Business
Payoneer Reports Second Quarter 2023 Financial Results
Record quarterly revenue, up 40% year-over-year Significantly expanding profitability while investing for near- and long-term growth Announces an agreement
About this update from Payoneer Global Inc.
[{"type":"text","content":"\nRecord quarterly revenue, up 40% year-over-year\n\n\nSignificantly expanding profitability while investing for near- and long-term growth\n\n\nAnnounces an agreement to acquire a licensed China-based payment service provider\n\n\n NEW YORK--(BUSINESS WIRE)--\nPayoneer Global Inc. (“Payoneer” or the “Company”) (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium sized businesses to transact, do business and grow globally, today reported financial results for its second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\n\n\n\n\n\n\n\n \n\n\n($ in mm)\n\n2Q 2022\n\n\n\n\n\n\n3Q 2022\n\n\n\n\n\n\n4Q 2022\n\n\n\n\n\n\n1Q 2023\n\n\n\n\n\n\n2Q 2023\n\n\n\n\n\n\nYoYChange\n\n\nRevenue\n\n$148.2\n\n\n\n\n\n\n$158.9\n\n\n\n\n\n\n$183.6\n\n\n\n\n\n\n$192.0\n\n\n\n\n\n\n$206.7\n\n\n\n\n\n\n\n40%\n\n\n\n\n\n\n\nTransaction costs as a % of revenue\n\n17.7%\n\n\n\n\n\n\n17.6%\n\n\n\n\n\n\n16.6%\n\n\n\n\n\n\n14.1%\n\n\n\n\n\n\n13.8%\n\n\n\n\n\n\n(390 bps)\n\n\nRevenue less transaction costs\n\n$122.0\n\n\n\n\n\n\n$130.9\n\n\n\n\n\n\n$153.2\n\n\n\n\n\n\n$164.9\n\n\n\n\n\n\n$178.2\n\n\n\n\n\n\n\n46%\n\n\n\n\n\n\n\nNet income (loss)\n\n4.4\n\n\n\n\n\n\n(26.5)\n\n\n\n\n\n\n(10.2)\n\n\n\n\n\n\n7.9\n\n\n\n\n\n\n45.5\n\n\n\n\n\n\n\n930%\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n14.7\n\n\n\n\n\n\n12.7\n\n\n\n\n\n\n10.6\n\n\n\n\n\n\n38.8\n\n\n\n\n\n\n56.0\n\n\n\n\n\n\n\n280%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOperational Metrics\n\n\n\n\n\n\n\n\n\nActive Ideal Customer Profiles (ICPs) ('000s)1\n\n467\n\n\n\n\n\n\n479\n\n\n\n\n\n\n488\n\n\n\n\n\n\n491\n\n\n\n\n\n\n495\n\n\n\n\n\n\n\n6%\n\n\n\n\n\n\n\nVolume ($bn)\n\n$14.6\n\n\n\n\n\n\n$15.1\n\n\n\n\n\n\n$16.9\n\n\n\n\n\n\n$15.7\n\n\n\n\n\n\n$15.8\n\n\n\n\n\n\n\n8%\n\n\n\n\n\n\n\nRevenue as a % of volume (\"Take Rate\")\n101 bps\n105 bps\n109 bps\n122 bps\n131 bps\n\n30 bps\n\n\n\nActive ICPs are defined as customers with a Payoneer Account that have on average over $500 a month in volume and were active over the trailing twelve-month period.\n\n\n\n“Payoneer delivers a broad suite of payment and financial services to emerging market SMBs,” said John Caplan, Chief Executive Officer of Payoneer. “Our customers use Payoneer as the easiest, most reliable way to connect into the global economy and manage their international financial activity acros...