Business
Payoneer Announces First Quarter 2022 Financial Results
Q1 2022 Revenue Growth of 36% Driven by Growth in Higher Value Services Raises Full Year 2022 Revenue and Adjusted EBITDA Guidance NEW YORK--(BUSINESS
About this update from Payoneer Global Inc.
[{"type":"text","content":"\nQ1 2022 Revenue Growth of 36% Driven by Growth in Higher Value Services\nRaises Full Year 2022 Revenue and Adjusted EBITDA Guidance\n\n NEW YORK--(BUSINESS WIRE)--\nPayoneer Global Inc. (“Payoneer”) (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, today reported financial results for its first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Financial Highlights\n\n\nRevenue increased 36% to $137.0 million, compared to $100.6 million in Q1 2021.\n\n\nTransaction costs as a percentage of revenue decreased to 18.7% from 20.0% in Q1 2021.\n\n\nRevenue less transaction costs increased 38% to $111.4 million from $80.5 million in Q1 2021.\n\n\nNet income of $20.2 million compared to a net loss of $3.5 million in Q1 2021.\n\n\nAdjusted EBITDA of $10.4 million, compared to $7.8 million in Q1 2021.\n\n\nOperational Metrics\n\n\nVolume increased 10% to $14.6 billion, compared to $13.3 billion in Q1 2021.\n\n\nRevenue as a percentage of volume (“Take Rate”) increased to 94 basis points from 75 basis points in Q1 2021.\n\n\n\n\n“Payoneer had a very strong first quarter, delivering revenues and adjusted EBITDA well ahead of our expectations, driven by increased adoption of higher value services and strong customer acquisition,” said Scott Galit, Chief Executive Officer of Payoneer. “We plan to continue investing in our product and geographic expansion as we see tremendous untapped potential in developing markets globally. Our go-to-market investments are delivering strong results with new customer payback period globally of less than 12 months. B2B AP/AR continues to be a highlight as volume grew approximately 58%, with a two-year CAGR of over 90%. B2B AP/AR now represents 11% of our volume, up from 8% a year ago and we are still in the very early stages of penetrating this multi-trillion-dollar B2B AP/AR market. Given our strong market position, financial performance, brand, momentum and large market opportunities, I remain optimistic about our future.”\n\nFirst Quarter 2022 Business Highlights\n\nThe Company had several significant achievements in the quarter, reinforcing conviction in its investment strategy and ability to drive growth across geographies and higher value services.\n\n\nYear over year revenue growth of over 50% across its portfolio of developing markets, which in...