Payoneer Global Inc.

Good day, everyone, and thank you for standing by. My name is RG, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pioneer First Quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, Press star 1 again. Thank you. I would now like to turn the call over to Michelle Wong, VP of Investor Relations. Please go ahead.

Thank you, Operator. With me on today's call are Payoneer's Chief Executive Officer, John Kaplan, and Payoneer's Chief Financial Officer, Bea Ordonez. Before we begin, I'd like to remind you that today's call may contain forward-looking statements, which are subject to risks and uncertainties. For more information, please refer to our filings with the SEC, which are available in the Investor Relations section of Payoneer.com. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or 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 gap measure and definitions can be found in today's earnings materials, which are available on our website. Additionally, please note we have posted an earnings presentation supplements alongside our earnings press release on investors.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. In Q1, We delivered strong, accelerating results across our major KPIs. Revenue X interest accelerated and B2B volume growth more than doubled sequentially. We delivered another quarter of substantial core profitability expansion. Our results prove our team's dedication to our customers, our shareholders, and our strategic transformation. I will walk you through what we're delivering and why we're confident our momentum will continue. B will then go through our financial results and our 2026 guidance. First, our powerful results to start 2026. Revenue X interest accelerated with 11% growth year over year. We are confident in our ability to exit 2026 at a mid-teens growth rate. Total volume grew 16%, exceeding $22 billion. B2B volume was up 44%. Growth significantly accelerated, more than doubling from 21% in Q4 and ahead of our expectation. We drove our S&B take rate to 120 basis points as we capture more complex B2B flows. ARPU growth accelerated and X interest, we delivered our seventh consecutive quarter of 20% plus growth. Our upmarket strategy is gaining traction, and our customer portfolio is becoming more and more valuable. We hold $7.6 billion of customer funds on our platform, up 15%, or over $1 billion year over year. We delivered adjusted EBITDA of $69 million, representing a 27% margin. As a result of our disciplined execution, adjusted EBITDA X interest grew over 140%, to 18 million, our highest result as a public company and demonstrating substantial operating leverage. We are on track to more than double core adjusted EBITDA to $90 million at the midpoint of our 2026 guidance. This isn't one metric moving in the right direction. It's broad-based and well-executed acceleration across our business. Global B2B payments is a multi-trillion dollar opportunity. Payoneer's core strengths uniquely position us to capture meaningful share in this massive market. We've built powerful infrastructure based on years of investment and innovation. We hold licenses in key jurisdictions, including the US, EU, UK, China, Hong Kong, Australia, Japan, and Singapore, with three more in progress in India, Israel, and Canada. We maintain nearly 100 direct banking and payment relationships around the world. Our payment network spans 7,000 trade corridors. This didn't happen overnight. It took us more than a decade and significant investment to build. For context, getting a single payment services license in many major markets can take 18 to 24 months. Second, We now have the scale that creates real network effects. We processed over $22 billion in GMV in Q1 and over $90 billion over the last 12 months. That volume creates liquidity and currency corridors and lets us offer better pricing to customers while maintaining healthy unit economics. And as our volumes grow, particularly those in B2B, these efficiencies compound. Third, We're essential operating infrastructure for our customers' growth. Our customers use us as a multi-currency wallet for treasury management, accounts receivable management, working capital, accounts payable, and workforce management. The majority of our usage now comes from customers using us for three or more products, and that number keeps growing. As we move upmarket and deepen our ability to serve our customers' needs, we see revenue per customer, multi-product adoption, customer loyalty, and funds on platform increase. This is what makes our business so powerful, a global financial operating account that is essential to the daily needs of our customers. The more they use, the more embedded in their business we become. Now I'd like to share what's driving our B2B growth, because this is the engine for the next phase of our business. We drove 44% volume growth in our B2B business in Q1, more than doubling from 21% in Q4, and ahead of our ambitious expectations. Growth accelerated in every region, driven by strong acquisition and onboarding of high-quality, upmarket SMB and SME customers over the past year. We also drove strong growth from customers choosing to load funds from their bank accounts onto Payoneer so they can use our AP capabilities. In particular, we delivered very strong growth in our China B2B business. China's SME B2B export sector represents a multi-trillion dollar opportunity and is a key strategic pillar of China's economy. We are intently focused on building a scaled, compliant platform to serve these customers and capture this opportunity. we have real momentum. Beyond B2B, we are also driving momentum across regions and use cases. Our revenue from SMB selling on marketplaces continues to grow, driven by accelerating double-digit growth in APEC and EMEA. We have put in place initiatives to accelerate this growth. In Q1, our new marketplace volume acquired in China doubled year over year. and we are winning wallet share through product bundling and packages. We expect our initiative to provide a strong foundation for us and support our mid-teens exit growth rate. We're taking a disciplined, use-case-driven approach to implementing agentic AI. I'm encouraged by the initial data and innovation we're seeing. For example, we're piloting agents in customer support, to reduce the overall volume of tickets and accelerate customer resolution time. We are leveraging AI-driven insights and lead generation to drive customer growth and driving widespread adoption of AI tools in our platform organization to accelerate product velocity. These programs are gaining speed and impact. We are also investing in stablecoin capabilities. These capabilities, we believe, will be important for the future of commerce and money movement for three to five years from now, not just for next quarter. We launched stablecoin wallet capabilities via bridge and are live in the market with our initial cohort of customers, understanding demand, and we intend to scale up quickly. Payoneer has the regulatory maturity that many stablecoin native firms don't, which positions us well as the preferred partner for real-world adoption. particularly by larger businesses and leading global marketplaces. We believe our application to establish an uninsured National Trust Bank in the United States, announced this February, will further strengthen our position. Thousands of businesses have signed up for our wait list since launch. Eighty percent of them are net new customers to Payoneer, highlighting the TAM expansion potential of this new product. Additionally, a meaningful portion of our business is doing $600,000 or more in annualized commercial stablecoin activity, signaling significant workflows and real-world use cases. We serve businesses, and we will make it easier for them to do business in whatever currency or payment method that's appropriate for them. For example, an IT services customer in Europe that uses our platform to receive six figures of monthly volume is an early adopter of our Stablecoin wallet. Their contractors are requesting payment in Stablecoin, and this customer wanted to simplify fragmented operations with one trusted partner. Payoneer is doing just that for them. We had a strong Q1 and a strong start to 2026. Payoneer is profitable, scaled, We have broad-based momentum in a massive market. We have real, defensible strategic assets, regulatory and payments infrastructure, scale, brand, and distribution that are based on years of innovation and development and that compound over time. Our Q1 results demonstrate that our strategy is working. We're executing with focus and discipline as we continue to drive durable, profitable growth. With that, I'll turn it over to Bea to take you through the numbers and our outlook for the year.