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    Payoneer Reports Fourth Quarter and Full Year 2024 Financial Results

    2/27/25 7:30:00 AM ET
    $PAYO
    Business Services
    Consumer Discretionary
    Get the next $PAYO alert in real time by email

    Achieved record annual volume of $80 billion, 18% annual revenue growth and record profitability

    2025 guidance reflects business momentum and confidence in further strong performance

    Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ:PAYO), the financial technology company empowering the world's small and medium-sized businesses to transact, do business and grow globally, today reported financial results for its fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    ($ in mm)

    4Q 2023

     

    1Q 2024

     

    2Q 2024

     

    3Q 2024

     

    4Q 2024

    YoY

    Change

    2023

     

    2024

      YoY

    Change
    Revenue ex. interest income

    $159.4

     

    $162.9

     

    $173.7

     

    $183.1

     

    $201.1

    26%

    $600.5

     

    $720.9

     

    20%

    Interest income

    64.9

     

    65.3

     

    65.8

     

    65.2

     

    60.6

    -7%

    230.6

     

    256.8

     

    11%

    Revenue

    $224.3

     

    $228.2

     

    $239.5

     

    $248.3

     

    $261.7

    17%

    $831.1

     

    $977.7

     

    18%

    Transaction costs as a % of revenue

    16.2%

     

    14.9%

     

    15.4%

     

    15.3%

     

    16.5%

    30 bps

    14.7%

     

    15.6%

     

    90 bps

    Net income

    $27.0

     

    $29.0

     

    $32.4

     

    $41.6

     

    $18.2

    -33%

    $93.3

     

    $121.2

     

    30%

    Adjusted EBITDA

    52.2

     

    65.2

     

    72.8

     

    69.3

     

    63.3

    21%

    205.1

     

    270.6

     

    32%

               

     

    Operational Metrics            

     

    Volume ($bn)

    $19.0

     

    $18.5

     

    $18.7

     

    $20.4

     

    $22.5

    18%

    $66.0

     

    $80.1

     

    21%

    Active Ideal Customer Profiles (ICPs) ('000s)1

    516

     

    530

     

    547

     

    557

     

    560

    8%

    516

     

    560

     

    8%

    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

    1. Active ICPs are defined as customers with a Payoneer Account that have on average over $500 per month in volume and were active over the trailing twelve-month period.
    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.

    "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 $80 billion dollars. B2B volume growth was particularly strong, growing 42% year-over-year.
    • 8% ICP growth year-over-year. Volume and revenue from $10K+ ICPs both increased by over 20% 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 increased 21% year over year.
    • $7.0 billion of customer funds (including both short-term and long-term funds) as of December 31, 2024, up 9% year-over-year.
    • Implemented actions to reduce future sensitivity to interest rate fluctuations with $1.8 billion 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 $1.9 billion in funds to provide a floor against interest rate declines below 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.
    • $137 million of share repurchases at a weighted average price of $5.50 and repurchased and redeemed all 25 million outstanding public warrants for $21 million.
    • In February 2025, announced that we had received the regulatory approvals in China required to complete our previously announced acquisition of a licensed China-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 $3.0 billion increased 37% year-over-year, driven by continued strong customer acquisition and increased average transaction sizes.
      • SMBs that sell on marketplaces volume of $13.4 billion increased 14% year-over-year led by strong performance with large ecommerce sellers.
      • Merchant Services (Checkout) volume of $218 million increased 114% year-over-year.
      • Enterprise payouts volume of $5.9 billion increased 17% year-over-year.
    • Record $1.5 billion of spend on Payoneer cards, up 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 $5.2 billion increased 36% year-over-year.

    2025 Guidance

    "Payoneer delivered record revenue and profitability in 2024. We achieved 20% growth in revenue excluding interest income and delivered three consecutive quarters of positive adjusted EBITDA excluding interest income.

     

    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:

     

     

     

     

     

     

     

    Revenue

    $1,040 million - $1,050 million

     

     

     

     

    Transaction costs

    ~18.0% of revenue

     

     

     

     

    Adjusted EBITDA (1)

    $255 million to $265 million

     

     

     

     

     

     

     

     

    (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 Middle East, and other economic, business and/or competitive factors, such as trade policies (including tariffs); (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, 2024 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 United States generally accepted accounting principles ("GAAP"). Payoneer uses these non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.

    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
    (U.S. dollars in thousands, except share and per share data)
     
    (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 $1,399, $1,781, and $1,491 interest expense and fees associated with related party transactions in 2024, 2023, and 2022 respectively.)

    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 South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.

    (Unaudited)

    Three months ended

    December 31,
    Year ended

    December 31,

    2024

     

    2023

     

    2024

     

    2023

    Primary regional markets
    Greater China(1) $

    89,938

    $

    80,244

    $

    340,846

    $

    287,944

    Europe, Middle East, and Africa(2)

    65,312

    59,878

    253,096

    225,703

    Asia-Pacific(2)

    52,628

    40,116

    186,582

    142,737

    North America(3)

    25,898

    23,499

    96,868

    97,434

    Latin America(2)

    27,963

    20,583

    100,324

    77,285

    Total revenues $

    261,739

    $

    224,320

    $

    977,716

    $

    831,103

    1. Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.
    2. No single country included in any of these regions generated more than 10% of total revenue.
    3. The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $28,194 and $22,452 during the three months ended December 31, 2024 and 2023, and $95,794 and $93,371 during the years ended December 31, 2024 and 2023, respectively.
    TABLE - 2
    PAYONEER GLOBAL INC.
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)
    (U.S. dollars in thousands)
     
    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

    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 2024 include $1.8 million in non-recurring fair value adjustment of the Skuad contingent consideration liability.
    3. 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.
    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 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
    (U.S. dollars in thousands, except share and per share data)
     
    (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
    (U.S. dollars in thousands, except share and per share data)
    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 $382 in 2024 and $385 in 2023)

    11,937

     

    7,980

     

    Capital advance receivables (net of allowance of $4,955 in 2024 and $5,059 in 2023)

    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, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at December 31, 2024 and December 31, 2023.

    —

     

    —

     

    Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 395,965,588 and 368,655,185 shares issued and 360,093,249 and 357,590,493 shares outstanding at December 31, 2024 and December 31, 2023, respectively.

    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
    (U.S. dollars in thousands)
     
    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

    [email protected]



    Media Contact:

    Alison Dahlman

    [email protected]

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