Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 50

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 50
---
,257 Add: General and administrative46,183 63,068 Less: Interest income7,676 7,744 Less: Investment (loss) income(391)528 Fee Revenue Less Production Costs (FRLPC)$115,621 $92,123 Network Volume (in millions)$2,400 $2,419 Fee Revenue Less Production Costs % (FRLPC %)4.8 %3.8 %

Three Months Ended March 31,20252024Net Income (Loss) Attributable to Pagaya Technologies Ltd.$7,893 $(21,223)Adjusted to exclude the following:Share-based compensation13,172 15,475 Fair value adjustment to contingent liability(3,184)— Fair value adjustment to warrant liability1,099 (1,900)Impairment loss on certain investments29,511 19,483 Restructuring expenses962 820 Transaction-related expenses14 400 Non-recurring expenses3,722 276 Adjusted Net Income$53,189 $13,331 Adjusted to exclude the following:Interest expenses21,212 15,164 Income tax (benefit) expense(2,540)5,003 Depreciation and amortization7,722 6,317 Adjusted EBITDA$79,583 $39,815 

Liquidity and Capital Resources

As of March 31, 2025 and December 31, 2024, the principal sources of liquidity were cash, cash equivalents and restricted cash of $229.6 million and $226.5 million, respectively. We believe these sources will be sufficient to meet our current liquidity needs for the next twelve months, from the date of issuance of the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, and be sufficient to support our future cash needs, however, we can provide no assurance that our liquidity and capital resources will meet future funding requirements. 

Our primary requirements for liquidity and capital resources are to purchase and finance risk retention requirements, invest in technology, data and product development and to attract, recruit and retain a strong employee base, as well as to fund potential strategic transactions, including acquisitions, if any. We intend to continue to make strategic investments to support our business plans. 

We do not have capital expenditure commitments as the vast majority of our capital expenditures relate to the capitalization of certain compensation and non-compensation expenditures used in the