Blend Labs Inc
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
BLND$1.08+9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net loss | $(179,879) | $(763,810) | $(169,142) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 46,021 | 109,702 | 70,844 |
| Depreciation and amortization | 2,464 | 10,766 | 10,607 |
| Impairment of intangible assets and goodwill | — | 449,680 | — |
| Amortization of deferred contract costs | 2,979 | 4,638 | 5,030 |
| Amortization of debt discount and issuance costs | 2,968 | 3,058 | 1,390 |
| Amortization of operating lease right-of-use assets | 3,296 | 3,650 | 3,207 |
| Loss on extinguishment of debt | 3,970 | — | — |
| Release of valuation allowance and change in deferred taxes | — | (2,864) | (39,311) |
| Gain on investment in equity securities | — | (2,884) | — |
| Other | (5,187) | 2,129 | 2,944 |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | 4,274 | 12,289 | (5,839) |
| Prepaid expenses and other assets, current and non-current | 2,048 | 9,374 | (13,929) |
| Deferred contract costs, non-current | (762) | 2,487 | 1,236 |
| Accounts payable | 910 | (4,900) | 1,558 |
| Deferred revenue | 289 | 627 | (5,554) |
| Accrued compensation | (4,497) | (8,081) | 5,588 |
| Operating lease liabilities | (4,012) | (3,888) | (3,200) |
| Other liabilities, current and non-current | (2,503) | (12,391) | 7,067 |
| Net cash used in operating activities | (127,621) | (190,418) | (127,504) |
| Investing activities | |||
| Purchases of marketable securities | (236,079) | (145,543) | (351,583) |
| Sale of marketable securities | 56,022 | 6 | — |
| Maturities of marketable securities | 310,450 | 247,036 | 125,075 |
| Additions to property, equipment, internal-use software and intangible assets | (587) | (2,068) | (1,886) |
| Investment in non-marketable equity securities | — | — | (2,500) |
| Investment in note receivable | (2,500) | — | (3,000) |
| Acquisition of Title365, net of cash acquired | — | — | (400,014) |
| Net cash provided by (used in) investing activities | 127,306 | 99,431 | (633,908) |
| Financing activities | |||
| Proceeds from initial public offering, net of underwriters' fees and issuance costs | — | (391) | 366,805 |
| Proceeds from debt financing, net of issuance costs | — | — | 218,792 |
| Proceeds from exercises of stock options, including early exercises, net of repurchases | 268 | 2,611 | 25,222 |
| Taxes paid related to net share settlement of equity awards | (6,171) | — | — |
| Partial repayment of long-term debt principal | (85,055) | — | — |
| Proceeds from issuance of Convertible Preferred Stock, net of issuance costs | — | — | 309,701 |
| Proceeds from exercises of Convertible Preferred Stock warrants | — | — | 10,172 |
| Proceeds from repayment of employee promissory note collateralized by common stock | — | — | 2,881 |
| Net cash (used in) provided by financing activities | (90,958) | 2,220 | 933,573 |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (31) | (116) | (9) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (91,304) | (88,883) | 172,152 |
| Cash, cash equivalents, and restricted cash at beginning of period | 129,557 | 218,440 | 46,288 |
| Cash, cash equivalents, and restricted cash at end of period | $38,253 | $129,557 | $218,440 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets: | |||
| Cash and cash equivalents | $30,962 | $124,199 | $213,082 |
| Restricted cash | 7,291 | 5,358 | 5,358 |
| Total cash, cash equivalents, and restricted cash | $38,253 | $129,557 | $218,440 |
| Supplemental disclosure of cash flow information: | |||
|---|---|---|---|
| Cash paid for income taxes | $107 | $276 | $884 |
| Cash paid for interest | $27,814 | $25,056 | $6,428 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Deferred offering costs not yet paid | $— | $— | $121 |
| Vesting of early exercised stock options | $1,446 | $4,060 | $5,023 |
| Accretion of redeemable noncontrolling interest to redemption value | $6,627 | $48,438 | $1,430 |
| Issuance of warrant in connection with debt financing | $— | $— | $6,789 |
| Operating lease liabilities arising from obtaining new or modified right-of-use assets | $327 | $605 | $1,715 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.