Blend Results Presentation Deck
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
GAAP net loss per share
Non-GAAP adjustments:
Net (loss) income attributable to noncontrolling interest(8)
Accretion of redeemable noncontrolling interest to redemption value (8)
Stock-based compensation(¹) and amortization of warrant
Amortization of acquired intangible assets(2)
Impairment of intangible assets and goodwill(3)
Restructuring (4)
Acquisition-related expenses (5)
Gain on investment in equity securities (9)
Foreign currency gains and losses(6)
Income tax benefit(7)
Non-GAAP 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 September 30,
2022
2021
$
(0.57) $
(0.03)
0.03
0.11
0.25
0.03
(0.01)
(0.19) $
452 $
(cont.)
12,274
2,749
12,476
27,951 $
(0.38) $
0.22
0.02
0.01
(0.13) $
246 $
3,685
1,836
37,657
43,424 S
Nine Months Ended September 30,
2022
2021
(2.95) $
(0.18)
0.20
0.36
0.04
1.93
0.05
0.01
(0.01)
(0.01)
(0.56) $
1,495 $
34,656
8,451
36,909
81,511 $
(0.99)
0.01
0.55
0.04
(8) Net (loss) income 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.
(9) Gain on investment in equity securities represents an adjustment to the carrying value of the non-marketable security without a readily determinable fair value to reflect observable price changes.
0.12
(0.45)
(0.72)
461
7,903
5,133
40,552
54,049
(2) Amortization of acquired intangible assets represents non-cash amortization of customer relationships acquired in connection with the Title365 acquisition.
(3) 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.
(4) The restructuring charges relate to the April Plan and the August Plan under which we eliminated approximately 200 and 140 positions, respectively, as part of our broader efforts to improve cost efficiency and better
align our operating structure with our business activities.
(5) Acquisition-related expenses include non-recurring due diligence, transaction and integration costs recorded within general and administrative expense.
(6) Foreign currency gains and losses include transaction gains and losses incurred in connections with our operations in India.
(7) 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.
blend
14View entire presentation