Payoneer Global Inc

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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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.

FY2024 · Filed Feb 27, 2025

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,
· 2024 · 2023 · 2022
Cash Flows from Operating Activities · · ·
Net income (loss)	$121,163	$93,333	$(11,970)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	47,296	27,814	20,858
Deferred taxes	(22,616)	(11,122)	731
Stock-based compensation expenses	64,787	65,767	52,149
Share in losses of associated company	—	—	2
Gain from change in fair value of Warrants	(2,767)	(17,359)	(33,963)
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)	2,752
Changes in operating assets and liabilities, net of the effects of business combinations:
Other current assets	(44,821)	(4,310)	(11,421)
Trade payables	1,127	(8,326)	24,284
Deferred revenue	2,039	1,348	224
Accounts receivable, net	337	4,898	964
Capital advance extended to customers	(329,512)	(299,139)	(223,819)
Capital advance collected from customers	318,763	290,801	237,834
Other payables	3,967	13,619	16,608
Other long-term liabilities	6,358	232	(3,480)
Operating lease right-of-use assets	14,068	10,248	10,686
Other assets	(12,955)	(3,956)	1,521
Net cash provided by operating activities	$176,925	$159,489	$83,960

Cash Flows from Investing Activities
Purchase of property, equipment and software	(8,189)	(8,459)	(10,504)
Capitalization of internal use software	(52,203)	(39,333)	(18,329)
Related party asset acquisition	—	(3,600)	—
Severance pay fund distributions, net	83	255	628
Customer funds in transit, net	(50,768)	930	33,939
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 (Refer to Note 3 for further information)	(48,218)	—	—
Net cash inflow from acquisition of remaining interest in joint venture	—	5,953	—
Net cash provided by (used in) investing activities	$(1,961,267)	$(44,254)	$5,734

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	21,346
Outstanding operating balances, net	563,622	551,914	1,437,358
Borrowings under related party facility (Refer to Notes 14 and 26 for further information)	15,120	26,855	29,363
Repayments under related party facility (Refer to Notes 14 and 26 for further information)	(33,531)	(24,582)	(26,755)
Receipts of collateral on interest rate derivatives	37,890	—	—
Payments of collateral on interest rate derivatives	(19,100)	—	—
Warrant repurchase/redemption (Refer to Note 18 for further information)	(19,834)	—	—
Common stock repurchased	(137,513)	(55,436)	—
Net cash provided by financing activities	$427,773	$511,954	$1,461,312

Effect of exchange rate changes on cash and cash equivalents	$(3,588)	$4,458	$(2,719)

Net change in cash, cash equivalents, restricted cash and customer funds	(1,360,157)	631,647	1,548,287
Cash, cash equivalents, restricted cash and customer funds at beginning of year	7,018,367	6,386,720	4,838,433
Cash, cash equivalents, restricted cash and customer funds at end of year	$5,658,210	$7,018,367	$6,386,720
Supplemental disclosure of cash flow information:
Cash paid for taxes, net of refunds	$52,320	$40,910	$9,425
Cash interest paid	$1,399	$1,767	$1,466
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	$1,530	$810	$109
Internal use software capitalized but not paid	$7,108	$10,159	$4,392
Right-of-use assets obtained in exchange for new operating lease liabilities	$8,617	$19,842	$13,003
Common stock repurchased but not paid	$775	$1,500	$—

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,
· 2024 · 2023 · 2022
Cash and cash equivalents	$497,467	$617,022	$543,299
Current restricted cash	6,633	7,030	2,882
Non-current restricted cash	17,653	5,780	4,848
Customer funds
Current customer funds	6,439,153	6,390,526	5,838,612
Non-current customer funds	525,000	—	—
Customer funds shown in the consolidated balance sheets	6,964,153	6,390,526	5,838,612
Less: Customer funds in transit	(52,759)	(1,991)	(2,921)
Less: Customer funds invested in available-for-sale debt securities	(1,174,937)	—	—
Less: Customer funds invested in term deposits	(600,000)	—	—
Net customer funds shown in the consolidated statements of cash flows	5,136,457	6,388,535	5,835,691
Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows	$5,658,210	$7,018,367	$6,386,720

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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