Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 262

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 262
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 participated securities— — (12,205)Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders$(401,406)$(128,438)$(314,526)Net loss per share:Basic and Diluted (2)$(5.66)$(2.14)$(8.22)Non-GAAP adjusted net income (loss) (3)$66,866 $16,556 $(32,664)Non-GAAP adjusted net income (loss) per share (3):Basic (2)$0.94 $0.28 $(0.85)Diluted (2)(4)$0.92 $0.27 $(0.85)Weighted average shares outstanding:Basic and Diluted (2)70,879,807 60,038,893 38,253,737 Weighted average shares outstanding (Non-GAAP):Basic (2)70,879,807 60,038,893 38,253,737 Diluted (2)(4)72,495,097 61,693,526 58,302,653 

(1) The following table sets forth share-based compensation for the periods indicated below (in thousands):

Year Ended December 31, 202420232022Technology, data and product development$8,695 $12,375 $81,337 Sales and marketing14,666 13,216 58,377 General and administrative38,136 45,464 101,975 Total share-based compensation in operating expenses$61,497 $71,055 $241,689 

Share-based compensation for the year ended December 31, 2022 included compensation of $172.2 million related to the vesting of certain performance-based options, which was included in technology, data and product development, sales and marking, and general and administrative expenses.

(2) Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

(3) See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of this and Adjusted EBITDA. 

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(4) In our fourth quarter of 2024 earnings press release, we reported non-GAAP diluted EPS of $0.83 based on 83.9 million diluted shares. Due to an error in calculating the dilutive effect of exchangeable notes issued in the fourth