Blend Labs, Inc. (BLND): restructuring charge — Blend Labs reports Q3 2022 revenue $55.4M, GAAP loss $129.9M; third layoff of 2022 cuts 100 jobs (6.4% workforce)

Blend Labs, Inc.

2022-Q3 EPS reported -$2.95 revenue$192,416,000

Q3 revenue $55.4M; Blend Platform $36.1M (+3% YoY), Title365 $19.3M (-65% YoY).
GAAP loss from operations $129.9M including $57.9M non-cash impairment of Title365 intangible assets/goodwill.
Third workforce reduction in 2022 eliminates ~100 positions (~6.4% of workforce); estimated $2.8M charges.
Non-GAAP loss from operations $37.1M vs $21.1M in prior year.
FY 2022 revenue guidance narrowed to $235-240M, reflecting 56% decline in mortgage volume.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Blend Labs, Inc. reported the fiscal quarter ended September 30, 2022 results: revenue $55.4 million. Guidance lowered.

Period: the fiscal quarter ended September 30, 2022
Revenue: $55.4 million
Guidance: lowered
Result: reported results

Exact text from the filing

Blend Announces Third Quarter 2022 Financial Results Total revenue of $55.4 million led by Platform revenue resilience, offset by lower Title365 revenue

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Blend Labs, Inc. announced a restructuring with charges of approximately $2.8 million affecting title operations (approximately 100 positions across the Company, or approximately 6.4% of the Company’s current workforce).

Type: restructuring
Charge: approximately $2.8 million
Affected area: title operations
Headcount: approximately 100 positions across the Company, or approximately 6.4% of the Company’s current workforce

Exact text from the filing

On November 9, 2022, the Company committed to a third workforce reduction plan (the “November Plan”) in addition to the workforce reduction plans disclosed on April 18, 2022 and August 15, 2022. The focus of the November Plan is on further streamlining the Company’s title operations in alignment with changing market conditions. The November Plan includes the elimination of approximately 100 positions across the Company, or approximately 6.4% of the Company’s current workforce. The Company estimates that it will incur approximately $2.8 million in charges in connection with the November Plan, consisting of cash expenditures for severance payments, employee benefits, payroll taxes and related facilitation costs.

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Blend Labs, Inc. filing history →

Source: SEC EDGAR

accession 0001855747-22-000067

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