Exhibit No.
|
Description
|
Press release, dated November 10, 2022, titled “Pagaya Reports Third Quarter 2022 Results”
|
|
99.2 |
Unaudited Condensed Consolidated Interim Financial Statements for the Three Months and Nine Months Ended September 30, 2022
|
99.3 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three Months and Nine Months Ended September 30, 2022
|
PAGAYA TECHNOLOGIES LTD.
|
||
By:
|
/s/ Gal Krubiner
|
|
Name:
|
Gal Krubiner
|
|
Title:
|
Chief Executive Officer
|
|
By:
|
/s/ Michael Kurlander
|
|
Name:
|
Michael Kurlander
|
|
Title:
|
Chief Financial Officer
|
● |
Network Volume increased 26% to $1.9 billion, reflecting strong growth from existing partnerships and newer products
|
● |
Total revenue and other income increased 49% to $204.0 million, mainly due to increased fee revenue from Network Volume growth
|
● |
Net loss attributable to Pagaya shareholders of $74.8 million, impacted by share-based compensation of $60.3 million. Adjusted net loss of $14.4 million, which excludes share-based compensation expense, a
change in fair value of warrant liability and non-recurring expenses
|
● |
Adjusted EBITDA of negative $5.2 million, reflecting lower margins in newer programs, financial markets volatility and ongoing investment in the business
|
● |
Network expansion: Monthly application flow from
existing partners grew by approximately 20% from January to September 2022. Top 3 Auto partner onboarded in May enabling further expansion in Auto product, with dealership representation in over 70% of all U.S. franchise dealerships.
Top-tier PoS partner onboarded onto the Company’s platform
|
● |
Consistently raising capital: Raised over $2
billion of investor capital into financing vehicles in the third quarter, in both public and private capital markets. Triple-A rating achieved from Moody’s and DBRS on Company's most recent single-family-rental ABS transaction
|
● |
Strengthening Pagaya’s network infrastructure: Continued strong application flow from existing and new partners, with 77 million applications evaluated from the beginning of 2019 through the third quarter of 2022. 41 million applications
evaluated in the first nine months of 2022, representing 120% growth compared to the same period last year
|
FY22
|
|
Network Volume
|
Expected to range between $7.2 billion and $7.8 billion
|
Total Revenue
|
Expected to range between $700 million and $725 million
|
Adjusted EBITDA
|
Expected to range between negative $20 million and positive $10 million
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Revenue
|
|
|
||||||||||||||
Revenue from fees
|
$
|
185,614
|
$
|
128,149
|
$
|
507,241
|
$
|
301,604
|
||||||||
Other Income
|
||||||||||||||||
Interest income
|
13,666
|
8,455
|
43,127
|
18,256
|
||||||||||||
Investment income (loss)
|
4,675
|
(14
|
)
|
5,670
|
(2
|
)
|
||||||||||
Total Revenue and Other Income
|
203,955
|
136,590
|
556,038
|
319,858
|
||||||||||||
Costs and Operating Expenses
|
||||||||||||||||
Production costs
|
129,115
|
81,731
|
326,375
|
181,505
|
||||||||||||
Research and development(1)
|
38,643
|
11,932
|
127,379
|
51,344
|
||||||||||||
Sales and marketing(1)
|
26,579
|
9,161
|
90,229
|
37,564
|
||||||||||||
General and administrative(1)
|
73,790
|
18,961
|
236,863
|
53,068
|
||||||||||||
Total Costs and Operating Expenses
|
268,127
|
121,785
|
780,846
|
323,481
|
||||||||||||
Operating Income (Loss)
|
(64,172
|
)
|
14,805
|
(224,808
|
)
|
(3,623
|
)
|
|||||||||
Other income (loss), net(2)
|
3,233
|
(32,768
|
)
|
9,846
|
(51,539
|
)
|
||||||||||
Income (Loss) Before Income Taxes
|
(60,939
|
)
|
(17,963
|
)
|
(214,962
|
)
|
(55,162
|
)
|
||||||||
Income tax expense(2)
|
6,065
|
3,624
|
25,604
|
11,417
|
||||||||||||
Net Loss
|
(67,004
|
)
|
(21,587
|
)
|
(240,566
|
)
|
(66,579
|
)
|
||||||||
Less: Net income attributable to noncontrolling interests
|
7,785
|
6,570
|
27,757
|
14,116
|
||||||||||||
Net Loss Attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Per share data:
|
||||||||||||||||
Net loss attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Less: Undistributed earnings allocated to participated securities
|
—
|
(3,153
|
)
|
(12,205
|
)
|
(13,494
|
)
|
|||||||||
Less: Deemed dividend distribution
|
—
|
—
|
—
|
(23,612
|
)
|
|||||||||||
Net loss attributed to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(31,310
|
)
|
$
|
(280,528
|
)
|
$
|
(117,801
|
)
|
||||
Net loss per share attributable to Pagaya Technologies Ltd.:
|
||||||||||||||||
Basic and Diluted(3)
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.73
|
)
|
$
|
(0.61
|
)
|
||||
Non-GAAP adjusted net income (loss)(4)
|
$
|
(14,440
|
)
|
$
|
11,283
|
$
|
(28,981
|
)
|
$
|
36,879
|
||||||
Non-GAAP adjusted net income per share:
|
||||||||||||||||
Basic(3)
|
$
|
(0.02
|
)
|
$
|
0.06
|
$
|
(0.08
|
)
|
$
|
0.19
|
||||||
Diluted(3)
|
$
|
(0.02
|
)
|
$
|
0.03
|
$
|
(0.08
|
)
|
$
|
0.11
|
||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic(3)
|
679,431,901
|
196,023,981
|
381,831,895
|
194,490,947
|
||||||||||||
Diluted(3)
|
964,179,889
|
439,122,774
|
666,968,467
|
345,551,431
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Research and development
|
$
|
16,208
|
$
|
1,168
|
$
|
76,451
|
$
|
26,242
|
||||||||
Sales and marketing
|
15,645
|
631
|
54,534
|
17,410
|
||||||||||||
General and administrative
|
28,449
|
2,058
|
92,022
|
19,322
|
||||||||||||
Total share-based compensation in operating expenses
|
$
|
60,302
|
$
|
3,857
|
$
|
223,007
|
$
|
62,974
|
(2)
|
Amounts for the nine months ended September 30, 2022 include certain adjustments for the second quarter of 2022 relating to deferred tax assets and warrant liability, which were not originally recorded as of
and for the three and six months ended June 30, 2022.
|
(3)
|
Prior period amounts have been retroactively adjusted to reflect the 1:186.9 stock split effected on June 22, 2022.
|
(4)
|
See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of this and adjusted EBITDA, another non-GAAP measure.
|
September 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
Assets
|
(Unaudited)
|
(Audited)
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
327,896
|
$
|
190,778
|
||||
Restricted cash
|
34,161
|
7,000
|
||||||
Short-term deposits
|
—
|
5,020
|
||||||
Fees and other receivables
|
52,122
|
32,332
|
||||||
Investments in loans and securities
|
2,446
|
5,142
|
||||||
Prepaid expenses and other current assets
|
22,512
|
6,263
|
||||||
Total current assets
|
439,137
|
246,535
|
||||||
Restricted cash
|
4,762
|
6,797
|
||||||
Fees and other receivables
|
31,250
|
19,208
|
||||||
Investments in loans and securities
|
442,840
|
277,582
|
||||||
Equity method and other investments
|
25,807
|
14,841
|
||||||
Right-of-use asset
|
66,366
|
—
|
||||||
Property and equipment, net
|
28,202
|
7,648
|
||||||
Deferred tax assets, net
|
8,501
|
5,681
|
||||||
Deferred offering costs
|
—
|
11,966
|
||||||
Prepaid expenses and other assets
|
2,706
|
—
|
||||||
Total non-current assets
|
610,434
|
343,723
|
||||||
Total Assets
|
$
|
1,049,571
|
$
|
590,258
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,483
|
$
|
11,580
|
||||
Accrued expenses and other liabilities
|
40,343
|
17,093
|
||||||
Operating lease liability - current
|
8,983
|
—
|
||||||
Secured borrowing - current
|
26,251
|
—
|
||||||
Income taxes payable - current
|
10,924
|
—
|
||||||
Total current liabilities
|
88,984
|
28,673
|
||||||
Non-current liabilities:
|
||||||||
Warrant liability
|
3,080
|
27,469
|
||||||
Secured borrowing - non-current
|
87,503
|
37,905
|
||||||
Operating lease liability - non-current
|
53,501
|
—
|
||||||
Income taxes payable - non-current
|
22,773
|
11,812
|
||||||
Total non-current liabilities
|
166,857
|
77,186
|
||||||
Total liabilities
|
255,841
|
105,859
|
||||||
Redeemable convertible preferred shares
|
—
|
307,047
|
||||||
Shareholders’ equity:
|
||||||||
Additional paid-in capital
|
947,381
|
113,170
|
||||||
Accumulated deficit
|
(380,201
|
)
|
(111,878
|
)
|
||||
Total Pagaya Technologies Ltd. Shareholders’ Equity
|
567,180
|
1,292
|
||||||
Noncontrolling interests
|
226,550
|
176,060
|
||||||
Total shareholders’ Equity
|
793,730
|
177,352
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
1,049,571
|
$
|
590,258
|
FOR NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (In thousands)
|
Nine Months Ended September 30,
|
|||||||
|
2022
|
2021
|
||||||
Cash flows from operating activities
|
|
|||||||
Net loss
|
$
|
(240,566
|
)
|
$
|
(66,579
|
)
|
||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Equity method income (loss)
|
(5,670
|
)
|
2
|
|||||
Depreciation and amortization
|
4,077
|
489
|
||||||
Share-based compensation
|
223,007
|
62,974
|
||||||
Fair value adjustment to warrant liability
|
(9,408
|
)
|
51,477
|
|||||
Issuance of ordinary shares related to commitment shares
|
1,000
|
—
|
||||||
Loss from investment in loans and securities
|
10,706
|
—
|
||||||
Change in operating assets and liabilities:
|
||||||||
Fees and other receivables
|
(31,832
|
)
|
(16,929
|
)
|
||||
Deferred tax assets, net
|
(2,820
|
)
|
(2,979
|
)
|
||||
Prepaid expenses and other assets
|
(18,530
|
)
|
(17,221
|
)
|
||||
Right-of-use asset
|
2,322
|
—
|
||||||
Accounts payable
|
(9,097
|
)
|
4,242
|
|||||
Accrued expenses and other liabilities
|
23,250
|
8,265
|
||||||
Operating lease liability
|
(6,204
|
)
|
—
|
|||||
Income tax payable
|
21,885
|
14,059
|
||||||
Net cash (used in) provided by operating activities
|
(37,880
|
)
|
37,800
|
|||||
Cash flows from investing activities
|
||||||||
Proceeds from the sale/maturity/prepayment of:
|
||||||||
Investments in loans and securities
|
88,538
|
27,935
|
||||||
Short-term deposits
|
5,020
|
—
|
||||||
Equity method and other investments
|
453
|
925
|
||||||
Payments for the purchase of:
|
||||||||
Investments in loans and securities
|
(261,806
|
)
|
(142,146
|
)
|
||||
Property and equipment
|
(18,266
|
)
|
(1,517
|
)
|
||||
Equity method and other investments
|
(5,749
|
)
|
(22,991
|
)
|
||||
Short-term deposits
|
—
|
(51,446
|
)
|
|||||
Net cash used in investing activities
|
(191,810
|
)
|
(189,240
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs
|
291,872
|
—
|
||||||
Proceeds from issuance of redeemable convertible preferred shares, net
|
—
|
172,645
|
||||||
Proceeds from issuance of ordinary share warrants, net
|
—
|
20,807
|
||||||
Proceeds from secured borrowing
|
94,094
|
—
|
||||||
Proceeds received from noncontrolling interests
|
92,988
|
129,970
|
||||||
Proceeds from revolving credit facility
|
26,000
|
—
|
||||||
Proceeds from exercise of stock options
|
1,480
|
171
|
||||||
Distribution made to noncontrolling interests
|
(70,255
|
)
|
(54,457
|
)
|
||||
Distribution made to revolving credit facility
|
(26,000
|
)
|
—
|
|||||
Distribution made to secured borrowing
|
(18,245
|
)
|
—
|
|||||
Payment for deferred offering costs
|
—
|
(4,278
|
)
|
|||||
Net cash provided by financing activities
|
391,934
|
264,858
|
||||||
Net increase in cash, cash equivalents and restricted cash
|
162,244
|
113,418
|
||||||
Cash, cash equivalents and restricted cash, beginning of period
|
204,575
|
5,880
|
||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
366,819
|
$
|
119,298
|
||||
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated statements of financial position to the amounts shown in the statements of cash flow above:
|
||||||||
Cash and cash equivalents
|
$
|
327,896
|
$
|
101,236
|
||||
Restricted cash - current
|
34,161
|
12,000
|
||||||
Restricted cash - non-current
|
4,762
|
6,062
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
366,819
|
$
|
119,298
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net Loss Attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Adjusted to exclude the following:
|
||||||||||||||||
Share-based compensation
|
60,302
|
3,857
|
223,007
|
62,974
|
||||||||||||
Fair value adjustment to warrant liability
|
(3,000
|
)
|
32,460
|
(9,408
|
)
|
51,477
|
||||||||||
Non-recurring expenses
|
3,047
|
3,123
|
25,743
|
3,123
|
||||||||||||
Adjusted Net Income (Loss)
|
(14,440
|
)
|
11,283
|
(28,981
|
)
|
36,879
|
||||||||||
Adjusted to exclude the following:
|
||||||||||||||||
Interest expenses
|
243
|
—
|
3,420
|
—
|
||||||||||||
Income tax expense
|
6,065
|
3,624
|
25,604
|
11,417
|
||||||||||||
Depreciation and amortization
|
2,929
|
207
|
4,077
|
489
|
||||||||||||
Adjusted EBITDA
|
$
|
(5,203
|
)
|
$
|
15,114
|
$
|
4,120
|
$
|
48,785
|
September 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
Assets
|
(Unaudited)
|
(Audited)
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
327,896
|
$
|
190,778
|
||||
Restricted cash
|
34,161
|
7,000
|
||||||
Short-term deposits
|
—
|
5,020
|
||||||
Fees and other receivables (including related party receivables of $43,340 and $32,332 as of September 30, 2022 and December 31, 2021, respectively)
|
52,122
|
32,332
|
||||||
Investments in loans and securities
|
2,446
|
5,142
|
||||||
Prepaid expenses and other current assets (including related party assets of $15,500 and $1,367 as of September 30, 2022 and December 31, 2021, respectively)
|
22,512
|
6,263
|
||||||
Total current assets
|
439,137
|
246,535
|
||||||
Restricted cash
|
4,762
|
6,797
|
||||||
Fees and other receivables (including related party receivables of $30,701 and $19,208 as of September 30, 2022 and December 31, 2021, respectively)
|
31,250
|
19,208
|
||||||
Investments in loans and securities
|
442,840
|
277,582
|
||||||
Equity method and other investments
|
25,807
|
14,841
|
||||||
Right-of-use asset
|
66,366
|
—
|
||||||
Property and equipment, net
|
28,202
|
7,648
|
||||||
Deferred tax assets, net
|
8,501
|
5,681
|
||||||
Deferred offering costs
|
—
|
11,966
|
||||||
Prepaid expenses and other assets
|
2,706
|
—
|
||||||
Total non-current assets
|
610,434
|
343,723
|
||||||
Total Assets
|
$
|
1,049,571
|
$
|
590,258
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,483
|
$
|
11,580
|
||||
Accrued expenses and other liabilities (including related party liabilities of $537 and $2,510 as of September 30, 2022 and December 31, 2021, respectively)
|
40,343
|
17,093
|
||||||
Operating lease liability - current
|
8,983
|
—
|
||||||
Secured borrowing - current
|
26,251
|
—
|
||||||
Income taxes payable - current
|
10,924
|
—
|
||||||
Total current liabilities
|
88,984
|
28,673
|
||||||
Non-current liabilities:
|
||||||||
Warrant liability
|
3,080
|
27,469
|
||||||
Secured borrowing - non-current
|
87,503
|
37,905
|
||||||
Operating lease liability - non-current
|
53,501
|
—
|
||||||
Income taxes payable - non-current
|
22,773
|
11,812
|
||||||
Total non-current liabilities
|
166,857
|
77,186
|
||||||
Total liabilities
|
255,841
|
105,859
|
||||||
Redeemable convertible preferred shares
|
307,047
|
|||||||
Shareholders’ equity:
|
||||||||
Ordinary shares
|
—
|
—
|
||||||
Additional paid-in capital
|
947,381
|
113,170
|
||||||
Accumulated deficit
|
(380,201
|
)
|
(111,878
|
)
|
||||
Total Pagaya Technologies Ltd. Shareholders’ Equity
|
567,180
|
1,292
|
||||||
Noncontrolling interests
|
226,550
|
176,060
|
||||||
Total shareholders’ Equity
|
793,730
|
177,352
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
1,049,571
|
$
|
590,258
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Revenue
|
|
|
||||||||||||||
Revenue from fees (including related party revenues of $171,300 and $128,149 for the three months ended September 30, 2022 and 2021, respectively, and $492,300 and $301,604 for the nine months
ended September 30, 2022 and 2021, respectively)
|
$
|
185,614
|
$
|
128,149
|
$
|
507,241
|
$
|
301,604
|
||||||||
Other Income
|
||||||||||||||||
Interest income
|
13,666
|
8,455
|
43,127
|
18,256
|
||||||||||||
Investment income (loss)(1)
|
4,675
|
(14
|
)
|
5,670
|
(2
|
)
|
||||||||||
Total Revenue and Other Income
|
203,955
|
136,590
|
556,038
|
319,858
|
||||||||||||
Costs and Operating Expenses
|
||||||||||||||||
Production costs
|
129,115
|
81,731
|
326,375
|
181,505
|
||||||||||||
Research and development
|
38,643
|
11,932
|
127,379
|
51,344
|
||||||||||||
Sales and marketing
|
26,579
|
9,161
|
90,229
|
37,564
|
||||||||||||
General and administrative
|
73,790
|
18,961
|
236,863
|
53,068
|
||||||||||||
Total Costs and Operating Expenses
|
268,127
|
121,785
|
780,846
|
323,481
|
||||||||||||
Operating Income (Loss)
|
(64,172
|
)
|
14,805
|
(224,808
|
)
|
(3,623
|
)
|
|||||||||
Other income (loss), net(2)
|
3,233
|
(32,768
|
)
|
9,846
|
(51,539
|
)
|
||||||||||
Income (Loss) Before Income Taxes
|
(60,939
|
)
|
(17,963
|
)
|
(214,962
|
)
|
(55,162
|
)
|
||||||||
Income tax expense(2)
|
6,065
|
3,624
|
25,604
|
11,417
|
||||||||||||
Net Loss
|
(67,004
|
)
|
(21,587
|
)
|
(240,566
|
)
|
(66,579
|
)
|
||||||||
Less: Net income attributable to noncontrolling interests
|
7,785
|
6,570
|
27,757
|
14,116
|
||||||||||||
Net Loss Attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Per share data:
|
||||||||||||||||
Net loss attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Less: Undistributed earnings allocated to participated securities
|
—
|
(3,153
|
)
|
(12,205
|
)
|
(13,494
|
)
|
|||||||||
Less: Deemed dividend distribution
|
—
|
—
|
—
|
(23,612
|
)
|
|||||||||||
Net loss attributed to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(31,310
|
)
|
$
|
(280,528
|
)
|
$
|
(117,801
|
)
|
||||
Net loss per share attributable to Pagaya Technologies Ltd.:
|
||||||||||||||||
Basic and Diluted(3)
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.73
|
)
|
$
|
(0.61
|
)
|
||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic and Diluted(3)
|
679,431,901
|
196,023,981
|
381,831,895
|
194,490,947
|
Redeemable Convertible Preferred Shares
|
Ordinary Shares
|
||||||||||||||||||||||||||||||||||||||||
|
Shares(1)
|
|
Amount
|
Shares(1)
|
|
Amount
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
|
Non-Controlling Interests
|
Total Shareholders’ Equity
|
|||||||||||||||||||||||||||
Balance – June 30, 2021
|
402,666,012
|
$
|
278,626
|
191,056,558
|
$
|
—
|
$
|
103,930
|
$
|
(73,265
|
)
|
$
|
30,665
|
$
|
142,911
|
$
|
173,576
|
||||||||||||||||||||||||
Issuance of Preferred D shares upon exercise of warrants
|
1,000,616
|
6,009
|
—
|
—
|
|||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of share options
|
2,857,595
|
92
|
92
|
92
|
|||||||||||||||||||||||||||||||||||||
Share-based compensation
|
3,857
|
3,857
|
3,857
|
||||||||||||||||||||||||||||||||||||||
Contributions of interests in consolidated VIEs
|
—
|
46,182
|
46,182
|
||||||||||||||||||||||||||||||||||||||
Return of capital to interests in consolidated VIEs
|
—
|
(21,089
|
)
|
(21,089
|
)
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
(28,157
|
)
|
(28,157
|
)
|
6,570
|
(21,587
|
)
|
||||||||||||||||||||||||||||||||||
Balance – September 30, 2021
|
403,666,628
|
$
|
284,635
|
193,914,153
|
$
|
—
|
$
|
107,879
|
$
|
(101,422
|
)
|
$
|
6,457
|
$
|
174,574
|
$
|
181,031
|
Redeemable Convertible Preferred Shares
|
Ordinary Shares
|
||||||||||||||||||||||||||||||||||||||||
|
Shares(1)
|
|
Amount
|
Shares(1)
|
|
Amount
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
|
Non-Controlling Interests
|
Total Shareholders’ Equity
|
|||||||||||||||||||||||||||
Balance – December 31, 2020
|
321,805,961
|
$
|
105,981
|
190,397,142
|
$
|
—
|
$
|
315
|
$
|
2,885
|
$
|
3,200
|
$
|
84,945
|
$
|
88,145
|
|||||||||||||||||||||||||
Issuance of Series D convertible preferred shares, net of issuance costs of $11
|
45,853,065
|
36,639
|
—
|
—
|
|||||||||||||||||||||||||||||||||||||
Issuance of Series E convertible preferred shares, net of issuance costs of $158
|
35,006,986
|
136,006
|
—
|
—
|
|||||||||||||||||||||||||||||||||||||
Issuance of Preferred D shares upon exercise of warrants
|
1,000,616
|
6,009
|
—
|
—
|
|||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of share options
|
3,517,011
|
171
|
171
|
171
|
|||||||||||||||||||||||||||||||||||||
Share-based compensation
|
62,974
|
62,974
|
62,974
|
||||||||||||||||||||||||||||||||||||||
Deemed contribution
|
23,612
|
23,612
|
23,612
|
||||||||||||||||||||||||||||||||||||||
Deemed dividend distribution
|
(23,612
|
)
|
(23,612
|
)
|
(23,612
|
)
|
|||||||||||||||||||||||||||||||||||
Issuance of ordinary share warrants
|
20,807
|
20,807
|
20,807
|
||||||||||||||||||||||||||||||||||||||
Contributions of interests in consolidated VIEs
|
—
|
129,970
|
129,970
|
||||||||||||||||||||||||||||||||||||||
Return of capital to interests in consolidated VIEs
|
—
|
(54,457
|
)
|
(54,457
|
)
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
(80,695
|
)
|
(80,695
|
)
|
14,116
|
(66,579
|
)
|
||||||||||||||||||||||||||||||||||
Balance – September 30, 2021
|
403,666,628
|
$
|
284,635
|
193,914,153
|
$
|
—
|
$
|
107,879
|
$
|
(101,422
|
)
|
$
|
6,457
|
$
|
174,574
|
$
|
181,031
|
Redeemable Convertible Preferred Shares
|
Ordinary Shares
|
||||||||||||||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
Shares(1)
|
|
Amount
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)(2)
|
|
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
|
Non-Controlling Interests
|
Total Shareholders’ Equity
|
|||||||||||||||||||||||||||
Balance – June 30, 2022
|
—
|
$
|
—
|
653,914,376
|
$
|
—
|
$
|
878,255
|
$
|
(305,412
|
)
|
$
|
572,843
|
$
|
172,193
|
$
|
745,036
|
||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of warrants
|
21,170,017
|
—
|
—
|
||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of share options
|
5,573,732
|
1,034
|
1,034
|
1,034
|
|||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of RSUs
|
91,655
|
—
|
—
|
||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares related to commitment shares
|
46,536
|
1,000
|
1,000
|
1,000
|
|||||||||||||||||||||||||||||||||||||
Share-based compensation
|
67,092
|
67,092
|
67,092
|
||||||||||||||||||||||||||||||||||||||
Contributions of interests in consolidated VIEs
|
—
|
63,466
|
63,466
|
||||||||||||||||||||||||||||||||||||||
Return of capital to interests in consolidated VIEs
|
—
|
(16,894
|
)
|
(16,894
|
)
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
(74,789
|
)
|
(74,789
|
)
|
7,785
|
(67,004
|
)
|
||||||||||||||||||||||||||||||||||
Balance – September 30, 2022
|
—
|
$
|
—
|
680,796,316
|
$
|
—
|
$
|
947,381
|
$
|
(380,201
|
)
|
$
|
567,180
|
$
|
226,550
|
$
|
793,730
|
Redeemable Convertible Preferred Shares
|
Ordinary Shares
|
|||||||||||||||||||||||||||||||||||||
|
Shares(1)
|
|
Amount
|
Shares(1)
|
|
Amount
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)
|
Non-Controlling Interests
|
Total Shareholders’ Equity
|
||||||||||||||||||||||||
Balance – December 31, 2021
|
406,399,029
|
$
|
307,047
|
194,345,792
|
$
|
113,170
|
$
|
(111,878
|
)
|
$
|
1,292
|
$
|
176,060
|
$
|
177,352
|
|||||||||||||||||||||||
Issuance of ordinary shares upon exercise of warrants
|
21,170,017
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of share options
|
15,606,239
|
1,480
|
1,480
|
1,480
|
||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of RSUs
|
96,326
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Issuance of ordinary shares related to commitment shares
|
46,536
|
1,000
|
1,000
|
1,000
|
||||||||||||||||||||||||||||||||||
Issuance of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs of $57,400
|
(406,399,029
|
)
|
(307,047
|
)
|
449,531,406
|
581,359
|
581,359
|
581,359
|
||||||||||||||||||||||||||||||
Share-based compensation
|
229,797
|
229,797
|
229,797
|
|||||||||||||||||||||||||||||||||||
Reclassification of warrants
|
20,575
|
20,575
|
20,575
|
|||||||||||||||||||||||||||||||||||
Contributions of interests in consolidated VIEs
|
—
|
92,988
|
92,988
|
|||||||||||||||||||||||||||||||||||
Return of capital to interests in consolidated VIEs
|
—
|
(70,255
|
)
|
(70,255
|
)
|
|||||||||||||||||||||||||||||||||
Net income (loss)
|
(268,323
|
)
|
(268,323
|
)
|
27,757
|
(240,566
|
)
|
|||||||||||||||||||||||||||||||
Balance – September 30, 2022
|
—
|
$
|
—
|
680,796,316
|
$ —
|
$
|
947,381
|
$
|
(380,201
|
)
|
$
|
567,180
|
$
|
226,550
|
$
|
793,730
|
Nine Months Ended
September 30,
|
||||||||
|
2022
|
2021
|
||||||
Cash flows from operating activities
|
|
|||||||
Net loss
|
$
|
(240,566
|
)
|
$
|
(66,579
|
)
|
||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Equity method income (loss)
|
(5,670
|
)
|
2
|
|||||
Depreciation and amortization
|
4,077
|
489
|
||||||
Share-based compensation
|
223,007
|
62,974
|
||||||
Fair value adjustment to warrant liability
|
(9,408
|
)
|
51,477
|
|||||
Issuance of ordinary shares related to commitment shares
|
1,000
|
—
|
||||||
Loss from investment in loans and securities
|
10,706
|
—
|
||||||
Change in operating assets and liabilities:
|
||||||||
Fees and other receivables
|
(31,832
|
)
|
(16,929
|
)
|
||||
Deferred tax assets, net
|
(2,820
|
)
|
(2,979
|
)
|
||||
Prepaid expenses and other assets
|
(18,530
|
)
|
(17,221
|
)
|
||||
Right-of-use asset
|
2,322
|
—
|
||||||
Accounts payable
|
(9,097
|
)
|
4,242
|
|||||
Accrued expenses and other liabilities
|
23,250
|
8,265
|
||||||
Operating lease liability
|
(6,204
|
)
|
—
|
|||||
Income tax payable
|
21,885
|
14,059
|
||||||
Net cash (used in) provided by operating activities
|
(37,880
|
)
|
37,800
|
|||||
Cash flows from investing activities
|
||||||||
Proceeds from the sale/maturity/prepayment of:
|
||||||||
Investments in loans and securities
|
88,538
|
27,935
|
||||||
Short-term deposits
|
5,020
|
—
|
||||||
Equity method and other investments
|
453
|
925
|
||||||
Payments for the purchase of:
|
||||||||
Investments in loans and securities
|
(261,806
|
)
|
(142,146
|
)
|
||||
Property and equipment
|
(18,266
|
)
|
(1,517
|
)
|
||||
Equity method and other investments
|
(5,749
|
)
|
(22,991
|
)
|
||||
Short-term deposits
|
—
|
(51,446
|
)
|
|||||
Net cash used in investing activities
|
(191,810
|
)
|
(189,240
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from sale of ordinary shares in connection with the Business Combination and PIPE Investment, net of issuance costs
|
291,872
|
—
|
||||||
Proceeds from issuance of redeemable convertible preferred shares, net
|
—
|
172,645
|
||||||
Proceeds from issuance of ordinary share warrants, net
|
—
|
20,807
|
||||||
Proceeds from secured borrowing
|
94,094
|
—
|
||||||
Proceeds received from noncontrolling interests
|
92,988
|
129,970
|
||||||
Proceeds from revolving credit facility
|
26,000
|
—
|
||||||
Proceeds from exercise of stock options
|
1,480
|
171
|
||||||
Distribution made to noncontrolling interests
|
(70,255
|
)
|
(54,457
|
)
|
||||
Distribution made to revolving credit facility
|
(26,000
|
)
|
—
|
|||||
Distribution made to secured borrowing
|
(18,245
|
)
|
—
|
|||||
Payment for deferred offering costs
|
—
|
(4,278
|
)
|
|||||
Net cash provided by financing activities
|
391,934
|
264,858
|
||||||
Net increase in cash, cash equivalents and restricted cash
|
162,244
|
113,418
|
||||||
Cash, cash equivalents and restricted cash, beginning of period
|
204,575
|
5,880
|
||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
366,819
|
$
|
119,298
|
||||
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated statements of financial position to the amounts shown in the statements of cash flow above:
|
||||||||
Cash and cash equivalents
|
$
|
327,896
|
$
|
101,236
|
||||
Restricted cash - current
|
34,161
|
12,000
|
||||||
Restricted cash - non-current
|
4,762
|
6,062
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
366,819
|
$
|
119,298
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||||||||||
|
2022
|
2021
|
% Change
|
2022
|
2021
|
% Change
|
||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||
Network Volume(1)
|
$
|
1,924
|
$
|
1,522
|
26
|
%
|
$
|
5,521
|
$
|
3,283
|
68
|
%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Revenue
|
|
|
||||||||||||||
Revenue from fees
|
$
|
185,614
|
$
|
128,149
|
$
|
507,241
|
$
|
301,604
|
||||||||
Other Income
|
||||||||||||||||
Interest income
|
13,666
|
8,455
|
43,127
|
18,256
|
||||||||||||
Investment income (loss)
|
4,675
|
(14
|
)
|
5,670
|
(2
|
)
|
||||||||||
Total Revenue and Other Income
|
203,955
|
136,590
|
556,038
|
319,858
|
||||||||||||
Costs and Operating Expenses
|
||||||||||||||||
Production costs
|
129,115
|
81,731
|
326,375
|
181,505
|
||||||||||||
Research and development(1)
|
38,643
|
11,932
|
127,379
|
51,344
|
||||||||||||
Sales and marketing(1)
|
26,579
|
9,161
|
90,229
|
37,564
|
||||||||||||
General and administrative(1)
|
73,790
|
18,961
|
236,863
|
53,068
|
||||||||||||
Total Costs and Operating Expenses
|
268,127
|
121,785
|
780,846
|
323,481
|
||||||||||||
Operating Income (Loss)
|
(64,172
|
)
|
14,805
|
(224,808
|
)
|
(3,623
|
)
|
|||||||||
Other income (loss), net(2)
|
3,233
|
(32,768
|
)
|
9,846
|
(51,539
|
)
|
||||||||||
Income (Loss) Before Income Taxes
|
(60,939
|
)
|
(17,963
|
)
|
(214,962
|
)
|
(55,162
|
)
|
||||||||
Income tax expense(2)
|
6,065
|
3,624
|
25,604
|
11,417
|
||||||||||||
Net Loss
|
(67,004
|
)
|
(21,587
|
)
|
(240,566
|
)
|
(66,579
|
)
|
||||||||
Less: Net income attributable to noncontrolling interests
|
7,785
|
6,570
|
27,757
|
14,116
|
||||||||||||
Net Loss Attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Per share data:
|
||||||||||||||||
Net loss attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Less: Undistributed earnings allocated to participated securities
|
—
|
(3,153
|
)
|
(12,205
|
)
|
(13,494
|
)
|
|||||||||
Less: Deemed dividend distribution
|
—
|
—
|
—
|
(23,612
|
)
|
|||||||||||
Net loss attributed to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(31,310
|
)
|
$
|
(280,528
|
)
|
$
|
(117,801
|
)
|
||||
Net loss per share attributable to Pagaya Technologies Ltd.:
|
||||||||||||||||
Basic and Diluted(3)
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.73
|
)
|
$
|
(0.61
|
)
|
||||
Non-GAAP adjusted net income (loss)(4)
|
$
|
(14,440
|
)
|
$
|
11,283
|
$
|
(28,981
|
)
|
$
|
36,879
|
||||||
Non-GAAP adjusted net income per share:
|
||||||||||||||||
Basic(3)
|
$
|
(0.02
|
)
|
$
|
0.06
|
$
|
(0.08
|
)
|
$
|
0.19
|
||||||
Diluted(3)
|
$
|
(0.02
|
)
|
$
|
0.03
|
$
|
(0.08
|
)
|
$
|
0.11
|
||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic(3)
|
679,431,901
|
196,023,981
|
381,831,895
|
194,490,947
|
||||||||||||
Diluted(3)
|
964,179,889
|
439,122,774
|
666,968,467
|
345,551,431
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Research and development
|
$
|
16,208
|
$
|
1,168
|
$
|
76,451
|
$
|
26,242
|
||||||||
Sales and marketing
|
15,645
|
631
|
54,534
|
17,410
|
||||||||||||
General and administrative
|
28,449
|
2,058
|
92,022
|
19,322
|
||||||||||||
Total share-based compensation in operating expenses
|
$
|
60,302
|
$
|
3,857
|
$
|
223,007
|
$
|
62,974
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Revenue from fees
|
$
|
185,614
|
$
|
128,149
|
$
|
57,465
|
45
|
%
|
||||||||
Interest income
|
13,666
|
8,455
|
5,211
|
62
|
%
|
|||||||||||
Investment income (loss)
|
4,675
|
(14
|
)
|
4,689
|
NM
|
|||||||||||
Total Revenue and Other Income
|
$
|
203,955
|
$
|
136,590
|
$
|
67,365
|
49
|
%
|
Three Months Ended
September 30,
|
||||||||
2022
|
2021
|
|||||||
(in thousands)
|
||||||||
Production costs
|
$
|
129,115
|
$
|
81,731
|
||||
Research and development
|
38,643
|
11,932
|
||||||
Sales and marketing
|
26,579
|
9,161
|
||||||
General and administrative
|
73,790
|
18,961
|
||||||
Total Costs and Operating Expenses
|
$
|
268,127
|
$
|
121,785
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Production costs
|
$
|
129,115
|
$
|
81,731
|
$
|
47,384
|
58
|
%
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Research and development
|
$
|
38,643
|
$
|
11,932
|
$
|
26,711
|
224
|
%
|
Three Months Ended
September 30, |
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Sales and marketing
|
$
|
26,579
|
$
|
9,161
|
$
|
17,418
|
190
|
%
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
General and administrative
|
$
|
73,790
|
$
|
18,961
|
$
|
54,829
|
289
|
%
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Other income (loss), net
|
$
|
3,233
|
$
|
(32,768
|
)
|
$
|
36,001
|
110
|
%
|
Three Months Ended
September 30,
|
|||||||||||||
2022
|
2021
|
Change
|
% Change
|
||||||||||
(in thousands, except percentages)
|
|||||||||||||
Income tax expense
|
$
|
6,065
|
$
|
3,624
|
$
|
2,441
|
NM
|
Three Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
$
|
7,785
|
$
|
6,570
|
$
|
1,215
|
18
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Revenue from fees
|
$
|
507,241
|
$
|
301,604
|
$
|
205,637
|
68
|
%
|
||||||||
Interest income
|
43,127
|
18,256
|
24,871
|
136
|
%
|
|||||||||||
Investment income (loss)
|
5,670
|
(2
|
)
|
5,672
|
NM
|
|||||||||||
Total Revenue and Other Income
|
$
|
556,038
|
$
|
319,858
|
$
|
236,180
|
74
|
%
|
Nine Months Ended
September 30,
|
||||||||
2022
|
2021
|
|||||||
(in thousands)
|
||||||||
Production costs
|
$
|
326,375
|
$
|
181,505
|
||||
Research and development
|
127,379
|
51,344
|
||||||
Sales and marketing
|
90,229
|
37,564
|
||||||
General and administrative
|
236,863
|
53,068
|
||||||
Total Costs and Operating Expenses
|
$
|
780,846
|
$
|
323,481
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Production costs
|
$
|
326,375
|
$
|
181,505
|
$
|
144,870
|
80
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Research and development
|
$
|
127,379
|
$
|
51,344
|
$
|
76,035
|
148
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Sales and marketing
|
$
|
90,229
|
$
|
37,564
|
$
|
52,665
|
140
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
General and administrative
|
$
|
236,863
|
$
|
53,068
|
$
|
183,795
|
346
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Other income (loss), net
|
$
|
9,846
|
$
|
(51,539
|
)
|
$
|
61,385
|
119
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Income tax expense (benefit)
|
$
|
25,604
|
$
|
11,417
|
$
|
14,187
|
124
|
%
|
Nine Months Ended
September 30,
|
||||||||||||||||
2022
|
2021
|
Change
|
% Change
|
|||||||||||||
(in thousands, except percentages)
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
$
|
27,757
|
$
|
14,116
|
$
|
13,641
|
97
|
%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Adjusted Net Income (Loss)
|
$
|
(14,440
|
)
|
$
|
11,283
|
$
|
(28,981
|
)
|
$
|
36,879
|
||||||
Adjusted EBITDA
|
$
|
(5,203
|
)
|
$
|
15,114
|
$
|
4,120
|
$
|
48,785
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net Loss Attributable to Pagaya Technologies Ltd.
|
$
|
(74,789
|
)
|
$
|
(28,157
|
)
|
$
|
(268,323
|
)
|
$
|
(80,695
|
)
|
||||
Adjusted to exclude the following:
|
||||||||||||||||
Share-based compensation
|
60,302
|
3,857
|
223,007
|
62,974
|
||||||||||||
Fair value adjustment to warrant liability
|
(3,000
|
)
|
32,460
|
(9,408
|
)
|
51,477
|
||||||||||
Non-recurring expenses
|
3,047
|
3,123
|
25,743
|
3,123
|
||||||||||||
Adjusted Net Income (Loss)
|
(14,440
|
)
|
11,283
|
(28,981
|
)
|
36,879
|
||||||||||
Adjusted to exclude the following:
|
||||||||||||||||
Interest expenses
|
243
|
—
|
3,420
|
—
|
||||||||||||
Income tax expense
|
6,065
|
3,624
|
25,604
|
11,417
|
||||||||||||
Depreciation and amortization
|
2,929
|
207
|
4,077
|
489
|
||||||||||||
Adjusted EBITDA
|
$
|
(5,203
|
)
|
$
|
15,114
|
$
|
4,120
|
$
|
48,785
|
Nine Months Ended
September 30,
|
||||||||
2022
|
2021
|
|||||||
Net cash (used in) provided by operating activities
|
$
|
(37,880
|
)
|
$
|
37,800
|
|||
Net cash used in investing activities
|
$
|
(191,810
|
)
|
$
|
(189,240
|
)
|
||
Net cash provided by financing activities
|
$
|
391,934
|
$
|
264,858
|