Start Time: 16:30 January 1, 0000 5:20 PM ET Payoneer Global Inc. (NASDAQ:PAYO) Q3 2022 Earnings Conference Call November 09, 2022, 16:30 PM ET Company Participants Scott Galit - Co-CEO John Caplan - Co-CEO Michael Levine - CFO Michelle Wang - VP, IR Conference Call Participants Will Nance - Goldman Sachs Sanjay Sakhrani - Keefe, Bruyette & Woods Josh Siegler - Cantor Fitzgerald Cris Kennedy - William Blair Mayank Tandon - Needham Mike Grondahl - Northland Securities Operator Good afternoon and thank you fo ...

Revenue Growth - Revenues for the three months ended September 30, 2022, were $158.9 million, a 30% increase from $122.7 million in the prior year, and for the nine months, revenues were $444.1 million, up 33% from $334.2 million[132]. - Payoneer processed $44.4 billion in volume during the nine months ended September 30, 2022, compared to $40.5 billion in the same period of 2021, reflecting a strong growth trajectory[122]. - Volume grew by 11% and 9% for the three and nine months ended September 30, 2022, reaching $15.1 billion and $44.4 billion respectively, driven by customer acquisition and growth in digital commerce[174]. Expenses - Research and development expenses increased by 47% to $29.6 million for the three months ended September 30, 2022, and by 49% to $82.1 million for the nine months, driven by increased headcount and related costs[140][141]. - Sales and marketing expenses rose by 39% to $41.1 million for the three months ended September 30, 2022, and by 40% to $112.4 million for the nine months, primarily due to higher employee compensation and marketing program spending[142][143]. - General and administrative expenses increased by $5.7 million, or 36%, to $21.7 million for the three months ended September 30, 2022, driven by higher employee-related expenses and consultant costs[145]. - For the nine months ended September 30, 2022, general and administrative expenses rose by $15.4 million, or 34%, totaling $60.0 million, primarily due to increased compensation and consultant expenses[146]. - Depreciation and amortization expenses were $5.9 million and $15.5 million for the three and nine months ended September 30, 2022, reflecting increases of 33% and 15% respectively[147]. - Transaction costs for the three months ended September 30, 2022, were $28.0 million, a 13% increase, while for the nine months, they were $79.8 million, up 9%, reflecting a 9% increase in transaction volume[136][137]. Operating Performance - Operating loss improved to $(5.1) million for the three months ended September 30, 2022, compared to $(6.5) million in the prior year, and $(13.7) million for the nine months, a significant improvement from $(26.0) million[132]. - Adjusted EBITDA for the three months ended September 30, 2022, was $12.7 million, compared to $6.1 million in the prior year, while for the nine months it was $37.9 million versus $14.6 million[178]. Cash Flow and Financial Position - Net cash provided by operating activities was $44.3 million for the nine months ended September 30, 2022, an increase of $33.5 million compared to the prior year[165]. - Net cash used in investing activities was $13.9 million for the nine months ended September 30, 2022, an increase of $9.4 million compared to the prior year, primarily due to purchases of property and equipment[170]. - Net cash provided by financing activities was $655.7 million for the nine months ended September 30, 2022, a decrease of $31.2 million compared to the prior year, mainly due to the absence of inflow from the Reverse Recapitalization[171]. - As of September 30, 2022, the company had $507.9 million in cash and cash equivalents, which is expected to meet operating and capital expenditure requirements for at least the next twelve months[161]. Market and Economic Factors - The geopolitical conflict between Russia and Ukraine had a limited impact on revenues, with combined revenues from these regions accounting for less than 10% of total revenue[125]. - The COVID-19 pandemic has shifted buying patterns towards e-commerce, which has positively influenced Payoneer's role in the global economy, although recent trends indicate softening growth rates[127]. - Most revenue is earned in U.S. dollars, minimizing significant foreign currency risk, although fluctuations in currencies like the Euro and British Pound could impact results[7]. - The company has the potential to generate revenues from optimizing foreign exchange during payment delivery, which can materially affect revenues and earnings[8]. - A hypothetical 10% increase or decrease in current exchange rates could have a material impact on the company's financial results[9]. Strategic Outlook - The company expects to continue investing in global platform growth, product development, and regulatory expansion, alongside pursuing acquisitions to enhance customer value[123]. - Payoneer aims to increase monetization rates by focusing on higher monetization regions and introducing new services like the Payoneer Commercial Mastercard[121]. Accounting and Compliance - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of new accounting standards until they apply to private companies[10]. - The company will become a large accelerated filer at the end of fiscal year 2022, losing its emerging growth company status[11]. - A fair value adjustment of a liability from the 2020 acquisition of Optile was noted, impacting the financial results[3]. - The company reported non-recurring reorganizational costs related to legal and professional services associated with the Reorganization[2]. - As of September 30, 2022, the company's cash and cash equivalents were primarily held in cash deposits and money market funds, with a hypothetical 1% interest rate change potentially having a material effect on financial results[5].

Payoneer Global Inc. (NASDAQ:PAYO) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET Company Participants Michelle Wang - Vice President, Investor Relations Scott Galit - Co-Chief Executive Officer John Caplan - Co-Chief Executive Officer Michael Levine - Chief Financial Officer Conference Call Participants Bob Napoli - William Blair Will Nance - Goldman Sachs Sanjay Sakhrani - KBW Josh Siegler - Cantor Fitzgerald Ashwin Shirvaikar - Citi Sam Salvas - Needham & Co Mike Grondahl - Northland Securit ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Payoneer Global Inc. FORM 10-Q Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended June 30, 2022 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) ...

○Payoneer Connecting Today's Borderless World Investor Presentation | May 2022 Disclaimers This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. Please see our SEC filings under "Payoneer Global Inc." for the most up to date information. Forward-Looking Statements Certain statements in this presentatio ...

Payoneer Global Inc. (NASDAQ:PAYO) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Scott Galit – Chief Executive Officer Michael Levine – Chief Financial Officer Conference Call Participants Robert Napoli – William Blair & Company Ashwin Shirvaikar – Citi Sanjay Sakhrani – Keefe, Bruyette & Woods, Inc. Josh Siegler – Cantor Fitzgerald Kyle Peterson – Needham & Company Andrew Hummel – WestPark Capital, Inc. Operator Good afternoon ladies and gentlemen. Thank you for standing by. ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited Q1 2022 financials report 36% revenue growth to $137.0 million and $20.2 million net income, driven by warrant gains [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20consolidated%20balance%20sheets%20%28Unaudited%29) Total assets increased to $5.31 billion from $5.08 billion, with liabilities at $4.79 billion and equity at $522.0 million Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $465,734 | $465,926 | | Customer funds | $4,630,553 | $4,401,254 | | Total current assets | $5,185,537 | $4,962,723 | | Total assets | $5,307,852 | $5,078,752 | | **Liabilities & Equity** | | | | Outstanding operating balances | $4,630,553 | $4,401,254 | | Total liabilities | $4,785,888 | $4,591,679 | | Total shareholders' equity | $521,964 | $487,073 | [Condensed Consolidated Statements of Income (Loss)](index=6&type=section&id=Condensed%20consolidated%20statements%20of%20income%20%28loss%29%20%28Unaudited%29) Q1 2022 revenues grew 36% to $137.0 million, resulting in a $20.2 million net income, primarily from warrant fair value gains Q1 2022 vs Q1 2021 Income Statement (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenues | $136,958 | $100,606 | | Total operating expenses | $143,301 | $101,755 | | Operating loss | $(6,343) | $(1,149) | | Gain from change in fair value of Warrants | $31,196 | $0 | | Net income (loss) | $20,211 | $(3,508) | | Diluted earnings (loss) per share | $0.06 | $(0.16) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20consolidated%20statements%20of%20comprehensive%20income%20%28loss%29%20%28Unaudited%29) Q1 2022 comprehensive income was $20.6 million, a significant improvement from a $4.7 million loss in the prior year Comprehensive Income (Loss) (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net income (loss) | $20,211 | $(3,508) | | Foreign currency translation adjustments | $390 | $(1,189) | | **Comprehensive income (loss)** | **$20,601** | **$(4,697)** | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Condensed%20consolidated%20statements%20of%20changes%20in%20redeemable%20preferred%20stock%2C%20redeemable%20convertible%20preferred%20stock%20and%20shareholders%27%20equity%20%28deficit%29%20%28Unaudited%29) Shareholders' equity increased to $522.0 million in Q1 2022, driven by net income and stock-based compensation - Shareholders' equity increased by **$34.9 million** during Q1 2022, from **$487.1 million** to **$522.0 million**[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows%20%28Unaudited%29) Q1 2022 operating cash flow was $2.4 million, with investing activities providing $28.0 million and financing $233.6 million Summary of Cash Flows (in thousands) | Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,372 | $(16,468) | | Net cash provided by (used in) investing activities | $27,953 | $(8,034) | | Net cash provided by financing activities | $233,611 | $2,430 | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20condensed%20consolidated%20financial%20statements%20%28Unaudited%29) Notes detail accounting policies, Russia-Ukraine conflict impact (immaterial), CECL adoption, and revenue disaggregation by geography - The Russia-Ukraine conflict's impact on revenue was immaterial in Q1 2022. Russia, Belarus, and Ukraine combined accounted for slightly less than **10%** of revenue for the quarter[43](index=43&type=chunk) - The company early adopted the new CECL guidance for credit losses on financial instruments effective January 1, 2022, resulting in a cumulative effect adjustment to retained earnings[66](index=66&type=chunk) Revenue by Primary Geographical Market (in thousands) | Region | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Greater China | $43,041 | $39,614 | | United States | $19,782 | $8,053 | | All other countries | $74,135 | $52,939 | | **Total revenues** | **$136,958** | **$100,606** | - The company entered into a Warehouse Facility agreement with related party Viola Credit for external financing of its Capital Advance activity, with an initial committed amount of **$25 million**[77](index=77&type=chunk)[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2022 revenue grew 36% to $137.0 million, with volume up 10% to $14.6 billion, while operating expenses increased 41% Q1 2022 vs Q1 2021 Operational Results (in thousands) | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $136,958 | $100,606 | 36% | | Total operating expenses | $143,301 | $101,755 | 41% | | Operating loss | $(6,343) | $(1,149) | 452% | | Net income (loss) | $20,211 | $(3,508) | (676)% | - Revenue growth of **36%** was driven by increased acquisition of new customers and fast growth in several developing markets[132](index=132&type=chunk) - Operating expenses increased across the board, primarily due to higher employee compensation from increased headcount in R&D (**+56%**), Sales & Marketing (**+49%**), and G&A (**+72%**)[135](index=135&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) Key Metrics and Non-GAAP Measures (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Volume | $14,620 | $13,341 | | Adjusted EBITDA | $10.4 | $7.8 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate changes and significant foreign currency fluctuations, with potential material impact - Interest rate sensitivity on cash and cash equivalents is low due to the short-term nature of the instruments. A hypothetical **1%** change in rates on the Warehouse Facility debt would not have a material effect[174](index=174&type=chunk)[175](index=175&type=chunk) - The company has significant foreign currency exposure from its global operations. A hypothetical **10%** increase or decrease in exchange rates could have a material impact on financial results[176](index=176&type=chunk)[180](index=180&type=chunk) - The company is an emerging growth company under the JOBS Act and has elected to use the extended transition period for new accounting standards, but expects to lose this status at the end of fiscal year 2022[181](index=181&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2022, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[184](index=184&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[185](index=185&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various litigation matters incidental to its business, as detailed in Note 8 of the financial statements - The company is involved in various litigation matters that arise in the ordinary course of business. For more details, refer to Note 8 (Commitment and Contingencies)[188](index=188&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K - As of the filing date, no material changes have occurred to the risk factors disclosed in the Annual Report on Form 10-K[190](index=190&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None[191](index=191&type=chunk) [Item 3. Defaults upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - None[192](index=192&type=chunk) [Item 4. Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[193](index=193&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No other information to report for the period - None[194](index=194&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Exhibits include employment agreements and CEO/CFO certifications required by the Sarbanes-Oxley Act - Exhibits filed with the report include CEO and CFO certifications pursuant to Rules 13a-14, 15d-14, and Section 906 of the Sarbanes-Oxley Act[198](index=198&type=chunk)

Payoneer Global Inc. (NASDAQ:PAYO) Q4 2021 Earnings Conference Call March 3, 2022 4:30 PM ET Company Participants Scott Galit – Chief Executive Officer Michael Levine – Chief Financial Officer Conference Call Participants Keeler Patton – Cantor Fitzgerald Will Nance – Goldman Sachs Sam Salvas – Needham and Company Bob Napoli – William Blair Mike Grondahl – Northland Securities Ashwin Shirvaikar – Citi Andrew Hummel – WestPark Capital Operator Good afternoon, ladies and gentlemen, thank you for standing by. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. Payoneer Global Inc. (Exact name of registrant as specified in its charter) 001-40547 (Commission file number) Delaware 86-1778671 (St ...

Payoneer Global Inc. (NASDAQ:PAYO) Q3 2021 Earnings Conference Call November 10, 2021 5:30 PM ET Company Participants Ignatius Njoku - Vice President of Investor Relations Scott Galit - Chief Executive Officer Michael Levine - Chief Financial Officer Conference Call Participants Sam Salvas - Needham & Company Sanjay Sakhrani - KBW Josh Siegler - Cantor Fitzgerald Robert Napoli - William Blair Ashwin Shirvaikar - Citigroup Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to P ...