Payoneer Global Inc. Files Q2 2024 10-Q
Ticker: PAYO · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1845815
Sentiment: neutral
Topics: 10-Q, financials, SEC filing
TL;DR
Payoneer's Q2 10-Q is in: check financials for latest performance.
AI Summary
Payoneer Global Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented, including balance sheet items and changes in equity.
Why It Matters
This filing provides investors with a detailed look at Payoneer's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and market conditions can present varying levels of risk.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
- 2024-08-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Payoneer Global Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240807 (date) — Filing date
- New Starship Parent, Inc. (company) — Former company name
FAQ
What is the primary purpose of this 10-Q filing?
This 10-Q filing provides a comprehensive overview of Payoneer Global Inc.'s financial performance and position for the fiscal quarter ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What was Payoneer Global Inc.'s former company name?
Payoneer Global Inc.'s former company name was New Starship Parent, Inc.
What is the fiscal year end for Payoneer Global Inc.?
The fiscal year end for Payoneer Global Inc. is December 31.
What is the Central Index Key (CIK) for Payoneer Global Inc.?
The Central Index Key (CIK) for Payoneer Global Inc. is 0001845815.
Filing Stats: 4,411 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-08-07 16:05:43
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share PAYO The Nasdaq Stock Mar
- $11.50 — 0.01 par value, at an exercise price of $11.50 per share PAYOW The Nasdaq Stock Ma
Filing Documents
- payo-20240630x10q.htm (10-Q) — 1976KB
- payo-20240630xex3d1.htm (EX-3.1) — 92KB
- payo-20240630xex10d1.htm (EX-10.1) — 140KB
- payo-20240630xex10d2.htm (EX-10.2) — 16KB
- payo-20240630xex31d1.htm (EX-31.1) — 13KB
- payo-20240630xex31d2.htm (EX-31.2) — 13KB
- payo-20240630xex32d1.htm (EX-32.1) — 7KB
- payo-20240630xex32d2.htm (EX-32.2) — 6KB
- payo-20240630x10q001.jpg (GRAPHIC) — 13KB
- payo-20240630xex10d2001.jpg (GRAPHIC) — 4KB
- 0001558370-24-011345.txt ( ) — 9138KB
- payo-20240630.xsd (EX-101.SCH) — 65KB
- payo-20240630_cal.xml (EX-101.CAL) — 79KB
- payo-20240630_def.xml (EX-101.DEF) — 227KB
- payo-20240630_lab.xml (EX-101.LAB) — 525KB
- payo-20240630_pre.xml (EX-101.PRE) — 381KB
- payo-20240630x10q_htm.xml (XML) — 1638KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 4
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 4 Condensed consolidated balance sheets (Unaudited) 5 Condensed consolidated statements of comprehensive income (Unaudited) 6 Condensed consolidated statements of changes in shareholders' equity (Unaudited) 7 Condensed consolidated statements of cash flows (Unaudited) 9 Notes to the condensed consolidated financial statements (Unaudited) 11
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 34
- OTHER INFORMATION
PART II - OTHER INFORMATION 35
Legal Proceedings
Item 1. Legal Proceedings 35
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 35
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 35
Other Information
Item 5. Other Information 36
Exhibits
Item 6. Exhibits 37
Signatures
Signatures 38 2 Table of Contents CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including the information incorporated herein by reference, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "anticipate," "appear," "approximate," "believe," "continue," "could," "estimate," "expect," "foresee," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would" and other similar words and expressions (or the negative version of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of Payoneer's management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as the current conflict between Israel and Hamas, and other economic, business and/or competitive factors; (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown leg
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION PAYONEER GLOBAL INC. QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2024 TABLE OF CONTENTS Page Condensed consolidated financial statements (unaudited) in thousands of U.S. dollars: Condensed consolidated balance sheets (Unaudited) 5 Condensed consolidated comprehensive statements of income (Unaudited) 6 Condensed consolidated statements of changes in shareholders' equity (Unaudited) 7 Condensed consolidated statements of cash flows (Unaudited) 9 Notes to condensed consolidated financial statements (Unaudited) 11 4 Table of Contents PAYONEER GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA June 30, December 31, 2024 2023 Assets: Current assets: Cash and cash equivalents $ 575,730 $ 617,022 Restricted cash 10,653 7,030 Customer funds 6,037,105 6,390,526 Accounts receivable (net of allowance of $ 352 at June 30, 2024 and $ 385 at December 31, 2023) 6,567 7,980 Capital advance receivables (net of allowance of $ 5,445 at June 30, 2024 and $ 5,059 at December 31, 2023) 49,478 45,493 Other current assets 53,400 40,672 Total current assets 6,732,933 7,108,723 Non-current assets: Property, equipment and software, net 14,522 15,499 Goodwill 19,889 19,889 Intangible assets, net 88,597 76,266 Restricted cash 6,018 5,780 Deferred taxes 19,051 15,291 Severance pay fund 818 840 Operating lease right-of-use assets 23,078 24,854 Other assets 15,406 15,977 Total assets $ 6,920,312 $ 7,283,119 Liabilities and shareholders' equity: Current liabilities: Trade payables $ 38,974 $ 33,941 Outstanding operating balances 6,037,105 6,390,526 Short-term debt from related party (refer to Notes 11 and 20 for further information) 14,984 — Other payables 100,415 117,508 Total current liabilities 6,191,478 6,541,975 Non-current liabilit