We saw strong increases in the funding for a large credit card customer and the benefit of our closing solution being applied to more home equity loans. More importantly, we are continuing to execute at a pace that will deliver results in line with the 35% CAGR that we shared at our Investor Day. We also generated $2.1 million of professional services revenue, up 21% from last year due to fees associated with our ongoing slate of consumer banking and mortgage deployments. We reported Title revenue of $11.1 million, also beating the midpoint of our guidance range. Moving on to gross profit. Total company non-GAAP gross profit was $18.3 million. Our non-GAAP Blend platform segment gross margins were 68% compared with 67% a year prior. For software, we reported non-GAAP software gross margins of 76%, up from 75% from the same period last year.
Our non-GAAP Title margins came in at 19% for the first quarter, increasing meaningfully year-over-year from this time last year when we reported negative gross margins for title. This improvement reflects the optimization of all of our processes and highlights our ability to deliver differentiated benefits to our customers and we’ve done a lot of the work on improving the margin profile for our Title business and we are now in a position to provide financial leverage. Non-GAAP operating costs for the first quarter totaled $29.5 million compared with $47.1 million in the previous year. This improvement reflects the full realization of our cost savings initiatives we started last year and additional programs that boost efficiency and generate additional synergies across the business.
As we move forward, these initiatives are gaining momentum and we continue to identify more areas for efficiency without compromising sustainable growth and investment. Our non GAAP loss from operations was $11.2 million in Q1, coming in well ahead of the high end of our guidance range. We expect more improvement in Q2 and reiterate that we’re tracking towards reporting non-GAAP operating profitability in Q4 of this year. While we continue to take efficiency actions that we believe could accelerate this earlier in the year, the timing continues to depend on the level of origination activity. We are also scaling up certain areas where we see an immediate payback for our investment. As Nima shared already, the depth of our pipeline and increasing speed of our go-to-market motion is an encouraging signal for us to begin to reignite our investment in this area and are doing so with a focus on sales efficiency and scale.
That said, we’re unwavering in our pursuit of profitability, and our consistent execution here should leave you confident that we’re doing everything in our power to achieve this important milestone by the year’s end. For the first quarter, our remaining performance obligations landed at $93 million, which represents an increase of $49.1 million compared to the first quarter of 2023 when RPO was $43.9 million. RPO in the first quarter decreased by $1.9 million compared to Q4 of 2023. Keep in mind that the first quarter of the year is typically a slower period for sales activities and their associated renewals. New customer signings and renewals have already picked up to date in the second quarter, including the seven digit contract we closed on last week that Nima shared earlier.
Q1 resulted in significant improvement in our cash burn as measured by our free cash flow. Free cash flow for the quarter was just $5.8 million away from breakeven, which compares to negative $47 million in the same quarter last year. Our unlevered free cash flow, which excludes the impact of interest expense was only $1.3 million away from the breakeven for the quarter. Given the proximity to breakeven, it made sense to remove the interest burden from holding debt, which we accomplished following the Haveli Investment. We achieved this free cash flow improvement as we executed with discipline across contract standardization, with more customers opting to make meaningful commitments and pre-purchases upfront. Additionally, we’ve moved some of our cost structure towards a variable basis, aligning the timing of the expense with revenue.
In combination, these changes have resulted in favorable outcomes for our free cash flow profile. These items, along with a removal of our cash interest burden are expected to have meaningfully accelerated our timeline to generating positive cash flow and providing the business with a sustainable cash profile. We’ve been guiding you to non-GAAP operating profitability by the year’s end and assume we’d reach positive free cash flow sometime shortly after that. This quarter’s financial results and our unlevered free cash flow in particular is a positive indicator in this area and a step in the right direction for our financial goals. Now, turning to the balance sheet, our cash, cash equivalents and marketable securities inclusive of restricted cash totaled $135 million as of the end of the first quarter.
Given the actions we’ve undertaken, we are confident our business remains well capitalized and that we have sufficient liquidity based on our current projections and in this macro environment. Lastly, let me move to our outlook for the second quarter of 2024. We expect platform revenue to be between $27 million and $30 million in Q2 2024. We expect our Title business revenue to be between $10.5 million and $11.5 million. Our total company revenue outlook is expected to be between $37.5 million and $41.5 million for Q2. Our guidance is based on an internal assessment of customer level growth as well as our own outlook of Q2 origination activity based on the application volume observed to date through our customer base. Our total non-GAAP net operating loss is expected to be between $7.5 million and $10.5 million for Q2, with a midpoint representing approximately a 50% improvement year-over-year.
With that, thank you again for joining. Bryan, we’re now ready for questions.
A – Bryan Michaleski: Thank you, Nima and Amir, for your remarks. We will now begin the Q&A portion of the call. [Operator Instructions] Our first question today comes from Dylan Becker with William Blair. Dylan, you can unmute and please go ahead.
Dylan Becker: Hey guys. Appreciate you taking the question. I guess to start off Nima, obviously a lot of emphasis on the capital injection and kind of the flexibility that affords the business. I guess, what’s the right way of thinking about what that enables you guys to utilize those savings towards, whether that’s reinvesting in product, go-to-market to capitalize on the consumer opportunity. Maybe help us digest kind of what this helps unlock.
Nima Ghamsari: Yes. So I think part of it is the new capital. And then to your point, the interest expense as well was quite significant in terms of the savings there. And so I think what we’re looking at is growing the business on two fronts. One is, investing more in the platform, investing more in our mortgage product and the consumer banking products, and the underlying platform itself that allows our customers to get more value from our suite. But on top of that, yes, we’re also going to invest in more in the go-to-market side. We’re seeing our pipeline grow. I haven’t seen a pipeline this strong. And I think maybe because the macro is stabilizing a little bit, I haven’t seen a pipeline this strong in a long time, probably since COVID times.
And so we want to make sure that we’re there for our customers. We want to make sure our customers get ready for when interest rates come down, have better automation in place, so they can take advantage of the lower interest rate environment themselves. Yes, I think those are kind of the primary areas that we’ll look at. But just to reiterate, we’re also still committed and we believe we can achieve the non-GAAP operating profitability by the end of the year as well.
Dylan Becker: Sure, that makes perfect sense. And you did call out as well, I think your prepared remarks around the consumer suite and kind of the high velocity and high ROI that you guys are offering there, delivering there, I guess. I guess, what’s the – how are you thinking about the opportunity or the potential here to see that dynamic snowball? It seems like the pipeline is growing very healthily there, but the implications of customers driving adoption and seeing kind of incremental share gains and benefits and how that can have kind of a drag along effect from the broader ecosystem as it’s one that seems to have some pretty healthy momentum behind it.
Nima Ghamsari: Yes. I do think actually, interestingly, even though we have such momentum there, it’s kind of masked because as lending markets tighten up, when rates go up and people are worried about people’s personal balance sheets and doing less personal loans and less home equity lines, the banks and credit unions are doing fewer than they were maybe a year or two years ago. But despite that, we’re growing that business because to your point, we’re just getting more customers. And I actually think it is, I’m seeing early indications of it starting to snowball already. People want to be digital. There are very few solutions that work at the top of the market and all the way down to the smallest community bank and credit union.
And we have a solution that I believe is best-in-class and gets a consumer through the funnel, the fastest in the most digital and automated way. And we’re starting to see that snowball happening in the pipeline numbers and the actual rollouts, the consumer banking transactions. We don’t disclose this right now, but we’re starting to see those numbers really start to grow internally. So we’re excited to just keep building on that momentum. And actually, one of the maybe last points I’ll make on this is, the most interesting part of any of these businesses is not necessarily the initial use case that we got with. So as you get customers successful in any vertical software company, they come to you with the next thing that they want support with or the next thing they want help with.
And so it does become a geometric curve over time, because then you sign ten customers and then you add those 10 products, live with them, they come to you with 10 more things while you go sign 10 or 15 more customers on top of that, suddenly these things become multiplicative. I believe that our platform is best positioned to take advantage of those things. And so we’re excited about the future.
Dylan Becker: That’s great. Thanks, Nima.
Bryan Michaleski: Our next question comes from David Unger with Wells Fargo. David, you can unmute and go ahead.
David Unger: Great, thank you. Thanks for taking the questions. Can we please double click on the key operational best practices you plan to explore at the partnership? Anything initially pop out to you, obviously, you’ve made a number of great efficiencies saved the past couple of years, but would love to hear more about the next strategic review. Thank you.
Amir Jafari: What we plan to do is really just to double down on the momentum that we’ve been creating, David. So first and foremost, I’m going to carry it from what Nima mentioned, on the go-to-market side, being incredibly just intuitive in terms of where we need to spend and ensuring that we get the right ROI that serves our customers and also serves what we’re solving for will be a key area making sure that we build and leverage really what we’ve said a few times now is that builder actually unlocks opportunities for how we build internally, how we deploy at a faster rate, but also how our customers think about their future deployments. That’s another area. These are probably the two biggest, I would say, opportunity areas for us. And then just to close it out on the G&A side, just know that that’s an area that we’re going to continue to keep focused on and be best-in-class in terms of what we do.
