Payoneer Global Inc
For the period ended Sep 30, 2024. Filed Nov 5, 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.
Sep 30, 2024 · Filed Nov 5, 2024
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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Condensed consolidated statements of cash flows (Unaudited)
U.S. DOLLARS IN THOUSANDS
| | | | | | | |
|---|---|---|---|---|---|---|
| | 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 (refer to Note 3 for further information) | | | (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 (Refer to Notes 12 and 21 for further information) | | | 15,120 | | | 19,309 |
| Repayments under related party facility (Refer to Notes 12 and 21 for further information) | | | (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 | ||
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 September 30, | ||||||
| · 2024 · 2023 | ||||||
| Cash and cash equivalents | | $534,170 | | $590,565 | ||
| Current restricted cash | | | 4,994 | | | 2,872 |
| Non-current restricted cash | | 16,848 | | 6,518 | ||
| Current customer funds | | | 5,560,767 | | | 5,370,466 |
| Non-current customer funds | | | 525,000 | | | — |
| Customer funds shown in the condensed consolidated balance sheets | | 6,085,767 | | 5,370,466 | ||
| Less: Customer funds in transit | | | (82,088) | | | (23,521) |
| Less: Customer funds invested in available-for-sale debt securities | | | (1,061,214) | | | — |
| Less: Customer funds invested in term deposits | | | (600,000) | | | — |
| Net customer funds shown in the condensed consolidated statements of cash flows | | | 4,342,465 | | | 5,346,945 |
| Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows | | $4,898,477 | | $5,946,900 | ||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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