Payoneer Global Inc. (“Payoneer” or the “Company”) (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium sized businesses to transact, do business and grow globally, today reported financial results for its third quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights
| ($ in mm) |
3Q 2022 |
4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
YoY Change |
|||||
| Revenue |
$158.9 |
$183.6 |
$192.0 |
$206.7 |
$208.0 |
31% |
|||||
| Transaction costs as a % of revenue |
17.6% |
16.6% |
14.1% |
13.8% |
14.6% |
(300 bps) |
|||||
| Revenue less transaction costs |
$130.9 |
$153.2 |
$164.9 |
$178.2 |
$177.6 |
36% |
|||||
| Net income (loss) |
(26.5) |
(10.2) |
7.9 |
45.5 |
12.8 |
n.m. |
|||||
| Adjusted EBITDA |
12.7 |
10.6 |
38.8 |
56.0 |
58.2 |
357% |
|||||
| Operational Metrics | |||||||||||
| Active Ideal Customer Profiles (ICPs) (‘000s)1 |
479 |
488 |
491 |
495 |
502 |
5% |
|||||
| Volume ($bn) |
$15.1 |
$16.9 |
$15.7 |
$15.8 |
$16.8 |
11% |
|||||
| Revenue as a % of volume (“Take Rate”) |
105 bps |
|
109 bps |
|
122 bps |
|
131 bps |
|
124 bps |
|
19 bps |
- Active ICPs are defined as customers with a Payoneer Account that have on average over $500 a month in volume and were active over the trailing twelve-month period.
“Payoneer’s active ICP and revenue growth year-over-year, along with significantly expanding profitability, underscores our progress and conviction in the strategy we laid out at our investor day in September,” said John Caplan, Chief Executive Officer of Payoneer. “Global small- and medium-sized businesses need a borderless financial stack to grow and scale and Payoneer is making strategic investments in our platform and ecosystem of partnerships to better serve their needs. Our focus remains on our ICPs and adding to our financial stack to drive durable, profitable revenue growth.”
“We are reiterating our full year 2023 revenue guidance,” said Bea Ordonez, Chief Financial Officer. “We are steadily increasing active ICPs, improving monetization of customers, and cross selling our product suite. We are raising our 2023 adjusted EBITDA guidance to $200 million at the midpoint. This implies a 24% adjusted EBITDA margin for 2023 and demonstrates our commitment to driving operating leverage even as we accelerate investments in our product roadmap, customer experience, and global licensing framework.”
|
Note: The Company cannot reconcile its expected 2023 adjusted EBITDA to expected 2023 net income without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s GAAP financial results. |
Third Quarter 2023 Business Highlights (unless noted otherwise)
- 5% active ICP growth year-over-year, including 17% growth in our larger ICPs, or those who have on average over $10k a month in volume
- In October 2023, announced a collaboration with Etsy to support its expansion of Etsy Payments into emerging markets
-
Total B2B volume increased 1% year-over-year; excluding the impact of customers proactively exited in 3Q22, B2B volume increased 6%
- In APAC, SAMEA, and Latin America, where we predominantly serve outsourcing and services businesses, B2B volume grew 23% year-over-year
- Launched Shopify native Payoneer Checkout capabilities to improve the consumer shopping experience and Payoneer’s merchant conversion rates
- Implemented bank feed integration with QuickBooks to increase efficiency and interoperability for customers
- Launched New Zealand Dollar (NZD) receiving account so Payoneer’s customers can get paid locally from their clients and marketplaces
- $15 million of share repurchases
- $5.4 billion of customer funds as of September 30, 2023, up 7% year-over-year
2023 Guidance
2023 guidance is as follows:
|
|
|
Revenue |
$820 million – $830 million |
|
|
|
|
|
Transaction costs |
~14.5% of revenue |
|
|
|
|
|
Adjusted EBITDA (1) |
$195 million to $205 million |
|
|
(1) |
Guidance for fiscal year, where adjusted, is provided on a non-GAAP basis, which Payoneer will continue to identify as it reports its future financial results. The Company cannot reconcile its expected adjusted EBITDA to expected net income under “2023 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s GAAP financial results. Please refer to “Financial Information; Non-GAAP Financial Measures” below for a description of the calculation of adjusted EBITDA. |
Webcast
Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, November 8, 2023. To access the webcast, go to the investor relations section of the Company’s website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.
About Payoneer
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as the current conflict between Israel and Hamas, and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Payoneer uses these non-GAAP measures to compare Payoneer’s performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer’s results of operations. Payoneer’s method of determining these non-GAAP measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer’s financial statements, which are included in Payoneer’s Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer’s business.
Non-GAAP measures include the following item:
Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude: M&A related expense (income), stock-based compensation expenses, restructuring expenses, share in losses (gain) of associated company, gain from change in fair value of warrants, other financial expense (income), net, taxes on income, and depreciation and amortization.
Other companies may calculate the above measure differently, and therefore Payoneer’s measures may not be directly comparable to similarly titled measures of other companies.
| TABLE – 1 | ||||||||
| PAYONEER GLOBAL INC. | ||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | ||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||
| Three months ended | ||||||||
| September 30, | ||||||||
|
2023 |
2022 |
|||||||
| Revenues | $ |
208,035 |
|
$ |
158,917 |
|
||
| Transaction costs (Exclusive of depreciation and amortization shown separately below and inclusive of $437 and $384 in interest expense and fees associated with related party transactions during the three months ended September 30, 2023 and 2022, respectively) |
30,393 |
|
27,986 |
|
||||
| Other operating expenses (Exclusive of depreciation and amortization shown separately below) |
40,301 |
|
37,744 |
|
||||
| Research and development expenses |
26,950 |
|
29,617 |
|
||||
| Sales and marketing expenses |
48,664 |
|
41,081 |
|
||||
| General and administrative expenses |
25,112 |
|
21,693 |
|
||||
| Depreciation and amortization |
7,116 |
|
5,899 |
|
||||
| Total operating expenses |
178,536 |
|
164,020 |
|
||||
| Operating income (loss) |
29,499 |
|
(5,103 |
) |
||||
| Financial income (expense): | ||||||||
| Loss from change in fair value of Warrants |
(7,799 |
) |
(15,095 |
) |
||||
| Other financial income (expense), net |
1,137 |
|
(3,617 |
) |
||||
| Financial expense, net |
(6,662 |
) |
(18,712 |
) |
||||
| Income (loss) before taxes on income and share in losses of associated company |
22,837 |
|
(23,815 |
) |
||||
| Taxes on income |
10,012 |
|
2,635 |
|
||||
| Share in losses of associated company |
— |
|
(2 |
) |
||||
| Net income (loss) | $ |
12,825 |
|
$ |
(26,452 |
) |
||
| Other comprehensive loss, net of tax | ||||||||
| Foreign currency translation adjustments |
— |
|
(1,658 |
) |
||||
| Other comprehensive loss, net of tax |
— |
|
(1,658 |
) |
||||
| Comprehensive income (loss) | $ |
12,825 |
|
$ |
(28,110 |
) |
||
| Per Share Data | ||||||||
| Net income (loss) per share attributable to common stockholders — Basic earnings (loss) per share | $ |
0.04 |
|
$ |
(0.08 |
) |
||
| — Diluted earnings (loss) per share | $ |
0.03 |
|
$ |
(0.08 |
) |
||
| Weighted average common shares outstanding — Basic |
357,429,113 |
|
349,740,787 |
|
||||
| Weighted average common shares outstanding — Diluted |
381,845,099 |
|
349,740,787 |
|
||||
Disaggregation of revenue
The following table presents revenue recognized from contracts with customers as well as revenue from other sources, which consists of interest income:
| Three months ended | ||||||
| September 30, | ||||||
|
2023 |
2022 |
|||||
| Revenue recognized at a point in time | $ |
144,665 |
$ |
134,394 |
||
| Revenue recognized over time |
2,954 |
9,477 |
||||
| Revenue from contracts with customers |
147,619 |
143,871 |
||||
| Revenue from other sources |
60,416 |
15,046 |
||||
| Total revenues | $ |
208,035 |
$ |
158,917 |
||
The following table presents our 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.
| Three months ended | ||||||
| September 30, | ||||||
|
2023 |
2022 |
|||||
| Primary regional markets | ||||||
| Greater China1 | $ |
72,513 |
$ |
50,162 |
||
| Europe2 |
42,378 |
33,019 |
||||
| Asia-Pacific2 |
29,145 |
21,570 |
||||
| North America3 |
22,358 |
21,843 |
||||
| South Asia, Middle East and North Africa2 |
22,181 |
17,809 |
||||
| Latin America2 |
19,460 |
14,514 |
||||
| Total revenues | $ |
208,035 |
$ |
158,917 |
||
- Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan
- No single country included in any of these regions generated more than 10% of total revenue
- The United States is our country of domicile. Of North America revenues, the US represents $21,348 and $20,675 during the three months ended September 30, 2023 and 2022, respectively.
| TABLE – 2 | ||||||||||||||||||||
| PAYONEER GLOBAL INC. | ||||||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (UNAUDITED) | ||||||||||||||||||||
| (U.S. dollars in thousands) | ||||||||||||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, | ||||||||||||||||||||
|
2023 |
2022 |
|||||||||||||||||||
| Net income (loss) | $ |
12,825 |
|
$ |
(26,452 |
) |
||||||||||||||
| Depreciation and amortization |
7,116 |
|
5,899 |
|
||||||||||||||||
| Taxes on income |
10,012 |
|
2,635 |
|
||||||||||||||||
| Other financial (income) expense, net |
(1,137 |
) |
3,617 |
|
||||||||||||||||
| EBITDA |
28,816 |
|
(14,301 |
) |
||||||||||||||||
| Stock based compensation expenses1 |
15,330 |
|
13,525 |
|
||||||||||||||||
| Share in loss of associated company |
— |
|
2 |
|
||||||||||||||||
| M&A related expense (income)2 |
1,745 |
|
(1,588 |
) |
||||||||||||||||
| Loss from change in fair value of Warrants3 |
7,799 |
|
15,095 |
|
||||||||||||||||
| Restructuring charges4 |
4,488 |
|
— |
|
||||||||||||||||
| Adjusted EBITDA | $ |
58,178 |
|
$ |
12,733 |
|
||||||||||||||
| Three months ended, | ||||||||||||||||||||
|
Sept. 30, 2022 |
|
Dec. 31, 2022 |
|
Mar. 31, 2023 |
|
Jun. 30, 2023 |
|
Sept. 30, 2023 |
||||||||||||
| Net income (loss) | $ |
(26,452 |
) |
$ |
(10,151 |
) |
$ |
7,938 |
|
$ |
45,549 |
|
$ |
12,825 |
|
|||||
| Depreciation & amortization |
5,899 |
|
5,333 |
|
6,039 |
|
5,909 |
|
7,116 |
|
||||||||||
| Taxes on income |
2,635 |
|
7,610 |
|
9,172 |
|
5,747 |
|
10,012 |
|
||||||||||
| Other financial (income) expense, net |
3,617 |
|
(1,005 |
) |
(2,350 |
) |
(4,318 |
) |
(1,137 |
) |
||||||||||
| EBITDA |
(14,301 |
) |
1,787 |
|
20,799 |
|
52,887 |
|
28,816 |
|
||||||||||
| Stock based compensation expenses1 |
13,525 |
|
13,827 |
|
16,927 |
|
16,173 |
|
15,330 |
|
||||||||||
| Share in losses of associated company |
2 |
|
13 |
|
— |
|
— |
|
— |
|
||||||||||
| M&A related expense (income)2 |
(1,588 |
) |
— |
|
774 |
|
498 |
|
1,745 |
|
||||||||||
| Loss (gain) from change in fair value of Warrants3 |
15,095 |
|
(5,031 |
) |
252 |
|
(13,586 |
) |
7,799 |
|
||||||||||
| Restructuring charges4 |
— |
|
— |
|
— |
|
— |
|
4,488 |
|
||||||||||
| Adjusted EBITDA | $ |
12,733 |
|
$ |
10,596 |
|
$ |
38,752 |
|
$ |
55,972 |
|
$ |
58,178 |
|
|||||
- Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.
- Amounts for the periods in 2023 relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Amounts for the three months ended September 30, 2022 relate to a non-recurring fair value adjustment of a liability related to our 2020 acquisition of optile.
- Changes in the estimated fair value of the warrants are recognized as gain or loss on the condensed consolidated statements of comprehensive income (loss). The impact is removed from EBITDA as it represents market conditions that are not in our control.
- The Company initiated a plan to reduce its workforce during the three months ending September 30, 2023 and had non-recurring costs related to severance and other employee termination benefits. Please refer to Note 10 of the Company’s third quarter 10-Q filing for additional information.
| TABLE – 3 | |||||||
| PAYONEER GLOBAL INC. | |||||||
| EARNINGS (LOSS) PER SHARE (UNAUDITED) | |||||||
| (U.S. dollars in thousands, except share and per share data) | |||||||
| Three months ended September 30, | |||||||
|
2023 |
2022 |
||||||
| Numerator: | |||||||
| Net income (loss) | $ |
12,825 |
$ |
(26,452 |
) |
||
| Denominator: | |||||||
| Weighted average common shares outstanding — | |||||||
| Basic |
357,429,113 |
349,740,787 |
|
||||
| Add: | |||||||
| Dilutive impact of RSUs and options to purchase common stock |
23,678,424 |
– |
|
||||
| Dilutive impact of private warrants |
737,562 |
– |
|
||||
| Weighted average common shares – diluted |
381,845,099 |
349,740,787 |
|
||||
| Net income (loss) per share attributable to common stockholders — Basic earnings (loss) per share | $ |
0.04 |
$ |
(0.08 |
) |
||
| Diluted earnings (loss) per share | $ |
0.03 |
$ |
(0.08 |
) |
||
| TABLE – 4 | ||||||||
| PAYONEER GLOBAL INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||
|
September 30, |
|
December 31, |
||||||
|
2023 |
|
2022 |
||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
590,565 |
|
$ |
543,299 |
|
||
| Restricted cash |
2,872 |
|
2,882 |
|
||||
| Customer funds |
5,370,466 |
|
5,838,612 |
|
||||
| Accounts receivable (net of allowance of $618 at September 30, 2023 and $246 at December 31, 2022) |
5,970 |
|
12,878 |
|
||||
| Capital advance receivables (net of allowance of $4,910 at September 30, 2023 and $5,311 at December 31, 2022) |
49,156 |
|
37,155 |
|
||||
| Other current assets |
42,253 |
|
36,278 |
|
||||
| Total current assets |
6,061,282 |
|
6,471,104 |
|
||||
| Non-current assets: | ||||||||
| Property, equipment and software, net |
13,733 |
|
14,392 |
|
||||
| Goodwill |
19,889 |
|
19,889 |
|
||||
| Intangible assets, net |
70,872 |
|
45,444 |
|
||||
| Restricted cash |
6,518 |
|
4,848 |
|
||||
| Deferred taxes |
16,193 |
|
4,169 |
|
||||
| Investment in associated company |
— |
|
6,429 |
|
||||
| Severance pay fund |
944 |
|
1,095 |
|
||||
| Operating lease right-of-use assets |
12,396 |
|
15,260 |
|
||||
| Other assets |
15,931 |
|
12,021 |
|
||||
| Total assets | $ |
6,217,758 |
|
$ |
6,594,651 |
|
||
| Liabilities and shareholders’ equity: | ||||||||
| Current liabilities: | ||||||||
| Trade payables | $ |
35,587 |
|
$ |
41,566 |
|
||
| Outstanding operating balances |
5,370,466 |
|
5,838,612 |
|
||||
| Other payables |
104,759 |
|
97,334 |
|
||||
| Total current liabilities |
5,510,812 |
|
5,977,512 |
|
||||
| Non-current liabilities: | ||||||||
| Long-term debt from related party |
15,801 |
|
16,138 |
|
||||
| Warrant liability |
20,379 |
|
25,914 |
|
||||
| Other long-term liabilities |
32,800 |
|
29,831 |
|
||||
| Total liabilities |
5,579,792 |
|
6,049,395 |
|
||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at September 30, 2023 and December 31, 2022. |
— |
|
— |
|
||||
| Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 365,953,562 and 352,842,025 shares issued and 359,014,445 and 352,842,025 shares outstanding at September 30, 2023 and December 31, 2022, respectively. |
3,659 |
|
3,528 |
|
||||
| Treasury stock at cost, 6,939,117 and 0 shares as of September 30, 2023 and December 30, 2022, respectively |
(34,759 |
) |
||||||
| Additional paid-in capital |
711,459 |
|
650,433 |
|
||||
| Accumulated other comprehensive income (loss) |
(176 |
) |
(176 |
) |
||||
| Accumulated deficit |
(42,217 |
) |
(108,529 |
) |
||||
| Total shareholders’ equity |
637,966 |
|
545,256 |
|
||||
| Total liabilities and shareholders’ equity | $ |
6,217,758 |
|
$ |
6,594,651 |
|
||
| TABLE – 5 | ||||||||
| PAYONEER GLOBAL INC. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| (U.S. dollars in thousands) | ||||||||
| Nine months ended | ||||||||
| September 30, | ||||||||
|
2023 |
2022 |
|||||||
| Cash Flows from Operating Activities | ||||||||
| Net income (loss) | $ |
66,312 |
|
$ |
(1,819 |
) |
||
| Adjustment to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation and amortization |
19,064 |
|
15,525 |
|
||||
| Deferred taxes |
(12,024 |
) |
820 |
|
||||
| Stock-based compensation expenses |
48,429 |
|
39,132 |
|
||||
| Share in gains of associated company |
— |
|
(11 |
) |
||||
| Gain from change in fair value of Warrants |
(5,535 |
) |
(28,932 |
) |
||||
| Foreign currency re-measurement loss |
761 |
|
3,015 |
|
||||
| Changes in operating assets and liabilities: | ||||||||
| Other current assets |
(5,891 |
) |
(10,825 |
) |
||||
| Trade payables |
(6,948 |
) |
8,753 |
|
||||
| Deferred revenue |
1,206 |
|
(30 |
) |
||||
| Accounts receivable, net |
6,908 |
|
(7,024 |
) |
||||
| Capital advance extended to customers |
(207,075 |
) |
(145,424 |
) |
||||
| Capital advance collected from customers |
195,074 |
|
163,266 |
|
||||
| Other payables |
(880 |
) |
7,047 |
|
||||
| Other long-term liabilities |
(1,429 |
) |
(7,250 |
) |
||||
| Operating lease right-of-use assets |
7,262 |
|
7,862 |
|
||||
| Other assets |
(3,906 |
) |
221 |
|
||||
| Net cash provided by operating activities |
101,328 |
|
44,326 |
|
||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of property, equipment and software |
(4,336 |
) |
(7,132 |
) |
||||
| Capitalization of internal use software |
(25,322 |
) |
(10,209 |
) |
||||
| Related party asset acquisition |
(3,600 |
) |
— |
|
||||
| Severance pay fund distributions, net |
151 |
|
504 |
|
||||
| Customer funds in transit, net |
(20,600 |
) |
2,895 |
|
||||
| Net cash inflow from acquisition of remaining interest in joint venture |
5,953 |
|
— |
|
||||
| Net cash used in investing activities |
(47,754 |
) |
(13,942 |
) |
||||
| 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 |
10,159 |
|
15,283 |
|
||||
| Outstanding operating balances, net |
(468,146 |
) |
638,370 |
|
||||
| Borrowings under related party facility |
19,309 |
|
22,464 |
|
||||
| Repayments under related party facility |
(19,646 |
) |
(20,382 |
) |
||||
| Common stock repurchased |
(34,408 |
) |
— |
|
||||
| Net cash provided by (used in) financing activities |
(492,732 |
) |
655,735 |
|
||||
| Effect of exchange rate changes on cash and cash equivalents |
(662 |
) |
(3,369 |
) |
||||
| Net change in cash, cash equivalents, restricted cash and customer funds |
(439,820 |
) |
682,750 |
|
||||
| Cash, cash equivalents, restricted cash and customer funds at beginning of period |
6,386,720 |
|
4,838,433 |
|
||||
| Cash, cash equivalents, restricted cash and customer funds at end of period | $ |
5,946,900 |
|
$ |
5,521,183 |
|
||
| Supplemental information of investing and financing activities not involving cash flows: | ||||||||
| Property, equipment, and software acquired but not paid | $ |
1,078 |
|
$ |
338 |
|
||
| Internal use software capitalized but not paid | $ |
12,119 |
|
$ |
2,276 |
|
||
| Common stock repurchased but not paid | $ |
350 |
|
$ |
— |
|
||
| Right of use assets obtained in exchange for new operating lease liabilities | $ |
4,398 |
|
$ |
13,415 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108290506/en/