Pagaya Raises 2024 Adjusted EBITDA Guidance as it Drives Further Operational Efficiency

Business Wire06-06

Company executes operational initiatives that are expected to reduce annual core operating expenses by approximately $25 million Pagaya raises its Adjusted EBITDA outlook range for full-year 2024 to $...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2441716673?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-06-06 20:00","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2441716673","market":"us","top_or_hot":-1,"title":"Pagaya Raises 2024 Adjusted EBITDA Guidance as it Drives Further Operational Efficiency","media":"Business Wire","content":"<div>\n<p>Company executes operational initiatives that are expected to reduce annual core operating expenses by approximately $25 million\nPagaya raises its Adjusted EBITDA outlook range for full-year 2024 to $...</p>\n\n<a href=\"https://finance.yahoo.com/news/pagaya-raises-2024-adjusted-ebitda-120000307.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pagaya Raises 2024 Adjusted EBITDA Guidance as it Drives Further Operational Efficiency</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPagaya Raises 2024 Adjusted EBITDA Guidance as it Drives Further Operational Efficiency\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-06 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pagaya-raises-2024-adjusted-ebitda-120000307.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Company executes operational initiatives that are expected to reduce annual core operating expenses by approximately $25 million\nPagaya raises its Adjusted EBITDA outlook range for full-year 2024 to $...</p>\n\n<a href=\"https://finance.yahoo.com/news/pagaya-raises-2024-adjusted-ebitda-120000307.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4023","symbol_name":"应用软件","start_time":0,"source_url":"https://finance.yahoo.com/news/pagaya-raises-2024-adjusted-ebitda-120000307.html","article_id":"2441716673","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2441716673","pubTimestamp":1717675200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Company executes operational initiatives that are expected to reduce annual core operating expenses by approximately $25 million. Pagaya raises its Adjusted EBITDA outlook range for full-year 2024 to $160 million-$200 million. NEW YORK, June 06, 2024----Pagaya Technologies LTD.  , a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced that the Company is executing initiatives to drive enhanced profitability and achieve its goal of reaching positive net cash flow, by further streamlining its operations and accelerating its key growth priorities.About Pagaya TechnologiesPagaya  is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and residential real estate products for its partners, their customers, and investor","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4023":"应用软件","PGYWW":"PAGAYA TECHNOLOGIES LTD C/WTS (TO PUR COM)","PGY":"Pagaya Technologies Ltd."},"translate_title":"Pagaya提高2024年调整后EBITDA指引，进一步提高运营效率","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PGY":1,"PGYWW":0.9},"content_text":"Company executes operational initiatives that are expected to reduce annual core operating expenses by approximately $25 million\nPagaya raises its Adjusted EBITDA outlook range for full-year 2024 to $160 million-$200 million\nNEW YORK, June 06, 2024--(BUSINESS WIRE)--Pagaya Technologies LTD. (NASDAQ: PGY) (\"Pagaya\" or \"the Company\"), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced that the Company is executing initiatives to drive enhanced profitability and achieve its goal of reaching positive net cash flow, by further streamlining its operations and accelerating its key growth priorities.\nThe Company anticipates these initiatives, which include a workforce reduction, will result in annualized gross cost savings of approximately $25 million, a portion of which is expected to be reinvested in key growth areas. As a result, Pagaya is raising its full-year 2024 outlook range for Adjusted EBITDA to $160 million to $200 million, an increase of $10 million from its previous outlook. There is no change to the Company’s full-year 2024 outlook for network volume and total revenue and other income.\n\"When I joined Pagaya, my first priority was to assess the business to ensure that we were concentrating our product-first strategy on our most productive and profitable initiatives,\" said Pagaya’s President, Sanjiv Das. \"After an exhaustive bottom-up analysis of our business, we have instilled operational discipline that positions the Company for long-term, sustainable growth – driving our core business strategy and supporting our already impressive scale and margin profile.\"\n\"We continue to execute on our financial strategy, delivering strong unit economics, improved operating leverage, and efficient use of our capital,\" said Pagaya’s CFO, Evangelos Perros. \"We are raising our expectation for full-year 2024 Adjusted EBITDA, with the full impact of the cost savings expected to be realized in 2025.\"\n\"We brought Sanjiv and Evangelos into their current leadership positions at Pagaya because of their track record of driving operational excellence, and we are confident that these most recent initiatives will position Pagaya to continue to excel in our core areas, while pursuing long-term growth,\" said Pagaya’s CEO, Gal Krubiner.\nAbout Pagaya TechnologiesPagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.\nCautionary Note About Forward-Looking Statements\nThis document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements generally are identified by the words \"anticipate,\" \"believe,\" \"continue,\" \"can,\" \"could,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"opportunity,\" \"future,\" \"strategy,\" \"might,\" \"outlook,\" \"plan,\" \"possible,\" \"potential,\" \"predict,\" \"project,\" \"should,\" \"strive,\" \"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar expressions. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the Company’s strategy and future operations; the Company’s expected savings from executing initiatives to drive enhanced profitability, including the timing of such savings; the Company’s ability to continue to drive sustainable gains in profitability; the Company’s ability to achieve continued momentum in its business; the Company’s ability to achieve positive net cash flow; and the Company’s financial outlook for Network Volume, Total Revenue and Other Income and Adjusted EBITDA for the full year 2024. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Certain of these risks are described in the Company’s Form 10-K filed on April 25, 2024 and subsequent filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Company's views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, reflect the Company’s current beliefs and are based on information currently available as of the date they are made, and the Company assumes no obligation and does not intend to update these forward-looking statements.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240605520775/en/\nContacts\nInvestors & Analysts ir@pagaya.com\nMedia & Press press@pagaya.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2441716673"}