compensation in satisfaction
of tax withholding
requirements -- (650)
------------- ------------
Net cash provided by financing
activities 387,906 276,763
------------- ------------
Effect of exchange rate changes
on cash, cash equivalents and
restricted cash (1,180) (4,201)
------------- ------------
Net increase (decrease) in
cash, cash equivalents and
restricted cash (41,494) (52,898)
Cash, cash equivalents and
restricted cash, beginning of
period 222,541 337,076
------------- ------------
Cash, cash equivalents and
restricted cash, end of period $ 181,047 $ 284,178
============= ============
PAGAYA TECHNOLOGIES LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
($ in thousands, unless otherwise noted)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ------------------------
2024 2023 2024 2023
------- ------- -------- --------
Net Loss
Attributable to
Pagaya Technologies
Ltd. $(67,476) $(21,752) $(163,484) $(114,020)
Adjusted to exclude
the following:
Share-based
compensation 12,333 20,737 45,852 57,312
Fair value
adjustment to
warrant liability 1,213 1,328 (358) 3,763
Impairment loss on
certain
investments 81,827 9,130 159,489 39,778
Write-off of
capitalized
software 584 305 3,145 1,935
Restructuring
expenses 38 484 3,583 5,450
Transaction-related
expenses 1,072 2,472 1,607 4,497
Non-recurring
expenses 3,531 1,592 3,807 5,452
------- ------- -------- --------
Adjusted Net Income $ 33,122 $ 14,296 $ 53,641 $ 4,167
Adjusted to exclude
the following:
Interest expenses 27,371 9,918 64,098 19,932
Income tax expense
(benefit) (11,524) (1,158) 7,991 10,515
Depreciation and
amortization 7,116 5,205 20,475 13,189
------- ------- -------- --------
Adjusted EBITDA $ 56,085 $ 28,261 $ 146,205 $ 47,803
======= ======= ======== ========
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2024 2023 2024 2023
------- ------- ------- -------
Fee Revenue Less
Production Costs
(FRLPC):
Revenue from
fees $249,283 $201,447 $728,881 $562,386
Production
costs 148,965 128,792 439,448 374,462
------- ------- ------- -------
Fee Revenue Less
Production
Costs (FRLPC) $100,318 $ 72,655 $289,433 $187,924
======= ======= ======= =======
Fee Revenue Less
Production Costs
% (FRLPC %):
Fee Revenue
Less
Production
Costs
(FRLPC) $100,318 $ 72,655 $289,433 $187,924
Network Volume
(in
millions) 2,351 2,112 7,101 5,919
------- ------- ------- -------
Fee Revenue Less
Production
Costs % (FRLPC
%) 4.3% 3.4% 4.1% 3.2%
======= ======= ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111271660/en/
CONTACT: Investors & Analysts
Joshua Fagen
Head of Investor Relations
IR@pagaya.com
Media & Press
Emily Passer
Head of PR & External Communications
Press@pagaya.com
(END) Dow Jones Newswires
November 12, 2024 07:19 ET (12:19 GMT)
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