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)