Payoneer Global Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed consolidated statements of cash flows (Unaudited)
U.S. DOLLARS IN THOUSANDS
| | | | | | | |
|---|---|---|---|---|---|---|
| | Three months ended | |||||
| · · March 31, | ||||||
| · · 2024 · · 2023 | ||||||
| Cash Flows from Operating Activities · · | ||||||
| Net income | | $28,974 | | $7,938 | ||
| Adjustment to reconcile net income to net cash provided by operating activities: | | | | |||
| Depreciation and amortization | | 9,408 | | 6,039 | ||
| Deferred taxes | | (1,397) | | 1,806 | ||
| Stock-based compensation expenses | | 15,077 | | 16,927 | ||
| Loss (gain) from change in fair value of Warrants | | | (1,761) | | | 252 |
| Foreign currency re-measurement loss (gain) | | 1,541 | | (416) | ||
| Changes in operating assets and liabilities: | | | | | ||
| Other current assets | | (11) | | (8,159) | ||
| Trade payables | | 1,465 | | (10,090) | ||
| Deferred revenue | | (28) | | 323 | ||
| Accounts receivable, net | | 756 | | 2,047 | ||
| Capital advance extended to customers | | (80,173) | | (71,184) | ||
| Capital advance collected from customers | | 73,533 | | 66,266 | ||
| Other payables | | (12,528) | | (10,414) | ||
| Other long-term liabilities | | 2,669 | | (635) | ||
| Operating lease right-of-use assets | | 2,287 | | 2,335 | ||
| Interest and amortization of discount on investments | | | (474) | | | — |
| Other assets | | 172 | | 867 | ||
| Net cash provided by operating activities | | 39,510 | | 3,902 | ||
| | | | | | | |
| Cash Flows from Investing Activities | | | ||||
| Purchase of property, equipment and software | | (1,616) | | (1,764) | ||
| Capitalization of internal use software | | (14,055) | | (7,588) | ||
| Severance pay fund distributions, net | | 19 | | 23 | ||
| Customer funds in transit, net | | 154 | | (53,628) | ||
| Purchases of investments in available-for-sale debt securities | | | (118,649) | | | — |
| Maturities and sales of investments in available-for-sale debt securities | | | 20,000 | | | — |
| Net cash inflow from acquisition of remaining interest in joint venture | | | — | | | 5,953 |
| Net cash used in investing activities | | (114,147) | | (57,004) | ||
| | | | | | | |
| 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 | | 3,432 | | 5,865 | ||
| Outstanding operating balances, net | | (469,602) | | (371,338) | ||
| Borrowings under related party facility (Refer to Notes 11 and 20 for further information) | | | 5,378 | | | 9,842 |
| Repayments under related party facility (Refer to Notes 11 and 20 for further information) | | | (9,360) | | | (8,859) |
| Common stock repurchased | | | (50,961) | | | — |
| Net cash used in financing activities | | (521,113) | | (364,490) | ||
| | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | (1,541) | | 515 | ||
| | | | | | | |
| Net change in cash, cash equivalents, restricted cash and customer funds | | (597,291) | | (417,077) | ||
| 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 | | $6,421,076 | | $5,969,643 | ||
| Supplemental information of investing and financing activities not involving cash flows: | | | | |||
| Property, equipment, and software acquired but not paid | | $700 | | $400 | ||
| Internal use software capitalized but not paid | | $5,216 | | $2,609 | ||
| Common stock repurchased but not paid | | $1,699 | | $— | ||
| Right of use assets obtained in exchange for new operating lease liabilities | | $— | | $2,298 | ||
The accompanying notes are an integral part of the condensed consolidated financial statements**(Unaudited).**
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
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 condensed consolidated statements of cash flows:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · As of March 31, | ||||||
| · 2024 · 2023 | ||||||
| Cash and cash equivalents | | $587,180 | | $544,542 | ||
| Current restricted cash | | | 7,907 | | | 9,525 |
| Non-current restricted cash | | 6,025 | | 4,851 | ||
| Customer funds | | 5,920,924 | | 5,467,274 | ||
| Less: Customer funds in transit | | | (1,837) | | | (56,549) |
| Less: Customer funds invested in available-for-sale debt securities | | | (99,123) | | | — |
| Net customer funds shown in the condensed consolidated statements of cash flows | | | 5,819,964 | | | 5,410,725 |
| Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows | | $6,421,076 | | $5,969,643 | ||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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