Payoneer (US:PAYO)2025-02-27 12:35Financial Performance - Payoneer achieved a record annual volume of $80 billion, reflecting a 21% year-over-year growth[6]. - Revenue for 2024 reached $977.7 million, representing an 18% increase compared to 2023[2]. - Net income for Q4 2024 was $18.2 million, a decrease of 33% year-over-year, while full-year net income increased by 30% to $121.2 million[2][5]. - Adjusted EBITDA for 2024 was $270.6 million, up 32% from the previous year[2]. - Revenues for Q4 2024 reached $261.739 million, a 16.7% increase from $224.320 million in Q4 2023[21]. - Total revenues for the year 2024 were $977.716 million, up 17.6% from $831.103 million in 2023[21]. - Operating income for Q4 2024 was $29.184 million, compared to $25.706 million in Q4 2023, reflecting a 9.7% increase[21]. - Adjusted EBITDA for Q4 2024 was $63.271 million, an increase of 21.5% from $52.245 million in Q4 2023[27]. - Revenue recognized from contracts with customers for Q4 2024 was $198.233 million, a 26.4% increase from $156.774 million in Q4 2023[22]. - Interest income on customer balances for Q4 2024 was $60.595 million, a decrease of 6.5% from $64.867 million in Q4 2023[22]. - Greater China contributed $89.938 million in revenue for Q4 2024, up 12.5% from $80.244 million in Q4 2023[24]. Customer and Market Growth - The company reported a 42% year-over-year growth in B2B volume, reaching $3.0 billion[6][12]. - Active Ideal Customer Profiles (ICPs) grew by 8% year-over-year, totaling 560,000[6]. Future Projections - Payoneer plans to achieve revenue guidance of $1,040 million to $1,050 million for 2025[11]. Expenses and Liabilities - The company reported total operating expenses of $232.555 million for Q4 2024, compared to $198.614 million in Q4 2023, representing a 17.1% increase[21]. - Total current liabilities rose to $7.13 billion in 2024, up from $6.54 billion in 2023, indicating an increase of 9.0%[33]. Assets and Cash Flow - Total assets increased to $7.93 billion in 2024 from $7.28 billion in 2023, reflecting a growth of 8.9%[33]. - Cash and cash equivalents decreased to $497.47 million in 2024 from $617.02 million in 2023, a decline of 19.4%[33]. - Net cash provided by operating activities for 2024 was $176.93 million, compared to $159.49 million in 2023, representing a growth of 10.9%[35]. - Net cash used in investing activities significantly increased to $1.96 billion in 2024 from $44.25 million in 2023[35]. Shareholder Information - The weighted average common shares outstanding for diluted earnings per share was 385,074,151 for Q4 2024, compared to 379,881,231 for Q4 2023[21]. - Basic earnings per share for Q4 2024 was $0.05, down from $0.08 in Q4 2023, while diluted earnings per share decreased from $0.07 to $0.05[31]. - Total shareholders' equity increased to $724.79 million in 2024 from $664.27 million in 2023, a rise of 9.1%[33]. Tax and Other Financial Activities - Cash paid for taxes in 2024 was $52.32 million, compared to $40.91 million in 2023, reflecting a 28.0% increase[35]. - The company reported a loss on Warrant repurchase/redemption of $19.83 million in 2024, with no such loss reported in 2023[35]. Strategic Initiatives - The company implemented strategies to reduce sensitivity to interest rate fluctuations, with $1.8 billion of customer funds invested in US treasury securities[12]. - Payoneer acquired Skuad, enhancing its financial stack for SMBs operating internationally[12]. - The company reported a record $1.5 billion in spend on Payoneer cards, a 36% increase year-over-year[12].