Payoneer Global Inc(NASDAQ:PAYO) 
Payoneer is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.
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At a glance:
- Payments Platform Focused on Cross-Border SMBs and Marketplaces: Payoneer provides cross-border payment acceptance, payouts, and working-capital solutions primarily for small and mid-sized businesses, freelancers, and digital marketplaces.
- Growth Tied to Transaction Volume, Take Rate, and Customer Mix: Revenue performance is generally driven by customer acquisition/retention, payment volume trends, monetization (take rate), and the mix of customers and geographies served.
- Margin Profile Influenced by Scale and Funding/Processing Costs: Profitability can improve with operating leverage as the platform scales, but results are sensitive to payment processing expenses, compliance costs, credit losses, and funding costs tied to working-capital products.
- Heavily Regulated Operating Environment: Payoneer operates under payments and financial-services regulations across multiple jurisdictions, making compliance, licensing, and risk management key ongoing priorities.
- Competitive Landscape Includes Other Fintech and Banking Providers: Competition from global payment processors, neobanks, and banks can pressure pricing and retention, with differentiation often centered on cross-border coverage, onboarding, and integrated marketplace capabilities.
Bull Thesis:
- Expanding Global Reach and Market Penetration: Payoneer continues to capitalize on the growing global gig economy and cross-border e-commerce, serving freelancers, SMBs, and enterprises. Its localized payment solutions and extensive network allow it to penetrate new markets and deepen its presence in existing ones, driving transaction volume growth.
- Diversification of Revenue Streams and Value-Added Services: Beyond core payment processing, Payoneer is expanding its offerings to include services like working capital, tax solutions, and other financial products. This diversification increases the average revenue per user (ARPU), enhances customer stickiness, and opens new avenues for monetization.
- Operating Leverage and Path to Improved Profitability: As Payoneer's platform scales, its fixed costs are spread across a larger transaction volume and user base. This inherent operating leverage suggests a clear path to improving gross margins and overall profitability, as revenue growth outpaces the growth in operational expenses.
- Strategic Partnerships and Network Effects: Payoneer's ability to forge strategic partnerships with leading marketplaces, platforms, and payment providers strengthens its ecosystem. These partnerships create powerful network effects, attracting more users and businesses to its platform, further solidifying its market position.
Bear Thesis:
- Intense Competition and Pricing Pressure: The cross-border payments market is highly competitive, with established players (e.g., PayPal, Wise), traditional banks, and numerous fintech startups vying for market share. This intense competition can lead to pricing pressure, potentially eroding Payoneer's margins and making customer acquisition more costly.
- Regulatory and Compliance Complexity: Operating in over 200 countries and territories exposes Payoneer to a complex and constantly evolving landscape of financial regulations, including AML, KYC, data privacy, and payment licensing requirements. Non-compliance or increased regulatory scrutiny could lead to significant fines, operational restrictions, or increased compliance costs.
- Macroeconomic Sensitivity and FX Volatility: Payoneer's business is sensitive to global macroeconomic conditions. Economic slowdowns, reduced cross-border trade, or a contraction in the gig economy can directly impact transaction volumes. Furthermore, significant fluctuations in foreign exchange rates can negatively affect reported revenues and profitability.
- Challenges in Achieving Consistent Profitability and Free Cash Flow: Despite revenue growth, Payoneer has faced challenges in consistently generating substantial net profits and positive free cash flow. High customer acquisition costs, ongoing investments in technology and compliance, and operational expenses could continue to weigh on its bottom line, raising concerns about long-term financial sustainability without significant operational efficiencies.
Main Competitors:
- PayPal Holdings, Inc. ($PYPL) (PayPal, Xoom), PayPal is a major direct competitor, especially for freelancers and small businesses, offering similar cross-border payment services, e-commerce payment processing, and mass payouts. Xoom, a PayPal service, specifically targets international money transfers. PayPal's vast global user base and merchant network provide a significant competitive advantage.
- Wise plc ($WISE) (Wise (formerly TransferWise)), Wise is a strong direct competitor known for its low-cost, transparent international money transfers for individuals and businesses. It directly competes with Payoneer for freelancers, small businesses, and individuals needing efficient and cost-effective solutions for sending and receiving money across borders.
- Stripe, Inc. (Stripe Connect, Stripe Payments), While primarily a payment processor for online businesses, Stripe's 'Stripe Connect' product enables platforms and marketplaces to facilitate payments to their users globally. This directly competes with Payoneer's mass payout solutions for platforms, marketplaces, and gig economy companies that need to pay out to a distributed workforce or seller base.
- Revolut Ltd. (Revolut Business), Revolut Business offers multi-currency business accounts, international money transfers, and expense management, appealing to freelancers and small to medium-sized businesses engaged in cross-border trade. It provides an alternative to Payoneer's payment receiving and sending services, often with integrated banking-like features.
Moat:
Payoneer operates in a highly competitive and fragmented global payments landscape. Its moat is built on its extensive global payout network, regulatory licenses across numerous jurisdictions, deep integrations with marketplaces and platforms, and its focus on serving freelancers, SMBs, and e-commerce sellers with localized payment solutions and multi-currency accounts. Competition comes from established giants like PayPal, agile fintechs like Wise and Revolut, and payment infrastructure providers like Stripe, each vying for market share through competitive fees, speed, ease of use, and specialized features. Payoneer differentiates itself by offering a comprehensive suite of services tailored to the specific needs of its target segments, often acting as a critical bridge between global businesses and their international payees.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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revenues | 261,595,000 | 274,693,000 | 270,850,000 | 260,614,000 | 246,617,000 | 261,739,000 | 248,274,000 | 239,520,000 | 228,183,000 | 224,320,000 | 208,035,000 | 206,734,000 | 192,014,000 | 183,558,000 | 158,917,000 | 148,190,000 | 136,958,000 | 139,219,000 | 122,651,000 | 110,927,000 |
transaction costs | 35,202,000 | 42,841,000 | 42,483,000 | 40,566,000 | 39,349,000 | 43,121,000 | 38,058,000 | 36,961,000 | 33,966,000 | 36,320,000 | 30,393,000 | 28,497,000 | 27,081,000 | 30,392,000 | 27,986,000 | 26,212,000 | 25,575,000 | 28,130,000 | 24,670,000 | 28,521,000 |
other operating expenses | 40,011,000 | 40,518,000 | 40,386,000 | 42,703,000 | 41,658,000 | 43,133,000 | 44,892,000 | 41,242,000 | 40,283,000 | 39,686,000 | 40,301,000 | 40,527,000 | 40,095,000 | 41,304,000 | 37,744,000 | 35,392,000 | 34,759,000 | 31,623,000 | 34,402,000 | 32,010,000 |
research and development expenses | 43,326,000 | 40,901,000 | 39,864,000 | 37,387,000 | 37,271,000 | 40,384,000 | 34,616,000 | 27,580,000 | 32,051,000 | 34,972,000 | 26,950,000 | 27,995,000 | 29,280,000 | 32,902,000 | 29,617,000 | 26,607,000 | 25,915,000 | 25,462,000 | 20,104,000 | 18,541,000 |
sales and marketing expenses | 58,112,000 | 63,623,000 | 59,489,000 | 57,312,000 | 54,726,000 | 59,024,000 | 52,311,000 | 50,614,000 | 49,890,000 | 51,762,000 | 48,664,000 | 48,402,000 | 47,826,000 | 52,194,000 | 41,081,000 | 36,820,000 | 34,469,000 | 33,901,000 | 29,589,000 | 27,702,000 |
general and administrative expenses | 36,007,000 | 38,344,000 | 36,141,000 | 37,016,000 | 29,904,000 | 33,227,000 | 29,725,000 | 26,102,000 | 24,209,000 | 27,124,000 | 25,112,000 | 22,012,000 | 26,681,000 | 29,997,000 | 21,693,000 | 20,192,000 | 18,128,000 | 19,762,000 | 15,957,000 | 18,163,000 |
depreciation and amortization | 18,916,000 | 19,542,000 | 16,140,000 | 15,553,000 | 14,390,000 | 13,666,000 | 13,510,000 | 10,712,000 | 9,408,000 | 8,750,000 | 7,116,000 | 5,909,000 | 6,039,000 | 5,333,000 | 5,899,000 | 5,171,000 | 4,455,000 | 4,534,000 | 4,435,000 | 4,351,000 |
total operating expenses | 231,574,000 | 245,769,000 | 234,503,000 | 230,537,000 | 217,298,000 | 232,555,000 | 213,112,000 | 193,211,000 | 189,807,000 | 198,614,000 | 178,536,000 | 173,342,000 | 177,002,000 | 192,122,000 | 164,020,000 | 150,394,000 | 143,301,000 | 143,412,000 | 129,157,000 | 129,288,000 |
operating income | 30,021,000 | 28,924,000 | 36,347,000 | 30,077,000 | 29,319,000 | 29,184,000 | 35,162,000 | 46,309,000 | 38,376,000 | 25,706,000 | 29,499,000 | 33,392,000 | 15,012,000 | -8,564,000 | -5,103,000 | -2,204,000 | -6,343,000 | -4,193,000 | -6,506,000 | -18,361,000 |
yoy | 2.39% | -0.89% | 3.37% | -35.05% | -23.60% | 13.53% | 19.20% | 38.68% | 155.64% | -400.16% | -678.07% | -1615.06% | -336.67% | 104.25% | -21.56% | -88.00% | ||||
qoq | 3.79% | -20.42% | 20.85% | 2.59% | 0.46% | -17.00% | -24.07% | 20.67% | 49.29% | -12.86% | -11.66% | 122.44% | -275.29% | 67.82% | 131.53% | -65.25% | 51.28% | -35.55% | -64.57% | |
financial expense: | ||||||||||||||||||||
other financial expense | 812,000 | -2,784,000 | -3,617,000 | -4,824,000 | -2,695,000 | |||||||||||||||
financial expense | 812,000 | -1,903,250 | -5,836,000 | |||||||||||||||||
income before income taxes | 29,209,000 | 27,458,000 | 30,511,000 | 29,850,000 | 27,769,000 | |||||||||||||||
income taxes | 9,641,000 | 10,370,000 | 7,192,000 | |||||||||||||||||
net income | 19,568,000 | 19,012,000 | 14,123,000 | 19,480,000 | 20,577,000 | 18,190,000 | 41,574,000 | 32,425,000 | 28,974,000 | 27,021,000 | 12,825,000 | 45,549,000 | 7,938,000 | -10,151,000 | -26,452,000 | 4,422,000 | 20,211,000 | -18,902,000 | 837,000 | -12,414,000 |
yoy | -4.90% | 4.52% | -66.03% | -39.92% | -28.98% | -32.68% | 224.16% | -28.81% | 265.00% | -366.19% | -148.48% | 930.05% | -60.72% | -46.30% | -3260.33% | -135.62% | ||||
qoq | 2.92% | 34.62% | -27.50% | -5.33% | 13.12% | -56.25% | 28.22% | 11.91% | 7.23% | 110.69% | -71.84% | 473.81% | -178.20% | -61.62% | -698.19% | -78.12% | -206.93% | -2358.30% | -106.74% | |
other comprehensive income | -6,857,000 | -5,011,000 | -5,914,000 | 8,507,000 | 8,750,000 | |||||||||||||||
unrealized gain on available-for-sale debt securities | -8,351,000 | 945,000 | 892,000 | 2,565,000 | 7,239,000 | 3,281,750 | 12,256,000 | 872,000 | ||||||||||||
tax benefit on unrealized gain on available-for-sale debt securities | 1,902,000 | |||||||||||||||||||
unrealized loss on cash flow hedges | -2,284,000 | -699,000 | ||||||||||||||||||
tax benefit on unrealized loss on cash flow hedges | 446,000 | |||||||||||||||||||
unrealized gain on interest rate floor | 2,154,000 | 487,000 | -6,190,000 | 2,117,000 | 6,021,000 | |||||||||||||||
tax expense on unrealized gain on interest rate floor | -613,000 | |||||||||||||||||||
foreign currency translation adjustments | -111,000 | -66,000 | -444,000 | 66,000 | -169,000 | |||||||||||||||
comprehensive income | 12,711,000 | 14,001,000 | 8,209,000 | 27,987,000 | 29,327,000 | -4,966,000 | 51,971,000 | 32,724,000 | 29,001,000 | 27,021,000 | 12,825,000 | 45,549,000 | 7,938,000 | |||||||
per share data | ||||||||||||||||||||
net income per share | 0.06 | 0.05 | 0.04 | 0.05 | 0.06 | 0.05 | 0.12 | 0.09 | 0.08 | 0.08 | 0.04 | 0.12 | 0.02 | -0.02 | -0.08 | 0.01 | 0.06 | -0.02 | -0.63 | |
— diluted earnings per share | 0.06 | 0.05 | 0.04 | 0.05 | 0.05 | 0.04 | 0.11 | 0.09 | 0.08 | 0.07 | 0.03 | 0.12 | 0.02 | -0.003 | -0.08 | 0.01 | 0.06 | |||
weighted-average common shares outstanding — basic | 345,342,308 | 361,172,145 | 368,266,611 | 368,770,598 | 362,979,571 | 358,345,945 | 357,297,824 | 356,315,658 | 359,306,195 | 361,678,893 | 357,429,113 | 365,000,974 | 360,220,161 | 349,740,787 | 342,324,722 | 339,715,405 | ||||
weighted-average common shares outstanding — diluted | 350,470,788 | 376,731,192 | 377,633,523 | 380,632,789 | 382,215,129 | 386,237,179 | 374,303,470 | 373,368,383 | 378,715,301 | 392,665,718 | 381,845,099 | 387,623,679 | 388,308,279 | 349,740,787 | 366,013,696 | 365,992,174 | ||||
financial income: | ||||||||||||||||||||
gain from change in fair value of warrants | 1,006,000 | 1,761,000 | 11,824,000 | -7,799,000 | 13,586,000 | -252,000 | 5,031,000 | -15,095,000 | 12,831,000 | 31,196,000 | -11,573,000 | 11,321,000 | 12,076,000 | |||||||
loss on warrant repurchase/redemption | -14,746,000 | |||||||||||||||||||
other financial income | -1,466,000 | -5,836,000 | -227,000 | -1,550,000 | -2,978,000 | 1,674,000 | 976,000 | 2,747,000 | 3,763,000 | 1,137,000 | 4,318,000 | 2,350,000 | 11,000 | -3,306,000 | -2,937,000 | |||||
tax benefit on income | -8,487,500 | -16,388,000 | -2,573,000 | 19,484,000 | ||||||||||||||||
tax expense on unrealized gains on available-for-sale debt securities | -593,500 | -200,000 | -569,000 | -1,605,000 | -704,000 | -2,816,000 | ||||||||||||||
unrealized gain on cash flow hedges | -920,000 | -1,668,000 | 5,932,000 | -1,787,000 | 125,750 | 1,168,000 | 34,000 | |||||||||||||
tax benefit on unrealized gains on cash flow hedges | -122,000 | 320,000 | -1,135,000 | 327,000 | ||||||||||||||||
tax benefit on unrealized gains on interest rate floor | -92,250 | 1,376,000 | ||||||||||||||||||
financial income | -227,000 | -1,550,000 | -2,978,000 | -13,072,000 | 1,982,000 | 4,508,000 | 15,587,000 | -6,662,000 | 17,904,000 | 2,098,000 | 6,036,000 | -18,712,000 | 8,007,000 | 28,501,000 | -11,562,000 | 8,015,000 | 9,139,000 | |||
tax expense on unrealized gains on interest rate floor | -469,000 | -1,276,000 | ||||||||||||||||||
income before taxes on income | 28,316,250 | 22,090,000 | 48,291,000 | 42,884,000 | -2,371,000 | 1,509,000 | ||||||||||||||
tax expense on unrealized gains on cash flow hedges | -22,750 | -211,000 | -6,000 | |||||||||||||||||
other comprehensive income, net of tax | 2,680,750 | 10,397,000 | 299,000 | 27,000 | ||||||||||||||||
taxes on income | 15,866,000 | 13,910,000 | 14,272,000 | 10,012,000 | 5,747,000 | 9,172,000 | 7,610,000 | 2,635,000 | 1,374,000 | 1,967,000 | 3,121,000 | 662,000 | 3,197,000 | |||||||
tax benefit on unrealized losses on cash flow hedges | 126,000 | |||||||||||||||||||
unrealized loss on available-for-sale debt securities | -1,000 | |||||||||||||||||||
income before taxes on income and share in gains of associated company | 22,810,750 | 22,837,000 | 51,296,000 | 17,110,000 | ||||||||||||||||
share in gains of associated company | ||||||||||||||||||||
other comprehensive loss, net of tax | ||||||||||||||||||||
income before taxes on income and share of gain of associated company | 1,036,500 | -23,815,000 | 5,803,000 | 22,158,000 | ||||||||||||||||
share in gain of associated company | 2,750 | -2,000 | -7,000 | 20,000 | ||||||||||||||||
weighted-average common shares outstanding — basic and diluted | 348,044,831 | 345,522,076 | 202,881,911 | 66,744,348 | ||||||||||||||||
share in losses of associated company | 26,000 | 10,000 | ||||||||||||||||||
diluted earnings per share | -0.078 | |||||||||||||||||||
weighted-average common shares outstanding — basic | 345,342,308 | 361,172,145 | 368,266,611 | 368,770,598 | 362,979,571 | 358,345,945 | 357,297,824 | 356,315,658 | 359,306,195 | 361,678,893 | 357,429,113 | 365,000,974 | 360,220,161 | 349,740,787 | 342,324,722 | 339,715,405 | ||||
diluted | 39,228,845 | 374,395,385 | ||||||||||||||||||
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loss before taxes on income | -9,222,000 | |||||||||||||||||||
share in losses (gain) of associated company | -5,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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assets: | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 339,365,000 | 415,537,000 | 479,448,000 | 497,144,000 | 524,150,000 | 497,467,000 | 534,170,000 | 575,730,000 | 587,180,000 | 617,022,000 | 590,565,000 | 581,053,000 | 544,542,000 | 543,299,000 | 507,939,000 | 492,002,000 | 465,734,000 | 465,926,000 | 448,955,000 | 498,706,000 |
restricted cash | 4,851,000 | 6,090,000 | 8,659,000 | 8,606,000 | 9,979,000 | 6,633,000 | 4,994,000 | 10,653,000 | 7,907,000 | 7,030,000 | 2,872,000 | 9,710,000 | 9,525,000 | 2,882,000 | 3,172,000 | 3,102,000 | 3,088,000 | 3,000,000 | 2,840,000 | 2,716,000 |
customer funds | 7,245,415,000 | 7,544,541,000 | 6,772,912,000 | 6,583,839,000 | 6,053,390,000 | 6,439,153,000 | 5,560,767,000 | 6,037,105,000 | 5,920,924,000 | 6,390,526,000 | 5,370,466,000 | 5,528,701,000 | 5,467,274,000 | 5,838,612,000 | 5,039,624,000 | 5,140,642,000 | 4,630,553,000 | 4,401,254,000 | 3,706,937,000 | 3,634,211,000 |
accounts receivable | 12,634,000 | 10,412,000 | 14,351,000 | 13,904,000 | 9,382,000 | 11,937,000 | 13,529,000 | 6,567,000 | 7,224,000 | 7,980,000 | 5,970,000 | 11,260,000 | 10,831,000 | 12,878,000 | 20,868,000 | 14,334,000 | 14,325,000 | 13,844,000 | 12,541,000 | 12,247,000 |
capital advance receivables | 37,234,000 | 43,665,000 | 42,385,000 | 31,810,000 | 45,088,000 | 56,242,000 | 56,948,000 | 49,478,000 | 52,133,000 | 45,493,000 | 49,156,000 | 40,220,000 | 42,073,000 | 37,155,000 | ||||||
other current assets | 83,969,000 | 90,671,000 | 83,641,000 | 77,227,000 | 70,832,000 | 88,210,000 | 78,880,000 | 53,400,000 | 40,780,000 | 40,672,000 | 42,253,000 | 37,983,000 | 44,521,000 | 36,278,000 | 35,284,000 | 31,206,000 | 29,317,000 | 25,024,000 | 27,908,000 | 18,833,000 |
total current assets | 7,723,468,000 | 8,110,916,000 | 7,401,396,000 | 7,212,530,000 | 6,712,821,000 | 7,099,642,000 | 6,249,288,000 | 6,732,933,000 | 6,616,148,000 | 7,108,723,000 | 6,061,282,000 | 6,208,927,000 | 6,118,766,000 | 6,471,104,000 | 5,640,215,000 | 5,719,888,000 | 5,185,537,000 | 4,962,723,000 | 4,246,479,000 | 4,215,939,000 |
non-current assets: | ||||||||||||||||||||
property, equipment and software | 39,739,000 | 32,437,000 | 20,552,000 | 17,880,000 | 17,113,000 | 16,053,000 | 14,469,000 | 14,522,000 | 14,896,000 | 15,499,000 | 13,733,000 | 13,599,000 | 14,335,000 | 14,392,000 | 13,551,000 | 13,414,000 | 12,977,000 | 12,140,000 | 11,086,000 | 11,318,000 |
goodwill | 86,188,000 | 77,785,000 | 77,785,000 | 77,785,000 | 77,785,000 | 77,785,000 | 76,094,000 | 19,889,000 | 19,889,000 | 19,889,000 | 19,889,000 | 19,889,000 | 19,889,000 | 19,889,000 | 18,239,000 | 19,480,000 | 21,241,000 | 21,127,000 | 21,523,000 | 22,031,000 |
intangible assets | 214,443,000 | 208,053,000 | 205,890,000 | 203,940,000 | 104,669,000 | 102,390,000 | 99,915,000 | 88,597,000 | 82,647,000 | 76,266,000 | 70,872,000 | 57,919,000 | 50,065,000 | 45,444,000 | 40,366,000 | 39,806,000 | 39,600,000 | 37,529,000 | 35,338,000 | 35,231,000 |
deferred tax assets | 60,261,000 | 49,898,000 | 44,644,000 | |||||||||||||||||
severance pay fund | 867,000 | 856,000 | 813,000 | 797,000 | 740,000 | 757,000 | 828,000 | 818,000 | 821,000 | 840,000 | 944,000 | 970,000 | 1,072,000 | 1,095,000 | 1,219,000 | 1,242,000 | 1,677,000 | 1,723,000 | 2,069,000 | 2,047,000 |
operating lease right-of-use assets | 63,750,000 | 62,257,000 | 48,777,000 | 44,784,000 | 20,006,000 | 19,403,000 | 21,585,000 | 23,078,000 | 22,567,000 | 24,854,000 | 12,396,000 | 12,681,000 | 15,223,000 | 15,260,000 | ||||||
other assets | 35,729,000 | 33,783,000 | 29,429,000 | 37,120,000 | 35,096,000 | 30,174,000 | 17,591,000 | 15,406,000 | 15,804,000 | 15,977,000 | 15,931,000 | 9,771,000 | 11,154,000 | 12,021,000 | 12,655,000 | 13,564,000 | 13,192,000 | 13,541,000 | 12,994,000 | 15,978,000 |
total assets | 8,598,006,000 | 8,956,589,000 | 8,205,456,000 | 8,110,428,000 | 7,550,162,000 | 7,930,380,000 | 7,051,174,000 | 6,920,312,000 | 6,795,485,000 | 7,283,119,000 | 6,217,758,000 | 6,343,850,000 | 6,237,718,000 | 6,594,651,000 | 5,759,471,000 | 5,842,287,000 | 5,307,852,000 | 5,078,752,000 | 4,360,204,000 | 4,333,494,000 |
liabilities and shareholders’ equity: | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
trade payables | 41,811,000 | 44,611,000 | 39,676,000 | 42,375,000 | 32,889,000 | 37,302,000 | 45,118,000 | 38,974,000 | 35,295,000 | 33,941,000 | 35,587,000 | 29,170,000 | 31,767,000 | 41,566,000 | 26,742,000 | 26,738,000 | 17,376,000 | 17,200,000 | 16,919,000 | 16,892,000 |
outstanding operating balances | 7,595,415,000 | 7,894,541,000 | 7,122,912,000 | 7,033,839,000 | 6,578,390,000 | 6,964,153,000 | 6,085,767,000 | 6,037,105,000 | 5,920,924,000 | 6,390,526,000 | 5,370,466,000 | 5,528,701,000 | 5,467,274,000 | 5,838,612,000 | 5,039,624,000 | 5,140,642,000 | 4,630,553,000 | 4,401,254,000 | 3,706,937,000 | 3,634,211,000 |
other payables | 124,637,000 | 144,568,000 | 145,731,000 | 131,952,000 | 119,716,000 | 129,621,000 | 118,482,000 | 100,415,000 | 103,927,000 | 117,508,000 | 104,759,000 | 100,574,000 | 87,051,000 | 97,334,000 | 86,988,000 | 73,479,000 | 68,420,000 | 79,374,000 | 77,141,000 | 81,428,000 |
total current liabilities | 7,761,863,000 | 8,083,720,000 | 7,308,319,000 | 7,208,166,000 | 6,730,995,000 | 7,131,076,000 | 6,262,586,000 | 6,191,478,000 | 6,060,146,000 | 6,541,975,000 | 5,510,812,000 | 5,658,445,000 | 5,586,092,000 | 5,977,512,000 | 5,153,354,000 | 5,240,859,000 | 4,716,349,000 | 4,497,828,000 | 3,800,997,000 | 3,772,335,000 |
non-current liabilities: | ||||||||||||||||||||
deferred tax liabilities | 25,455,000 | 25,098,000 | 25,146,000 | |||||||||||||||||
other long-term liabilities | 151,613,000 | 143,391,000 | 121,552,000 | 106,211,000 | 66,965,000 | 73,043,000 | 59,243,000 | 53,667,000 | 52,574,000 | 49,905,000 | 32,800,000 | 31,239,000 | 31,494,000 | 29,831,000 | 26,777,000 | 27,879,000 | 26,562,000 | 20,309,000 | 18,979,000 | 19,751,000 |
total liabilities | 7,938,931,000 | 8,252,162,000 | 7,454,969,000 | 7,339,523,000 | 6,799,431,000 | 7,205,590,000 | 6,323,300,000 | 6,250,933,000 | 6,133,943,000 | 6,618,846,000 | 5,579,792,000 | 5,717,903,000 | 5,660,872,000 | 6,049,395,000 | 5,226,823,000 | 5,299,357,000 | 4,785,888,000 | 4,591,679,000 | 3,868,280,000 | 3,851,711,000 |
commitments and contingencies | ||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||
preferred stock, 0.01 par value... | ||||||||||||||||||||
common stock, 0.01 par value... | 4,153,000 | 4,118,000 | 4,080,000 | 4,048,000 | 4,003,000 | 3,960,000 | 3,906,000 | 3,830,000 | 3,773,000 | 3,687,000 | 3,659,000 | 3,632,000 | 3,592,000 | 3,528,000 | 3,502,000 | 3,464,000 | 3,426,000 | 3,404,000 | 3,390,000 | 3,384,000 |
treasury stock | -443,483,000 | -368,867,000 | -287,978,000 | -243,405,000 | -210,702,000 | -193,724,000 | -176,043,000 | -154,692,000 | -108,096,000 | -56,936,000 | -34,759,000 | -19,725,000 | ||||||||
additional paid-in capital | 912,812,000 | 896,294,000 | 875,504,000 | 859,590,000 | 834,745,000 | 821,196,000 | 801,687,000 | 773,888,000 | 752,236,000 | 732,894,000 | 711,459,000 | 697,258,000 | 674,021,000 | 650,433,000 | 629,787,000 | 611,997,000 | 592,243,000 | 575,470,000 | 560,905,000 | 550,952,000 |
accumulated other comprehensive loss | -13,134,000 | -6,277,000 | -1,266,000 | -3,859,000 | -12,609,000 | -149,000 | -176,000 | -176,000 | -176,000 | -176,000 | ||||||||||
retained earnings | 198,727,000 | 179,159,000 | 160,147,000 | 146,024,000 | 126,544,000 | 105,967,000 | 87,777,000 | 46,203,000 | 13,778,000 | |||||||||||
total shareholders’ equity | 659,075,000 | 704,427,000 | 750,487,000 | 770,905,000 | 750,731,000 | 724,790,000 | 727,874,000 | 669,379,000 | 661,542,000 | 664,273,000 | 637,966,000 | 625,947,000 | 576,846,000 | 545,256,000 | 532,648,000 | 542,930,000 | 521,964,000 | 487,073,000 | 491,924,000 | 481,783,000 |
total liabilities and shareholders’ equity | 8,598,006,000 | 8,956,589,000 | 8,205,456,000 | 8,110,428,000 | 7,550,162,000 | 7,930,380,000 | 7,051,174,000 | 6,920,312,000 | 6,795,485,000 | 7,283,119,000 | 6,217,758,000 | 6,343,850,000 | 6,237,718,000 | 6,594,651,000 | 5,759,471,000 | 5,842,287,000 | 5,307,852,000 | |||
deferred taxes | 56,898,000 | 41,249,000 | 41,523,000 | 29,556,000 | 19,051,000 | 16,688,000 | 15,291,000 | 16,193,000 | 14,002,000 | 2,363,000 | 4,169,000 | 4,080,000 | 3,834,000 | 3,377,000 | 4,900,000 | 3,859,000 | 3,340,000 | |||
accumulated other comprehensive income | 4,648,000 | 10,547,000 | 150,000 | -176,000 | -2,263,000 | -605,000 | 2,643,000 | 2,253,000 | 2,781,000 | 3,436,000 | ||||||||||
long-term debt from related party | 14,429,000 | 18,411,000 | 15,801,000 | 15,639,000 | 17,120,000 | 16,138,000 | 15,747,000 | 14,769,000 | 14,296,000 | 13,665,000 | ||||||||||
warrant liability | 5,788,000 | 6,794,000 | 8,555,000 | 20,379,000 | 12,580,000 | 26,166,000 | 25,914,000 | 30,945,000 | 15,850,000 | 28,681,000 | 48,304,000 | 59,625,000 | ||||||||
short-term debt from related party | 13,219,000 | 14,984,000 | ||||||||||||||||||
investment in associated company | 6,429,000 | 6,237,000 | 6,635,000 | 7,019,000 | 7,013,000 | 6,941,000 | 6,846,000 | |||||||||||||
accumulated deficit | -15,196,000 | -42,217,000 | -55,042,000 | -100,591,000 | -108,529,000 | -98,378,000 | -71,926,000 | -76,348,000 | -94,054,000 | -75,152,000 | -75,989,000 | |||||||||
ca receivables | 33,328,000 | 38,602,000 | 42,520,000 | 53,675,000 | 47,298,000 | 49,226,000 | ||||||||||||||
operating lease right of use assets | 18,496,000 | 19,075,000 | 17,865,000 | 12,943,000 | ||||||||||||||||
liabilities, redeemable preferred stock, redeemable convertible preferred stock and shareholders’ equity: | ||||||||||||||||||||
current portion of long-term debt | ||||||||||||||||||||
warrants liability | 59,877,000 | |||||||||||||||||||
redeemable convertible preferred stock, 0.01 par value... | ||||||||||||||||||||
redeemable preferred stock, 0.01 par value... | ||||||||||||||||||||
total liabilities redeemable preferred stock, redeemable convertible preferred stock and shareholders’ equity | 5,078,752,000 | |||||||||||||||||||
rou assets | 14,960,000 | 15,747,000 | ||||||||||||||||||
long-term debt | ||||||||||||||||||||
total liabilities redeemable convertible preferred stock, redeemable preferred stock and shareholders’ equity | 4,360,204,000 | 4,333,494,000 | ||||||||||||||||||
redeemable preferred stock liability | 39,804,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net income | 19,568,000 | 14,123,000 | 19,480,000 | 20,577,000 | 18,190,000 | 41,574,000 | 32,425,000 | 28,974,000 | 27,021,000 | 12,825,000 | 45,549,000 | 7,938,000 | 4,422,000 | 20,211,000 | ||||
adjustment to reconcile net income to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 18,916,000 | 16,140,000 | 15,553,000 | 14,390,000 | 13,666,000 | 13,510,000 | 10,712,000 | 9,408,000 | 8,750,000 | 7,116,000 | 5,909,000 | 6,039,000 | 5,333,000 | 5,899,000 | 5,171,000 | 4,455,000 | 4,534,000 | 4,435,000 |
deferred taxes | -1,108,000 | -3,804,000 | -5,678,000 | -2,279,000 | -5,543,000 | -13,433,000 | -2,243,000 | -1,397,000 | 902,000 | -2,191,000 | -11,639,000 | 1,806,000 | -89,000 | -246,000 | -457,000 | 1,523,000 | -1,041,000 | -519,000 |
stock-based compensation expenses | 18,524,000 | 17,799,000 | 20,059,000 | 18,755,000 | 18,614,000 | 17,431,000 | 13,665,000 | 15,077,000 | 17,338,000 | 15,329,000 | 16,173,000 | 16,927,000 | 13,017,000 | 13,857,000 | 12,161,000 | 13,114,000 | 13,249,000 | 8,635,000 |
interest on certificate of deposits | -5,718,000 | |||||||||||||||||
interest and amortization of premium/discount on investments | 401,000 | |||||||||||||||||
net realized losses on derivative instruments | -94,000 | |||||||||||||||||
foreign currency re-measurement loss | 684,000 | -4,029,000 | -1,811,000 | 3,631,000 | -2,420,000 | 770,000 | 1,541,000 | -5,120,000 | 1,367,000 | -190,000 | -416,000 | -263,000 | 524,000 | 2,414,000 | 77,000 | |||
changes in operating assets and liabilities: | ||||||||||||||||||
other current assets | 6,802,000 | -170,000 | -4,709,000 | 16,158,000 | -8,544,000 | -23,549,000 | -12,717,000 | -11,000 | 1,581,000 | -4,270,000 | 6,538,000 | -8,159,000 | -596,000 | -4,175,000 | -2,028,000 | -4,622,000 | 2,692,000 | -9,075,000 |
trade payables | -6,750,000 | -3,061,000 | 8,826,000 | -2,883,000 | -7,777,000 | 4,298,000 | 3,141,000 | 1,465,000 | -1,378,000 | 6,209,000 | -3,067,000 | -10,090,000 | 15,531,000 | -785,000 | 9,362,000 | 176,000 | 363,000 | 574,000 |
deferred revenue | 1,900,000 | 47,000 | -147,000 | 358,000 | 1,231,000 | 535,000 | 301,000 | -28,000 | 142,000 | 799,000 | 84,000 | 323,000 | 254,000 | -54,000 | 184,000 | -160,000 | -956,000 | -1,338,000 |
accounts receivable | -2,187,000 | -447,000 | -4,513,000 | 2,555,000 | 1,592,000 | -2,668,000 | 657,000 | 756,000 | -2,010,000 | 5,290,000 | -429,000 | 2,047,000 | ||||||
capital advance extended to customers | -64,160,000 | -68,184,000 | -83,145,000 | -84,078,000 | -69,077,000 | -106,078,000 | -74,184,000 | -80,173,000 | -92,064,000 | -68,175,000 | -67,716,000 | -71,184,000 | ||||||
capital advance collected from customers | 70,591,000 | 57,609,000 | 96,423,000 | 95,232,000 | 69,783,000 | 98,608,000 | 76,839,000 | 73,533,000 | 95,727,000 | 59,239,000 | 69,569,000 | 66,266,000 | ||||||
other payables | -15,154,000 | 12,312,000 | 6,190,000 | -17,108,000 | 10,586,000 | 11,045,000 | -5,136,000 | -12,528,000 | 14,499,000 | 4,379,000 | 5,155,000 | -10,414,000 | 9,561,000 | 13,365,000 | 4,476,000 | -10,794,000 | 4,233,000 | -4,949,000 |
other long-term liabilities | 6,603,000 | 9,515,000 | 4,352,000 | -781,000 | 10,025,000 | -4,835,000 | -1,501,000 | 2,669,000 | 1,661,000 | -363,000 | -431,000 | -635,000 | 3,770,000 | -3,555,000 | -2,645,000 | -1,050,000 | -421,000 | -772,000 |
operating lease right-of-use assets | 3,139,000 | 1,833,000 | 3,656,000 | 2,121,000 | 4,266,000 | 5,432,000 | 2,083,000 | 2,287,000 | 2,986,000 | 2,209,000 | 2,718,000 | 2,335,000 | 2,824,000 | 2,728,000 | 2,753,000 | 2,381,000 | 2,519,000 | 2,330,000 |
other assets | -126,000 | -221,000 | -2,305,000 | -4,922,000 | -12,581,000 | -945,000 | 399,000 | 172,000 | -50,000 | -6,153,000 | 1,380,000 | 867,000 | 1,300,000 | 509,000 | -396,000 | 108,000 | -764,000 | 3,201,000 |
net cash from operating activities | 51,831,000 | 54,176,000 | 70,685,000 | 53,716,000 | 45,886,000 | 50,125,000 | 41,404,000 | 39,510,000 | 58,161,000 | 41,409,000 | 56,017,000 | 3,902,000 | 39,634,000 | 15,452,000 | 26,502,000 | 2,372,000 | 9,227,000 | -5,908,000 |
capital expenditures | -28,767,000 | -18,874,000 | -16,504,000 | -20,793,000 | -16,277,000 | -13,968,000 | -14,476,000 | -15,671,000 | -18,134,000 | -14,315,000 | -5,991,000 | -9,352,000 | -11,492,000 | -4,476,000 | -6,363,000 | -6,502,000 | -7,409,000 | -4,800,000 |
free cash flows | 23,064,000 | 35,302,000 | 54,181,000 | 32,923,000 | 29,609,000 | 36,157,000 | 26,928,000 | 23,839,000 | 40,027,000 | 27,094,000 | 50,026,000 | -5,450,000 | 28,142,000 | 10,976,000 | 20,139,000 | -4,130,000 | 1,818,000 | -10,708,000 |
cash flows from investing activities | ||||||||||||||||||
purchase of property, equipment and software | -10,148,000 | -4,981,000 | -2,578,000 | -4,726,000 | -3,740,000 | -1,647,000 | -1,186,000 | -1,616,000 | -4,123,000 | -1,914,000 | -658,000 | -1,764,000 | -3,372,000 | -2,039,000 | -2,403,000 | -2,690,000 | -3,071,000 | -1,776,000 |
capitalization of internal use software | -18,619,000 | -13,893,000 | -13,926,000 | -16,067,000 | -12,537,000 | -12,321,000 | -13,290,000 | -14,055,000 | -14,011,000 | -12,401,000 | -5,333,000 | -7,588,000 | -8,120,000 | -2,437,000 | -3,960,000 | -3,812,000 | -4,338,000 | -3,024,000 |
severance pay fund distributions | -11,000 | -16,000 | -57,000 | 17,000 | 71,000 | -10,000 | 3,000 | 19,000 | 26,000 | 102,000 | 23,000 | |||||||
customer funds in transit | -22,319,000 | -11,128,000 | -25,877,000 | -19,742,000 | 29,330,000 | -79,110,000 | -1,142,000 | 154,000 | 21,530,000 | 33,588,000 | -560,000 | -53,628,000 | 31,044,000 | 25,034,000 | -56,548,000 | 34,409,000 | ||
purchases of investments in available-for-sale debt securities | -80,375,000 | -78,850,000 | -201,006,000 | -71,968,000 | -188,086,000 | -516,501,000 | -620,536,000 | -118,649,000 | ||||||||||
maturities and sales of investments in available-for-sale debt securities | 75,000,000 | 109,000,000 | 85,000,000 | 20,000,000 | ||||||||||||||
settlement of cash flow hedges | 2,061,000 | |||||||||||||||||
cash paid in connection with acquisition, net of cash acquired | -6,479,000 | |||||||||||||||||
net cash from investing activities | -60,890,000 | -35,868,000 | -85,525,000 | -47,986,000 | -147,161,000 | -1,148,808,000 | -551,151,000 | -114,147,000 | 3,500,000 | 15,699,000 | -6,449,000 | -57,004,000 | 19,676,000 | 20,581,000 | -62,476,000 | 27,953,000 | 14,695,000 | -4,822,000 |
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 | -2,543,000 | -1,054,000 | 2,217,000 | -4,400,000 | -1,896,000 | 10,988,000 | ||||||||||||
outstanding operating balances | -301,781,000 | 89,073,000 | 433,312,000 | -385,763,000 | 878,386,000 | 38,657,000 | 116,181,000 | -469,602,000 | 1,020,060,000 | -158,235,000 | 61,427,000 | -371,338,000 | 798,988,000 | -101,018,000 | 510,089,000 | 229,299,000 | 694,318,000 | 72,726,000 |
receipts of collateral on interest rate derivatives | 32,860,000 | 21,420,000 | 42,520,000 | 25,610,000 | ||||||||||||||
payments of collateral on interest rate derivatives | -32,680,000 | -28,510,000 | -41,360,000 | -20,140,000 | ||||||||||||||
consideration related to previous acquisitions | -6,519,000 | |||||||||||||||||
common stock repurchased | -74,991,000 | -45,273,000 | -32,003,000 | -17,753,000 | -17,056,000 | -21,803,000 | -47,693,000 | -50,961,000 | -21,028,000 | -17,283,000 | ||||||||
net cash from financing activities | -385,654,000 | 34,779,000 | 404,686,000 | -402,446,000 | 864,705,000 | 6,543,000 | 77,638,000 | -521,113,000 | 1,004,686,000 | -177,288,000 | 49,046,000 | -364,490,000 | 805,577,000 | -96,068,000 | 518,192,000 | 233,611,000 | 709,314,000 | 34,246,000 |
effect of exchange rate changes on cash and cash equivalents | -808,000 | -868,000 | 4,167,000 | 1,878,000 | -3,697,000 | 2,420,000 | -770,000 | -1,541,000 | 5,120,000 | -1,367,000 | 190,000 | 515,000 | 650,000 | -878,000 | -2,413,000 | -78,000 | 128,000 | -479,000 |
net change in cash, cash equivalents, restricted cash and customer funds | -395,521,000 | 52,219,000 | 394,013,000 | -394,838,000 | 759,733,000 | -1,089,720,000 | -432,879,000 | -597,291,000 | 1,071,467,000 | -121,547,000 | 98,804,000 | -417,077,000 | 865,537,000 | -60,913,000 | 479,805,000 | 263,858,000 | 733,364,000 | 23,037,000 |
cash, cash equivalents, restricted cash and customer funds at beginning of period | 6,416,707,000 | 0 | 0 | 5,658,210,000 | 0 | 0 | 7,018,367,000 | 0 | 0 | 6,386,720,000 | ||||||||
cash, cash equivalents, restricted cash and customer funds at end of period | 6,021,186,000 | 52,219,000 | 394,013,000 | 5,263,372,000 | -1,089,720,000 | -432,879,000 | 6,421,076,000 | -121,547,000 | 98,804,000 | 5,969,643,000 | ||||||||
supplemental information of investing and financing activities not involving cash flows: | ||||||||||||||||||
property, equipment, and software acquired but not paid | 1,485,000 | 363,000 | -39,000 | 332,000 | 537,000 | 700,000 | -268,000 | 208,000 | 470,000 | 400,000 | ||||||||
internal use software capitalized but not paid | 6,694,000 | 972,000 | 270,000 | 4,959,000 | 837,000 | -1,137,000 | 2,192,000 | 5,216,000 | -1,960,000 | 3,825,000 | 5,685,000 | 2,609,000 | ||||||
common stock repurchased but not paid | 1,942,000 | 625,000 | -452,000 | -1,097,000 | 1,699,000 | 1,150,000 | -2,250,000 | |||||||||||
right of use assets obtained in exchange for new operating lease liabilities | 2,330,000 | 5,826,000 | 25,890,000 | 2,724,000 | 3,939,000 | 1,924,000 | 176,000 | 2,298,000 | ||||||||||
gain from change in fair value of warrants | 0 | 0 | -11,824,000 | 7,799,000 | -5,031,000 | 15,095,000 | -12,831,000 | -31,196,000 | 11,573,000 | -11,321,000 | ||||||||
loss on warrant repurchase/redemption | 0 | |||||||||||||||||
interest and amortization of discount on investments | -190,000 | 672,000 | -2,568,000 | -2,176,000 | -3,126,000 | -2,801,000 | -474,000 | |||||||||||
foreign currency re-measurement gain | ||||||||||||||||||
purchases of investments in term deposits | 0 | |||||||||||||||||
maturities of investments in term deposits | 0 | |||||||||||||||||
cash paid in connection with acquisition, net of cash and customer funds acquired | 0 | 1,000 | ||||||||||||||||
borrowings under debt facility | ||||||||||||||||||
repayments under debt facility | ||||||||||||||||||
warrant repurchase/redemption | -300,000 | |||||||||||||||||
payment on exercise of warrants | ||||||||||||||||||
maturities of investments in available-for-sale debt securities | 116,000,000 | 64,500,000 | ||||||||||||||||
borrowings under related party facility | 0 | 3,200,000 | 6,542,000 | 5,378,000 | 7,546,000 | 5,294,000 | 4,173,000 | 9,842,000 | ||||||||||
repayments under related party facility | -13,219,000 | -4,965,000 | -5,987,000 | -9,360,000 | -4,936,000 | -5,132,000 | -5,655,000 | -8,859,000 | ||||||||||
share in losses of associated company | 26,000 | 10,000 | ||||||||||||||||
changes in operating assets and liabilities, net of the effects of business combinations: | ||||||||||||||||||
| ||||||||||||||||||
related party asset acquisition | 0 | |||||||||||||||||
investments in interest rate derivatives | ||||||||||||||||||
net cash inflow from acquisition of remaining interest in joint venture | 0 | 0 | 0 | 5,953,000 | ||||||||||||||
cash, cash equivalents, restricted cash and customer funds at beginning of year | ||||||||||||||||||
cash, cash equivalents, restricted cash and customer funds at end of year | ||||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||
cash paid for taxes, net of refunds | ||||||||||||||||||
cash interest paid | ||||||||||||||||||
right-of-use assets obtained in exchange for new operating lease liabilities | ||||||||||||||||||
loss from change in fair value of warrants | -1,761,000 | 252,000 | ||||||||||||||||
proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards | 3,432,000 | |||||||||||||||||
adjustment to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
transaction costs allocated to warrants | 0 | 0 | ||||||||||||||||
severance pay fund (contributions) distributions | 124,000 | 23,000 | 435,000 | 46,000 | ||||||||||||||
proceeds from issuance of common stock in connection with stock based compensation plan, net of taxes paid related to settlement of equity awards | ||||||||||||||||||
repayments under loan and security agreement | ||||||||||||||||||
redemption of redeemable preferred stock | 1,000 | |||||||||||||||||
proceeds from reverse recapitalization | 0 | 0 | ||||||||||||||||
proceeds from pipe financing | 0 | 0 | ||||||||||||||||
conversion of redeemable convertible preferred stock into common stock | ||||||||||||||||||
share in gains of associated company | ||||||||||||||||||
proceeds from issuance of common stock in connection with stock-based compensation plan | 6,226,000 | 5,865,000 | ||||||||||||||||
net loss | -10,151,000 | -18,902,000 | 837,000 | |||||||||||||||
acquisition of optile, net of cash acquired | ||||||||||||||||||
proceeds from issuance of common stock in connection with stock based compensation plan | ||||||||||||||||||
borrowings under loan and security agreement | ||||||||||||||||||
issuance of redeemable preferred stock and warrants | ||||||||||||||||||
share in loss of associated company | 2,000 | 7,000 | -20,000 | |||||||||||||||
accounts receivables | -6,534,000 | -9,000 | -481,000 | -1,314,000 | -313,000 | |||||||||||||
ca extended to customers | -36,002,000 | -41,716,000 | -67,706,000 | -78,005,000 | -62,578,000 | |||||||||||||
ca collected from customers | 41,276,000 | 45,634,000 | 76,356,000 | 71,628,000 | 64,506,000 | |||||||||||||
proceeds from exercise of stock options | ||||||||||||||||||
proceeds from related party facility | 979,000 | 472,000 | 631,000 | |||||||||||||||
repayment of long-term debt | ||||||||||||||||||
cash, cash equivalents, restricted cash and customer funds at beginning of the period | 0 | 0 | 4,838,433,000 | 0 | 0 | |||||||||||||
cash, cash equivalents, restricted cash and customer funds at end of the period | -60,913,000 | 479,805,000 | 5,102,291,000 | 733,364,000 | 23,037,000 | |||||||||||||
exercise of options | 7,631,000 | 3,681,000 | 1,330,000 | 1,324,000 | ||||||||||||||
proceeds from long-term debt | ||||||||||||||||||
investments in associated company | ||||||||||||||||||
proceeds of long-term debt from related party | ||||||||||||||||||
cash interest received | ||||||||||||||||||
changes in operating assets and liabilities, net of effects of businesses combination: | ||||||||||||||||||
change in severance pay fund | -22,000 | |||||||||||||||||
change in customer funds in transit | 0 | |||||||||||||||||
repayment of outstanding debt | 0 | |||||||||||||||||
foreign currency re-measurement gains |