Payoneer Global Inc.

Good morning. Thank you for standing by. Welcome to Payoneer's fourth quarter 2024 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. I would now like to turn the call over to Kaya Slater, Payoneer's Director of Investor Relations.

Thank you, operator. With me on today's call are Payoneer's Chief Executive Officer, John Kaplan, and Payoneer's Chief Financial Officer, Bill Douniez. Before we begin, I'd like to remind you that today's call may contain forward-looking statements, which are subject to risks and uncertainties. For more information, please refer to our filings with the SEC, which are available in the investor relations section of Payoneer.com. Actual results may differ materially from any forward-looking statements we made 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 in addition to and not instead of GAAP financial measures. Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on our website. Additionally, please note we have posted an earnings presentation supplement alongside our earnings press release on investor.payoneer.com. All comparisons made on today's call are on a year-over-year basis unless otherwise noted. With that, I'd like to turn the call over to John to begin.

Good morning, everyone, and thank you for joining us today. Payoneer had a standout Q4 and a record-breaking 2024. We hit new highs in volume, revenue, and profitability because we are executing with focus and precision. Our strategy to build a global financial stack for SMBs is working. Our mission is clear, to connect the world's underserved businesses to a rising global economy while delivering sustainable, profitable growth and shareholder value. At our Investor Day in September 2023, We laid out a simple plan, become the leading payments and financial services provider to cross-border SMBs. We're doing exactly that, leveraging Payoneer's key strengths, our strong team, broad ecosystem, regulatory infrastructure, trusted brand, and a diverse global customer base. Traditional banks underserve SMBs operating across borders, and we don't. 2024 was a breakthrough year for Payoneer. We sharpened our ICP strategy, prioritized our largest customers and AP products, and accelerated both growth and profitability. The results, they speak for themselves. Revenue growth excluding interest income accelerated from 5% in 2023 to 20% in 2024. B2B volume grew 42% year over year. far ahead of our initial target of 25% and significantly outpacing our 2023 performance. ARPU excluding interest income grew 21% year over year, marking six consecutive quarters of acceleration. Customer adoption of three or more AP products reached 53% of our total usage in Q4 of 2024, a 30% increase over Q1 of 2022. Card usage grew 36% year-over-year, with broad-based growth across all regions. 10K-plus ICPs grew volumes 21% year-over-year. Key product launches included the Lite account, ERP integrations, and the Green Channel portal in China, helping our customers there increase their access to global demand. We expanded our financial stack with the acquisition of SQuAD, positioning us to capture share in global workforce management. We were disciplined about our costs. For example, Payoneer headcount has been largely flat for two years. We delivered three consecutive quarters of positive adjusted EBITDA, excluding interest income. We're scaling efficiently and profitably. Our execution is strong, and we've exceeded our September 2023 Investor Day targets. These results demonstrate our scalable, increasingly profitable model and the strength of our execution. We are in the early stages of a multi-year value creation journey. The trade technology and financial landscape is shifting, and we are in the prime position to capitalize on it. Here's where we're focused. We intend to deliver sustained growth and profitability. further refining our ICP strategy, enhancing acquisition efficiency, increasing cross-sell, improving retention, and optimizing pricing. We will continue to implement our platform modernization and expansion. We will build, buy, and partner with an ecosystem of products, simplifying our UX and advancing our regulatory infrastructure. all to provide the financial stack our customers need. We plan to close our acquisition in China. We shared a few weeks ago that we have secured the regulatory approvals required to proceed with our acquisition of a licensed payment service provider and are working towards closing in the first half of this year. We will continue to review and optimize capital allocation. We are balancing growth investments with returns to shareholders to drive long-term value. As we look ahead to our 20th anniversary this April, we are committed to unlocking the multi-trillion dollar cross-border S&B payments opportunity. The Payoneer brand is strong, recognized, and trusted. With our strong team, clear strategy, consistent results, and improving profitability, we are taking share in cross-border B2B payments, and creating value for our shareholders. With that, I'll turn it over to Bea to walk you through the financial details and our 2025 guidance.