The following is a summary of the Pagaya Technologies Ltd. (PGY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pagaya reported a record total revenue and other income of $245 million in Q1 2024, a 31% increase year-over-year.

• The company achieved a network volume of $2.4 billion, 31% up from previous year.

• Fee revenue less production costs reached a record $92 million, an 84% increase.

• An increased adjusted EBITDA of $40 million was reported with a margin of 16.2%.

• Pagaya managed a positive GAAP operating income of $8 million and a positive operating cash flow of $20 million.

• Financial return per loan processed (FRLPC) ranges between 3% to 4%, with personal loans marking a historic high of 6%.

Business Progress:

• The company added 18 new investors, expanded network to 30 lenders and 116 funding partners, and entered a strategic partnership with Elavon, a global payment company.

• Executed enterprise bank sales strategy with three of the top country's banks and integrated Elavon, U.S. Bank's Merchant Services and Payment Solutions to their point-of-sale (POS) vertical.

• Pagaya is in late-stage discussions with six large lenders across key verticals and looking to integrate three new POS providers or banks in upcoming months.

• To reduce net risk retention, initiatives for diversifying funding and financing mechanisms are in place, including secure borrowing facilities, forward flow agreements, and whole loan sales.

• Operation restructure into two distinct areas: growth and monetization for enhancing efficiency and profitability.

• Despite market fluctuations, there is steady focus on sectors with higher unit economics like personal loans and high financial return per loan processed (FRLPC).

More details: Pagaya Technologies IR

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