Revenue Performance - Revenue excluding interest income for Q2 2025 reached $202.3 million, a 16% increase year-over-year[2] - Total revenues for the three months ended June 30, 2025, increased to $260,614,000, up from $239,520,000 in the same period of 2024, representing an increase of approximately 8.3%[20] - Revenue recognized at a point in time rose to $199,560,000, compared to $170,751,000 in 2024, reflecting a growth of about 16.9%[21] - SMB customer revenue grew to $183 million, an 18% increase year-over-year, with B2B SMBs revenue up 37% to $58 million[5] - Payoneer expects 2025 revenue to be between $1.04 billion and $1.06 billion, with adjusted EBITDA projected at $260 million to $275 million[8] Profitability Metrics - Net income for Q2 2025 was $19.5 million, reflecting a 40% decrease compared to the previous year[2] - Operating income decreased to $30,077,000 for Q2 2025, down from $46,309,000 in Q2 2024, a decline of approximately 35%[20] - Net income for the three months ended June 30, 2025, was $19,480,000, a decrease from $32,425,000 in 2024, representing a decline of about 40%[20] - Adjusted EBITDA for Q2 2025 was $66,425,000, down from $72,778,000 in Q2 2024, indicating a decrease of approximately 8.5%[26] - The company reported a comprehensive income of $27,987,000 for Q2 2025, compared to $32,724,000 in Q2 2024, a decrease of about 14.5%[20] Expenses and Investments - Research and development expenses increased significantly to $37,387,000 in Q2 2025, compared to $27,580,000 in Q2 2024, marking an increase of about 35.5%[20] - Total operating expenses for Q2 2025 were $230,537,000, up from $193,211,000 in Q2 2024, reflecting an increase of approximately 19.4%[20] - The company reported stock-based compensation expenses of $38,814 thousand for the six months ended June 30, 2025, up from $28,742 thousand in 2024, representing a rise of 35.25%[32] Cash Flow and Assets - Net cash provided by operating activities rose to $124,401 thousand for the six months ended June 30, 2025, compared to $80,914 thousand in 2024, marking an increase of 53.73%[32] - Total current assets reached $7,212,530 thousand as of June 30, 2025, compared to $7,099,642 thousand at December 31, 2024, reflecting a growth of 1.59%[30] - Cash, cash equivalents, restricted cash, and customer funds at the end of the period totaled $5,657,385 thousand, slightly down from $5,688,197 thousand in 2024[32] - Net cash used in investing activities was $133,511 thousand for the six months ended June 30, 2025, compared to $965,298 thousand in 2024, showing a significant reduction in cash outflow[32] Shareholder Information - Payoneer announced a $300 million share repurchase authorization to enhance shareholder value[1] - The weighted average common shares outstanding for basic earnings per share increased to 368,770,598 in Q2 2025 from 356,315,658 in Q2 2024[28] - The diluted earnings per share remained at $0.05 for both Q2 2025 and Q2 2024, despite the decline in net income[28] - The company’s total shareholders' equity increased to $770,905 thousand as of June 30, 2025, compared to $724,790 thousand at December 31, 2024, reflecting a growth of 6.38%[30] Customer Metrics - Customer funds totaled $7.0 billion as of June 30, 2025, marking a 17% year-over-year increase[9] - Active Ideal Customer Profiles (ICPs) increased by 2% year-over-year to 559,000[2] - The transaction costs as a percentage of revenue improved to 15.6%, a 20 basis points decrease from the previous year[2]
PAYONEER GLEQ.WARRT.EXP(PAYOW) - 2025 Q2 - Quarterly Results