← Pagaya Technologies Ltd.

Annual Trend FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — ($292.8m) ($196.7m) ($445.7m) $71.4m
Net Income (Loss) Attributable to Parent — ($91.2m) ($302.3m) ($128.4m) ($401.4m) $81.4m
Net Income (Loss) Available to Common Stockholders, Basic — ($134.3m) ($314.5m) ($128.4m) ($401.4m) $77.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — ($69.5m) ($292.8m) ($196.7m) ($445.7m) $71.4m
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
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
Depreciation Amortization Depletion — — $6.3m $19.1m $28.8m $30.1m
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
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
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 —
Share-based compensation $156k $67.8m $241.7m $71.1m — —
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 — —
Settlement of share-based compensation in satisfaction of tax withholding requirements — $0 $0 ($650k) — —
Asset Impairment Charge — — $51.9m $2.5m $3.2m $4.9m
Equity Method Investment, Realized Gain (Loss) on Disposal — ($421k) $0 $0 — —
Gain (Loss) on Extinguishment of Debt — — — — — ($24.8m)
Income (Loss) from Equity Method Investments — ($155k) $5.8m $488k ($4.6m) ($8.4m)
Income Tax Expense (Benefit) — $7.9m $16.4m $15.6m $24.6m ($19.7m)
Operating Lease, Expense — — $11.9m $13.0m — —
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 — —
Operating lease liability — $0 ($11.2m) ($3.7m) — —
Equity method and other investments $0 ($23.0m) ($5.8m) $0 — —
Initial recognition (derecognition) of right-of-use assets and operating lease liability — — $68.8m ($1.8m) — —
Earnings (Loss)es From Equity Investments — — ($5.8m) ($488k) $4.6m $8.4m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Payable — $11.0m ($9.8m) ($448k) $5.7m $3.4m
Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded — — — $134.5m $347.2m —
Debt Securities, Available-for-sale, Realized Gain (Loss) — — — — $7.9m $9.3m
Foreign Currency Transaction Gain (Loss), before Tax — — — — ($4.2m) ($1.1m)
Foreign Currency Transaction Gain (Loss), Realized — — — — ($4.2m) ($1.1m)
Gain (Loss) on Investments — — — — — ($107.0m)
General and Administrative Expense — $132.2m $294.2m $203.4m $240.8m $159.6m
Goodwill — — — $10.9m $23.1m $22.9m
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) — —
Fees and other receivables ($19.7m) ($27.6m) ($46.5m) ($20.7m) — —
Prepaid expenses and other assets $123k ($4.7m) ($23.2m) $12.9m — —
Right-of-use assets — — $7.7m $3.9m — —
Accounts payable $427k $11.0m ($9.8m) ($448k) — —
Accrued expenses and other liabilities $2.5m $13.4m $32.4m ($17.8m) — —
Income tax receivable / payable — $8.4m $2.4m $6.6m — —
Investments in loans and securities ($102.7m) ($202.4m) ($355.6m) ($566.2m) — —
Short-term deposits ($48.4m) $53.4m $5.0m $0 — —
Property and equipment ($1.1m) ($6.6m) ($22.4m) ($20.2m) — —
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 secured borrowing $0 $37.9m $139.4m $338.5m — —
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 made to secured borrowing $0 $0 ($37.7m) ($206.4m) — —
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 — —
Beginning Cash Position — — $204.6m $337.1m $222.5m $226.5m
Cash Flow From Continuing Financing Activities — — $437.9m $289.1m $436.7m $129.6m
Cash Flow From Continuing Investing Activities — — ($265.4m) ($381.5m) ($479.9m) ($309.7m)
Change In Account Payable — — ($9.8m) ($448k) $5.7m $3.4m
Change In Accrued Expense — — $32.4m ($44.3m) ($14.9m) ($14.3m)
Change In Income Tax Payable — — $8.6m $5.0m $21.2m ($22.5m)
Change In Interest Payable — — — ($26.5m) ($21.7m) ($42.8m)
Change In Other Current Assets — — $7.7m $16.8m ($8.1m) ($7.1m)
Change In Other Current Liabilities — — ($11.2m) ($3.7m) $522k ($6.5m)
Change In Other Working Capital — $5.0m $6.2m $5.0m — —
Change In Payable — — ($1.2m) $4.6m $26.8m ($19.1m)
Change In Payables And Accrued Expense — — $31.2m ($39.7m) $12.0m ($33.4m)
Change In Prepaid Assets — ($4.7m) ($23.2m) $12.9m ($9.2m) —
Change In Receivables — — ($46.5m) ($25.5m) ($23.0m) ($26.3m)
Change In Tax Payable — — $8.6m $5.0m $21.2m ($22.5m)
Change In Working Capital — — ($41.9m) ($52.1m) ($18.7m) ($73.3m)
Changes In Account Receivables — ($27.6m) — ($25.5m) ($23.0m) ($26.3m)
Changes In Cash — — $132.5m ($114.0m) $4.6m $58.5m
End Cash Position — — $337.1m $222.5m $226.5m $288.3m
Financing Cash Flow — — $437.9m $289.1m $436.7m $129.6m
Free Cash Flow — — ($62.4m) ($41.8m) $24.5m $224.7m
Gain Loss On Investment Securities — — ($437k) $136.4m $405.7m $112.7m
Gain Loss On Sale Of Business — $421k $0 $0 — —
Investing Cash Flow — — ($265.4m) ($381.5m) ($479.9m) ($309.7m)
Issuance Of Capital Stock — — $291.9m $102.1m $101.8m $0
Net Business Purchase And Sale — — ($5.3m) $0 ($9.2m) $0
Net Foreign Currency Exchange Gain Loss — — $0 ($1.3m) $4.2m $1.1m
Net Intangibles Purchase And Sale — — $0 $0 ($5.5m) $0
Net PPE Purchase And Sale — — ($22.4m) ($20.2m) ($17.7m) ($13.9m)
Net Preferred Stock Issuance — — $0 $74.2m $0 $0
Operating Gains Losses — — ($6.2m) $134.5m $414.5m $140.2m
Other Non Cash Items — — $1.0m — $4.1m $11.3m
Preferred Stock Issuance — — $0 $74.2m $0 $0
Proceeds From Stock Option Exercised — — $1.6m $4.3m $3.3m $6.9m
Purchase Of Business — — ($5.8m) $0 ($9.3m) $0
Purchase Of Intangibles — — $0 $0 ($5.5m) $0
Purchase Of PPE — — ($22.4m) ($20.2m) ($17.7m) ($13.9m)
Sale Of Business — — $453k $0 $31k $0
Stock Based Compensation — — $241.7m $71.1m $61.5m $54.1m
Net Cash Provided by (Used in) Operating Activities $4.3m $49.8m ($40.0m) $9.6m $66.5m $238.6m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment — $6.6m $22.4m $20.2m $17.7m $13.9m
Payments to Acquire Businesses, Net of Cash Acquired — — — — $9.1m ($159k)
Payments to Acquire Investments — — — $566.2m $693.9m —
Net Investment Purchase And Sale — — ($237.7m) ($362.9m) ($447.4m) ($279.8m)
Purchase Of Investment — — ($355.6m) ($566.2m) ($693.9m) ($632.2m)
Gain (Loss) on Sale of Investments — — — — — ($108.9m)
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
Net Other Investing Changes — $53.4m — $1.6m — ($16.0m)
Net Cash Provided by (Used in) Investing Activities ($122.8m) ($140.7m) ($265.4m) ($412.7m) ($498.6m) ($309.7m)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale — — — — — $273.0m
Issuance Of Debt — — $181.5m $468.5m $818.5m $856.0m
Long Term Debt Issuance — — $181.5m $468.5m $818.5m $856.0m
Net Issuance Payments Of Debt — — $116.7m $207.1m $294.1m $160.9m
Net Long Term Debt Issuance — — $116.7m $207.1m $294.1m $160.9m
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)
Repayment Of Debt — — ($64.8m) ($261.4m) ($524.4m) ($695.0m)
Short Term Debt Payments — $0 ($27.1m) ($55.0m) — —
Proceeds from Issuance of Common Stock — — — — $90.0m $0
Common Stock Issuance — — $291.9m $27.9m $101.8m $0
Net Common Stock Issuance — — $291.9m $27.9m $101.8m $0
Proceeds from Noncontrolling Interests — $151.0m $105.5m $20.0m $64.0m $0
Net loss including noncontrolling interests $19.9m ($69.5m) ($292.8m) ($196.7m) — —
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) — —
Deemed dividend from secondary transactions $0 $23.6m $0 $0 — —
Net Other Financing Charges — — $27.7m ($24.5m) $37.5m ($38.2m)
Net Cash Provided by (Used in) Financing Activities $119.5m $289.6m $437.9m $289.1m $436.7m $129.6m
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — ($515k) ($586k) $3.3m
Effect of exchange rate changes on cash, cash equivalents and restricted cash — $0 $0 ($515k) — —
Effect Of Exchange Rate Changes — — $0 ($515k) ($586k) $3.3m
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
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 — $204.6m $337.1m $222.5m $226.5m $288.3m
Cash and restricted cash acquired from Darwin Homes, Inc. — $0 $0 $1.6m — —
Cash, cash equivalents and restricted cash, beginning of period $5.9m $204.6m $337.1m $222.5m — —
Cash and cash equivalents $5.1m $190.8m $309.8m $186.5m — —
Restricted cash - current $0 $7.0m $22.5m $16.9m — —
Restricted cash - non-current $814k $6.8m $4.7m $19.2m — —
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

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.