Blend Labs Inc
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
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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.
FY2024 · Filed Mar 13, 2025
BLND$1.08+9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net loss | $(43,419) | $(179,879) | $(763,810) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 28,077 | 46,021 | 109,702 |
| Depreciation and amortization | 2,289 | 2,464 | 10,766 |
| Impairment of intangible assets and goodwill | — | — | 449,680 |
| Amortization of deferred contract costs | 1,068 | 2,979 | 4,638 |
| Amortization of debt discount and issuance costs | 690 | 2,968 | 3,058 |
| Amortization of operating lease right-of-use assets | 2,530 | 3,296 | 3,650 |
| Accelerated amortization of right-of-use asset in connection with lease abandonment | 2,992 | — | — |
| Gain on investment in equity securities | (4,417) | — | (2,884) |
| Loss on extinguishment of debt | 5,476 | 3,970 | — |
| Gain on sale of insurance business | (9,213) | — | — |
| Release of valuation allowance and change in deferred taxes | — | — | (2,864) |
| Other | (1,009) | (5,187) | 2,129 |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | 918 | 4,274 | 12,289 |
| Prepaid expenses and other assets, current and non-current | (1,060) | 2,048 | 9,374 |
| Deferred contract costs, non-current | (415) | (762) | 2,487 |
| Accounts payable | (67) | 910 | (4,900) |
| Deferred revenue | 10,256 | 289 | 627 |
| Accrued compensation | (1,959) | (4,497) | (8,081) |
| Operating lease liabilities | (4,585) | (4,012) | (3,888) |
| Other liabilities, current and non-current | (1,196) | (2,503) | (12,391) |
| Net cash used in operating activities | (13,044) | (127,621) | (190,418) |
| Investing activities | |||
| Purchases of marketable securities | (102,030) | (236,079) | (145,543) |
| Sale of available-for-sale securities | 100,327 | 56,022 | 6 |
| Maturities of marketable securities | 53,150 | 310,450 | 247,036 |
| Additions to property, equipment and internal-use software development costs | (9,844) | (587) | (2,068) |
| Other | (283) | — | — |
| Proceeds from sale of insurance business | 9,075 | — | — |
| Investment in note receivable | (5,000) | (2,500) | — |
| Net cash provided by investing activities | 45,395 | 127,306 | 99,431 |
| Financing activities | |||
| Proceeds from exercises of stock options, including early exercises, net of repurchases | 1,658 | 268 | 2,611 |
| Taxes paid related to net share settlement of equity awards | (18,115) | (6,171) | — |
| Repayment of long-term debt | (144,500) | (85,055) | — |
| Net proceeds from the issuance of the Series A redeemable convertible preferred stock and the Haveli Warrant | 149,375 | — | — |
| Payment for issuance costs related to the Series A redeemable convertible preferred stock and the Haveli Warrant | (9,480) | — | — |
| Proceeds from initial public offering, net of underwriters' fees and issuance costs | — | — | (391) |
| Net cash (used in) provided by financing activities | (21,062) | (90,958) | 2,220 |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | (5) | (31) | (116) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 11,284 | (91,304) | (88,883) |
| Cash, cash equivalents, and restricted cash at beginning of period | 38,253 | 129,557 | 218,440 |
| Cash, cash equivalents, and restricted cash at end of period | $49,537 | $38,253 | $129,557 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets: | |||
| Cash and cash equivalents | $42,243 | $30,962 | $124,199 |
| Restricted cash | 7,294 | 7,291 | 5,358 |
| Total cash, cash equivalents, and restricted cash | $49,537 | $38,253 | $129,557 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | $76 | $107 | $276 |
| Cash paid for interest | $6,150 | $27,814 | $25,056 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Vesting of early exercised stock options | $363 | $1,446 | $4,060 |
| Operating lease liabilities arising from obtaining new or modified right-of-use assets | $1,151 | $327 | $605 |
| Stock-based compensation included in capitalized internal-use software development costs | $2,450 | $— | $— |
| Accretion of redeemable noncontrolling interest to redemption value | $6,259 | $6,627 | $48,438 |
| Accretion of Series A redeemable convertible preferred stock to redemption value | $10,879 | $— | $— |
| Covered Warrant received in connection with strategic partnership and sale of insurance business | $222 | $— | $— |
| Capitalized internal-use software development costs included in accrued compensation | $155 | $— | $— |
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