← Pagaya Technologies Ltd.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Net Income From Continuing Operations | — | ($69.5m) | ($292.8m) | ($196.7m) | ($445.7m) | $71.4m | $118.8m | |
| Net Income (Loss) Attributable to Parent | — | ($91.2m) |
($302.3m)
-231.67%
|
($128.4m)
+57.52%
|
($401.4m)
-212.53%
|
$81.4m
+120.28%
|
— | |
| Net Income (Loss) Available to Common Stockholders, Basic | — | ($134.3m) |
($314.5m)
-134.16%
|
($128.4m)
+59.16%
|
($401.4m)
-212.53%
|
$77.3m
+119.25%
|
— | |
| Net loss including noncontrolling interests | $19.9m | ($69.5m) | ($292.8m) | ($196.7m) | — | — | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | $21.6m | $9.5m | ($68.3m) | ($44.3m) | ($10.0m) | — | |
| Depreciation, Depletion and Amortization | $290k | $815k | $6.3m | $19.1m | $28.8m | $30.1m | $22.5m | |
| Amortization of Deferred Charges | — | — | — | — | — | $11.3m | — | |
| Amortization of Debt Issuance Costs | — | — | — | — | $3.7m | — | — | |
| Amortization of Intangible Assets | — | — | — | — | $3.5m | $5.2m | — | |
| Depreciation | $290k | $800k | $6.3m | $19.1m | $28.8m | $30.1m | $22.5m | |
| Depreciation Amortization Depletion | — | — | $6.3m | $19.1m | $28.8m | $30.1m | $22.5m | |
| Deferred Income Tax Expense (Benefit) | — | ($3.4m) | $6.2m | ($1.6m) | $82k | ($189k) | — | |
| Deferred tax assets, net | ($2.3m) | ($3.4m) | $5.7m | ($1.2m) | — | — | — | |
| Deferred tax liabilities, net | $0 | $0 | $568k | ($461k) | — | — | — | |
| Share-based Payment Arrangement, Noncash Expense | — | $67.8m | $241.7m | $71.1m | $61.5m | $54.1m | $38.5m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | — | — | $650k | $0 | $0 | — | |
| Share-based Payment Arrangement, Expense | — | $67.8m | $241.7m | $71.1m | $61.5m | $54.1m | $38.5m | |
| Share-based compensation | $156k | $67.8m | $241.7m | $71.1m | — | — | $38.5m | |
| Settlement of share-based compensation in satisfaction of tax withholding requirements | — | $0 | $0 | ($650k) | — | — | — | |
| Goodwill and Intangible Asset Impairment | — | $0 | $3.2m | $2.5m | $3.2m | $4.9m | — | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | — | $2.5m | $3.2m | $500k | — | |
| Operating Lease, Impairment Loss | — | — | — | — | $900k | — | — | |
| Impairment loss on investments in loans and securities/loss on loans held-for-investment | $0 | $0 | $25.7m | $134.5m | — | — | — | |
| Other than temporary impairment of investments in loans and securities | $0 | $0 | $33.7m | $0 | — | — | — | |
| Asset Impairment Charge | — | — | $51.9m | $2.5m | $3.2m | $4.9m | $10.4m | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | ($421k) | $0 | $0 | — | — | — | |
| Income (Loss) from Equity Method Investments | — | ($155k) | $5.8m | $488k | ($4.6m) | ($8.4m) | — | |
| Other Nonoperating Income (Expense) | — | ($55.8m) | ($24.9m) | ($156.8m) | ($488.0m) | ($80.4m) | — | |
| Equity method income (loss) | ($277k) | $155k | ($5.8m) | ($488k) | — | — | — | |
| Loss on sale of equity method investments | $0 | $421k | $0 | $0 | — | — | — | |
| Equity method and other investments | $0 | ($23.0m) | ($5.8m) | $0 | — | — | — | |
| Earnings (Loss)es From Equity Investments | — | — | ($5.8m) | ($488k) | $4.6m | $8.4m | $5.5m | |
| Changes in operating assets and liabilities: | ||||||||
| Change In Working Capital | — | — | ($41.9m) | ($52.1m) | ($18.7m) | ($73.3m) | ($106.0m) | |
| Fees and other receivables | ($19.7m) | ($27.6m) | ($46.5m) | ($20.7m) | — | — | — | |
| Change In Receivables | — | — | ($46.5m) | ($25.5m) | ($23.0m) | ($26.3m) | ($45.0m) | |
| Changes In Account Receivables | — | ($27.6m) | — | ($25.5m) | ($23.0m) | ($26.3m) | ($45.0m) | |
| Increase (Decrease) in Accounts Payable | $427k | $11.0m | ($9.8m) | ($448k) | $5.7m | $3.4m | $2.1m | |
| Change In Payables And Accrued Expense | — | — | $31.2m | ($39.7m) | $12.0m | ($33.4m) | $2.1m | |
| Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded | — | — | — | $134.5m | $347.2m | — | — | |
| Accrued expenses and other liabilities | $2.5m | $13.4m | $32.4m | ($17.8m) | — | — | — | |
| Change In Accrued Expense | — | — | $32.4m | ($44.3m) | ($14.9m) | ($14.3m) | ($13.2m) | |
| Prepaid expenses and other assets | $123k | ($4.7m) | ($23.2m) | $12.9m | — | — | — | |
| Change In Other Current Assets | — | — | $7.7m | $16.8m | ($8.1m) | ($7.1m) | ($23.0m) | |
| Change In Other Current Liabilities | — | — | ($11.2m) | ($3.7m) | $522k | ($6.5m) | ($7.3m) | |
| Net Cash Provided by (Used in) Operating Activities | $4.3m |
$49.8m
+1070.10%
|
($40.0m)
-180.30%
|
$9.6m
+123.94%
|
$66.5m
+594.58%
|
$238.6m
+258.72%
|
$264.7m
+10.94%
|
|
| Cash flows from investing activities: | ||||||||
| Property and equipment | ($1.1m) | ($6.6m) | ($22.4m) | ($20.2m) | — | — | — | |
| Payments to Acquire Property, Plant, and Equipment | — | $6.6m | $22.4m | $20.2m | $17.7m | $13.9m | ($13.0m) | |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | — | — | — | — | $7.9m | $9.3m | — | |
| Gain (Loss) on Investments | — | — | — | — | — | ($107.0m) | $141.6m | |
| Investments in loans and securities | ($102.7m) | ($202.4m) | ($355.6m) | ($566.2m) | — | — | — | |
| Payments to Acquire Investments | — | — | — | $566.2m | $693.9m | — | ($854.1m) | |
| Gain (Loss) on Sale of Investments | — | — | — | — | — | ($108.9m) | — | |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | — | — | — | — | — | $273.0m | — | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | — | $9.1m | ($159k) | $0 | |
| Net Other Investing Changes | — | $53.4m | — | $1.6m | — | ($16.0m) | ($16.0m) | |
| Net Cash Provided by (Used in) Investing Activities | ($122.8m) | ($140.7m) | ($265.4m) | ($412.7m) | ($498.6m) | ($309.7m) | ($292.4m) | |
| Cash flows from financing activities: | ||||||||
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | ($24.8m) | — | |
| Proceeds from secured borrowing | $0 | $37.9m | $139.4m | $338.5m | — | — | — | |
| Payments made to secured borrowing | $0 | $0 | ($37.7m) | ($206.4m) | — | — | — | |
| Issuance Of Debt | — | — | $181.5m | $468.5m | $818.5m | $856.0m | $911.0m | |
| Long Term Debt Issuance | — | — | $181.5m | $468.5m | $818.5m | $856.0m | $911.0m | |
| Net Issuance Payments Of Debt | — | — | $116.7m | $207.1m | $294.1m | $160.9m | $130.1m | |
| Net Long Term Debt Issuance | — | — | $116.7m | $207.1m | $294.1m | $160.9m | $130.1m | |
| Net Short Term Debt Issuance | — | $0 | $15.0m | ($55.0m) | — | — | — | |
| Short Term Debt Issuance | — | $0 | $42.1m | $130.0m | — | — | — | |
| Long Term Debt Payments | — | — | ($64.8m) | ($261.4m) | ($524.4m) | ($695.0m) | ($780.9m) | |
| Repayment Of Debt | — | — | ($64.8m) | ($261.4m) | ($524.4m) | ($695.0m) | ($780.9m) | |
| Short Term Debt Payments | — | $0 | ($27.1m) | ($55.0m) | — | — | — | |
| Issuance Of Capital Stock | — | — | $291.9m | $102.1m | $101.8m | $0 | $0 | |
| Proceeds from Issuance of Common Stock | — | — | — | — | $90.0m | $0 | $0 | |
| Common Stock Issuance | — | — | $291.9m | $27.9m | $101.8m | $0 | $0 | |
| Deemed dividend from secondary transactions | $0 | $23.6m | $0 | $0 | — | — | — | |
| Net Other Financing Charges | — | — | $27.7m | ($24.5m) | $37.5m | ($38.2m) | ($48.0m) | |
| Net Cash Provided by (Used in) Financing Activities | $119.5m |
$289.6m
+142.36%
|
$437.9m
+51.20%
|
$289.1m
-33.98%
|
$436.7m
+51.05%
|
$129.6m
-70.32%
|
$85.9m
-33.71%
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | $1.0m | $198.7m | $132.5m | ($114.5m) | — | — | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $198.7m | $132.5m | ($114.5m) | $4.0m | $61.8m | $300.3m | |
| Beginning Cash Position | — | — | $204.6m | $337.1m | $222.5m | $226.5m | $242.0m | |
| Cash, cash equivalents and restricted cash, beginning of period | $5.9m | $204.6m | $337.1m | $222.5m | — | — | — | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | ($515k) | ($586k) | $3.3m | $4.1m | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | — | $0 | $0 | ($515k) | ($586k) | $3.3m | $4.1m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $204.6m | $337.1m | $222.5m | $226.5m | $288.3m | $300.3m | |
| Cash and restricted cash acquired from Darwin Homes, Inc. | — | $0 | $0 | $1.6m | — | — | — | |
| Restricted cash - current | $0 | $7.0m | $22.5m | $16.9m | — | — | — | |
| Restricted cash - non-current | $814k | $6.8m | $4.7m | $19.2m | — | — | — | |
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| Income Tax Expense (Benefit) | — | $7.9m | $16.4m | $15.6m | $24.6m | ($19.7m) | — | |
| Operating Lease, Expense | — | — | $11.9m | $13.0m | — | — | — | |
| Operating lease liability | — | $0 | ($11.2m) | ($3.7m) | — | — | — | |
| Initial recognition (derecognition) of right-of-use assets and operating lease liability | — | — | $68.8m | ($1.8m) | — | — | — | |
| Additional Financial Items | ||||||||
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | — | — | ($4.2m) | ($1.1m) | — | |
| Foreign Currency Transaction Gain (Loss), Realized | — | — | — | — | ($4.2m) | ($1.1m) | — | |
| General and Administrative Expense | — | $132.2m | $294.2m | $203.4m | $240.8m | $159.6m | — | |
| Goodwill | — | — | — | $10.9m | $23.1m | $22.9m | $10.4m | |
| Proceeds from Stock Options Exercised | — | $346k | $1.6m | $4.3m | — | — | — | |
| Fair value adjustment to warrant liability | $489k | $53.0m | ($11.1m) | $1.8m | — | — | — | |
| Issuance of ordinary shares related to commitment shares | $0 | $0 | $1.0m | $0 | — | — | — | |
| Write-off of capitalized software | $0 | $0 | $3.2m | $2.5m | — | — | — | |
| Gain on foreign exchange | ($543k) | $0 | $0 | ($1.3m) | — | — | — | |
| Right-of-use assets | — | — | $7.7m | $3.9m | — | — | — | |
| Income tax receivable / payable | — | $8.4m | $2.4m | $6.6m | — | — | — | |
| Short-term deposits | ($48.4m) | $53.4m | $5.0m | $0 | — | — | — | |
| Proceeds from issuance of redeemable convertible preferred shares, net | $64.8m | $172.6m | $0 | $74.2m | — | — | — | |
| Proceeds from issuance of ordinary share warrants, net | $0 | $20.8m | $0 | $0 | — | — | — | |
| Proceeds from revolving credit facility | $0 | $0 | $42.1m | $130.0m | — | — | — | |
| Proceeds from exercise of stock options | $0 | $346k | $1.6m | $4.3m | — | — | — | |
| Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement | — | $0 | $0 | $27.9m | — | — | — | |
| Proceeds from exercise of redeemable convertible preferred shares warrants | $0 | $400k | $0 | $0 | — | — | — | |
| Payments made to revolving credit facility | $0 | $0 | ($27.1m) | ($55.0m) | — | — | — | |
| Payments for deferred offering costs | $0 | ($12.0m) | $0 | $0 | — | — | — | |
| In-kind distributions | — | $0 | $0 | $20.6m | — | — | — | |
| Issuance of ordinary shares in connection with acquisition | — | $0 | $0 | $18.1m | — | — | — | |
| Issuance of redeemable convertible preferred shares upon exercise of warrants | $1.9m | $28.4m | $0 | $0 | — | — | — | |
| Cash Flow From Continuing Financing Activities | — | — | $437.9m | $289.1m | $436.7m | $129.6m | $85.9m | |
| Cash Flow From Continuing Investing Activities | — | — | ($265.4m) | ($381.5m) | ($479.9m) | ($309.7m) | ($292.4m) | |
| Change In Account Payable | — | — | ($9.8m) | ($448k) | $5.7m | $3.4m | $2.1m | |
| Change In Income Tax Payable | — | — | $8.6m | $5.0m | $21.2m | ($22.5m) | ($15.4m) | |
| Change In Interest Payable | — | — | — | ($26.5m) | ($21.7m) | ($42.8m) | ($52.8m) | |
| Change In Other Working Capital | — | $5.0m | $6.2m | $5.0m | — | — | $5.1m | |
| Change In Payable | — | — | ($1.2m) | $4.6m | $26.8m | ($19.1m) | $2.1m | |
| Change In Prepaid Assets | — | ($4.7m) | ($23.2m) | $12.9m | ($9.2m) | — | ($609k) | |
| Change In Tax Payable | — | — | $8.6m | $5.0m | $21.2m | ($22.5m) | ($15.4m) | |
| Changes In Cash | — | — | $132.5m | ($114.0m) | $4.6m | $58.5m | $58.3m | |
| End Cash Position | — | — | $337.1m | $222.5m | $226.5m | $288.3m | $300.3m | |
| Financing Cash Flow | — | — | $437.9m |
$289.1m
-33.98%
|
$436.7m
+51.05%
|
$129.6m
-70.32%
|
$85.9m
-33.71%
|
|
| Free Cash Flow | — | — | ($62.4m) | ($41.8m) | $24.5m | $224.7m | $251.8m | |
| Gain Loss On Investment Securities | — | — | ($437k) | $136.4m | $405.7m | $112.7m | $141.6m | |
| Gain Loss On Sale Of Business | — | $421k | $0 | $0 | — | — | $0 | |
| Investing Cash Flow | — | — | ($265.4m) | ($381.5m) | ($479.9m) | ($309.7m) | ($292.4m) | |
| Net Business Purchase And Sale | — | — | ($5.3m) | $0 | ($9.2m) | $0 | $2.5m | |
| Net Foreign Currency Exchange Gain Loss | — | — | $0 | ($1.3m) | $4.2m | $1.1m | ($39k) | |
| Net Intangibles Purchase And Sale | — | — | $0 | $0 | ($5.5m) | $0 | $0 | |
| Net PPE Purchase And Sale | — | — | ($22.4m) | ($20.2m) | ($17.7m) | ($13.9m) | ($13.0m) | |
| Net Preferred Stock Issuance | — | — | $0 | $74.2m | $0 | $0 | $0 | |
| Operating Gains Losses | — | — | ($6.2m) | $134.5m | $414.5m | $140.2m | $162.9m | |
| Other Non Cash Items | — | — | $1.0m | — | $4.1m | $11.3m | — | |
| Proceeds From Stock Option Exercised | — | — | $1.6m | $4.3m | $3.3m | $6.9m | $3.8m | |
| Purchase Of Business | — | — | ($5.8m) | $0 | ($9.3m) | $0 | $0 | |
| Purchase Of Intangibles | — | — | $0 | $0 | ($5.5m) | $0 | $0 | |
| Purchase Of PPE | — | — | ($22.4m) | ($20.2m) | ($17.7m) | ($13.9m) | ($13.0m) | |
| Sale Of Business | — | — | $453k | $0 | $31k | $0 | $2.5m | |
| Stock Based Compensation | — | — | $241.7m | $71.1m | $61.5m | $54.1m | $38.5m | |
| Net Investment Purchase And Sale | — | — | ($237.7m) | ($362.9m) | ($447.4m) | ($279.8m) | ($266.0m) | |
| Purchase Of Investment | — | — | ($355.6m) | ($566.2m) | ($693.9m) | ($632.2m) | ($854.1m) | |
| Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs | $0 | $0 | $291.9m | $0 | — | — | — | |
| Sale Of Investment | — | — | $117.9m | $203.3m | $246.5m | $352.4m | $588.1m | |
| Proceeds from Noncontrolling Interests | — | $151.0m | $105.5m | $20.0m | $64.0m | $0 | — | |
| Proceeds received from noncontrolling interests | $74.6m | $151.0m | $105.5m | $20.0m | — | — | — | |
| Distributions made to noncontrolling interests | ($19.9m) | ($81.5m) | ($77.8m) | ($43.8m) | — | — | — | |
| Cash and cash equivalents | $5.1m | $190.8m | $309.8m | $186.5m | — | — | $242.0m | |
| Supplemental disclosure of cash flow information: | ||||||||
| Change In Cash Supplemental As Reported | — | — | $132.5m | ($114.5m) | $4.0m | $61.8m | — | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $0 | $0 | $4.3m | $17.8m | $80.3m | $91.8m | — | |
| Income Taxes Paid, Net | $324k | $2.6m | $6.9m | $9.2m | $4.9m | $2.5m | — |