Blend Labs, Inc. (BLND) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Blend's financial results conference call for the second quarter of 2026. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 Blend 2026 年第二季財務業績電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to management for their prepared remarks. Please go ahead.

我現在把會議交給管理團隊進行預先準備的發言。請開始。

Good afternoon, and welcome to Blend's financial results conference call for the second quarter of 2026. 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.

各位下午好，歡迎參加 Blend 2026 年第二季財務業績電話會議。我是 Meg Nunnally，Blend 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 Blend 負責人 Nima Ghamsari，以及財務與行政主管 Jason Ream。

Before we start today's call, I'd like to note that we will refer to certain non-GAAP measures, which are reconciled to GAAP measures in today's earnings release and in the appendix of 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.

在開始今天的電話會議之前，我想先說明，我們將提及若干非 GAAP 指標，並已在今日的財報新聞稿以及補充簡報的附錄中與 GAAP 指標進行調節。非 GAAP 指標並非用來取代 GAAP 結果。除非另有說明，我們今天討論的所有財務衡量指標（包括獲利能力）均指非 GAAP。

Certain statements made during today's conference call regarding Blend and its operations, in particular our guidance for the third and fourth quarter of 2026, other commentary regarding 2026, and our expectations about markets, our strategic investments, product development plans, and operational targets may be considered forward-looking statements under federal securities law. We caution 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-Qs, our 10-K for the fiscal year 2025, and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law.

今天電話會議中所作的某些陳述，涉及 Blend 及其營運，特別是我們對 2026 年第三季與第四季的指引、其他關於 2026 年的評論，以及我們對市場、策略性投資、產品開發計畫與營運目標的預期，可能依據聯邦證券法被視為前瞻性陳述。我們提醒各位，前瞻性陳述涉及重大風險與不確定性，且有多項因素（其中許多超出公司控制）可能導致實際結果、事件或情況與這些陳述所描述者出現重大差異。請參閱我們在最近的 10-Q、2025 會計年度 10-K 以及其他 SEC 申報文件中所揭露的風險因素。除法律要求外，若情況改變，我們不承擔更新這些陳述的任何義務。

The financial information presented on this call is based on continuing operations, and prior periods have been recast to exclude operations that are now discontinued. 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.

本次電話會議所呈現的財務資訊係以持續營運為基礎，且先前期間已重新表達，以排除目前已終止之營運。最後，我們將在今日電話會議結束前於網站提供預先準備發言的副本，並且在會後不久也會提供錄音重播。

I'll now turn the call over to Nima.

我現在把電話會議交給 Nima。

Thanks, Meg, and welcome, everyone. The second quarter was another disciplined, profitable quarter for Blend. Revenue came in near the high end of our guidance range, non-GAAP operating income came in above the high end. Jason will take you through all the financial details in a few minutes.

謝謝你，Meg，也歡迎各位。第二季對 Blend 而言是另一個紀律嚴謹且獲利的季度。營收接近我們指引區間的高端，非 GAAP 營業利益則高於高端。Jason 將在幾分鐘後帶各位了解所有財務細節。

But today, I want to spend my time on the two pillars of our strategy. Autopilot, the agents we build for our customers, and Blend 3.0, the agents we are building inside Blend to help us do our work to serve our customers faster, better and cheaper. Let me start with Autopilot. The big news for us last quarter was that Autopilot became commercially available on July 1. If you're following along on the webcast, I'd invite you to advance the slide with the words, Our AI strategy, guiding our customers at the top.

但今天，我想把時間放在我們策略的兩大支柱上。Autopilot，也就是我們為客戶打造的代理（agents），以及 Blend 3.0，也就是我們在 Blend 內部打造的代理，協助我們更快、更好、更低成本地完成工作，以服務客戶。我先從 Autopilot 談起。上季對我們而言最大的消息是，Autopilot 已於 7 月 1 日正式商業化上線。如果各位正在收看網路直播，我邀請各位切換到上方寫著「Our AI strategy, guiding our customers」的投影片。

This is the first of two slides that I'll reference today. The charts on these slides are also available in the supplemental slides on our investor relations website. The chart shows cumulative loans processed by Autopilot from a standing start in February to more than 45,000 today. It's still compounding. The curve is the proof behind everything I'm about to tell you. During this four-month window, more than 65 lenders activated Autopilot. They stress-tested, surfaced the hard-edge cases, and shaped what we shipped. The preview data backs up why this matters. We're starting to see evidence Autopilot is driving faster clearance times, higher conversion rates, and potentially reducing fulfilment costs. Based on our preliminary data of these loans that have gone through our system, our customers are seeing a 10% to 15% improvement in pull-through rates and two to four days of cycle time improvement.

這是我今天會引用的兩張投影片中的第一張。這些投影片上的圖表也可在我們投資人關係網站的補充簡報中取得。圖表顯示 Autopilot 自 2 月從零開始至今累計處理的貸款已超過 45,000 筆。而且仍在持續加速成長。這條曲線就是我接下來要告訴各位一切的證明。在這四個月的期間內，超過 65 家放款機構啟用 Autopilot。他們進行壓力測試、找出棘手的邊界案例，並塑造了我們最終交付的產品。預覽資料支持了其重要性。我們開始看到證據顯示，Autopilot 正在帶來更快的核准/結案（clearance）時間、更高的轉換率，並可能降低履約（fulfilment）成本。根據我們對這些經由系統處理之貸款的初步資料，客戶的成交/撥款完成率（pull-through rates）提升約 10% 至 15%，週期時間也改善了 2 至 4 天。

Furthermore, we estimate that Autopilot is automating four and a half hours of loan fulfilment tasks on average per loan. This is huge. Our customers are just beginning to grasp the potential. Now that we are commercial as of July 1st, six lenders have already signed contracts that include Autopilot, including Onity, which is one of the largest mortgage servicers in the nation, which is also building its own experiences on top of Autopilot through our Autopilot MCP server. On monetization, we're executing the plan we described in May, with customers signing flat-fee, one-year contracts for full access. There's going to be a base level of intelligence built into our workflows, the paid tiers are where the full product lives, what we call our underwriting intelligence, where Autopilot is reading documents, running calculations, reconciling against guidelines, and driving the full loan file forward.

此外，我們估計 Autopilot 平均每筆貸款可自動化約 4.5 小時的貸款履約作業。這非常巨大。我們的客戶才剛開始理解其潛力。自 7 月 1 日商業化以來，已經有 6 家放款機構簽署包含 Autopilot 的合約，其中包括 Onity——全美最大的房貸服務機構之一——也正透過我們的 Autopilot MCP 伺服器，在 Autopilot 之上打造其自有體驗。在變現方面，我們正執行 5 月所描述的計畫，客戶以固定費用簽署為期一年的合約以取得完整存取權。我們的工作流程中會內建一個基礎智慧層級；付費等級則是完整產品所在，我們稱之為核保智慧（underwriting intelligence），在此 Autopilot 會閱讀文件、進行計算、依據指引進行核對，並推動整份貸款檔案向前進行。

Over time, our intent remains to move the paid tiers to a per-funded loan model, just like the rest of our Mortgage Suite. When seat-based pricing, which we don't think survives the agentic world, when software does the work, you can't charge by the person. It doesn't make any sense. Others are also moving the consumption models to get paid for the activity their AI generates. We made a different choice, which is we get paid on success. We get paid on the outcome, not for the tasks along the way, but for the outcome. If Autopilot does 10 times the work on a file that never closes, our customers shouldn't pay 10 times more for it, under our model, they won't. Our revenue scales with our customers' success, that alignment is the business model we've always had.

隨著時間推進，我們的意圖仍是將付費等級轉為按每筆成功撥款（per-funded loan）計費的模式，就像我們房貸套件（Mortgage Suite）的其他產品一樣。至於按席位（seat-based）計價——我們認為在代理式世界中難以存續——當軟體在做工作時，你就不可能按人頭收費。這沒有任何道理。其他公司也正把消耗型（consumption）模式轉向，為其 AI 所產生的活動收費。我們做了不同的選擇：我們按成功收費。我們為結果付費，而不是為過程中的任務付費，而是為結果付費。如果 Autopilot 在一個最終未成交的案件上做了 10 倍的工作，我們的客戶不應該因此多付 10 倍；在我們的模式下，他們也不會。我們的營收會隨著客戶的成功而擴大，這種一致性就是我們一直以來的商業模式。

Agentic AI just makes it more valuable and more scalable. Since I get asked about the competitive landscape constantly, let me be direct about it. What gives Blend the right to win? Our answer comes down to four advantages that are hard to replicate. First, where we sit. Blend is the borrower's first point of contact, and because we're there, we see the problems, and we fix the problems as they come along. More than half of borrowers apply outside of business hours, and over 90% of people who complete an application do so within 24 hours of starting. Autopilot catches friction the moment it happens, at 10:00 P.M. on a Saturday, not Monday morning, at the exact moment the borrower intent is the highest and the engagement is the highest. Next, our data.

代理式 AI 只是讓它更有價值、也更具可擴展性。既然我經常被問到競爭格局，我就直接說明。是什麼讓 Blend 有資格勝出？我們的答案歸結為四項難以複製的優勢。第一，我們所處的位置。Blend 是借款人的第一個接觸點，而正因為我們在那裡，我們看得到問題，並在問題發生時就加以解決。超過一半的借款人會在非營業時間提出申請，而超過 90% 完成申請的人會在開始後 24 小時內完成。Autopilot 在摩擦發生的當下就能捕捉到——例如週六晚上 10 點，而不是週一早上——就在借款人意圖最高、互動度最高的那一刻。接下來，我們的資料。

The question behind every AI question I get is, in a world where anybody can call a frontier model like Claude, is a software like ours replaceable? We believe the answer is no, and the reason is our data. Models are converging, and everyone has access to the same models, including us. What isn't a commodity is what it takes to get the model to perform on a mortgage that has tons of context, tons of loan documents, guidelines, and lots of things that have to be taken into account to make the right next action on the loan. That's a combination of 15 years of experience and tens of millions of loan application data processing through our platform, which you can't buy. You can't synthesize 15 years of real borrower behavior. That compounds.

我收到的每一個 AI 問題背後，其實都是同一個問題：在一個任何人都能呼叫像 Claude 這樣的前沿模型的世界裡，像我們這樣的軟體是否可被取代？我們相信答案是否定的，而原因在於我們的資料。模型正在趨於同質化，而且每個人都能取得相同的模型，包括我們在內。真正不是商品化的，是要讓模型在一筆具有大量脈絡、海量貸款文件、各種指引，以及必須納入考量的眾多因素的房貸上，能夠做出正確的下一步行動所需的一切。那是 15 年經驗，加上透過我們平台處理的數千萬筆貸款申請資料的結合，而這是你買不到的。你無法合成 15 年真實借款人行為。而這會持續複利累積。

I actually see this in our early Autopilot benchmarks against a typical Claude plus skills, and we see that Autopilot performs better in those tests, and much better and much cheaper, about 1/3 the cost. Third, the harness. Autopilot is not a wrapper around a generic model. It runs inside the infrastructure, the data layer, the integrations, the compliance architecture, orchestrating what the agent sees, what tools it can use, which guidelines to apply to a specific loan in front of it, and what happens when it isn't sure. It hands the file back to the loan team. People stay in control of the decisions that matter, and this harness is part of what makes Autopilot more accurate and cheaper than a generic harness. Last, our relationships. We've spent 15 years building alongside lenders, and Autopilot was built the same way, with lenders, for lenders.

我其實在我們早期的 Autopilot 基準測試中就看到了這點：拿它去對比典型的「Claude 加上技能」組合，我們看到 Autopilot 在那些測試中表現更好，而且好得多、也便宜得多，成本大約只有 1/3。第三，是這個「harness」（控制框架）。Autopilot 不是把一個通用模型包起來的外殼。它是在我們的基礎設施、資料層、整合與合規架構之內運行，負責編排代理能看到什麼、能用哪些工具、對眼前這筆特定貸款要套用哪些指引，以及在不確定時該怎麼辦。它會把案件交回貸款團隊。人仍然掌控那些重要的決策，而這個控制框架也是讓 Autopilot 比通用框架更準確、也更便宜的一部分原因。最後，是我們的關係。我們花了 15 年與放款機構並肩打造，而 Autopilot 也是以同樣方式打造：與放款機構一起，為放款機構而生。

With Autopilot MCP, we've opened up our infrastructure so customers and other technology providers can build on top of us rather than around us. When you step back, this is the bigger thesis. Blend is and can be the agentic infrastructure for relationship banking. The original promise of banking was a relationship, a lender who got to know you and could make a call based on more than just a credit score. That promise didn't disappear because bankers stopped caring. It disappeared because there's so much process, and there's so much manual work and manual effort that has to go in to every single loan.

透過 Autopilot MCP，我們已經開放了我們的基礎設施，讓客戶與其他技術供應商可以在我們之上建置，而不是繞過我們另起爐灶。退一步看，這就是更大的核心論點。Blend 是、也可以成為關係型銀行業務的代理式（agentic）基礎設施。銀行業最初的承諾是一種關係：一位了解你、能基於不僅僅是信用分數做出判斷的放款人。那個承諾並不是因為銀行家不再在乎而消失。它消失是因為流程太多，而且每一筆貸款都必須投入大量流程性工作、手動工作與人力。

When Autopilot is handling that grunt work on the loans and helping the people who historically did that focus on the customer, when Autopilot's handling those conditions, the follow-ups, the questions that come in at 2:00 A.M., and the loan officer bringing it back to the capacity of serving the customer. I started Blend with my co-founders back in 2012 with a simple thesis. The mortgage process should drive itself, not because humans aren't needed, because the right technology can handle everything that does not require a human. Autopilot is finally that thesis arriving.

當 Autopilot 在貸款上處理那些苦工，並協助過去負責這些工作的人把重心放回客戶；當 Autopilot 在處理那些條件、追蹤事項、以及凌晨 2:00 進來的問題，讓貸款專員回到能服務客戶的產能。我在 2012 年和共同創辦人以一個簡單的論點創立了 Blend。房貸流程應該能自動運轉，不是因為不需要人，而是因為合適的技術可以處理所有不需要人類的事情。Autopilot 終於讓這個論點成真。

Because of what we're seeing in mortgage, the most complex, most heavily regulated process in consumer finance, we believe the same infrastructure extends naturally to home equity, deposits, auto, cards, personal lending, and I think probably broadly, given how much we've honed the harness and the evals around Autopilot, probably beyond that to other aspects of underwriting. Agentic AI doesn't replace and doesn't need to replace relationship banking, but it makes it possible to have our customers, the lenders, be even more focused on their customers, once again, at scale. Shifting gears, if you're following along on the webcast, I'd ask you to advance this slide with the words, Our AI strategy transforming how we work, at the top.

基於我們在房貸——消費金融中最複雜、監管最嚴格的流程——所看到的成果，我們相信同一套基礎設施自然可以延伸到房屋淨值貸款、存款、汽車貸款、信用卡、個人貸款；而且我認為，鑑於我們在 Autopilot 的控制框架與評估（evals）上投入了大量打磨，可能還能更廣泛地延伸到承保的其他面向。代理式 AI 不會取代、也不需要取代關係型銀行業務，但它讓我們的客戶——放款機構——能再次以規模化的方式，更加專注於他們的客戶。換個話題，如果你正在收看網路直播，我想請你把投影片切到上方寫著「Our AI strategy transforming how we work」的那一頁。

This slide gives you a glimpse of how Blend itself is transforming and how it is going to look in the future, and we're calling that Blend 3.0, where if you think of Blend 1.0 as the first 10 years where we built a market-leading company and were growing quite a bit, growing our market share, growing our customer base, and rolling out our first products, Blend 2.0 is the last four years where we were creating a profitable, long-term sustainable entity, Blend 3.0 is an agentic-first company. That doesn't mean just for our products, but that also means how we work internally. Last quarter, I described this pattern. An agent will, in the end state of Blend, take the first pass of the incoming work, especially the grunt work that I described earlier, before a team member even touches it and applies their judgment.

這張投影片讓你一窺 Blend 自身如何轉型，以及未來會是什麼樣子；我們把它稱為 Blend 3.0。若把 Blend 1.0 視為前 10 年——我們打造出市場領先的公司並且成長相當快，提升市占、擴大客戶基礎、推出第一批產品——那麼 Blend 2.0 就是過去四年：我們打造一個可獲利、長期可持續的組織；而 Blend 3.0 則是一家以代理式（agentic-first）為先的公司。這不只是指我們的產品，也包括我們內部的工作方式。上個季度我描述過這個模式。在 Blend 的最終狀態下，代理會先對進來的工作做第一輪處理，尤其是我先前提到的那些苦工，在團隊成員甚至還沒碰到之前，就先完成初步處理，之後再由人員運用判斷。

I won't repeat all that today, but I want you to look at the graph, and the graph shows one specific team in the company, which is actually one of our biggest teams, which is the engineering team. If you look at the gray line, and you look at pull requests, which is the gray line in 2025, it was pretty flat throughout the year, and during the holidays, it trailed off. Then you look at the blue line this year. We've 3.6x'd our throughput as an engineering team with roughly the same headcount just since January of this year. 3.6 times the throughput. I don't know if you remember, but I told you in May that we were running roughly 1.5 times compared to what we were doing in January. That was the average. That was just three months ago.

我今天不重複全部內容，但我希望你看一下這張圖。圖中顯示的是公司裡一個特定團隊——其實也是我們最大的團隊之一——工程團隊。如果你看灰色線，代表 pull request（拉取請求），在 2025 年那條灰線全年相當平坦，到了假期期間則下滑。再看今年的藍色線。自今年 1 月以來，在人力編制大致相同的情況下，我們工程團隊的產出吞吐量提升了 3.6 倍。3.6 倍的吞吐量。我不知道你是否還記得，我在 5 月時告訴過你，相較於 1 月，我們大約在 1.5 倍左右運行。那是平均值。那只是三個月前的事。

Now we're 3.6 times. It's a profound thing to think about, which means if we continue at this pace, we could be doing 10 times as much throughput on the engineering team by the end of this year as what we did the end of last year. I think that will continue to compound as an advantage for us to turn into velocity of fixing customer bugs, handling customer feature and enhancement requests, building the new things like Autopilot that power the future of our industry at a faster and better pace. That's really important because the essence of any software company is how do you serve your customers and create value for your customers? I think that trend will continue to steepen as we adopt further AI within our organization and as the models get better over time.

現在我們是 3.6 倍。這是一件值得深思的重大變化，意味著如果我們以這個速度持續下去，到今年年底，我們工程團隊的吞吐量可能會是去年年底的 10 倍。我認為這將持續以複利方式累積成為我們的優勢，並轉化為更快、更好的速度：修復客戶 bug、處理客戶功能與增強需求、打造像 Autopilot 這樣驅動產業未來的新事物。這非常重要，因為任何軟體公司的本質都是：你如何服務客戶，並為客戶創造價值？我認為，隨著我們在組織內進一步採用 AI，以及模型隨時間變得更好，這個趨勢會持續變得更陡峭。

Given the success that we're seeing in engineering, the next phase that we're doing, and what I believe is our job, is to take this to the whole company. This past quarter, we expanded our efforts in agentic-first approaches, and we expanded to our go-to-market organization, where agents now are reviewing support tickets that come in immediately, and if it's a bug that needs fixing, it can open a pull request. If it's a simple response that they want or a configuration change, it can draft that up for a human to go and click, Yep, that's right, or No, that's wrong, I need to change that. It's also doing work on our customer calls and helping draft coaching notes and follow-ups that used to take the teams hours.

鑑於我們在工程方面看到的成功，我們正在做的下一階段、也是我認為我們的工作，就是把這件事推廣到整個公司。在上一季度，我們擴大了以代理式優先（agentic-first）的做法，也擴展到我們的 go-to-market（市場推進）組織；現在代理會在支援工單一進來就立即審查，如果是需要修復的 bug，它可以開一個 pull request。如果只是他們想要一個簡單回覆或一項設定變更，它可以先替人類擬好草稿，讓人去點選「對，就是這樣」，或「不對，我需要改一下」。它也在處理我們的客戶通話工作，並協助起草教練筆記與後續追蹤事項，而這些過去常常要花團隊好幾個小時。

In our finance organization, where agents are doing the first pass of work on parts of our closing process. In every case, the process is the same. The agent takes the first draft, a person reviews and approves. In some cases over time, I think where it's less of a security issue or less of a code issue or less of something that doesn't even need a human approval, I think eventually over time, we'll even not need human approvals for some of those things. It's different functions that I'm talking about, but it's one operating model of how I think the future of agentic technology is. It's still early days, but this is one of the most active topics inside Blend right now. Our leadership team is meeting regularly about it because becoming an agent-first company is an operating decision, not a side project.

在我們的財務組織中，代理正在對我們結帳流程的部分工作進行第一輪處理。在每一種情況下，流程都是一樣的。代理先產出第一版草稿，接著由人員審閱並核准。隨著時間推移，在某些情況下，我認為若安全性疑慮較低、或較不是程式碼相關問題、或屬於甚至不需要人工核准的事項，最終我們對其中一些事情甚至可能不再需要人工核准。我談的是不同的職能，但我認為這是一種營運模式，代表我所設想的代理式技術未來樣貌。現在仍是早期階段，但這是 Blend 內部目前最活躍的主題之一。我們的領導團隊正定期就此開會，因為成為一家以代理為先（agent-first）的公司是一項營運決策，而不是一個附帶的專案。

It's a whole company effort to figure out how would we reimagine this amazing company and customer base from the ground up. We now get that opportunity because we're profitable, we have our house in order, and all these technologies are accelerating right in front of our eyes. I said in May that we aim to be in the top 1% of all companies in agentic AI adoption, and that's still the goal. We're tracking our progress by function, we're taking it one piece at a time, and I expect to share more with you in the coming quarters as this rollout matures. Lastly, I want to talk about growth, because I know that's a question on everyone's mind. To start with the bad news, the macro is not helping us right now.

這是一項全公司共同投入的努力，去思考我們要如何從零開始重新想像這家卓越的公司與其客戶基礎。我們現在有這個機會，因為我們已經獲利、內部整頓到位，而所有這些技術正加速在我們眼前發展。我在 5 月曾說過，我們的目標是成為所有公司中代理式 AI 採用程度前 1% 的企業，而這仍然是目標。我們按職能追蹤進度、一次推進一個部分，並且我預期在接下來幾個季度，隨著這次推行逐步成熟，我會與各位分享更多資訊。最後，我想談談成長，因為我知道這是大家都在關心的問題。先從壞消息開始，總體環境目前並沒有幫到我們。

Mortgage rates moved from 6.4% or so in May to 6.8% in recent weeks because of wars and things that are going on that are outside of our control. That keeps activity in the market, especially refinance activity, but also purchase activity muted. I've always said we can't control the macro. I just want you to be aware of it because we're obviously paying close attention to it, and it might sort of mute future quarters like Q4 if we expected a certain amount of refinance activity, and it doesn't come because rates are high, just more being aware of it. That's okay. Our ultimate goal has been and is to generate long-term sustainable growth regardless of the macro environment. In the quarter, we signed 14 new deals and expansions, and there are two that I want to highlight.

由於戰爭等我們無法控制的外部因素，房貸利率從 5 月約 6.4% 上升到近幾週的 6.8%。這使得市場活動，尤其是再融資活動，但也包括購屋活動，都相對低迷。我一直都說，我們無法控制總體環境。我只是希望各位了解這點，因為我們顯然正密切關注；如果我們原本預期某個再融資活動量，但因利率偏高而未出現，這可能會在某種程度上壓抑未來季度（例如 Q4）的表現——只是讓大家更有心理準備。這沒關係。我們最終的目標一直都是、也仍然是：不論總體環境如何，都要創造長期且可持續的成長。本季度我們簽下 14 筆新交易與擴張案，其中有兩筆我想特別強調。

The first is a new logo with a large credit union that included Autopilot right out of the gate. I think this will be the new norm with our customers as they sign with us. We have some more deals in pipeline that have the same shape, but it's the first time a customer chose Blend and chose Autopilot as part of that initial package. Agentic AI is becoming table stakes, and our customers want it and need it, in fact, to be the best versions of themselves. I think, like I said, it's a preview of how many of our deals are going to look going forward. The second deal I want to talk about is a cross-sell of our Rapid Refi and Rapid Home Equity into a top five credit union, which they signed with us a couple of years ago. They got rolled out.

第一筆是與一家大型信用合作社的新客戶（新 logo）簽約，且一開始就把 Autopilot 納入方案。我認為，未來客戶與我們簽約時，這將成為新的常態。我們的管線中還有一些同樣型態的交易，但這是第一次有客戶選擇 Blend，並在初始方案中就選擇 Autopilot。代理式 AI 正在成為基本門檻（table stakes），我們的客戶想要它、也需要它，事實上，這能讓他們成為最好的自己。如我所說，我認為這預示了我們未來許多交易的樣貌。第二筆我想談的交易，是將我們的 Rapid Refi 與 Rapid Home Equity 交叉銷售（cross-sell）給一家前五大信用合作社；他們在幾年前就已與我們簽約。他們已經完成上線推行。

They're happy. This is a great example of how we can expand and deepen with customers as we drive the initial projects to success. Our pipeline continues to build. On our last call, I told you our overall pipeline was up more than 40% year-over-year, and that overall pipeline is still growing. The stat I'm more excited about as the year goes on is a narrower one. We brought in new sales leadership this year, at the start of this year, our late-stage pipeline, the deals we aim to close within the next quarter, grew nearly 40% just between March and June. Late-stage pipeline is what actually is near signing, so it comes with a lot higher level of visibility and confidence.

他們很滿意。這是很好的例子，說明當我們把初始專案推動成功後，如何與客戶擴張並加深合作。我們的銷售管線持續累積。在上一次電話會議中，我告訴各位我們的整體管線年增超過 40%，而這個整體管線仍在成長。隨著今年進展，我更興奮的是一個更聚焦的指標。我們今年引進了新的銷售領導團隊；在今年年初到位後，我們的後期管線（late-stage pipeline）——也就是我們目標在下一季度內完成簽約的交易——僅在 3 月到 6 月之間就成長了將近 40%。後期管線是真正接近簽約的部分，因此可視性與信心都高得多。

Just to put some color around this pipeline, that includes another large mortgage customer, a top 20 financial institution, and a solid set of Rapid and Autopilot deals, which for example, we expect two additional large Rapid deals to close in the coming months. I want to be honest about timing. We expect our pipeline to become signed deals in the coming quarter or so. Maybe some slip. Those signed deals become revenue. This is all dealing with some of the largest financial institutions in the country. As they sign and they turn on, we expect them to show up on our financials in the medium term, but it does take some time for very large financial institutions to get through their governance around things like agentic tools. With all that said, I want to say the direction is very clear.

為了讓大家更具體理解這個管線，其中包括另一家大型房貸客戶、一家前 20 大金融機構，以及一組穩健的 Rapid 與 Autopilot 交易；例如，我們預期未來幾個月還會再完成兩筆大型 Rapid 交易的簽約。我想坦白談談時程。我們預期在接下來一個季度左右，管線會轉化為已簽約的交易。可能會有一些延後。這些已簽約的交易接著會轉化為營收。這些都涉及國內一些最大的金融機構。當他們完成簽約並啟用後，我們預期在中期會反映在財務數字上，但大型金融機構在代理式工具等事項的治理流程上確實需要一些時間。綜合以上，我想說方向非常明確。

Our customers are excited about it. Our largest customers are really leaning in. My confidence is very high. Our sales discipline that Matt has put in place isn't just limited to new business. It extends to how we manage renewals. We're doing a better job of getting our customers discussions around renewals with us earlier in the process, which means more relationship aspects to working with them, renewing customers for longer terms, broadening the relationship at renewal, and making sure that our pricing reflects the value we deliver, which Jason will give you some more color later on how we're thinking about this, where we're seeing renewals and upsells, where we're seeing churn. Let me give you the other side of the coin right now, which is the core of our customer base is renewing for longer and for more.

我們的客戶對此感到興奮。我們最大的客戶正在真正投入。我的信心非常高。Matt 建立的銷售紀律不僅限於新業務。也延伸到我們如何管理續約。我們更早在流程中就與客戶展開續約討論，這意味著在合作上有更多關係經營的面向、讓客戶以更長的期限續約、在續約時擴大合作範圍，並確保我們的定價能反映我們所交付的價值；Jason 稍後會就我們如何思考這些議題提供更多說明，包括我們在哪些地方看到續約與加購（upsells）、以及在哪些地方看到流失（churn）。現在我也想談談另一面：我們客戶基礎的核心客群正在以更長、更大的規模續約。

To wrap it up, the short-term market with the macro, it sort of is what it is, but we're staying disciplined and profitable inside of it. The medium and long term is what we're focused on, 2027 and beyond, as we get Autopilot going commercial and growing that, the pipeline we're building, the speed we're gaining with the agentic transformation internally. I am extremely energized about what Blend looks like on the other side of this cycle, not just for us, but for our customers. Ultimately because we have a value-based pricing model, what that means for our financials and for our investors.

總結來說，短期市場在總體環境影響下，大致就是如此，但我們仍在其中保持紀律並維持獲利。我們關注的是中長期，也就是 2027 年及以後：當我們讓 Autopilot 商業化並推動成長、持續打造我們的管線、以及透過內部代理式轉型所獲得的速度提升。我對 Blend 在這個循環之後的樣貌感到非常振奮——不只是對我們而言，也包括對我們的客戶。最終，因為我們採用以價值為基礎的定價模式，這對我們的財務表現以及投資人意味著什麼。

With that, I'm going to turn it over to Jason to walk through the financials.

那麼，我把時間交給 Jason，請他帶大家回顧財務表現。

Thanks, Nima. Thank you to everyone else joining us on the call. We delivered a solid second quarter with total revenue of $33.8 million, up 7% year-over-year and near the high end of our $32 million to $34 million guidance range. Mortgage Suite revenue was $19.2 million, up 7% year-over-year, within the growth range we discussed on our last call. Funded mortgage loans on our platform were approximately 233,000 in Q2, up 14% year-over-year and in line with our expectations coming into the quarter. That volume growth was partially offset by a lower year-over-year economic value per funded loan, which came in at $79, consistent with the $79 to $80 range we guided to in May. As a reminder, the step down from $83 in Q1 is primarily mathematical.

謝謝你，Nima。也感謝所有加入本次電話會議的各位。我們第二季交出穩健成績，總營收為 3,380 萬美元，年增 7%，且接近我們 3,200 萬至 3,400 萬美元財測區間的上緣。Mortgage Suite 營收為 1,920 萬美元，年增 7%，落在我們上次電話會議所討論的成長區間內。第二季在我們平台上完成撥款的房貸筆數約為 233,000 筆，年增 14%，符合我們在本季開始時的預期。該筆數成長部分被每筆撥款貸款的經濟價值較去年同期下降所抵銷；該指標為 79 美元，與我們 5 月所指引的 79 至 80 美元區間一致。提醒一下，從第一季的 83 美元下滑，主要是數學上的因素。

Q1 is seasonally the high water mark, given its lower mortgage volumes, and higher volumes in Q2 mechanically lower the per loan calculation given that there are some fixed fee arrangements within our customer base. Consumer Banking Suite revenue for the second quarter was $12.2 million, up 6% year-over-year, slightly above the high end of the growth range we shared on our last call. Professional Services revenue for the second quarter was $2.4 million, consistent with our expectations. Turning to profitability, non-GAAP gross profit was $26.5 million. Our non-GAAP gross margin was 78.3%, up from 76.1% in the second quarter of 2025, consistent with the normalized gross margin framework of 77% to 78% we described last quarter after backing out the one-time benefits we saw in Q1.

第一季在季節性上通常是高點，因為房貸量較低；而第二季量較高，且由於我們客戶群中存在一些固定費率安排，較高的量會在機械性上拉低每筆貸款的計算值。第二季 Consumer Banking Suite 營收為 1,220 萬美元，年增 6%，略高於我們上次電話會議分享的成長區間上緣。第二季專業服務營收為 240 萬美元，符合我們的預期。在獲利方面，非 GAAP 毛利為 2,650 萬美元。非 GAAP 毛利率為 78.3%，高於 2025 年第二季的 76.1%，並與我們上季在扣除第一季一次性利益後所描述的常態化毛利率架構（77% 至 78%）一致。

That gross margin improvement is despite the model cost for Autopilot, which were relatively low but growing in Q2. We expect those costs to remain fairly insignificant relative to our P&L for the near future, but we will update you if we see anything different on the horizon. Non-GAAP operating expenses were $19.5 million in Q2, roughly flat year-over-year. Non-GAAP operating income was $7 million above the high end of our $5.5 million to $6.5 million guidance range and represented a non-GAAP operating margin of 20.6%, an improvement of nearly six points compared to the second quarter of 2025. Free cash flow for the quarter was $6.9 million. We ended the quarter with $44.9 million in cash, cash equivalents, and marketable securities, and still with zero debt. During the second quarter, we repurchased 11 million shares at an average price of $1.65 per share.

即便第二季 Autopilot 的模型成本相對較低但正在成長，毛利率仍有所改善。我們預期在可預見的未來，這些成本相對於我們的損益表仍將相當不顯著；但若我們看到前景有任何不同，我們會向各位更新。第二季非 GAAP 營業費用為 1,950 萬美元，年比約持平。非 GAAP 營業利益為 700 萬美元，高於我們 550 萬至 650 萬美元財測區間的上緣，非 GAAP 營業利益率為 20.6%，較 2025 年第二季提升近 6 個百分點。本季自由現金流為 690 萬美元。季末我們持有 4,490 萬美元的現金、約當現金與有價證券，且仍然零負債。第二季期間，我們以每股平均 1.65 美元回購了 1,100 萬股。

Year-to-date, we have repurchased 22.2 million shares for $36.8 million, leaving approximately $13.2 million remaining under our most recent share repurchase authorization of $50 million. We continue to believe that share repurchases are an excellent use of capital, especially at current valuation levels, though future repurchases will also be balanced against our aim to maintain ample liquidity to run the business. Before I give you the specific numbers, I want to frame how we're thinking about the environment because it shapes everything that follows. On our May call, and consistent with what we've said historically, we noted that our own outlook for the back half of 2026 was closely aligned with Fannie Mae, which at the time was forecasting roughly 19% full year growth in mortgage market volume. Since then, Fannie has lowered that outlook to about 17%.

年初至今，我們已回購 2,220 萬股、金額 3,680 萬美元；在我們最近一次 5,000 萬美元的股票回購授權下，尚餘約 1,320 萬美元可用。我們仍然認為股票回購是極佳的資本運用方式，尤其在目前的估值水準下；不過，未來回購也會與我們維持充足流動性以營運業務的目標取得平衡。在我提供具體數字之前，我想先說明我們如何看待當前環境，因為它會影響接下來的一切。在 5 月的電話會議上，且與我們過去一貫的說法一致，我們提到我們對 2026 年下半年的展望與房利美（Fannie Mae）相當一致；當時房利美預測房貸市場全年量將成長約 19%。自那之後，房利美已將該展望下修至約 17%。

Our current view is slightly more conservative than Fannie Mae, as we expect refinance volumes to remain muted in a higher for longer rate environment. Specifically, we struggle with Fannie's forecast showing refi growth in the back half of the year despite higher interest rates. Fannie Mae update their forecasts, but until then, we're taking the more conservative view. Additionally, we saw an uptick in churn notices this quarter relative to recent quarters. These are customers who are notifying us that they plan to roll off of Blend, though the timeline and ultimate impact is still to be determined. In most of these cases, customers plan to move to lower-cost or free point solutions.

我們目前的看法比房利美略為保守，因為在「利率維持較高且時間更久」的環境下，我們預期再融資（refinance）量仍將偏弱。具體而言，我們對房利美的預測感到疑慮：在利率更高的情況下，預測卻顯示下半年再融資會成長。房利美會更新其預測，但在那之前，我們採取較保守的觀點。此外，本季我們看到相較於近期幾季，客戶流失（churn）通知有所增加。這些客戶通知我們他們計畫停止使用 Blend，但時間表與最終影響仍有待確認。在多數情況下，客戶計畫轉向成本更低或免費的點狀解決方案（point solutions）。

We expect the revenue impact to be manageable in the low single digits of annual revenue, but it's a dynamic we're watching closely, and as such, we have reflected some caution in how we're thinking about the second half of the year. With that context, let me walk you through how we see the next two quarters. Starting with the third quarter, we expect total revenue to be between $31.5 million to $33.5 million, representing approximately minus 4% to plus 2% year-over-year growth. Underneath these headline numbers, we expect a total mortgage market of 1,200,000-1,260,000 units, which is up 5% at the midpoint, and Blend Funded Loan volume of approximately 200,000-210,000 loans, which is up 2% at the midpoint. This translates to Mortgage Suite revenue change of approximately minus 4% to plus 3% year-over-year.

我們預期對營收的影響可控，約為年營收的低個位數百分比；但這是一個我們密切關注的動態，因此在我們對下半年的思考中也反映了一些審慎。在這樣的背景下，我來說明我們對接下來兩季的看法。先從第三季開始，我們預期總營收介於 3,150 萬至 3,350 萬美元，約相當於年增 -4% 至 +2%。在這些總體數字之下，我們預期整體房貸市場規模為 1,200,000 至 1,260,000 件，中位數年增 5%；而 Blend 平台撥款貸款量約為 200,000 至 210,000 筆，中位數年增 2%。這對應到 Mortgage Suite 營收年增約為 -4% 至 +3%。

We expect economic value per funded loan of approximately $80 to $81. We expect year-over-year Consumer Banking Suite revenue growth of between minus 5% and plus 1% in the third quarter, consistent with the moderation we discussed on our last call. We expect Q3 non-GAAP operating income to be between $3.5 million and $4.5 million, implying a non-GAAP operating margin at the midpoint of approximately 12%. As a reminder, the third quarter expense includes our annual Blend Forum customer event. Consistent with prior years, which we expect to drive approximately $1.5 million sequential step-up in sales and marketing expense quarter-over-quarter. Looking beyond Q3, I want to give you our current view on fourth quarter volumes. Fannie Mae's most recent forecast is calling for roughly flat market volume in the fourth quarter.

我們預期每筆撥款貸款的經濟價值約為 80 至 81 美元。我們預期第三季 Consumer Banking Suite 營收年增介於 -5% 至 +1%，與我們上次電話會議所討論的放緩趨勢一致。我們預期第三季非 GAAP 營業利益介於 350 萬至 450 萬美元，意味著中位數非 GAAP 營業利益率約為 12%。提醒一下，第三季費用包含我們年度的 Blend Forum 客戶活動。與往年一致，我們預期這將帶來銷售與行銷費用較前一季約 150 萬美元的序列性增加。在第三季之外，我想提供我們目前對第四季量的看法。房利美最新的預測指出第四季市場量大致持平。

As I mentioned earlier, that forecast may get updated at some point. For now, our own outlook is a little bit more conservative. We expect total market size of 1.105 million to 1.165 million units or down about 11% year-over-year at the midpoint. Against that backdrop and factoring in the final tail on the roll-off of the large customer we've discussed on prior calls, we'd expect Blend's fourth quarter funded loan volume to be approximately 180,000-190,000 loans or down approximately 10% to 15% year-over-year. While this is our current best estimate, I should note that the macro backdrop remains highly fluid and sensitive to rates. Finally, on Autopilot, as you heard from Nima, we are very excited about the early commercial momentum. We continue to encourage you to be cautious about incorporating Autopilot revenue into your models at this juncture.

如我先前提到的，該預測可能會在某個時間點更新。就目前而言，我們自己的展望稍微更保守一些。我們預期整體市場規模為 110.5 萬至 116.5 萬件，中位數約年減 11%。在此背景下，並納入我們在先前電話會議中討論過的大型客戶流失（roll-off）最後尾端影響，我們預期 Blend 第四季撥款貸款量約為 180,000 至 190,000 筆，約年減 10% 至 15%。雖然這是我們目前的最佳估計，但我也要指出，總體環境仍高度變動，且對利率相當敏感。最後，關於 Autopilot，正如各位從 Nima 那裡聽到的，我們對早期的商業動能感到非常振奮。在此階段，我們仍建議各位在將 Autopilot 營收納入模型時保持審慎。

We plan to provide additional information on the potential impact to our model as customers and prospects move through the funnel and we have more time under our belt. In summary, we delivered the quarter we aimed for. Revenue near the high end, profitability above the high end, and a strategic return of capital through our share buyback. The macro remains a headwind. We've tried to give you a clear view of how we see volumes in the market. The underlying drivers we control, our customer wins, our product velocity, and now the commercialization of Autopilot, are all moving in the right direction, and they set us up to re-accelerate growth as we head into 2027.

隨著客戶與潛在客戶在漏斗中推進，且我們累積更多時間與經驗，我們計畫提供更多關於對我們模型之潛在影響的補充資訊。總結來說，我們交出了我們原本設定要達成的季度表現。營收接近區間高端、獲利能力高於區間高端，並透過股票回購進行策略性的資本回饋。總體環境仍是逆風。我們已嘗試讓各位清楚了解我們如何看待市場量能。我們可控的底層驅動因素、客戶贏單、產品迭代速度，以及如今 Autopilot 的商業化，都朝著正確方向前進，並讓我們在邁向 2027 年之際具備重新加速成長的條件。

With that, let's open up the call to your questions.

接下來，我們開放各位提問。

(Operator Instructions)

(接線員指示)

Aaron Kimson, Citizens.

Aaron Kimson，Citizens。

Oh, great. Thank you. Nima, last quarter you commented that you thought agents and Autopilot provided a path to potentially see 10% to 15% incremental revenue growth in 2027. Given you're now a month into selling the one-year flat rate Autopilot contract, you've got six lenders signed, the commentary on it takes a little while to get through governance at large financial institutions. Does that sentiment hold today?

喔，太好了。謝謝。Nima，上季你提到你認為代理（agents）與 Autopilot 在 2027 年可能帶來 10% 到 15% 的增量營收成長。鑑於你們現在已開始銷售一年期固定費率的 Autopilot 合約一個月，已簽下六家放款機構，而且你也提到在大型金融機構要通過治理流程需要一些時間。你今天仍維持同樣的看法嗎？

I don't want to give any additional further guidance there. The pipeline is both good in terms of what we signed, also I would say a large number of our largest financial institutions. I think the thing that surprised me last quarter and this quarter was how much our largest financial institutions were leaning in. I'll give one anecdote about that, which is at some of the biggest banks in the country, it's always been an executive priority, the way we're seeing the business line and the tech lines at these places push the rest of their organization to get this into place has been surprising to me. It takes a lot to go and say, We really need to make this happen for our business, they're doing that. I think that's why our largest customers are leaning in.

我不想在這方面提供任何進一步的指引。我們的管線表現良好，無論是已簽下的內容，或是我會說，我們許多最大的金融機構都在其中。我認為上季與本季讓我驚訝的一點是，我們最大的金融機構投入的程度之高。我分享一個軼事：在國內一些最大的銀行，這一直都是高層的優先事項；我們看到這些機構的業務線與技術線如何推動組織其他部門把這件事落地，這讓我感到意外。要走到說「我們的業務真的需要把這件事做成」，需要很大的決心，而他們正在這麼做。我想這就是為什麼我們最大的客戶會如此投入。

Some are in either late-stage trials with us or in final approvals with their internal committees. Like I said, those things take time, we're very excited about it. Probably more importantly, I sort of said this quickly in the prepared remarks, the early numbers from Autopilot. Man. We have about 50,000 loans that have gone through in the last few months get to see some of the differences between the numbers before and after for those lenders.

有些客戶正與我們進行後期試點，或正在等待其內部委員會的最終核准。如我所說，這些事情需要時間，我們對此非常興奮。或許更重要的是，我在事先準備的講稿中稍微快速提到 Autopilot 的早期數據。天啊。我們在過去幾個月大約有 50,000 筆貸款已經跑過流程，讓我們能看到這些放款機構在導入前後數據的差異。

It's really cool to see, especially given how early it is and the dual tailwind we have of our own work accelerating and the models getting better. Our own work around the harness, I should say, accelerating, and then the models that are underlying it getting better. I think the way that we've set this up is to become this compounding machine for us, like I said, it's early, the early signs are more encouraging than I would have thought if you had told me in January of this year, we're going to be creating this product from scratch, here's where we are six months later.

看到這些真的很酷，尤其是在這麼早期的階段，而且我們同時有兩股順風：我們自身的工作在加速，以及模型本身也在變得更好。我應該說，我們在 harness（支撐框架/工具鏈）上的工作正在加速，然後其底層的模型也在變得更好。我認為我們的設計方式，是要讓它成為我們的複利機器；如我所說，現在還很早，但如果你在今年一月告訴我，我們要從零打造這個產品，而六個月後會到達現在這個進度，我會覺得早期跡象比我原本預期更令人鼓舞。

Understood. Yeah, I think that chart on slide eight with the cumulative loans processed every two weeks is fairly compelling. The second question I have, for Blend 3.0, how do you think about the balance between faster innovation and better products versus OpEx leverage? That's one of the main questions I get from investors. I guess, based on today's update, when does the 3.6 times increase in pull requests turn into either revenue or operating leverage?

了解。是的，我覺得第八頁投影片上「每兩週累計處理貸款數」那張圖相當有說服力。我的第二個問題是，關於 Blend 3.0，你如何看待更快的創新與更好的產品，和營運費用（OpEx）槓桿之間的平衡？這是投資人最常問我的問題之一。我想，基於今天的更新，拉取請求（pull requests）增加 3.6 倍，何時會轉化為營收或營運槓桿？

That's a great question. I think some of the revenue side is answered by even the previous answer I gave, which is these products, they take some time to become a reality in a market as regulated as this. It's part of our moat, actually, in that we have these great relationships with these customers that bet on us and give us right of first refusal on their hardest problems, which is, in this case, is their operations of how do they underwrite and process mortgages better, faster, and cheaper. It does take time. That's why I focused our team internally on the medium term, which is 2027. As these deals mature, as they get live, and they get at scale, how do we use that as a weapon for us?

這是個很好的問題。我認為營收面的部分，甚至可以用我剛才的回答來說明：在像這樣高度監管的市場，這些產品需要一些時間才能真正落地。這其實也是我們護城河的一部分：我們與這些客戶有很好的關係，他們押注我們，並在他們最棘手的問題上給我們優先承接權；在這個案例中，就是他們的營運——如何更好、更快、更便宜地進行房貸核貸與處理。這確實需要時間。因此我把內部團隊的重點放在中期，也就是 2027 年。當這些交易逐步成熟、上線並達到規模後，我們要如何把它當作我們的武器？

Not focus on how do I drive immediate today results at the expense of maybe 2027 and 2028 results. That's the beauty of being a profitable company right now in this terrible mortgage market with the macro working against us, is that we can focus on the medium term and long term, which I know our investors care so much about. What does this company look like with an agentic core product that's driving a lot of the growth, and with a macro that comes back to life, what does it look like in that environment?

而不是把重點放在「如何在今天立刻拉出結果」，卻可能犧牲 2027 與 2028 年的成果。在這個糟糕的房貸市場中、且總體環境對我們不利的情況下，我們現在仍能維持獲利，這就是美妙之處：我們可以專注於中期與長期，而我知道投資人非常在意這一點。當公司擁有以代理為核心（agentic core）的產品來驅動大量成長，且總體環境回溫時，在那樣的環境下公司會是什麼樣子？

We're very focused on that, and I'm proud of the way the team is executing in this moment. Obviously, there's a lot more work to do for us. Just the level of focus and intensity that the team has put in place around these have been great for me to see as someone who's obviously been here from day one.

我們非常專注於此，我也為團隊在此刻的執行感到自豪。顯然，我們還有很多工作要做。但就團隊在這些事情上所展現的專注度與強度而言，作為從第一天就在這裡的人，看到這些對我來說非常棒。

Understood. Thank you.

了解。謝謝。

(Operator Instructions) Pallav Saini, Canaccord Genuity.

(接線員指示) Pallav Saini，Canaccord Genuity。

Good afternoon. Thanks for taking the question. First off, Nima, it's great to see the impact Autopilot is having on the mortgage side. I'm just wondering, is Autopilot also available to your consumer banking clients? Maybe you can speak to the opportunity there, and if there are any updates. I have a follow-up.

午安。謝謝讓我提問。首先，Nima，很高興看到 Autopilot 在房貸端帶來的影響。我想請教，Autopilot 也提供給你們的消費金融（consumer banking）客戶使用嗎？也許你可以談談那裡的機會，以及是否有任何更新。我還有一個追問。

Yeah, it's built into our platform, so we have the baselines in place to support all of our customers, which they're excited about. It's a big request we get from our customers is, some of them have multiple product lines with us. How can you help this other business line that's still manually verifying IDs or forms that get filled out and sent to them? So, we do not have that live yet, but I would say stay tuned. It's something that we're thinking hard about, and we have some early customer engagement around. Just to share a little bit, our approach on building products like this is pick a few lighthouse customers, drive it deep with them, prove the value, and then expand it to the market shortly thereafter.

是的，它已內建在我們的平台中，所以我們已具備支援所有客戶的基礎能力，客戶也對此感到興奮。我們常收到客戶的一個重大需求是：有些客戶在我們這裡有多條產品線。你們如何協助他們另一條業務線——那邊仍在人工驗證身分或人工核對填好後寄送過來的表單？因此，我們目前還沒有把它正式上線，但我會說請持續關注。這是我們正在深入思考的方向，也已經有一些早期的客戶互動。再多分享一點，我們打造這類產品的方法是：挑選幾個燈塔客戶（lighthouse customers），與他們深度落地、驗證價值，然後很快再擴展到整個市場。

I don't mean over the course of a year. I mean over the course of a quarter or two, and drive that as quickly as possible.

我不是指在一整年的期間內。我是指在一到兩個季度的期間內，並且要盡可能快速地推動。

Got it. I know you mentioned two deals in the credit union channel. Maybe we can get an update on the channel in general and what the pipeline there looks like. Thank you.

了解。我知道你提到在信用合作社通路有兩筆交易。也許我們可以請你更新一下整體通路的狀況，以及那邊的銷售管線看起來如何。謝謝。

We don't have a specific breakout of credit union versus bank versus independent mortgage company or other financial institutions. I can say we have such a good base of customers with some of the largest credit unions down to medium and community credit unions. They're the ones who are, I'd say, of the segments we have, they're very member self-serve first. They're very aligned to our sort of product principles of how do we help someone who's applying at 2:00 A.M. get a full approval. The Rapid Suite that we talk about is a great example of this. Alongside Autopilot especially, how do we help someone get an offer initially and then a full approval in the middle of the night?

我們沒有針對信用合作社、銀行、獨立房貸公司或其他金融機構做特定的拆分揭露。但我可以說，我們在客戶基礎上非常扎實，從一些最大的信用合作社到中型與社區型信用合作社都有。我會說，在我們涵蓋的各個細分市場中，他們是非常以會員自助服務為優先的族群。他們也非常符合我們的產品原則：我們如何幫助在凌晨 2:00 申請的人獲得完整核准。我們所談到的 Rapid Suite 就是很好的例子。尤其是搭配 Autopilot，我們如何幫助某人在半夜先拿到初步報價，接著再取得完整核准？

I think that's what makes us so aligned with this segment is that they just want to serve as many members as they can. They love the self-serve member experience, and it fits really well with our product vision long term.

我認為這正是我們與這個細分市場高度契合的原因：他們只是想盡可能服務更多會員。他們很喜歡會員自助的體驗，而這也非常符合我們長期的產品願景。

Thank you. That's all for me.

謝謝。我這邊就到這裡。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Hey everyone, this is Huan Chong on for Ryan. Thanks for taking the questions. I just want to double-click on Jason's comment on the uptick on churn notices in the quarter. I understand that the impact is pretty small, but could you share a bit more color here? Are there going to be AI-native point solutions that have just come on the market, or maybe customers are moving to build in-house, or?

各位好，我是代 Ryan 提問的 Huan Chong。謝謝讓我提問。我想再深入追問一下 Jason 對本季解約通知（churn notices）增加的評論。我理解影響相當小，但你能否再多分享一些背景與細節？是因為市場上出現了 AI 原生的點狀解決方案，還是客戶轉向自行內部開發，或是其他原因？

No, it's a good question. Really, we saw people going to existing low-cost providers. It's hard to call it a trend. We don't have enough data points yet. One of the things I would say is, look, we're suffering a little bit with this rate environment and the macro, and what that's doing to mortgage volumes, but our customers are suffering at least as much. They're looking for ways to save money and it's a tough environment for them as well. I think that's what we're seeing in the few cases that we've had.

不，這是個好問題。實際上，我們看到的是有人轉向既有的低成本供應商。很難把它稱作一個趨勢。我們目前還沒有足夠的數據點。我想說的是，在目前的利率環境與總體經濟之下，我們確實受到一些影響，因為這會壓縮房貸量，但我們的客戶至少同樣、甚至更受影響。他們在尋找節省成本的方法，對他們而言這也是個艱難的環境。我想我們在少數幾個案例中看到的就是這樣。

Got it. That's helpful. I have a follow-up. Just one of the broader trends across the mortgage market has been market share shifting towards the broker channel. How do you think this could affect Blend, and where do you think trends are going?

了解。這很有幫助。我有一個追問。房貸市場的一個更廣泛趨勢是市占率正在往經紀人（broker）通路移動。你認為這會如何影響 Blend？你覺得趨勢會往哪裡走？

Yeah. We've noticed that over the past few years, actually. Not a short-term trend. It went from maybe single-digit percentage to 15-ish, maybe up to high teens percent, in the broker channel. The thing I would say is I think our customers, whether it's IMBs of all sizes or banks of all sizes or credit unions of all sizes, I think that a lot of them are leaning into this market. One thing that I hear, the ones who are our customers, even going back to the last question, the ones who are our customers are the ones who are betting on the future and betting that as they get these new technologies in place, as they make the most of our system, the most of the other systems they have in place, they're going to keep growing.

是的。其實過去幾年我們就注意到了。這不是短期趨勢。經紀人通路的占比可能從個位數百分比提升到約 15% 左右，甚至到接近 20% 的高十幾個百分點。我想說的是，我認為我們的客戶——不論是各種規模的獨立房貸銀行（IMBs）、各種規模的銀行，或各種規模的信用合作社——很多都在積極投入這個市場。我聽到的一點是：那些成為我們客戶的人——也呼應上一題——是押注未來的人；他們相信當新技術到位、把我們的系統以及他們既有的其他系統用到極致時，他們將會持續成長。

I'm seeing, I'd say this year especially, maybe 2025 and 2024, people were getting their house in order, and just like maybe we were. This year especially, we're seeing people in our customer companies, in our customer base, say, It's time to invest in the future. I think that was probably a part of the cause of some of the shift to other channels, where maybe some companies couldn't invest in 2023, 2024, or part of 2025. As the market has stabilized, I think our customers are investing in the future. I can't speak for the market as a whole, but I can say for our customer base, people are really leaning in. They want new solutions. They want to be able to serve their customers better. They want to have better internal operations.

我看到的是，尤其是今年——也許在 2025 與 2024 年——大家都在把內部狀況整理好，就像我們可能也在做的一樣。而特別是今年，我們看到客戶公司、我們的客戶群在說：是時候投資未來了。我認為這可能也是造成部分市占轉向其他通路的原因之一，因為有些公司在 2023、2024 或 2025 年的部分時間無法投資。隨著市場趨於穩定，我認為我們的客戶正在投資未來。我無法代表整體市場發言，但就我們的客戶群而言，大家確實在更積極投入。他們想要新的解決方案。他們想要能更好地服務自己的客戶。他們也想要更好的內部營運。

Our customers, given how much they're focused on improvement, I think that our customer base is going to continue to win in this market.

我們的客戶既然如此專注於改善，我認為我們的客戶群將會在這個市場中持續勝出。

Got it. Yeah. That's super helpful. Thanks.

了解。是的。這非常有幫助。謝謝。

(Operator Instructions) Dylan Becker, William Blair.

（接線員指示）Dylan Becker，William Blair。

Hey, Nima, Jason, Meg, appreciate it. Nima, for you, on Autopilot, encouraging early interest, but wondering, and you gave some good statistics around the improvement in pull-through, reduction in cycle time, and each of those on an individual basis is compelling, but wondering how you're thinking about your opportunity to kind of orchestrate the entire funnel of the workflow, and all of those kind of individual points compounding on each other as it pertains to customer ROI. Maybe how that's driving conviction in the Autopilot strategy, and really what's differentiated from some of those potentially alternative tools or capabilities here.

嗨，Nima、Jason、Meg，感謝。Nima，我想問 Autopilot：早期的市場興趣令人鼓舞，但我想了解的是——你提供了一些很好的數據，包含成交轉化率（pull-through）的提升、週期時間的縮短等；這些單項指標各自都很有說服力——但我想問你如何看待你們在「編排」整個工作流程漏斗（funnel）上的機會，以及這些單點改善如何彼此疊加、進而影響客戶的投資報酬（ROI）。也許你可以談談這如何強化你們對 Autopilot 策略的信心，以及相較於一些可能的替代工具或能力，你們真正的差異化在哪裡。

Yeah, and maybe just to give some color, because I think this is a really profound question. Just to give some color on how typical solutions in the market that I see, and I see a new thing pop up, whether it's from an existing back office or middle office player, or even from others who are in our space. A lot of what they do is they take an existing process, and they layer on something new.

是的，我也許補充一些背景，因為我認為這是一個非常深刻的問題。我想補充一下我在市場上看到的典型解決方案是怎麼做的：我常看到有新東西冒出來，不論是既有後台或中台的業者推出的，或是我們這個領域裡的其他人推出的。他們很多做法是把既有流程保留，然後在上面再疊加一個新東西。

Like you have a document that was uploaded, create a button or a little entry, a text box on that document to say, Hey, did this document meet the guidelines? That's basically saying, we think the existing process needs more intelligence built in, which is the exact opposite of how I view this concept that I've talked about now for two quarters around the background worker agent, the ambient intelligence that I referred to in past quarters. It's the antithesis of Autopilot, in fact. I think you're spot on with your specific comment around how do we orchestrate the entire process.

例如你上傳了一份文件，就在那份文件上加一個按鈕或小欄位、文字框，讓人填：嘿，這份文件是否符合規範？這基本上是在說：我們認為既有流程需要加入更多智慧——而這與我過去兩個季度談到的概念完全相反，也就是背景工作者代理（background worker agent），以及我在前幾季提到的環境式智慧（ambient intelligence）。事實上，這正是 Autopilot 的對立面。我認為你對於「我們如何編排整個流程」這個具體評論非常到位。

A lot of what I have worked with our team on in terms of the vision for Autopilot, especially coming together with Rapid, where Rapid gets you a real-time offer, Autopilot should get you in that first session from that real-time offer to clear to close. That's where the market needs to go, where a consumer can come through and have a self-driving process where they get a great, personalized offer and they're ready to close, that was all done at 2:00 A.M. That's all possible today, regardless of existing infrastructure out there. Sort of the beauty of Autopilot being an open harness that can hook into our system, or any other system is it doesn't care what systems are in place. It's just saying, This is the work that needs to get done.

就我們與團隊一起推動 Autopilot 願景而言，我所投入的許多工作，特別是與 Rapid 結合之後——Rapid 能為你提供即時報價——Autopilot 應該能在第一個工作階段就把你從那個即時報價一路推進到「核准可結案（clear to close）」。市場需要往這個方向走：消費者可以進來，走一個自動駕駛式的流程，拿到很棒、個人化的報價，並且準備好結案——而且這一切是在凌晨 2:00 完成的。這在今天完全可行，不受外部既有基礎設施限制。Autopilot 的美妙之處在於它是一個開放式的「harness（掛載框架）」，可以接入我們的系統或任何其他系統；它不在乎現有採用的是什麼系統。它只是說：這些工作需要被完成。

Let's get this done right now. It's not there yet in terms of getting a customer an offer with Rapid and then all the way to clear to close in Autopilot, but that's the direction that it's heading, and we're going to keep working until the loans are ready to close. At 2:00 A.M. with the system checking every document, requesting new information, working with the consumer in real time to get that information. That's the direction intelligence is going. There's no reason in any market like this. In a credit card, it would be confusing if you had to wait 48 hours or two weeks to know if your credit card application was approved. There's no reason that in this market, now that this technology exists, that should be the case.

我們現在就把它做好。目前在「用 Rapid 給客戶報價」之後，再由 Autopilot 一路推到「核准可結案（clear to close）」這件事上，還沒有完全到位，但方向就是如此，我們會持續努力，直到貸款都準備好結案。在凌晨 2:00，系統逐一檢查每一份文件、要求補充新資訊，並與消費者即時互動以取得那些資訊。這就是智慧化發展的方向。在這樣的市場裡沒有理由不這麼做。以信用卡為例，如果你必須等 48 小時或兩週才知道信用卡申請是否核准，那會讓人困惑。在這個市場裡，既然現在技術已經存在，就沒有理由還要維持那種情況。

I'm saying this as someone who's been working in this market for 14 years and truly understands the depth and complexity of processing thousands of pages of guidelines and hundreds of pages of loan documents, the way the Autopilot harness is set up to do that in a contextual, incremental underwrite, or underwriting sort of assistant, if you will. That's the type of thing that I think is possible now, that's what we're driving towards, that's where this compounding benefit, to use your words, will come into play for our customers who will be able to do things at rates that they didn't think were possible.

我這麼說，是以一個在這個市場工作了 14 年、真正理解處理數千頁指引與數百頁貸款文件之深度與複雜性的人來說。Autopilot 的 harness 設計成能以情境化、漸進式的承作審核（incremental underwrite），或者你也可以把它視為一種承作審核助理（underwriting assistant）。我認為這類事情現在已經可能做到；這也是我們正在推動的方向。用你的話說，這種「複利式」效益將會在此發揮作用，讓我們的客戶能以他們原本不認為可能的速度去完成事情。

Got it. Very helpful. Thank you, Nima. Maybe a quick one for Jason. Appreciate the color on kind of the mechanics of the outlook. If we look at EVPFL, that's troughed in 2Q, expected to kind of step up. I guess just clarity around how much of that is kind of the mechanics of lower volume uplift versus maybe incremental product cross-sell. I know we're not saying Autopilot is layering it in any capacity, but if at all, any extent that that's driving some of that uplift as well. Thanks.

了解。非常有幫助。謝謝你，Nima。也許我再快速問 Jason 一個問題。感謝你對於展望機制層面的補充說明。如果我們看 EVPFL，第二季觸底，預期之後會有所回升。我想釐清一下：其中有多少主要是較低量能帶來的機械性抬升（lower volume uplift），以及有多少可能來自額外的產品交叉銷售。我知道我們並沒有說 Autopilot 會以任何方式疊加進來，但如果有的話，它在多大程度上也在推動這部分的回升。謝謝。

Yeah. Our volume expectations aren't that much different for Q2 and Q3. I think it's mostly just the dynamics in the business. Obviously, we're not guiding to a very different number. It's not a big change either way. I would think about Q2 and Q3 as sort of steady state with each other.

是的。我們對第二季和第三季的量能預期差異不大。我認為主要就是業務本身的動態所致。顯然，我們並沒有指引到一個差異很大的數字。不管往哪個方向都不是很大的變化。我會把第二季和第三季視為彼此相當的穩態（steady state）。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。