Payoneer Global Inc

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

PAYO$7.16+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated statements of cash flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. DOLLARS IN THOUSANDS


· · Year ended December 31
· 2023 · 2022 · 2021
Cash Flows from Operating Activities · · ·
Net income (loss)	$93,333	$(11,970)	$(33,987)
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27,814	20,858	17,997
Deferred taxes	(11,122)	731	(1,216)
Stock-based compensation expenses	65,767	52,149	37,012
Share in losses of associated company	—	2	37
Gain from change in fair value of Warrants	(17,359)	(33,963)	(11,824)
Transaction costs allocated to Warrants	—	—	5,087
Foreign currency re-measurement (income) loss	(4,359)	2,752	1,103
Changes in operating assets and liabilities, net of the effects of business combinations:
Other current assets	(4,310)	(11,421)	(14,694)
Trade payables	(8,326)	24,284	469
Deferred revenue	1,348	224	(432)
Accounts receivable, net	4,898	964	3,933
Capital advance extended to customers	(299,139)	(223,819)	(330,510)
Capital advance collected from customers	290,801	237,834	342,930
Other payables	13,619	16,608	691
Other long-term liabilities	232	(3,480)	(4,775)
Operating lease right-of-use assets	10,248	10,686	9,525
Other assets	(3,956)	1,521	(1,331)
Net cash provided by operating activities	$159,489	$83,960	$20,015

Cash Flows from Investing Activities
Purchase of property, equipment and software	(8,459)	(10,504)	(6,891)
Capitalization of internal use software	(39,333)	(18,329)	(14,008)
Related party asset acquisition (Refer to Notes 7 and 22 for further information)	(3,600)	—	—
Severance pay fund (contributions) distributions, net	255	628	(99)
Customer funds in transit, net	930	33,939	31,154
Net cash inflow from acquisition of remaining interest in joint venture (Refer to Note 8 for further information)	5,953	—	—
Net cash provided by (used in) investing activities	$(44,254)	$5,734	$10,156

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	13,203	21,346	19,000
Outstanding operating balances, net	551,914	1,437,358	1,054,530
Borrowings under related party facility (Refer to Notes 11 and 22 for further information)	26,855	29,363	17,431
Repayments under related party facility (Refer to Notes 11 and 22 for further information)	(24,582)	(26,755)	(3,766)
Repayments under loan and security agreement	—	—	(40,025)
Redemption of redeemable preferred stock	—	—	(39,803)
Proceeds from Reverse Recapitalization, net	—	—	108,643
Proceeds from PIPE financing, net	—	—	280,185
Common stock repurchased	(55,436)	—	—
Net cash provided by financing activities	$511,954	$1,461,312	$1,396,195

Effect of exchange rate changes on cash and cash equivalents	$4,458	$(2,719)	$(1,222)

Net change in cash, cash equivalents, restricted cash and customer funds	631,647	1,548,287	1,425,144
Cash, cash equivalents, restricted cash and customer funds at beginning of year	6,386,720	4,838,433	3,413,289
Cash, cash equivalents, restricted cash and customer funds at end of year	$7,018,367	$6,386,720	$4,838,433
Supplemental disclosure of cash flow information:
Cash paid for taxes, net of refunds	$40,910	$9,425	$3,689
Cash interest paid	$1,767	$1,466	$1,919
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	$810	$109	$20
Internal use software capitalized but not paid	$10,159	$4,392	$1,560
Right-of-use assets obtained in exchange for new operating lease liabilities	$19,842	$13,003	$3,188
Common stock repurchased but not paid	$1,500	$—	$—
Conversion of redeemable convertible preferred stock into Common Stock	$—	$—	$154,800

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. DOLLARS IN THOUSANDS

The below 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,
· 2023 · 2022 · 2021
Cash and cash equivalents	$617,022	$543,299	$465,926
Current restricted cash	7,030	2,882	3,000
Non-current restricted cash	5,780	4,848	5,113
Customer funds(1)	6,388,535	5,835,691	4,364,394
Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows	$7,018,367	$6,386,720	$4,838,433

(1)Excludes $1,991, $2,921 and $36,860 of customer funds in transit as of December 31, 2023, 2022 and 2021, respectively.

Supplemental schedule about Reverse Recapitalization during the year ended December 31, 2021

· · ·
Cash held by FTOC and cash related to FTOC trust, net of redemptions		$574,961
Less cash consideration paid to Legacy Payoneer Shareholders		398,201
Less cash paid associated with transaction costs allocated to Reverse Recapitalization		68,117
Reverse Recapitalization financing		108,643
Cash related to PIPE		300,000
Less cash paid associated with transaction costs allocated to PIPE		19,815
PIPE financing		280,185
Net contributions from Reverse Recapitalization and PIPE financing		$388,828

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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