Q4 2024 Pagaya Technologies Ltd Earnings Call Transcript
Key Points
- Pagaya Technologies Ltd (PGY) reported an annual revenue of over $1 billion for 2024, marking a 27% increase year over year.
- The company achieved a record adjusted EBITDA of $210 million, up 156% year over year.
- Pagaya Technologies Ltd (PGY) has secured a forward flow agreement with Blue Owl Capital to purchase up to $2.4 billion in consumer loans over 24 months.
- The company has raised $27 billion in its ABS program across 66 transactions with over 130 institutional funding partners.
- Pagaya Technologies Ltd (PGY) is providing its first-ever GAAP net income profit guidance for 2025, indicating confidence in future profitability.
- The 2023 risk retention securities were marked down by $145 million, impacting the company's P&L.
- Pagaya Technologies Ltd (PGY) reported a net loss of $238 million, primarily due to fair value adjustments.
- The company faced significant impairments related to 2023 vintages, with a total of $156 million in fair value adjustments.
- Despite improvements, the challenging funding environment in 2023 led to higher-than-expected losses.
- The company does not expect to need equity capital moving forward, but past performance has been disappointing due to legacy issues.
Ladies and gentlemen, greetings and welcome to the Pagaya Technologies fourth quarter and full year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Josh Fagen, Head of Investor Relations. Please go ahead.
Thank you, and welcome to Pagaya's fourth quarter and full year 2024 earnings conference call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.
Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations, the financial performance, including our financial outlook for the
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