Payoneer Global Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
PAYO$7.16+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated statements of cash flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. DOLLARS IN THOUSANDS
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year ended December 31, | |||||||||
| · · 2025 · · 2024 · · 2023 | |||||||||
| Cash Flows from Operating Activities · · · · · · | |||||||||
| Net income | | $73,192 | | $121,163 | | $93,333 | |||
| Adjustment to reconcile net income to net cash provided by operating activities: | | | | | | | |||
| Depreciation and amortization | | 65,625 | | 47,296 | | 27,814 | |||
| Deferred taxes | | (17,405) | | (22,616) | | (11,122) | |||
| Stock-based compensation expenses | | 73,104 | | 64,787 | | 65,767 | |||
| Gain from change in fair value of Warrants | | | — | | | (2,767) | | | (17,359) |
| Loss on Warrant repurchase/redemption | | | — | | | 14,746 | | | — |
| Interest on certificate of deposits | | | (13,370) | | | (11,442) | | | — |
| Interest and amortization of discount on investments | | | 1,180 | | | (8,577) | | | — |
| Foreign currency re-measurement (gain) loss | | (5,031) | | 3,522 | | (4,359) | |||
| Changes in operating assets and liabilities, net of the effects of business combinations: | | | | | | | |||
| Other current assets | | 4,357 | | (42,872) | | (4,310) | |||
| Trade payables | | 7,868 | | 1,127 | | (8,326) | |||
| Deferred revenue | | 1,060 | | 2,039 | | 1,348 | |||
| Accounts receivable, net | | 1,534 | | 337 | | 4,898 | |||
| Capital advance extended to customers | | (313,264) | | (329,512) | | (299,139) | |||
| Capital advance collected from customers | | 325,841 | | 318,763 | | 290,801 | |||
| Other payables | | (797) | | 3,967 | | 13,619 | |||
| Other long-term liabilities | | 18,060 | | 6,358 | | 232 | |||
| Operating lease right-of-use assets | | | 10,995 | | | 14,068 | | | 10,248 |
| Other assets | | 540 | | (3,462) | | (3,956) | |||
| Net cash provided by operating activities | | $233,489 | | $176,925 | | $159,489 | |||
| | | | | | | | | | |
| Cash Flows from Investing Activities | | | | | | | |||
| Purchase of property, equipment and software | | (26,874) | | (8,189) | | (8,459) | |||
| Capitalization of internal use software | | (60,855) | | (52,203) | | (39,333) | |||
| Related party asset acquisition | | | — | | | — | | | (3,600) |
| Severance pay fund distributions, net | | (99) | | 83 | | 255 | |||
| Customer funds in transit, net | | (38,683) | | (50,768) | | 930 | |||
| Investments in interest rate derivatives | | | (15,950) | | | (35,200) | | | — |
| Purchases of investments in available-for-sale debt securities | | | (446,303) | | | (1,443,772) | | | — |
| Maturities of investments in available-for-sale debt securities | | | 328,500 | | | 277,000 | | | — |
| Purchases of investments in term deposits | | | — | | | (600,000) | | | — |
| Maturities of investments in term deposits | | | 75,000 | | | — | | | — |
| Cash paid in connection with acquisition, net of cash and customer funds acquired (Refer to Note 3 for further information) | | | (33,081) | | | (48,218) | | | — |
| Net cash inflow from acquisition of remaining interest in joint venture | | — | | — | | 5,953 | |||
| Net cash used in investing activities | | $(218,345) | | $(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 | | 714 | | 21,119 | | 13,203 | |||
| Outstanding operating balances, net | | 908,251 | | 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 | | | 126,060 | | | 37,890 | | | — |
| Payments of collateral on interest rate derivatives | | | (117,590) | | | (19,100) | | | — |
| Consideration related to previous acquisitions | | | (4,461) | | | — | | | — |
| Warrant repurchase/redemption (Refer to Note 17 for further information) | | | — | | | (19,834) | | | — |
| Payment on exercise of warrants | | | (1,332) | | | — | | | — |
| Common stock repurchased | | | (173,601) | | | (137,513) | | | (55,436) |
| Net cash provided by financing activities | | $738,041 | | $427,773 | | $511,954 | |||
| | | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | $5,312 | | $(3,588) | | $4,458 | |||
| | | | | | | | | | |
| Net change in cash, cash equivalents, restricted cash and customer funds | | 758,497 | | (1,360,157) | | 631,647 | |||
| Cash, cash equivalents, restricted cash and customer funds at beginning of year | | 5,658,210 | | 7,018,367 | | 6,386,720 | |||
| Cash, cash equivalents, restricted cash and customer funds at end of year | | $6,416,707 | | $5,658,210 | | $7,018,367 | |||
| Supplemental disclosure of cash flow information: | | | | | | | |||
| 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 | | $453 | | $1,530 | | $810 | |||
| Internal use software capitalized but not paid | | $7,814 | | $7,108 | | $10,159 | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | | $51,305 | | $8,617 | | $19,842 | |||
| Common stock repurchased but not paid, net of excise tax | | $2,317 | | $775 | | $1,500 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. DOLLARS IN THOUSANDS
The following table reconciles cash, cash equivalents, restricted cash and customer funds as reported in the consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · As of December 31, | |||||||||
| · · 2025 · · 2024 · · 2023 | |||||||||
| Cash and cash equivalents | | $415,537 | | $497,467 | | $617,022 | |||
| Current restricted cash | | 6,090 | | 6,633 | | 7,030 | |||
| Non-current restricted cash | | | 23,604 | | | 17,653 | | | 5,780 |
| Customer funds | | | | | | | | | |
| Current customer funds | | | 7,544,541 | | | 6,439,153 | | | 6,390,526 |
| Non-current customer funds | | | 350,000 | | | 525,000 | | | — |
| Customer funds shown in the consolidated balance sheets | | | 7,894,541 | | | 6,964,153 | | | 6,390,526 |
| Less: Customer funds in transit | | | (91,442) | | | (52,759) | | | (1,991) |
| Less: Customer funds invested in available-for-sale debt securities | | | (1,306,623) | | | (1,174,937) | | | — |
| Less: Customer funds invested in term deposits | | | (525,000) | | | (600,000) | | | — |
| Net customer funds shown in the consolidated statements of cash flows | | 5,971,476 | | 5,136,457 | | 6,388,535 | |||
| Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows | | $6,416,707 | | $5,658,210 | | $7,018,367 | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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