Payoneer Global Inc. (NASDAQ:PAYO) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET
Company Participants
Scott Galit – Chief Executive Officer
Michael Levine – Chief Financial Officer
Conference Call Participants
Robert Napoli – William Blair & Company
Ashwin Shirvaikar – Citi
Sanjay Sakhrani – Keefe, Bruyette & Woods, Inc.
Josh Siegler – Cantor Fitzgerald
Kyle Peterson – Needham & Company
Andrew Hummel – WestPark Capital, Inc.
Operator
Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to Payoneer's First Quarter 2022 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. Following the speaker’s remarks, we will open the lines for your questions. As a reminder, this conference call is being recorded. Before we begin, I'd like to remind you that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with SEC and available in the Investor Relations section of our website. Actual results may differ materially from any forward-looking statements we make today.
These forward-looking statements speak only as of today and the company does not assume any obligation or intent to update them, except as required by law. In addition, today's call may include non-GAAP measures. These measures should be considered as a supplement to and not as a substitute for GAAP financial measures. Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on the Company's website. Hosting today's call are Scott Galit, Payoneer's Chief Executive Officer, and Michael Levine, Payoneer's Chief Financial Officer. With that, I'd like to turn the call over to Scott to begin.
Scott Galit
Good afternoon. And thank you all for joining us today to discuss our first quarter 2022 results. Payoneer had a very strong first quarter. We delivered revenues and adjusted EBITDA well ahead of our expectations as we continued to drive strong new customer acquisition and increasing adoption of higher value services, especially in faster growing markets around the world. The Payoneer brand continues to be an important and growing asset as we see increasing demand among small businesses, marketplaces, and partners around the world eager to participate in the digital economy across a diverse range of vertical markets, including e-commerce, freelancing, content creators, social platforms, digital marketing, remote work, travel, and distance learning.
Payoneer has emerged as a leading on-ramp to the global digital economy for small businesses worldwide, reinforcing our growing role as the world's go-to partner for digital commerce everywhere. And our growth is truly global and increasingly diversified. We had year-over-year revenue growth of over 50% for our fastest growing markets, which include regions like Latin America, Southeast Asia, and South Asia, the Middle East and North Africa and excludes the developed markets of North America, Europe and Greater China market investments are delivering strong results as we continue to have a new customer payback period globally of less than 12 months.