Pagaya Technologies Ltd
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
PGY$17.21-5.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed consolidated statements of cash flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss including noncontrolling interests | $(188,572) | $(176,702) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Equity method (income) loss | 699 | (655) |
| Depreciation and amortization | 20,475 | 13,161 |
| Share-based compensation | 45,852 | 57,312 |
| Fair value adjustment to warrant liability | (358) | 3,763 |
| Impairment loss on investments in loans and securities | 155,960 | 115,644 |
| Write-off of capitalized software | 3,145 | 1,935 |
| Tax benefit related to release of valuation allowance | — | (1,162) |
| Long-term debt issuance costs amortization | 2,065 | — |
| Loss (gain) on foreign exchange | 4,178 | (302) |
| Other non-cash items | 367 | — |
| Change in operating assets and liabilities: | ||
| Fees and other receivables | (15,332) | (7,666) |
| Deferred tax liabilities, net | 82 | 13 |
| Prepaid expenses and other assets | (8,213) | 1,812 |
| Right-of-use assets | 1,462 | 6,435 |
| Accounts payable | 4,607 | (374) |
| Accrued expenses and other liabilities | 4,121 | (16,682) |
| Operating lease liability | (441) | (6,433) |
| Income tax / long-term tax liabilities | 4,360 | 529 |
| Net cash provided by (used in) operating activities | 34,457 | (9,372) |
| Cash flows from investing activities | ||
| Proceeds from the sale/maturity/prepayment of: | ||
| Investments in loans and securities | 89,905 | 134,101 |
| Equity method and other investments | 31 | — |
| Cash and restricted cash acquired from Darwin Homes, Inc. | — | 1,608 |
| Payments for the purchase of: | ||
| Investments in loans and securities | (538,727) | (436,242) |
| Property and equipment | (13,761) | (15,555) |
| Equity method and other investments | (125) | — |
| Net cash used in investing activities | (462,677) | (316,088) |
| Cash flows from financing activities | ||
| Proceeds from sale of ordinary shares, net of issuance costs | 89,956 | — |
| Proceeds from long-term debt | 244,725 | — |
| Proceeds from issuance of redeemable convertible preferred shares, net | — | 74,250 |
| Proceeds from secured borrowing | 254,895 | 314,276 |
| Proceeds received from noncontrolling interests | 2,815 | 19,235 |
| Proceeds from revolving credit facility | 59,000 | 110,000 |
| Proceeds from exercise of stock options and stock purchase plan | 3,160 | 2,538 |
| Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement | 11,865 | 3,793 |
| Distributions made to noncontrolling interests | (7,892) | (39,321) |
| Payments made to revolving credit facility | (134,000) | (25,000) |
| Payments made to secured borrowing | (117,883) | (182,358) |
| Payments made to long-term debt | (9,563) | — |
| Long-term debt issuance costs | (7,974) | — |
| Settlement of share-based compensation in satisfaction of tax withholding requirements | — | (650) |
| Payments for deferred offering costs | (1,198) | — |
|---|---|---|
| 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 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above: | ||
| Cash and cash equivalents | $147,099 | $252,578 |
| Restricted cash - current | 17,617 | 26,280 |
| Restricted cash - non-current | 16,331 | 5,320 |
| Total cash, cash equivalents, and restricted cash | $181,047 | $284,178 |
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