Payoneer Global (PAYO) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-40547
Entity Registrant Name	Payoneer Global Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1778671
Entity Address State Or Province	NY
Entity Address, Address Line One	150 W 30th St
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	600-9272
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		359,171,394
Entity Central Index Key	0001845815
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PAYO
Security Exchange Name	NASDAQ
Warrants
Title of 12(b) Security	Warrants, each exercisable for one share of common stock, $0.01 par value, at an exercise price of $11.50 per share
Trading Symbol	PAYOW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 581,053	$ 543,299
Restricted cash	9,710	2,882
Customer funds	5,528,701	5,838,612
Accounts receivable (net of allowance of $246 at June 30, 2023 and December 31, 2022)	11,260	12,878
Capital advance receivables (net of allowance of $4,565 at June 30, 2023 and $5,311 at December 31, 2022)	40,220	37,155
Other current assets	37,983	36,278
Total current assets	6,208,927	6,471,104
Non-current assets:
Property, equipment and software, net	13,599	14,392
Goodwill	19,889	19,889
Intangible assets, net	57,919	45,444
Restricted cash	6,092	4,848
Deferred taxes	14,002	4,169
Investment in associated company		6,429
Severance pay fund	970	1,095
Operating lease right of use assets	12,681	15,260
Other assets	9,771	12,021
Total assets	6,343,850	6,594,651
Current liabilities:
Trade payables	29,170	41,566
Outstanding operating balances	5,528,701	5,838,612
Other payables	100,574	97,334
Total current liabilities	5,658,445	5,977,512
Non-current liabilities:
Long-term debt from related party (refer to Notes 8 and 17 for further information)	15,639	16,138
Warrant liability	12,580	25,914
Other long-term liabilities	31,239	29,831
Total liabilities	5,717,903	6,049,395
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at June 30, 2023 and December 31, 2022.
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 363,252,231 and 352,842,025 shares issued and 359,051,208 and 352,842,025 shares outstanding at June 30, 2023 and December 31, 2022, respectively.	3,632	3,528
Treasury stock at cost, 4,201,025 and 0 shares as of June 30, 2023 and December 30, 2022, respectively Additional paid-in capital	(19,725)
Additional paid-in capital	697,258	650,433
Accumulated other comprehensive loss	(176)	(176)
Accumulated deficit	(55,042)	(108,529)
Total shareholders' equity	625,947	545,256
Total liabilities and shareholders' equity	$ 6,343,850	$ 6,594,651

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Accounts receivable, net of allowance	$ 246	$ 246
Capital advance receivables, net of allowance	$ 4,565	$ 5,311
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	380,000,000	380,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,800,000,000	3,800,000,000
Common stock, shares issued	363,252,231	352,842,026
Common stock, shares outstanding	359,051,208	352,842,025
Treasury Stock, Common, Shares	4,201,025	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Revenues	$ 206,734	$ 148,190	$ 398,748	$ 285,148
Transaction costs (Exclusive of depreciation and amortization shown separately below and inclusive of $436 and $338 in interest expense and fees associated with related party transactions during the three months ended June 30, 2023 and 2022, and $857 and $658 during the six months ended June 30, 2023 and 2022, respectively; refer to Notes 8 and 17 for further information)	28,497	26,212	55,578	51,787
Other operating expenses (Exclusive of depreciation and amortization shown separately below)	40,527	35,392	80,622	70,151
Research and development expenses	27,995	26,607	57,275	52,522
Sales and marketing expenses	48,402	36,820	96,228	71,289
General and administrative expenses	22,012	20,192	48,693	38,320
Depreciation and amortization	5,909	5,171	11,948	9,626
Total operating expenses	173,342	150,394	350,344	293,695
Operating income (loss)	33,392	(2,204)	48,404	(8,547)
Financial income (expense):
Gain (loss) from change in fair value of Warrants	13,586	12,831	13,334	44,027
Other financial income (expense), net	4,318	(4,824)	6,668	(7,519)
Financial income, net	17,904	8,007	20,002	36,508
Income before taxes on income and share in gains (losses) of associated company	51,296	5,803	68,406	27,961
Taxes on income	5,747	1,374	14,919	3,341
Income (Loss) from Equity Method Investments affecting Cash Flow Statement		(7)		13
Net income	45,549	4,422	53,487	24,633
Other comprehensive loss, net of tax
Foreign currency translation adjustments		(3,248)		(2,858)
Other comprehensive income (loss), net of tax		(3,248)		(2,858)
Comprehensive income	$ 45,549	$ 1,174	$ 53,487	$ 21,775
Per Share Data
Net income per share attributable to common stockholders - Basic earnings per share	$ 0.12	$ 0.01	$ 0.15	$ 0.07
Diluted earnings per share	$ 0.12	$ 0.01	$ 0.14	$ 0.07
Weighted average common shares outstanding - Basic	365,000,974	345,522,076	364,260,883	345,831,177
Weighted average common shares outstanding - Diluted	387,623,679	366,013,696	392,572,475	369,047,627

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest expense and fees associated with related party transactions	$ 436	$ 338	$ 857	$ 658

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Treasury Stock, Common [Member]	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit Adjustment for adoption of ASC 326	Accumulated deficit	Adjustment for adoption of ASC 326	Total
Beginning balance at Dec. 31, 2021	$ 3,404		$ 575,470	$ 2,253	$ (2,505)	$ (94,054)	$ (2,505)	$ 487,073
Beginning balance (in shares) at Dec. 31, 2021	340,384,157
Exercise of options, and vested RSUs	$ 60		11,252					11,312
Exercise of options, vested RSUs, and shares granted (in shares)	6,055,137
Stock-based compensation			25,275					25,275
Other comprehensive income, net of tax				(2,858)				(2,858)
Net income						24,633		24,633
Ending balance at Jun. 30, 2022	$ 3,464		611,997	(605)		(71,926)		542,930
Ending balance (in shares) at Jun. 30, 2022	346,439,294
Beginning balance at Mar. 31, 2022	$ 3,426		592,243	2,643		(76,348)		521,964
Beginning balance (in shares) at Mar. 31, 2022	342,596,367
Exercise of options, and vested RSUs	$ 38		7,593					7,631
Exercise of options, vested RSUs, and shares granted (in shares)	3,842,927
Stock-based compensation			12,161					12,161
Other comprehensive income, net of tax				(3,248)				(3,248)
Net income						4,422		4,422
Ending balance at Jun. 30, 2022	$ 3,464		611,997	(605)		(71,926)		542,930
Ending balance (in shares) at Jun. 30, 2022	346,439,294
Beginning balance at Dec. 31, 2022	$ 3,528		650,433	(176)		(108,529)		545,256
Beginning balance (in shares) at Dec. 31, 2022	352,842,025
Exercise of options, and vested RSUs	$ 94		8,358					8,452
Exercise of options, vested RSUs, and shares granted (in shares)	9,377,772
Stock-based compensation			34,451					34,451
ESPP shares issued	$ 10		4,016					$ 4,026
ESPP shares issued (shares)	1,032,434
Common stock repurchased (shares)		(4,201,025)						(4,201,025)
Net income						53,487		$ 53,487
Ending balance at Jun. 30, 2023	$ 3,632	$ (19,725)	697,258	(176)		(55,042)		625,947
Ending balance (in shares) at Jun. 30, 2023	363,252,231	(4,201,025)
Beginning balance at Mar. 31, 2023	$ 3,592		674,021	(176)		(100,591)		576,846
Beginning balance (in shares) at Mar. 31, 2023	359,202,123
Exercise of options, and vested RSUs	$ 30		2,170					2,200
Exercise of options, vested RSUs, and shares granted (in shares)	3,017,674
Stock-based compensation			17,051					17,051
ESPP shares issued	$ 10		4,016					4,026
ESPP shares issued (shares)	1,032,434
Common stock repurchased (shares)		(4,201,025)
Net income						45,549		45,549
Ending balance at Jun. 30, 2023	$ 3,632	$ (19,725)	$ 697,258	$ (176)		$ (55,042)		625,947
Ending balance (in shares) at Jun. 30, 2023	363,252,231	(4,201,025)
Common stock repurchased		$ (19,725)						$ (19,725)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income	$ 53,487	$ 24,633
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,948	9,626
Deferred taxes	(9,833)	1,066
Stock-based compensation expenses	33,100	25,275
Share in gains of associated company		13
Loss (gain) from change in fair value of Warrants	(13,334)	(44,027)
Foreign currency re-measurement loss (gain)	(606)	2,491
Changes in operating assets and liabilities:
Other current assets	(1,621)	(6,650)
Trade payables	(13,157)	9,538
Deferred revenue	407	24
Accounts receivable, net	1,618	(490)
Capital advance extended to customers	(138,900)	(109,422)
Capital advance collected from customers	135,835	121,990
Other payables	(5,259)	(6,318)
Other long-term liabilities	(1,066)	(3,695)
Operating lease right-of-use assets	5,053	5,134
Other assets	2,247	(288)
Net cash provided by operating activities	59,919	28,874
Cash Flows from Investing Activities
Purchase of property, equipment and software	(2,422)	(5,093)
Capitalization of internal use software	(12,921)	(7,772)
Severance pay fund distributions (contributions), net	125	481
Customer funds in transit, net	(54,188)	(22,139)
Net cash inflow from acquisition of remaining interest in joint venture (Refer to Note 2(c) for further information)	5,953
Net cash provided by (used) in investing activities	(63,453)	(34,523)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock based compensation plan	12,091	11,312
Outstanding operating balances, net	(309,911)	739,388
Borrowings under related party facility (Refer to Notes 8 and 17 for further information)	14,015	15,322
Repayments under related party facility (Refer to Notes 8 and 17 for further information)	(14,514)	(14,219)
Common stock repurchased	(17,125)
Net cash provided by (used in) financing activities	(315,444)	751,803
Effect of exchange rate changes on cash and cash equivalents	705	(2,491)
Net change in cash, cash equivalents, restricted cash and customer funds	(318,273)	743,663
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	6,068,447	5,582,096
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	870	551
Internal use software capitalized but not paid	8,294	1,762
Common stock repurchased but Not yet Paid	2,600
Right of use assets obtained in exchange for new operating lease liabilities	$ 2,474	$ 11,266

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	$ 581,053	$ 492,002
Current restricted cash	9,710	3,102
Non-current restricted cash	6,092	5,349
Customer funds	5,471,592	5,081,643
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows	6,068,447	5,582,096
Customer funds in transit	$ 57,109	$ 58,999

GENERAL OVERVIEW

GENERAL OVERVIEW	6 Months Ended
	Jun. 30, 2023
GENERAL OVERVIEW
GENERAL OVERVIEW	NOTE 1 – GENERAL OVERVIEW Unless otherwise noted herein, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc. Payoneer, incorporated in Delaware, empowers global commerce by connecting businesses, professionals, countries and currencies with its diversified cross-border payments platform. Payoneer enables small and medium-sized businesses (“SMB(s)”) around the globe to reach new audiences by reducing the complexity of cross-border trade, and facilitating seamless, cross-border payments. Payoneer offers its customers the flexibility to pay and get paid globally as easily as they do locally. The Company offers a suite of services that includes cross-border payments, physical and virtual Mastercard cards, working capital, risk management and other services. The fully-hosted service includes various payment options with minimal integration required, full back-office functions and customer support offered.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Principles of consolidation, basis of presentation and accounting principles: The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investments in an entity where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is shown within Share in gains and losses of associated company on our condensed consolidated statements of comprehensive income and our investment balance as an investment in associated company on our condensed consolidated balance sheets. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2022 but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries. b. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, and loss contingencies. c. Investment in associated company: In July 2019, the Company, through its wholly-owned subsidiary Payoneer Research and Development Ltd., entered into an agreement for the establishment of a joint venture company in the People’s Republic of China (“PRC”). The objective of the joint venture was to apply for a local payment service provider license in accordance with PRC laws. The Company’s share in the Joint Venture was 46%, with the remaining ownership interest held by a local partner. Initial funds in the amount of $6,501 were contributed. The investment in the joint venture was presented as an investment in associated company in the Company’s consolidated balance sheets as the Company did not have control over the joint venture. In January 2023, the Company, through Payoneer Research and Development Ltd., acquired all remaining interests from other partners in the joint venture. As part of the agreement, the acquiring company assumed responsibility for all expenses and income incurred or earned through the date of acquisition related to the joint venture. ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): As substantially all of the fair value of the gross assets of the joint venture are concentrated in a group of similar assets (cash and cash equivalents and restricted deposits), the Company accounted for the transaction as an asset acquisition. As such, the Company’s basis in the acquired assets is valued at the amount of consideration transferred, as shown below. ​ ​ ​ Consideration paid ​ Cash 1 $7,961 Foreign exchange loss on payment 1 (100) Investment in associated company 6,429 Total $14,290 ​ ​ Assets acquired ​ Cash and cash equivalents $6,957 Short-term restricted deposits 6,957 Prepaid assets 24 Tax receivable 59 Intangible assets 293 Total $14,290 ​ ​ Net cash inflow related to acquisition ​ Cash and cash equivalents and restricted deposits acquired $13,914 Cash paid (7,961) Net cash inflow $5,953 ________________________________________ (1) The underlying assets of the joint venture were previously valued in CNY. Due to a timing difference of payment date and acquisition agreement settlement date, $100 of foreign exchange loss was recognized at the time of payment through other financial income (expense), net on the condensed consolidated statements of comprehensive income. ​ The Company acquired $59 in tax receivables which we do not expect to utilize. As such, these receivables were written-off subsequent to acquisition through general and administrative expenses in the condensed consolidated statements of comprehensive income. The Company also acquired $293 in intangible assets which were determined to have no use to the Company post-acquisition. As such, these assets were completely impaired through depreciation and amortization expenses in the condensed consolidated statements of comprehensive income. d. Functional currency and translation: Prior to January 1, 2023, the Company had a foreign subsidiary that used the local currency of the respective country as its functional currency. As of January 1, 2023, this subsidiary has changed its functional currency to be that of the Company, the U.S. dollar, due to a shift in the subsidiary’s primary revenue streams, which are now substantially all from services provided to the Company. e. Treasury stock: The Company accounts for repurchases of shares of its common stock as of the trade date, and includes in treasury stock the repurchase price plus any costs associated with the transaction. When and if treasury stock is reissued, the Company applies the average cost method to determine the value of the reissued shares, and to the extent that we remain in an accumulated deficit position, recognizes any related gain or loss in additional paid-in capital. When and if the Company’s accumulated deficit becomes a retained earnings balance, we will credit gains on reissuances to additional paid-in capital and offset losses against historical gains. Losses in excess of historical gains will be recognized against retained earnings. Treasury stock is included in authorized and issued shares but excluded from outstanding shares. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): f. Recently issued accounting pronouncements: FASB Standards issued, but not adopted as of June 30, 2023 In 2020, the FASB issued amended guidance that provides transitional relief for the accounting impact of reference rate reform. For a limited duration, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions that will be impacted by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2024. The Company does not expect reference rate reform to have a material impact on the Company’s financial statements.

CAPITAL ADVANCE ("CA") RECEIVAB

CAPITAL ADVANCE ("CA") RECEIVABLES	6 Months Ended
	Jun. 30, 2023
CAPITAL ADVANCE ("CA") RECEIVABLE
CAPITAL ADVANCE ("CA") RECEIVABLE	NOTE 3 – CAPITAL ADVANCE (“CA”) RECEIVABLES The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price. During the six months ended June 30, 2023 and 2022, the Company has purchased and collected the following principal amounts associated with CAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, ​ ​ 2023 ​ 2022 Beginning CA receivables, gross ​ $ 42,466 ​ $ 56,101 CA extended to customers ​ ​ 139,809 ​ ​ 109,713 Change in revenue receivables ​ ​ 393 ​ ​ 44 CA collected from customers ​ ​ (134,925) ​ ​ (122,034) Charge-offs, net of recoveries ​ ​ (2,958) ​ ​ (1,349) Ending CA receivables, gross ​ $ 44,785 ​ $ 42,475 Allowance for CA losses ​ (4,565) ​ (3,873) CA receivables, net ​ $ 40,220 ​ $ 38,602 ​ The outstanding gross balance at June 30, 2023 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 ​ Above 90 Total ​ Current ​ overdue ​ overdue ​ overdue ​ overdue $ 44,785 ​ 41,938 ​ 1,635 ​ 437 ​ 381 ​ 394 ​ The outstanding gross balance at December 31, 2022 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 Above 90 Total Current overdue overdue overdue overdue $ 42,466 39,945 986 380 104 1,051 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 ​ Due in more Total Overdue than 30 days days days than 90 days $ 44,785 ​ 2,847 ​ 8,198 ​ 9,562 ​ 16,173 ​ 8,005 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 Due in more Total Overdue than 30 days days days than 90 days $ 42,466 2,521 7,354 12,553 14,427 5,611 ​ ​ NOTE 3 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued): As of June 30, 2023 and December 31, 2022, the Company applied a range of loss rates to the CA portfolio of 1.59% to 1.86% for the allowance for CA losses. Below is a rollforward for the allowance for CA losses (“ALCAL”): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, ​ ​ 2023 ​ 2022 Beginning balance ​ $ 5,311 ​ $ 2,426 Adjustment for adoption of ASC 326 ​ ​ — ​ ​ 2,505 Provisions ​ ​ 2,472 ​ ​ 1,293 Recoveries ​ ​ (260) ​ ​ (1,002) Charge-offs ​ ​ (2,958) ​ ​ (1,349) Ending balance ​ $ 4,565 ​ $ 3,873 ​

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 4 - OTHER CURRENT ASSETS Composition of other current assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Prepaid expenses ​ $ 15,690 ​ $ 12,155 Income receivable ​ 7,520 ​ 11,162 Prepaid income taxes ​ 11,849 ​ 7,671 Other ​ 2,924 ​ 5,290 Total other current assets ​ $ 37,983 ​ $ 36,278 ​

PROPERTY, EQUIPMENT AND SOFTWAR

PROPERTY, EQUIPMENT AND SOFTWARE	6 Months Ended
	Jun. 30, 2023
PROPERTY, EQUIPMENT AND SOFTWARE
PROPERTY, EQUIPMENT AND SOFTWARE	NOTE 5 – PROPERTY, EQUIPMENT AND SOFTWARE Composition of property, equipment and software, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Computers, software and peripheral equipment ​ $ 37,238 ​ $ 34,328 Leasehold improvements ​ 9,814 ​ 9,741 Furniture and office equipment ​ 4,562 ​ 4,418 Property, equipment and software ​ 51,614 ​ 48,487 Accumulated depreciation ​ (38,015) ​ (34,095) Property, equipment and software, net ​ $ 13,599 ​ $ 14,392 ​ Depreciation expense for the three months ended June 30, 2023 and 2022 was $1,864 and $2,155, respectively, and $3,976 and $4,071 for the six months ended June 30, 2023 and 2022, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS Composition of intangible assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value Internal use software ​ $ 95,168 ​ $ (44,702) ​ $ 50,466 ​ $ 75,195 ​ $ (38,607) ​ $ 36,588 Developed technology ​ 14,769 ​ (7,316) ​ 7,453 ​ 14,365 ​ (5,509) ​ 8,856 Intangible assets, net ​ $ 109,937 ​ $ (52,018) ​ $ 57,919 ​ $ 89,560 ​ $ (44,116) ​ $ 45,444 ​ ​ NOTE 6 –INTANGIBLE ASSETS (continued): Amortization expense for the three months ended June 30, 2023 and 2022 was $ 4,045 and $3,016 respectively, and $ 7,647 and $5,555 for the six months ended June 30, 2023 and 2022, respectively. No impairment impairment of internal use of software impairment of acquired intangibles Expected future intangible asset amortization as of June 30, 2023, excluding capitalized internal use software of $26,626 not yet placed in service as of that date, was as follows: ​ ​ ​ ​ ​ Fiscal years ​ ​ 2023 (Excluding the six months ended June 30, 2023) ​ $ 7,700 2024 ​ ​ 13,449 2025 ​ ​ 8,972 2026 ​ ​ 1,172 2027 and thereafter ​ ​ — Total ​ $ 31,293 ​

OTHER PAYABLES

OTHER PAYABLES	6 Months Ended
	Jun. 30, 2023
OTHER PAYABLES
OTHER PAYABLES	NOTE 7 - OTHER PAYABLES Composition of other payables, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Employee related compensation ​ $ 44,627 ​ $ 64,464 Commissions payable ​ 21,824 ​ 12,159 Accrued expenses ​ 10,466 ​ 10,001 Lease liability ​ 8,202 ​ 8,360 Income tax payable ​ ​ 10,977 ​ ​ — Other ​ 4,478 ​ 2,350 Total other payables ​ $ 100,574 ​ $ 97,334 ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
DEBT
DEBT	NOTE 8 – DEBT On October 28, 2021, Payoneer Early Payments Inc. (“PEPI”), a wholly-owned second tier subsidiary of the Company and its subsidiary (the “Borrower”) entered into a Receivables and Loan Security Agreement (the “Warehouse Facility”) with Viola Credit VI, L.P., Viola Credit Alternative Lending FNX SPV, L.P. (the “Lenders”) and Viola Credit Alternative Lending Management 2018 L.P. (collectively, the “Parties”) for the purpose of external financing of Capital Advance activity. The Company notes that the Lenders are related parties through the Company’s Board of Directors’ chairman’s ownership interest in the Lenders. Refer to Note 17 for further information regarding related party considerations. In accordance with the Warehouse Facility agreement, the Lenders will make available to the Company an initial committed amount of $25,000, which may be increased at the request of the Company, and with the consent of the Lenders, in $25,000 increments up to $100,000. The associated borrowings will be secured by the assets of the Borrower, which consist primarily of capital advance receivables as well as a pledge of the equity of the Borrower. The recourse under the Warehouse Facility agreement is limited to Borrower's assets, and no other Payoneer entity guarantees repayment by the Borrower. ​ NOTE 8 – DEBT (continued): The Warehouse Facility agreement stipulates a borrowing base calculated at an advance rate of 80% out of the eligible portfolio outstanding receivables balance and that borrowings under the facility bear interest as follows: greater of 0.25% or LIBOR plus: ● 9.00% per annum if the commitment amount is $25,000; ● 7.75% per annum if the commitment amount is $50,000; ● 7.50% per annum if the commitment amount is $75,000; ● 7.00% per annum if the commitment amount is $100,000. On June 8, 2022, the Warehouse Facility agreement was amended to create a condition that the total interest rate, calculated as the sum per above, shall not exceed 10.5% per annum for all outstanding balances. The revolving period of the facility is 36 months from the closing date and the maturity date is 42 months from the date the Warehouse Facility agreement was entered into. The Company recorded expenses, included in transaction cost, in the total amount of $436 and $338 for the three months ended June 30, 2023 and 2022, respectively, and $857 and $658 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the outstanding associated balance was $15,639 with $142 of accrued expenses included in Other payables. As of December 31, 2022, the outstanding associated balance was $16,138 with $153 of accrued expenses included in Other payables. The Warehouse Facility agreement includes certain affirmative and negative covenants that must be maintained by the Company and includes certain financial measures such as minimum tangible equity and minimum unrestricted cash at the Company level. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all applicable covenants. As of June 30, 2023 and December 31, 2022, the fair value of the debt approximates the book value due to the short time span between initiation and balance sheet date with the outstanding balance classified as Level 3 in the fair value leveling hierarchy as the inputs into the valuation are not observable.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	6 Months Ended
	Jun. 30, 2023
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES	NOTE 9 – OTHER LONG-TERM LIABILITIES Composition of other long-term liabilities, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Reserves for uncertain tax positions ​ $ 25,284 ​ $ 21,048 Long-term lease liabilities ​ 3,821 ​ 6,514 Severance pay liabilities ​ 2,116 ​ 2,252 Other ​ 18 ​ 17 Total other long-term liabilities ​ $ 31,239 ​ $ 29,831 ​

WARRANTS AND SHAREHOLDERS' EQUI

WARRANTS AND SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
WARRANTS.
WARRANTS AND SHAREHOLDERS' EQUITY	NOTE 10 – WARRANTS AND SHAREHOLDERS’ EQUITY Share Repurchase Program and Treasury Stock On May 7, 2023, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $80,000 of our common stock over a period of 24 months. The program is intended to offset the impact of dilution from the issuance of new shares as part of employee compensation programs. Any share repurchases under this stock repurchase program may be made through open market transactions, privately negotiated transactions or other means including in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and total amount of repurchases is subject to business and market conditions and the Company’s discretion. During the six months ended June 30, 2023, we repurchased approximately 4,201,025 shares of our common stock for approximately $19,725 at a weighted average cost of $4.68 per share. As of June 30, 2023, a total of approximately $60,275 remained available for future repurchases of our common stock under the program. NOTE 10 – WARRANTS AND SHAREHOLDERS’ EQUITY (continued): Warrants The Company has publicly traded warrants that are exercisable for shares of the Company’s common stock. Warrants may only be exercised for a whole number of shares at an exercise price of $11.50. These warrants expire on June 25, 2026, or earlier, if redeemed. At June 30, 2023, there were 25,158,086 warrants outstanding with a corresponding liability valued at $12,580. The warrants are considered to be a Level 1 fair value measurement due to the observability of the inputs. The warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging ​ ​ ​ ​ ​ ​ Warrant ​ ​ Liability Fair value as of December 31, 2022 ​ $ 25,914 Change in fair value ​ (13,334) Fair value as of June 30, 2023 ​ $ 12,580 ​ ​ ​ ​ Fair value as of December 31, 2021 ​ $ 59,877 Change in fair value ​ ​ (44,027) Fair value as of June 30, 2022 ​ $ 15,850 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES The Company’s business is subject to various laws and regulations in the United States and other countries from where the Company operates. Any regulatory action, tax or legal challenge against the Company for noncompliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgment or settlement, reputational harm, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or limits on the Company’s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Company’s business. On September 28, 2021, the National Banking and Securities Commission (CNBV) and the Bank of Mexico revoked the banking license of a banking entity utilized by the Company due to the banking entity not meeting applicable capital requirements. As a result, the Company is unable to withdraw funds from the banking entity. The Company has reserved $2,250 for potential losses related to the inaccessible funds above the recovered amount. The Company applied for and recovered the maximum statutory reimbursement through the deposit insurance provided by Mexican Institute for the Protection of Banking Services (IPAB), totaling $140. The Company has filed a claim in liquidation for the remaining funds; however, the percentage of the deposit that will be recovered in liquidation is not known at this time. From time to time, the Company is involved in other disputes or regulatory inquiries that arise in the ordinary course of business. These may include suits by its customers alleging, among other things, acting unfairly and/or not in conformity regarding pricing, rules or agreements, improper disclosure of our prices, rules, or policies or that our practices, prices, rules, policies, or customer agreements violate applicable law. In addition to these types of disputes and regulatory inquiries, the operations of the Company are also subject to regulatory and/or legal review and/or challenges that tend to reflect the increasing global regulatory focus to which the industry in which the Company operates is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on the Company and may lead to increased costs and decreased transaction volume and revenue. Any claims or regulatory actions against the Company, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require the Company to change our business practices, require significant amounts of management time, result in the diversion of operational resources, or otherwise harm the business.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2023
REVENUE
REVENUE	NOTE 12 – 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 June 30, Six months ended June 30, ​ 2023 2022 2023 ​ 2022 Revenue recognized at a point in time ​ $ 141,231 ​ $ 135,063 ​ $ 273,123 ​ $ 261,006 Revenue recognized over time ​ 10,210 ​ 9,634 ​ ​ 20,274 ​ ​ 19,790 Revenue from contracts with customers ​ 151,441 ​ 144,697 ​ ​ 293,397 ​ ​ 280,796 Revenue from other sources ​ 55,293 ​ 3,493 ​ ​ 105,351 ​ ​ 4,352 Total revenues ​ $ 206,734 ​ $ 148,190 ​ $ 398,748 ​ $ 285,148 ​ Based on the information provided to and reviewed by our Chief Operating Decision Maker (“CODM”), we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary regional markets. 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 Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Primary regional markets ​ ​ ​ ​ ​ ​ ​ ​ Greater China 1 ​ $ 71,227 ​ $ 46,785 ​ $ 135,187 ​ $ 89,826 Europe 2 ​ ​ 41,699 ​ ​ 31,035 ​ ​ 80,320 ​ ​ 59,495 Asia-Pacific 2 ​ ​ 27,385 ​ ​ 20,168 ​ ​ 52,766 ​ ​ 39,187 North America 3 ​ 26,041 ​ 20,518 ​ 51,577 ​ ​ 40,795 South Asia, Middle East and North Africa 2 ​ ​ 21,711 ​ ​ 16,851 ​ ​ 41,656 ​ ​ 32,263 Latin America 2 ​ ​ 18,671 ​ ​ 12,833 ​ ​ 37,242 ​ ​ 23,582 Total revenues ​ $ 206,734 ​ $ 148,190 ​ $ 398,748 ​ $ 285,148 ________________________________________ (1) (2) (3) The United States is our country of domicile. Of North America revenues, the US represents $24,995 and $18,528 during the three months ended June 30, 2023 and 2022, respectively, and $49,571 and $38,310 during the six months ended June 30, 2023 and 2022, respectively.

TRANSACTION COSTS

TRANSACTION COSTS	6 Months Ended
	Jun. 30, 2023
TRANSACTION COSTS
TRANSACTION COSTS	NOTE 13 - TRANSACTION COSTS Composition of transaction costs, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ ​ June 30, June 30, ​ 2023 2022 2023 2022 Bank and processor fees ​ $ 21,739 ​ $ 20,889 ​ $ 41,858 ​ $ 40,804 Network fees ​ 3,730 ​ 3,518 ​ ​ 7,997 ​ ​ 6,934 Chargebacks and operational losses ​ 693 ​ 781 ​ ​ 1,750 ​ ​ 1,282 Card costs ​ 404 ​ 441 ​ ​ 872 ​ ​ 872 Capital advance costs, net of recoveries ​ ​ 1,857 ​ ​ 164 ​ ​ 2,969 ​ ​ 1,106 Other ​ 74 ​ 419 ​ ​ 132 ​ ​ 789 Total transaction costs ​ $ 28,497 ​ $ 26,212 ​ $ 55,578 ​ $ 51,787 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14 – STOCK-BASED COMPENSATION Stock Options and RSUs The following table summarizes the options to purchase shares of common stock activity under our equity incentive plans for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ Options Outstanding at December 31, 2022 34,923,788 Granted — Exercised (4,503,919) Forfeited (462,149) Outstanding at June 30, 2023 ​ 29,957,720 Exercisable at June 30, 2023 ​ 26,775,173 ​ The weighted average exercise price of the options outstanding as of June 30, 2023 was $2.12 per share. The following table summarizes the RSUs activity under our equity incentive plans as of June 30, 2023: ​ ​ ​ ​ ​ Units Outstanding December 31, 2022 25,853,581 Granted 14,986,204 Vested (4,809,569) Withhold to cover shares repurchased ​ (351,960) Forfeited (1,315,860) Outstanding June 30, 2023 34,362,396 ​ In the six months ended June 30, 2023, the Company granted 14,086,204 RSUs under the Company’s Omnibus Stock Incentive Plan, which are subject to time-vesting and continued service conditions. In the same period, the Company granted an additional 900,000 RSUs under the same Plan, which are subject to time-vesting and continued service conditions as well as stock performance targets. On May 23, 2023, we started to withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under our employee equity incentive plans in the United States. During the three and six months ended June 30, 2023, we withheld 351,960 shares for $1,504. RSU vesting is shown net of this withholding on our condensed consolidated statements of shareholders’ equity and cash flows. Employee Stock Purchase Plan As of June 30, 2023, approximately 5,591,191 shares were reserved for future issuance under the Company’s Employee Stock Purchase Plan (“ESPP”). The fair value attributable to the ESPP was $1,688,215 as of May 15, 2023, the beginning of the current offering period, and was measured using the Monte Carlo model. The current offering period is expected to close November 15, 2023. The expense associated with the ESPP recognized during the three and six months ended June 30, 2023 was $860,471 and $1,901,735, respectively. The impact on our results of operations of recording stock-based compensation expense under the Company’s equity incentive plans, including the ESPP, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, June 30, ​ 2023 2022 2023 2022 Other operating expenses ​ $ 3,243 ​ $ 2,606 ​ $ 6,042 ​ $ 5,663 Research and development expenses ​ 3,599 ​ 2,387 ​ ​ 6,982 ​ ​ 4,600 Sales and marketing expenses ​ 4,574 ​ 3,642 ​ ​ 10,550 ​ ​ 7,407 General and administrative expenses ​ 4,757 ​ 3,255 ​ ​ 9,526 ​ ​ 7,128 Total stock-based compensation ​ $ 16,173 ​ $ 11,890 ​ $ 33,100 ​ $ 24,798 ​ ​ NOTE 14 – STOCK-BASED COMPENSATION (continued): Note that $878 and $271 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended June 30, 2023 and 2022, respectively, and $1,740 and $488 were capitalized during the six months ended June 30, 2023 and 2022, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE 15 - INCOME TAXES The Company had an effective tax rate of 22% for the six months ended June 30, 2023, compared to an effective tax rate of 12% for the six months ended June 30, 2022. For the six months ended June 30, 2023, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was the result of foreign income taxed at different rates, including the provision for uncertain tax positions, as well as an increase in potential future tax benefits primarily related to share-based compensation and capitalized research and development, and the release of the valuation allowance on deferred tax assets in the United States. The Company maintains a valuation allowance in jurisdictions where it is more likely than not that all or a portion of a deferred tax asset may not be realized. In determining whether a valuation allowance is warranted, the Company evaluates factors such as prior earnings history, expected future earnings and the reversal of existing taxable temporary differences. During the period ended June 30, 2023, the Company recorded a release of $10,553 in respect of the valuation allowance applied on deferred tax assets recorded in the United States. We maintain a full valuation allowance on our deferred tax assets in Germany, and maintain our previous conclusion that a valuation allowance on deferred tax assets in Israel is not necessary.

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
NET EARNINGS PER SHARE
NET EARNINGS PER SHARE	NOTE 16 – NET EARNINGS PER SHARE The Company’s basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net earnings per share is the same as basic net earnings per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive. Basic and diluted net earnings per share attributable to common stockholders were calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ ​ June 30, June 30, ​ 2023 2022 2023 2022 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 45,549 ​ $ 4,422 ​ $ 53,487 ​ $ 24,633 Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 365,000,974 ​ ​ 345,522,076 ​ ​ 364,260,883 ​ ​ 345,831,177 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive impact of RSUs, ESPP and options to purchase common stock ​ ​ 21,928,779 ​ ​ 19,844,013 ​ ​ 27,584,186 ​ ​ 22,541,797 Dilutive impact of private Warrants ​ ​ 693,926 ​ ​ 647,607 ​ ​ 727,406 ​ ​ 674,653 Weighted average common shares – diluted ​ ​ 387,623,679 ​ ​ 366,013,696 ​ ​ 392,572,475 ​ ​ 369,047,627 Net income per share attributable to common stockholders — Basic earnings per share ​ $ 0.12 ​ $ 0.01 ​ $ 0.15 ​ $ 0.07 Diluted earnings per share ​ $ 0.12 ​ $ 0.01 ​ $ 0.14 ​ $ 0.07 ​ NOTE 16 – NET EARNINGS PER SHARE (continued): Note that 25,158,125 Public Warrants, 1,500,000 RSUs with market conditions, 30,000,000 Earn-Out Shares (as that term is defined in the Agreement and Plan of Reorganization dated February 3, 2021 (as amended) with FTAC Olympus Acquisition Corp.), 726,620 options to purchase common stock, and ESPP shares to be issued under the May 15, 2023 offering period have been excluded from the computation of diluted net earnings per share for the three and six month periods ended June 30, 2023 as their effect was antidilutive, conditions were not met or they were not in the money as of the end of the reporting period. In the three months ended June 30, 2022, 25,158,125 Public Warrants and 30,000,000 Earn-Out Shares were excluded for the same reason.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS As indicated in Note 8, the Company entered into a Warehouse Facility agreement with Lenders where a member of the Board of Directors has an interest. The Company has evaluated the relationship and determined that the Warehouse Facility agreement represents a related party transaction that has been entered into in the ordinary course of business. As such, the Warehouse Facility agreement was reviewed and approved as a related party transaction in accordance with the related party transaction approval process implemented by the Company. The Company analyzed the terms of the Warehouse Facility agreement and concluded that the terms represent a transaction conducted at arm’s length.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENTS	NOTE 18 – SUBSEQUENT EVENTS ​ On July 10, 2023, the Company announced a plan to reduce its workforce by approximately ​ The Company estimates that it will incur charges of approximately $5 million in connection with the Plan, which are expected to be incurred in the third quarter of 2023. These expected costs are primarily related to cash expenditures for severance payments and payroll taxes. ​ On August 2, 2023, Payoneer Inc. and Payoneer Research & Development Ltd., wholly owned subsidiaries of the Company, purchased certain assets and Intellectual Property (IP) of Spott Incredibles Technologies Ltd. (“Spott”) for a total consideration of $3.6 million as well as $0.4 million of future payments contingent on Spott’s former employees continued employment with Payoneer Research & Development Ltd. Spott’s IP provides real-time e-commerce data and analytics for more informed and faster business decision-making. ​ In addition, a member of the Board of Directors of the Company has an indirect interest within Spott and serves on its board. The Company evaluated the relationship and determined that the acquisition represents a related party transaction that has been entered into in the ordinary course of business. As such, the acquisition was reviewed and approved in accordance with the Company’s related party transaction approval process, and it was concluded that the terms represent a transaction conducted at arm’s length. ​ On August 7, 2023, Payoneer (Guangzhou) Commerce Services Co., Ltd. (“Payoneer Guangzhou”), a wholly owned subsidiary of the Company, entered into an agreement with a non-bank payments institution, (the “Licenseholder”) that offers pay-out and mobile payments solutions to merchants in the People’s Republic of China and holds a Payment Business License issued by the People’s Bank of China (the “License” and the “PBoC”, respectively). ​ Pursuant to the terms of the agreement, Payoneer Guangzhou seeks to purchase the Licenseholder, and agreed to place approximately $4 million in escrow within 10 business days of signing the agreement, such escrow representing a small portion of the agreed upon consideration for the purchase. In the event of termination of the agreement, such escrow amount will be returned to Payoneer Guangzhou, and in the event of a successful transaction, it will be applied to the full purchase price. The closing of the acquisition is subject to customary closing conditions and termination provisions provided for in the agreement, as well as, governmental registrations and approvals, including the approval of the Transaction by the PBoC, and timing is uncertain. ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation, basis of presentation and accounting principles:	a. Principles of consolidation, basis of presentation and accounting principles: The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investments in an entity where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is shown within Share in gains and losses of associated company on our condensed consolidated statements of comprehensive income and our investment balance as an investment in associated company on our condensed consolidated balance sheets. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2022 but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries.
Use of estimates in the preparation of financial statements:	b. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, and loss contingencies.
Investment in associated company:	c. Investment in associated company: In July 2019, the Company, through its wholly-owned subsidiary Payoneer Research and Development Ltd., entered into an agreement for the establishment of a joint venture company in the People’s Republic of China (“PRC”). The objective of the joint venture was to apply for a local payment service provider license in accordance with PRC laws. The Company’s share in the Joint Venture was 46%, with the remaining ownership interest held by a local partner. Initial funds in the amount of $6,501 were contributed. The investment in the joint venture was presented as an investment in associated company in the Company’s consolidated balance sheets as the Company did not have control over the joint venture. In January 2023, the Company, through Payoneer Research and Development Ltd., acquired all remaining interests from other partners in the joint venture. As part of the agreement, the acquiring company assumed responsibility for all expenses and income incurred or earned through the date of acquisition related to the joint venture. ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): As substantially all of the fair value of the gross assets of the joint venture are concentrated in a group of similar assets (cash and cash equivalents and restricted deposits), the Company accounted for the transaction as an asset acquisition. As such, the Company’s basis in the acquired assets is valued at the amount of consideration transferred, as shown below. ​ ​ ​ Consideration paid ​ Cash 1 $7,961 Foreign exchange loss on payment 1 (100) Investment in associated company 6,429 Total $14,290 ​ ​ Assets acquired ​ Cash and cash equivalents $6,957 Short-term restricted deposits 6,957 Prepaid assets 24 Tax receivable 59 Intangible assets 293 Total $14,290 ​ ​ Net cash inflow related to acquisition ​ Cash and cash equivalents and restricted deposits acquired $13,914 Cash paid (7,961) Net cash inflow $5,953 ________________________________________ (1) The underlying assets of the joint venture were previously valued in CNY. Due to a timing difference of payment date and acquisition agreement settlement date, $100 of foreign exchange loss was recognized at the time of payment through other financial income (expense), net on the condensed consolidated statements of comprehensive income. ​ The Company acquired $59 in tax receivables which we do not expect to utilize. As such, these receivables were written-off subsequent to acquisition through general and administrative expenses in the condensed consolidated statements of comprehensive income. The Company also acquired $293 in intangible assets which were determined to have no use to the Company post-acquisition. As such, these assets were completely impaired through depreciation and amortization expenses in the condensed consolidated statements of comprehensive income.
Functional currency and translation:	d. Functional currency and translation: Prior to January 1, 2023, the Company had a foreign subsidiary that used the local currency of the respective country as its functional currency. As of January 1, 2023, this subsidiary has changed its functional currency to be that of the Company, the U.S. dollar, due to a shift in the subsidiary’s primary revenue streams, which are now substantially all from services provided to the Company.
Treasury stock:	e. Treasury stock: The Company accounts for repurchases of shares of its common stock as of the trade date, and includes in treasury stock the repurchase price plus any costs associated with the transaction. When and if treasury stock is reissued, the Company applies the average cost method to determine the value of the reissued shares, and to the extent that we remain in an accumulated deficit position, recognizes any related gain or loss in additional paid-in capital. When and if the Company’s accumulated deficit becomes a retained earnings balance, we will credit gains on reissuances to additional paid-in capital and offset losses against historical gains. Losses in excess of historical gains will be recognized against retained earnings. Treasury stock is included in authorized and issued shares but excluded from outstanding shares.
Recently issued accounting pronouncements:	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): f. Recently issued accounting pronouncements: FASB Standards issued, but not adopted as of June 30, 2023 In 2020, the FASB issued amended guidance that provides transitional relief for the accounting impact of reference rate reform. For a limited duration, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions that will be impacted by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2024. The Company does not expect reference rate reform to have a material impact on the Company’s financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
Summary of the Company's basis in acquired assets	​ ​ ​ Consideration paid ​ Cash 1 $7,961 Foreign exchange loss on payment 1 (100) Investment in associated company 6,429 Total $14,290 ​ ​ Assets acquired ​ Cash and cash equivalents $6,957 Short-term restricted deposits 6,957 Prepaid assets 24 Tax receivable 59 Intangible assets 293 Total $14,290 ​ ​ Net cash inflow related to acquisition ​ Cash and cash equivalents and restricted deposits acquired $13,914 Cash paid (7,961) Net cash inflow $5,953 ________________________________________ (1) The underlying assets of the joint venture were previously valued in CNY. Due to a timing difference of payment date and acquisition agreement settlement date, $100 of foreign exchange loss was recognized at the time of payment through other financial income (expense), net on the condensed consolidated statements of comprehensive income.

CAPITAL ADVANCE ("CA") RECEIV_2

CAPITAL ADVANCE ("CA") RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2023
CAPITAL ADVANCE ("CA") RECEIVABLE
Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables	During the six months ended June 30, 2023 and 2022, the Company has purchased and collected the following principal amounts associated with CAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, ​ ​ 2023 ​ 2022 Beginning CA receivables, gross ​ $ 42,466 ​ $ 56,101 CA extended to customers ​ ​ 139,809 ​ ​ 109,713 Change in revenue receivables ​ ​ 393 ​ ​ 44 CA collected from customers ​ ​ (134,925) ​ ​ (122,034) Charge-offs, net of recoveries ​ ​ (2,958) ​ ​ (1,349) Ending CA receivables, gross ​ $ 44,785 ​ $ 42,475 Allowance for CA losses ​ (4,565) ​ (3,873) CA receivables, net ​ $ 40,220 ​ $ 38,602
Schedule of current and overdue amounts of CAs	The outstanding gross balance at June 30, 2023 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 ​ Above 90 Total ​ Current ​ overdue ​ overdue ​ overdue ​ overdue $ 44,785 ​ 41,938 ​ 1,635 ​ 437 ​ 381 ​ 394 ​ The outstanding gross balance at December 31, 2022 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 Above 90 Total Current overdue overdue overdue overdue $ 42,466 39,945 986 380 104 1,051
Schedule of current and overdue balances CAs that are segregated into the timing of expected collections	The following are current and overdue balances from above that are segregated into the timing of expected collections at June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 ​ Due in more Total Overdue than 30 days days days than 90 days $ 44,785 ​ 2,847 ​ 8,198 ​ 9,562 ​ 16,173 ​ 8,005 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 Due in more Total Overdue than 30 days days days than 90 days $ 42,466 2,521 7,354 12,553 14,427 5,611
Schedule of rollforward for the allowance for CA losses ("ALCAL")	Below is a rollforward for the allowance for CA losses (“ALCAL”): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, ​ ​ 2023 ​ 2022 Beginning balance ​ $ 5,311 ​ $ 2,426 Adjustment for adoption of ASC 326 ​ ​ — ​ ​ 2,505 Provisions ​ ​ 2,472 ​ ​ 1,293 Recoveries ​ ​ (260) ​ ​ (1,002) Charge-offs ​ ​ (2,958) ​ ​ (1,349) Ending balance ​ $ 4,565 ​ $ 3,873

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
OTHER CURRENT ASSETS
Schedule of composition of other current assets	Composition of other current assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Prepaid expenses ​ $ 15,690 ​ $ 12,155 Income receivable ​ 7,520 ​ 11,162 Prepaid income taxes ​ 11,849 ​ 7,671 Other ​ 2,924 ​ 5,290 Total other current assets ​ $ 37,983 ​ $ 36,278

PROPERTY, EQUIPMENT AND SOFTW_2

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)	6 Months Ended
	Jun. 30, 2023
PROPERTY, EQUIPMENT AND SOFTWARE
Schedule of composition of property, equipment and software, grouped by major classifications	Composition of property, equipment and software, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Computers, software and peripheral equipment ​ $ 37,238 ​ $ 34,328 Leasehold improvements ​ 9,814 ​ 9,741 Furniture and office equipment ​ 4,562 ​ 4,418 Property, equipment and software ​ 51,614 ​ 48,487 Accumulated depreciation ​ (38,015) ​ (34,095) Property, equipment and software, net ​ $ 13,599 ​ $ 14,392

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of composition of intangible assets, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value Internal use software ​ $ 95,168 ​ $ (44,702) ​ $ 50,466 ​ $ 75,195 ​ $ (38,607) ​ $ 36,588 Developed technology ​ 14,769 ​ (7,316) ​ 7,453 ​ 14,365 ​ (5,509) ​ 8,856 Intangible assets, net ​ $ 109,937 ​ $ (52,018) ​ $ 57,919 ​ $ 89,560 ​ $ (44,116) ​ $ 45,444
Schedule of expected future intangible asset amortization	​ ​ ​ ​ ​ Fiscal years ​ ​ 2023 (Excluding the six months ended June 30, 2023) ​ $ 7,700 2024 ​ ​ 13,449 2025 ​ ​ 8,972 2026 ​ ​ 1,172 2027 and thereafter ​ ​ — Total ​ $ 31,293

OTHER PAYABLES (Tables)

OTHER PAYABLES (Tables)	6 Months Ended
	Jun. 30, 2023
OTHER PAYABLES
Schedule of composition of other payables, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Employee related compensation ​ $ 44,627 ​ $ 64,464 Commissions payable ​ 21,824 ​ 12,159 Accrued expenses ​ 10,466 ​ 10,001 Lease liability ​ 8,202 ​ 8,360 Income tax payable ​ ​ 10,977 ​ ​ — Other ​ 4,478 ​ 2,350 Total other payables ​ $ 100,574 ​ $ 97,334

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
OTHER LONG-TERM LIABILITIES
Summary of composition of other long-term liabilities, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Reserves for uncertain tax positions ​ $ 25,284 ​ $ 21,048 Long-term lease liabilities ​ 3,821 ​ 6,514 Severance pay liabilities ​ 2,116 ​ 2,252 Other ​ 18 ​ 17 Total other long-term liabilities ​ $ 31,239 ​ $ 29,831

WARRANTS AND SHAREHOLDERS' EQ_2

WARRANTS AND SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
WARRANTS.
Schedule of changes in fair value of warrant liabilities	​ ​ ​ ​ ​ ​ Warrant ​ ​ Liability Fair value as of December 31, 2022 ​ $ 25,914 Change in fair value ​ (13,334) Fair value as of June 30, 2023 ​ $ 12,580 ​ ​ ​ ​ Fair value as of December 31, 2021 ​ $ 59,877 Change in fair value ​ ​ (44,027) Fair value as of June 30, 2022 ​ $ 15,850

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
REVENUE
Schedule of revenue recognized from contracts with customers as well as revenue from other sources	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, Six months ended June 30, ​ 2023 2022 2023 ​ 2022 Revenue recognized at a point in time ​ $ 141,231 ​ $ 135,063 ​ $ 273,123 ​ $ 261,006 Revenue recognized over time ​ 10,210 ​ 9,634 ​ ​ 20,274 ​ ​ 19,790 Revenue from contracts with customers ​ 151,441 ​ 144,697 ​ ​ 293,397 ​ ​ 280,796 Revenue from other sources ​ 55,293 ​ 3,493 ​ ​ 105,351 ​ ​ 4,352 Total revenues ​ $ 206,734 ​ $ 148,190 ​ $ 398,748 ​ $ 285,148
Schedule of revenue disaggregated by primary geographical market	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Primary regional markets ​ ​ ​ ​ ​ ​ ​ ​ Greater China 1 ​ $ 71,227 ​ $ 46,785 ​ $ 135,187 ​ $ 89,826 Europe 2 ​ ​ 41,699 ​ ​ 31,035 ​ ​ 80,320 ​ ​ 59,495 Asia-Pacific 2 ​ ​ 27,385 ​ ​ 20,168 ​ ​ 52,766 ​ ​ 39,187 North America 3 ​ 26,041 ​ 20,518 ​ 51,577 ​ ​ 40,795 South Asia, Middle East and North Africa 2 ​ ​ 21,711 ​ ​ 16,851 ​ ​ 41,656 ​ ​ 32,263 Latin America 2 ​ ​ 18,671 ​ ​ 12,833 ​ ​ 37,242 ​ ​ 23,582 Total revenues ​ $ 206,734 ​ $ 148,190 ​ $ 398,748 ​ $ 285,148 ________________________________________ (1) (2) (3) The United States is our country of domicile. Of North America revenues, the US represents $24,995 and $18,528 during the three months ended June 30, 2023 and 2022, respectively, and $49,571 and $38,310 during the six months ended June 30, 2023 and 2022, respectively.

TRANSACTION COSTS (Tables)

TRANSACTION COSTS (Tables)	6 Months Ended
	Jun. 30, 2023
TRANSACTION COSTS.
Schedule of composition of transaction costs, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ ​ June 30, June 30, ​ 2023 2022 2023 2022 Bank and processor fees ​ $ 21,739 ​ $ 20,889 ​ $ 41,858 ​ $ 40,804 Network fees ​ 3,730 ​ 3,518 ​ ​ 7,997 ​ ​ 6,934 Chargebacks and operational losses ​ 693 ​ 781 ​ ​ 1,750 ​ ​ 1,282 Card costs ​ 404 ​ 441 ​ ​ 872 ​ ​ 872 Capital advance costs, net of recoveries ​ ​ 1,857 ​ ​ 164 ​ ​ 2,969 ​ ​ 1,106 Other ​ 74 ​ 419 ​ ​ 132 ​ ​ 789 Total transaction costs ​ $ 28,497 ​ $ 26,212 ​ $ 55,578 ​ $ 51,787

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
STOCK-BASED COMPENSATION
Schedule of options to purchase shares of common stock activity under our equity incentive plans	​ ​ ​ ​ ​ ​ Options Outstanding at December 31, 2022 34,923,788 Granted — Exercised (4,503,919) Forfeited (462,149) Outstanding at June 30, 2023 ​ 29,957,720 Exercisable at June 30, 2023 ​ 26,775,173
Schedule of RSUs activity	​ ​ ​ ​ ​ Units Outstanding December 31, 2022 25,853,581 Granted 14,986,204 Vested (4,809,569) Withhold to cover shares repurchased ​ (351,960) Forfeited (1,315,860) Outstanding June 30, 2023 34,362,396
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, June 30, ​ 2023 2022 2023 2022 Other operating expenses ​ $ 3,243 ​ $ 2,606 ​ $ 6,042 ​ $ 5,663 Research and development expenses ​ 3,599 ​ 2,387 ​ ​ 6,982 ​ ​ 4,600 Sales and marketing expenses ​ 4,574 ​ 3,642 ​ ​ 10,550 ​ ​ 7,407 General and administrative expenses ​ 4,757 ​ 3,255 ​ ​ 9,526 ​ ​ 7,128 Total stock-based compensation ​ $ 16,173 ​ $ 11,890 ​ $ 33,100 ​ $ 24,798

NET EARNINGS PER SHARE (Tables)

NET EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
NET EARNINGS PER SHARE
Schedule of basic and diluted net earnings per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ ​ June 30, June 30, ​ 2023 2022 2023 2022 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 45,549 ​ $ 4,422 ​ $ 53,487 ​ $ 24,633 Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 365,000,974 ​ ​ 345,522,076 ​ ​ 364,260,883 ​ ​ 345,831,177 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive impact of RSUs, ESPP and options to purchase common stock ​ ​ 21,928,779 ​ ​ 19,844,013 ​ ​ 27,584,186 ​ ​ 22,541,797 Dilutive impact of private Warrants ​ ​ 693,926 ​ ​ 647,607 ​ ​ 727,406 ​ ​ 674,653 Weighted average common shares – diluted ​ ​ 387,623,679 ​ ​ 366,013,696 ​ ​ 392,572,475 ​ ​ 369,047,627 Net income per share attributable to common stockholders — Basic earnings per share ​ $ 0.12 ​ $ 0.01 ​ $ 0.15 ​ $ 0.07 Diluted earnings per share ​ $ 0.12 ​ $ 0.01 ​ $ 0.14 ​ $ 0.07

SIGNIFICANT ACCOUNT POLICIES -

SIGNIFICANT ACCOUNT POLICIES - Investment in associated company (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2023	Jul. 31, 2019
Sharon Information Technology Shanghai and Shenzhen BaoLiJie, Ltc.
Assets acquired
Cash and cash equivalents	$ 6,957
Short-term restricted deposits	6,957
Prepaid assets	24
Tax receivable	59
Intangible assets	293
Total	14,290
Sharon Information Technology Shanghai and Shenzhen BaoLiJie, Ltc.
Consideration paid
Cash	7,961
Foreign exchange loss on payment	(100)
Investment in associated company	6,429
Total	$ 14,290
Peoples Republic of China ("PRC") [Member]
Asset Acquisition [Line Items]
Percentage of share in the Joint Venture		46%
Initial funds contributed for establishment of joint venture		$ 6,501

SIGNIFICANT ACCOUNT POLICIES _2

SIGNIFICANT ACCOUNT POLICIES - Cash flows related to investment in associated company (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2023
Net cash inflow related to acquisition
Net cash inflow		$ 5,953
Local partner
Net cash inflow related to acquisition
Cash and cash equivalents and restricted deposits acquired	$ 13,914
Cash paid	(7,961)
Net cash inflow	$ 5,953

CAPITAL ADVANCE ("CA") RECEIV_3

CAPITAL ADVANCE ("CA") RECEIVABLES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
CAPITAL ADVANCE ("CA") RECEIVABLE
CA receivable, gross, beginning balance	$ 42,466	$ 56,101
CA extended to customers	139,809	109,713
Change in revenue receivables	393	44
CA collected from customers	(134,925)	(122,034)
Charge-offs, net of recoveries	(2,958)	(1,349)
CA receivable, gross, ending balance	44,785	42,475
Allowance for CA losses	(4,565)	(3,873)	$ (5,311)
CA receivable, net, ending balance	$ 40,220	$ 38,602

CAPITAL ADVANCE ("CA") RECEIV_4

CAPITAL ADVANCE ("CA") RECEIVABLES - current and overdue amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 44,785	$ 42,466	$ 42,475	$ 56,101
Current
Financing Receivable, Past Due [Line Items]
Total	41,938	39,945
1-30 days overdue
Financing Receivable, Past Due [Line Items]
Total	1,635	986
30-60 overdue
Financing Receivable, Past Due [Line Items]
Total	437	380
60-90 overdue
Financing Receivable, Past Due [Line Items]
Total	381	104
Above 90 overdue
Financing Receivable, Past Due [Line Items]
Total	$ 394	$ 1,051

CAPITAL ADVANCE ("CA") RECEIV_5

CAPITAL ADVANCE ("CA") RECEIVABLES - Timing of expected collections (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 44,785	$ 42,466	$ 42,475	$ 56,101
Overdue
Financing Receivable, Past Due [Line Items]
Total	2,847	2,521
Due in less than 30 days
Financing Receivable, Past Due [Line Items]
Total	8,198	7,354
Due in 30-60 days
Financing Receivable, Past Due [Line Items]
Total	9,562	12,553
Due in 60-90 days
Financing Receivable, Past Due [Line Items]
Total	16,173	14,427
Due in more than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 8,005	$ 5,611

CAPITAL ADVANCE ("CA") RECEIV_6

CAPITAL ADVANCE ("CA") RECEIVABLES - Allowance for CA losses (ALCAL) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
ALCAL balance, beginning	$ 5,311	$ 2,426
Provision for ALCAL	2,472	1,293
Recoveries for ALCAL	(260)	(1,002)
CA receivables charged off	(2,958)	(1,349)
ALCAL balance, ending	$ 4,565	3,873
Adjustment for adoption of ASC 326
Financing Receivable, Allowance for Credit Loss [Roll Forward]
ALCAL balance, beginning		$ 2,505
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	1.59%
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	1.86%

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER CURRENT ASSETS
Prepaid expenses	$ 15,690	$ 12,155
Income receivable	7,520	11,162
Prepaid income taxes	11,849	7,671
Other	2,924	5,290
Total other current assets	$ 37,983	$ 36,278

PROPERTY, EQUIPMENT AND SOFTW_3

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 51,614		$ 51,614		$ 48,487
Accumulated depreciation	(38,015)		(38,015)		(34,095)
Property, equipment and software, net	13,599		13,599		14,392
Depreciation expense	1,864	$ 2,155	3,976	$ 4,071
Computers, software and peripheral equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	37,238		37,238		34,328
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	9,814		9,814		9,741
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 4,562		$ 4,562		$ 4,418

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 19,889
Ending balance	$ 19,889

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 109,937		$ 109,937		$ 89,560
Accumulated amortization	(52,018)		(52,018)		(44,116)
Intangible assets net	57,919		57,919		45,444
Amortization expense	4,045	$ 3,016	7,647	$ 5,555
Impairment of intangible assets	0	$ 0		$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Operating Expenses
Internal use software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	95,168		95,168		75,195
Accumulated amortization	(44,702)		(44,702)		(38,607)
Intangible assets net	50,466		50,466		36,588
Impairment of intangible assets			$ 32
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Operating Expenses
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets	14,769		$ 14,769		14,365
Accumulated amortization	(7,316)		(7,316)		(5,509)
Intangible assets net	$ 7,453		7,453		$ 8,856
Acquired intangibles
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 293
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Operating Expenses

INTANGIBLE ASSETS - Future inta

INTANGIBLE ASSETS - Future intangible asset (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets net	$ 57,919	$ 45,444
Capitalized internal use software not yet placed in service	26,626
Excluding capitalized internal use software
Finite-Lived Intangible Assets [Line Items]
2023 (Excluding the six months ended June 30, 2023)	7,700
2024	13,449
2025	8,972
2026	1,172
Intangible assets net	$ 31,293

OTHER PAYABLES (Details)

OTHER PAYABLES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER PAYABLES
Employee related compensation	$ 44,627	$ 64,464
Commissions payable	21,824	12,159
Accrued expenses	10,466	10,001
Lease liability	8,202	8,360
Income tax payable	10,977
Other	4,478	2,350
Total	$ 100,574	$ 97,334

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 08, 2022	Oct. 28, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding balance associated with related party			$ 100,574		$ 100,574		$ 97,334
Accrued expenses associated with related party			31,239		31,239		29,831
Receivables And Loan Security Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 100,000
Initial borrowing commitment		$ 25,000
Initial rate of value of underlying capital advance receivables outstanding		80%
Revolving maturity term		36 months
Additional payback period after revolving maturity date		42 months
Floating rate (in percent)		0.25%
Receivables And Loan Security Agreement | Related Party [Member]
Debt Instrument [Line Items]
Expenses included in transaction cost			436	$ 338	857	$ 658
Outstanding balance associated with related party			15,639		15,639		16,138
Accrued expenses associated with related party			$ 142		$ 142		$ 153
Receivables And Loan Security Agreement | Maximum
Debt Instrument [Line Items]
Basis spread on floating rate	10.50%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 25,000
Debt Instrument [Line Items]
Basis spread on floating rate		9%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 50,000
Debt Instrument [Line Items]
Basis spread on floating rate		7.75%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 75,000
Debt Instrument [Line Items]
Basis spread on floating rate		7.50%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 100,000
Debt Instrument [Line Items]
Basis spread on floating rate		7%

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER LONG-TERM LIABILITIES
Reserves for uncertain tax positions	$ 25,284	$ 21,048
Long-term lease liabilities	3,821	6,514
Severance pay liabilities	2,116	2,252
Other	18	17
Total other long-term liabilities	$ 31,239	$ 29,831

WARRANTS AND SHAREHOLDERS' EQ_3

WARRANTS AND SHAREHOLDERS' EQUITY - Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	May 07, 2023
Equity [Abstract]
Stock Repurchase Program, Authorized Amount		$ 80,000
Treasury Stock, Shares, Acquired	4,201,025
Treasury Stock, Common, Value	$ 19,725
Shares Acquired, Average Cost Per Share	$ 4.68
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 60,275

WARRANTS AND SHAREHOLDERS' EQ_4

WARRANTS AND SHAREHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2023 USD ($) $ / shares shares
WARRANTS.
Exercise price of warrants | $ / shares	$ 11.50
Warrants outstanding | shares	25,158,086
Warrants outstanding amount | $	$ 12,580

WARRANTS AND SHAREHOLDERS' EQ_5

WARRANTS AND SHAREHOLDERS' EQUITY - Changes in fair value of warrant liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
WARRANTS.
Fair value at beginning of period			$ 25,914	$ 59,877
Change in fair value of Warrants	$ (13,586)	$ (12,831)	(13,334)	(44,027)
Fair value at end of period	$ 12,580	$ 15,850	$ 12,580	$ 15,850

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - CNBV and Bank of Mexico $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Maximum amount of exposure	$ 2,250
Deposit insurance provided by IPAB	$ 140

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 151,441	$ 144,697	$ 293,397	$ 280,796
Revenue from other sources	55,293	3,493	105,351	4,352
Total revenues	206,734	148,190	398,748	285,148
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	141,231	135,063	273,123	261,006
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 10,210	$ 9,634	$ 20,274	$ 19,790

REVENUE - Primary Geographical

REVENUE - Primary Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 206,734	$ 148,190	$ 398,748	$ 285,148
Greater China
Disaggregation of Revenue [Line Items]
Total revenues	71,227	46,785	135,187	89,826
Europe
Disaggregation of Revenue [Line Items]
Total revenues	41,699	31,035	80,320	59,495
North America
Disaggregation of Revenue [Line Items]
Total revenues	26,041	20,518	51,577	40,795
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	27,385	20,168	52,766	39,187
South Asia, Middle East and North Africa
Disaggregation of Revenue [Line Items]
Total revenues	21,711	16,851	41,656	32,263
Latin America
Disaggregation of Revenue [Line Items]
Total revenues	18,671	12,833	37,242	23,582
United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 24,995	$ 18,528	$ 49,571	$ 38,310

TRANSACTION COSTS (Details)

TRANSACTION COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
TRANSACTION COSTS.
Bank and processor fees	$ 21,739	$ 20,889	$ 41,858	$ 40,804
Network fees	3,730	3,518	7,997	6,934
Chargebacks and operational losses	693	781	1,750	1,282
Card costs	404	441	872	872
Capital advance costs, net of recoveries	1,857	164	2,969	1,106
Other	74	419	132	789
Total transaction costs	$ 28,497	$ 26,212	$ 55,578	$ 51,787

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock options	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Options to purchase shares of common stock activity
Outstanding at beginning of period	34,923,788
Exercised	(4,503,919)
Forfeited	(462,149)
Outstanding at end of period	29,957,720
Exercisable at end of period	26,775,173
Weighted average exercise price | $ / shares	$ 2.12

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Restricted stock units
RSUs Units
Outstanding at beginning of period		25,853,581
Granted		14,986,204
Vested		(4,809,569)
Forfeited		(1,315,860)
Withhold to cover shares repurchased	(351,960)	(351,960)
Outstanding at end of period	34,362,396	34,362,396
Withhold to cover shares repurchased, value	$ 1,504	$ 1,504
Restricted stock units | Share-Based Payment Arrangement, Tranche One [Member]
RSUs Units
Granted		14,086,204
Restricted stock units subject to continued service conditions and market conditions
RSUs Units
Granted		900,000

STOCK BASED COMPENSATION - Empl

STOCK BASED COMPENSATION - Employee Stock Purchase Plan (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP expense recognized	$ 860,471	$ 1,901,735
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares were reserved for future issuance | shares	5,591,191	5,591,191
Fair value attributable to ESPP	$ 1,688,215	$ 1,688,215

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 16,173	$ 11,890	$ 33,100	$ 24,798
Capitalized amount in compensation costs	878	271	1,740	488
Other operating expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,243	2,606	6,042	5,663
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,599	2,387	6,982	4,600
Sales and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,574	3,642	10,550	7,407
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,757	$ 3,255	$ 9,526	$ 7,128

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective income tax rate	22%	12%
U.S. federal statutory rate	21%
Release of valuation allowance	$ 10,553

NET EARNINGS PER SHARE (Details

NET EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 45,549	$ 4,422	$ 53,487	$ 24,633
Denominator:
Weighted average common shares outstanding - Basic	365,000,974	345,522,076	364,260,883	345,831,177
Dilutive impact of RSUs, ESPP and options to purchase common stock	21,928,779	19,844,013	27,584,186	22,541,797
Dilutive impact of warrants	693,926	647,607	727,406	674,653
Weighted average common shares outstanding - Diluted	387,623,679	366,013,696	392,572,475	369,047,627
Net income per share attributable to common stockholders - Basic earnings per share	$ 0.12	$ 0.01	$ 0.15	$ 0.07
Diluted earnings per share	$ 0.12	$ 0.01	$ 0.14	$ 0.07

NET EARNINGS PER SHARE - Anti-D

NET EARNINGS PER SHARE - Anti-Dilutive effect (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	726,620		726,620
RSUs with market conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	1,500,000		1,500,000
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	25,158,125	25,158,125	25,158,125
Earn-Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	30,000,000	30,000,000	30,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ in Millions	Aug. 07, 2023	Aug. 02, 2023	Jul. 10, 2023
Subsequent Event [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent			9%
Restructuring and Related Cost, Incurred Cost			$ 5
Spott Incredibles Technologies Ltd.
Subsequent Event [Line Items]
Total consideration for certain assets and Intellectual Property		$ 3.6
Contingent future payments for purchase of certain assets and Intellectual Property		$ 0.4
Licenseholder | Payoneer Guangzhou | Purchase Of Licenseholder
Subsequent Event [Line Items]
Amount placed in escrow	$ 4
Maximum | Licenseholder | Payoneer Guangzhou | Purchase Of Licenseholder
Subsequent Event [Line Items]
Maximum term to place funds in escrow after signing agreement	10 days

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 45,549	$ 4,422	$ 53,487	$ 24,633

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plans ​ ​ ​ Action Date Rule 10b5-1* Non-Rule 10b5-1** Number of Shares to be Sold Expiration Avi Zeevi, Director Adoption May 12, 2023 X ​ 300,000 February 28, 2024 Scott Galit, Director Adoption May 12, 2023 X ​ (1) March 10, 2024 Bea Ordonez, Chief Financial Officer Adoption June 13, 2023 X ​ 167,000 December 15, 2024 Tsafi Goldman, Chief Legal & Regulatory Officer Adoption June 15, 2023 X ​ (2) February 29, 2024 ________________________________________ *Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) **Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (1) Under this trading arrangement, common stock will be sold in amounts which represent the net amount of shares remaining following a withholding of shares to cover tax obligations upon the vesting of restricted stock units on various dates throughout the plan. The number of net shares to be sold to accomplish this purpose cannot be reliably determined at this time, as it will depend upon the share price on the vest date. (2) Under this trading arrangement, 62,500 shares of common stock will be sold. In addition, common stock will be sold in amounts which represent varying rates of the net amount of shares remaining following a withholding of shares to cover tax obligations upon the vesting of restricted stock units on various dates throughout the plan. The number of net shares to be sold to accomplish this purpose cannot be reliably determined at this time, as it will depend upon the share price on the vest date.
Avi Zeevi
Trading Arrangements, by Individual
Name	Avi Zeevi
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	May 12, 2023
Aggregate Available	300,000
Expiration Date	February 28, 2024
Scott Galit
Trading Arrangements, by Individual
Name	Scott Galit
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	May 12, 2023
Expiration Date	March 10, 2024
Bea Ordonez
Trading Arrangements, by Individual
Name	Bea Ordonez
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	June 13, 2023
Aggregate Available	167,000
Expiration Date	December 15, 2024
Tsafi Goldman
Trading Arrangements, by Individual
Name	Tsafi Goldman
Title	Chief Legal & Regulatory Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	June 15, 2023
Aggregate Available	62,500
Expiration Date	February 29, 2024