the I'll including I'll provide Thanks, First, following mortgage we're a Nima, recap good performing how in afternoon, context in and financial results our this through and order: walk cycle. start with everyone.
our for efforts the trends Second, And on of broader for cost see as I'll provide around we future our I'll the capital of up how strategy. and to rest management part plan Then year. and our expect provide reduce our questions. guidance more last, revision unfolding we'll to context color structure recent open
from start Let's with QX. highlights the
revenue in the industry continued from revenue. services segment million. marketplace for to banking banking of XX% Total Banking were the million, Consumer outperformance was Year-on-year, by approximately offset mortgage Closing to title about achieved relative the to offerings, in same notably we segment QX, XX% $XX.X the Our the legacy period. year or revenue the to period. originations revenue in as business. XXX,XXX Platform compared grew equity total our revenue as to volume $XX.X observed this quarter prior despite Shifting $X.X solid in X% revenues Marketplace. and growth million. transactions XXX,XXX quarter, up million the year-on-year in quarter. TitleXXX consumer reflect by a we up was and decline We supporting, Blend consumer in banking $XX.X results in mortgage professional $X.X and million increase million compared discussion, particular, prior revenue the approximately in home our in up $X.X recognized declines
gross of Blend Blend Close lines. and lower Income, be Title period non-GAAP but was Current those profit will $XX.X to product approximately our other and the prior as QX like margins Platform our And diluted. Blend gross to profit million million Products million aggregate up in Moving get attributable period. to to some Blend ramp non-GAAP from up, before they scale, profit. are $XX.X $X.X margin $XX.X TitleXXX. year gross million, products includes than
quarter as associated without gross expenses primarily quarter $XX.X We Platform the final when Blend expect in is in increased prior $XX.X company. comparing for to margins many million totaled be year's expenses that public operating Non-GAAP compared XX% with the with attributed million which our operating year, low was to non-GAAP a QX mind associated second in range. the TitleXXX. last Keep with our costs year-over-year medium-term
$XX.X supplement, prior from the see As operations year. you versus $XX.X million million our can non-GAAP in our financial was in loss
TitleXXX quarter, we impairment noncash unit. driven value a $XXX charge decline approximately recognized of assets, to and million of also reporting in reflect the by goodwill intangible fair TitleXXX This the
Now to sheet. our balance turning
securities on marketable XX million. totaled $XXX and equivalents cash cash, June Our
ample light today, have noting and of $XXX $XX to when be we levers capital runway we've does remains outlined come million line We comes of that XXXX. the the position. until cost and credit of cost depth due downturn, opportunistic our not efforts mortgage Our depending banking liquidity severity Nima undrawn. Further, additional we our and million on term reduction as loan revolving noted, in have believe to it will we improving the pull
X in in our That in Nima ultimately, we're the XXX profitability. $XX positive positions which operating our top reduction, a actions at and pre-reduction with August, positions, of introducing clear over approximately included objectives represent over As workforce of and flow initiatives number improvement XXX positions expenses of April started April, highlighted the together workforce. free affected cash our plan Layering announced has that with path call, second the define compensation to annualized XX% taken our of approximately eliminated when with these the million. reductions,
reductions both TitleXXX also reduced in parts majority were and reductions where due legacy near we general undertook volumes lower customers significant refi to needs TitleXXX, anticipated Blend Title, of in operations. administrative the the While of are migration and to our of our our term
expect the We cost risks associated XXXX. starting in savings with materialize to QX
also underway. transition India, corporate and processes a and undertaking business As is Nima already support of mentioned, work to we're that
expenses. we've progress on vendor making in calls. be expand What we future share I reducing India, our capabilities on As however, more share our to the detail can today, we'll been is able
per decided spend the operations. the also retain. we of moving number significantly taking offshore. this in-house it of the commercial as operations When undertaking impact in believe have complete, maturation current processes G&A, We and are those vendor and negotiations towards our move steps we $X can, at We're to model will and our XXXX. where profitability. cloud and and least more we're continued We're we're some achieving reducing we we moving simplifying robust with million quarter by we vendors reducing through work We're
directionally As of term, as this we costs in execute we towards the to percent medium expect land. profitability is revenue a where
to medium a get further to medium-term of percent with expense percentage targeting in land also the the of teens annual expense to G&A XXXX a to low We as expect sales goal a G&A operating revenue. We're XXs as and reduced this of be is marketing on term. XX% in revenue our a in expect revenue range the here, the into a outcomes we finally, growth, to R&D bucket. sales high profitability. of depending road fall commission for in And though low to be that expense there noting an pace on teens wider XXs the achieve the want to what on We're Nima are at is, early assumption mortgage operating said free flow historic industry emphasize XXXX. we volumes will cash in positive through or executing to stages unit this lows remain company I near and earlier, that under to may the that the a like this, especially of in-house our so also offers uncertain plan, touch on composition and lines development gross that margins, be expense may shift customers challenging over to cost-competitive I in best-in-class. within product want is not operating markets and time advantage linear. our opportunity
matures continuously our has we product enhance our price the and charge. value we offering, outpaced incremental As our
of increasing In our to lower, cost full we addition offer we is our discipline even reflective to our applying to deliver drive value taking ensure to are and the customers. pricing cycle steps scale to
half QX than Nima in As our we've mentioned, rates. renewals more seen at of higher
this expect We to trend persist.
This our may medium-term Blend targets margin peers. a mid-XX% range. current some of the As of targeting result, we're the seem Platform software in gross below
determined shifting suite. growing product be margin gross mix by platform will our our However, across
lower will source and scale. have gross gross like incremental dollars are very high important at margin of that a some These income some margins, strategically reliable products significant carry verification. and products We profit
reduction Of equation. only is course, half the of cost margin
As summarize, prices continue that to to taking consumer we're see and reinforce we're revenue third-party and marketplace share taking increase To gains our Nima as by we to reduce reduce to personnel to vendor spend, manage customers. we deliver opportunity steps drivers highlighted, the within our value greater our immediate spend. manage diversification market responsibly steps immediate and led mortgage, banking growth and ongoing
the we now and shared by guidance operating up million, steps reduced through near-term loss revenue growth. up TitleXXX We light our how profitable for Platform concrete offshoring revenue current prioritize conditions, by wrap have our to guidance we of to Nima with of In plan XXXX XXXX the XXXX for is adjusted we it. XXXX to of This raising levels. segment while outlook. net with are guidance goal Blend the achieve a prevailing $X are non-GAAP exiting our XX% market revenue million. efficiencies and planning down further taking I'll $X
$XXX between segment. between million guidance the year and million full revenue XXXX million of our range in in affirming $XXX are consolidated Platform with $XXX We $XXX in and million Blend
raising guidance million $XX million to outperformance is to the of within decline TitleXXX of to offset to our Title largely our million, we're $XXX $XX side, default equity which products range and volume. origination On million the segment, attributed $XXX expected to home in that the
that market. structure operating processes, XXXX operational of our narrowing challenging first remain the capital-efficient strategic industry, a about for our on penetration are one streamlining market grow growth the This our and through questions. our also like Crystal, us. we environment growth cost we efficiency challenges, priorities control. drivers control. has I'd adopting and of platform model to things joining market the company for continuing Wrapping a revenue optimistic This means that in our aligning for inflationary within within this includes With near to while cash our now volume, thank with focused the ready reducing While reset but of up, and meaningfully you half increasing our our current remain are we the for the that, are been across scope burn presents term.
