Payoneer Reports Fourth Quarter and Full Year 2024 Financial Results
Achieved record annual volume of
2025 guidance reflects business momentum and confidence in further strong performance
Fourth Quarter 2024 Financial Highlights
($ in mm) | 4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
YoY Change |
2023 |
2024 |
YoY Change |
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Revenue ex. interest income |
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|
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||||||||
Interest income | 64.9 |
65.3 |
65.8 |
65.2 |
60.6 |
- |
230.6 |
256.8 |
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Revenue |
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Transaction costs as a % of revenue |
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30 bps |
|
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90 bps |
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Net income |
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- |
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|
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Adjusted EBITDA | 52.2 |
65.2 |
72.8 |
69.3 |
63.3 |
|
205.1 |
270.6 |
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Operational Metrics |
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Volume ($bn) |
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Active Ideal Customer Profiles (ICPs) ('000s)1 | 516 |
530 |
547 |
557 |
560 |
|
516 |
560 |
|
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Revenue as a % of volume ("Take Rate") | 118 bps |
124 bps |
128 bps |
122 bps |
116 bps |
|
-2 bps |
|
126 bps |
122 bps |
-4 bps |
||||||
SMB customer take rate2 | 100 bps |
108 bps |
111 bps |
109 bps |
109 bps |
|
9 bps |
|
105 bps |
109 bps |
4 bps |
-
Active ICPs are defined as customers with a Payoneer Account that have on average over
per month in volume and were active over the trailing twelve-month period.$500 - SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Merchant Services, divided by the associated volume from each respective channel.
“2024 was a defining year for Payoneer. We achieved new records for annual volume, revenue and profitability, saw exceptional volume and revenue growth with B2B SMBs, drove increased adoption of our high value products and expanded our financial stack. These achievements are proof of our scalable, increasingly profitable business model, the size of our opportunity and the strength of our execution.
Looking ahead to 2025, we will focus on expanding our regulatory moat, modernizing our technology infrastructure and further enhancing our financial stack, while seeking to deliver continued strong growth and profitability.”
John Caplan, Chief Executive Officer |
Full Year 2024 Business Highlights
-
Total volume grew
21% year-over-year to . B2B volume growth was particularly strong, growing$80 billion dollars42% year-over-year. -
8% ICP growth year-over-year. Volume and revenue from$10 K+ ICPs both increased by over20% for the full year. -
18% year-over-year growth in ARPU driven by business mix, increased adoption of our high value products, in particular our card product, our various pricing and offering initiatives and higher interest income. ARPU excluding interest income increased21% year over year. -
of customer funds (including both short-term and long-term funds) as of December 31, 2024, up$7.0 billion 9% year-over-year. -
Implemented actions to reduce future sensitivity to interest rate fluctuations with
of funds underlying customer balances invested in US treasury securities and term-based deposits as of December 31, 2024, and long-term interest rate derivative instruments purchased with respect to$1.8 billion in funds to provide a floor against interest rate declines below$1.9 billion 3% . - Acquired Skuad, a global workforce and payroll management company. The acquisition accelerates our strategy to deliver a comprehensive and integrated financial stack for SMBs that operate internationally.
-
of share repurchases at a weighted average price of$137 million and repurchased and redeemed all 25 million outstanding public warrants for$5.50 .$21 million -
In February 2025, announced that we had received the regulatory approvals in
China required to complete our previously announced acquisition of a licensedChina -based payment service provider. The transaction is expected to close in the first half of 2025, subject to customary closing conditions.
Fourth Quarter 2024 Business Highlights
-
18% volume growth year-over-year reflects:-
B2B volume of
increased$3.0 billion 37% year-over-year, driven by continued strong customer acquisition and increased average transaction sizes. -
SMBs that sell on marketplaces volume of
increased$13.4 billion 14% year-over-year led by strong performance with large ecommerce sellers. -
Merchant Services (Checkout) volume of
increased$218 million 114% year-over-year. -
Enterprise payouts volume of
increased$5.9 billion 17% year-over-year.
-
B2B volume of
-
Record
of spend on Payoneer cards, up$1.5 billion 36% year-over-year, as customers increasingly use our card product for their global accounts payable needs and as we continue to drive adoption across all regions. Full year card usage of increased$5.2 billion 36% year-over-year.
2025 Guidance
“Payoneer delivered record revenue and profitability in 2024. We achieved
Our 2025 guidance is consistent with our medium-term financial targets and reflects our confidence in our strategy and in our ability to continue to build upon the strong momentum of 2024.”
Bea Ordonez, Chief Financial Officer |
2025 guidance is as follows:
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Revenue |
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Transaction costs |
~ |
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Adjusted EBITDA (1) |
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(1) The Company cannot reconcile its expected adjusted EBITDA to expected net income under “2025 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes, other financial (income) expense, net. Such unavailable information could have a significant impact on the Company’s GAAP financial results. Please refer to “Financial Information; Non-GAAP Financial Measures” below for a description of the calculation of adjusted EBITDA. |
Webcast
Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, February 27, 2025. To access the webcast, go to the investor relations section of the Company’s website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.
About Payoneer
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy. Since our founding, we have built a global financial stack that removes barriers and simplifies cross-border commerce. We make it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel’s ongoing conflicts in the
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as adjusted EBITDA, have not been prepared in accordance with
Non-GAAP measures include the following item:
Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.
Other companies may calculate the above measure differently, and therefore Payoneer’s measures may not be directly comparable to similarly titled measures of other companies.
In addition, in this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities.
TABLE - 1 | ||||||||||||||
PAYONEER GLOBAL INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
( |
||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended December 31, |
Year ended December 31, |
|||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues | $ | 261,739 |
|
$ | 224,320 |
$ | 977,716 |
|
$ | 831,103 |
||||
Transaction costs (Excluding depreciation and amortization shown separately below and including |
43,121 |
|
36,320 |
152,106 |
|
122,291 |
||||||||
Other operating expenses | 43,133 |
|
39,686 |
169,550 |
|
160,609 |
||||||||
Research and development expenses | 40,384 |
|
34,972 |
134,631 |
|
119,197 |
||||||||
Sales and marketing expenses | 59,024 |
|
51,762 |
211,839 |
|
196,654 |
||||||||
General and administrative expenses | 33,227 |
|
27,124 |
113,263 |
|
100,929 |
||||||||
Depreciation and amortization | 13,666 |
|
8,750 |
47,296 |
|
27,814 |
||||||||
Total operating expenses | 232,555 |
|
198,614 |
828,685 |
|
727,494 |
||||||||
Operating income | 29,184 |
|
25,706 |
149,031 |
|
103,609 |
||||||||
Financial income (expense): | ||||||||||||||
Gain from change in fair value of Warrants | — |
|
11,824 |
2,767 |
|
17,359 |
||||||||
Loss on Warrant repurchase/redemption | — |
|
— |
(14,746 |
) |
— |
||||||||
Other financial income (expense), net | (2,978 |
) |
3,763 |
2,419 |
|
11,568 |
||||||||
Financial income (expense), net | (2,978 |
) |
15,587 |
(9,560 |
) |
28,927 |
||||||||
Income before income taxes | 26,206 |
|
41,293 |
139,471 |
|
132,536 |
||||||||
Income taxes | 8,016 |
|
14,272 |
18,308 |
|
39,203 |
||||||||
Net income | $ | 18,190 |
|
$ | 27,021 |
$ | 121,163 |
|
$ | 93,333 |
||||
Other comprehensive loss | ||||||||||||||
Unrealized loss on available-for-sale debt securities, net | (13,539 |
) |
— |
(412 |
) |
— |
||||||||
Tax benefit on unrealized loss on available-for-sale debt securities, net | 2,906 |
|
— |
90 |
|
— |
||||||||
Unrealized loss on cash flow hedges, net | (15,976 |
) |
— |
(15,473 |
) |
— |
||||||||
Tax benefit on unrealized loss on cash flow hedges, net | 3,519 |
|
— |
3,428 |
|
— |
||||||||
Foreign currency translation adjustments | (66 |
) |
— |
(66 |
) |
— |
||||||||
Other comprehensive loss | (23,156 |
) |
— |
(12,433 |
) |
— |
||||||||
Comprehensive income (loss) | $ | (4,966 |
) |
$ | 27,021 |
$ | 108,730 |
|
$ | 93,333 |
||||
Per Share Data | ||||||||||||||
Net income per share attributable to common stockholders — Basic earnings per share | $ | 0.05 |
|
$ | 0.08 |
$ | 0.34 |
|
$ | 0.26 |
||||
— Diluted earnings per share | $ | 0.05 |
|
$ | 0.07 |
$ | 0.31 |
|
$ | 0.24 |
||||
Weighted average common shares outstanding — Basic | 360,292,619 |
|
354,697,812 |
358,345,945 |
|
361,678,893 |
||||||||
Weighted average common shares outstanding — Diluted | 385,074,151 |
|
379,881,231 |
386,237,179 |
|
392,665,718 |
Disaggregation of revenue
The following table presents revenue recognized from contracts with customers as well as revenue from other sources:
(Unaudited) Three months ended December 31, |
Year ended December 31, |
|||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Revenue recognized at a point in time | $ | 197,456 |
$ | 156,114 |
$ | 707,644 |
$ | 573,902 |
||||
Revenue recognized over time | 777 |
660 |
2,650 |
16,925 |
||||||||
Revenue from contracts with customers | $ | 198,233 |
$ | 156,774 |
$ | 710,294 |
$ | 590,827 |
||||
Interest income on customer balances | $ | 60,595 |
$ | 64,867 |
$ | 256,846 |
$ | 230,634 |
||||
Capital advance income | 2,911 |
2,679 |
10,576 |
9,642 |
||||||||
Revenue from other sources | $ | 63,506 |
$ | 67,546 |
$ | 267,422 |
$ | 240,276 |
||||
Total revenues | $ | 261,739 |
$ | 224,320 |
$ | 977,716 |
$ | 831,103 |
The following table presents the Company’s revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.
Note that the Company has updated the definition of its primary regional markets to align with the view used by Management. This update eliminates
(Unaudited) Three months ended December 31, |
Year ended December 31, |
|||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Primary regional markets | ||||||||||||
$ | 89,938 |
$ | 80,244 |
$ | 340,846 |
$ | 287,944 |
|||||
65,312 |
59,878 |
253,096 |
225,703 |
|||||||||
52,628 |
40,116 |
186,582 |
142,737 |
|||||||||
25,898 |
23,499 |
96,868 |
97,434 |
|||||||||
27,963 |
20,583 |
100,324 |
77,285 |
|||||||||
Total revenues | $ | 261,739 |
$ | 224,320 |
$ | 977,716 |
$ | 831,103 |
-
Greater China is inclusive of mainlandChina ,Hong Kong ,Macao andTaiwan . -
No single country included in any of these regions generated more than
10% of total revenue. -
The United States is the Company’s country of domicile. OfNorth America revenues, theU.S. represents and$28,194 during the three months ended December 31, 2024 and 2023, and$22,452 and$95,794 during the years ended December 31, 2024 and 2023, respectively.$93,371
TABLE - 2 | |||||||||||||||||||
PAYONEER GLOBAL INC. | |||||||||||||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED) | |||||||||||||||||||
( |
|||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||||
Net income | $ | 18,190 |
|
$ | 27,021 |
|
$ | 121,163 |
|
$ | 93,333 |
|
|||||||
Depreciation and amortization | 13,666 |
|
8,750 |
|
47,296 |
|
27,814 |
|
|||||||||||
Income taxes | 8,016 |
|
14,272 |
|
18,308 |
|
39,203 |
|
|||||||||||
Other financial (income) expense, net | 2,978 |
|
(3,763 |
) |
(2,419 |
) |
(11,568 |
) |
|||||||||||
EBITDA | 42,850 |
|
46,280 |
|
184,348 |
|
148,782 |
|
|||||||||||
Stock based compensation expenses(1) | 18,614 |
|
17,338 |
|
64,787 |
|
65,767 |
|
|||||||||||
M&A related expense(2) | 1,807 |
|
451 |
|
9,439 |
|
3,468 |
|
|||||||||||
Gain from change in fair value of Warrants(3) | — |
|
(11,824 |
) |
(2,767 |
) |
(17,359 |
) |
|||||||||||
Loss on Warrant repurchase/redemption(4) | — |
|
— |
|
14,746 |
|
— |
|
|||||||||||
Restructuring charges(5) | — |
|
— |
|
— |
|
4,488 |
|
|||||||||||
Adjusted EBITDA | $ | 63,271 |
|
$ | 52,245 |
|
$ | 270,553 |
|
$ | 205,146 |
|
|||||||
Three months ended, | |||||||||||||||||||
Dec. 31, 2023 | Mar. 31, 2024 | June 30, 2024 | Sept. 30, 2024 | Dec. 31, 2024 | |||||||||||||||
Net income | $ | 27,021 |
|
$ | 28,974 |
|
$ | 32,425 |
|
$ | 41,574 |
|
$ | 18,190 |
|||||
Depreciation and amortization | 8,750 |
|
9,408 |
|
10,712 |
|
13,510 |
|
13,666 |
||||||||||
Income tax expense (benefit) | 14,272 |
|
13,910 |
|
15,866 |
|
(19,484 |
) |
8,016 |
||||||||||
Other financial (income) expense, net | (3,763 |
) |
(2,747 |
) |
(976 |
) |
(1,674 |
) |
2,978 |
||||||||||
EBITDA | 46,280 |
|
49,545 |
|
58,027 |
|
33,926 |
|
42,850 |
||||||||||
Stock based compensation expenses(1) | 17,338 |
|
15,077 |
|
13,666 |
|
17,430 |
|
18,614 |
||||||||||
M&A related expense (2) | 451 |
|
2,375 |
|
2,091 |
|
3,166 |
|
1,807 |
||||||||||
Gain from change in fair value of Warrants(3) | (11,824 |
) |
(1,761 |
) |
(1,006 |
) |
— |
|
— |
||||||||||
Loss on Warrant repurchase/redemption(4) | — |
|
— |
|
— |
|
14,746 |
|
— |
||||||||||
Adjusted EBITDA | $ | 52,245 |
|
$ | 65,236 |
|
$ | 72,778 |
|
$ | 69,268 |
|
$ | 63,271 |
- Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.
-
Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Additionally, amounts for 2024 include
in non-recurring fair value adjustment of the Skuad contingent consideration liability.$1.8 million - Changes in the estimated fair value of the warrants are recognized as gain or loss on the consolidated statements of comprehensive income. The impact is removed from EBITDA as it represents market conditions that are not in our control.
- Amounts relate to a non-recurring loss on the repurchase and redemption of outstanding public warrants.
- The Company initiated a plan to reduce its workforce during the year ended December 31, 2023 and had non-recurring costs related to severance and other employee termination benefits.
TABLE - 3 | ||||||||||||
PAYONEER GLOBAL INC. | ||||||||||||
EARNINGS PER SHARE | ||||||||||||
( |
||||||||||||
(Unaudited) | ||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Numerator: | ||||||||||||
Net income | $ | 18,190 |
$ | 27,021 |
$ | 121,163 |
$ | 93,333 |
||||
Denominator: | ||||||||||||
Weighted average common shares outstanding — | ||||||||||||
Basic | 360,292,619 |
354,697,812 |
358,345,945 |
361,678,893 |
||||||||
Add: | ||||||||||||
Dilutive impact of RSUs, ESPP and options to purchase common stock | 23,903,275 |
24,453,273 |
27,104,075 |
30,256,559 |
||||||||
Dilutive impact of private Warrants | 878,257 |
730,146 |
787,159 |
730,266 |
||||||||
Weighted average common shares — diluted | 385,074,151 |
379,881,231 |
386,237,179 |
392,665,718 |
||||||||
Net income per share attributable to common stockholders — Basic earnings per share | $ | 0.05 |
$ | 0.08 |
$ | 0.34 |
$ | 0.26 |
||||
Diluted earnings per share | $ | 0.05 |
$ | 0.07 |
$ | 0.31 |
$ | 0.24 |
TABLE - 4 | ||||||||
PAYONEER GLOBAL INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
( |
||||||||
December 31, | ||||||||
2024 |
2023 |
|||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 497,467 |
|
$ | 617,022 |
|
||
Restricted cash | 6,633 |
|
7,030 |
|
||||
Customer funds | 6,439,153 |
|
6,390,526 |
|
||||
Accounts receivable (net of allowance of |
11,937 |
|
7,980 |
|
||||
Capital advance receivables (net of allowance of |
56,242 |
|
45,493 |
|
||||
Other current assets | 88,210 |
|
40,672 |
|
||||
Total current assets | 7,099,642 |
|
7,108,723 |
|
||||
Non-current assets: | ||||||||
Property, equipment and software, net | 16,053 |
|
15,499 |
|
||||
Goodwill | 77,785 |
|
19,889 |
|
||||
Intangible assets, net | 102,390 |
|
76,266 |
|
||||
Customer funds | 525,000 |
|
— |
|
||||
Restricted cash | 17,653 |
|
5,780 |
|
||||
Deferred taxes | 41,523 |
|
15,291 |
|
||||
Severance pay fund | 757 |
|
840 |
|
||||
Operating lease right-of-use assets | 19,403 |
|
24,854 |
|
||||
Other assets | 30,174 |
|
15,977 |
|
||||
Total assets | $ | 7,930,380 |
|
$ | 7,283,119 |
|
||
Liabilities and shareholders’ equity: | ||||||||
Current liabilities: | ||||||||
Trade payables | $ | 37,302 |
|
$ | 33,941 |
|
||
Outstanding operating balances | 6,964,153 |
|
6,390,526 |
|
||||
Other payables | 129,621 |
|
117,508 |
|
||||
Total current liabilities | 7,131,076 |
|
6,541,975 |
|
||||
Non-current liabilities: | ||||||||
Long-term debt from related party | — |
|
18,411 |
|
||||
Warrant liability | — |
|
8,555 |
|
||||
Deferred taxes | 1,471 |
|
— |
|
||||
Other long-term liabilities | 73,043 |
|
49,905 |
|
||||
Total liabilities | 7,205,590 |
|
6,618,846 |
|
||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Preferred stock, |
— |
|
— |
|
||||
Common stock, |
3,960 |
|
3,687 |
|
||||
Treasury stock at cost, 35,872,339 and 11,064,692 shares at December 31, 2024 and December 31, 2023, respectively. | (193,724 |
) |
(56,936 |
) |
||||
Additional paid-in capital | 821,196 |
|
732,894 |
|
||||
Accumulated other comprehensive loss | (12,609 |
) |
(176 |
) |
||||
Retained earnings (accumulated deficit) | 105,967 |
|
(15,196 |
) |
||||
Total shareholders’ equity | 724,790 |
|
664,273 |
|
||||
Total liabilities and shareholders’ equity | $ | 7,930,380 |
|
$ | 7,283,119 |
|
TABLE - 5 | ||||||||
PAYONEER GLOBAL INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
( |
||||||||
Year ended December 31, | ||||||||
2024 |
2023 |
|||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 121,163 |
|
$ | 93,333 |
|
||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 47,296 |
|
27,814 |
|
||||
Deferred taxes | (22,616 |
) |
(11,122 |
) |
||||
Stock-based compensation expenses | 64,787 |
|
65,767 |
|
||||
Gain from change in fair value of Warrants | (2,767 |
) |
(17,359 |
) |
||||
Loss on Warrant repurchase/redemption | 14,746 |
|
— |
|
||||
Interest and amortization of discount on investments | (8,577 |
) |
— |
|
||||
Foreign currency re-measurement (gain) loss | 3,522 |
|
(4,359 |
) |
||||
Changes in operating assets and liabilities, net of the effects of business combinations: | ||||||||
Other current assets | (44,821 |
) |
(4,310 |
) |
||||
Trade payables | 1,127 |
|
(8,326 |
) |
||||
Deferred revenue | 2,039 |
|
1,348 |
|
||||
Accounts receivable, net | 337 |
|
4,898 |
|
||||
Capital advance extended to customers | (329,512 |
) |
(299,139 |
) |
||||
Capital advance collected from customers | 318,763 |
|
290,801 |
|
||||
Other payables | 3,967 |
|
13,619 |
|
||||
Other long-term liabilities | 6,358 |
|
232 |
|
||||
Operating lease right-of-use assets | 14,068 |
|
10,248 |
|
||||
Other assets | (12,955 |
) |
(3,956 |
) |
||||
Net cash provided by operating activities | $ | 176,925 |
|
$ | 159,489 |
|
||
Cash Flows from Investing Activities | ||||||||
Purchase of property, equipment and software | (8,189 |
) |
(8,459 |
) |
||||
Capitalization of internal use software | (52,203 |
) |
(39,333 |
) |
||||
Related party asset acquisition | — |
|
(3,600 |
) |
||||
Severance pay fund distributions, net | 83 |
|
255 |
|
||||
Customer funds in transit, net | (50,768 |
) |
930 |
|
||||
Investments in interest rate derivatives | (35,200 |
) |
— |
|
||||
Purchases of investments in available-for-sale debt securities | (1,443,772 |
) |
— |
|
||||
Maturities of investments in available-for-sale debt securities | 277,000 |
|
— |
|
||||
Purchases of investments in term deposits | (600,000 |
) |
— |
|
||||
Cash paid in connection with acquisition, net of cash and customer funds acquired | (48,218 |
) |
— |
|
||||
Net cash inflow from acquisition of remaining interest in joint venture | — |
|
5,953 |
|
||||
Net cash used in investing activities | $ | (1,961,267 |
) |
$ | (44,254 |
) |
||
Cash Flows from Financing Activities | ||||||||
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted to employees | 21,119 |
|
13,203 |
|
||||
Outstanding operating balances, net | 563,622 |
|
551,914 |
|
||||
Borrowings under related party facility | 15,120 |
|
26,855 |
|
||||
Repayments under related party facility | (33,531 |
) |
(24,582 |
) |
||||
Receipts of collateral on interest rate derivatives | 37,890 |
|
— |
|
||||
Payments of collateral on interest rate derivatives | (19,100 |
) |
— |
|
||||
Warrant repurchase/redemption | (19,834 |
) |
— |
|
||||
Common stock repurchased | (137,513 |
) |
(55,436 |
) |
||||
Net cash provided by financing activities | $ | 427,773 |
|
$ | 511,954 |
|
||
Effect of exchange rate changes on cash and cash equivalents | $ | (3,588 |
) |
$ | 4,458 |
|
||
Net change in cash, cash equivalents, restricted cash and customer funds | (1,360,157 |
) |
631,647 |
|
||||
Cash, cash equivalents, restricted cash and customer funds at beginning of year | 7,018,367 |
|
6,386,720 |
|
||||
Cash, cash equivalents, restricted cash and customer funds at end of year | $ | 5,658,210 |
|
$ | 7,018,367 |
|
||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for taxes, net of refunds | $ | 52,320 |
|
$ | 40,910 |
|
||
Cash interest paid | $ | 1,399 |
|
$ | 1,767 |
|
||
Supplemental information of investing and financing activities not involving cash flows: | ||||||||
Property, equipment, and software acquired but not paid | $ | 1,530 |
|
$ | 810 |
|
||
Internal use software capitalized but not paid | $ | 7,108 |
|
$ | 10,159 |
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 8,617 |
|
$ | 19,842 |
|
||
Common stock repurchased but not paid | $ | 775 |
|
$ | 1,500 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227134799/en/
Investor Contact:
Caius Slater
investor@payoneer.com
Media Contact:
Alison Dahlman
PR@payoneer.com
Source: Payoneer