Blend Results Presentation Deck
Reconciliation of GAAP to Non-GAAP Measures (cont.)
(in thousands)
GAAP basic net loss per share
Non-GAAP adjustments:
Net loss attributable to noncontrolling interest (10)
Accretion of redeemable noncontrolling interest to redemption value (10)
Stock-based compensation and amortization of warrant
Compensation realignment costs (2)
Amortization of acquired intangible assets(3³)
Impairment of intangible assets and goodwill(4)
Restructuring (5)
Litigation contingencies(6)
Transaction-related costs(7)
Foreign currency gains and losses (8)
Income tax benefit
Non-GAAP basic net loss per share
(1) Stock-based compensation by function:
Cost of revenue
Research and development
Sales and marketing
General and administrative
Total
$
Three Months Ended June 30,
2022
2023
(0.18) $
0.01
0.06
0.01
0.01
(0.09)
264 $
4,829
1,931
7,340
14,364 $
(2.06) $
(0.15)
0.16
0.12
0.02
1.69
0.03
(0.19) $
550 S
12.516
3,179
13,003
29,248 S
Six Months Ended June 30,
2023
2022
(0.45) S
-
0.01
0.13
0.01
0.06
(0.24) $
752
12,960
4,714
12.330
30,756 $
S
(2.38)
(0.16)
0.17
0.22
0.04
1.69
0.03
0.01
(0.01)
(0.39)
1,043
22,382
5,702
24,433
53,560
$
(2) Compensation realignment costs relate to amortization of one-time cash bonus payment (paid in two installments in March and May 2023) to certain employees in lieu of previously committed equity-based
awards, driven by an organizational initiative to standardize our equity compensation program.
(3) Amortization of acquired intangible assets represents non-cash amortization of customer relationships acquired in connection with the Title365 acquisition.
(4) Impairment of intangible assets and goodwill relates to charges recorded based on the results of the interim quantitative impairment analysis performed in the three months ended June 30, 2022 and in the
three months ended September 30, 2022, in response to certain triggering events, such as a continued decline in economic and market conditions, decline in our market capitalization, and current and
projected declines in the operating results of the Title365 reporting unit.
(5) The restructuring charges relate to our workforce reduction plans executed as part of our broader efforts to improve cost efficiency and better align our operating structure with our business activities.
(6) Litigation contingencies represent reserves for legal settlements that are unusual or infrequent costs associated with our operating activities.
(7) Transaction-related costs include non-recurring due diligence, consulting, and integration costs recorded within general and administrative expense.
(8) Foreign currency gains and losses include transaction gains and losses incurred in connection with our operations in India.
(9) Income tax benefit represents the non-recurring release of historical valuation allowance resulting from changes in U.S. tax law requiring capitalization and amortization of research and development costs
for tax purposes.
(10) Net loss attributable to noncontrolling interest and accretion of redeemable noncontrolling interest to redemption value relate to the 9.9% non-controlling interest in our Title365 subsidiary.
blend
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