$PAYO

Payoneer Global Inc.

CIK:0001845815|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues	$ 274,258	$ 260,614	$ 535,853	$ 507,231
Transaction costs	37,682	40,566	72,884	79,915
Other operating expenses	41,260	42,703	81,271	84,361
Research and development expenses	46,968	37,387	90,294	74,658
Sales and marketing expenses	61,770	57,312	119,882	112,038
General and administrative expenses	48,421	37,016	84,428	66,920
Depreciation and amortization	21,224	15,553	40,140	29,943
Total operating expenses	257,325	230,537	488,899	447,835
Operating income	16,933	30,077	46,954	59,396
Financial expense:
Other financial expense, net	10,622	227	11,434	1,777
Financial expense, net	10,622	227	11,434	1,777
Income before income taxes	6,311	29,850	35,520	57,619
Income taxes	8,747	10,370	18,388	17,562
Net income (loss)	(2,436)	19,480	17,132	40,057
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale debt securities, net	(8,104)	2,565	(16,455)	9,804
Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net	1,773	(569)	3,675	(2,174)
Unrealized gain (loss) on cash flow hedges, net	927	5,932	(1,357)	4,145
Tax benefit (expense) on unrealized gain (loss) on cash flow hedges, net	(177)	(1,135)	269	(808)
Unrealized gain (loss) on interest rate floor, net	(8,231)	2,117	(6,077)	8,138
Tax benefit (expense) on unrealized gain (loss) on interest rate floor, net	1,800	(469)	1,187	(1,745)
Foreign currency translation adjustments	(166)	66	(277)	(103)
Other comprehensive income (loss)	(12,178)	8,507	(19,035)	17,257
Comprehensive income (loss)	$ (14,614)	$ 27,987	$ (1,903)	$ 57,314
Per Share Data
Net income (loss) per share attributable to common stockholders - Basic earnings per share (in dollars per share)	$ (0.01)	$ 0.05	$ 0.05	$ 0.11
- Diluted earnings per share (in dollars per share)	$ (0.01)	$ 0.05	$ 0.05	$ 0.1
Weighted average common shares outstanding - Basic (in shares)	337,465,576	368,770,598	341,386,711	368,185,088
Weighted average common shares outstanding - Diluted (in shares)	337,465,576	380,632,789	348,024,538	385,250,558

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 17,132	$ 40,057
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40,140	29,943
Deferred taxes	(2,651)	(7,957)
Stock-based compensation expenses	37,999	38,814
Interest on certificate of deposits	(3,559)	(9,386)
Interest and amortization of premium/discount on investments	2,624	(2,560)
Net realized (gains) losses on derivative instruments	(2,752)	664
Foreign currency re-measurement (gain) loss	1,014	(5,840)
Changes in operating assets and liabilities:
Other current assets	6,986	9,388
Trade payables	1,930	5,943
Deferred revenue	4,696	211
Accounts receivable, net	(2,811)	(1,958)
Capital advance extended to customers	(134,730)	(167,223)
Capital advance collected from customers	141,514	191,655
Other payables	(4,152)	(10,918)
Other long-term liabilities	3,562	3,571
Operating lease right-of-use assets	5,404	5,777
Other assets	664	4,220
Net cash provided by operating activities	113,010	124,401
Cash Flows from Investing Activities
Purchase of property, equipment and software	(21,116)	(7,304)
Capitalization of internal use software	(34,742)	(29,993)
Severance pay fund distributions, net	(38)	(40)
Customer funds in transit, net	53,049	(45,619)
Purchases of investments in available-for-sale debt securities	(217,374)	(272,974)
Maturities of investments in available-for-sale debt securities	195,000	180,500
Settlement of cash flow hedges	7,077
Maturities of investments in term deposits	75,000	75,000
Cash paid in connection with acquisition, net of cash acquired (refer to Note 3 for further information)	(6,479)	(33,081)
Net cash provided by (used in) investing activities	50,377	(133,511)
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	3,800	(2,183)
Outstanding operating balances, net	(149,447)	47,549
Receipts of collateral on interest rate derivatives	41,670	68,130
Payments of collateral on interest rate derivatives	(52,470)	(61,500)
Consideration related to previous acquisitions	(6,519)
Common stock repurchased	(92,670)	(49,756)
Net cash provided by (used in) financing activities	(255,636)	2,240
Effect of exchange rate changes on cash and cash equivalents	(1,148)	6,045
Net change in cash, cash equivalents, restricted cash and customer funds	(93,397)	(825)
Cash, cash equivalents, restricted cash and customer funds at beginning of period	6,416,707	5,658,210
Cash, cash equivalents, restricted cash and customer funds at end of period	6,323,310	5,657,385
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	1,955	142
Internal use software capitalized but not paid	8,513	5,229
Common stock repurchased but not paid		700
Right of use assets obtained in exchange for new operating lease liabilities	$ 2,330	$ 28,614

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 346,320	$ 415,537
Restricted cash	4,717	6,090
Customer funds	7,472,749	7,544,541
Accounts receivable (net of allowance of $1,032 and $501 at June 30, 2026 and December 31, 2025, respectively)	13,258	10,412
Capital advance receivables (net of allowance of $3,477 and $3,953 at June 30, 2026 and December 31, 2025, respectively)	36,881	43,665
Other current assets	86,539	90,671
Total current assets	7,960,464	8,110,916
Non-current assets:
Property, equipment and software, net	46,624	32,437
Goodwill	86,136	77,785
Intangible assets, net	215,404	208,053
Customer funds	275,000	350,000
Restricted cash	22,834	23,604
Deferred tax assets, net	65,153	56,898
Severance pay fund	894	856
Operating lease right-of-use assets	61,485	62,257
Other assets	30,952	33,783
Total assets	8,764,946	8,956,589
Current liabilities:
Trade payables	50,812	44,611
Outstanding operating balances	7,747,749	7,894,541
Other payables	138,878	144,568
Total current liabilities	7,937,439	8,083,720
Non-current liabilities:
Deferred tax liabilities, net	25,405	25,051
Other long-term liabilities	148,572	143,391
Total liabilities	8,111,416	8,252,162
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at June 30, 2026 and December 31, 2025.
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 419,411,249 and 411,826,086 shares issued and 338,723,544 and 348,704,315 shares outstanding at June 30, 2026 and December 31, 2025, respectively.	4,194	4,118
Treasury stock at cost, 80,687,705 and 63,121,771 shares as of June 30, 2026 and December 31, 2025, respectively.	(459,220)	(368,867)
Additional paid-in capital	937,577	896,294
Accumulated other comprehensive loss	(25,312)	(6,277)
Retained earnings	196,291	179,159
Total shareholders' equity	653,530	704,427
Total liabilities and shareholders' equity	$ 8,764,946	$ 8,956,589