Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 182

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 182
---
 should not be considered a substitute for 

42

or superior to financial information presented in accordance with U.S. GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. 

The following tables present reconciliations of FRLPC to Operating Income, and Adjusted EBITDA to Net Income Attributable to Pagaya Technologies Ltd., in each case the most directly comparable U.S. GAAP measure ($ in thousands, unless otherwise noted):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Operating Income$56,469 $5,027 $104,154 $12,717 Add: Technology, data and product development18,455 21,935 37,899 41,315 Add: Sales and marketing19,660 13,331 29,254 23,588 Add: General and administrative40,349 64,449 86,532 127,517 Less: Interest income10,739 8,193 18,415 15,937 Less: Investment (loss) income, net(2,055)(443)(2,446)85 Fee Revenue Less Production Costs (FRLPC)$126,249 $96,992 $241,870 $189,115 Network Volume (in millions)$2,648 $2,331 $5,048 $4,750 Fee Revenue Less Production Costs % (FRLPC %)4.8 %4.2 %4.8 %4.0 %

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net Income (Loss) Attributable to Pagaya Technologies Ltd.$16,655 $(74,785)$24,548 $(96,008)Adjusted to exclude the following:Share-based compensation18,228 18,044 31,400 33,519 Fair value adjustment to contingent liability(2,205)— (5,389)— Fair value adjustment to warrant liability479 329 1,578 (1,571)Impairment loss on certain investments, net15,011 58,179 44,522 77,662 Write-off of capitalized software— 2,561 — 2,561 Restructuring expenses263 2,725 1,225 3,545 Transaction-related expenses9 135