Record quarterly revenue, up 19% year-over-year, driven by strong growth across the entire platform
21% volume growth, including 33% B2B volume growth
NEW YORK–(BUSINESS WIRE)–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 first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights
| ($ in mm) |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
YoY Change |
||||||
| Revenue ex. interest income |
$141.9 |
|
$151.4 |
|
$147.6 |
|
$159.4 |
|
$162.9 |
|
15% |
|
| Interest income |
50.1 |
|
55.3 |
|
60.4 |
|
64.9 |
|
65.3 |
|
30% |
|
| Revenue |
$192.0 |
|
$206.7 |
|
$208.0 |
|
$224.3 |
|
$228.2 |
|
19% |
|
| Transaction costs as a % of revenue |
14.1% |
|
13.8% |
|
14.6% |
|
16.2% |
|
14.9% |
|
80 bps |
|
| Net income |
$7.9 |
|
$45.5 |
|
$12.8 |
|
$27.0 |
|
$29.0 |
|
265% |
|
| Adjusted EBITDA |
38.8 |
|
56.0 |
|
58.2 |
|
52.2 |
|
65.2 |
|
68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Operational Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
| Volume ($bn) |
$15.3 |
|
$15.3 |
|
$16.3 |
|
$19.0 |
|
$18.5 |
|
21% |
|
| Active Ideal Customer Profiles (ICPs) (‘000s)1 |
491 |
|
495 |
|
502 |
|
516 |
|
530 |
|
8% |
|
| Revenue as a % of volume (“Take Rate”) |
125 bps |
|
135 bps |
|
127 bps |
|
118 bps |
|
124 bps |
|
-1 bps |
|
| SMB customer take rate2 |
104 bps |
|
110 bps |
|
107 bps |
|
100 bps |
|
108 bps |
|
4 bps |
|
1. |
|
Active ICPs are defined as customers with a Payoneer Account that have on average over $500 per month in volume and were active over the trailing twelve-month period. |
|
2. |
|
SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Merchant Services, divided by the associated volume from each respective channel. |
Payoneer delivered record quarterly revenue and strong profitability in the first quarter, driven by growth across all channels, including faster growth in our higher take rate B2B and Merchant Services businesses, said John Caplan, Chief Executive Officer. We grew ICPs by 8% and generated 21% volume growth, our highest growth rate in nearly 3 years. We are making steady progress against our strategic priorities, accelerating underlying revenue growth, and increasing profitability.
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First Quarter 2024 Business Highlights
- 8% active ICP growth, including 13% growth in larger ICPs who have on average over $10,000 per month in volume
- 21% volume growth year-over-year reflects:
- B2B volume of $2.2 billion increased 33% year-over-year, driven by…
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