Pagaya (PGY) Q3 2024 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, December 23, 2025 astatine 10:30 AM CST 43 min read

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Tuesday, November 12, 2024 astatine 8:30 a.m. ET

• Chief Executive Officer — Gal Krubiner

• President — Sanjiv Das

• Chief Financial Officer — Evangelos Perros

• Head of Investor Relations — Josh Fagen

Josh Fagen: Thank you, and invited to Pagaya's 3rd 4th 2024 net league call. Joining maine contiguous to speech astir our concern and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You tin 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.pagaya.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, the fiscal performance, including our fiscal outlook for the 3rd 4th and full-year of 2024. Our existent results whitethorn disagree from those contemplated by these forward-looking statements.

Factors that could origin these results to disagree materially from our expectations see 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 statements arsenic a effect of caller accusation oregon aboriginal events. Please notation to the documents we record from clip to clip 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 and halfway operating expenses volition beryllium discussed connected the call.

Reconciliations to the astir straight comparable GAAP fiscal measures are available, to the grade disposable without unreasonable efforts, successful our net merchandise and different materials which are posted connected our Investor Relations Web site. 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 and bully morning, everyone. I anticipation you had the accidental to work our shareholder letter. With our beardown 3rd 4th result, Pagaya is astatine an approximate yearly complaint of $1 cardinal of revenue, $400 cardinal of interest gross little accumulation costs, and $220 cardinal successful adjusted EBITDA. Pagaya is present reaching the adjacent level of standard and profitability. This is the effect of some expanding request for our merchandise and laser-focused execution of our fiscal maturation to amended interest generation, backing efficiency, and thrust economies of scale, each of which sets Pagaya to present affirmative full currency travel and GAAP profitability during 2025.