Q2 2024 Payoneer Global Inc Earnings Call Transcript
Key Points
- Payoneer Global Inc (PAYO) reported record financial results for the first half of 2024, validating their strategy and execution.
- ARPU increased by 27%, with a notable acceleration in ARPU growth excluding interest income.
- Volume growth accelerated for the sixth consecutive quarter to 22%, with B2B volume growth reaching 40%.
- Total revenue grew 16%, excluding interest income, and normalized revenue was up 21%.
- The company generated record adjusted EBITDA of $73 million, delivering a 30% margin fueled by strong revenue and sustained expense discipline.
- Transaction costs increased by 30%, driven by strong volume growth and an increase in chargebacks and operational losses.
- Sales and marketing expenses increased by 5%, driven by higher marketing spend related to card incentive programs.
- General and administrative expenses increased by $4 million, primarily due to higher M&A-related expenses.
- The company is modeling in some macroeconomic softness in the second half of the year, particularly in the marketplace business.
- Net income decreased to $32 million compared to $46 million in the second quarter of the previous year, which benefited from non-operating gains.
Good morning. Thank you for standing by. Welcome to Payoneer's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the call over to Michelle Wang, Payoneer's Vice President of Investor Relations. Please go ahead.
Thank you, operator. With me on today's call are Payoneer's Chief Executive Officer, John Caplan; and Payoneer's Chief Financial Officer, Bea Ordonez.
Before we begin, I'd like to remind you that today's call may contain forward-looking statements, which are subject to risks and uncertainties. For more information, please refer to our filings with the SEC, which are available in the Investor Relations section of payoneer.com. Actual results may differ materially from any forward-looking statements we make today.
These forward-looking statements speak only as of today, and the company does not assume any obligation or intend to update them, except as
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