房屋淨值貸款業務擴張協議。這是我們的平台策略發揮作用的一個典型例子，即利用我們的核心技術，為我們最大的客戶快速部署和配置複雜的、高價值的解決方案。這正是我們所說的平台的意思。客戶可以利用現有技術，在幾週內（而不是幾年內）推出新的高利潤產品。

We also had another major renewal and expansion with a consumer banking customer across six product lines. This same customer is now evaluating our mortgage solution, which is a fundamental shift. Our flagship mortgage product used to be the only door in Blend. Today, we have a multi-product platform that allows our customers to land and expand. This is the flywheel we have been building for years, and it is now actively turning.

我們也與一家消費銀行客戶達成了另一項重大續約和業務拓展協議，涵蓋六條產品線。這位客戶現在正在評估我們的抵押貸款方案，這是一個根本性的轉變。我們旗艦抵押貸款產品曾經是Blend系統中唯一的選擇。如今，我們擁有一個多產品平台，使我們的客戶能夠落地並擴展業務。這是我們多年來一直在建造的飛輪，現在它正在積極運作。

Our consumer banking products create deep daily engagement with customers, which in turn builds trust and provides a natural data-driven pathway to a mortgage. And our mortgage platform creates a high-value data-rich event that our customers can use to offer those consumers deposits, cards and home equity loans over time.

我們的消費銀行產品能夠與客戶建立深入的日常互動，從而建立信任，並為獲得抵押貸款提供自然的數據驅動途徑。我們的抵押貸款平台創造了一個高價值、數據豐富的事件，我們的客戶可以利用該事件，隨著時間的推移向消費者提供存款、信用卡和房屋淨值貸款。

Each side of our business now feeds the other. And this platform momentum is why the small handful of churn notices we saw this quarter are not a strategic concern. The four small customers who left were outside the core market and represented about $200,000 in aggregate annual revenue. We are successfully trading low-value, non-core churn for high-value strategic platform expansion. The only noteworthy churn on the horizon is the expected roll-off for Mr. Cooper, which Jason will detail further.

我們業務的各個方面現在相互促進。正是由於這種平台發展勢頭，我們本季看到的少量用戶流失通知才不會引起策略性擔憂。流失的四位小客戶均不在核心市場範圍內，年總收入約 20 萬美元。我們成功地將低價值、非核心業務的流失轉化為高價值的策略平台擴張。唯一值得注意的變動是 Mr. Cooper 的預期停產，Jason 將對此進行更詳細的介紹。

So in all, the real story for me is not the legacy share that we're shedding, but the future share that we are building. Our pipeline activity is strong, building sequentially from Q2 and is up approximately 60% year over year. This pipeline is our future, and it's robust. We are actively pursuing multiple seven-figure consumer banking deals, sizable top 10 banks in mortgage, and several cross-sell opportunities for our Rapid and Close products. This is the high-quality, platform-based business that we are building.

總而言之，對我來說，真正的故事不是我們正在失去的傳統份額，而是我們正在建立的未來份額。我們的專案儲備活動強勁，自第二季以來持續成長，年增約 60%。這條輸油管是我們的未來，而且它非常可靠。我們正在積極尋求多筆七位數消費銀行交易、與排名前十的大型抵押貸款銀行達成合作，以及為我們的 Rapid 和 Close 產品尋找多個交叉銷售機會。這是我們正在建立的高品質、基於平台的業務。

And this energy was on full display at our Blend Customer Forum in September. This was our largest forum yet with 120 executives, and the tone was completely different from last year. Last year, AI felt like a science project. This year, we're at an inflection point. The question from customers is no longer what is AI? How can it help me? But how fast can you get it into our hands? The reason for this urgency is clear. The cost to originate a mortgage loan is still stubbornly high, nearly $11,000 and roughly 90% of that is human labor.

這種活力在我們9月的Blend客戶論壇上得到了充分展現。這是我們迄今為止規模最大的論壇，共有 120 位高階主管參加，氣氛與去年截然不同。去年，人工智慧感覺像是一個科學計畫。今年，我們正處於一個轉捩點。客戶提出的問題不再是“什麼是人工智慧？”它能幫我什麼？但是你們能多快把它送到我們手中？造成這種緊迫局面的原因顯而易見。發放抵押貸款的成本仍然居高不下，接近 11,000 美元，其中約 90% 是人力成本。

The industry is realizing that bolting on more point solutions only adds complexity and costs. What we demonstrated at Forum is the only real path forward, Blend Intelligent Origination. This isn't another tool. It's an entirely new operating model for lending. By embedding agentic AI directly into our core Blend workflow, we can autonomously orchestrate and execute end-to-end processes.

業內人士逐漸意識到，簡單地添加更多點解決方案只會增加複雜性和成本。我們在論壇上展示的是唯一真正的前進方向，即混合智慧發起。這不是另一種工具。這是一種全新的貸款營運模式。透過將智慧AI直接嵌入到我們的核心Blend工作流程中，我們可以自主地協調和執行端到端流程。

And because it's embedded natively into our platform, it's not just another tool for employees to learn or another chatbot for people to talk to. It's a system that works with the rest of the Blend platform and learns for them. This is a fundamental architectural advantage that point solutions simply cannot replicate. Our customers see this as the definitive answer on the path to the industry's $11,000 problem. They are excited, and we are, too, because this is the future and we are building it with them.

而且因為它已原生嵌入到我們的平台中，所以它不僅僅是員工需要學習的另一個工具，也不是人們可以與之交談的另一個聊天機器人。這是一個可以與 Blend 平台其他部分協同工作並為其學習的系統。這是整體架構上的優勢，是局部解決方案根本無法複製的。我們的客戶認為這是解決行業面臨的 11,000 美元問題的最終答案。他們很興奮，我們也是一樣，因為這就是未來，我們正在與他們一起創造未來。

We also saw tremendous buzz around our Rapid Home Equity product, which is a very important product for consumers in this day and age. And this was the first forum where early adopters could share their results with peers. The value of this product is its seamless data connectivity and personalized offers in real time, which drive higher conversion by radically reducing the time to an approval. The momentum here is palpable.

我們也看到我們的快速房屋淨值貸款產品引起了極大的關注，這在當今時代對消費者來說是一款非常重要的產品。這是早期使用者與同儕分享使用體驗的第一個論壇。該產品的價值在於其無縫的數據連接和即時個人化優惠，從而大幅縮短批准時間，進而提高轉換率。這股動能非常明顯。

This momentum and the energy from our customers at Forum is what gives me such great optimism about Blend where I stand today. It is a great way for us to lean into 2026 on offense, where we are laser-focused on three key areas.

正是這種勢頭以及我們在 Forum 會議上客戶的熱情，讓我對 Blend 目前的前景充滿樂觀。這是我們為 2026 年的進攻做好準備的絕佳方式，我們將重點放在三個關鍵領域。

The first area is our take rate with our customers in the Mortgage Suite. A primary measure of this in our Mortgage Suite is economic value per funded loan, or evPFL. While evPFL has come down in recent quarters, this pressure is a direct and intentional result of our platform strategy, specifically transitioning to higher-margin partnership models and navigating one renewal in this tough market. While this impacts the near-term metric, it is the right decision for our long-term margin structure and profitability and customer base.

第一個方面是我們抵押貸款業務的客戶接受率。在我們的抵押貸款套件中，衡量這一點的主要指標是每筆已發放貸款的經濟價值，即 evPFL。雖然 evPFL 在近幾季有所下降，但這種壓力是我們平台策略的直接且有意為之的結果，特別是向利潤更高的合作模式轉型，以及在這個艱難的市場中成功完成一次續約。雖然這會影響短期指標，但從長遠來看，這對我們的利潤結構、獲利能力和客戶群來說是正確的決定。

Our focus is not on this near-term pressure, but instead on the long-term prize. And for 2026, our priority is driving the adoption of the products that create exponential value for our customers. In the mortgage case, Rapid Refi and Blend Close. These products are the powerful levers we have to grow our take rate and deliver on the full long-term potential that we see ahead of us.

我們關注的重點不是眼前的壓力，而是長遠的利益。展望 2026 年，我們的首要任務是推動能夠為客戶創造指數級價值的產品的普及。在抵押貸款案例中，快速再融資和混合結算。這些產品是我們提高市場接受度、實現我們所看到的長期潛力的強大槓桿。

Our second focus is the continued expansion of our Consumer Banking suite. This business is already a strategic powerhouse for us. It now represents 39% of our total revenue, up from just 29% one year ago. Our customers are using to solve their most pressing problems, driving high-margin non-interest income and capturing sticky deposits in a highly competitive market. And our engine provides a powerful less cyclical revenue stream that enhances the stability and resilience of our entire company.

我們的第二個重點是繼續擴展我們的消費者銀行服務組合。這家公司已經成為我們的策略支柱。目前，該業務占我們總收入的 39%，高於一年前的 29%。我們的客戶正在利用我們的產品和服務來解決他們最迫切的問題，從而獲得高利潤的非利息收入，並在競爭激烈的市場中獲得穩定的存款。我們的引擎提供了強大的、週期性較小的收入來源，增強了我們整個公司的穩定性和韌性。

For 2026, the goal is clear: expand adoption with large accounts and accelerate our speed to market by standardizing more of our out-of-the-box solutions for the rest of our customer base. This is how we scale our business effectively.

2026 年的目標很明確：透過向大客戶推廣我們的產品，並加快產品上市速度，同時將更多現成的解決方案標準化，推廣到我們其他客戶群。這就是我們有效擴大業務規模的方式。

Our third and final focus is on building the next horizon of growth. As I talked about earlier, we are making targeted, disciplined investments in AI and our suite of Rapid products to solve our customers' biggest problems. The great news for us is that these are not massive speculative bets. We are building these world-class solutions with nimble, focused teams. And this innovation is what will keep us and our customers well ahead of the curve.

我們的第三個也是最後一個重點是建構下一個成長階段。正如我之前提到的，我們正在對人工智慧和我們的 Rapid 產品套件進行有針對性、有紀律的投資，以解決客戶面臨的最大問題。對我們來說，好消息是這些並非大規模的投機性投資。我們正在組建靈活高效的團隊，打造這些世界級的解決方案。而這種創新將使我們和我們的客戶始終保持領先地位。

To summarize, when I look at the macro environment broadly, and I see it finally showing signs of life, particularly the potential for us when rates come down, and then I combine that with the specific momentum we are generating for ourselves, I have never been more excited about our business. To be clear, our entire 2026 plan is built to succeed in the current environment and win in the current environment. But the disciplined, profitable and simpler cost structure we have built over the last five quarters gives us incredible operating leverage in a recovery.

總而言之，當我縱觀宏觀環境，看到它終於顯現出復甦的跡象，特別是利率下降時對我們來說的潛在機遇，再加上我們正在為自己創造的具體發展勢頭，我從未像現在這樣對我們的業務感到興奮。需要明確的是，我們整個 2026 年計畫都是為了在當前環境下取得成功和贏得勝利而製定的。但是，我們在過去五個季度中建立的嚴謹、盈利且更簡單的成本結構，為我們在經濟復甦中提供了強大的營運槓桿。

When the mortgage market turns, we are in prime position to have that recovery flow to our bottom line, all on top of the organic platform growth that we are already driving with our rapid solutions, our closed solution, new customer growth and over time, AI solutions as well. The team has done the hard work to build a resilient, profitable and scalable platform. We are no longer just ready for what's next. We are building what's next.

當抵押貸款市場好轉時，我們處於有利地位，能夠將復甦的勢頭轉化為我們的利潤，這還得益於我們已經通過快速解決方案、封閉式解決方案、新客戶增長以及隨著時間的推移，人工智能解決方案所推動的平台有機增長。團隊付出了艱辛的努力，建立了一個具有彈性、獲利能力和可擴展性的平台。我們不再只是為迎接未來做好準備。我們正在創造未來。

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

接下來，我將把電話交給傑森。

Thank you, Nima, and to everyone on the call today, thank you for joining us. As this is my first earnings call with Blend, I'd like to reflect on my first three months here before I talk about our results.

謝謝尼瑪，也謝謝今天所有參加電話會議的人。由於這是我第一次在 Blend 參加財報電話會議，我想在談論我們的業績之前，先回顧一下我在這裡的頭三個月。

First, the team that I've been lucky enough to join is one of the best I've ever worked with, and they are passionate about making Blend successful. Second, we have a strong portfolio of products that will continue to improve under the leadership of product-focused executives like Nima and Srini. And lastly, the best word I can use to sum up our relationship with customers is partnership.

首先，我很幸運能加入這個團隊，這是我合作過的最優秀的團隊之一，他們都充滿熱情地致力於讓 Blend 取得成功。其次，我們擁有強大的產品組合，在像Nima和Srini這樣以產品為中心的管理人員的領導下，這些產品組合將繼續改進。最後，要概括我們與客戶的關係，最貼切的字就是「夥伴關係」。

I had the great fortune to be able to attend our annual customer forum only one month into my time at Blend and to talk to a number of our customers. While our customers, of course, have lots of requests and suggestions for our products, everyone I talk to believe that Blend is the best option in the market and that they are on a journey with us. That gives me great confidence in the foundation of this business and our right to win long term. I'm sure I'll talk more with many of you about that over the coming weeks and months. But for now, let's dive into our third quarter financial results and an update on market share trends.

我非常幸運，加入 Blend 僅僅一個月後，就能參加我們的年度客戶論壇，並與許多客戶進行交流。當然，我們的客戶對我們的產品有很多要求和建議，但我遇到的每個人都認為 Blend 是市場上最好的選擇，他們正在與我們一起踏上旅程。這讓我對這家企業的基礎以及我們長期獲勝的權利充滿信心。我相信在接下來的幾週和幾個月裡，我會和你們中的許多人就此進行更多討論。但現在，讓我們深入了解第三季的財務表現以及市場佔有率趨勢的最新情況。

Total revenue in the third quarter of 2025 was $32.9 million, ahead of the midpoint of our guidance and down 1% year over year. Digging below those headline numbers, Mortgage Suite revenue was down 18% year over year, driven by the strategic transition to lower revenue but higher-margin partnership models for some of our products by some churn and by the effect of the large renewal with lower pricing that we talked about last quarter. On a side note, our work with that customer continues to be very positive, and we continue to believe that the customer can provide meaningful upside to 2026 and beyond.

2025 年第三季總營收為 3,290 萬美元，高於我們預期的中點，但年減 1%。深入分析這些主要數據，抵押貸款套件的收入同比下降了 18%，這主要是由於我們部分產品策略性地轉向收入較低但利潤率較高的合作模式，以及部分客戶流失和我們上個季度討論過的大規模續約價格下降的影響。另外，我們與該客戶的合作仍然非常順利，我們仍然相信該客戶能夠為公司帶來可觀的成長，直到 2026 年及以後。

Mortgage Suite revenue was down approximately 1% from Q2 to Q3, driven by the ongoing ramp down of several customers that gave churn notices last year, the continued effect of our strategic transition to partnerships, and by some seasonality. Consumer Banking Suite revenue was up 11% quarter over quarter based on go-live deployments on some large customer wins as well as ramping usage at some of our larger customers. The increase came across both core consumer banking products and home equity lending products, which are included in our Consumer Banking Suite.

由於去年發出流失通知的幾位客戶的持續減少、我們向合作夥伴關係策略轉型的持續影響以及一些季節性因素，抵押貸款套件的收入從第二季度到第三季度下降了約 1%。由於一些大型客戶成​​功上線部署，以及一些大客戶的使用量不斷增加，消費者銀行套件的收入環比增加了 11%。此次成長涵蓋了我們消費銀行服務套件中包含的核心消費銀行產品和房屋淨值貸款產品。

Shifting back to consolidated results. Our total gross profit was $24.5 million. After excluding stock-based compensation and the amortization of software development expense, our non-GAAP gross profit was $25.6 million, and our non-GAAP gross margin was 78%, up from 76% last quarter. Non-GAAP operating expenses were $21 million, up 9% quarter over quarter, almost entirely driven by a Q3 specific sales and marketing expense related to Blend Forum and by higher non-GAAP R&D expense due to a lower capitalization rate of software development expense.

恢復使用合併業績。我們的總毛利為2450萬美元。扣除股票選擇權費用和軟體開發費用攤銷後，我們的非GAAP毛利為2,560萬美元，非GAAP毛利率為78%，高於上一季的76%。非GAAP營運費用為2,100萬美元，季增9%，幾乎完全是由於第三季與Blend Forum相關的特定銷售和行銷費用，以及由於軟體開發費用資本化率較低而導致的非GAAP研發費用增加所致。

Non-GAAP operating income was $4.6 million, above the high end of our guidance and representing a non-GAAP operating margin of 14%. Free cash flow for the quarter was negative $5 million, bringing our year-to-date total free cash flow to positive $1.5 million. Our balance sheet remains strong, thanks to the work Blend did in 2024 to eliminate debt and realign the cost structure of the business for sustainable growth. As of September 30, 2025, we had approximately $82.3 million of cash, cash equivalents and marketable securities, inclusive of restricted cash.

非GAAP營業收入為460萬美元，高於我們預期的上限，非GAAP營業利益率為14%。本季自由現金流為負 500 萬美元，使我們今年迄今的自由現金流總額達到正 150 萬美元。由於 Blend 在 2024 年開展的工作，消除了債務並調整了業務成本結構以實現可持續增長，我們的資產負債表仍然穩健。截至 2025 年 9 月 30 日，我們擁有約 8,230 萬美元的現金、現金等價物和有價證券，其中包括受限現金。

In the third quarter, we repurchased 1.6 million shares worth more than $5 million, bringing the year-to-date total to $9.2 million and leaving $15.8 million remaining under our repurchase authorization as of quarter end. Our evPFL for Q3 was $86, in line with our guidance. We do see some near-term headwinds. And as we look to Q4, we expect evPFL to be approximately $83 to $84.

第三季度，我們回購了 160 萬股股票，價值超過 500 萬美元，使今年迄今的回購總額達到 920 萬美元，截至季度末，我們的回購授權額度還剩 1,580 萬美元。第三季 evPFL 為 86 美元，與我們的預期一致。我們確實看到一些短期內的不利因素。展望第四季度，我們預計 evPFL 的價格約為 83 至 84 美元。

We are not providing specific guidance beyond Q4, but believe that most of the recent issues negatively impacting evPFL will be largely behind us as we enter 2026. It is important to remember that evPFL, while a useful metric, is somewhat incomplete as it does not capture home equity loans, an area where we see significant momentum in our business and which are included in our Consumer Banking Suite.

我們不提供第四季度之後的具體指導，但相信隨著我們進入 2026 年，近期對 evPFL 產生負面影響的大部分問題將基本過去。需要注意的是，evPFL 雖然是一個有用的指標，但它並不完整，因為它沒有涵蓋房屋淨值貸款，而房屋淨值貸款是我們業務中一個發展勢頭強勁的領域，並且已包含在我們的消費者銀行套件中。

Next, I wanted to provide an update on our market share. We've included a slide in our supplemental deck that provides additional numbers and context, including Blend's annual funded loan volumes. As a reminder, we use Home Mortgage Disclosure Act, or HMDA, data as our benchmark for total market size, and the market share we report is measured by dividing Blend funded loans by total market volume per HMDA.

接下來，我想報告一下我們的市佔率狀況。我們在補充簡報中加入了一張幻燈片，提供了更多數據和背景信息，包括 Blend 的年度貸款發放。提醒一下，我們使用《房屋抵押貸款揭露法》（HMDA）數據作為衡量市場總規模的基準，我們報告的市場份額是透過將混合融資貸款除以 HMDA 規定的市場總交易量來衡量的。

As anticipated, our 2024 HMDA market share is down from the high watermark of 21.7% in 2023 and landed at 18.6% in 2024. The decline is primarily driven by churn notices that we received from customers in 2023 and 2024 when cyclical pressures in the mortgage industry were at their peak. Since customer roll-off is often a long process, we've continued to see some of the impacts of volume from those customers into 2025. We anticipate further market share headwinds in 2026 of approximately 100 basis points, primarily due to lower volume from Mr. Cooper.

正如預期的那樣，我們在 2024 年的 HMDA 市佔率從 2023 年的 21.7% 的高點下降到 2024 年的 18.6%。下降的主要原因是我們在 2023 年和 2024 年收到了客戶的流失通知，當時抵押貸款行業的周期性壓力正處於頂峰。由於客戶流失通常是一個漫長的過程，我們已經持續看到這些客戶流失帶來的一些影響，這種情況一直持續到 2025 年。我們預計 2026 年市佔率將進一步下降約 100 個基點，主要原因是 Mr. Cooper 的銷售下降。

As we have said before, we signed a contract with Mr. Cooper shortly before their acquisition by Rocket was announced. That contract runs through June 2028 and protects a significant portion of our revenue from them through that time period.

正如我們之前所說，在 Rocket 宣布收購 Cooper 先生之前不久，我們與他們簽訂了合約。該合約有效期至 2028 年 6 月，在此期間保障了我們從他們那裡獲得的大部分收入。

As we look to 2026 and beyond, the trajectory from here is encouraging, given the stabilization of churn trends and the new customer wins and expansions that we've been talking about. For the first nine months of 2025, we've only had a few smaller customers indicate their intention to churn, which in aggregate represent less than 10 basis points of 2024 HMDA share. We believe we've created a solid base for long-term share growth.

展望 2026 年及以後，鑑於客戶流失趨勢趨於穩定，以及我們一直在談論的新客戶贏得和業務擴張，未來的發展軌跡令人鼓舞。2025 年頭九個月，我們只有少數小客戶表示打算流失，這些客戶加起來佔 2024 年 HMDA 份額的不到 10 個基點。我們相信，我們已經為長期的市佔率成長奠定了堅實的基礎。

We're not providing any formal macro outlook or company-specific guidance for 2026 at this time, though we will have more to say in February. Still, it's fair to note that we generally agree with the current consensus expectation that lower mortgage rates in 2026 will drive industry growth, which should more than offset the market share headwinds in mortgage.

目前我們暫不提供任何關於 2026 年的正式宏觀展望或公司具體指引，但我們將在 2 月公佈更多資訊。不過，值得一提的是，我們基本上同意目前的普遍預期，即 2026 年抵押貸款利率下降將推動行業成長，這應該足以抵消抵押貸款市場份額的不利因素。

In consumer banking, we have a solid deployment pipeline heading into 2026, though we expect that consumer banking will face some headwinds from the expected churn of Mr. Cooper's home equity business. Please also keep in mind that consumer banking revenue has a tough prior year comparison due to a large customer that went live late in 2024, contributing about $5 million to growth in 2025 and which is now at steady state.

在消費銀行業務方面，我們擁有穩健的部署計劃，並將持續到 2026 年，儘管我們預計消費銀行業務將面臨來自 Mr. Cooper 房屋淨值業務預期流失的一些不利因素。另請注意，由於一位大客戶在 2024 年底上線，為 2025 年的成長貢獻了約 500 萬美元，而該客戶目前已進入穩定狀態，因此消費者銀行業務收入與上一年相比比較困難。

Now, turning to our expectations for the fourth quarter. We expect total revenue for the fourth-quarter 2025 to be between $31.0 million and $32.5 million, with the midpoint representing a slight decrease from the third quarter. Within total revenue, we expect Mortgage Suite revenue to be flat to slightly down quarter over quarter, driven by some one-time revenue in Q3 that we do not expect to repeat in Q4, and partially offset by flat to slightly up mortgage volume.

現在，讓我們來看看我們對第四季的預期。我們預計 2025 年第四季總營收將在 3,100 萬美元至 3,250 萬美元之間，其中數值較第三季略有下降。在總收入方面，我們預計抵押貸款套件的收入將與上一季度持平或略有下降，這是由於第三季度的一些一次性收入預計不會在第四季度重現，而抵押貸款量持平或略有上升則部分抵消了這一影響。

We expect consumer banking to be down mid-single digit percentages quarter-over-quarter, largely driven by the impact of Mr. Cooper that we mentioned earlier and by typical Q4 seasonality, and partially offset by increased revenue with several large customers that went live in Q3 and which will have a full quarter of revenue in Q4. Lastly, we expect fourth-quarter total non-GAAP operating income to be between $2.5 million and $3.5 million.

我們預計消費者銀行業務將環比下降個位數百分比，這主要是由於我們之前提到的 Mr. Cooper 的影響以及典型的第四季度季節性因素，但部分會被第三季度上線的幾家大客戶帶來的收入增長所抵消，這些客戶將在第四季度獲得完整的季度收入。最後，我們預期第四季非GAAP營業收入總額將在250萬美元至350萬美元之間。

In August, we shared our Q4 2025 market size expectation of 1.13 million to 1.23 million units and we think this is still a reasonable range. For Q1 2026, we expect a sequential volume decline, in line with normal seasonal patterns. Our current expectation for the first quarter of 2026 is for mortgage volume to be between 1.07 million to 1.17 million units.

8 月份，我們分享了對 2025 年第四季市場規模的預期，為 113 萬至 123 萬台，我們認為這仍然是一個合理的範圍。我們預計 2026 年第一季銷售量將較上季下降，符合正常的季節性規律。我們目前預計 2026 年第一季的抵押貸款量將在 107 萬至 117 萬套之間。

And now let's take your questions.

現在我們來回答大家的問題。

(Operator Instructions)

（操作說明）

Aaron Kimson, Citizens.

Aaron Kimson，市民。

Nima, you talked on the 1Q '25 call about the inflection in pipeline after the Rocket-Cooper deal was initially announced. I appreciate the commentary about Forum in September and pipeline up about 60% year over year at the end of Q3. But since the Rocket-Cooper deal closed on October 1, has there been any change in the tone of conversations with FIs that want to keep their largest consumer lending relationships that know they need to upgrade their tech stack to remain competitive?

Nima，你在 2025 年第一季財報電話會議上談到了 Rocket-Cooper 交易最初宣布後產品線的轉折點。我讚賞您對 9 月論壇的評論，以及第三季末專案儲備年增約 60%。但自從 Rocket-Cooper 交易於 10 月 1 日完成以來，與那些希望保留其最大消費貸款關係的金融機構的對話語氣是否有所變化？這些金融機構知道，他們需要升級其技術堆疊才能保持競爭力。

Yeah, good question. Yeah, definitely, I think the Cooper-Rocket acquisition has been -- I'd say, what one thing that I've seen happen there is big mortgage servicers are starting to think through their strategies, and it's an area where we're very strong. We work with most of the top 10 servicer -- mortgage servicers in the country. We're the ones who are primed to be able to take advantage of both the current situation with cash-out refis and home equity loans. And then if the rates -- if the mortgage rates get into the mid- to low 5s, there's a huge volume of customers between 6% and 7% who need to be able to take advantage of lower rates, especially if the economy gets worse.

嗯，問得好。是的，當然，我認為 Cooper-Rocket 的收購——我想說，我看到的一件事是，大型抵押貸款服務商開始認真思考他們的策略，而這正是我們非常強大的領域。我們與全國排名前十的抵押貸款服務商中的大多數都有合作。我們已做好充分準備，能夠利用當前的現金提取再融資和房屋淨值貸款機會。如果抵押貸款利率降至 5% 左右的中低水平，那麼 6% 到 7% 之間的大量客戶需要能夠享受到較低的利率，尤其是在經濟狀況惡化的情況下。

And so I've definitely seen companies react. And I've also seen some of the very largest lenders who are our customers say, we got to do something really important with AI. And so they were the ones calling on me on the AI front saying, we want to not just remain competitive, but we're going to use this time when potentially some companies might be busy integrating or distracted with other things, and we're going to put our best foot forward and to come out of this next six to nine months with a much more automated, much higher quality operation than we used to.

所以，我確實看到一些公司做出了反應。我還看到我們的一些最大的貸款機構客戶說，我們必須利用人工智慧做一些真正重要的事情。因此，他們在人工智慧方面聯繫了我，說我們不僅要保持競爭力，還要利用這段時間，因為有些公司可能正忙於整合或被其他事情分心，我們要全力以赴，爭取在接下來的六到九個月裡，實現比以往更加自動化、質量更高的運營。

That's really helpful. And then switching over to Jason, it's great to have you with us. Given that you were a senior MD at Haveli in April '24 when Haveli made its investment in Blend and with Haveli owning about 20% of the company today, can you talk a little bit about your history with Blend dating back to Haveli? How involved you were in that investment process? And then how you came to be the Head of Finance and Administration at Blend? Was it through prior relationships or third-party recruiters or something else?

這真的很有幫助。然後鏡頭切換到傑森，很高興你能加入我們。鑑於您在 2024 年 4 月 Haveli 投資 Blend 時擔任 Haveli 的高級董事總經理，而如今 Haveli 持有該公司約 20% 的股份，您能否談談您與 Blend 的淵源，從 Haveli 時期開始？你在那項投資過程中參與了多少？那麼，你是如何成為 Blend 的財務和行政主管的呢？是透過之前的關係、第三方招募人員還是其他途徑？

Yes. So I -- Haveli is not a huge firm. So I obviously had visibility into what was happening. I wasn't part of the investment team that made the investment in Blend, but I did have some contact with the company. And primarily as an operating partner, I was here as a resource for all of the -- sorry, I was there as a resource for all of the port cos that Haveli had.

是的。所以，Haveli 不是一家大型公司。所以我顯然對發生的事情瞭如指掌。我不是投資 Blend 的投資團隊成員，但我確實與該公司有過一些接觸。主要作為營運合夥人，我在這裡為所有——抱歉，我在這裡為哈維利的所有港口公司提供資源。

But the switch that I made was really wanting to get back into an operating role. Given the fact that Amir was -- had made the decision to leave Blend, I was looking for a good opportunity. Everyone at Haveli had a really high view and estimation of the team at Blend. And I had gotten to know Nima and the team a little bit as well, but that's a really great opportunity. They need a CFO that has experience with public markets, and I was looking to get back into the operating role. And so essentially, the stars aligned.

但我做出這個轉變的真正原因是，我非常想重新回到營運職位。鑑於 Amir 已經決定離開 Blend，我正在尋找一個好機會。Haveli 的每個人都對 Blend 團隊給予了非常高的評價和評價。我也和尼瑪以及他的團隊有過一些了解，但這確實是一個絕佳的機會。他們需要一位有公開市場經驗的財務官，而我當時正想回到營運職位。所以，一切都恰到好處。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

On Mr. Cooper, can you just help us synthesize the moving pieces you called out there in terms of sizing the revenue impact in 2026, just juggling the handful of commentary that you gave between both the mortgage and the consumer banking segment. And then beyond 2026, you're mentioning a part of the revenue still being protected through the expiration of that contract. So just help us understand exactly what that looks like and what that cumulative impact might look like post-2028?

關於庫柏先生，您能否幫我們綜合一下您提到的那些變動因素，以便更好地評估 2026 年的收入影響？您需要將您在抵押貸款和消費銀行業務方面給出的少量評論進行梳理。此外，您也提到，2026 年後，部分收入仍將受到保護，直到合約到期為止。那麼，請您幫助我們確切了解這具體會是什麼樣子，以及2028年後可能產生的累積影響會是什麼樣子？

Yeah, Ryan. This is Jason. So the specific commentary we gave on the call is that there will be a share headwind, and that is essentially because we do expect the volume of transactions coming through our system from Mr. Cooper to come down now that the transaction has closed. We didn't really give specific revenue numbers around that.

是的，瑞恩。這是傑森。因此，我們在電話會議上給出的具體評論是，股價將面臨下行壓力，這主要是因為我們預計，隨著交易的完成，透過我們系統從 Mr. Cooper 收到的交易量將會下降。我們沒有給出具體的收入數字。

But what I will say is that the majority of the revenue that we've had in the past is protected for some period of time. So there will be some revenue headwind. We didn't call out a specific number, but the majority is protected through the second quarter of 2028.

但我可以肯定的是，我們過去的大部分收入在一段時間內都得到了保障。因此，收入方面會面臨一些阻力。我們沒有給出具體數字，但大部分資產的保護期將持續到 2028 年第二季。

I'm sorry, the second part of your question, I think we missed that.

抱歉，您問題的第二部分，我們可能漏掉了。

No, I think you covered it, but I mean, I have a related follow-up. I think last quarter, you called out a mortgage pipeline consisting of roughly 400 bps of market share. Can you provide an update on where that stands today? And then it sounds like net of Mr. Cooper, we should still be expecting market share growth next year, but correct me if I'm misunderstanding it.

不，我覺得你已經講完了，但是，我還有一個相關的後續問題。我認為上個季度，你指出抵押貸款業務的市場份額約為 400 個基點。能否提供一下目前進展？這樣看來，即使扣除庫柏先生的影響，我們明年仍然應該預期市場佔有率會成長，但如果我理解錯了，請糾正我。

Yeah. Sorry, go ahead.

是的。抱歉，請繼續。

Yeah. Again, we haven't provided guidance for next year on market share, and we'll give you more color on the call -- the Q4 call at the beginning of the year. But yeah, look, we still have a very strong pipeline for mortgage. Our strategy here is a combination of factors. As Nima talked about on the call, we've got the flywheel effect now going where the mortgage side feeds the consumer banking side, the consumer banking side feeds the mortgage side.

是的。再次重申，我們尚未提供明年市場份額的指引，我們將在年初的第四季電話會議上提供更多細節。但是，你看，我們的抵押貸款業務仍然非常強勁。我們的策略是多種因素共同作用的結果。正如尼瑪在電話會議上所說，我們現在已經形成了飛輪效應，抵押貸款業務帶動了消費銀行業務的發展，而消費銀行業務又帶動了抵押貸款業務的發展。

And so we're looking for growth on both sides of that. And obviously, share growth in the mortgage industry is something we're driving towards, but we're also driving towards growing consumer banking. And as you'll recall, home equity, which is a big potential upside for us, feels a lot like mortgage. It is lending, but it is -- we reported in the consumer banking side. So I think you should look to see big growth on both sides.

因此，我們希望在這兩方面都能實現成長。顯然，我們正在努力提高抵押貸款行業的市場份額，但我們也在努力發展消費銀行業務。您應該還記得，房屋淨值（對我們來說是一個巨大的潛在收益）感覺很像抵押貸款。它確實在放貸，但是——我們之前在消費銀行業務方面報道過。所以我認為雙方都應該看到大幅成長。

And we didn't -- I talked about this in my prepared remarks. We talked about we have some top 10 lenders, banks in our pipeline right now. We're actively pursuing -- we believe, and I think the market sees that we have the best product in the market for someone like them. I got to spend a lot of time at the Mortgage Bankers Association Conference with these prospects. And we've weathered these headwinds, and we've kept our reputation good and we've continued to innovate.

而我們沒有——我在事先準備好的發言稿中談到了這一點。我們談到，我們目前正在洽談一些排名前十的貸款機構和銀行。我們正在積極尋求——我們相信，而且我認為市場也看到了，我們擁有市場上最適合像他們這樣的人的產品。在抵押貸款銀行家協會會議上，我花了很多時間和這些潛在客戶交流。我們克服了這些逆境，保持了良好的聲譽，並不斷進行創新。

And so it just puts us in the pole position to be the right partner for some of these big guys and especially as we continue to build capabilities that makes us a true platform for them, building AI into the platform, building the rapid products on top of the platform. It just allows them to get a lot out of us. And so that's why we've seen the pipeline stay strong and why we're excited about even just in our existing customer base, the growth of the existing customer base is where I spend most of my time because those existing customers are the ones that can move faster with us and want to do more with us.

因此，這使我們處於領先地位，成為這些大公司的理想合作夥伴，尤其是在我們不斷建立能力，使我們成為他們真正的平台，將人工智慧融入平台，並在平台之上建立快速產品的情況下。這讓他們可以從我們身上榨取很多東西。所以，這就是為什麼我們看到業務管道保持強勁，也是為什麼我們對現有客戶群的成長感到興奮的原因。我把大部分時間都花在了現有客戶群的成長上，因為這些現有客戶能夠與我們更快合作，並且希望與我們做更多的事情。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Just wanted to maybe just drill down on the big renewal a little bit. Just kind of what was maybe going on there in a little more detail, if possible? Do you see more renewal risk in the pipeline?

我只是想稍微深入探討一下這次重大續約。如果可以的話，能不能更詳細地描述一下當時的情況？您認為後續項目是否有更多續約風險？

And it feels like you provide a pretty high-value product to customers. So kind of just wondering why there needs to kind of be a pricing discussion when you're already adding so much value for customers? And I have a quick follow-up.

感覺你們為顧客提供了非常有價值的產品。所以我就有點好奇，既然你們已經為顧客創造了這麼多價值，為什麼還要討論價格呢？我還有一個後續問題。

Yeah. Really good question, Joe. And just to put the timing of when that that initial discussion around renewal started happening, it was in either late Q1 or early Q2 of 2024. So we're talking 18-plus months ago and before Jason's time here. And it was a different time for Blend.

是的。喬，問得好。至於最初關於續約的討論開始的時間，大概是在2024年第一季末或第二季初。所以，我們說的是18個月前的事，那時Jason還沒來這裡。對Blend來說，那是一個截然不同的時代。

I mean it was before our Haveli investment, before we had taken a new capital, people were worried about our debt in the market. They're worried that we weren't going to necessarily be around. And so to answer your question, pretty candidly, no, I don't see renewal risk in the rest of our pipeline. In fact, most of our renewals -- if you sort of normalize -- we took an internal look at this, this week. If you normalize for the contribution that our customers are giving us per loan outside of this one renewal, the value per loan is up actually year over year from Q3 to Q3.

我的意思是，在我們投資 Haveli 之前，在我們獲得新資本之前，市場上的人們都在擔心我們的債務。他們擔心我們可能不會一直都在。所以，坦白說，回答你的問題，不，我認為我們其他項目不存在續約風險。事實上，我們的大部分續約——如果你把它正常化的話——我們本週對此進行了內部審查。如果將客戶在本次續貸之外為每筆貸款所做出的貢獻進行標準化，那麼從第三季度到第三季度，每筆貸款的價值實際上比去年同期有所增長。

We looked at this as a one-time view for ourselves because I know there's a lot of moving pieces. There's this one renewal. There's the partnership model transition, which I'm super bullish on, and we think is going to drive more upside for us next year. And so yeah, we did have this one moment with one very large customer in 2024 that we're feeling some impact for. But interestingly, they were the ones who were on stage with us at Forum doing a demo of the AI functionality that they're adopting with us.

我們把這看作是一次性的觀察，因為我知道其中有很多變數。還有一項續約。還有合作模式的轉變，我對此非常看好，我們認為這將為我們明年帶來更大的成長空間。是的，我們在 2024 年確實遇到了一位非常大的客戶，這件事對我們產生了一定的影響。但有趣的是，他們正是和我們一起在論壇上示範他們正在與我們共同採用的人工智慧功能的人。

They were the ones on stage with us talking about Rapid home equity and talking to us about what they can do with us more on that front. And so I view these things as maybe short-term headwinds where we built -- we use that moment together in the trenches to build long-term partnership. And this customer is so big and has been such a good partner for us. There are so many things we're talking to about them. And I'm very happy we did the renewal.

他們當時和我們一起在台上談論快速房屋淨值貸款，並和我們討論他們在這方面可以和我們做哪些事情。因此，我認為這些可能是短期的逆境，而我們可以利用這段共同奮鬥的時期來建立長期的合作關係。這位客戶規模非常大，而且一直是我們非常好的合作夥伴。關於他們，我們有很多事情要談。我很高興我們完成了續約。

I do that renewal even at the same rates today, if I could, because there's just so much more upside. We're talking about this $11,000 problem in the industry, and we're $80-something into that $11,000. So while we had to spend a couple of years cleaning things up internally, getting debt off our balance sheet, getting the company in a good profitable state, we're there. We're on offense. We're building really cool things, and I'm looking forward.

如果可以的話，即使現在價格不變，我也會續約，因為續約的收益實在太高了。我們正在討論行業中這個價值 11,000 美元的問題，而我們已經投入了 80 多美元。所以，雖然我們花了幾年時間清理內部事務，消除資產負債表上的債務，讓公司走上獲利之路，但我們做到了。我們現在處於進攻狀態。我們正在打造一些非常酷的東西，我很期待。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

There were just a few different mentions throughout the call I wanted to unpack a bit if we could. So it sounded like some of the market share impacts you're seeing likely continue into next year, but there are also some comments from Nima around macro showing signs of life and pipeline growth building back a bit.

通話過程中有幾點不同之處我想就此展開討論一下。聽起來，你看到的一些市場份額影響可能會持續到明年，但Nima也發表了一些關於宏觀經濟的評論，顯示出復甦的跡象，項目儲備增長也略有恢復。

So just any more context you can give us to help square those two factors? And big picture, just the factors within Blend's control and driving better growth into next year is helpful.

您還能提供更多背景資訊來幫助我們理解這兩個因素嗎？從大局來看，只要能控制Blend自身的因素，並推動其在明年實現更好的成長，就大有裨益。

Yeah. I think, Michael, thanks for the question. There are two dynamics you're referring to. One is our share and the other is sort of the market itself, the macro. I think as we mentioned on the prepared remarks, the general consensus expectation out there is that there will be lower rates in 2026, and that will drive higher mortgage activity, higher refi activity and that will lift the market overall. We haven't guided to that yet, but we do see that that's our belief as well falling in line with what the sort of general consensus expectation is out there in the market.

是的。我想，邁克爾，謝謝你的提問。你指的是兩種動態。一個是我們自身的份額，另一個則是市場本身，也就是宏觀經濟。我認為正如我們在準備好的演講稿中提到的那樣，目前普遍的共識是 2026 年利率將會下降，這將推動抵押貸款活動增加、再融資活動增加，從而提振整個市場。我們尚未明確指出這一點，但我們也認為這與市場上的普遍共識預期相符。

On the share piece, we do have -- we called out one specific headwind, which is Mr. Cooper, right? And as I mentioned on one of the earlier questions, a significant portion of our revenue with them is protected under contract. But regardless of the revenue, if they move their volume elsewhere, we're not going to count that in the share, right? And so that is a likely headwind to our share in 2026. That doesn't mean that the share has to stay with just that -- that's not the only impact to share, right?

關於市場份額部分，我們確實遇到了一個——我們指出了一個具體的阻力，那就是庫柏先生，對吧？正如我在之前的一個問題中提到的，我們與他們簽訂的合約中有相當一部分收入受到保護。但無論收入如何，如果他們將銷售轉移到其他地方，我們都不會將其計入份額，對嗎？因此，這很可能成為我們2026年市佔率的不利因素。但這並不意味著份額只能局限於此——這並非份額的唯一影響，對吧？

Obviously, we can win new customers, we can get new customers live, et cetera, and that can drive additional share for us. We haven't guided to 2026 yet. But just calling out, we highlighted one headwind, but that's not an indication of where we see the overall going yet.

顯然，我們可以贏得新客戶，我們可以讓新客戶上線等等，這可以為我們帶來額外的市場份額。我們尚未發布2026年的預測。但需要指出的是，我們強調了一個不利因素，但這並不代表我們認為整體走向如何。

Okay. That's actually -- that's useful supporting color. And just, Jason, on margin, you're delivering above the high end of the prior operating income guide with revenues within the range. So just where the efficiencies are coming from and how you think about different investment levels for the business and various growth scenarios as some of what you just framed potentially plays through?

好的。實際上，那是一種很有用的輔助色。傑森，就利潤率而言，你的收入在預期範圍內，卻超過了先前營業收入預期的上限。那麼，效率究竟從何而來？您如何看待企業不同的投資水平和各種成長情景，以及您剛才提到的一些因素可能產生的影響？

Yeah. Look, in terms of where efficiencies are coming from, it's hard to call out one specific area. Obviously, we are growing our presence outside of the US. And in some cases, those are lower-cost geographies, and we're able to get talent that's as good, but at lower costs. That's one specific area of efficiency.

是的。要說效率提升的具體來源，很難指出是哪個面向。顯然，我們正在擴大在美國以外的業務。在某些情況下，這些地區成本較低，我們能夠以更低的成本獲得同樣優秀的人才。這是提高效率的一個具體方面。

But I would say more broadly, there's just a focus on doing things in a lean way and trying to use small teams, trying to focus on output as opposed to just creating an org structure to deliver something. It's really more of a mindset than it is on specific efficiencies. And as we look forward, I think two things. One, sort of as a foundation, we want to think about -- obviously, look, this industry is cyclical on the mortgage side at least and to some extent, perhaps on the home equity part of consumer banking.

但更廣泛地說，現在的重點是精實化做事，嘗試使用小型團隊，專注於產出，而不是僅僅為了交付成果而建立組織結構。這更多的是一種思考方式，而不是具體的效率問題。展望未來，我認為有兩件事。首先，作為基礎，我們想考慮——顯然，你看，這個行業至少在抵押貸款方面是週期性的，在某種程度上，消費銀行的房屋淨值部分也可能如此。

We're not going to allow our investment decisions to just follow the macro market. In other words, just because revenue increases, if rates were to drop really far, we're not going to say, oh, great, let's spend a ton of operating expense just because revenues are high right now. We're sort of building a business that's resilient regardless of macro.

我們不會讓我們的投資決策僅僅跟隨宏觀市場。換句話說，即使收入增加，如果利率大幅下降，我們也不會說，哦，太好了，讓我們花一大筆營運費用，只是因為現在的收入很高。我們正在打造一種不受宏觀經濟影響、具韌性的業務。

The second comment I would make about investment philosophy going forward is that we have some amazing opportunities in front of us. And today, we think that we're well positioned to address those opportunities within the envelope that we've built for the business today. To the extent that we continue to get traction with those and we see the top line materially shifting independent of macro, we may pour more fuel on the fire in certain areas where those new initiatives might require it. But we're really being judicious about the ROI essentially of the investments that we make and making sure we have places where we have a very clear line of sight to getting a return on additional expense put in the business.

關於未來的投資理念，我的第二點看法是，我們面前有一些絕佳的機會。今天，我們認為我們已經做好充分準備，在我們目前為公司構建的框架內抓住這些機會。如果我們繼續在這些方面取得進展，並且我們看到營收在不受宏觀經濟影響的情況下發生實質性變化，我們可能會在某些新舉措可能需要的領域加大投入。但我們確實非常謹慎地考慮投資報酬率，確保我們能夠非常清楚地看到投入業務中的額外支出能夠獲得回報。

(Operator Instructions)

（操作說明）

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I just have two. Just a big picture one. Just on the economic value per funded loan, is there a way to think about where that could be in the long term? I appreciate that you're guiding to $83 to $84 for next quarter. But like where do you see that going in the next two to three years?

我只有兩個。只是從宏觀角度來看。單就每筆已發放貸款的經濟價值而言，有沒有辦法考慮一下從長遠來看它會是什麼樣子？我很欣賞你對下個季度業績的預期，預計目標價位在 83 美元到 84 美元之間。但你認為未來兩到三年內它會如何發展？

And then secondly, we've seen some good revenue growth in Consumer Banking Suite revenue. Just as you think about the business more strategically, what's the right mix to think about now between consumer banking and Mortgage Suite? Like where are you focused on and where do you see the biggest opportunities?

其次，我們看到消費者銀行套件的收入也實現了良好的成長。正如您需要從策略角度思考業務一樣，現在消費者銀行業務和抵押貸款業務之間應該如何進行最佳組合？你目前關注的重點是什麼？你認為最大的機會在哪裡？

Yeah. Thanks, Michael. I kind of like to work backwards from what the opportunity size is. And we talked about Rapid Home Equity and Rapid Refi in our prepared remarks and in the last few quarters. And those products themselves as a standalone are a multiple of our core mortgage and core home equity rates. And so I think we're just scratching the surface.

是的。謝謝你，麥可。我喜歡從機會規模倒推。我們在準備好的演講稿和最近幾季中都談到了快速房屋淨值貸款和快速再融資。而這些產品本身的利率，就其本身而言，就是我們核心抵押貸款利率和核心房屋淨值利率的數倍。所以我覺得我們目前只是觸及了皮毛。

Now to answer your question on where we'll be in two to three years, I don't want to necessarily -- we haven't guided that yet, but we are aggressively going after deploying those products to our customers. In fact, I would say that's kind of the top priority for us, given that there is a big market need right now for Rapid Home Equity and then people are looking forward to -- there's a lot of participants in the market that want to help consumers take advantage of their equity, and we want to help them help their consumers. And so that's very important to us. And that has a very high price per unit, although that's in our consumer banking segment.

現在要回答你關於我們兩到三年後會發展到什麼程度的問題，我不想貿然給出確切答案——我們還沒有給出明確的方向，但我們正在積極地向客戶推廣這些產品。事實上，我認為這可以說是我們的首要任務，因為目前市場對快速房屋淨值貸款有很大的需求，而且人們也期待著——市場上有很多參與者想要幫助消費者利用他們的房屋淨值，而我們也想幫助他們去幫助他們的消費者。所以這對我們來說非常重要。雖然這是我們消費銀行業務領域的產品，但它的單價非常高。

And then on top of that, on the Rapid Refi side, a lot of these companies are seeing mortgage rates coming down. I don't know if you all saw the jobs numbers today or the job cuts numbers today. But they want to be in a position where for the people who are able to get the benefits of lower rates once the rates get into the mid- to low 5s, that will be kind of an inflection point, I think, for the industry in terms of number of consumers that are eligible, but they need to be able to do that extremely effectively and in a very automated fashion. And our Rapid Refi solution is the best way to do that. And so we're -- we've got good interest in that.

此外，在快速再融資方面，許多公司都看到抵押貸款利率下降。我不知道你們今天有沒有看到就業數據或裁員數據。但他們希望，一旦利率降至 5% 左右的中低水平，那些能夠享受到較低利率優惠的人就能受益。我認為這對整個行業來說將是一個轉捩點，因為符合條件的消費者數量將會增加。但他們需要以極其高效且高度自動化的方式做到這一點。而我們的快速再融資方案是實現這一目標的最佳途徑。所以，我們——我們對此很感興趣。

We have some customers that have deployed it and that are scaling it up. And we're excited about it and our customers are excited about it. And so while I don't -- we don't want to guide exactly where we'll be in two or three years, maybe in a future Investor Day, we can spend more time on that given the traction we're seeing. I think the opportunity is really large. And that's not even withstanding the -- what the AI brings to the table in this case, which is there's a significant amount of operational effort internally of manually reviewing the loan file and going back and forth with the consumer for days or weeks, and it's something that AI was really built for.

我們有一些客戶已經部署了該系統，並且正在擴大其規模。我們對此感到興奮，我們的客戶也對此感到興奮。因此，雖然我不想——我們不想確切地指出兩三年後我們會發展到什麼程度，但鑑於我們目前看到的良好勢頭，也許在未來的投資者日上，我們可以花更多時間來討論這個問題。我認為機會非常大。而且，這還沒考慮到人工智慧在這種情況下帶來的好處——內部需要投入大量營運精力來手動審查貸款文件，並與消費者反覆溝通數天甚至數週，而這正是人工智慧真正擅長的領域。

And we're happy to be part of that journey with our customers. And so I don't have a specific guidance on the two- to three-year medium term, but I can tell you in the long term, I'm very bullish. I think there's a lot of upside for us and our customers in particular. And I think a decent amount of that will be -- will come in the form of just continuing to grow our evPFL with our existing customers, first and foremost.

我們很高興能與客戶一起參與這段旅程。因此，對於未來兩到三年的中期前景，我沒有具體的指導意見，但我可以告訴你，從長遠來看，我非常看好。我認為這對我們和我們的客戶來說都有很多好處。我認為其中相當一部分將——首先，將以繼續與現有客戶共同發展 evPFL 的形式實現。

And what was it? Was there a second question, Michael? I think I might have missed it.

那到底是什麼？邁克爾，還有第二個問題嗎？我可能錯過了。

No, it was just about the long term. Kind of like the long-term trajectory of evPFL and then the right mix of consumer banking versus mortgage, but I think you've covered it.

不，這只是著眼於長遠。有點像 evPFL 的長期發展軌跡，以及消費銀行業務與抵押貸款的合理組合，但我認為你已經涵蓋了這一點。

Makes sense. Yeah. I mean, you've seen our consumer banking segment grow because we've made some really big customer wins. And actually, one of our biggest deals this quarter was -- this past quarter was a consumer banking win. Now, also 39% is where we are as a percentage of our total revenue in consumer banking.

有道理。是的。我的意思是，你們已經看到我們的消費者銀行業務成長了，因為我們贏得了一些非常重要的客戶。事實上，我們本季最大的一筆交易——上個季度我們在消費銀行業務方面取得了成功。目前，39% 也是我們在消費者銀行業務總收入中所佔的比例。

That happens to be in mortgages cyclically low. I think both sides of this business can be much larger than they are today if we continue to execute with our customers and our customers continue to win in the market. And so we're not -- I wouldn't say we're sort of prioritizing one or the other. We're serving both. And it's sort of -- I'd say our focus is our existing customers to start with and growing them first and foremost.

恰好，抵押貸款處於週期性低位。我認為，如果我們繼續與客戶攜手合作，而我們的客戶繼續在市場上取得成功，那麼這項業務的雙方規模都可以比現在大得多。所以，我不會說我們優先考慮其中一個。我們兩者都提供。而且，我認為我們的重點首先是現有客戶，首要任務是發展壯大他們。

(Operator Instructions)

（操作說明）

Faith Brunner, William Blair.

費絲·布魯納，威廉·布萊爾。

Can you maybe double-click on the adoption cadence you're seeing across the different Rapid products within your existing customer base and maybe how that's driving durability into the different product suites? And then just a quick one on top of that about AI and as you get early feedback back from the Intelligent Origination and some of these other solutions, how that can maybe unlock another long-term monetization opportunity for you guys?

您能否詳細分析一下您現有客戶群中不同 Rapid 產品的採用節奏，以及這種節奏是如何推動不同產品套件的持久性的？此外，我還想快速問一下關於人工智慧的問題，以及隨著你們從智慧發起和其他一些解決方案中獲得早期回饋，這或許能為你們解鎖另一個長期的獲利機會？

Yeah. Great questions. The flavor of the day from our customers and where we're focused on the Rapid Suite, although we haven't -- I think it's over 10 Rapid deals in deployment right now with our customers. I'd have to double check that exact number. But the majority of our big customers' focus is being able to serve a consumer a home equity line of credit or loan in 10-ish days.

是的。問得好。目前，我們的客戶對 Rapid Suite 的評價最高，這也是我們關注的重點。雖然我們還沒有完成 10 多項 Rapid Suite 部署，但我認為目前我們已經為客戶部署了 10 多項 Rapid Suite 交易。我需要再核實一下這個確切的數字。但我們大多數大客戶的關注點是能夠在 10 天左右的時間內為消費者提供房屋淨值信貸額度或貸款。

I mean that's -- there's a lot of consumers who have debt that they're revolving on, that's higher interest debt. And so our customers are interested in offering them something we can take advantage of the equity in the consumers' homes. And the process today for getting a home equity line of credit is at a bank or credit union that a typical bank or credit union might be 30, 45, 60 days. But the technology is there now, and we have it with Rapid Home Equity to do that much faster and a much higher conversion.

我的意思是──有很多消費者背負著循環債務，那是高利率債務。因此，我們的客戶有興趣向他們提供一些我們可以利用消費者房屋淨值的東西。如今，在銀行或信用社獲得房屋淨值信貸額度的流程通常需要 30、45 或 60 天。但現在這項技術已經存在，我們透過 Rapid Home Equity 實現了更快的速度和更高的轉換率。

So that is the focus for our customer base, I'd say, for our largest customers. But we're seeing kind of interest across the board on that and Rapid Refi, with just trying to get ahead of the rates that might come down next year.

所以，我認為這就是我們客戶群，尤其是我們最大客戶的關注重點。但我們看到各方對快速再融資都表現出了濃厚的興趣，大家都想搶在明年利率可能下降之前做好準備。

And then shifting gears to AI. I mean, AI is one of those things. It's like almost like water for us at this point. It was such a breadth of fresh air because it allowed us -- we had this initiative a couple of years ago that we shared with you all around efficiency, and it helps us with our own internal abilities to do things faster and better. And so I think that was part of it.

然後話題轉向人工智慧。我的意思是，人工智慧就是其中之一。對我們來說，它現在就像水一樣。這真是令人耳目一新，因為它讓我們——幾年前我們曾與大家分享過這項關於效率的計劃，它幫助我們提升了自身的內部能力，從而更快、更好地完成工作。所以我覺得那是其中一部分原因。

And then it also unlocked -- I mean, there was this part of the industry that always stumped me, which I referred to on the call as this $11,000 problem is that the $11,000 problem is that there's so many different -- there's hundreds or thousands of different scenarios of consumers' finances and there's hundreds or thousands of different rules you have to apply to those scenarios. And so when you multiply those things together, it's like an intractable rules engine problem in the sense that you can't code all of those things effectively because they change all the time.

然後它也解開了謎團——我的意思是，這個行業一直讓我困惑，我在電話會議上稱之為“價值 11,000 美元的問題”，這個價值 11,000 美元的問題在於，消費者的財務狀況有成百上千種不同的情況，而你必須對這些情況應用成百上千種不同的規則。因此，當把這些事情結合起來時，就形成了一個難以解決的規則引擎問題，因為你無法有效地對所有這些事情進行編碼，因為它們一直在變化。

And so it was sort of impossible to imagine a world where someone could build an engine that was so complex and so magical that it could work across all of those things. And then all of a sudden, out of nowhere, this AI boom came and it's actually capable of handling those hundreds of thousands of different permutations that might happen on any given loan or line of credit or whatever.

因此，很難想像有人能夠製造出如此複雜、如此神奇的引擎，使其能夠在所有這些方面發揮作用。然後突然之間，人工智慧如雨後春筍般湧現，它實際上能夠處理任何給定貸款、信用額度或其他任何東西可能出現的數十萬種不同排列組合。

And we were demoing this. I was on site with a fairly large client of ours, and we were demoing this. And I can tell you, it was like the consumer is just going through their normal workflow in our platform, the same thing that everyone uses today and we were showing them what happens behind the scenes and the AI just ticks it up and it's just doing all the background work, just like a human would, prepping the file for them internally. And they were seeing that. And it's almost like -- it does almost feel like black magic because it's so hard to understand how it's even doing all that.

我們當時正在示範這個功能。當時我正在我們一個相當大的客戶現場，我們正在示範這個產品。我可以告訴你，消費者就像在我們平台上進行正常的流程操作一樣，和現在每個人都在使用的流程一樣，我們向他們展示了幕後發生的事情，人工智慧只是簡單地執行操作，就像人一樣完成所有後台工作，在內部為他們準備文件。他們看到了這一點。這感覺就像——確實感覺像是黑魔法，因為很難理解它是如何做到這一切的。

And I don't think I even understand how it can even do all those things as somebody who's very deep in AI and goes to sleep thinking about AI and wakes up thinking about AI, but it is capable of doing those things. And then I asked them how much they spend fulfilling each of their files manually? And it was not a small amount of money.

即使我是一個對人工智慧非常了解，甚至睡前都在想人工智慧、醒來後也在想人工智慧的人，我仍然不明白它是如何做到所有這些事情的，但它確實能夠做到這些事情。然後我問他們，手動處理每個文件要花多少錢？而且這筆錢金額不小。

And so yes, to answer your question, that wasn't -- that isn't really built into our financial models. It's not built into our -- and actually, one other thing I want to reiterate that Jason said is that the other thing that AI has allowed us to do in the spirit of efficiency is somebody who loves working with small teams is build these amazing solutions with small teams. And now getting the word out to customers and helping customers understand it and adopt it and buy it from us is a different conversation. But the actual building in these capabilities is best done with small teams where there's little communication gap.

所以，是的，回答你的問題，那並不是——那並沒有真正納入我們的財務模型中。它並沒有內建到我們的——實際上，我想重申傑森說過的一件事，那就是人工智慧讓我們能夠以效率為本，讓喜歡與小型團隊合作的人能夠與小型團隊一起建立這些令人驚嘆的解決方案。現在，如何將訊息傳遞給客戶，幫助客戶理解、接受並購買我們的產品，則是另一回事了。但要真正培養這些能力，最好是在溝通不良的小團隊中進行。

Everybody is working on a very similar tight cadence together. And I work with one of the small teams that's building out this, what we call Blend Intelligent origination. And it's just so refreshing.

每個人都在以非常相似的緊湊節奏協同工作。我所在的團隊是負責建立這個我們稱為「混合智慧發源」的小團隊之一。真是令人耳目一新。

There's so much energy around it. Our customers love it, and they're so excited about it. And so while we still have some work to do, I would say I've put that in the very early stages category, and it's not baked into our financial model and certainly not baked into our cost model in terms of us budgeting a huge amount of spend for that area. It is an area that I view as even more upside beyond some of the things we shared at our last Investor Day with you all about long-term upsides for the business.

它周圍充滿了活力。我們的顧客非常喜歡它，他們對此感到非常興奮。因此，雖然我們還有一些工作要做，但我認為我已經將其歸入非常早期的階段，它還沒有納入我們的財務模型，當然也沒有納入我們的成本模型，因為我們還沒有為該領域預算大量的支出。我認為，除了我們在上次投資者日上與大家分享的關於公司長期發展前景的一些內容之外，這個領域還有更大的成長空間。

Thank you so much. There are no further questions at this time. So on behalf of Blend Labs, Inc., thank you for joining. That concludes today's conference call. You may now disconnect.

太感謝了。目前沒有其他問題了。我謹代表 Blend Labs, Inc.，感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線了。