Payoneer Reports Third Quarter 2024 Financial Results
Payoneer (NASDAQ: PAYO) reported strong Q3 2024 financial results with record quarterly volume up 25% year-over-year to $20.4 billion. Revenue reached $248.3 million, up 19% YoY, with net income surging 224% to $41.6 million. B2B volume grew 57% to $2.8 billion, while Merchant Services volume increased 142% to $153 million. The company raised its 2024 guidance, now expecting revenue of $950-960 million and Adjusted EBITDA of $255-265 million. Active Ideal Customer Profiles grew 11% YoY to 557,000, with card spend up 41% to $1.4 billion.
Payoneer (NASDAQ: PAYO) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un volume trimestrale record in aumento del 25% rispetto all'anno precedente, raggiungendo i 20,4 miliardi di dollari. I ricavi hanno raggiunto i 248,3 milioni di dollari, con un incremento del 19% su base annua, mentre l'utile netto è schizzato del 224% a 41,6 milioni di dollari. Il volume B2B è cresciuto del 57% a 2,8 miliardi di dollari, mentre il volume dei Servizi per i Merchant è aumentato del 142% a 153 milioni di dollari. L'azienda ha alzato le previsioni per il 2024, aspettandosi ora ricavi compresi tra 950 e 960 milioni di dollari e un EBITDA rettificato di 255-265 milioni di dollari. I profili dei clienti ideali attivi sono aumentati dell'11% su base annua fino a 557.000, con la spesa con carta in aumento del 41% a 1,4 miliardi di dollari.
Payoneer (NASDAQ: PAYO) reportó sólidos resultados financieros para el tercer trimestre de 2024, con un volumen trimestral récord que aumentó un 25% interanual, alcanzando los 20.4 mil millones de dólares. Los ingresos alcanzaron los 248.3 millones de dólares, un 19% más que el año anterior, mientras que el ingreso neto se disparó un 224% a 41.6 millones de dólares. El volumen B2B creció un 57% a 2.8 mil millones de dólares, mientras que el volumen de Servicios para Comerciantes aumentó un 142% a 153 millones de dólares. La empresa elevó sus pronósticos para 2024, ahora esperando ingresos de entre 950 y 960 millones de dólares y un EBITDA ajustado de 255-265 millones de dólares. Los Perfiles de Clientes Ideales Activos crecieron un 11% interanual hasta 557,000, con el gasto con tarjeta aumentando un 41% a 1.4 mil millones de dólares.
Payoneer (NASDAQ: PAYO)는 2024년 3분기 재무 결과를 발표했으며, 분기별 거래량이 전년 대비 25% 증가한 204억 달러로 기록되었습니다. 매출은 2억 4,830만 달러에 도달했으며, 이는 전년 대비 19% 증가한 수치입니다. 순이익은 224% 증가한 4,160만 달러에 달했습니다. B2B 거래량은 57% 증가한 28억 달러에 달했으며, 상인 서비스 거래량은 142% 증가한 1억 5,300만 달러에 달했습니다. 이 회사는 2024년 예상치를 상향 조정했으며, 이제 9억 5천만에서 9억 6천만 달러의 매출과 2억 5천5백만에서 2억 6천5백만 달러의 조정된 EBITDA를 기대하고 있습니다. 적극적인 이상 고객 프로필은 전년 대비 11% 증가하여 557,000개에 달했으며, 카드 사용액은 41% 증가한 14억 달러에 달했습니다.
Payoneer (NASDAQ: PAYO) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un volume trimestriel record en hausse de 25 % par rapport à l’année précédente, atteignant 20,4 milliards de dollars. Les revenus ont atteint 248,3 millions de dollars, en hausse de 19 % d’une année sur l’autre, tandis que le bénéfice net a bondi de 224 % à 41,6 millions de dollars. Le volume B2B a augmenté de 57 % pour atteindre 2,8 milliards de dollars, tandis que le volume des services aux commerçants a crû de 142 % pour atteindre 153 millions de dollars. L’entreprise a rehaussé ses prévisions pour 2024, s’attendant désormais à des revenus compris entre 950 et 960 millions de dollars et un EBITDA ajusté de 255 à 265 millions de dollars. Le nombre de profils clients idéaux actifs a augmenté de 11 % d’une année sur l’autre pour atteindre 557 000, avec des dépenses par carte en hausse de 41 % à 1,4 milliard de dollars.
Payoneer (NASDAQ: PAYO) hat starke Finanzzahlen für das dritte Quartal 2024 berichtet, mit einem Rekordvolumen von 20,4 Milliarden US-Dollar, das im Jahresvergleich um 25 % gestiegen ist. Der Umsatz erreichte 248,3 Millionen US-Dollar, was einem Anstieg von 19 % gegenüber dem Vorjahr entspricht, während der Nettogewinn um 224 % auf 41,6 Millionen US-Dollar anstieg. Das B2B-Volumen wuchs um 57 % auf 2,8 Milliarden US-Dollar, während das Volumen der Merchant Services um 142 % auf 153 Millionen US-Dollar zunahm. Das Unternehmen hob seine Prognose für 2024 an und erwartet nun Einnahmen zwischen 950 und 960 Millionen US-Dollar sowie ein bereinigtes EBITDA von 255-265 Millionen US-Dollar. Die aktiven idealen Kundenprofile stiegen im Jahresvergleich um 11 % auf 557.000, während die Kartenausgaben um 41 % auf 1,4 Milliarden US-Dollar zunahmen.
- Record quarterly revenue of $248.3 million, up 19% YoY
- Net income increased 224% YoY to $41.6 million
- B2B volume grew 57% YoY to $2.8 billion
- Merchant Services volume up 142% YoY
- Raised 2024 revenue guidance to $950-960 million
- Card spend increased 41% YoY to $1.4 billion
- Take Rate declined 5 basis points YoY to 122 bps
- Transaction costs as % of revenue increased 70 bps YoY to 15.3%
Insights
Payoneer delivered exceptional Q3 results with record quarterly volume of
Net income showed remarkable growth of
The
Raises 2024 guidance
Record quarterly volume up
Record quarterly revenue and increasing profitability year-over-year
Third Quarter 2024 Financial Highlights
($ in mm) | 3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
YoY Change |
||||||
Revenue ex. interest income |
|
|
|
|
|
|
||||||
Interest income | 60.4 |
64.9 |
65.3 |
65.8 |
65.2 |
|
||||||
Revenue |
|
|
|
|
|
|
||||||
Transaction costs as a % of revenue |
|
|
|
|
|
70 bps | ||||||
Net income |
|
|
|
|
|
|
||||||
Adjusted EBITDA | 58.2 |
52.2 |
65.2 |
72.8 |
69.3 |
|
||||||
Operational Metrics | ||||||||||||
Volume ($bn) |
|
|
|
|
|
|
||||||
Active Ideal Customer Profiles (ICPs) ('000s)1 | 502 |
516 |
530 |
547 |
557 |
|
||||||
Revenue as a % of volume ("Take Rate") | 127 bps |
118 bps | 124 bps | 128 bps | 122 bps | -5 bps | ||||||
SMB customer take rate2 | 107 bps | 100 bps | 108 bps | 111 bps | 109 bps | 2 bps |
1. Active ICPs are defined as customers with a Payoneer Account that have on average over |
2. 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. |
“Payoneer delivered record quarterly volume and revenue, and significant profitability in the third quarter. We are building a full-service financial stack for global cross-border SMBs and accelerating growth and profitability across our business. We have increased our growth rate for ICPs for four consecutive quarters to
John Caplan, Chief Executive Officer |
Third Quarter 2024 Business Highlights
-
25% volume growth year-over-year reflects:-
B2B volume of
increased$2.8 billion 57% year-over-year, driven by continued strong customer acquisition and increased average transaction sizes -
SMBs that sell on marketplaces volume of
increased$12 billion 17% year-over-year led by strong performance with large ecommerce sellers -
Merchant Services (Checkout) volume of
increased$153 million 142% year-over-year -
Enterprise payouts volume of
increased$5.5 billion 29% year-over-year
-
B2B volume of
-
11% active ICP growth year-over-year, including2% growth in larger ICPs who have on average over per month in volume. Both volume and revenue growth from$10,000 $10 K+ ICPs are accelerating and increased more than25% year-over-year as we acquire and grow volumes from larger customers -
of spend on Payoneer cards, up$1.4 billion 41% 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 -
of customer funds (including both short-term and long-term funds) as of September 30, 2024, up$6.1 billion 13% year-over-year -
of share repurchases at a weighted average price of$21 million $5.67 -
Completed repurchase and redemption of all 25 million outstanding public warrants for
$21 million
2024 Guidance
“Payoneer is building on the significant momentum across our business with another record quarter of financial results. We have delivered seven consecutive quarters of accelerating volume growth and in the third quarter accelerated revenue growth excluding interest income to
Bea Ordonez, Chief Financial Officer |
2024 guidance is as follows:
|
|
|
|
|
||
|
|
Revenue |
|
|
|
|
|
|
Transaction costs |
~ |
|
|
|
|
|
Adjusted EBITDA (1) |
|
|
|
|
(1) Guidance for fiscal year, where adjusted, is provided on a non-GAAP basis, which Payoneer will continue to identify as it reports its future financial results. The Company cannot reconcile its expected adjusted EBITDA to expected net income under “2024 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, which 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, November 5, 2024. 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 region, and other economic, business and/or competitive factors; (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2023 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
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, taxes on income, 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) |
||||||
( |
||||||
(Unaudited) |
||||||
Three months ended |
||||||
September 30, |
||||||
|
2024 |
|
|
2023 |
||
Revenues | $ | 248,274 |
$ | 208,035 |
||
Transaction costs (Exclusive of depreciation and amortization shown separately below and inclusive of transactions during the three months ended September 30, 2024 and 2023, respectively) |
38,058 |
30,393 |
||||
Other operating expenses | 44,892 |
40,301 |
||||
Research and development expenses | 34,616 |
26,950 |
||||
Sales and marketing expenses | 52,311 |
48,664 |
||||
General and administrative expenses | 29,725 |
25,112 |
||||
Depreciation and amortization | 13,510 |
7,116 |
||||
Total operating expenses | 213,112 |
178,536 |
||||
Operating income | 35,162 |
29,499 |
||||
Financial income (expense): | ||||||
Loss from change in fair value of Warrants | — |
(7,799) |
||||
Loss on Warrants repurchase/redemption | (14,746) |
— |
||||
Other financial income, net | 1,674 |
1,137 |
||||
Financial expense, net | (13,072) |
(6,662) |
||||
Income before taxes on income | 22,090 |
22,837 |
||||
Tax benefit (expense) on income | 19,484 |
(10,012) |
||||
Net income | $ | 41,574 |
$ | 12,825 |
||
Other comprehensive income | ||||||
Unrealized gain on available-for-sale debt securities, net | 12,256 |
- |
||||
Tax expense on unrealized gains on available-for-sale debt securities, net | (2,816) |
- |
||||
Unrealized gain on cash flow hedges, net | 1,168 |
- |
||||
Tax expense on unrealized gains on cash flow hedges, net | (211) |
- |
||||
Other comprehensive income, net of tax | 10,397 |
- |
||||
Comprehensive income | $ | 51,971 |
$ | 12,825 |
||
Per Share Data | ||||||
Net income per share attributable to common stockholders — Basic earnings per share | $ | 0.12 |
$ | 0.04 |
||
— Diluted earnings per share | $ | 0.11 |
$ | 0.03 |
||
Weighted average common shares outstanding — Basic | 357,297,824 |
357,429,113 |
||||
Weighted average common shares outstanding — Diluted | 374,303,470 |
381,845,099 |
Disaggregation of revenue
The following table presents revenue recognized from contracts with customers as well as revenue from other sources:
Three months ended
|
||||||
2024 |
2023 |
|||||
Revenue recognized at a point in time | $ | 179,641 |
$ | 144,665 |
||
Revenue recognized over time | 719 |
537 |
||||
Revenue from contracts with customers | $ | 180,360 |
$ | 145,202 |
||
Interest income on customer balances | $ | 65,162 |
$ | 60,416 |
||
Capital advance income | 2,752 |
2,417 |
||||
Revenue from other sources | $ | 67,914 |
$ | 62,833 |
||
Total revenues | $ | 248,274 |
$ | 208,035 |
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.
Three months ended
|
||||||
2024 |
2023 |
|||||
Primary regional markets | ||||||
$ | 85,111 |
$ | 72,513 |
|||
48,666 |
42,378 |
|||||
37,770 |
29,145 |
|||||
25,162 |
22,358 |
|||||
26,809 |
22,181 |
|||||
24,756 |
19,460 |
|||||
Total revenues | $ | 248,274 |
$ | 208,035 |
1. |
|||||||||
2. | No single country included in any of these regions generated more than |
||||||||
3. |
TABLE - 2 |
|||||||||||||||
PAYONEER GLOBAL INC. |
|||||||||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED) |
|||||||||||||||
( |
|||||||||||||||
Three months ended |
|||||||||||||||
September 30, |
|||||||||||||||
2024 |
|
2023 |
|||||||||||||
Net income | $ | 41,574 |
$ | 12,825 |
|||||||||||
Depreciation and amortization | 13,510 |
7,116 |
|||||||||||||
Tax (benefit) expense on income | (19,484) |
10,012 |
|||||||||||||
Other financial income, net | (1,674) |
(1,137) |
|||||||||||||
EBITDA | 33,926 |
28,816 |
|||||||||||||
Stock based compensation expenses(1) | 17,430 |
15,330 |
|||||||||||||
M&A related expense(2) | 3,166 |
1,745 |
|||||||||||||
Loss from change in fair value of Warrants(3) | — |
7,799 |
|||||||||||||
Loss on Warrants repurchase/redemption(4) | 14,746 |
— |
|||||||||||||
Restructuring charges(5) | — |
4,488 |
|||||||||||||
Adjusted EBITDA | $ | 69,268 |
$ | 58,178 |
|||||||||||
Three months ended, |
|||||||||||||||
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
June 30, 2024 |
|
Sept. 30, 2024 |
|||||||
Net income | $ | 12,825 |
$ | 27,021 |
$ | 28,974 |
$ | 32,425 |
$ | 41,574 |
|||||
Depreciation and amortization | 7,116 |
8,750 |
9,408 |
10,712 |
13,510 |
||||||||||
Tax (benefit) expense on income | 10,012 |
14,272 |
13,910 |
15,866 |
(19,484) |
||||||||||
Other financial income, net | (1,137) |
(3,763) |
(2,747) |
(976) |
(1,674) |
||||||||||
EBITDA | 28,816 |
46,280 |
49,545 |
58,027 |
33,926 |
||||||||||
Stock based compensation expenses(1) | 15,330 |
17,338 |
15,077 |
13,666 |
17,430 |
||||||||||
M&A related expense(2) | 1,745 |
451 |
2,375 |
2,091 |
3,166 |
||||||||||
(Gain) loss from change in fair value of Warrants(3) | 7,799 |
(11,824) |
(1,761) |
(1,006) |
— |
||||||||||
Loss on Warrants repurchase/redemption(4) | — |
— |
— |
— |
14,746 |
||||||||||
Restructuring charges(5) | 4,488 |
— |
— |
— |
— |
||||||||||
Adjusted EBITDA | $ | 58,178 |
$ | 52,245 |
$ | 65,236 |
$ | 72,778 |
$ | 69,268 |
1. | 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. | ||||||||||||||||||||||
2. | Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Additionally, amounts for the three months ended September 30, 2024 include |
||||||||||||||||||||||
3. | Changes in the estimated fair value of the warrants are recognized as gain or loss on the condensed consolidated statements of comprehensive income. The impact is removed from EBITDA as it represents market conditions that are not in our control. | ||||||||||||||||||||||
4. | Amounts relate to a non-recurring loss on the repurchase and redemption of outstanding public warrants. | ||||||||||||||||||||||
5. | The Company initiated a plan to reduce its workforce during the three months ending September 30, 2023 and had non-recurring costs related to severance and other employee termination benefits. |
TABLE - 3 |
||||||
PAYONEER GLOBAL INC. |
||||||
EARNINGS PER SHARE (UNAUDITED) |
||||||
( |
||||||
(Unaudited) |
||||||
Three months ended September 30, |
||||||
2024 |
|
2023 |
||||
Numerator: | ||||||
Net income | $ | 41,574 |
$ | 12,825 |
||
Denominator: | ||||||
Weighted average common shares outstanding — | ||||||
Basic | 357,297,824 |
357,429,113 |
||||
Add: | ||||||
Dilutive impact of RSUs, ESPP and options to purchase common stock | 16,222,829 |
23,678,424 |
||||
Dilutive impact of private Warrants | 782,817 |
737,562 |
||||
Weighted average common shares — diluted | 374,303,470 |
381,845,099 |
||||
Net income per share attributable to common stockholders — Basic earnings per share | $ | 0.12 |
$ | 0.04 |
||
Diluted earnings per share | $ | 0.11 |
$ | 0.03 |
TABLE - 4 |
||||||
PAYONEER GLOBAL INC. |
||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||
( |
||||||
September 30, |
|
December 31, |
||||
2024 |
|
2023 |
||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 534,170 |
$ | 617,022 |
||
Restricted cash | 4,994 |
7,030 |
||||
Customer funds | 5,560,767 |
6,390,526 |
||||
Accounts receivable (net of allowance of |
13,529 |
7,980 |
||||
Capital advance receivables (net of allowance of 31, 2023) |
56,948 |
45,493 |
||||
Other current assets | 78,880 |
40,672 |
||||
Total current assets | 6,249,288 |
7,108,723 |
||||
Non-current assets: | ||||||
Property, equipment and software, net | 14,469 |
15,499 |
||||
Goodwill | 76,094 |
19,889 |
||||
Intangible assets, net | 99,915 |
76,266 |
||||
Customer funds | 525,000 |
— |
||||
Restricted deposits | 16,848 |
5,780 |
||||
Deferred taxes | 29,556 |
15,291 |
||||
Severance pay fund | 828 |
840 |
||||
Operating lease right-of-use assets | 21,585 |
24,854 |
||||
Other assets | 17,591 |
15,977 |
||||
Total assets | $ | 7,051,174 |
$ | 7,283,119 |
||
Liabilities and shareholders’ equity: | ||||||
Current liabilities: | ||||||
Trade payables | $ | 45,118 |
$ | 33,941 |
||
Outstanding operating balances | 6,085,767 |
6,390,526 |
||||
Short-term debt from related party | 13,219 |
— |
||||
Other payables | 118,482 |
117,508 |
||||
Total current liabilities | 6,262,586 |
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 | 59,243 |
49,905 |
||||
Total liabilities | 6,323,300 |
6,618,846 |
||||
Commitments and contingencies | ||||||
Shareholders’ equity: | ||||||
Preferred stock, September 30, 2024 and December 31, 2023. |
— |
— |
||||
Common stock, 368,655,185 shares issued and 356,575,542 and 357,590,493 shares outstanding at September 30, 2024 and December 31, 2023, respectively. |
3,906 |
3,687 |
||||
Treasury stock at cost, 34,057,890 and 11,064,692 shares as of September 30, 2024 and December 31, 2023, respectively. |
(176,043) |
(56,936) |
||||
Additional paid-in capital | 801,687 |
732,894 |
||||
Accumulated other comprehensive income (loss) | 10,547 |
(176) |
||||
Retained earnings (accumulated deficit) | 87,777 |
(15,196) |
||||
Total shareholders’ equity | 727,874 |
664,273 |
||||
Total liabilities and shareholders’ equity | $ | 7,051,174 |
$ | 7,283,119 |
TABLE - 5 |
||||||
PAYONEER GLOBAL INC. |
||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||
( |
||||||
Nine months ended |
||||||
September 30, |
||||||
2024 |
|
2023 |
||||
Cash Flows from Operating Activities | ||||||
Net income | $ | 102,973 |
$ | 66,312 |
||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 33,630 |
19,064 |
||||
Deferred taxes | (17,073) |
(12,024) |
||||
Stock-based compensation expenses | 46,173 |
48,429 |
||||
Gain from change in fair value of Warrants | (2,767) |
(5,535) |
||||
Loss on Warrant repurchase/redemption | 14,746 |
— |
||||
Foreign currency re-measurement (gain) loss | (109) |
761 |
||||
Changes in operating assets and liabilities: | ||||||
Other current assets | (36,277) |
(5,891) |
||||
Trade payables | 8,904 |
(6,948) |
||||
Deferred revenue | 808 |
1,206 |
||||
Accounts receivable, net | (1,255) |
6,908 |
||||
Capital advance extended to customers | (260,435) |
(207,075) |
||||
Capital advance collected from customers | 248,980 |
195,074 |
||||
Other payables | (6,619) |
(880) |
||||
Other long-term liabilities | (3,667) |
(1,429) |
||||
Operating lease right-of-use assets | 9,802 |
7,262 |
||||
Interest and amortization of discount on investments | (6,401) |
— |
||||
Other assets | (374) |
(3,906) |
||||
Net cash provided by operating activities | 131,039 |
101,328 |
||||
Cash Flows from Investing Activities | ||||||
Purchase of property, equipment and software | (4,449) |
(4,336) |
||||
Capitalization of internal use software | (39,666) |
(25,322) |
||||
Related Party asset acquisition | — |
(3,600) |
||||
Severance pay fund distributions, net | 12 |
151 |
||||
Customer funds in transit, net | (80,098) |
(20,600) |
||||
Purchases of investments in available-for-sale debt securities | (1,255,686) |
— |
||||
Maturities and sales of investments in available-for-sale debt securities | 214,000 |
— |
||||
Purchases of investments in term deposits | (600,000) |
— |
||||
Cash paid in connection with acquisition, net of cash and customer funds acquired | (48,219) |
— |
||||
Net cash inflow from acquisition of remaining interest in joint venture | — |
5,953 |
||||
Net cash used in investing activities | (1,814,106) |
(47,754) |
||||
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 |
23,015 |
10,159 |
||||
Outstanding operating balances, net | (314,764) |
(468,146) |
||||
Borrowings under related party facility | 15,120 |
19,309 |
||||
Repayments under related party facility | (20,312) |
(19,646) |
||||
Warrant repurchase/redemption (Refer to Note 14 for further information) | (19,534) |
|||||
Common stock repurchased | (120,457) |
(34,408) |
||||
Net cash used in financing activities | (436,932) |
(492,732) |
||||
Effect of exchange rate changes on cash and cash equivalents | 109 |
(662) |
||||
Net change in cash, cash equivalents, restricted cash and customer funds | (2,119,890) |
(439,820) |
||||
Cash, cash equivalents, restricted cash and customer funds at beginning of period | 7,018,367 |
6,386,720 |
||||
Cash, cash equivalents, restricted cash and customer funds at end of period | $ | 4,898,477 |
$ | 5,946,900 |
||
Supplemental information of investing and financing activities not involving cash flows: | ||||||
Property, equipment, and software acquired but not paid | $ | 1,569 |
$ | 1,078 |
||
Internal use software capitalized but not paid | $ | 6,271 |
$ | 12,119 |
||
Common stock repurchased but not paid | $ | 150 |
$ | 350 |
||
Right of use assets obtained in exchange for new operating lease liabilities | $ | 6,533 |
$ | 4,398 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105351426/en/
Investor Contact:
Michelle Wang
investor@payoneer.com
Media Contact:
Alison Dahlman
PR@payoneer.com
Source: Payoneer
FAQ
What was Payoneer's (PAYO) revenue in Q3 2024?
How much did Payoneer's (PAYO) B2B volume grow in Q3 2024?
What is Payoneer's (PAYO) updated revenue guidance for 2024?