Pagaya (PGY) Q1 2025 Earnings Call Transcript

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Wednesday, May 7, 2025 astatine 8:30 a.m. ET

• Chief Executive Officer — Gal Krubiner

• President — Sanjiv Das

• Chief Financial Officer — Evangelos Perros

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Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You could find the materials that travel our prepared remarks and a replay of today's webcast connected the Investor Relations conception of our website astatine investor.pegaya.com. Our remarks contiguous volition see forward-looking statements that are based connected our existent expectations and forecasts with respect to, among different things, our operations and fiscal performance, including our fiscal outlook for the 2nd 4th and full-year of 2025. Our existent results whitethorn disagree materially from those contemplated by these forward-looking statements.

Factors that could origin these results to disagree materially from our expectations include, but are not constricted to, those risks described successful today's property merchandise and our filings with the U.S. Securities and Exchange Commission. We undertake nary work to update immoderate forward-looking statements arsenic a effect of caller accusation oregon aboriginal events. Please notation to the documents we record from time-to-time with the SEC, including our 10-K, 10-Q and different reports for a much elaborate treatment of these factors. Additionally, non-GAAP fiscal measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted nett income, interest gross little accumulation costs, oregon FRLPC, FRLPC percent of web measurement and halfway operating expenses volition beryllium discussed connected the call.

Reconciliations to the astir straight comparable GAAP fiscal measures are disposable to the grade disposable without unreasonable efforts successful our net merchandise and different materials, which are posted connected our Investor Relations website. We promote you to reappraisal the shareholder letter, which was furnished with the SEC, connected Form 8-K contiguous for elaborate commentary connected our concern and show successful conjunction with the accompanying net supplement and property release. With that, fto maine crook the telephone implicit to Gal.

Gal Krubiner: Thank you for joining america contiguous for a treatment of our archetypal 4th 2025 results arsenic good arsenic an update connected our business. I truly deliberation that the results talk for themselves, and they show our execution against the committedness we person provided. In fact, we person exceeded expectations connected cardinal metrics and peculiarly connected the GAAP nett income profitability, which we person delivered 1 4th earlier. This is and volition stay a important metric for our absorption squad moving forward. Perhaps much importantly is the information that we present these results successful the look of heightened macro uncertainty, sticking to our balanced and progressively diversified maturation absorption combined with our businesslike operations and structure.