2023 Q4 Form 20-F Financial Statement

#000188308524000022 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $218.0M $812.1M $192.9M
YoY Change 13.04% 8.43%
Cost Of Revenue $134.5M $508.9M $124.7M
YoY Change 7.84% 12.83% 145.49%
Gross Profit $83.56M $303.1M $68.18M
YoY Change 22.56% 1.77% -34.38%
Gross Profit Margin 38.32% 37.33% 35.35%
Selling, General & Admin $55.36M $253.1M $71.32M
YoY Change -22.38% -36.47% -21.79%
% of Gross Profit 66.25% 83.51% 104.61%
Research & Development $17.55M $74.38M $23.55M
YoY Change -25.49% -50.72% 58.08%
% of Gross Profit 21.0% 24.54% 34.55%
Depreciation & Amortization $5.966M $19.13M $2.217M
YoY Change 169.1% 203.89% 571.82%
% of Gross Profit 7.14% 6.31% 3.25%
Operating Expenses $72.91M $327.5M $94.88M
YoY Change -23.15% -40.38% 1356.44%
Operating Profit $10.65M -$24.40M -$26.70M
YoY Change -139.9% -90.3% -127.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$25.63M -$156.8M -$34.72M
YoY Change -26.16% 530.38% -1137.43%
Pretax Income -$14.98M -$181.2M -$61.41M
YoY Change -75.61% -34.45% 1861.05%
Income Tax $5.056M $15.57M -$9.204M
% Of Pretax Income
Net Earnings -$14.42M -$128.4M -$34.00M
YoY Change -57.59% -57.52% 985.65%
Net Earnings / Revenue -6.61% -15.82% -17.63%
Basic Earnings Per Share -$2.14
Diluted Earnings Per Share -$0.02 -$0.18 -$0.05
COMMON SHARES
Basic Shares Outstanding 60.04M shares
Diluted Shares Outstanding 60.04M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.5M $186.5M $309.8M
YoY Change -39.81% -39.81% 81125.22%
Cash & Equivalents $186.5M $186.5M $309.8M
Short-Term Investments $0.00
Other Short-Term Assets $33.13M $33.13M $1.383M
YoY Change 2295.88% 6.84% 289.13%
Inventory
Prepaid Expenses $6.715M $7.092M
Receivables $79.53M $79.53M $59.22M
Other Receivables $4.263M $4.263M $1.007M
Total Short-Term Assets $303.4M $303.4M $419.8M
YoY Change -27.73% -27.73% 56877.51%
LONG-TERM ASSETS
Property, Plant & Equipment $97.29M $97.29M $31.66M
YoY Change 207.25% 4.9% 314.0%
Goodwill $10.95M $0.00
YoY Change
Intangibles $2.550M $0.00
YoY Change
Long-Term Investments $26.38M $26.38M $25.89M
YoY Change 1.89% 1.89% -91.0%
Other Assets $19.33M $19.33M $4.886M
YoY Change 295.54% 295.54% 8934.76%
Total Long-Term Assets $905.0M $905.0M $625.3M
YoY Change 44.73% 44.73% 117.36%
TOTAL ASSETS
Total Short-Term Assets $303.4M $303.4M $419.8M
Total Long-Term Assets $905.0M $905.0M $625.3M
Total Assets $1.208B $1.208B $1.045B
YoY Change 15.63% 15.63% 262.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.286M $1.286M $1.739M
YoY Change -26.05% -26.05% -84.98%
Accrued Expenses $35.49M $35.49M $49.50M
YoY Change -28.29% 54.24% 714.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $37.69M $37.69M $61.83M
YoY Change -39.05% -39.05%
Total Short-Term Liabilities $74.93M $74.93M $128.0M
YoY Change -41.47% -41.47% 1620.7%
LONG-TERM LIABILITIES
Long-Term Debt $324.0M $324.0M $92.80M
YoY Change 249.16% 249.16%
Other Long-Term Liabilities $69.32M $69.32M $58.27M
YoY Change 18.96% 18.96% 80.6%
Total Long-Term Liabilities $393.3M $393.3M $151.6M
YoY Change 159.4% 160.37% 370.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.93M $74.93M $128.0M
Total Long-Term Liabilities $393.3M $393.3M $151.6M
Total Liabilities $574.4M $574.4M $279.7M
YoY Change 105.4% 16.85% 604.36%
SHAREHOLDERS EQUITY
Retained Earnings -$542.6M -$414.2M
YoY Change 31.01% 270.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $634.0M $634.0M $553.5M
YoY Change
Total Liabilities & Shareholders Equity $1.208B $1.208B $1.045B
YoY Change 15.63% 15.63% 262.37%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$14.42M -$128.4M -$34.00M
YoY Change -57.59% -57.52% 985.65%
Depreciation, Depletion And Amortization $5.966M $19.13M $2.217M
YoY Change 169.1% 203.89% 571.82%
Cash From Operating Activities $18.95M $9.577M -$2.120M
YoY Change -993.82% -123.94% 3318.8%
INVESTING ACTIVITIES
Capital Expenditures $4.634M $20.19M $4.140M
YoY Change 11.93% -9.89% -18.82%
Acquisitions
YoY Change
Other Investing Activities -$91.97M -$392.5M -$69.47M
YoY Change 32.39% 61.52%
Cash From Investing Activities -$96.60M -$412.7M -$73.61M
YoY Change 31.24% 55.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.89M $106.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.33M 289.1M 45.99M
YoY Change -73.18% -33.98%
NET CHANGE
Cash From Operating Activities 18.95M 9.577M -2.120M
Cash From Investing Activities -96.60M -412.7M -73.61M
Cash From Financing Activities 12.33M 289.1M 45.99M
Net Change In Cash -65.32M -114.0M -29.74M
YoY Change 119.62% -186.05% 47864.84%
FREE CASH FLOW
Cash From Operating Activities $18.95M $9.577M -$2.120M
Capital Expenditures $4.634M $20.19M $4.140M
Free Cash Flow $14.31M -$10.61M -$6.260M
YoY Change -328.67% -83.0% 21.27%

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CY2023 us-gaap Nature Of Operations
NatureOfOperations
BUSINESS DESCRIPTION <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in Israel and the United States.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reduction in Workforce</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the first quarter of 2023, the Company announced a reduction in workforce by approximately twenty percent of employees across our Israel and U.S. offices, as compared to its headcount as of December 31, 2022. As of December 31, 2023, all actions associated with the reduction in workforce were completed. Total severance and other associated costs totaled $3.8 million, included within operating expenses on the consolidated statements of operations, for the year ended December 31, 2023.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reverse Share Split</span></div>Share amounts have been retrospectively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024. See Note 20 for additional information.
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. </span></div>Significant estimates and assumptions made in the accompanying consolidated financial statements, which Management believes are critical in understanding and evaluating the Company’s reported financial results include, but are not limited to revenue recognition, the valuation of certain financial instruments, allowance for credit losses, consolidation of VIE, and deferred tax assets and valuation allowance. The Company bases its estimates or assumptions on various factors it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods.
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
186478000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
309793000 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
16874000 usd
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
22539000 usd
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
19189000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
4744000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
222541000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
337076000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits.</span></div>The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant.
CY2023 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
500000 usd
CY2022 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
5800000 usd
CY2021 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
200000 usd
CY2023 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
2500000 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
3200000 usd
CY2021 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023Q4 pgy Number Of Revenue Components
NumberOfRevenueComponents
2 component
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41557000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
12500000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Accrued Interest After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAccruedInterestAfterAllowanceForCreditLoss
17500000 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain prior year amounts have been reclassified to conform to the current period presentation.
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
120.00
CY2022Q2 pgy Common Stock Voting Rights Number Of Founders
CommonStockVotingRightsNumberOfFounders
3 founder
CY2022Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
350000000 usd
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2916666 shares
CY2022Q2 pgy Proceeds From Reverse Recapitalization Gross
ProceedsFromReverseRecapitalizationGross
350000000 usd
CY2022Q2 pgy Payments Of Reverse Recapitalization Transaction Costs
PaymentsOfReverseRecapitalizationTransactionCosts
57300000 usd
CY2022Q2 pgy Reverse Recapitalization Class Of Warrant Or Right Transaction Costs
ReverseRecapitalizationClassOfWarrantOrRightTransactionCosts
1200000 usd
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023 pgy Revenue From Contracts With Customer Number Of Revenue Streams
RevenueFromContractsWithCustomerNumberOfRevenueStreams
2 revenuestream
CY2023 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
3600000 usd
CY2022 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
3800000 usd
CY2021 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1200000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
772814000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
685414000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
445866000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
68287000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
39204000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
26730000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31663000 usd
CY2023 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
28100000 usd
CY2022 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
29400000 usd
CY2021 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
4000000 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
38900000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
28200000 usd
CY2023 us-gaap Depreciation
Depreciation
19100000 usd
CY2022 us-gaap Depreciation
Depreciation
6300000 usd
CY2021 us-gaap Depreciation
Depreciation
800000 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
2500000 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
3200000 usd
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6715000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7092000 usd
CY2023Q4 pgy Prepaid Expense And Other Assets Related Parties Current
PrepaidExpenseAndOtherAssetsRelatedPartiesCurrent
7896000 usd
CY2022Q4 pgy Prepaid Expense And Other Assets Related Parties Current
PrepaidExpenseAndOtherAssetsRelatedPartiesCurrent
18783000 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3423000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1383000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
18034000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27258000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10353000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14482000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18209000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35014000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
28562000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
49496000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss
811874000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19313000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13436000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
100958000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
716793000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
12500000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss
463976000 usd
CY2022Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
23724000 usd
CY2022Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
7263000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
480437000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Accrued Interest After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAccruedInterestAfterAllowanceForCreditLoss
17500000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
75724000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
3846000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
75724000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
3846000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
119958000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
7263000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
0 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
119958000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
7263000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
2508000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
2490000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
809366000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
714303000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
811874000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
716793000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss Maturity Allocated And Single Maturity Date Year One
DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne
1007000 usd
CY2022Q4 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue
1007000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss Maturity Allocated And Single Maturity Date After Year One Through Five
DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive
462969000 usd
CY2022Q4 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
479430000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss
463976000 usd
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
480437000 usd
CY2023 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
172061000 usd
CY2022 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 usd
CY2023 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Writeoff
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossWriteoff
33552000 usd
CY2022 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Writeoff
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossWriteoff
0 usd
CY2023 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
134510000 usd
CY2022 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
0 usd
CY2023 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
0 usd
CY2022 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
112897000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2023 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossNotPreviouslyRecorded
134510000 usd
CY2023 us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Writeoff
DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossWriteoff
33552000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
100958000 usd
CY2022 us-gaap Other Than Temporary Impairment Loss Debt Securities Portion Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesPortionRecognizedInEarnings
33700000 usd
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
26383000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
25894000 usd
CY2023Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
591030000 usd
CY2023 us-gaap Severance Costs1
SeveranceCosts1
3100000 usd
CY2022 us-gaap Severance Costs1
SeveranceCosts1
1000000 usd
CY2023 us-gaap Sublease Income
SubleaseIncome
4100000 usd
CY2022 us-gaap Sublease Income
SubleaseIncome
2000000 usd
CY2021 us-gaap Sublease Income
SubleaseIncome
0 usd
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
4800000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
4200000 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
13016000 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
11946000 usd
CY2023 pgy Variable Lease Cost Net Of Refunds
VariableLeaseCostNetOfRefunds
280000 usd
CY2022 pgy Variable Lease Cost Net Of Refunds
VariableLeaseCostNetOfRefunds
429000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2023 pgy Recognition Derecognition Of Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RecognitionDerecognitionOfRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
-1839000 usd
CY2022 pgy Recognition Derecognition Of Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RecognitionDerecognitionOfRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
68819000 usd
CY2023 pgy Recognition Derecognition Of Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RecognitionDerecognitionOfRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
-1800000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9767000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8735000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8735000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7571000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6688000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
21482000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
62978000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12107000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
50871000 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
4600000 usd
CY2023Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
8500000 usd
CY2023Q4 pgy Purchase Commitment Remaining Minimum Amount Committed Next12 Months
PurchaseCommitmentRemainingMinimumAmountCommittedNext12Months
4900000 usd
CY2023Q4 us-gaap Other Commitment
OtherCommitment
26000000 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3242000 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1400000 usd
CY2020Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2471000 usd
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
53019000 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
27469000 usd
CY2022 pgy Business Combination Warrants Assumed
BusinessCombinationWarrantsAssumed
5594000 usd
CY2022 pgy Class Of Warrant Or Rights Reclassification
ClassOfWarrantOrRightsReclassification
20575000 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1400000 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3242000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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