0001558370-25-006729 | 10-Q | XBRL Viewer

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of composition of property, equipment and software, grouped by major classifications


	March 31,		December 31,
	2025		2024
Computers, software and peripheral equipment	$	45,927	$	43,003
Leasehold improvements		8,960		8,846
Furniture and office equipment		6,381		6,286
Property, equipment and software		61,268		58,135
Accumulated depreciation		(44,155)		(42,082)
Property, equipment and software, net	$	17,113	$	16,053

OTHER PAYABLES

3 Months Ended

Mar. 31, 2025

OTHER PAYABLES

OTHER PAYABLES

NOTE 11 - OTHER PAYABLES

Composition of Other payables, grouped by major classifications, is as follows:


	March 31,		December 31,
	2025		2024
Employee related compensation	$	58,590	$	81,482
Commissions payable		18,152		18,057
Accrued expenses		14,102		14,704
Lease liability		7,208		5,735
Income tax payable		7,643		3,763
Current portion of Skuad acquisition earnout liability		9,009		723
Other		5,012		5,157
Total Other payables	$	119,716	$	129,621

WARRANTS AND SHAREHOLDERS' EQUITY - Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 07, 2023	May 07, 2023
WARRANTS AND SHAREHOLDERS' EQUITY
Amount authorized for stock repurchase program			$ 250,000	$ 80,000
Treasury stock, shares, acquired	1,880,309	10,533,934
Treasury stock, value, acquired, cost method	$ 16,978	$ 51,160
Shares acquired, average cost per share	$ 9.04	$ 4.84
Stock repurchase program, remaining authorized repurchase amount	$ 86,773

FAIR VALUE

3 Months Ended

Mar. 31, 2025

FAIR VALUE

FAIR VALUE

NOTE 7 – FAIR VALUE

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities (included within Customer funds)	$	1,192,329	$	—	$	—	$	1,192,329
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	1,420	$	—	$	1,420
Foreign currency forwards		—		24		—		24
Foreign currency net purchased options		—		52		—		52
Total current derivative assets	$	—	$	1,496	$	—	$	1,496
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	22,914	$	—	$	22,914
Total financial assets	$	1,192,329	$	24,410	$	—	$	1,216,739
Derivative liabilities (included within Other payables)
Foreign currency forwards	$	—	$	567	$	—	$	567
Total derivative liabilities	$	—	$	567	$	—	$	567
Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	9,009	$	9,009
Total financial liabilities	$	—	$	567	$	9,009	$	9,576

NOTE 7 – FAIR VALUE (continued):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities (included within Customer funds)	$	1,174,937	$	—	$	—	$	1,174,937
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	739	$	—	$	739
Foreign currency forwards		—		910		—		910
Foreign currency net purchased options		—		385		—		385
Total current derivative assets	$	—	$	2,034	$	—	$	2,034
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	17,692	$	—	$	17,692
Total financial assets	$	1,174,937	$	19,726	$	—	$	1,194,663
Current portion of Skuad acquisition earnout liability (incuded within Other payables)	$	—	$	—	$	723	$	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)	$	—	$	—	$	8,021	$	8,021
Total financial liabilities	$	—	$	—	$	8,744	$	8,744

The Company’s foreign currency derivative instruments are valued using pricing models that take into account the contract terms and relevant currency rates. The Company’s interest rate floors are valued using pricing models that take into account the contract terms and relevant interest rates.

As of March 31, 2025 and December 31, 2024, the fair values of the Company's cash, cash equivalents, customer funds (other than the portion consisting of available-for-sale debt securities), restricted cash, accounts receivable, capital advance receivables, accounts payable, and outstanding operating balances approximated the carrying values of these instruments presented in the Company's condensed consolidated balance sheets because of their nature.

In 2024, the Company recognized a liability for contingent consideration related to the Skuad acquisition, and recognized $265 during the three months ended March 31, 2025 in loss related to the change in the fair value of the liability, included within General and administrative expenses on the condensed consolidated statements of comprehensive income. Refer to Note 3 above for additional details around valuation.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

DEBT	3 Months Ended
Mar. 31, 2025
DEBT
DEBT	NOTE 12 – DEBT On October 28, 2021, Payoneer Early Payments Inc. (“PEPI”), a wholly-owned second tier subsidiary of the Company and its subsidiary (the “Borrower”) entered into a Receivables and Loan Security Agreement (the “Warehouse Facility”) with Viola Credit VI, L.P. (currently known as Viola Credit ALF II, L.P.), Viola Credit Alternative Lending FNX SPV, L.P. (the “Lenders”) and Viola Credit Alternative Lending Management 2018 L.P. (collectively, the “Parties”) for the purpose of external financing of Capital Advance activity. The Company notes that the Lenders are related parties through the Company’s Board of Directors’ chairman’s ownership interest in the Lenders. Refer to Note 22 for further information regarding related party considerations. The Warehouse Facility reached its scheduled revolving period termination date on October 28, 2024, and the Company has repaid all outstanding borrowings. The Warehouse Facility automatically terminated on April 28, 2025. No expenses related to the Warehouse Facility were incurred in the three months ended March 31, 2025. The Company recorded expenses, included in transaction costs, in the total amount of $438 for the three months ended March 31, 2024. As of March 31, 2025 and December 31, 2024, there was no outstanding associated balance on the condensed consolidated balance sheets.

DEBT

3 Months Ended

Mar. 31, 2025

DEBT

DEBT

NOTE 12 – DEBT

On October 28, 2021, Payoneer Early Payments Inc. (“PEPI”), a wholly-owned second tier subsidiary of the Company and its subsidiary (the “Borrower”) entered into a Receivables and Loan Security Agreement (the “Warehouse Facility”) with Viola Credit VI, L.P. (currently known as Viola Credit ALF II, L.P.), Viola Credit Alternative Lending FNX SPV, L.P. (the “Lenders”) and Viola Credit Alternative Lending Management 2018 L.P. (collectively, the “Parties”) for the purpose of external financing of Capital Advance activity. The Company notes that the Lenders are related parties through the Company’s Board of Directors’ chairman’s ownership interest in the Lenders. Refer to Note 22 for further information regarding related party considerations.

The Warehouse Facility reached its scheduled revolving period termination date on October 28, 2024, and the Company has repaid all outstanding borrowings. The Warehouse Facility automatically terminated on April 28, 2025.

No expenses related to the Warehouse Facility were incurred in the three months ended March 31, 2025. The Company recorded expenses, included in transaction costs, in the total amount of $438 for the three months ended March 31, 2024. As of March 31, 2025 and December 31, 2024, there was no outstanding associated balance on the condensed consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

BUSINESS COMBINATIONS - Summary of fair value of the consideration transferred (Details) - Skuad $ in Thousands	Aug. 05, 2024 USD ($)
BUSINESS COMBINATIONS
Cash	$ 61,099
Contingent consideration	6,974
Extinguishment of pre-existing receivable	1,000
Settlement of unvested acquiree stock-based compensation awards	315
Total	$ 69,388

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
DEBT
Outstanding balance associated with related party	$ 119,716		$ 129,621
Receivables And Loan Security Agreement \| Related Party
DEBT
Expenses included in transaction cost	0	$ 438
Outstanding balance associated with related party	$ 0		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2025, the following director took the following actions with respect to trading arrangements for the sale of shares of our common stock:


			Plans
	Action	Date	Rule 10b5-1*	Non-Rule 10b5-1**	Number of Shares to be Sold	Expiration
Scott Galit, Director	Adoption	March 4, 2025	X		1,225,462	December 31, 2025

*	Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

**	Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

Scott Galit

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

Mar. 04, 2025

Expiration Date

Dec. 31, 2025

Aggregate Available

1,225,462

PROPERTY, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 61,268		$ 58,135
Accumulated depreciation	(44,155)		(42,082)
Property, equipment and software, net	17,113		16,053
Depreciation expense	2,136	$ 2,108
Computers, software and peripheral equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	45,927		43,003
Cost of certain long-lived assets disposed		$ 1,714
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	8,960		8,846
Furniture and office equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 6,381		$ 6,286

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

INTANGIBLE ASSETS

Schedule of composition of intangible assets, grouped by major classifications


	March 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Internal use software	$	190,231	$	(97,840)	$	92,391	$	175,698	$	(86,882)	$	88,816
Acquired developed technology		20,269		(14,246)		6,023		20,269		(13,111)		7,158
Customer relationships		6,683		(428)		6,255		6,683		(267)		6,416
Intangible assets, net	$	217,183	$	(112,514)	$	104,669	$	202,650	$	(100,260)	$	102,390

Schedule of expected future intangible asset amortization excluding capitalized internal use software


Fiscal years
2025 (Excluding the three months ended March 31, 2025)	$	33,602
2026		33,765
2027		14,004
2028		1,113
2029 and thereafter		4,127
Total	$	86,611

NET EARNINGS PER SHARE - Anti-Dilutive effect (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	7,983,302	24,151,724
RSUs with market conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	2,770,000	4,230,000
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	895,103
Earn-Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	15,000,000	15,000,000
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares		25,158,086
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares		2,132,413

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 18 – SEGMENT INFORMATION

The Company determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company’s CODM are its Chief Executive Officer and Chief Financial Officer, who review its operating results on a consolidated basis. The Company operates in one segment and has one reportable segment.

The Company’s CODM use consolidated net income, as shown on the condensed consolidated statements of comprehensive income, as the measure of segment profitability. The CODM use net income to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. This analysis is used in making strategic investment decisions. The Company’s measure of segment assets is reported on the condensed consolidated balance sheets as total assets.


	Three Months Ended March 31,
	2025		2024
Revenue	$	246,617	$	228,183
Less:
Transaction cost¹		(39,349)		(33,966)
Labor & related		(73,064)		(68,291)
Stock-based compensation		(18,755)		(15,077)
3rd party contractors		(8,769)		(9,470)
IT & communication		(17,985)		(16,215)
Depreciation & amortization		(14,390)		(9,408)
Other operating expenses²		(44,986)		(37,380)
Income taxes		(7,192)		(13,910)
Other segment items³		(1,550)		4,508
Net income (loss)	$	20,577	$	28,974

⁽¹⁾ Refer to Note 17 for disaggregation of transaction cost into significant segment expense categories.

⁽²⁾ Other operating expenses include miscellaneous, individually insignificant operating expenses. The Company’s CODM review these items in aggregate.

⁽³⁾ Other segment items included in net income include finance income and expense, which primarily includes corporate interest income and foreign currency remeasurement gains and losses. For the period ended March 31, 2024, this also includes public warrant revaluation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2025

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

NOTE 3 – BUSINESS COMBINATIONS

On August 5, 2024, Payoneer acquired 100% of the outstanding equity of Skuad Pte. Ltd. (“Skuad”) and its subsidiaries, a global workforce and payroll management company. The acquisition accelerates Payoneer’s strategy to deliver a comprehensive and integrated financial stack for SMBs that operate globally. The transaction was accounted for in accordance with ASC 805, Business Combinations (“ASC 805”), using the acquisition method of accounting with Payoneer as the acquirer.

The following table summarizes the fair value of the consideration transferred (after measurement period adjustments during the year ended December 31, 2024):


	Amounts Recognized as of Acquisition Date (Adjusted)
Cash	$	61,099
Contingent consideration		6,974
Extinguishment of pre-existing receivable		1,000
Settlement of unvested acquiree stock-based compensation awards		315
Total	$	69,388

The contingent consideration was in the form of a $9,709 earn-out subject to meeting certain performance criteria. The fair value of the contingent consideration was estimated using estimates of probability of each outcome and the Option Pricing Model (“OPM”), except for with respect to the integration plan target, which is not exposed to systemic risk. Refer to Note 7 below for details on changes in the fair value of the contingent consideration since acquisition.

NOTE 3 – BUSINESS COMBINATIONS (continued):

The following table summarizes the recognized amounts of identifiable assets acquired and liabilities assumed (after measurement period adjustments during the year ended December 31, 2024):


	Amounts Recognized as of Acquisition Date (Adjusted)
Cash and cash equivalents and restricted deposits	$	3,875
Customer funds		9,005
Accounts receivable		4,294
Tax indemnification asset		3,004
Customer relationships intangible asset		6,683
Developed technology intangible asset		2,354
Other assets		1,499
Trade payables		(1,514)
Outstanding operating balances		(9,005)
Deferred tax liabilities, net		(1,373)
Uncertain tax positions		(3,004)
Other payables		(4,326)
Total identifiable net assets	$	11,492
Goodwill	$	57,896
Total	$	69,388

The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to the significant synergies expected to arise from the acquisition, including enhancement of Payoneer’s comprehensive and integrated financial stack. The Company does not expect goodwill to be deductible for income tax purposes.

Due to Skuad’s insignificant size relative to the Company, Payoneer is not providing supplemental pro forma financial information.

The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available throughout the measurement period, which will not exceed 12 months from the date of the acquisition.

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
OTHER CURRENT ASSETS
Prepaid expenses	$ 34,677	$ 21,429
Income receivable	16,562	24,654
Prepaid income taxes	7,160	33,476
Derivative assets	76	1,295
Other	12,357	7,356
Total other current assets	$ 70,832	$ 88,210

OTHER PAYABLES (Tables)

3 Months Ended

Mar. 31, 2025

OTHER PAYABLES

Schedule of composition of Other payables, grouped by major classifications


	March 31,		December 31,
	2025		2024
Employee related compensation	$	58,590	$	81,482
Commissions payable		18,152		18,057
Accrued expenses		14,102		14,704
Lease liability		7,208		5,735
Income tax payable		7,643		3,763
Current portion of Skuad acquisition earnout liability		9,009		723
Other		5,012		5,157
Total Other payables	$	119,716	$	129,621

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2025
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation, basis of presentation and accounting principles:	a. Principles of consolidation, basis of presentation and accounting principles: The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2024, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries.
Use of estimates in the preparation of financial statements:	b. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, contingent consideration associated with M&A, and loss contingencies.
Stock-based compensation:	c. Stock-based compensation: As further discussed in Note 19, in February 2025, the Company granted performance stock units (“PSUs”) under its Omnibus Stock Incentive Plan. PSUs are accounted for using the grant date fair value method, based on the grant date share price. The Company recognizes expense over the requisite service period using a graded vesting model. For unvested awards with performance conditions, the Company assesses the probability of attaining the performance conditions at each reporting period. Awards that are deemed probable of attainment are recognized in expense over the requisite service period.
Recently issued accounting pronouncements:	d. Recently issued accounting pronouncements: FASB Standards issued, but not adopted as of March 31, 2025 In 2023, the FASB issued guidance, ASU 2023-09, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). It also requires entities to disclose their income tax payments (net of refunds received) to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024, and can be applied prospectively with the option for retrospective application to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. In 2024, the FASB issued guidance, ASU 2024-03, which requires the disaggregated disclosure of certain costs and expenses on an interim and annual basis. The new standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and can be applied prospectively with the option for retrospective application to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

FAIR VALUE (Details) - USD ($) $ in Thousands	3 Months Ended
FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
FAIR VALUE
Total current derivative assets, Fair Value	$ 76	$ 1,295
Skuad acquisition earnout liability (included within Other payables)	9,009	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)		8,021
General and administrative expenses
FAIR VALUE
Unrealized loss on contingent consideration	265
Recurring
FAIR VALUE
U.S. Treasury Securities (included within Customer funds)	1,192,329	1,174,937
Total current derivative assets, Fair Value	1,496	2,034
Total financial assets	1,216,739	1,194,663
Total derivative liabilities	567
Skuad acquisition earnout liability (included within Other payables)	9,009	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)		8,021
Total financial liabilities	9,576	8,744
Recurring \| Interest rate floors
FAIR VALUE
Total current derivative assets, Fair Value	1,420	739
Total non current derivative assets	22,914	17,692
Recurring \| Foreign currency forwards
FAIR VALUE
Total current derivative assets, Fair Value	24	910
Total derivative liabilities	567
Recurring \| Foreign currency net purchased options
FAIR VALUE
Total current derivative assets, Fair Value	52	385
Recurring \| Level 1
FAIR VALUE
U.S. Treasury Securities (included within Customer funds)	1,192,329	1,174,937
Total financial assets	1,192,329	1,174,937
Recurring \| Level 2
FAIR VALUE
Total current derivative assets, Fair Value	1,496	2,034
Total financial assets	24,410	19,726
Total derivative liabilities	567
Total financial liabilities	567
Recurring \| Level 2 \| Interest rate floors
FAIR VALUE
Total current derivative assets, Fair Value	1,420	739
Total non current derivative assets	22,914	17,692
Recurring \| Level 2 \| Foreign currency forwards
FAIR VALUE
Total current derivative assets, Fair Value	24	910
Total derivative liabilities	567
Recurring \| Level 2 \| Foreign currency net purchased options
FAIR VALUE
Total current derivative assets, Fair Value	52	385
Recurring \| Level 3
FAIR VALUE
Skuad acquisition earnout liability (included within Other payables)	9,009	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)		8,021
Total financial liabilities	$ 9,009	$ 8,744

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 18,755	$ 15,077
Capitalized amount in compensation costs	615	919
Other operating expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,587	2,807
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,052	3,141
Sales and marketing expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,801	4,191
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,315	$ 4,938

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock options	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Options to purchase shares of common stock activity
Outstanding at beginning of period	11,560,158
Exercised	(737,128)
Forfeited	(55,233)
Outstanding at end of period	10,767,797
Exercisable at end of period	9,804,993
Weighted average exercise price \| $ / shares	$ 2.89

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 23 – SUBSEQUENT EVENTS

On April 9, 2025, Payoneer acquired 100% of the outstanding equity of Payeco Finance Information Holding Corporation, the parent company of EasyLink Payment Co., Ltd., a licensed China based payment service provider. The acquisition strengthens Payoneer’s global regulatory infrastructure and positions the Company to better serve China-based customers and to provide enhanced and localized products and services.

The aggregate purchase price is approximately $75,000 and is subject to customary post-closing adjustments and escrows.

Due to the acquiree’s insignificant size relative to the Company, Payoneer does not expect to provide supplemental pro forma financial information for the current and prior reporting periods.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 01, 2025
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity Registrant Name	Payoneer Global Inc.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	001-40547
Entity Tax Identification Number	86-1778671
Entity Address, Address Line One	195 Broadway, 27th floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10007
City Area Code	212
Local Phone Number	600-9272
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PAYO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		361,671,200
Entity Central Index Key	0001845815
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

SUBSEQUENT EVENTS (Details) - Subsequent event - Payeco Finance $ in Thousands	Apr. 09, 2025 USD ($)
Subsequent Event [Line Items]
Equity percentage acquired	100.00%
Cash	$ 75,000

CAPITAL ADVANCE ("CA") RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2025

CAPITAL ADVANCE ("CA") RECEIVABLES

Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables


	Three Months Ended
	March 31,
	2025		2024
Beginning CA receivables, gross	$	61,197	$	50,552
CA extended to customers (net of $1,155 and $1,384 of additional allowance for CA losses for the three months ended March 31, 2025 and 2024, respectively)		84,036		80,173
Change in revenue receivables		(83)		(114)
CA collected from customers		(93,936)		(71,868)
Charge-offs, net of recoveries		(1,213)		(1,253)
Ending CA receivables, gross	$	50,001	$	57,490
Allowance for CA losses		(4,913)		(5,357)
CA receivables, net	$	45,088	$	52,133

Schedule of current and overdue balances CAs that are segregated into the timing of expected collections

The following are current and overdue balances that are segregated into the timing of expected collections at March 31, 2025:


			Due in less	Due in 30‑60	Due in 60‑90	Due in more
Total		Overdue	than 30 days	days	days	than 90 days
$	50,001	2,526	14,152	8,142	16,596	8,585

The following are current and overdue balances that are segregated into the timing of expected collections at December 31, 2024:


			Due in less	Due in 30‑60	Due in 60‑90	Due in more
Total		Overdue	than 30 days	days	days	than 90 days
$	61,197	2,825	13,654	13,357	23,252	8,109

GENERAL OVERVIEW

3 Months Ended

Mar. 31, 2025

GENERAL OVERVIEW

GENERAL OVERVIEW

NOTE 1 – GENERAL OVERVIEW

Unless otherwise noted herein, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc.

Payoneer, incorporated in Delaware, empowers global commerce by connecting businesses, professionals, countries and currencies with its diversified cross-border payments platform. Payoneer enables small and medium-sized businesses (“SMB(s)”) around the globe to reach new audiences by reducing the complexity of cross-border trade, and facilitating seamless, cross-border payments. Payoneer offers its customers the flexibility to pay and get paid globally as easily as they do locally. The Company offers a global financial stack that includes cross-border AR/AP capabilities and includes services such as funds management, working capital, and multicurrency accounts. The fully hosted service includes various payment options with minimal integration required, full back-office functions and customer support offered.

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) - ESPP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Nov. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares were reserved for future issuance	3,498,257
Fair value attributable to ESPP		$ 1,585
ESPP expense recognized	$ 793

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

OTHER LONG-TERM LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2025

OTHER LONG-TERM LIABILITIES

Summary of composition of other long-term liabilities, grouped by major classifications


	March 31,		December 31,
	2025		2024
Reserves for uncertain income tax positions	$	41,959	$	39,633
Long-term lease liabilities		14,680		15,645
Other tax provisions		8,298		7,699
Severance pay liabilities		2,028		2,045
Non-current portion of Skuad acquisition earnout liability		—		8,021
Total other long-term liabilities	$	66,965	$	73,043

STOCK-BASED COMPENSATION - Summary of RSU and PSU activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
RSU and PSU Units
Proceeds from international employees' sales of common stock	$ 2,189
Restricted stock units
RSU and PSU Units
Withhold to cover shares repurchased	(722,437)	(765,430)
Withhold to cover shares repurchased, value	$ 7,494	$ 3,880
Restricted stock units \| Omnibus Stock Incentive Plan
RSU and PSU Units
Granted	6,198,488
Restricted and performance stock units
RSU and PSU Units
Outstanding at beginning of period	29,163,413
Granted	7,093,591
Vested	(3,558,636)
Forfeited	(568,784)
Withhold to cover shares repurchased	(722,437)
Outstanding at end of period	31,407,147
Performance stock units \| Omnibus Stock Incentive Plan
RSU and PSU Units
Granted	895,103

CUSTOMER FUNDS AND INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
CUSTOMER FUNDS AND INVESTMENTS
Cash and cash equivalents	$ 4,786,061	$ 5,189,216
Available-for-sale debt securities	1,192,329	1,174,937
Term deposits, current	75,000	75,000
Total current customer funds	6,053,390	6,439,153	$ 5,920,924
Term deposits, noncurrent	525,000	525,000
Total non-current customer funds	525,000	525,000
Customer funds shown in the condensed consolidated balance sheets	$ 6,578,390	$ 6,964,153	$ 5,920,924

DERIVATIVES AND HEDGING - Gross notional amount and fair value of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	$ 76	$ 1,295
Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Notional Amount	21,459	56,296
Total derivative assets, Notional Amount	21,459	56,296
Total current derivative assets, Fair Value	1,496	2,034
Total derivative assets, Fair Value	24,410	19,726
Derivative liabilities, Notional Amount	59,908
Derivative liabilities, Fair Value	567
Interest rate floors \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	$ 1,420	$ 739
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Total non current derivative assets, Fair Value	$ 22,914	$ 17,692
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Foreign currency forwards \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Notional Amount	$ 13,463	$ 40,330
Total current derivative assets, Fair Value	$ 24	$ 910
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Foreign currency net purchased options \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Notional Amount	$ 7,996	$ 15,966
Total current derivative assets, Fair Value	$ 52	$ 385
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Derivative liabilities, Notional Amount	$ 59,908
Derivative liabilities, Fair Value	$ 567
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current

NET EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE

NOTE 21 – NET EARNINGS PER SHARE

The Company’s basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net earnings per share is the same as basic net earnings per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive.

Basic and diluted net earnings per share attributable to common stockholders were calculated as follows:


	Three Months Ended
	March 31,
	2025		2024

	(In thousands, except share and per share data)
Numerator:
Net income	$	20,577	$	28,974
Denominator:
Weighted average common shares outstanding —
Basic		362,979,571		359,306,195
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock		18,362,026		18,725,608
Dilutive impact of private warrants		873,532		683,498
Weighted average common shares – diluted		382,215,129		378,715,301
Net income per share attributable to common stockholders — Basic earnings per share	$	0.06	$	0.08
Diluted earnings per share	$	0.05	$	0.08

Note that for the three month period ended March 31, 2025, 7,983,302 RSUs and 2,770,000 RSUs with market conditions, 895,103 PSUs, 15,000,000 Earn-Out Shares (as that term is defined in the Agreement and Plan of Reorganization dated February 3, 2021 (as amended) with FTAC Olympus Acquisition Corp.) have been excluded from the computation of diluted net earnings per share as their effect was antidilutive, conditions were not met or they were not in the money as of the end of the reporting period. For the three month period ended March 31, 2024, 25,158,086 public Warrants, 4,230,000 RSUs with market conditions, 15,000,000 Earn-Out Shares, 2,132,413 options to purchase common stock, and 24,151,724 RSUs have been excluded from the computation of diluted net earnings per share for the same reason.

COMMITMENTS AND CONTINGENCIES (Details) - CNBV and Bank of Mexico $ in Thousands	Sep. 08, 2021 USD ($)
Loss Contingencies [Line Items]
Maximum amount of exposure	$ 2,250
Deposit insurance provided by IPAB	$ 140

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2025

BUSINESS COMBINATIONS

Schedule of the fair value of the consideration transferred


	Amounts Recognized as of Acquisition Date (Adjusted)
Cash	$	61,099
Contingent consideration		6,974
Extinguishment of pre-existing receivable		1,000
Settlement of unvested acquiree stock-based compensation awards		315
Total	$	69,388

Summary of recognized amounts of identifiable assets acquired and liabilities assumed


	Amounts Recognized as of Acquisition Date (Adjusted)
Cash and cash equivalents and restricted deposits	$	3,875
Customer funds		9,005
Accounts receivable		4,294
Tax indemnification asset		3,004
Customer relationships intangible asset		6,683
Developed technology intangible asset		2,354
Other assets		1,499
Trade payables		(1,514)
Outstanding operating balances		(9,005)
Deferred tax liabilities, net		(1,373)
Uncertain tax positions		(3,004)
Other payables		(4,326)
Total identifiable net assets	$	11,492
Goodwill	$	57,896
Total	$	69,388

DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Mar. 31, 2025

DERIVATIVES AND HEDGING

Schedule of gross notional amount and fair value of outstanding derivative instruments


			March 31, 2025
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	1,420
Foreign currency forwards		Other Current Assets	$	13,463		24
Foreign currency net purchased options		Other Current Assets		7,996		52
Total current derivative assets			$	21,459	$	1,496
Interest rate floors		Other Non-Current Assets		Note 1		22,914
Total derivative assets			$	21,459	$	24,410
Derivative liabilities designated as hedge accounting instruments:
Foreign currency forwards		Other payables	$	59,908	$	567
Total derivative liabilities			$	59,908	$	567


			December 31, 2024
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	739
Foreign currency forwards		Other Current Assets	$	40,330		910
Foreign currency net purchased options		Other Current Assets		15,966		385
Total current derivative assets			$	56,296	$	2,034
Interest rate floors		Other Non-Current Assets		Note 1	$	17,692
Total derivative assets			$	56,296	$	19,726

NOTE 6 – DERIVATIVES AND HEDGING (continued):

Note 1: The Company’s investment in interest rate derivative instruments consists of three and five year investments in 3% interest rate floors to hedge interest income on a $1,900,000 notional investment of customer funds in floating rate cash equivalent instruments. The short-term portion of the investments’ fair value shown in the tables above relates to the portion of the hedge expiring within one year of the balance sheet date.

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2025

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 22 – RELATED PARTY TRANSACTIONS

Warehouse Facility

As indicated in Note 12, the Company entered into a Warehouse Facility with Lenders where a member of the Board of Directors has an interest. The Company has evaluated the relationship and determined that the Warehouse Facility represents a related party transaction that has been entered into in the ordinary course of business. As such, the Warehouse Facility was reviewed and approved as a related party transaction in accordance with the related party transaction approval process implemented by the Company. The Company analyzed the terms of the Warehouse Facility and concluded that the terms represent a transaction conducted at arm’s length. The Warehouse Facility reached its scheduled revolving period termination date on October 28, 2024, and the Company has repaid all outstanding borrowings. The Warehouse Facility automatically terminated on April 28, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

NET EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income	$ 20,577	$ 28,974
Denominator:
Weighted average common shares outstanding - Basic (in shares)	362,979,571	359,306,195
Dilutive impact of RSUs, ESPP and options to purchase common stock	18,362,026	18,725,608
Dilutive impact of private warrants	873,532	683,498
Weighted average common shares - diluted	382,215,129	378,715,301
Net income per share attributable to common stockholders - Basic earnings per share (in dollars per share)	$ 0.06	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.05	$ 0.08

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

REVENUE - Primary Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 246,617	$ 228,183
Greater China
Disaggregation of Revenue [Line Items]
Total revenues	84,896	81,358
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Total revenues	58,893	59,163
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	51,260	41,582
North America
Disaggregation of Revenue [Line Items]
Total revenues	23,695	23,010
Latin America
Disaggregation of Revenue [Line Items]
Total revenues	27,873	23,070
United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 22,624	$ 21,925

- Definition

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Accounts receivable, allowance	$ 382	$ 382
Capital advance receivables, allowance	$ 4,913	$ 4,955
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	380,000,000	380,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	3,800,000,000	3,800,000,000
Common stock, shares issued	400,261,352	395,965,588
Common stock, shares outstanding	362,508,704	360,093,249
Treasury stock, shares	37,752,648	35,872,339

BUSINESS COMBINATIONS - Summary of recognized amounts of identifiable assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Aug. 05, 2024
BUSINESS COMBINATIONS
Goodwill	$ 77,785	$ 77,785
Skuad
BUSINESS COMBINATIONS
Cash and cash equivalents and restricted deposits			$ 3,875
Customer funds			9,005
Accounts receivable			4,294
Tax indemnification asset			3,004
Other assets			1,499
Trade payables			(1,514)
Outstanding operating balances			(9,005)
Deferred tax liabilities, net			(1,373)
Uncertain tax positions			(3,004)
Other payables			(4,326)
Total identifiable net assets			11,492
Goodwill			57,896
Total			69,388
Skuad \| Customer relationships
BUSINESS COMBINATIONS
Intangible asset			6,683
Skuad \| Acquired developed technology
BUSINESS COMBINATIONS
Intangible asset			$ 2,354

CAPITAL ADVANCE ("CA") RECEIVABLES

3 Months Ended

Mar. 31, 2025

CAPITAL ADVANCE ("CA") RECEIVABLES

CAPITAL ADVANCE ("CA") RECEIVABLES

NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES

The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price.

NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued):

During the three months ended March 31, 2025 and 2024, the Company has purchased and collected the following principal amounts associated with CA receivables, including foreign exchange adjustments:


	Three Months Ended
	March 31,
	2025		2024
Beginning CA receivables, gross	$	61,197	$	50,552
CA extended to customers (net of $1,155 and $1,384 of additional allowance for CA losses for the three months ended March 31, 2025 and 2024, respectively)		84,036		80,173
Change in revenue receivables		(83)		(114)
CA collected from customers		(93,936)		(71,868)
Charge-offs, net of recoveries		(1,213)		(1,253)
Ending CA receivables, gross	$	50,001	$	57,490
Allowance for CA losses		(4,913)		(5,357)
CA receivables, net	$	45,088	$	52,133

The following are current and overdue balances that are segregated into the timing of expected collections at March 31, 2025:


			Due in less	Due in 30‑60	Due in 60‑90	Due in more
Total		Overdue	than 30 days	days	days	than 90 days
$	50,001	2,526	14,152	8,142	16,596	8,585

The following are current and overdue balances that are segregated into the timing of expected collections at December 31, 2024:


			Due in less	Due in 30‑60	Due in 60‑90	Due in more
Total		Overdue	than 30 days	days	days	than 90 days
$	61,197	2,825	13,654	13,357	23,252	8,109

As of March 31, 2025 and December 31, 2024, the Company applied a range of loss rates to the CA portfolio of 0.87% to 2.02% for the allowance for CA losses.

WARRANTS AND SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2025

WARRANTS AND SHAREHOLDERS' EQUITY

Schedule of changes in fair value of warrant liabilities


	Warrant
	Liability
Fair value as of December 31, 2023	$	8,555
Change in fair value		(1,761)
Fair value as of March 31, 2024	$	6,794

Schedule of changes in the balances of each component of accumulated other comprehensive income (loss), net of tax


	Three Months Ended March 31, 2025
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(242)	$	(322)	$	(12,045)	$	(12,609)
Other comprehensive income (loss) before reclassifications		(169)		5,634		3,758		9,223
Amount of loss reclassified from AOCI		—		—		(473)		(473)
Net current period other comprehensive income (loss)		(169)		5,634		3,285		8,750
Ending balance	$	(411)	$	5,312	$	(8,760)	$	(3,859)


	Three Months Ended March 31, 2024
	Foreign currency translation adjustments		Unrealized losses on available-for-sale debt securities		Unrealized gains on cash flow hedges		Total
Beginning balance	$	(176)	$	—	$	—	$	(176)
Other comprehensive income (loss)		—		(1)		28		27
Ending balance	$	(176)	$	(1)	$	28	$	(149)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
SEGMENT INFORMATION
Number of operating segments	1
Number of reportable segments	1
Revenues	$ 246,617,000	$ 228,183,000
Transaction cost	(39,349,000)	(33,966,000)
Stock-based compensation	(18,755,000)	(15,077,000)
Depreciation & amortization	(14,390,000)	(9,408,000)
Other operating expenses	41,658,000	40,283,000
Income taxes	(7,192,000)	(13,910,000)
Net income	20,577,000	28,974,000
Single reportable segment
SEGMENT INFORMATION
Revenues	246,617,000	228,183,000
Transaction cost	(39,349,000)	(33,966,000)
Labor & related	(73,064,000)	(68,291,000)
Stock-based compensation	(18,755,000)	(15,077,000)
3rd party contractors	(8,769,000)	(9,470,000)
IT & communication	(17,985,000)	(16,215,000)
Depreciation & amortization	(14,390,000)	(9,408,000)
Other operating expenses	(44,986,000)	(37,380,000)
Income taxes	(7,192,000)	(13,910,000)
Other segment items	(1,550,000)	4,508,000
Net income	$ 20,577,000	$ 28,974,000
Description of other segment items	Other segment items included in net income include finance income and expense, which primarily includes corporate interest income and foreign currency remeasurement gains and losses. For the period ended March 31, 2024, this also includes public warrant revaluation.

BUSINESS COMBINATIONS (Details) - Skuad $ in Thousands	Aug. 05, 2024 USD ($)
BUSINESS COMBINATIONS
Equity percentage acquired	100.00%
Earn - out	$ 9,709
Goodwill expected to be deductible for income tax purpose	$ 0

REVENUE - Revenue Recognized From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 186,263	$ 160,458
Interest income on customer balances	57,972	65,268
Capital advance income	2,382	2,457
Revenue from other sources	60,354	67,725
Total revenues	246,617	228,183
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	185,333	159,796
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 930	$ 662

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

WARRANTS AND SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2025

WARRANTS AND SHAREHOLDERS' EQUITY

WARRANTS AND SHAREHOLDERS' EQUITY

NOTE 14 – WARRANTS AND SHAREHOLDERS’ EQUITY

Share Repurchase Program and Treasury Stock

On May 7, 2023, the Company’s Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $80,000 of its common stock, including any applicable excise tax. On December 7, 2023, the Board of Directors authorized an amendment to the program to increase the authorized amount of repurchases to an aggregate amount not to exceed $250,000, including the amount that remained available as of December 7, 2023 to repurchase common stock under, but not any prior repurchases effected pursuant to, the previous authorization, and any applicable excise tax. The amended authorization expires on December 31, 2025.

NOTE 14 – WARRANTS AND SHAREHOLDERS’ EQUITY (continued):

The program is intended to offset the impact of dilution from the issuance of new shares as part of employee compensation programs.

Any share repurchases under this stock repurchase program may be made through open market transactions, privately negotiated transactions or other means including in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and total amount of repurchases is subject to business and market conditions and the Company’s discretion.

During the three months ended March 31, 2025, the Company repurchased 1,880,309 shares of its common stock for $16,978 at a weighted average cost of $9.04 per share. During the three months ended March 31, 2024, the Company repurchased 10,533,934 shares of its common stock for $51,160 at a weighted average cost of $4.84 per share. As of March 31, 2025, a total of $86,773 remained available for future repurchases of the Company’s common stock under the program.

Warrants

The Company had publicly traded warrants that were assumed upon the closing of the business combination with FTAC Olympus Acquisition Corp. in June 2021, and were exercisable for shares of the Company’s common stock. Warrants were only exercisable for a whole number of shares at an exercise price of $11.50 and would expire on June 25, 2026, or earlier, if redeemed. In September 2024, the Company completed a tender offer (the “Offer”) to repurchase all outstanding Warrants, at $0.78 per Warrant. Concurrently with the Offer, the Company solicited consents (the “Consent Solicitation”) from holders of its outstanding Warrants to amend the agreement governing the Warrants (the “Warrant Agreement”) to permit the Company to redeem all Warrants that remained outstanding after the completion of the Offer for $0.70 per Warrant in cash, without interest.

During 2024, 24,030,937 Warrants were validly tendered and were repurchased for $0.78 per Warrant, or $18,744 in total, with a $13,217 loss recognized upon repurchase, which was the result of the premium paid above the valuation of the Warrants as of the latest revaluation date of June 30, 2024. All remaining untendered and outstanding Warrants were redeemed for $0.70 per Warrant, or $789 in total, with a $530 loss recognized upon repurchase, which was the result of the premium paid above the valuation of the Warrants as of the latest revaluation date of June 30, 2024.

The Warrants were accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging, and were presented within warrant liabilities on the condensed consolidated balance sheets. The warrant liabilities were measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of comprehensive income. The following table presents the changes in the fair value of warrant liabilities (Level 1) during the three months ended March 31, 2024:


	Warrant
	Liability
Fair value as of December 31, 2023	$	8,555
Change in fair value		(1,761)
Fair value as of March 31, 2024	$	6,794

NOTE 14 – WARRANTS AND SHAREHOLDERS’ EQUITY (continued):

Accumulated Other Comprehensive Income (Loss)

The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(242)	$	(322)	$	(12,045)	$	(12,609)
Other comprehensive income (loss) before reclassifications		(169)		5,634		3,758		9,223
Amount of loss reclassified from AOCI		—		—		(473)		(473)
Net current period other comprehensive income (loss)		(169)		5,634		3,285		8,750
Ending balance	$	(411)	$	5,312	$	(8,760)	$	(3,859)


	Three Months Ended March 31, 2024
	Foreign currency translation adjustments		Unrealized losses on available-for-sale debt securities		Unrealized gains on cash flow hedges		Total
Beginning balance	$	(176)	$	—	$	—	$	(176)
Other comprehensive income (loss)		—		(1)		28		27
Ending balance	$	(176)	$	(1)	$	28	$	(149)

INTANGIBLE ASSETS - Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
INTANGIBLE ASSETS
Gross Carrying Value	$ 217,183		$ 202,650
Accumulated Amortization	(112,514)		(100,260)
Net Carrying Value	104,669		102,390
Amortization expense	12,254	$ 7,300
Internal use software
INTANGIBLE ASSETS
Gross Carrying Value	190,231		175,698
Accumulated Amortization	(97,840)		(86,882)
Net Carrying Value	92,391		88,816
Acquired developed technology
INTANGIBLE ASSETS
Gross Carrying Value	20,269		20,269
Accumulated Amortization	(14,246)		(13,111)
Net Carrying Value	6,023		7,158
Customer relationships
INTANGIBLE ASSETS
Gross Carrying Value	6,683		6,683
Accumulated Amortization	(428)		(267)
Net Carrying Value	$ 6,255		$ 6,416

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Related Party
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Interest expense and fees associated with related party transactions	$ 0	$ 438

OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

OTHER CURRENT ASSETS

Schedule of composition of other current assets, grouped by major classifications


	March 31,		December 31,
	2025		2024
Prepaid expenses	$	34,677	$	21,429
Income receivable		16,562		24,654
Prepaid income taxes		7,160		33,476
Derivative assets		76		1,295
Other		12,357		7,356
Total Other current assets	$	70,832	$	88,210

REVENUE

3 Months Ended

Mar. 31, 2025

REVENUE

REVENUE

NOTE 16 – REVENUE

The following table presents revenue recognized from contracts with customers as well as revenue from other sources:


	Three months ended March 31,
	2025		2024
Revenue recognized at a point in time	$	185,333	$	159,796
Revenue recognized over time		930		662
Revenue from contracts with customers	$	186,263	$	160,458
Interest income on customer balances	$	57,972	$	65,268
Capital advance income		2,382		2,457
Revenue from other sources	$	60,354	$	67,725
Total revenues	$	246,617	$	228,183

Based on the information provided to and reviewed by the Company’s Chief Operating Decision Maker (“CODM”), the Company believes that the nature, amount, timing, and uncertainty of its revenue and cash flows and how they are affected by economic factors are most appropriately depicted through its primary regional markets. The following table presents the Company’s revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.

Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.


	Three months ended
	March 31,
	2025		2024
Primary regional markets
Greater China¹	$	84,896	$	81,358
Europe, Middle East, and Africa²		58,893		59,163
Asia-Pacific²		51,260		41,582
North America³		23,695		23,010
Latin America²		27,873		23,070
Total revenues	$	246,617	$	228,183

(1)	Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.

(2)	No single country included in any of these regions generated more than 10% of total revenue.

(3)	The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $22,624 and $21,925 during the three months ended March 31, 2025 and 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CUSTOMER FUNDS AND INVESTMENTS - Available-for-sale debt securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Available-for-sale debt securities
One year or less	$ 307,858
After one year through five years	884,471
U.S. treasury securities
Available-for-sale debt securities
Gross unrealized gains, net of tax	5,783
Gross unrealized loss, net of tax	471
Less than 12 months, Gross Unrealized Losses	606
Less than 12 months, Fair Value	$ 278,969

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CAPITAL ADVANCE ("CA") RECEIVABLES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
CAPITAL ADVANCE ("CA") RECEIVABLES
Beginning CA receivables, gross	$ 61,197	$ 50,552
CA extended to customers (net of $1,155 and $1,384 of additional allowance for CA losses for the three months ended March 31, 2025 and 2024, respectively)	84,036	80,173
Allowance for CA losses extended to customers	1,155	1,384
Change in revenue receivables	(83)	(114)
CA collected from customers	(93,936)	(71,868)
Charge-offs, net of recoveries	(1,213)	(1,253)
Ending CA receivables, gross	50,001	57,490
Allowance for CA losses	(4,913)	(5,357)	$ (4,955)
CA receivables, net	$ 45,088	$ 52,133

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

a. Principles of consolidation, basis of presentation and accounting principles:

The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2024, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries.

b. Use of estimates in the preparation of financial statements:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, contingent consideration associated with M&A, and loss contingencies.

c. Stock-based compensation:

As further discussed in Note 19, in February 2025, the Company granted performance stock units (“PSUs”) under its Omnibus Stock Incentive Plan.

PSUs are accounted for using the grant date fair value method, based on the grant date share price. The Company recognizes expense over the requisite service period using a graded vesting model. For unvested awards with performance conditions, the Company assesses the probability of attaining the performance conditions at each reporting period. Awards that are deemed probable of attainment are recognized in expense over the requisite service period.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued):

d. Recently issued accounting pronouncements:

FASB Standards issued, but not adopted as of March 31, 2025

In 2023, the FASB issued guidance, ASU 2023-09, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). It also requires entities to disclose their income tax payments (net of refunds received) to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024, and can be applied prospectively with the option for retrospective application to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

In 2024, the FASB issued guidance, ASU 2024-03, which requires the disaggregated disclosure of certain costs and expenses on an interim and annual basis. The new standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and can be applied prospectively with the option for retrospective application to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

OTHER PAYABLES (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
OTHER PAYABLES
Employee related compensation	$ 58,590	$ 81,482
Commissions payable	18,152	18,057
Accrued expenses	14,102	14,704
Lease liability	7,208	5,735
Income tax payable	7,643	3,763
Current portion of Skuad acquisition earnout liability	9,009	723
Other	5,012	5,157
Total other payables	$ 119,716	$ 129,621

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 19 – STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the options to purchase shares of common stock activity under the Company’s equity incentive plans for the three months ended March 31, 2025:


		Options
Outstanding at December 31, 2024		11,560,158
Granted		—
Exercised		(737,128)
Forfeited		(55,233)
Outstanding at March 31, 2025		10,767,797
Exercisable at March 31, 2025		9,804,993

The weighted average exercise price of the options outstanding as of March 31, 2025 was $2.89 per share.

Restricted and Performance Stock Units

The following table summarizes the restricted stock unit (“RSU”) and performance stock unit (“PSU”) activity under the Company’s equity incentive plans as of March 31, 2025:


		Units
Outstanding December 31, 2024		29,163,413
Granted		7,093,591
Vested		(3,558,636)
Withhold to cover shares repurchased		(722,437)
Forfeited		(568,784)
Outstanding March 31, 2025		31,407,147

In the three months ended March 31, 2025, the Company granted 6,198,488 RSUs under the Company's Omnibus Stock Incentive Plan, which are subject to time-vesting and continued service conditions.

In the same period, the Company granted 895,103 PSUs under the same Plan, which are subject to time-vesting, continued service conditions and achievement of specified performance goals.

The Company withholds common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under its employee equity incentive plans in the United States. During the three months ended March 31, 2025 and 2024, the Company withheld 722,437 and 765,430 shares for $7,494 and $3,880, respectively. RSU vesting is shown net of this withholding on the condensed consolidated statements of shareholders’ equity and cash flows.

The Company collects cash from proceeds from certain international employees’ sales of common stock. The amount is held in a Company bank account until it is remitted to the employees. Due to the restrictions on the use of the funds in the bank account, we have classified the amount as short-term restricted cash, and a corresponding liability is included in Other payables in the condensed consolidated balance sheets. As of March 31, 2025, $2,189 of such funds were held.

NOTE 19 – STOCK-BASED COMPENSATION (continued):

Employee Stock Purchase Plan

As of March 31, 2025, approximately 3,498,257 shares were reserved for future issuance under the Company’s Employee Stock Purchase Plan (“ESPP”). The fair value attributable to the ESPP was $1,585 as of November 30, 2024, the beginning of the current offering period, and was measured using the Monte Carlo model. The current offering period is expected to close May 30, 2025.

The expense associated with the ESPP recognized during the three months ended March 31, 2025 was $793.

Impact on Results of Operations

The impact on the Company’s results of operations of recording stock-based compensation expense under the Company’s equity incentive plans, including the ESPP, were as follows:


	Three Months Ended
	March 31,
	2025		2024
Other operating expenses	$	2,587	$	2,807
Research and development expenses		5,052		3,141
Sales and marketing expenses		4,801		4,191
General and administrative expenses		6,315		4,938
Total stock-based compensation	$	18,755	$	15,077

Note that $615 and $919 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended March 31, 2025 and 2024, respectively.

TRANSACTION COSTS

3 Months Ended

Mar. 31, 2025

TRANSACTION COSTS

TRANSACTION COSTS

NOTE 17 - TRANSACTION COSTS

Composition of transaction costs, grouped by major classifications, is as follows:


	Three Months Ended
	March 31,
	2025		2024
Bank and processor fees	$	28,658	$	24,379
Network fees		6,468		5,036
Chargebacks and operational losses		2,374		1,886
Card costs		383		519
Capital advance costs, net of recoveries		1,068		2,038
Other		398		108
Total transaction costs	$	39,349	$	33,966

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
OTHER LONG-TERM LIABILITIES
Reserves for uncertain income tax positions	$ 41,959	$ 39,633
Long-term lease liabilities	14,680	15,645
Other tax provisions	8,298	7,699
Severance pay liabilities	2,028	2,045
Non-current portion of Skuad acquisition earnout liability		8,021
Total other long-term liabilities	$ 66,965	$ 73,043

CUSTOMER FUNDS AND INVESTMENTS

3 Months Ended

Mar. 31, 2025

CUSTOMER FUNDS AND INVESTMENTS

CUSTOMER FUNDS AND INVESTMENTS

NOTE 5 – CUSTOMER FUNDS AND INVESTMENTS

The Company has invested certain customer funds in available-for-sale debt securities and term deposits. The following table summarizes the assets underlying customer funds as of March 31, 2025 and December 31, 2024:


	March 31,		December 31,
	2025		2024
Cash and cash equivalents	$	4,786,061	$	5,189,216
Available-for-sale debt securities		1,192,329		1,174,937
Term deposits		75,000		75,000
Total current customer funds	$	6,053,390	$	6,439,153
Term deposits		525,000		525,000
Total non-current customer funds	$	525,000	$	525,000
Total customer funds	$	6,578,390	$	6,964,153

NOTE 5 – CUSTOMER FUNDS AND INVESTMENTS (continued):

As of March 31, 2025, the estimated fair value of the available-for-sale debt securities included $5,783 in unrealized gains and $471 in unrealized losses, net of tax. The gross unrealized losses of $606 related to assets with a fair value of $278,969, which had been in a continuous unrealized loss position for less than 12 months.

Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that it will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due to changes in market interest rates, rather than credit losses. The Company will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.

During the period ended March 31, 2025, the Company did not sell any available-for-sale debt securities or incur any realized gains or losses.

As of March 31, 2025, $307,858 of the Company’s available-for-sale debt securities were due to mature within one year or less, and $884,471 were due to mature between one and five years.

TRANSACTION COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
TRANSACTION COSTS (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
TRANSACTION COSTS.
Bank and processor fees	$ 28,658	$ 24,379
Network fees	6,468	5,036
Chargebacks and operational losses	2,374	1,886
Card costs	383	519
Capital advance costs, net of recoveries	1,068	2,038
Other	398	108
Total transaction costs	$ 39,349	$ 33,966

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2025

FAIR VALUE

Schedule of financial assets and liabilities measured at fair value on a recurring basis


	March 31, 2025
	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities (included within Customer funds)	$	1,192,329	$	—	$	—	$	1,192,329
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	1,420	$	—	$	1,420
Foreign currency forwards		—		24		—		24
Foreign currency net purchased options		—		52		—		52
Total current derivative assets	$	—	$	1,496	$	—	$	1,496
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	22,914	$	—	$	22,914
Total financial assets	$	1,192,329	$	24,410	$	—	$	1,216,739
Derivative liabilities (included within Other payables)
Foreign currency forwards	$	—	$	567	$	—	$	567
Total derivative liabilities	$	—	$	567	$	—	$	567
Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	9,009	$	9,009
Total financial liabilities	$	—	$	567	$	9,009	$	9,576

NOTE 7 – FAIR VALUE (continued):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities (included within Customer funds)	$	1,174,937	$	—	$	—	$	1,174,937
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	739	$	—	$	739
Foreign currency forwards		—		910		—		910
Foreign currency net purchased options		—		385		—		385
Total current derivative assets	$	—	$	2,034	$	—	$	2,034
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	17,692	$	—	$	17,692
Total financial assets	$	1,174,937	$	19,726	$	—	$	1,194,663
Current portion of Skuad acquisition earnout liability (incuded within Other payables)	$	—	$	—	$	723	$	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)	$	—	$	—	$	8,021	$	8,021
Total financial liabilities	$	—	$	—	$	8,744	$	8,744

NET EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

NET EARNINGS PER SHARE

Schedule of basic and diluted net earnings per share attributable to common stockholders


	Three Months Ended
	March 31,
	2025		2024

	(In thousands, except share and per share data)
Numerator:
Net income	$	20,577	$	28,974
Denominator:
Weighted average common shares outstanding —
Basic		362,979,571		359,306,195
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock		18,362,026		18,725,608
Dilutive impact of private warrants		873,532		683,498
Weighted average common shares – diluted		382,215,129		378,715,301
Net income per share attributable to common stockholders — Basic earnings per share	$	0.06	$	0.08
Diluted earnings per share	$	0.05	$	0.08

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)	Total
Beginning balance at Dec. 31, 2023	$ 3,687	$ (56,936)	$ 732,894	$ (176)	$ (15,196)	$ 664,273
Beginning balance (in shares) at Dec. 31, 2023		(11,064,692)
Beginning balance (in shares) at Dec. 31, 2023	368,655,185
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards	$ 86		3,346			3,432
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	8,639,295
Stock-based compensation			15,996			15,996
Common stock repurchased		$ (51,160)				(51,160)
Common stock repurchased (shares)		(10,533,934)
Unrealized gain (loss) on available-for-sale debt securities, net				(1)		(1)
Unrealized gain (loss) on cash flow hedges, net				34		34
Tax benefit (expense) on unrealized gains (losses) on cash flow hedges, net				(6)		(6)
Net income					28,974	28,974
Ending balance at Mar. 31, 2024	$ 3,773	$ (108,096)	752,236	(149)	13,778	661,542
Ending balance (in shares) at Mar. 31, 2024		(21,598,626)
Ending balance (in shares) at Mar. 31, 2024	377,294,480
Beginning balance at Dec. 31, 2024	$ 3,960	$ (193,724)	821,196	(12,609)	105,967	$ 724,790
Beginning balance (in shares) at Dec. 31, 2024		(35,872,339)				35,872,339
Beginning balance (in shares) at Dec. 31, 2024	395,965,588
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards	$ 43		(5,821)			$ (5,778)
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	4,295,764
Stock-based compensation			19,370			19,370
Common stock repurchased		$ (16,978)				(16,978)
Common stock repurchased (shares)		(1,880,309)
Unrealized gain (loss) on available-for-sale debt securities, net				7,239		7,239
Tax expense on unrealized gains on available-for-sale debt securities, net				(1,605)		(1,605)
Unrealized gain (loss) on cash flow hedges, net				(1,787)		(1,787)
Tax benefit (expense) on unrealized gains (losses) on cash flow hedges, net				327		327
Unrealized gain on interest rate floor, net				6,021		6,021
Tax expense on unrealized gains on interest rate floor, net				(1,276)		(1,276)
Foreign currency translation adjustments				(169)		(169)
Net income					20,577	20,577
Ending balance at Mar. 31, 2025	$ 4,003	$ (210,702)	$ 834,745	$ (3,859)	$ 126,544	$ 750,731
Ending balance (in shares) at Mar. 31, 2025		(37,752,648)				37,752,648
Ending balance (in shares) at Mar. 31, 2025	400,261,352

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 10 –INTANGIBLE ASSETS

Composition of intangible assets, grouped by major classifications, is as follows:


	March 31, 2025						December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Internal use software	$	190,231	$	(97,840)	$	92,391	$	175,698	$	(86,882)	$	88,816
Acquired developed technology		20,269		(14,246)		6,023		20,269		(13,111)		7,158
Customer relationships		6,683		(428)		6,255		6,683		(267)		6,416
Intangible assets, net	$	217,183	$	(112,514)	$	104,669	$	202,650	$	(100,260)	$	102,390

Amortization expense for the three months ended March 31, 2025 and 2024 was $12,254 and $7,300, respectively.

During the three months ended March 31, 2025, the Company did not recognize any impairment related to internal use software assets. During the three months ended March 31, 2024, the Company recognized an insignificant amount of impairment related to intangible assets. The impairment is presented under Depreciation and amortization expenses in the condensed consolidated statements of comprehensive income.

Expected future intangible asset amortization as of March 31, 2025, excluding capitalized internal use software of $18,058 not yet placed in service as of that date, was as follows:


Fiscal years
2025 (Excluding the three months ended March 31, 2025)	$	33,602
2026		33,765
2027		14,004
2028		1,113
2029 and thereafter		4,127
Total	$	86,611

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 524,150	$ 497,467
Restricted cash	9,979	6,633
Customer funds	6,053,390	6,439,153
Accounts receivable (net of allowance of $382 at March 31, 2025 and December 31, 2024, respectively)	9,382	11,937
Capital advance receivables (net of allowance of $4,913 at March 31, 2025 and $4,955 at December 31, 2024)	45,088	56,242
Other current assets	70,832	88,210
Total current assets	6,712,821	7,099,642
Non-current assets:
Property, equipment and software, net	17,113	16,053
Goodwill	77,785	77,785
Intangible assets, net	104,669	102,390
Customer funds	525,000	525,000
Restricted cash	15,683	17,653
Deferred taxes	41,249	41,523
Severance pay fund	740	757
Operating lease right-of-use assets	20,006	19,403
Other assets	35,096	30,174
Total assets	7,550,162	7,930,380
Current liabilities:
Trade payables	32,889	37,302
Outstanding operating balances	6,578,390	6,964,153
Other payables	119,716	129,621
Total current liabilities	6,730,995	7,131,076
Non-current liabilities:
Deferred taxes	1,471	1,471
Other long-term liabilities	66,965	73,043
Total liabilities	6,799,431	7,205,590
Commitments and contingencies (Note 15)
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at March 31, 2025 and December 31, 2024.
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 400,261,352 and 395,965,588 shares issued and 362,508,704 and 360,093,249 shares outstanding at March 31, 2025 and December 31, 2024, respectively.	4,003	3,960
Treasury stock at cost, 37,752,648 and 35,872,339 shares as of March 31, 2025 and December 31, 2024, respectively.	(210,702)	(193,724)
Additional paid-in capital	834,745	821,196
Accumulated other comprehensive loss	(3,859)	(12,609)
Retained earnings	126,544	105,967
Total shareholders' equity	750,731	724,790
Total liabilities and shareholders' equity	$ 7,550,162	$ 7,930,380

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,577	$ 28,974

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

WARRANTS AND SHAREHOLDERS' EQUITY - Changes in fair value of warrant liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
WARRANTS AND SHAREHOLDERS' EQUITY
Fair value at beginning of period	$ 8,555
Change in fair value	(1,761)
Fair value at end of period	$ 6,794

TRANSACTION COSTS (Tables)

3 Months Ended

Mar. 31, 2025

TRANSACTION COSTS.

Schedule of composition of transaction costs, grouped by major classifications


	Three Months Ended
	March 31,
	2025		2024
Bank and processor fees	$	28,658	$	24,379
Network fees		6,468		5,036
Chargebacks and operational losses		2,374		1,886
Card costs		383		519
Capital advance costs, net of recoveries		1,068		2,038
Other		398		108
Total transaction costs	$	39,349	$	33,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows from Operating Activities
Net income	$ 20,577	$ 28,974
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,390	9,408
Deferred taxes	(2,279)	(1,397)
Stock-based compensation expenses	18,755	15,077
Gain from change in fair value of Warrants		(1,761)
Interest and amortization of discount on investments	(2,568)	(474)
Foreign currency re-measurement loss (gain)	(1,811)	1,541
Changes in operating assets and liabilities:
Other current assets	16,158	(11)
Trade payables	(2,883)	1,465
Deferred revenue	358	(28)
Accounts receivable, net	2,555	756
Capital advance extended to customers	(84,078)	(80,173)
Capital advance collected from customers	95,232	73,533
Other payables	(17,108)	(12,528)
Other long-term liabilities	(781)	2,669
Operating lease right-of-use assets	2,121	2,287
Other assets	(4,922)	172
Net cash provided by operating activities	53,716	39,510
Cash Flows from Investing Activities
Purchase of property, equipment and software	(4,726)	(1,616)
Capitalization of internal use software	(16,067)	(14,055)
Severance pay fund distributions, net	17	19
Customer funds in transit, net	(19,742)	154
Purchases of investments in available-for-sale debt securities	(71,968)	(118,649)
Maturities of investments in available-for-sale debt securities	64,500	20,000
Net cash used in investing activities	(47,986)	(114,147)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted to employees	(4,400)	3,432
Outstanding operating balances, net	(385,763)	(469,602)
Borrowings under related party facility (Refer to Notes 12 and 22 for further information)		5,378
Repayments under related party facility (Refer to Notes 12 and 22 for further information)		(9,360)
Receipts of collateral on interest rate derivatives	25,610
Payments of collateral on interest rate derivatives	(20,140)
Common stock repurchased	(17,753)	(50,961)
Net cash used in financing activities	(402,446)	(521,113)
Effect of exchange rate changes on cash and cash equivalents	1,878	(1,541)
Net change in cash, cash equivalents, restricted cash and customer funds	(394,838)	(597,291)
Cash, cash equivalents, restricted cash and customer funds at beginning of period	5,658,210	7,018,367
Cash, cash equivalents, restricted cash and customer funds at end of period	5,263,372	6,421,076
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid		700
Internal use software capitalized but not paid	4,959	5,216
Common stock repurchased but not paid		$ 1,699
Right of use assets obtained in exchange for new operating lease liabilities	$ 2,724

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

STOCK-BASED COMPENSATION

Summary of stock option activity


		Options
Outstanding at December 31, 2024		11,560,158
Granted		—
Exercised		(737,128)
Forfeited		(55,233)
Outstanding at March 31, 2025		10,767,797
Exercisable at March 31, 2025		9,804,993

Summary of restricted and performance stock unit activity


		Units
Outstanding December 31, 2024		29,163,413
Granted		7,093,591
Vested		(3,558,636)
Withhold to cover shares repurchased		(722,437)
Forfeited		(568,784)
Outstanding March 31, 2025		31,407,147

Schedule of stock-based compensation expense


	Three Months Ended
	March 31,
	2025		2024
Other operating expenses	$	2,587	$	2,807
Research and development expenses		5,052		3,141
Sales and marketing expenses		4,801		4,191
General and administrative expenses		6,315		4,938
Total stock-based compensation	$	18,755	$	15,077

CUSTOMER FUNDS AND INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

CUSTOMER FUNDS AND INVESTMENTS

Schedule of assets underlying customer funds


	March 31,		December 31,
	2025		2024
Cash and cash equivalents	$	4,786,061	$	5,189,216
Available-for-sale debt securities		1,192,329		1,174,937
Term deposits		75,000		75,000
Total current customer funds	$	6,053,390	$	6,439,153
Term deposits		525,000		525,000
Total non-current customer funds	$	525,000	$	525,000
Total customer funds	$	6,578,390	$	6,964,153

INCOME TAXES

3 Months Ended

Mar. 31, 2025

INCOME TAXES

INCOME TAXES

NOTE 20 - INCOME TAXES

The Company’s provision for income taxes in the interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the period.

The Company had an effective tax rate of 26% and 32% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was primarily the result of an increase in the provision for uncertain tax positions and nondeductible stock compensation, partially offset by a benefit under U.S. tax law for income earned from foreign customers. For the three months ended March 31, 2024, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was the result of foreign income taxed at different rates, as well as an increase in the provision for uncertain tax positions.

The Company maintains a valuation allowance in jurisdictions where it is more likely than not that all or a portion of a deferred tax asset may not be realized. In determining whether a valuation allowance is warranted, the Company evaluates factors such as prior earnings history, expected future earnings and the reversal of existing taxable temporary differences. As of March 31, 2025, the Company maintains a full valuation allowance on its deferred tax assets in Singapore, associated with the Skuad acquisition, and in Germany as management believes it is more likely than not that the deferred tax assets will not be recognized in these jurisdictions. The Company maintains its previous conclusion that a valuation allowance on deferred tax assets in the United States and Israel is not necessary.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Paragraph 13
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 14
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

PROPERTY, EQUIPMENT AND SOFTWARE

3 Months Ended

Mar. 31, 2025

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

NOTE 9 – PROPERTY, EQUIPMENT AND SOFTWARE

Composition of property, equipment and software, grouped by major classifications, is as follows:


	March 31,		December 31,
	2025		2024
Computers, software and peripheral equipment	$	45,927	$	43,003
Leasehold improvements		8,960		8,846
Furniture and office equipment		6,381		6,286
Property, equipment and software		61,268		58,135
Accumulated depreciation		(44,155)		(42,082)
Property, equipment and software, net	$	17,113	$	16,053

Depreciation expense for the three months ended March 31, 2025 and 2024 was $2,136 and $2,108, respectively.

During the three months ended March 31, 2025, the Company retired an insignificant amount of computers, software, and peripheral equipment that were fully depreciated. During the three months ended March 31, 2024, the Company retired computers, software, and peripheral equipment with a cost of $1,714 that were fully depreciated.

OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2025

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS

NOTE 8 - OTHER CURRENT ASSETS

Composition of Other current assets, grouped by major classifications, is as follows:


	March 31,		December 31,
	2025		2024
Prepaid expenses	$	34,677	$	21,429
Income receivable		16,562		24,654
Prepaid income taxes		7,160		33,476
Derivative assets		76		1,295
Other		12,357		7,356
Total Other current assets	$	70,832	$	88,210

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Revenues	$ 246,617	$ 228,183
Transaction costs (Excluding depreciation and amortization shown separately below and including $0 and $438 in interest expense and fees associated with related party transactions during the three months ended March 31, 2025 and 2024, respectively; refer to Notes 12 and 22 for further information)	39,349	33,966
Other operating expenses	41,658	40,283
Research and development expenses	37,271	32,051
Sales and marketing expenses	54,726	49,890
General and administrative expenses	29,904	24,209
Depreciation and amortization	14,390	9,408
Total operating expenses	217,298	189,807
Operating income	29,319	38,376
Financial income (expense):
Gain from change in fair value of Warrants		1,761
Other financial income (expense), net	(1,550)	2,747
Financial income (expense), net	(1,550)	4,508
Income before income taxes	27,769	42,884
Income taxes	7,192	13,910
Net income	20,577	28,974
Other comprehensive income
Unrealized gain (loss) on available-for-sale debt securities, net	7,239	(1)
Tax expense on unrealized gains on available-for-sale debt securities, net	(1,605)
Unrealized gain (loss) on cash flow hedges, net	(1,787)	34
Tax benefit (expense) on unrealized gains (losses) on cash flow hedges, net	327	(6)
Unrealized gain on interest rate floor, net	6,021
Tax expense on unrealized gains on interest rate floor, net	(1,276)
Foreign currency translation adjustments	(169)
Other comprehensive income	8,750	27
Comprehensive income	$ 29,327	$ 29,001
Per Share Data
Net income per share attributable to common stockholders - Basic earnings per share (in dollars per share)	$ 0.06	$ 0.08
- Diluted earnings per share (in dollars per share)	$ 0.05	$ 0.08
Weighted average common shares outstanding - Basic (in shares)	362,979,571	359,306,195
Weighted average common shares outstanding - Diluted (in shares)	382,215,129	378,715,301

REVENUE (Tables)

3 Months Ended

Mar. 31, 2025

REVENUE

Schedule of revenue recognized from contracts with customers as well as revenue from other sources


	Three months ended March 31,
	2025		2024
Revenue recognized at a point in time	$	185,333	$	159,796
Revenue recognized over time		930		662
Revenue from contracts with customers	$	186,263	$	160,458
Interest income on customer balances	$	57,972	$	65,268
Capital advance income		2,382		2,457
Revenue from other sources	$	60,354	$	67,725
Total revenues	$	246,617	$	228,183

Schedule of revenue disaggregated by primary geographical market


	Three months ended
	March 31,
	2025		2024
Primary regional markets
Greater China¹	$	84,896	$	81,358
Europe, Middle East, and Africa²		58,893		59,163
Asia-Pacific²		51,260		41,582
North America³		23,695		23,010
Latin America²		27,873		23,070
Total revenues	$	246,617	$	228,183

(1)	Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.

(2)	No single country included in any of these regions generated more than 10% of total revenue.

(3)	The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $22,624 and $21,925 during the three months ended March 31, 2025 and 2024, respectively.

WARRANTS AND SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended
	Sep. 25, 2024	Sep. 09, 2024	Sep. 30, 2024	Mar. 31, 2025
WARRANTS AND SHAREHOLDERS' EQUITY
Exercise price of warrants				$ 11.5
Warrant Price (per share)	$ 0.7	$ 0.78	$ 0.78
Outstanding warrant (Per share)			$ 0.7
Warrants		24,030,937
Warrants repurchased	$ 789	$ 18,744
Loss recognized upon repurchase	$ (530)	$ (13,217)

CAPITAL ADVANCE ("CA") RECEIVABLES - Timing of expected collections (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 50,001	$ 61,197	$ 57,490	$ 50,552
Overdue
Financing Receivable, Past Due [Line Items]
Total	2,526	2,825
Due in less than 30 days
Financing Receivable, Past Due [Line Items]
Total	14,152	13,654
Due in 30-60 days
Financing Receivable, Past Due [Line Items]
Total	8,142	13,357
Due in 60-90 days
Financing Receivable, Past Due [Line Items]
Total	16,596	23,252
Due in more than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 8,585	$ 8,109

DERIVATIVES AND HEDGING (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
DERIVATIVES AND HEDGING (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
DERIVATIVES AND HEDGING
Amount of unrealized gains on derivative instruments designated as cash flow hedges in OCI, net of tax	$ 3,285	$ 28
Amount of unrealized gains related to cash flow hedges currently included in AOCI expected to be reclassified into earnings within the next 12 months	$ 3,700
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions	55 months
Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Derivative assets, Notional Amount	$ 21,459		$ 56,296
Interest rate floors
DERIVATIVES AND HEDGING
Asset collateral return obligation	$ 24,260		$ 18,790
Interest rate floors \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Investments interest rate	3.00%		3.00%
Interest rate floors \| Designated as hedge accounting instruments \| Customer funds
DERIVATIVES AND HEDGING
Derivative assets, Notional Amount	$ 1,900,000		$ 1,900,000
Interest rate floors \| Designated as hedge accounting instruments \| Minimum
DERIVATIVES AND HEDGING
Term of contract	3 years		3 years
Interest rate floors \| Designated as hedge accounting instruments \| Maximum
DERIVATIVES AND HEDGING
Term of contract	5 years		5 years

CAPITAL ADVANCE ("CA") RECEIVABLES - Allowance for CA losses (ALCAL) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
CAPITAL ADVANCE ("CA") RECEIVABLES
Percentage of loss rate to the allowance for CA losses	0.87%	2.02%

INTANGIBLE ASSETS - Future intangible asset (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
INTANGIBLE ASSETS
Net Carrying Value	$ 104,669	$ 102,390
Capitalized internal use software not yet placed in service	18,058
Excluding capitalized internal use software
INTANGIBLE ASSETS
2025 (Excluding the three months ended March 31, 2025)	33,602
2026	33,765
2027	14,004
2028	1,113
2029 and thereafter	4,127
Net Carrying Value	$ 86,611

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Reconciliation of cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	$ 524,150	$ 587,180
Current restricted cash	9,979	7,907
Non-current restricted cash	15,683	6,025
Customer funds
Current customer funds	6,053,390	5,920,924
Non-current customer funds	525,000
Customer funds shown in the condensed consolidated balance sheets	6,578,390	5,920,924
Less: Customer funds in transit	(72,501)	(1,837)
Less: Customer funds invested in available-for-sale debt securities	(1,192,329)	(99,123)
Less: Customer funds invested in term deposits	(600,000)
Net customer funds shown in the condensed consolidated statements of cash flows	4,713,560	5,819,964
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows	$ 5,263,372	$ 6,421,076

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 15 – COMMITMENTS AND CONTINGENCIES

The Company’s business is subject to various laws and regulations in the United States and other countries from where the Company operates. Any regulatory action, tax or legal challenge against the Company for noncompliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgment or settlement, reputational harm, loss of banking or other operational relationships, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or impose limits on the Company’s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Company’s business. From time to time, the Company incurs insignificant fines and penalties in the ordinary course of business.

On September 28, 2021, the National Banking and Securities Commission (CNBV) and the Bank of Mexico revoked the banking license of a banking entity utilized by the Company due to the banking entity not meeting applicable capital requirements. As a result, the Company is unable to withdraw funds from the banking entity. The Company has reserved $2,250 for potential losses related to those funds above the recovered amount. The Company applied for and recovered the maximum statutory reimbursement through the deposit insurance provided by Mexican Institute for the Protection of Banking Services (IPAB), totaling $140. The Company has filed a claim in liquidation for the remaining funds; however, the percentage of the deposit that will be recovered in liquidation is not known at this time.

From time to time, the Company is involved in other disputes or regulatory inquiries that arise in the ordinary course of business. These may include suits by its customers alleging, among other things, acting unfairly and/or not in conformity regarding pricing, rules or agreements, improper disclosure of the Company’s prices, rules, or policies or that the Company’s practices, prices, rules, policies, or customer agreements violate applicable law.

NOTE 15 – COMMITMENTS AND CONTINGENCIES (continued):

In addition to these types of disputes and regulatory inquiries, the operations of the Company are also subject to regulatory and/or legal review and/or challenges that tend to reflect the increasing global regulatory focus to which the industry in which the Company operates is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on the Company and may lead to increased costs and decreased transaction volume and revenue. Any claims or regulatory actions against the Company, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require the Company to change its business practices, require significant amounts of management time, result in the diversion of operational resources, or otherwise harm the business.

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2025	Mar. 31, 2024
INCOME TAXES
Effective income tax rate	26.00%	32.00%
U.S. federal statutory rate	21.00%	21.00%

DERIVATIVES AND HEDGING

3 Months Ended

Mar. 31, 2025

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING

NOTE 6 – DERIVATIVES AND HEDGING

The table below summarizes the gross notional amount and fair value of outstanding derivative instruments at March 31, 2025 and December 31, 2024.


			March 31, 2025
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	1,420
Foreign currency forwards		Other Current Assets	$	13,463		24
Foreign currency net purchased options		Other Current Assets		7,996		52
Total current derivative assets			$	21,459	$	1,496
Interest rate floors		Other Non-Current Assets		Note 1		22,914
Total derivative assets			$	21,459	$	24,410
Derivative liabilities designated as hedge accounting instruments:
Foreign currency forwards		Other payables	$	59,908	$	567
Total derivative liabilities			$	59,908	$	567


			December 31, 2024
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	739
Foreign currency forwards		Other Current Assets	$	40,330		910
Foreign currency net purchased options		Other Current Assets		15,966		385
Total current derivative assets			$	56,296	$	2,034
Interest rate floors		Other Non-Current Assets		Note 1	$	17,692
Total derivative assets			$	56,296	$	19,726

NOTE 6 – DERIVATIVES AND HEDGING (continued):

During the three months ended March 31, 2025 and 2024, the Company recognized $3,285 and $28 in unrealized gains, net of tax, on derivative instruments designated as cash flow hedges in OCI, respectively.

As of March 31, 2025, the Company estimated that $3,700 of unrealized losses related to cash flow hedges currently included in AOCI are expected to be reclassified into earnings within the next 12 months. As of March 31, 2025, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 55 months. During the three months ended March 31, 2025 and 2024, the Company did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction.

As of March 31, 2025 and December 31, 2024, the Company recognized an obligation to return cash collateral related to interest rate floors of $24,260 and $18,790, respectively, which was offset against the gross derivative balances shown in the table above.

OTHER LONG-TERM LIABILITIES

3 Months Ended

Mar. 31, 2025

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

NOTE 13 – OTHER LONG-TERM LIABILITIES

Composition of other long-term liabilities, grouped by major classifications, is as follows:


	March 31,		December 31,
	2025		2024
Reserves for uncertain income tax positions	$	41,959	$	39,633
Long-term lease liabilities		14,680		15,645
Other tax provisions		8,298		7,699
Severance pay liabilities		2,028		2,045
Non-current portion of Skuad acquisition earnout liability		—		8,021
Total other long-term liabilities	$	66,965	$	73,043

WARRANTS AND SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accumulated Other Comprehensive Loss
Beginning balance	$ 724,790	$ 664,273
Net current period other comprehensive income (loss)	8,750	27
Ending balance	750,731	661,542
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss
Beginning balance	(242)	(176)
Other comprehensive income (loss) before reclassifications	(169)
Net current period other comprehensive income (loss)	(169)
Ending balance	(411)	(176)
Unrealized gains (losses) on available-for-sale debt securities
Accumulated Other Comprehensive Loss
Beginning balance	(322)
Other comprehensive income (loss) before reclassifications	5,634	(1)
Net current period other comprehensive income (loss)	5,634
Ending balance	5,312	(1)
Unrealized gains (losses) on cash flow hedges
Accumulated Other Comprehensive Loss
Beginning balance	(12,045)
Other comprehensive income (loss) before reclassifications	3,758	28
Amount of loss reclassified from AOCI	(473)
Net current period other comprehensive income (loss)	3,285
Ending balance	(8,760)	28
Total
Accumulated Other Comprehensive Loss
Beginning balance	(12,609)	(176)
Other comprehensive income (loss) before reclassifications	9,223	27
Amount of loss reclassified from AOCI	(473)
Net current period other comprehensive income (loss)	8,750
Ending balance	$ (3,859)	$ (149)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

SEGMENT INFORMATION

Schedule of segment information


	Three Months Ended March 31,
	2025		2024
Revenue	$	246,617	$	228,183
Less:
Transaction cost¹		(39,349)		(33,966)
Labor & related		(73,064)		(68,291)
Stock-based compensation		(18,755)		(15,077)
3rd party contractors		(8,769)		(9,470)
IT & communication		(17,985)		(16,215)
Depreciation & amortization		(14,390)		(9,408)
Other operating expenses²		(44,986)		(37,380)
Income taxes		(7,192)		(13,910)
Other segment items³		(1,550)		4,508
Net income (loss)	$	20,577	$	28,974

⁽¹⁾ Refer to Note 17 for disaggregation of transaction cost into significant segment expense categories.

⁽²⁾ Other operating expenses include miscellaneous, individually insignificant operating expenses. The Company’s CODM review these items in aggregate.