for the and strong EBITDA adjusted delivered record Thank profitability joining expanded you and to a you, We line revenue. XX% delivered quarter, everyone and growth In top significantly second John, Payoneer us. thank margin. quarterly
going in to strategy deliver and our ability forward. confident We are executing on our are
key regions. XX% We higher increased certain million. customer QX $XXX delivered to growth adoption BXB of improved increased revenue monetization year-over-year impressive and of drove margin in products, segments,
continue also customer earned and income to us. We from entrusted funds ICPs interest acquire with
volume and strong into Revenue XXXX. growth growth our payments Russia e-commerce end ICP QX closure trends improving continue of largest the spend growth to impacted and X% to marketplaces. by at by Volume $XX.X of be in billion. year-over-year travel with increased our continued led was
checkout higher XXX Our quarter increasing earning QX We in expansion up points take the QX. take to basis year rate was by last compared XXX second Payoneer points interest drove rate commercial expectations. funds and balances points broadly products, and in basis XXX XX adoption of billion. year-over-year with seasonal card increased Sequentially, of held basis points improving line customer increased growing customer to in X% volume funds, in are customer and and on monetization certain X%. Customer of and with segments. income other $X.X by our line Customer funds basis
pay the interest one third earned continue three they and keep our bearing income of noted, million months account. second of with usage, customers a hold of of have hold average customer quarter. value customer on the and local from worth needs, balances customers average currency XX% foreign because be than of usage. than USD vendors hold accounts over balances worth and we we and a to fund in interest ability our funds in us, Over more month’s our $XX from customers overseas network of their manage their As XX% more to our single balances in
of portfolio different the to manage to in ways income risk evaluate interest rate of consistency a to through continue greater manner appropriate duration We interest cycles. ensure our
customer portion new end maturity, of program and our XXXX. this anticipate exploring the by funds to place investing having with in a treasuries currently U.S. three-year a up in We’re of
outlook balances are Our our interest anticipates will held of that rates U.S. where relatively in XX% than more remain elevated. the
that Our interest to expectation in to income consensus to views medium anticipate will continue long-term of that our with years. range rates interest consistent revenue is to will the be meaningful that next we core the context, several In contributor a be X%. normalized X% in
investors repurchase also via make interest are investments to plan. drive revenues capital from We future returning to stock our to utilizing growth, while income
income interest in of XXXX, platform fund are our anticipating be infrastructure. and XX% approximately that used For will to investments we earned
will deliver to greater efficiency features Our us longer investments our term more scale. while we investments additional unlock quickly, position and expect
We continue years. stream are in well make in to positioned utilize this future to additional to platform our investments revenue
return For from from via XXXX, our stock-based offset of to substantially utilize our to will expect we capital This XX% program. income repurchase to equity revenues interest shareholders approximately stock generated plan. compensation dilution
meaningful and to our will view, have adjusted we noted, in uplift enduring income and in drive beyond. As interest earned EBITDA a XXXX
income, are cost represented were of from as as well million a to on as the prior our and XX.X% focus costs increased higher significant revenue, transaction $XX in due of lower efficiencies. percentage improvement driving interest Transaction This period. QX revenue year-over-year. X% XX.X% ongoing year operational a
with million leveraging We year-to-date by providers. in and new scale over providers existing have our onboarding recognized savings $X bank
$XXX XX% million. QX revenue increased to less transaction year-over-year costs
were Our higher due total million marketing $XX up million sales operating and of or expenses, primarily costs. transaction $XXX XX% costs including year-over-year, to
year-over-year the over marketing total to higher go-to-market invest and past representing in labor We months. efforts. costs Higher $XX increasing our and continue commissions in and expenses sales related half expenses. marketing hiring basis, partner sales costs increased million, XX reflected of nearly a operating On increase the to
spend included growth in penetration also card to our marketing direct offering. of increased driving related It
we efficiency, quarter, operating last announced business to disciplined our while greater a drive long-term continue sustainable growth. to to are invest order we we revenue As ensuring approach in and drive taking to
down Operating expenses, excluding related and while organization headcount the X% us increase lower decision from making the recent continue areas. primarily to expense invest enable sequentially, allocate strategic speed to transaction we reduction. costs growth resources Streamlining in will and to were execution of
income of the ago. to last diluted QX XX% net million and a year the year. margin QX of adjusted the quarter last net year, quarter year. and in $XX million $XX second compared in in $XX per basic $X.XX. was earnings XX% up income share EB first was to of adjusted $XX a This compared of represents million this $X QX million from EBITDA quarter was second million roughly
is our to $XX change quarter benefit a that In for balance XX% public of our quarter as $XX and valuation cash tax concluded provision Net recognize of deferred income included gain We those taxes. million the for no on in $XXX of and on ended $XX cash or in equivalents and we the the value our up million an assets U.S. tax sheet result, the longer our from a assets income the tax QX, benefit our fair in allowance provision. warrants and million, necessary, with million year-over-year. deferred
our Our and year-to-date. cash flows business continues above to XXX% well conversion generate flow is positive cash free free
China-based China-based close strategy As the we and our local and locally via subject with to acquire licensed to product platform. our roadmap announced M&A. aligned the customers XXXX an John Both receipt approvals. payment will accelerate data are serve Israeli-based company discussed real-time regulatory agreements service earlier, to in provider of We recently anticipate acquisition to a
China-based We expect with be will on company cash that the funded transaction hand.
the with of the forma on acquisitions data funded was announcement material completed pro acquisition We to week at last ongoing that The hand. anticipate financial will results. impact be not cash and was platform our
$XX We shareholders approximately capital inception have per weighted in average at cost have of the buyback been a our we Payoneer since share million share. $X.XX shares May, program returning of actively to of repurchased
our to Turning outlook.
again once our guidance and revenue XXXX. We are for raising adjusted EBITDA
throughout initiatives largest saw e-commerce marketplaces stronger adjusted expect and between second $XXX expect year. percentage trends $XXX various the and income the and million. to million. costs with to $XXX approximately improved $XXX revenue monetization be quarter, exit revenues expect between the rate million year, full to a we of as further million Revenue For dynamics we ramp underway our a EBITDA be Transaction $XXX of of for million interest and be XX.X% full up
In in we to expect second XXXX. BXB, re-accelerate the growth of half
and In make acquisition total half sustained markets. growth. product customer has market excited number three BXB solid size seeing year-over-year are strong volume, a BXB average compelling and we increase share capture earlier, mentioned John key of business are year-over-year As the revenues. about while customer over to over invoice remained transactions and have of growth market of fit and stable and In growth SAMEA Latin basis. in high service trends and acquisition customer revenue regions, APAC, on critical digits our up America, continuing oriented single per high These the regions these XX% BXB mid volume
continue our our on operating business order to available We of competitive for mode. maximize efficiency areas to opportunities to growth deepen high focus in and for resources
of costs We cash expect to than to guidance, impact $XX of degree headcount revenue operating discipline. Cash prior lower is for OpEx $XXX reductions less our OpEx and our This recent the less guidance $XXX XXXX. million transaction be represents million million greater adjusted EBITDA. for a reflecting
marketing and operating expect of We to line this recognized be and benefit sales items. other expense our most in
of costs customer beginning incur who meet not our customers profile. the we to do at the and we As relating onboarding year, ideal support significant ultimately mentioned
work and the these profile and seeing these continue roll out of drive encouraging costs improve to are non-ICPs to and to initiatives on We results. economic down
out machine otherwise seen We we back and these expect strategies have are approximately experimenting launched a better the of year. the applicants initial an will initiatives quarter, through of with to processed. out already learning the that half non-ICPs. quarter, for we would XX% reject Based rolling filter applications began Last to on the model never population, our fees second test increase to likely we become we have In ICPs. monetization continue model pricing who
rollout ahead. months expand in We the to and refine will continue
XXXX. guidance latest a adjusted XX% in adjusted and and EBITDA for EBITDA reflects This XXXX is $XXX between guidance more adjusted XXXX than $XXX million threefold for Our increase million. versus EBITDA a margin
paying our second our In EBITDA see demonstrate execution strategic is quarter steady adjusted higher that margins. off operating and against efficiency on to with conclusion, focus Payoneer our we’re priorities results pleased
business York first to to in community. Payoneer into you Investor dive investment the We’re welcome excited and Day will on deeper to XX, our our we September New City where reintroduce
line. now are the questions might We open happy have. answer to you any Operator, please