Payoneer Global Inc. (PAYO) · 10+ Years of Financial statements

Income Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	260	318	346	473	628	831
+ Sales & Services Revenue	260	318	346	473	628	831
- Cost of Revenue	81	95	97	101	110	122
+ Cost of Goods & Services	81	95	97	101	110	122
Gross Profit	179	223	249	372	517	709
+ Other Operating Income	- -	- -	- -	- -	- -	- -
- Operating Expenses	181	219	266	402	540	605
+ Selling, General & Admin	75	92	114	179	255	298
+ Research & Development	29	35	52	81	115	119
+ Other Operating Expense	77	93	99	143	170	188
Operating Income (Loss)	-2	4	-17	-30	-22	104
- Non-Operating (Income) Loss	2	-1	-2	-5	-24	-29
+ Interest Expense, Net	-2	- -	- -	-7	-10	- -
+ Interest Expense	-2	- -	- -	-7	-10	- -
- Interest Income	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	4	-1	-2	2	-14	-29
Pretax Income	-4	4	-15	-25	2	133
- Income Tax Expense (Benefit)	3	5	8	9	14	39
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-7	-1	-24	-34	-12	93
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-7	-1	-24	-34	-12	93
- Minority Interest	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-7	-1	-24	-34	-12	93
- Preferred Dividends	- -	- -	- -	34	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-7	-1	-24	-68	-12	93
Basic Weighted Avg Shares	338	338	338	203	348	362
Basic EPS, GAAP	-0.02	- -	-0.07	-0.33	-0.03	0.26
Basic EPS from Cont Ops	-0.02	- -	-0.07	-0.17	-0.03	0.26
Diluted Weighted Avg Shares	338	338	338	203	348	393
Diluted EPS, GAAP	-0.02	- -	-0.07	-0.33	-0.03	0.24
Diluted EPS from Cont Ops	-0.02	- -	-0.07	-0.17	-0.03	0.24
EBITDA	6	14	- -	-12	-1	131
EBITDA Margin (%)	2.29	4.4	-0.06	-2.58	-0.22	15.81
EBITA	-2	4	-17	-30	-22	104
EBIT	-2	4	-17	-30	-22	104
Gross Margin (%)	68.72	70.21	71.92	78.56	82.45	85.29
Operating Margin (%)	-0.74	1.15	-5	-6.38	-3.54	12.47
Profit Margin (%)	-2.76	-0.2	-6.87	-7.18	-1.91	11.23
Sales per Employee	- -	- -	- -	253,021	268,674	383,527
Dividend per Share	- -	- -	- -	- -	- -	- -
Depreciation Expense	8	10	17	18	21	28

Balance Sheet	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	1,904	3,570	4,963	6,471	7,109
+ Cash, Cash Equivalents & STI	- -	115	103	466	543	617
+ Cash & Cash Equivalents	- -	115	103	466	543	617
+ ST Investments	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	73	84	68	50	66
+ Accounts Receivable, Net	- -	13	18	14	13	8
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	60	66	54	37	58
+ Inventories	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	1,716	3,384	4,429	5,878	6,425
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	57	99	116	124	174
+ Property, Plant & Equip, Net	- -	14	13	-8	-4	40
+ Property, Plant & Equip	- -	33	39	25	30	80
- Accumulated Depreciation	- -	19	26	33	34	39
+ LT Investments & Receivables	- -	7	7	7	6	- -
+ LT Investments	- -	7	7	7	6	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	36	80	117	122	134
+ Total Intangible Assets	- -	16	57	59	65	96
+ Goodwill	- -	- -	23	21	20	20
+ Other Intangible Assets	- -	16	34	38	45	76
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	20	23	59	56	38
Total Assets	- -	1,961	3,670	5,079	6,595	7,283
+ Payables & Accruals	- -	30	47	97	139	76
+ Accounts Payable	- -	14	17	17	42	34
+ Accrued Taxes	- -	- -	- -	- -	- -	2
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	16	30	79	97	40
+ ST Debt	- -	- -	14	9	8	7
+ ST Borrowings	- -	- -	14	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	9	8	7
+ Other ST Liabilities	- -	1,713	3,380	4,392	5,830	6,458
+ Deferred Revenue	- -	1,687	3,347	4,401	5,839	6,391
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	26	33	-9	-8	68
Total Current Liabilities	- -	1,743	3,441	4,498	5,978	6,542
+ LT Debt	- -	60	27	14	16	36
+ LT Borrowings	- -	60	27	14	16	18
+ LT Finance Leases	- -	- -	- -	- -	7	18
+ Other LT Liabilities	- -	163	178	80	56	41
+ Accrued Liabilities	- -	- -	- -	- -	21	30
+ Pension Liabilities	- -	- -	- -	- -	2	2
+ Deferred Revenue	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	163	178	80	32	9
Total Noncurrent Liabilities	- -	223	204	94	72	77
Total Liabilities	- -	1,966	3,645	4,592	6,049	6,619
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	31	80	579	654	737
+ Common Stock	- -	- -	- -	3	4	4
+ Additional Paid in Capital	- -	31	80	575	650	733
- Treasury Stock	- -	- -	- -	- -	- -	57
+ Retained Earnings	- -	-36	-60	-94	-109	-15
+ Other Equity	- -	- -	4	2	- -	- -
Equity Before Minority Interest	- -	-5	24	487	545	664
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
Total Equity	- -	-5	24	487	545	664
Total Liabilities & Equity	- -	1,961	3,670	5,079	6,595	7,283
Shares Outstanding	338	338	338	340	353	358
Capital Leases - Total	- -	- -	- -	9	15	25
Net Debt	- -	-55	-63	-452	-527	-599
Net Debt to Equity	- -	1,023.61	-259.12	-92.85	-96.68	-90.12
Tangible Common Equity Ratio	- -	-1.11	-0.9	8.53	7.35	7.9
Current Ratio	- -	1.09	1.04	1.1	1.08	1.09
Cash Conversion Cycle	- -	-19.2	-42.17	-49.73	-89.58	-108.1
Number of Employees	- -	- -	- -	1,871	2,336	2,167

Cash Flow Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-7	-1	-24	-34	-12	93
+ Depreciation & Amortization	8	10	17	18	21	28
+ Non-Cash Items	9	8	10	30	22	33
+ Stock-Based Compensation	7	10	11	37	52	66
+ Deferred Income Taxes	- -	-1	-1	-1	1	-11
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	3	- -	- -	-6	-31	-22
+ Chg in Non-Cash Work Cap	-16	-32	6	6	53	5
+ (Inc) Dec in Accts Receiv	4	129	256	347	239	5
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	-331	-224	-299
+ Inc (Dec) in Accts Payable	-17	-152	-248	-329	-183	5
+ Inc (Dec) in Other	-3	-9	-2	319	221	294
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-6	-14	10	20	84	159
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-9	-5	-7	-11	-8
+ Acq of Fixed Prod Assets	-5	-9	-5	-7	-11	-8
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	-7	-15	- -	- -	6
+ Cash from Divestitures	- -	- -	- -	- -	- -	6
+ Cash for Acq of Subs	- -	-7	-15	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-7	-5	-46	17	16	-42
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-11	-21	-67	10	6	-44
+ Dividends Paid	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	60	- -	-26	3	2
+ Cash From Debt	- -	60	- -	17	29	27
+ Repayments of Debt	- -	- -	- -	-44	-27	-25
+ Cash (Repurchase) of Equity	- -	- -	- -	19	21	-42
+ Increase in Capital Stock	- -	- -	- -	19	21	13
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	-55
+ Other Financing Activities	554	294	1,673	1,404	1,437	552
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	554	354	1,673	1,397	1,461	512
Effect of Foreign Exchange Rates	-3	1	1	-1	-3	4
Net Changes in Cash	536	319	1,616	1,426	1,551	627
EBITDA	6	14	- -	-12	-1	131
EBITDA Margin (%)	2.29	4.4	-0.06	-2.58	-0.22	15.81
Net Cash Paid for Acquisitions	- -	7	15	- -	- -	-6
Free Cash Flow	-11	-23	5	13	73	151
Free Cash Flow to Firm	- -	-23	- -	- -	148	151
Free Cash Flow to Equity	- -	37	5	-47	76	153
Free Cash Flow per Basic Share	-0.03	-0.07	0.01	0.06	0.21	0.42
Price/Free Cash Flow	- -	- -	- -	54.42	19.75	12.41
Cash Flow to Net Income	0.83	22.9	-0.4	-0.58	-7.01	1.71

Payoneer Global Inc.

PAYO US

5.53