|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
7389
(Primary Standard Industrial
Classification Code Number) |
| |
86-1778671
(I.R.S. Employer
Identification Number) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☐
|
|
| | | |
Emerging growth company
☒
|
|
| | |||||||||||||||||||||||||
Title Of Each Class
Of Securities To Be Registered |
| | |
Amount
To Be Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share(2) |
| | |
Proposed Maximum
Aggregate Offering Price(2) |
| | |
Amount Of
Registration Fee(3) |
| |||||||||
Common Stock, par value $0.01 per share
|
| | |
234,252,145 shares
|
| | | | $ | 9.38 | | | | | | $ | 2,197,285,120.10 | | | | | | $ | 239,723.81 | | |
| | |
Page
|
| |||
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| | | | 43 | | | |
| | | | 55 | | | |
| | | | 78 | | | |
| | | | 81 | | | |
| | | | 95 | | | |
| | | | 101 | | | |
| | | | 107 | | | |
| | | | 109 | | | |
| | | | 117 | | | |
| | | | 124 | | | |
| | | | 127 | | | |
| | | | 129 | | | |
| | | | 129 | | | |
| | | | 129 | | | |
| | | | F-1 | | |
In thousands $, except for share data
|
| |
as of
March 31, 2021 |
| |
as of
December 31, 2020 |
| |
as of
December 31, 2019 |
| |
as of
December 31, 2018 |
| ||||||||||||
Cash and cash equivalents
|
| | | | 104,676 | | | | | | 102,988 | | | | | | 114,896 | | | | | | 104,011 | | |
Customer funds
|
| | | | 3,324,684 | | | | | | 3,346,722 | | | | | | 1,686,778 | | | | | | 1,394,079 | | |
Total assets
|
| | | | 3,671,932 | | | | | | 3,669,684 | | | | | | 1,960,710 | | | | | | 1,577,487 | | |
Outstanding operating balances
|
| | | | 3,324,684 | | | | | | 3,346,722 | | | | | | 1,686,778 | | | | | | 1,394,079 | | |
Current portion of long-term debt
|
| | | | 15,000 | | | | | | 13,500 | | | | | | — | | | | | | — | | |
Long-term debt
|
| | | | 49,026 | | | | | | 26,525 | | | | | | 60,000 | | | | | | — | | |
Total liabilities
|
| | | | 3,481,958 | | | | | | 3,479,850 | | | | | | 1,811,273 | | | | | | 1,439,151 | | |
Redeemable Convertible preferred stock, $0.01 par value, 111,452,020 shares authorized; 111,452,020 shares issued and outstanding; aggregate liquidation preference of $216,574, $213,484, and $201,368 and $189,971 at March 31, 2021, December 31, 2020, and December 31, 2019 respectively.
|
| | |
|
154,800
|
| | | |
|
154,800
|
| | | |
|
154,800
|
| | | |
|
154,800
|
| |
Redeemable preferred stock, $0.01 par value, 3,500 shares authorized; 3,500 shares issued and outstanding; aggregate liquidation preference of $37,451 and $36,520 at March 31, 2021 and December 31, 2020, respectively.
|
| | |
|
10,735
|
| | | |
|
10,735
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total shareholders’ equity (deficit)
|
| | | | 24,439 | | | | | | 24,299 | | | | | | (5,363) | | | | | | (16,464) | | |
In thousands $, except for share data
|
| |
Three Months
Ended March 31, 2021 |
| |
Three Months
Ended March 31, 2020 |
| |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2019 |
| |
Year Ended
December 31, 2018 |
| |||||||||||||||
Revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | | | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 260,135 | | |
Transaction costs
|
| | | | 20,155 | | | | | | 24,793 | | | | | | 97,040 | | | | | | 94,665 | | | | | | 81,368 | | |
Other operating expenses
|
| | | | 26,614 | | | | | | 19,852 | | | | | | 81,976 | | | | | | 82,295 | | | | | | 68,883 | | |
Research and development expenses
|
| | | | 16,653 | | | | | | 10,574 | | | | | | 52,301 | | | | | | 34,772 | | | | | | 29,383 | | |
Sales and marketing expenses
|
| | | | 23,139 | | | | | | 17,829 | | | | | | 76,846 | | | | | | 61,020 | | | | | | 50,165 | | |
General and administrative expenses
|
| | | | 10,517 | | | | | | 7,826 | | | | | | 37,629 | | | | | | 31,016 | | | | | | 24,389 | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | 4,166 | | | | | | 17,095 | | | | | | 10,341 | | | | | | 7,874 | | |
Total Operating Expenses
|
| | | | 101,755 | | | | | | 85,040 | | | | | | 362,887 | | | | | | 314,109 | | | | | | 262,062 | | |
Operating income (loss)
|
| | | | (1,149) | | | | | | (3,081) | | | | | | (17,295) | | | | | | 3,641 | | | | | | (1,927) | | |
Financial income (expenses), net
|
| | | | (622) | | | | | | (1,803) | | | | | | 2,012 | | | | | | 524 | | | | | | (2,173) | | |
Income (loss) before taxes on income
|
| | | | (1,771) | | | | | | (4,884) | | | | | | (15,283) | | | | | | 4,165 | | | | | | (4,100) | | |
Income tax
|
| | | | 1,731 | | | | | | 2,573 | | | | | | 8,320 | | | | | | 4,709 | | | | | | 3,089 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | | | | | 143 | | | | | | 81 | | | | | | — | | |
Net loss
|
| | | $ | (3,508) | | | | | $ | (7,479) | | | | | $ | (23,746) | | | | | $ | (625) | | | | |
$
|
(7,189)
|
| |
Per Share Data
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share attributable to
common stockholders – basic and diluted |
| | |
$
|
(0.31)
|
| | | |
$
|
(0.47)
|
| | | |
$
|
(1.50)
|
| | | |
$
|
(0.63)
|
| | | | | (1.05) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 29,185,545 | | | | | | 22,045,779 | | | | | | 25,004,093 | | | | | | 19,210,017 | | | | | | 17,046,120 | | |
In thousands $, except for share data
|
| |
as of
31 March, 2021 |
| |
as of
31 December, 2020 |
| |
as of
31 December, 2019 |
| |
as of
31 December, 2018 |
| ||||||||||||
Cash and cash Equivalents
|
| | | | 104,676 | | | | | | 102,988 | | | | | | 114,896 | | | | | | 104,011 | | |
Customer funds
|
| | | | 3,324,684 | | | | | | 3,346,722 | | | | | | 1,686,778 | | | | | | 1,394,079 | | |
Total assets
|
| | | | 3,671,932 | | | | | | 3,669,684 | | | | | | 1,960,710 | | | | | | 1,577,487 | | |
Outstanding operating balances
|
| | | | 3,324,684 | | | | | | 3,346,722 | | | | | | 1,686,778 | | | | | | 1,394,079 | | |
Current portion of long-term debt
|
| | | | 15,000 | | | | | | 13,500 | | | | | | — | | | | | | — | | |
Long-term debt
|
| | | | 49,026 | | | | | | 26,525 | | | | | | 60,000 | | | | | | — | | |
Total liabilities
|
| | | | 3,481,958 | | | | | | 3,479,850 | | | | | | 1,811,273 | | | | | | 1,439,151 | | |
Redeemable Convertible preferred stock, $0.01 par
value, 111,452,020 shares authorized; 111,452,020 shares issued and outstanding; aggregate liquidation preference of $216,574, $213,484, and $201,368 and $189,971 at March 31, 2021, December 31, 2020, and December 31, 2019 respectively. |
| | |
|
154,800
|
| | | |
|
154,800
|
| | | |
|
154,800
|
| | | |
|
154,800
|
| |
Redeemable preferred stock, $0.01 par value, 3,500 shares authorized; 3,500 shares issued and outstanding; aggregate liquidation preference of $37,451 and $36,520 at March 31, 2021 and December 31, 2020, respectively.
|
| | |
|
10,735
|
| | | |
|
10,735
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total shareholders’ equity (deficit)
|
| | | | 24,439 | | | | | | 24,299 | | | | | | (5,363) | | | | | | (16,464) | | |
In thousands $, except for share data
|
| |
Three Months
Ended March 31, 2021 |
| |
Three Months
Ended March 31, 2020 |
| |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2019 |
| |
Year Ended
December 31, 2018 |
| |||||||||||||||
Revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | | | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 260,135 | | |
Transaction costs
|
| | | | 20,155 | | | | | | 24,793 | | | | | | 97,040 | | | | | | 94,665 | | | | | | 81,368 | | |
Other operating expenses
|
| | | | 26,614 | | | | | | 19,852 | | | | | | 81,976 | | | | | | 82,295 | | | | | | 68,883 | | |
Research and development expenses
|
| | | | 16,653 | | | | | | 10,574 | | | | | | 52,301 | | | | | | 34,772 | | | | | | 29,383 | | |
Sales and marketing expenses
|
| | | | 23,139 | | | | | | 17,829 | | | | | | 76,846 | | | | | | 61,020 | | | | | | 50,165 | | |
General and administrative expenses
|
| | | | 10,517 | | | | | | 7,826 | | | | | | 37,629 | | | | | | 31,016 | | | | | | 24,389 | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | 4,166 | | | | | | 17,095 | | | | | | 10,341 | | | | | | 7,874 | | |
Total operating expenses
|
| | | | 101,755 | | | | | | 85,040 | | | | | | 362,887 | | | | | | 314,109 | | | | | | 262,062 | | |
Operating income (loss)
|
| | | | (1,149) | | | | | | (3,081) | | | | | | (17,295) | | | | | | 3,641 | | | | | | (1,927) | | |
Financial income (expenses),
net |
| | | | (622) | | | | | | (1,803) | | | | | | 2,012 | | | | | | 524 | | | | | | (2,173) | | |
Income (loss) before taxes on income
|
| | | | (1,771) | | | | | | (4,884) | | | | | | (15,283) | | | | | | 4,165 | | | | | | (4,100) | | |
Income tax
|
| | | | 1,731 | | | | | | 2,573 | | | | | | 8,320 | | | | | | 4,709 | | | | | | 3,089 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | | | | | 143 | | | | | | 81 | | | | | | — | | |
Net loss
|
| | | $ | (3,508) | | | | | $ | (7,479) | | | | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (0.31) | | | | | $ | (0.47) | | | | | $ | (1.50) | | | | | $ | (0.63) | | | | | $ | (1.05) | | |
Weighted average common shares
outstanding – basic and diluted |
| | | | 29,185,545 | | | | | | 22,045,779 | | | | | | 25,004,093 | | | | | | 19,210,017 | | | | | | 17,046,120 | | |
| | |
Purchase
Price |
| |
Shares
Issued |
| ||||||
| | |
(in thousands, except
share amounts) |
| |||||||||
Share Consideration to FTAC Olympus Acquisition Corp(a)
|
| | | $ | 596,113 | | | | | | 77,081,295 | | |
PIPE(a) | | | | $ | 300,000 | | | | | | 30,000,000 | | |
| | |
Shares
|
| |
%
|
| ||||||
Total Payoneer | | | | | | | | | | | | | |
FTAC Olympus Acquisition Corp(a)
|
| | | | 77,081,295 | | | | | | 22.7% | | |
Existing Payoneer Shareholders(b)
|
| | | | 231,263,364 | | | | | | 68.4% | | |
PIPE Shares
|
| | | | 30,000,000 | | | | | | 8.9% | | |
Total Company Common Stock Outstanding at Closing (excluding unvested common
stock, Payoneer Earn-Out Shares and Management Transaction Bonus Plan Pool) |
| | | | 338,344,659 | | | | | | 100% | | |
Payoneer Earn-Out Shares(c)
|
| | | | 30,000,000 | | | | | | | | |
Management Transaction Bonus Plan Pool(d)
|
| | | | 1,000,000 | | | | | | | | |
Total Company Common Stock Outstanding at Closing (excluding unvested common
stock) |
| | | | 369,344,659 | | | | | | | | |
| | |
as of March 31,
2021 |
| | | | | | | |
as of March 31,
2021 |
| ||||||||||||
| | |
Payoneer
(Historical) |
| |
FTAC
Olympus Acquisition Corp. (Historical) |
| |
Transaction
Accounting Adjustments |
| |
Pro
Forma Combined |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 104,676 | | | | | $ | 4,003 | | | | | $ | 476,241(A) | | | | | $ | 584,920 | | |
Restricted cash
|
| | | | 26,449 | | | | | | — | | | | | | — | | | | | | 26,449 | | |
Customer funds
|
| | | | 3,324,684 | | | | | | — | | | | | | — | | | | | | 3,324,684 | | |
Accounts receivable, net
|
| | | | 4,722 | | | | | | — | | | | | | — | | | | | | 4,722 | | |
CA receivables, net
|
| | | | 72,032 | | | | | | — | | | | | | — | | | | | | 72,032 | | |
Other current assets
|
| | | | 18,273 | | | | | | 383 | | | | | | — | | | | | | 18,656 | | |
Total current assets
|
| | | | 3,550,836 | | | | | | 4,386 | | | | | | 476,241 | | | | | | 4,031,463 | | |
NON-CURRENT ASSETS:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Property, equipment and software, net
|
| | | | 11,903 | | | | | | — | | | | | | — | | | | | | 11,903 | | |
Goodwill
|
| | | | 21,796 | | | | | | — | | | | | | — | | | | | | 21,796 | | |
Intangible assets, net
|
| | | | 34,506 | | | | | | — | | | | | | — | | | | | | 34,506 | | |
Restricted cash
|
| | | | 6,196 | | | | | | — | | | | | | — | | | | | | 6,196 | | |
Deferred taxes
|
| | | | 2,630 | | | | | | — | | | | | | — | | | | | | 2,630 | | |
Investment in associated company
|
| | | | 6,836 | | | | | | — | | | | | | — | | | | | | 6,836 | | |
Severance pay fund
|
| | | | 1,837 | | | | | | — | | | | | | — | | | | | | 1,837 | | |
ROU assets
|
| | | | 17,042 | | | | | | — | | | | | | — | | | | | | 17,042 | | |
Marketable securities held in trust account
|
| | | | — | | | | | | 754,788 | | | | | | (754,788)(B) | | | | | | — | | |
Other assets
|
| | | | 18,350 | | | | | | — | | | | | | (1,700)(E) | | | | | | 16,650 | | |
Total assets
|
| | | $ | 3,671,932 | | | | | $ | 759,174 | | | | | $ | (280,247) | | | | | $ | 4,150,859 | | |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND REDEEMABLE CONVERTIBLE PREFERRED STOCK
|
| | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 13,215 | | | | | | 2,133 | | | | | | — | | | | | | 15,348 | | |
Outstanding operating balances
|
| | | | 3,324,684 | | | | | | — | | | | | | — | | | | | | 3,324,684 | | |
Current portion of long-term debt
|
| | | | 15,000 | | | | | | — | | | | | | — | | | | | | 15,000 | | |
Other payables
|
| | | | 58,093 | | | | | | — | | | | | | 93,300(F) | | | | | | 151,393 | | |
Total current liabilities
|
| | | | 3,410,992 | | | | | | 2,133 | | | | | | 93,300 | | | | | | 3,506,425 | | |
NON-CURRENT LIABILITIES:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt
|
| | | | 49,026 | | | | | | — | | | | | | — | | | | | | 49,026 | | |
Warrant liability
|
| | | | — | | | | | | 55,127 | | | | | | (1,541)(P) | | | | | | 53,587 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 30,285 | | | | | | (30,285)(H) | | | | | | — | | |
Other long-term liabilities
|
| | | | 21,940 | | | | | | — | | | | | | — | | | | | | 21,940 | | |
Total liabilities
|
| | | | 3,481,958 | | | | | | 87,545 | | | | | | 61,474 | | | | | | 3,630,977 | | |
| | |
as of March 31,
2021 |
| | | | | | | |
as of March 31, 2021
|
| ||||||||||||
| | |
Payoneer
(Historical) |
| |
FTAC
Olympus Acquisition Corp. (Historical) |
| |
Transaction
Accounting Adjustments |
| |
Pro
Forma Combined |
| ||||||||||||
Redeemable convertible preferred stock, $0.01 par value, 111,452,020 shares authorized; 111,452,020 shares issued and outstanding; aggregate liquidation preference of $216,574 at March 31, 2021. Pro forma 0 Shares Authorized, Issued and outstanding as of March 31, 2021
|
| | | | 154,800 | | | | | | — | | | | | | (154,800)(I) | | | | | | — | | |
Redeemable preferred stock, $0.01 par value, 3,500 shares authorized; 3,500 shares issued and outstanding; aggregate liquidation preference of $37,451 at March 31, 2021
|
| | | | 10,735 | | | | | | — | | | | | | — | | | | | | 10,735 | | |
Common stock subject to possible redemption 66,662,879 shares at
$10.00 per share redemption value; Pro forma 0 shares at $10.00 per share redemption value |
| | | | — | | | | | | 666,629 | | | | | | (666,629)(J) | | | | | | — | | |
SHAREHOLDERS’ EQUITY:
|
| | | | | | | | | | | | | | | | | | | | | | — | | |
Common stock; Payoneer historical Common stock of $0.01;
173,274,443 Shares authorized as of March 31, 2021; 26,435,097 Shares issued and outstanding as of March 31, 2021; FTAC Olympus Acquisition Corp (historical) Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 10,981,497 shares issued and outstanding (excluding 66,662,879 shares subject to possible redemption); Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 19,411,094 shares issued and outstanding; Pro Forma Combined, Class A ordinary shares, $0.0001 par value; 0 shares authorized issued and outstanding; Class B ordinary shares, $0.0001 par value; 0 shares authorized issued and outstanding; Pro Forma Combined Common stock of $0.01; 3,800,000,000 Shares authorized as of March 31, 2021; 338,344,659 Shares issued and outstanding as of March 31, 2021 |
| | | | 264 | | | | | | 3 | | | | | | 3,116(N) | | | | | | 3,383 | | |
Additional paid-in capital
|
| | | | 84,765 | | | | | | 23,199 | | | | | | 462,777(K) | | | | | | 570,741 | | |
Accumulated other comprehensive income
|
| | | | 2,985 | | | | | | — | | | | | | — | | | | | | 2,985 | | |
Accumulated deficit
|
| | | | (63,575) | | | | | | (18,202) | | | | | | 13,815(L) | | | | | | (67,962) | | |
Total shareholders’ equity
|
| | | | 24,439 | | | | | | 5,000 | | | | | | 479,708 | | | | | | 509,147 | | |
Total liabilities, redeemable preferred stock, redeemable convertible
preferred stock and shareholders’ equity |
| | | $ | 3,671,932 | | | | | $ | 759,174 | | | | | $ | (280,247) | | | | | $ | 4,150,859 | | |
| | |
For the three months ended March 31, 2021
|
| |||||||||||||||||||||
| | |
Payoneer
(Historical) |
| |
FTAC
Olympus Acquisition Corp. (Historical) |
| |
Transaction
Accounting Adjustments |
| |
Pro Forma
Combined |
| ||||||||||||
Revenues
|
| | | $ | 100,606 | | | | | | — | | | | | | — | | | | | $ | 100,606 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Transaction costs
|
| | | | 20,155 | | | | | | — | | | | | | — | | | | | | 20,155 | | |
Other operating expenses
|
| | | | 26,614 | | | | | | — | | | | | | — | | | | | | 26,614 | | |
Research and development expenses
|
| | | | 16,653 | | | | | | — | | | | | | — | | | | | | 16,653 | | |
Sales and marketing expenses
|
| | | | 23,139 | | | | | | — | | | | | | — | | | | | | 23,139 | | |
General and administrative expenses
|
| | | | 10,517 | | | | | | 3,115 | | | | | | — | | | | | | 13,632 | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | — | | | | | | — | | | | | | 4,677 | | |
Total operating expenses
|
| | | | 101,755 | | | | | | 3,115 | | | | | | — | | | | | | 104,870 | | |
Operating loss
|
| | | | (1,149) | | | | | | (3,115) | | | | | | — | | | | | | (4,264) | | |
Financial income (loss), net
|
| | | | (622) | | | | | | (5,934) | | | | | | 147(AA) | | | | | | (6,409) | | |
Loss before taxes on income
|
| | | | (1,771) | | | | | | (9,049) | | | | | | 147 | | | | | | (10,673) | | |
Taxes on Income
|
| | | | 1,731 | | | | | | — | | | | | | — | | | | | | 1,731 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | — | | | | | | — | | | | | | 6 | | |
Net Loss
|
| | | $ | (3,508) | | | | | $ | (9,049) | | | | | $ | 147 | | | | | $ | (12,410) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.31) | | | | | $ | (0.42) | | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 29,185,545 | | | | | | 21,581,094 | | | | | | | | | | | | | | |
Pro forma net loss per share attributable to common stockholders, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | $ | (0.04) | | |
Pro forma weighted average common shares outstanding, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | 335,209,072 | | |
| | |
For the year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Payoneer
(Historical) |
| |
FTAC
Olympus Acquisition Corp. (Historical, As Restated) |
| |
Transaction
Accounting Adjustments |
| |
Pro
Forma Combined |
| ||||||||||||
Revenues
|
| | | $ | 345,592 | | | | | | — | | | | | | — | | | | | $ | 345,592 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Transaction costs
|
| | | | 97,040 | | | | | | — | | | | | | — | | | | | | 97,040 | | |
Other operating expenses
|
| | | | 81,976 | | | | | | — | | | | | | — | | | | | | 81,976 | | |
Research and development expenses
|
| | | | 52,301 | | | | | | — | | | | | | — | | | | | | 52,301 | | |
Sales and marketing expenses
|
| | | | 76,846 | | | | | | — | | | | | | — | | | | | | 76,846 | | |
General and administrative expenses
|
| | | | 37,629 | | | | | | 685 | | | | | | — | | | | | | 38,314 | | |
Depreciation and amortization
|
| | | | 17,095 | | | | | | — | | | | | | — | | | | | | 17,095 | | |
Total operating expenses
|
| | | | 362,887 | | | | | | 685 | | | | | | — | | | | | | 363,572 | | |
Operating loss
|
| | | | (17,295) | | | | | | (685) | | | | | | — | | | | | | (17,980) | | |
Financial income (loss), net
|
| | | | 2,012 | | | | | | (8,469) | | | | | | 141(AA) | | | | | | (6,316) | | |
Loss before taxes on income
|
| | | | (15,283) | | | | | | (9,154) | | | | | | 141 | | | | | | (24,296) | | |
Taxes on income
|
| | | | 8,320 | | | | | | — | | | | | | — | | | | | | 8,320 | | |
Share in losses of associated company
|
| | | | 143 | | | | | | — | | | | | | — | | | | | | 143 | | |
Net Loss
|
| | | $ | (23,746) | | | | | $ | (9,154) | | | | | $ | 141 | | | | | $ | (32,759) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (1.50) | | | | | $ | (0.44) | | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 25,004,093 | | | | | | 20,766,410 | | | | | | | | | | | | | | |
Pro forma net loss per share attributable to common stockholders, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | $ | (0.10) | | |
Pro forma weighted average common shares outstanding, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | 328,516,886 | | |
| | |
(in thousands)
|
| | | | | | | |||
Reclassification of Marketable securities held in Trust Account
|
| | | $ | 754,788 | | | | |
|
(B)
|
| |
Redemption of FTOC ordinary shares
|
| | | | (180,345) | | | | |
|
(Q)
|
| |
Cash distribution
|
| | | | (398,202) | | | | |
|
(C)
|
| |
Proceeds from PIPE
|
| | | | 300,000 | | | | |
|
(D)
|
| |
| | | | $ | 476,241 | | | | | | (A) | | |
|
Payment of transaction fees for Legacy Payoneer
|
| | | $ | (60,328) | | | | |
|
(G)
|
| |
|
Issuance of common stock to the PIPE investors
|
| | | | 300,000 | | | | |
|
(D)
|
| |
|
Conversion of Legacy Payoneer preferred stock to Legacy Payoneer common stock
|
| | | | 154,800 | | | | |
|
(I)
|
| |
|
Reclassification of FTOC ordinary shares subject to redemption
|
| | | | 666,629 | | | | |
|
(J)
|
| |
|
Redemption of ordinary shares
|
| | | | (180,345) | | | | |
|
(Q)
|
| |
|
Surrender of Private Placement Warrants
|
| | | | 1,541 | | | | |
|
(P)
|
| |
|
Cash distribution
|
| | | | (398,202) | | | | |
|
(C)
|
| |
|
Reclassification of FTAC Olympus Acquisition Corp. accumulated deficit
|
| | | | (18,202) | | | | |
|
(M)
|
| |
|
Adjustment of Par value of shares
|
| | | | (3,116) | | | | |
|
(N)
|
| |
| | | | | $ | 462,777 | | | | |
|
(K)
|
| |
|
|
Reclassification of FTAC Olympus Acquisition Corp. accumulated deficit
|
| | | | 18,202 | | | | |
|
(M)
|
| |
|
Transaction expenses not capitalized
|
| | | | (550) | | | | |
|
(O)
|
| |
|
Transaction expenses related to issuance of New Payoneer Warrants
|
| | | | (3,837) | | | | |
|
(H)
|
| |
| | | | | $ | 13,815 | | | | |
|
(L)
|
| |
| | |
Shares
|
| |||
Conversion of Legacy Payoneer preferred stock to Legacy Payoneer common stock
|
| | | | 111,452,020 | | |
Additional Stock issued to Payoneer as per consideration(1)
|
| | | | 93,376,247 | | |
Reclassification of FTOC Class A ordinary share(2)
|
| | | | 48,629,813 | | |
Forfeiture of FTOC Class B ordinary share(3)
|
| | | | (1,941,109) | | |
PIPE
|
| | | | 30,000,000 | | |
Total pro-forma adjusted common stock
|
| | | | 281,516,971 | | |
| | |
Three months ended
March 31, 2021 |
| |
Year ended
December 31, 2020 |
| | | | | | | ||||||
Interest earned on Trust Account
|
| | | $ | (25) | | | | | $ | (19) | | | | | | (BB) | | |
Surrender of Private Placement Warrants
|
| | | | 166 | | | | | | 166 | | | | | | (CC) | | |
| | | | $ | 141 | | | | | $ | 147 | | | | | | (AA) | | |
| | |
Three months ended
March 31, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||
Pro forma net loss (in thousands)
|
| | | $ | (12,410) | | | | | $ | (32,759) | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 335,209,072 | | | | | | 328,516,886 | | |
Net loss per share – basic and diluted
|
| | | $ | (0.04) | | | | | $ | (0.10) | | |
Weighted average shares outstanding – basic and diluted
|
| | | | | | | | | | | | |
FTAC Olympus Acquisition Corp(a)
|
| | | | 77,081,295 | | | | | | 77,081,295 | | |
PIPE Investors
|
| | | | 30,000,000 | | | | | | 30,000,000 | | |
Legacy Payoneer stockholders(b)(d)
|
| | | | 46,709,877 | | | | | | 40,017,691 | | |
Legacy Payoneer Converted preferred shares(c)
|
| | | | 181,417,900 | | | | | | 181,417,900 | | |
| | | | | 335,209,072 | | | | | | 328,516,886 | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | | | | $ | 18,647 | | | | | | 23% | | |
Transaction costs
|
| | | | 20,155 | | | | | | 24,793 | | | | | | (4,638) | | | | | | -19% | | |
Other operating expenses
|
| | | | 26,614 | | | | | | 19,852 | | | | | | 6,762 | | | | | | 34% | | |
Research and development expenses
|
| | | | 16,653 | | | | | | 10,574 | | | | | | 6,079 | | | | | | 57% | | |
Sales and marketing expenses
|
| | | | 23,139 | | | | | | 17,829 | | | | | | 5,310 | | | | | | 30% | | |
General and administrative expenses
|
| | | | 10,517 | | | | | | 7,826 | | | | | | 2,691 | | | | | | 34% | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | 4,166 | | | | | | 511 | | | | | | 12% | | |
Total operating expenses
|
| | | | 101,755 | | | | | | 85,040 | | | | | | 16,715 | | | | | | 20% | | |
Operating loss
|
| | | | (1,149) | | | | | | (3,081) | | | | | | 1,932 | | | | | | 62% | | |
Financial expense, net
|
| | | | 622 | | | | | | 1,803 | | | | | | (1,181) | | | | | | -66% | | |
Loss before taxes on income
|
| | | | (1,771) | | | | | | (4,884) | | | | | | 3,113 | | | | | | 64% | | |
Income tax
|
| | | | 1,731 | | | | | | 2,573 | | | | | | (842) | | | | | | -33% | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | | | | | (16) | | | | | | -73% | | |
Net loss
|
| | | $ | (3,508) | | | | | $ | (7,479) | | | | | $ | 3,971 | | | | | | 53% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues
|
| | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 27,842 | | | | | | 9% | | |
Transaction costs
|
| | | | 97,040 | | | | | | 94,665 | | | | | | 2,375 | | | | | | 3% | | |
Other operating expenses
|
| | | | 81,976 | | | | | | 82,295 | | | | | | (319) | | | | | | —% | | |
Research and development expenses
|
| | | | 52,301 | | | | | | 34,772 | | | | | | 17,529 | | | | | | 50% | | |
Sales and marketing expenses
|
| | | | 76,846 | | | | | | 61,020 | | | | | | 15,826 | | | | | | 26% | | |
General and administrative expenses
|
| | | | 37,629 | | | | | | 31,016 | | | | | | 6,613 | | | | | | 21% | | |
Depreciation and amortization
|
| | | | 17,095 | | | | | | 10,341 | | | | | | 6,754 | | | | | | 65% | | |
Total operating expenses
|
| | | | 362,887 | | | | | | 314,109 | | | | | | 48,778 | | | | | | 16% | | |
Operating Income (loss)
|
| | | | (17,295) | | | | | | 3,641 | | | | | | (20,936) | | | | | | -575% | | |
Financial income, net:
|
| | | | 2,012 | | | | | | 524 | | | | | | 1,488 | | | | | | 284% | | |
Income (loss) before taxes on income
|
| | | | (15,283) | | | | | | 4,165 | | | | | | (19,448) | | | | | | -467% | | |
Income tax
|
| | | | 8,320 | | | | | | 4,709 | | | | | | 3,611 | | | | | | 77% | | |
Share in losses of associated company
|
| | | | 143 | | | | | | 81 | | | | | | 62 | | | | | | 77% | | |
Net loss
|
| | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (23,121) | | | | | | 3,699% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues
|
| | | $ | 317,750 | | | | | $ | 260,135 | | | | | $ | 57,615 | | | | | | 22% | | |
Transaction costs
|
| | | | 94,665 | | | | | | 81,368 | | | | | | 13,297 | | | | | | 16% | | |
Other operating expenses
|
| | | | 82,295 | | | | | | 68,883 | | | | | | 13,412 | | | | | | 19% | | |
Research and development expenses
|
| | | | 34,772 | | | | | | 29,383 | | | | | | 5,389 | | | | | | 18% | | |
Sales and marketing expenses
|
| | | | 61,020 | | | | | | 50,165 | | | | | | 10,855 | | | | | | 22% | | |
General and administrative expenses
|
| | | | 31,016 | | | | | | 24,389 | | | | | | 6,627 | | | | | | 27% | | |
Depreciation and amortization
|
| | | | 10,341 | | | | | | 7,874 | | | | | | 2,467 | | | | | | 31% | | |
Total operating expenses
|
| | | | 314,109 | | | | | | 262,062 | | | | | | 52,047 | | | | | | 20% | | |
Operating Income (loss)
|
| | | | 3,641 | | | | | | (1,927) | | | | | | 5,568 | | | | | | 289% | | |
Financial income (loss), net:
|
| | | | 524 | | | | | | (2,173) | | | | | | 2,697 | | | | | | 124% | | |
Income (loss) before taxes on income
|
| | | | 4,165 | | | | | | (4,100) | | | | | | 8,265 | | | | | | 202% | | |
Income tax
|
| | | | 4,709 | | | | | | 3,089 | | | | | | 1,620 | | | | | | 52% | | |
Share in losses of associated company
|
| | | | 81 | | | | | | — | | | | | | 81 | | | | | | NM% | | |
Net loss
|
| | | $ | (625) | | | | | $ | (7,189) | | | | | $ | 6,564 | | | | | | 91% | | |
| | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | (16,468) | | | | | $ | 8,915 | | | | | $ | 9,526 | | | | | $ | (14,312) | | | | | $ | (5,988) | | |
Net cash used in investing activities
|
| | | | (8,034) | | | | | | (15,944) | | | | | | (66,854) | | | | | | (20,581) | | | | | | (11,429) | | |
Net cash provided by financing activities
|
| | | | 2,430 | | | | | | 32,697 | | | | | | 1,673,464 | | | | | | 353,743 | | | | | | 553,624 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | (899) | | | | | | 1,442 | | | | | | 636 | | | | | | 521 | | | | | | (2,538) | | |
Change in cash
|
| | | | (22,971) | | | | | | 27,110 | | | | | | 1,616,772 | | | | | | 319,371 | | | | | | 533,669 | | |
| | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
(in millions)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Volume
|
| | | $ | 13,342 | | | | | $ | 8,300 | | | | | $ | 44,419 | | | | | $ | 28,990 | | | | | $ | 21,506 | | |
| | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Net income, (loss)
|
| | | $ | (3,508) | | | | | $ | (7,479) | | | | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Depreciation & amortization
|
| | | | 4,677 | | | | | | 4,166 | | | | | | 17,095 | | | | | | 10,341 | | | | | | 7,874 | | |
Income tax
|
| | | | 1,731 | | | | | | 2,573 | | | | | | 8,320 | | | | | | 4,709 | | | | | | 3,089 | | |
Financial expenses (income), net
|
| | | | 622 | | | | | | 1,803 | | | | | | (2,012) | | | | | | (524) | | | | | | 2,173 | | |
EBITDA | | | | | 3,522 | | | | | | 1,063 | | | | | | (343) | | | | | | 13,901 | | | | | | 5,947 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | | | | | 143 | | | | | | 81 | | | | | | — | | |
Stock based compensation expenses(1)
|
| | | | 4,297 | | | | | | 2,178 | | | | | | 10,892 | | | | | | 9,535 | | | | | | 6,919 | | |
Other non-recurring items(2)
|
| | | | — | | | | | | — | | | | | | (4,304) | | | | | | — | | | | | | 3,158 | | |
M&A related expenses(3)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1,098 | | | | |
|
—
|
| |
Adjusted EBITDA
|
| | | | 7,825 | | | | | | 3,263 | | | | | | 6,388 | | | | | | 24,615 | | | | | | 16,024 | | |
| | |
Payments due by period
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |||||||||||||||
Long-term debt
|
| | | $ | 40,025 | | | | | $ | 13,500 | | | | | $ | 26,525 | | | | | $ | 0 | | | | | $ | 0 | | |
Interest on long-term debt
|
| | | | 103 | | | | | | 103 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Operating leases(1)
|
| | | | 22,012 | | | | | | 10,160 | | | | | | 10,886 | | | | | | 966 | | | | | | | | |
Total
|
| | | $ | 62,140 | | | | | $ | 23,763 | | | | | $ | 37,411 | | | | | $ | 966 | | | | | $ | 0 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Scott Galit | | |
50
|
| | Chief Executive Officer and Director | |
Michael Levine | | |
53
|
| | Chief Financial Officer | |
Keren Levy | | |
47
|
| | Chief Operating Officer | |
Noam Oren | | |
53
|
| | Chief Technology Officer | |
Tsafi Goldman | | |
56
|
| | Chief Legal & Regulatory Officer | |
Charles Rosenblatt | | |
46
|
| | Chief Strategy Officer | |
Aviva Arnon | | |
61
|
| | Chief People Officer | |
Name
|
| |
Age
|
| |
Position
|
|
Non-Executive Directors | | | | | | | |
Amir Goldman | | |
49
|
| | Director | |
John C. (Hans) Morris | | |
62
|
| | Director | |
Avi Zeevi | | |
70
|
| | Director | |
Christopher (Woody) Marshall | | |
53
|
| | Director | |
Rich Williams | | |
46
|
| | Director | |
Heather Tookes | | |
47
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
|
Scott Galit
|
| |
2020
|
| |
375,000
|
| |
370,000
|
| |
1,478,880
|
| |
432,229
|
| | | | |
11,400
|
| |
2,667,509
|
|
Chief Executive Officer and Director
|
| | | | | | | | | ||||||||||||||||
Charles Rosenblatt
|
| |
2020
|
| |
163,068
|
| |
75,000
|
| |
770,250
|
| |
331,074
|
| | | | |
32,200
|
| |
1,371,592
|
|
Chief Strategy Officer
|
| | | | | | | | | ||||||||||||||||
Michael Levine
Chief Financial Officer |
| |
2020
|
| |
310,000
|
| |
223,106
|
| |
616,200
|
| |
180,096
|
| | | | |
11,400
|
| |
1,340,802
|
|
| | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| | |||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) (g) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) (h) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (i) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (j) |
| | |||||||||||||||||||||||
Scott Galit
|
| | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •2/14/2015•(1) | | | | | | 946,168 | | | | | | 0 | | | | | | | | | 1.15 | | | | | | 2/1/2025 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •2/17/2016• (1) | | | | | | 1,306,464 | | | | | | 0 | | | | | | | | | 2.64 | | | | | | 2/14/2026 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •2/13/2017• (1) | | | | | | 138,512 | | | | | | 9,234 | | | | | | | | | 5.67 | | | | | | 2/11/2027 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •2/6/2018•(1) | | | | | | 343,750 | | | | | | 156,250 | | | | | | | | | 5.26 | | | | | | 2/4/2028 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •2/13/2019• (1) | | | | | | 300,680 | | | | | | 386,590 | | | | | | | | | 5.45 | | | | | | 2/10/2029 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •3/19/2020•(1) | | | | | | 0 | | | | | | 192,000 | | | | | | | | | 5.14 | | | | | | 3/17/2030 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •3/19/2020• (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 288,000 | | | | | | 0 | | | | | | | | | | ||
| | | | | • | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
Charles Rosenblatt
|
| | | | • | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •6/30/2020•(1) | | | | | | 0 | | | | | | 150,000 | | | | | | | | | 5.14 | | | | | | 6/29/2027 | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •6/30/2020•(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 150,000 | | | | | | 0 | | | | | | | | ||||
Michael Levine
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | •1/28/2015• (1) | | | | | | 60,000 | | | | | | 0 | | | | | | | | | 1.15 | | | | | | 1/25/2025 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •2/17/2016• (1) | | | | | | 399,924 | | | | | | 0 | | | | | | | | | 2.64 | | | | | | 2/14/2026 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •2/13/2017• (1) | | | | | | 117,188 | | | | | | 7,813 | | | | | | | | | 5.67 | | | | | | 2/11/2027 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •2/6/2018• (1) | | | | | | 171,875 | | | | | | 78,125 | | | | | | | | | 5.26 | | | | | | 2/4/2028 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •2/13/2019• (1) | | | | | | 140,987 | | | | | | 181,269 | | | | | | | | | 5.45 | | | | | | 2/10/2029 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •3/19/2020•(1) | | | | | | 0 | | | | | | 80,000 | | | | | | | | | 5.14 | | | | | | 3/17/2030 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | •3/19/2020•(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 120,000 | | | | | | 0 | | | | | | | | | | | |
Name of Beneficial Owner
|
| |
Shares of Common
Stock Beneficially Owned Prior to Offering |
| |
Percentage
|
| |
Shares of Common
Stock Offered |
| |
Shares of Common
Stock Beneficially Owned After the Offered Shares are Sold |
| |
Percentage
|
| |||||||||||||||
Principal and Selling Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACM-Olymp, LLC(1)
|
| | | | 50,000 | | | | | | ** | | | | | | 50,000 | | | | | | — | | | | | | — | | |
Alyeska Master Fund, L.P.(2)
|
| | | | 700,000 | | | | | | ** | | | | | | 700,000 | | | | | | — | | | | | | — | | |
Altimeter Partners Fund, L.P.(3)
|
| | | | 1,000,000 | | | | | | ** | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Adage Capital Partners LP(4)
|
| | | | 2,713,858 | | | | | | ** | | | | | | 1,100,000 | | | | | | 1,613,858 | | | | | | ** | | |
Amazon.com NV Investment Holdings LLC(5)*
|
| | | | 1,792,994 | | | | | | ** | | | | | | 1,792,994 | | | | | | — | | | | | | — | | |
AST Prudential Growth Allocation Portfolio(6)
|
| | | | 4,421 | | | | | | ** | | | | | | 4,421 | | | | | | — | | | | | | — | | |
BlackRock, Inc.(7)
|
| | | | 2,000,000 | | | | | | ** | | | | | | 2,000,000 | | | | | | — | | | | | | — | | |
Blackwell Partners LLC –
Series A(8) |
| | | | 251,770 | | | | | | ** | | | | | | 123,780 | | | | | | 127,990 | | | | | | ** | | |
Cadian Master Fund LP(9)
|
| | | | 500,000 | | | | | | ** | | | | | | 500,000 | | | | | | — | | | | | | — | | |
Coatue FinTech Fund I LLP(10)
|
| | | | 1,200,000 | | | | | | ** | | | | | | 1,200,000 | | | | | | — | | | | | | — | | |
Name of Beneficial Owner
|
| |
Shares of Common
Stock Beneficially Owned Prior to Offering |
| |
Percentage
|
| |
Shares of Common
Stock Offered |
| |
Shares of Common
Stock Beneficially Owned After the Offered Shares are Sold |
| |
Percentage
|
| |||||||||||||||
Certain funds and accounts of Corbin Capital Partners, LP(11)
|
| | | | 750,000 | | | | | | ** | | | | | | 750,000 | | | | | | — | | | | | | — | | |
Dragoneer Global Fund II, L.P.(12)
|
| | | | 2,000,000 | | | | | | ** | | | | | | 2,000,000 | | | | | | — | | | | | | — | | |
Federated Hermes Kaufmann Small
Cap Fund, a portfolio of Federated Hermes Equity Funds(13) |
| | | | 1,000,000 | | | | | | ** | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Fidelity(14)
|
| | | | 2,000,000 | | | | | | ** | | | | | | 2,000,000 | | | | | | — | | | | | | — | | |
Fifth Street Station LLC(15)
|
| | | | 800,000 | | | | | | ** | | | | | | 800,000 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Franklin Advisers, Inc.(16)
|
| | | | 1,500,000 | | | | | | ** | | | | | | 1,500,000 | | | | | | — | | | | | | — | | |
Affiliates of FTAC(17)
|
| | | | 19,639,985 | | | | | | 5.8% | | | | | | 19,639,985 | | | | | | — | | | | | | — | | |
Ghisallo Master Fund LP(18)
|
| | | | 200,000 | | | | | | ** | | | | | | 200,000 | | | | | | — | | | | | | — | | |
LH Capital Markets, LLC(19)
|
| | | | 400,000 | | | | | | ** | | | | | | 400,000 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Mainstay Winslow(20)
|
| | | | 1,500,000 | | | | | | ** | | | | | | 1,500,000 | | | | | | | | | | | | | | |
Millais Limited(21)
|
| | | | 300,000 | | | | | | ** | | | | | | 300,000 | | | | | | — | | | | | | — | | |
Nantahala Capital Partners II Limited Partnership(8)
|
| | | | 270,925 | | | | | | ** | | | | | | 139,672 | | | | | | 131,253 | | | | | | ** | | |
Nantahala Capital Partners Limited
Partnership(8) |
| | | | 97,469 | | | | | | ** | | | | | | 49,488 | | | | | | 47,981 | | | | | | ** | | |
Nantahala Capital Partners SI,
LP(8) |
| | | | 1,026,756 | | | | | | ** | | | | | | 347,984 | | | | | | 678,772 | | | | | | ** | | |
NCP QR LP(8)
|
| | | | 118,273 | | | | | | ** | | | | | | 58,019 | | | | | | 60,254 | | | | | | ** | | |
NCP RFM LP(8)
|
| | | | 134,763 | | | | | | ** | | | | | | 53,467 | | | | | | 81,296 | | | | | | ** | | |
Certain funds and accounts of Neuberger Berman Investment Advisers LLC(22)
|
| | | | 1,300,868 | | | | | | ** | | | | | | 1,000,000 | | | | | | 300,868 | | | | | | — | | |
Certain funds and accounts managed by UBS O’Connor LLC(23)
|
| | | | 200,000 | | | | | | ** | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Certain funds and accounts of NYCA(24)*
|
| | | | 5,035,439 | | | | | | 1.5% | | | | | | 5,035,439 | | | | | | — | | | | | | — | | |
PGIM Jennison Small Company Fund(25)
|
| | | | 495,579 | | | | | | ** | | | | | | 495,579 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Riverview Group LLC(26)
|
| | | | 1,500,000 | | | | | | ** | | | | | | 1,500,000 | | | | | | — | | | | | | — | | |
Senator Global Opportunity Master
Fund L.P.(27) |
| | | | 1,000,000 | | | | | | ** | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Soroban Opportunities Master Fund LP(28)
|
| | | | 1,000,000 | | | | | | ** | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Schonfeld Strategic 460 Fund LLC(29)
|
| | | | 200,000 | | | | | | ** | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Name of Beneficial Owner
|
| |
Shares of Common
Stock Beneficially Owned Prior to Offering |
| |
Percentage
|
| |
Shares of Common
Stock Offered |
| |
Shares of Common
Stock Beneficially Owned After the Offered Shares are Sold |
| |
Percentage
|
| |||||||||||||||
Certain funds and accounts of Shotfut Menayo Chool(30)
|
| | | | 700,000 | | | | | | ** | | | | | | 700,000 | | | | | | — | | | | | | — | | |
Silver Creek CS SAV, L.L.C.(8)
|
| | | | 57,960 | | | | | | ** | | | | | | 27,590 | | | | | | 30,370 | | | | | | ** | | |
Certain funds and accounts of Susquehanna Growth Equity(31)*
|
| | | | 34,089,218 | | | | | | 10.0% | | | | | | 34,089,218 | | | | | | — | | | | | | — | | |
Certain funds and accounts of TCV(32)*
|
| | | | 46,585,944 | | | | | | 13.6% | | | | | | 46,585,944 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Temasek(33)*
|
| | | | 22,615,415 | | | | | | 6.6% | | | | | | 22,615,415 | | | | | | — | | | | | | — | | |
Certain funds and accounts advised
or subadvised by T. Rowe Price Associated, Inc.(34) |
| | | | 2,853,560 | | | | | | ** | | | | | | 2,000,000 | | | | | | 853,560 | | | | | | ** | | |
Vetamer Capital Master Fund, L.P.(35)
|
| | | | 100,000 | | | | | | ** | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Viola Ventures III, L.P.(36)*
|
| | | | 25,223,122 | | | | | | 7.4% | | | | | | 25,223,122 | | | | | | — | | | | | | — | | |
Certain funds and accounts of Wellington(37)*
|
| | | | 27,399,511 | | | | | | 8.0% | | | | | | 27,399,511 | | | | | | — | | | | | | — | | |
XN Exponent Master Fund LP(38)
|
| | | | 1,000,000 | | | | | | ** | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
140 Summer Partners Master Fund LP(39)
|
| | | | 300,000 | | | | | | ** | | | | | | 300,000 | | | | | | — | | | | | | — | | |
FTAC Olympus PIPE Sponsor, LLC(40)
|
| | | | 700,000 | | | | | | ** | | | | | | 700,000 | | | | | | — | | | | | | — | | |
Directors and Officers
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Scott Galit*†
|
| | | | 11,168,131 | | | | | | 3.2% | | | | | | 11,168,131 | | | | | | — | | | | | | — | | |
Michael Levine*†
|
| | | | 3,665,700 | | | | | | ** | | | | | | 3,665,700 | | | | | | — | | | | | | — | | |
Charles Rosenblatt*†
|
| | | | 634,500 | | | | | | ** | | | | | | 634,500 | | | | | | — | | | | | | — | | |
Aviva Arnon*†
|
| | | | 1,552,001 | | | | | | ** | | | | | | 1,552,001 | | | | | | — | | | | | | — | | |
Tsafi Goldman*†
|
| | | | 926,869 | | | | | | ** | | | | | | 926,869 | | | | | | — | | | | | | — | | |
Keren Levy*†
|
| | | | 3,365,957 | | | | | | ** | | | | | | 3,365,957 | | | | | | — | | | | | | — | | |
Oded Edri†
|
| | | | 387,111 | | | | | | ** | | | | | | 387,111 | | | | | | — | | | | | | — | | |
Noam Oren*†
|
| | | | 2,170,198 | | | | | | ** | | | | | | 2,170,198 | | | | | | — | | | | | | — | | |
Amir Goldman(31)*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Christopher (Woody) Marshall(32)*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John C. (Hans) Morris(24)*†
|
| | | | 5,035,439 | | | | | | 1.5% | | | | | | 5,035,439 | | | | | | — | | | | | | — | | |
Heather Tookes*†
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rich Williams*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Avi Zeevi(36)*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and executive officers as a group (14 persons)
|
| | | | 28,905,906 | | | | | | 8.0% | | | | | | 28,905,906 | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
Consolidated financial statements in U.S. dollars: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-9 | | |
| | |
Page
|
| |||
Condensed consolidated financial statements (unaudited) in U.S. dollars: | | | | | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
| | | | F-50 | | |
| | |
Page
|
| |||
| | | | F-67 | | | |
Financial Statements (as restated): | | | | | | | |
| | | | F-68 | | | |
| | | | F-69 | | | |
| | | | F-70 | | | |
| | | | F-71 | | | |
| | | | F-72 | | |
| | |
Page
|
| |||
| | | | F-88 | | | |
| | | | F-89 | | | |
| | | | F-90 | | | |
| | | | F-91 | | | |
| | | | F-92 | | |
|
/s/ Kesselman & Kesselman
Certified Public Accountants (Isr.)
|
| | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 102,988 | | | | | $ | 114,896 | | |
Restricted cash
|
| | | | 26,394 | | | | | | 18,909 | | |
Customer funds
|
| | | | 3,346,722 | | | | | | 1,686,778 | | |
Accounts receivable, net
|
| | | | 17,843 | | | | | | 13,387 | | |
CA receivables, net
|
| | | | 66,095 | | | | | | 59,736 | | |
Other current assets
|
| | | | 10,417 | | | | | | 9,834 | | |
Total current assets
|
| | | | 3,570,459 | | | | | | 1,903,540 | | |
Non-current assets: | | | | | | | | | | | | | |
Property, equipment and software, net
|
| | | | 12,694 | | | | | | 14,272 | | |
Goodwill
|
| | | | 22,541 | | | | | | — | | |
Intangible assets, net
|
| | | | 34,415 | | | | | | 16,193 | | |
Restricted cash
|
| | | | 5,199 | | | | | | 6,235 | | |
Deferred taxes
|
| | | | 3,684 | | | | | | 2,963 | | |
Investment in associated company
|
| | | | 6,858 | | | | | | 6,563 | | |
Severance pay fund
|
| | | | 1,624 | | | | | | 2,002 | | |
Other assets
|
| | | | 12,210 | | | | | | 8,942 | | |
Total assets
|
| | | $ | 3,669,684 | | | | | $ | 1,960,710 | | |
Liabilities, redeemable preferred stock, redeemable convertible preferred stock and
shareholders’ equity: |
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | $ | 17,245 | | | | | $ | 13,947 | | |
Outstanding operating balances
|
| | | | 3,346,722 | | | | | | 1,686,778 | | |
Current portion of long-term debt
|
| | | | 13,500 | | | | | | — | | |
Other payables
|
| | | | 63,455 | | | | | | 42,541 | | |
Total current liabilities
|
| | | | 3,440,922 | | | | | | 1,743,266 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Long-term debt
|
| | | | 26,525 | | | | | | 60,000 | | |
Other long-term liabilities
|
| | | | 12,403 | | | | | | 8,007 | | |
Total liabilities
|
| | | | 3,479,850 | | | | | | 1,811,273 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Redeemable convertible preferred stock, $0.01 par value, 111,452,020 shares
authorized; 111,452,020 shares issued and outstanding; aggregate liquidation preference of $213,484 and $201,368 at December 31, 2020 and 2019, respectively |
| | | | 154,800 | | | | | | 154,800 | | |
Redeemable preferred stock, $0.01 par value, 3,500 shares authorized; 3,500 shares issued and outstanding; aggregate liquidation preference of $36,520 at December 31, 2020.
|
| | | | 10,735 | | | | | | — | | |
Shareholders’ equity (deficit) (Note 12):
|
| | | | | | | | | | | | |
Share capital, $0.01 par value, 170,274,443 and 159,391,312 shares authorized;
25,855,413 and 19,983,799 shares issued and outstanding at December 31, 2020 and 2019 respectively |
| | | | 259 | | | | | | 200 | | |
Additional paid-in capital
|
| | | | 79,933 | | | | | | 30,615 | | |
Accumulated other comprehensive income (loss)
|
| | | | 4,174 | | | | | | 143 | | |
Accumulated deficit
|
| | | | (60,067) | | | | | | (36,321) | | |
Total shareholders’ equity (deficit)
|
| | | | 24,299 | | | | | | (5,363) | | |
Total liabilities redeemable preferred stock, redeemable convertible preferred stock and shareholders’ equity
|
| | | $ | 3,669,684 | | | | | $ | 1,960,710 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenues
|
| | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 260,135 | | |
Transaction costs
|
| | | | 97,040 | | | | | | 94,665 | | | | | | 81,368 | | |
Other operating expenses
|
| | | | 81,976 | | | | | | 82,295 | | | | | | 68,883 | | |
Research and development expenses
|
| | | | 52,301 | | | | | | 34,772 | | | | | | 29,383 | | |
Sales and marketing expenses
|
| | | | 76,846 | | | | | | 61,020 | | | | | | 50,165 | | |
General and administrative expenses
|
| | | | 37,629 | | | | | | 31,016 | | | | | | 24,389 | | |
Depreciation and amortization
|
| | | | 17,095 | | | | | | 10,341 | | | | | | 7,874 | | |
Total operating expenses
|
| | | | 362,887 | | | | | | 314,109 | | | | | | 262,062 | | |
Operating income (loss)
|
| | | | (17,295) | | | | | | 3,641 | | | | | | (1,927) | | |
Financial income (loss), net:
|
| | | | 2,012 | | | | | | 524 | | | | | | (2,173) | | |
Income (loss) before taxes on income
|
| | | | (15,283) | | | | | | 4,165 | | | | | | (4,100) | | |
Income tax
|
| | | | 8,320 | | | | | | 4,709 | | | | | | 3,089 | | |
Share in losses of associated company
|
| | | | 143 | | | | | | 81 | | | | | | — | | |
Net loss
|
| | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Per Share Data
|
| | | | | | | | | | | | | | | | | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (1.50) | | | | | $ | (0.63) | | | | | $ | (1.05) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 25,004,093 | | | | | | 19,210,017 | | | | | | 17,046,120 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net loss
|
| | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 4,031 | | | | | | 143 | | | | | | — | | |
Unrealized gain (loss) on derivatives designated as cash flow hedges, net of
taxes |
| | | | — | | | | | | 719 | | | | | | (920) | | |
Comprehensive income (loss), net of tax
|
| | | $ | (19,715) | | | | | $ | 237 | | | | | $ | (8,109) | | |
| | |
Redeemable convertible
preferred stock |
| |
Redeemable
preferred stock |
| | |
Share capital
|
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance At January 1,
2018 |
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | — | | | | | | — | | | | | | | 15,960,468 | | | | | $ | 160 | | | | | $ | 12,339 | | | | | $ | 201 | | | | | $ | (28,792) | | | | | $ | (16,092) | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,090,397 | | | | | | 20 | | | | | | 798 | | | | | | — | | | | | | — | | | | | | 818 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 6,919 | | | | | | — | | | | | | — | | | | | | 6,919 | | |
Other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (920) | | | | | | — | | | | | | (920) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,189) | | | | | | (7,189) | | |
Balance At December 31, 2018
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | — | | | | | | — | | | | | | | 18,050,865 | | | | | $ | 180 | | | | | $ | 20,056 | | | | | $ | (719) | | | | | $ | (35,981) | | | | | $ | (16,464) | | |
Balance At January 1,
2019 |
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | — | | | | | | — | | | | | | | 18,050,865 | | | | | $ | 180 | | | | | $ | 20,056 | | | | | $ | (719) | | | | | $ | (35,981) | | | | | $ | (16,464) | | |
Adoption of new accounting standard (see note 2q)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 285 | | | | | | 285 | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,932,934 | | | | | | 20 | | | | | | 1,024 | | | | | | — | | | | | | — | | | | | | 1,044 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 9,535 | | | | | | — | | | | | | — | | | | | | 9,535 | | |
Other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 862 | | | | | | — | | | | | | 862 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (625) | | | | | | (625) | | |
Balance At December 31, 2019
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | — | | | | | | — | | | | | | | 19,983,799 | | | | | $ | 200 | | | | | $ | 30,615 | | | | | $ | 143 | | | | | $ | (36,321) | | | | | $ | (5,363) | | |
Balance at January 1,
2020 |
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | — | | | | | | — | | | | | | | 19,983,799 | | | | | $ | 200 | | | | | $ | 30,615 | | | | | $ | 143 | | | | | $ | (36,321) | | | | | $ | (5,363) | | |
Issuance of redeemable preferred stock and warrants
|
| | | | — | | | | | | — | | | | | | 3,500 | | | | | $ | 10,735 | | | | | | | — | | | | | | — | | | | | | 21,911 | | | | | | — | | | | | | — | | | | | | 21,911 | | |
Acquisition related issuance of common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,807,902 | | | | | | 28 | | | | | | 15,515 | | | | | | — | | | | | | — | | | | | | 15,543 | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 3,063,712 | | | | | | 31 | | | | | | 818 | | | | | | — | | | | | | — | | | | | | 849 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 11,074 | | | | | | — | | | | | | — | | | | | | 11,074 | | |
Other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,031 | | | | | | — | | | | | | 4,031 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,746) | | | | | | (23,746) | | |
Balance At December 31, 2020
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | 3,500 | | | | | $ | 10,735 | | | | | | | 25,855,413 | | | | | $ | 259 | | | | | $ | 79,933 | | | | | $ | 4,174 | | | | | $ | (60,067) | | | | | $ | 24,299 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 17,095 | | | | | | 10,341 | | | | | | 7,874 | | |
Deferred taxes
|
| | | | (721) | | | | | | (694) | | | | | | (414) | | |
Share-based compensation expenses
|
| | | | 11,074 | | | | | | 9,535 | | | | | | 6,919 | | |
Share in losses of associated company
|
| | | | 143 | | | | | | 81 | | | | | | — | | |
Foreign currency re-measurement (gain) loss
|
| | | | (576) | | | | | | (521) | | | | | | 2,538 | | |
Changes in operating assets and liabilities, net of the effects of business combinations:
|
| | | | | | | | | | | | | | | | | | |
Other current assets
|
| | | | 3,627 | | | | | | (1,278) | | | | | | (3,216) | | |
Trade payables
|
| | | | 2,865 | | | | | | 6,817 | | | | | | 1,529 | | |
Deferred revenue
|
| | | | 417 | | | | | | (1,873) | | | | | | (678) | | |
Accounts receivables
|
| | | | (3,869) | | | | | | 1,197 | | | | | | (2,203) | | |
CA extended to customers
|
| | | | (266,149) | | | | | | (171,105) | | | | | | (22,639) | | |
CA collected from customers
|
| | | | 259,790 | | | | | | 128,125 | | | | | | 5,883 | | |
Other payables
|
| | | | 15,416 | | | | | | 12,030 | | | | | | 4,315 | | |
Other long-term liabilities
|
| | | | (2,572) | | | | | | 1,750 | | | | | | 1,256 | | |
Other assets
|
| | | | (3,268) | | | | | | (8,092) | | | | | | 37 | | |
Net cash provided by (used in) operating activities
|
| | | | 9,526 | | | | | | (14,312) | | | | | | (5,988) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | |
Purchase of property, equipment and software
|
| | | | (4,992) | | | | | | (9,149) | | | | | | (4,538) | | |
Capitalization of internal use software
|
| | | | (9,045) | | | | | | (8,140) | | | | | | (6,325) | | |
Change in severance pay fund
|
| | | | 378 | | | | | | (40) | | | | | | (197) | | |
Customer funds in transit
|
| | | | (37,713) | | | | | | 3,249 | | | | | | (369) | | |
Investments in associated company
|
| | | | — | | | | | | (6,501) | | | | | | — | | |
Acquisition, net of cash acquired
|
| | | | (15,482) | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (66,854) | | | | | | (20,581) | | | | | | (11,429) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Exercise of options
|
| | | | 849 | | | | | | 1,044 | | | | | | 818 | | |
Issuance of redeemable preferred stock and warrants, net
|
| | | | 32,646 | | | | | | — | | | | | | — | | |
Outstanding operating balances
|
| | | | 1,659,944 | | | | | | 292,699 | | | | | | 552,806 | | |
Repayment or proceeds of long-term debt
|
| | | | (19,975) | | | | | | 60,000 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 1,673,464 | | | | | | 353,743 | | | | | | 553,624 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | 636 | | | | | | 521 | | | | | | (2,538) | | |
Net change in cash, cash equivalents, restricted cash and customer funds
|
| | | | 1,616,772 | | | | | | 319,371 | | | | | | 533,669 | | |
Cash, cash equivalents, restricted cash and customer funds at beginning of the period
|
| | | | 1,796,517 | | | | | | 1,477,146 | | | | | | 943,477 | | |
Cash, cash equivalents, restricted cash and customer funds at end of
the period |
| | | $ | 3,413,289 | | | | | $ | 1,796,517 | | | | | $ | 1,477,146 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid for taxes, net of refunds
|
| | | $ | 5,713 | | | | | $ | 1,937 | | | | | $ | 3,332 | | |
Cash interest received
|
| | | $ | 5,455 | | | | | $ | 15,867 | | | | | $ | 7,061 | | |
Cash interest paid
|
| | | $ | 1,887 | | | | | $ | 311 | | | | | $ | — | | |
Supplemental schedule of noncash investing activities: | | | | | | | | | | | | | | | | | | | |
Property, equipment, and software acquired but not paid
|
| | | $ | 534 | | | | | $ | 444 | | | | | $ | 17 | | |
Internal use software capitalized but not paid
|
| | | $ | 988 | | | | | $ | 1,149 | | | | | $ | 877 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 102,988 | | | | | $ | 114,896 | | | | | $ | 104,011 | | |
Restricted cash
|
| | | | 31,593 | | | | | | 25,144 | | | | | | 12,606 | | |
Customer funds
|
| | | | 3,278,708 | | | | | | 1,656,477 | | | | | | 1,360,529 | | |
Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows
|
| | | $ | 3,413,289 | | | | | $ | 1,796,517 | | | | | $ | 1,477,146 | | |
Supplemental schedule about acquisition
|
| | | | | | |
Estimated net fair value of assets acquired and liabilities assumed at the date of acquisition was
as follows: |
| | | | | | |
Working capital deficit, net (excluding cash and cash equivalents in the amount of $196)
|
| | | $ | (29) | | |
Property, plant and equipment
|
| | | | 162 | | |
Goodwill
|
| | | | 20,449 | | |
Identifiable intangible assets
|
| | | | 17,805 | | |
Non-cash consideration
|
| | | | (22,905) | | |
Total cash paid, net of cash acquired
|
| | | $ | 15,482 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Bank income receivable
|
| | | $ | 13,097 | | | | | $ | 9,225 | | |
Other accounts receivable
|
| | | | 4,868 | | | | | | 4,301 | | |
Reserve for doubtful accounts
|
| | | | (122) | | | | | | (139) | | |
Total accounts receivable
|
| | | $ | 17,843 | | | | | $ | 13,387 | | |
|
CA receivable, gross, January 1, 2020
|
| | | $ | 60,636 | | |
|
CA extended to customers
|
| | | | 265,592 | | |
|
Revenue earned but not collected
|
| | | | 782 | | |
|
Revenue collected but not earned
|
| | | | (656) | | |
|
CA collected from customers
|
| | | | (259,134) | | |
|
Exchange rate adjustments
|
| | | | 970 | | |
|
Charge-offs, net of recoveries
|
| | | | (508) | | |
|
CA receivable, gross, December 31, 2020
|
| | | $ | 67,682 | | |
|
Allowance for CA losses, December 31, 2020
|
| | | | (1,587) | | |
|
CA receivable, net, December 31, 2020
|
| | | $ | 66,095 | | |
|
CA receivable, gross, January 1, 2019
|
| | | $ | 16,909 | | |
|
CA extended to customers
|
| | | | 171,126 | | |
|
Revenue earned but not collected
|
| | | | 656 | | |
|
Revenue collected but not earned
|
| | | | (122) | | |
|
CA collected from customers
|
| | | | (128,003) | | |
|
Exchange rate adjustments
|
| | | | 170 | | |
|
Charge-offs, net of recoveries
|
| | | | (100) | | |
|
CA receivable, gross, December 31, 2019
|
| | | $ | 60,636 | | |
|
Allowance for CA losses, December 31, 2019
|
| | | | (900) | | |
|
CA receivable, net, December 31, 2019
|
| | | $ | 59,736 | | |
|
Total
|
| |
Current
|
| |
1 – 30 days overdue
|
| |
30 – 60 overdue
|
| |
60 – 90 overdue
|
| |
Above 90 overdue
|
| |||||||||||||||
|
67,682
|
| | | | 66,018 | | | | | | 263 | | | | | | 129 | | | | | | 218 | | | | | | 1,054 | | |
|
Total
|
| |
Current
|
| |
1 – 30 days overdue
|
| |
30 – 60 overdue
|
| |
60 – 90 overdue
|
| |
Above 90 overdue
|
| |||||||||||||||
|
60,636
|
| | | | 58,468 | | | | | | 1,373 | | | | | | 619 | | | | | | 96 | | | | | | 80 | | |
|
Total
|
| |
Overdue
|
| |
Due in less than
30 days |
| |
Due in
30 – 60 days |
| |
Due in
60 – 90 days |
| |
Due in more than
90 days |
| |||||||||||||||
|
67,682
|
| | | | 1,664 | | | | | | 10,143 | | | | | | 19,726 | | | | | | 34,979 | | | | | | 1,170 | | |
|
Total
|
| |
Overdue
|
| |
Due in less than
30 days |
| |
Due in
30 – 60 days |
| |
Due in
60 – 90 days |
| |
Due in more than
90 days |
| |||||||||||||||
|
60,636
|
| | | | 2,168 | | | | | | 10,857 | | | | | | 16,016 | | | | | | 31,595 | | | | | | — | | |
|
ALCAL balance, January 1, 2019
|
| | | $ | 153 | | |
|
Provision for ALCAL
|
| | | | 2,701 | | |
|
Recoveries for ALCAL
|
| | | | (1,854) | | |
|
CA receivables charged off
|
| | | | (100) | | |
|
ALCAL balance, December 31, 2019
|
| | | $ | 900 | | |
|
ALCAL balance, January 1, 2020
|
| | | $ | 900 | | |
|
Provision for ALCAL
|
| | | | 5,723 | | |
|
Recoveries for ALCAL
|
| | | | (4,247) | | |
|
CA receivables charged off
|
| | | | (789) | | |
|
ALCAL balance, December 31, 2020
|
| | | $ | 1,587 | | |
| | |
Years
|
|
Computers, software and peripheral equipment
|
| |
3 – 5
|
|
Furniture and office equipment
|
| |
6 – 16
|
|
Leasehold improvements
|
| |
Lesser of economic life or lease term
|
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Primary geographical markets | | | | | | | | | | | | | | | | | | | |
Greater China(1)
|
| | | $ | 127,307 | | | | | $ | 103,531 | | | | | $ | 98,146 | | |
United States
|
| | | | 38,729 | | | | | | 69,016 | | | | | | 49,997 | | |
All other countries(2)
|
| | | | 179,556 | | | | | | 145,203 | | | | | | 111,992 | | |
Total revenues
|
| | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 260,135 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenue recognized at a point in time
|
| | | $ | 332,939 | | | | | $ | 297,077 | | | | | $ | 252,268 | | |
Revenue recognized over time
|
| | | | 6,652 | | | | | | 3,456 | | | | | | — | | |
Revenue from contracts with customers
|
| | | | 339,591 | | | | | | 300,533 | | | | | | 252,268 | | |
Revenue from other sources
|
| | | | 6,001 | | | | | | 17,217 | | | | | | 7,867 | | |
Total revenues
|
| | | $ | 345,592 | | | | | $ | 317,750 | | | | | $ | 260,135 | | |
|
Opening balance (modified retrospective adoption of ASC 606 on January 1, 2019)
|
| | | $ | 285 | | |
|
Additions to deferred customer acquisition costs
|
| | | | 6,981 | | |
|
Amortization of deferred customer acquisition costs
|
| | | | (2,209) | | |
|
Ending balance as of December 31, 2019
|
| | | $ | 5,057 | | |
|
Opening balance as of January 1, 2020
|
| | | $ | 5,057 | | |
|
Additions to deferred customer acquisition costs
|
| | | | 10,119 | | |
|
Amortization of deferred customer acquisition costs
|
| | | | (6,200) | | |
|
Ending balance as of December 31, 2020
|
| | | $ | 8,976 | | |
| | |
At
February 4, 2020 |
| |||
Consideration | | | | | | | |
Cash consideration
|
| | | $ | 15,678 | | |
Fair value of Earn-Out amount
|
| | | | 4,044 | | |
Deferred consideration
|
| | | | 2,925 | | |
Acquirer stock consideration
|
| | | | 15,543 | | |
Other noncash consideration
|
| | | | 393 | | |
Fair value of total consideration transferred:
|
| | | $ | 38,583 | | |
Recognized amounts of identifiable assets acquired, and liabilities assumed: | | | | | | | |
Working capital (including cash and cash equivalents in the amount of $196)
|
| | | | 167 | | |
Property, plant, and equipment
|
| | | | 162 | | |
Identifiable intangible assets
|
| | | | 17,805 | | |
Total identifiable net assets
|
| | | | 18,134 | | |
Goodwill
|
| | | | 20,449 | | |
Total identifiable net assets and goodwill
|
| | | $ | 38,583 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Prepaid income taxes
|
| | | $ | 2,094 | | | | | $ | 2,313 | | |
Prepaid expenses
|
| | | | 5,980 | | | | | | 5,655 | | |
Other
|
| | | | 2,343 | | | | | | 1,866 | | |
| | | | $ | 10,417 | | | | | $ | 9,834 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Leasehold improvements
|
| | | $ | 8,157 | | | | | $ | 7,818 | | |
Furniture and office equipment
|
| | | | 3,579 | | | | | | 3,324 | | |
Computers, software and peripheral equipment
|
| | | | 27,322 | | | | | | 22,179 | | |
Accumulated depreciation
|
| | | | (26,364) | | | | | | (19,049) | | |
| | | | $ | 12,694 | | | | | $ | 14,272 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Israel
|
| | | $ | 8,224 | | | | | $ | 9,342 | | |
United States
|
| | | | 2,450 | | | | | | 2,870 | | |
All other countries
|
| | | | 2,020 | | | | | | 2,060 | | |
| | | | $ | 12,694 | | | | | $ | 14,272 | | |
| | |
December 31,
2019 |
| |
Goodwill
Acquired |
| |
Foreign
Currency Translation Adjustments |
| |
December 31,
2020 |
| ||||||||||||
Total goodwill
|
| | | | — | | | | | | 20,449 | | | | | | 2,092 | | | | | | 22,541 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Internal use software, cost
|
| | | $ | 40,663 | | | | | $ | 26,319 | | |
Current technology, cost
|
| | | | 16,178 | | | | | | — | | |
Accumulated amortization
|
| | | | (22,426) | | | | | | (10,126) | | |
| | | | $ | 34,415 | | | | | $ | 16,193 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Accrued expenses
|
| | | $ | 19,464 | | | | | $ | 9,214 | | |
Commissions payable
|
| | | | 8,326 | | | | | | 4,855 | | |
Employee related compensation
|
| | | | 33,249 | | | | | | 26,264 | | |
Other
|
| | | | 2,416 | | | | | | 2,208 | | |
| | | | $ | 63,455 | | | | | $ | 42,541 | | |
Year ended December 31,
|
| | | | | | |
2021
|
| | | | 10,160 | | |
2022
|
| | | | 8,208 | | |
2023
|
| | | | 2,678 | | |
2024
|
| | | | 858 | | |
2025 – thereafter
|
| | | | 108 | | |
| | | | $ | 22,012 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Shares
Authorized |
| |
Shares
Issued and Paid |
| |
Carrying
Value, Net of issuance costs |
| |
Liquidation
Preference |
| ||||||||||||
Series A Preferred Stock of $0.01 par value
|
| | | | 16,078,344 | | | | | | 16,078,344 | | | | | $ | 385 | | | | | $ | 4,633 | | |
Series A-1 Preferred Stock of $0.01 par value
|
| | | | 4,297,440 | | | | | | 4,297,440 | | | | | | 638 | | | | | | 1,476 | | |
Series B Preferred Stock of $0.01 par value
|
| | | | 15,253,512 | | | | | | 15,253,512 | | | | | | 4,497 | | | | | | 9,930 | | |
Series B-1 Preferred Stock of $0.01 par value
|
| | | | 2,087,880 | | | | | | 2,087,880 | | | | | | 492 | | | | | | 1,115 | | |
Series C Preferred Stock of $0.01 par value
|
| | | | 29,537,800 | | | | | | 29,537,800 | | | | | | 25,147 | | | | | | 23,117 | | |
Series C-1 Preferred Stock of $0.01 par value
|
| | | | 3,000,000 | | | | | | 3,000,000 | | | | | | — | | | | | | 1,936 | | |
Series C-2 Preferred Stock of $0.01 par value
|
| | | | 8,695,368 | | | | | | 8,695,368 | | | | | | 5,054 | | | | | | 11,713 | | |
Series D Preferred Stock of $0.01 par value
|
| | | | 18,605,940 | | | | | | 18,605,940 | | | | | | 30,739 | | | | | | 46,245 | | |
Series E Preferred Stock of $0.01 par value
|
| | | | 11,066,882 | | | | | | 11,066,882 | | | | | | 67,858 | | | | | | 88,995 | | |
Series E-1 Preferred Stock of $0.01 par value
|
| | | | 2,828,854 | | | | | | 2,828,854 | | | | | | 19,990 | | | | | | 24,324 | | |
Total
|
| | | | 111,452,020 | | | | | | 111,452,020 | | | | | $ | 154,800 | | | | | $ | 213,484 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Shares
Authorized |
| |
Shares
Issued and Paid |
| |
Carrying
Value, Net of issuance costs |
| |
Liquidation
Preference |
| ||||||||||||
Series A Preferred Stock of $0.01 par value
|
| | | | 16,078,344 | | | | | | 16,078,344 | | | | | $ | 385 | | | | | $ | 4,370 | | |
Series A-1 Preferred Stock of $0.01 par value
|
| | | | 4,297,440 | | | | | | 4,297,440 | | | | | | 638 | | | | | | 1,392 | | |
Series B Preferred Stock of $0.01 par value
|
| | | | 15,253,512 | | | | | | 15,253,512 | | | | | | 4,497 | | | | | | 9,367 | | |
Series B-1 Preferred Stock of $0.01 par value
|
| | | | 2,087,880 | | | | | | 2,087,880 | | | | | | 492 | | | | | | 1,052 | | |
Series C Preferred Stock of $0.01 par value
|
| | | | 29,537,800 | | | | | | 29,537,800 | | | | | | 25,147 | | | | | | 21,805 | | |
Series C-1 Preferred Stock of $0.01 par value
|
| | | | 3,000,000 | | | | | | 3,000,000 | | | | | | — | | | | | | 1,826 | | |
Series C-2 Preferred Stock of $0.01 par value
|
| | | | 8,695,368 | | | | | | 8,695,368 | | | | | | 5,054 | | | | | | 11,048 | | |
Series D Preferred Stock of $0.01 par value
|
| | | | 18,605,940 | | | | | | 18,605,940 | | | | | | 30,739 | | | | | | 43,621 | | |
Series E Preferred Stock of $0.01 par value
|
| | | | 11,066,882 | | | | | | 11,066,882 | | | | | | 67,858 | | | | | | 83,944 | | |
Series E-1 Preferred Stock of $0.01 par value
|
| | | | 2,828,854 | | | | | | 2,828,854 | | | | | | 19,990 | | | | | | 22,943 | | |
Total
|
| | | | 111,452,020 | | | | | | 111,452,020 | | | | | $ | 154,800 | | | | | $ | 201,368 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares
Issued and Paid |
| |
Carrying
Value |
| |
Liquidation
Preference |
| ||||||||||||||
Series 1 Preferred Stock of $0.01 par value
|
| | | | 3,500 | | | | | | 3,500 | | | | | $ | 10,735 | | | | | $ | 36,520 | | |
|
Expected term length
|
| | | | 7.5 | | |
|
Dividend rate
|
| | | | 0.0% | | |
|
Volatility rate
|
| | | | 50% | | |
|
Risk free interest rate
|
| | | | 0.47% | | |
December 31, 2020
|
| ||||||||||||||||||||||||
| | |
Outstanding Options
|
| |
Options Exercisable
|
| ||||||||||||||||||
Exercise Price
|
| |
Number
Outstanding |
| |
Weighted Average
Remaining Contractual life |
| |
Number
Outstanding |
| |
Weighted Average
Remaining Contractual life |
| ||||||||||||
$0.010
|
| | | | 1,503,158 | | | | | | 9.21 | | | | | | — | | | | | | — | | |
$0.038
|
| | | | 273,312 | | | | | | 0.32 | | | | | | 273,312 | | | | | | 0.32 | | |
$0.134
|
| | | | 245,054 | | | | | | 4.78 | | | | | | 198,006 | | | | | | 4.22 | | |
$0.248
|
| | | | 206,934 | | | | | | 1.97 | | | | | | 206,934 | | | | | | 1.97 | | |
$0.652
|
| | | | 78,750 | | | | | | 2.86 | | | | | | 78,750 | | | | | | 2.86 | | |
$1.008
|
| | | | 1,512,764 | | | | | | 3.34 | | | | | | 1,512,764 | | | | | | 3.34 | | |
$1.148
|
| | | | 2,020,918 | | | | | | 4.05 | | | | | | 2,020,918 | | | | | | 4.05 | | |
$2.593
|
| | | | 521,000 | | | | | | 4.95 | | | | | | 521,000 | | | | | | 4.95 | | |
$2.640
|
| | | | 3,128,166 | | | | | | 4.95 | | | | | | 3,128,166 | | | | | | 4.95 | | |
$3.395
|
| | | | 376,000 | | | | | | 5.46 | | | | | | 376,000 | | | | | | 5.46 | | |
$5.135
|
| | | | 3,346,550 | | | | | | 9.23 | | | | | | 103,125 | | | | | | 9.21 | | |
$5.255
|
| | | | 3,219,545 | | | | | | 6.85 | | | | | | 2,259,154 | | | | | | 6.74 | | |
$5.340
|
| | | | 927,274 | | | | | | 7.67 | | | | | | 516,518 | | | | | | 7.61 | | |
$5.450
|
| | | | 4,319,410 | | | | | | 8.03 | | | | | | 1,916,115 | | | | | | 7.92 | | |
$5.669
|
| | | | 2,228,286 | | | | | | 5.82 | | | | | | 2,065,514 | | | | | | 5.78 | | |
$5.755
|
| | | | 582,775 | | | | | | 8.53 | | | | | | 194,656 | | | | | | 8.47 | | |
$7.330
|
| | | | 752,000 | | | | | | 9.95 | | | | | | — | | | | | | — | | |
| | | | | 25,241,896 | | | | | | 6.70 | | | | | | 15,370,932 | | | | | | 5.45 | | |
December 31, 2019
|
| ||||||||||||||||||||||||
| | |
Outstanding Options
|
| |
Options Exercisable
|
| ||||||||||||||||||
Exercise Price
|
| |
Number
Outstanding |
| |
Weighted Average
Remaining Contractual life |
| |
Number
Outstanding |
| |
Weighted Average
Remaining Contractual life |
| ||||||||||||
$0.005
|
| | | | 80,000 | | | | | | 8.56 | | | | | | 30,000 | | | | | | 8.56 | | |
$0.038
|
| | | | 2,077,350 | | | | | | 0.93 | | | | | | 2,077,350 | | | | | | 0.93 | | |
$0.094
|
| | | | 521,948 | | | | | | 0.43 | | | | | | 521,948 | | | | | | 0.43 | | |
$0.134
|
| | | | 251,054 | | | | | | 5.65 | | | | | | 166,368 | | | | | | 4.41 | | |
$0.248
|
| | | | 457,358 | | | | | | 2.48 | | | | | | 457,358 | | | | | | 2.48 | | |
$0.500
|
| | | | 55,044 | | | | | | 9.33 | | | | | | — | | | | | | — | | |
$0.652
|
| | | | 153,950 | | | | | | 3.23 | | | | | | 153,950 | | | | | | 3.23 | | |
$1.008
|
| | | | 2,100,610 | | | | | | 3.36 | | | | | | 2,100,610 | | | | | | 2.78 | | |
$1.148
|
| | | | 2,198,118 | | | | | | 5.03 | | | | | | 2,198,118 | | | | | | 5.03 | | |
$2.593
|
| | | | 589,364 | | | | | | 5.54 | | | | | | 589,364 | | | | | | 5.54 | | |
$2.640
|
| | | | 3,289,110 | | | | | | 5.91 | | | | | | 3,092,630 | | | | | | 5.89 | | |
$3.395
|
| | | | 421,000 | | | | | | 6.58 | | | | | | 369,312 | | | | | | 6.58 | | |
$5.255
|
| | | | 3,558,918 | | | | | | 7.81 | | | | | | 1,651,578 | | | | | | 7.47 | | |
$5.340
|
| | | | 1,204,974 | | | | | | 8.69 | | | | | | 381,530 | | | | | | 8.65 | | |
$5.450
|
| | | | 4,585,692 | | | | | | 9.10 | | | | | | 24,312 | | | | | | 4.73 | | |
$5.669
|
| | | | 2,485,600 | | | | | | 6.65 | | | | | | 1,736,170 | | | | | | 6.42 | | |
$5.755
|
| | | | 664,900 | | | | | | 9.56 | | | | | | — | | | | | | — | | |
| | | | | 24,694,990 | | | | | | 6.19 | | | | | | 15,550,598 | | | | | | 4.66 | | |
| | |
Year Ended December 31,
|
| |||
| | |
2020
|
| |
2019
|
|
Expected term (in years)
|
| |
5.86 – 6.5
|
| |
5.61 – 6.11
|
|
Risk-free interest rate
|
| |
0.45% – 0.93%
|
| |
1.87% – 2.57%
|
|
Dividend yield
|
| |
None
|
| |
None
|
|
Volatility rate
|
| |
45%
|
| |
45%
|
|
Weighted average fair value of options at grant date
|
| |
$3.158
|
| |
$2.577
|
|
| | |
Shares
|
| |
Weighted
Average Exercise Price per Share |
| |
Weighted
Average Remaining Contractual Term |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding January 1, 2020
|
| | | | 24,694,990 | | | | | $ | 3.43 | | | | | $ | 6.19 | | | | | $ | 55,590 | | |
Granted
|
| | | | 5,888,532 | | | | | $ | 4.06 | | | | | | | | | | | | | | |
Exercised
|
| | | | (3,313,666) | | | | | $ | 0.67 | | | | | | | | | | | | | | |
Expired
|
| | | | (247,176) | | | | | $ | 0.09 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (1,780,784) | | | | | $ | 4.17 | | | | | | | | | | | | | | |
Outstanding December 31, 2020
|
| | | | 25,241,896 | | | | | $ | 3.92 | | | | | $ | 6.70 | | | | | $ | 83,639 | | |
Exercisable December 31, 2020
|
| | | | 15,370,932 | | | | | $ | 3.47 | | | | | $ | 5.45 | | | | | $ | 59,370 | | |
| | |
Units
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Outstanding December 31, 2019
|
| | | | — | | | | | $ | — | | |
Awarded
|
| | | | 915,730 | | | | | $ | 5.17 | | |
Vested
|
| | | | — | | | | | $ | — | | |
Forfeited
|
| | | | — | | | | | $ | — | | |
Outstanding December 31, 2020
|
| | | | 915,730 | | | | | $ | 5.17 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Network fees
|
| | | $ | 16,744 | | | | | $ | 18,981 | | | | | $ | 16,223 | | |
Bank and processor fees
|
| | | | 68,544 | | | | | | 68,029 | | | | | | 58,963 | | |
Card costs
|
| | | | 2,563 | | | | | | 3,129 | | | | | | 2,995 | | |
CA costs
|
| | | | 1,984 | | | | | | 902 | | | | | | 153 | | |
Chargeback losses
|
| | | | 5,637 | | | | | | 2,638 | | | | | | 2,024 | | |
Other
|
| | | | 1,568 | | | | | | 986 | | | | | | 1,010 | | |
| | | | $ | 97,040 | | | | | $ | 94,665 | | | | | $ | 81,368 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net gain (loss) before income taxes: | | | | | | | | | | | | | | | | | | | |
U.S. Domestic
|
| | | $ | (37,758) | | | | | $ | (8,013) | | | | | $ | (13,075) | | |
Foreign
|
| | | | 22,475 | | | | | | 12,178 | | | | | | 8,975 | | |
| | | | $ | (15,283) | | | | | $ | 4,165 | | | | | $ | (4,100) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Current tax provision: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | 367 | | | | | | 147 | | | | | | 200 | | |
Foreign
|
| | | | 8,660 | | | | | | 5,065 | | | | | | 3,305 | | |
Deferred tax provision: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | (707) | | | | | | (503) | | | | | | (416) | | |
| | | | $ | 8,320 | | | | | $ | 4,709 | | | | | $ | 3,089 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Tax computed at the statutory U.S. federal income tax rate
|
| | | $ | (3,209) | | | | | $ | 874 | | | | | $ | (903) | | |
State and local taxes
|
| | | | 1,073 | | | | | | 487 | | | | | | 433 | | |
Valuation allowances
|
| | | | 8,564 | | | | | | (324) | | | | | | 1,296 | | |
Share-based compensation
|
| | | | 2,287 | | | | | | 2,002 | | | | | | 1,453 | | |
Differences in foreign tax rate
|
| | | | (822) | | | | | | (45) | | | | | | (12) | | |
Uncertain tax positions
|
| | | | 684 | | | | | | 1,494 | | | | | | 771 | | |
Other
|
| | | | (257) | | | | | | 221 | | | | | | 51 | | |
| | | | $ | 8,320 | | | | | $ | 4,709 | | | | | $ | 3,089 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 24,543 | | | | | $ | 4,922 | | |
Transaction loss provision
|
| | | | 272 | | | | | | 1,360 | | |
Property, equipment & software
|
| | | | 31 | | | | | | 32 | | |
Employee benefits
|
| | | | 3,653 | | | | | | 2,931 | | |
Gross deferred tax assets
|
| | | | 28,499 | | | | | | 9,245 | | |
Valuation allowance
|
| | | | (14,442) | | | | | | (2,766) | | |
Total deferred tax assets
|
| | | | 14,057 | | | | | | 6,479 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Internal use software
|
| | | | 10,373 | | | | | | 3,516 | | |
Total deferred tax liabilities
|
| | | | 10,373 | | | | | | 3,516 | | |
Net deferred tax assets
|
| | | $ | 3,684 | | | | | $ | 2,963 | | |
|
Balance at January 1, 2019
|
| | | $ | 2,898 | | |
|
Decreases for tax positions in prior years
|
| | | | 294 | | |
|
Increases for tax positions related to current year
|
| | | | 1,787 | | |
|
Balance at December 31, 2019
|
| | | $ | 4,391 | | |
|
Balance at January 1, 2020
|
| | | $ | 4,391 | | |
|
Decreases for tax positions in prior years
|
| | | | (1,000) | | |
|
Increases for tax positions related to current year
|
| | | | 1,685 | | |
|
Balance at December 31, 2020
|
| | | $ | 5,076 | | |
|
Balance at January 1, 2018
|
| | | $ | 1,564 | | |
|
Additions to valuation allowance
|
| | | | 820 | | |
|
Deductions to valuation allowance
|
| | | | — | | |
|
Balance at December 31, 2018
|
| | | $ | 2,384 | | |
|
Balance at January 1, 2019
|
| | | $ | 2,384 | | |
|
Additions to valuation allowance
|
| | | | 382 | | |
|
Deductions to valuation allowance
|
| | | | — | | |
|
Balance at December 31, 2019
|
| | | $ | 2,766 | | |
|
Balance at January 1, 2020
|
| | | $ | 2,766 | | |
|
Additions to valuation allowance
|
| | | | 11,676 | | |
|
Deductions to valuation allowance
|
| | | | — | | |
|
Balance at December 31, 2020
|
| | | $ | 14,442 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(In thousands, except share and per share data)
|
| |||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (23,746) | | | | | $ | (625) | | | | | $ | (7,189) | | |
Less dividends attributable to redeemable preferred stock and redeemable convertible preferred stock
|
| | | | 13,636 | | | | | | 11,398 | | | | | | 10,753 | | |
Net loss attributable to common stockholders
|
| | | $ | (37,382) | | | | | $ | (12,023) | | | | | $ | (17,942) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 25,004,093 | | | | | | 19,210,017 | | | | | | 17,046,120 | | |
Net loss per share attributable to common stockholders – basic
and diluted |
| | | $ | (1.50) | | | | | $ | (0.63) | | | | | $ | (1.05) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Options to purchase common stock
|
| | | | 8,232,203 | | | | | | 9,773,702 | | | | | | 11,282,417 | | |
Redeemable preferred stock and redeemable convertible preferred stock (as converted to common stock)
|
| | | | 111,452,020 | | | | | | 111,452,020 | | | | | | 111,452,020 | | |
Warrants
|
| | | | 222,414 | | | | | | 237,978 | | | | | | 219,125 | | |
| | | | | 119,906,637 | | | | | | 121,463,700 | | | | | | 122,953,562 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 104,676 | | | | | $ | 102,988 | | |
Restricted cash
|
| | | | 26,449 | | | | | | 26,394 | | |
Customer funds
|
| | | | 3,324,684 | | | | | | 3,346,722 | | |
Accounts receivable, net
|
| | | | 4,722 | | | | | | 17,843 | | |
CA receivables, net
|
| | | | 72,032 | | | | | | 66,095 | | |
Other current assets
|
| | | | 18,273 | | | | | | 10,417 | | |
Total current assets
|
| | | | 3,550,836 | | | | | | 3,570,459 | | |
Non-current assets: | | | | | | | | | | | | | |
Property, equipment and software, net
|
| | | | 11,903 | | | | | | 12,694 | | |
Goodwill
|
| | | | 21,796 | | | | | | 22,541 | | |
Intangible assets, net
|
| | | | 34,506 | | | | | | 34,415 | | |
Restricted cash
|
| | | | 6,196 | | | | | | 5,199 | | |
Deferred taxes
|
| | | | 2,630 | | | | | | 3,684 | | |
Investment in associated company
|
| | | | 6,836 | | | | | | 6,858 | | |
Severance pay fund
|
| | | | 1,837 | | | | | | 1,624 | | |
ROU assets
|
| | | | 17,042 | | | | | | — | | |
Other assets
|
| | | | 18,350 | | | | | | 12,210 | | |
Total assets
|
| | | $ | 3,671,932 | | | | | $ | 3,669,684 | | |
Liabilities, Redeemable and Redeemable Convertible Preferred Stock and Shareholders’ Equity:
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | $ | 13,215 | | | | | $ | 17,245 | | |
Outstanding operating balances
|
| | | | 3,324,684 | | | | | | 3,346,722 | | |
Current portion of long-term debt
|
| | | | 15,000 | | | | | | 13,500 | | |
Other payables
|
| | | | 58,093 | | | | | | 63,455 | | |
Total current liabilities
|
| | | | 3,410,992 | | | | | | 3,440,922 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Long-term debt
|
| | | | 49,026 | | | | | | 26,525 | | |
Other long-term liabilities
|
| | | | 21,940 | | | | | | 12,403 | | |
Total liabilities
|
| | | | 3,481,958 | | | | | | 3,479,850 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Redeemable convertible preferred stock, $0.01 par value, 111,452,020 shares authorized;
111,452,020 shares issued and outstanding; aggregate liquidation preference of $216,574 and $213,484 at March 31, 2021 and December 31, 2020, respectively. |
| | | | 154,800 | | | | | | 154,800 | | |
Redeemable preferred stock, $0.01 par value, 3,500 shares authorized; 3,500 shares issued and outstanding; aggregate liquidation preference of $37,451 and $36,520 at March 31, 2021 and December 31, 2020.
|
| | | | 10,735 | | | | | | 10,735 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Share capital, $0.01 par value, 173,274,443 and 170,274,443 shares authorized; 26,435,097
and 25,855,413 shares issued and outstanding at March 31, 2020 and December 31, 2020 respectively. |
| | | | 264 | | | | | | 259 | | |
Additional paid-in capital
|
| | | | 84,765 | | | | | | 79,933 | | |
Accumulated other comprehensive income (loss)
|
| | | | 2,985 | | | | | | 4,174 | | |
Accumulated deficit
|
| | | | (63,575) | | | | | | (60,067) | | |
Total shareholders’ equity
|
| | | | 24,439 | | | | | | 24,299 | | |
Total liabilities redeemable preferred stock, redeemable convertible preferred stock and shareholders’ equity
|
| | | $ | 3,671,932 | | | | | $ | 3,669,684 | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | |
Transaction costs
|
| | | | 20,155 | | | | | | 24,793 | | |
Other operating expenses
|
| | | | 26,614 | | | | | | 19,852 | | |
Research and development expenses
|
| | | | 16,653 | | | | | | 10,574 | | |
Sales and marketing expenses
|
| | | | 23,139 | | | | | | 17,829 | | |
General and administrative expenses
|
| | | | 10,517 | | | | | | 7,826 | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | 4,166 | | |
Total operating expenses
|
| | | | 101,755 | | | | | | 85,040 | | |
Operating loss
|
| | | | (1,149) | | | | | | (3,081) | | |
Financial expense, net
|
| | | | 622 | | | | | | 1,803 | | |
Loss before taxes on income
|
| | | | (1,771) | | | | | | (4,884) | | |
Income tax expense
|
| | | | 1,731 | | | | | | 2,573 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | |
Net loss
|
| | | $ | (3,508) | | | | | $ | (7,479) | | |
Per share data | | | | | | | | | | | | | |
Net loss per share attributable to common stockholders – basic and
diluted |
| | | $ | (0.31) | | | | | $ | (0.47) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 29,185,545 | | | | | | 22,045,779 | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Net loss
|
| | | $ | (3,508) | | | | | $ | (7,479) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of taxes
|
| | | | (1,189) | | | | | | (58) | | |
Comprehensive loss
|
| | | $ | (4,697) | | | | | $ | (7,537) | | |
| | |
Redeemable convertible
preferred stock |
| | |
Redeemable
preferred stock |
| | |
Share capital
|
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Share
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
Balance At January 1, 2020
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | | — | | | | | | — | | | | | | | 19,983,799 | | | | | $ | 200 | | | | | $ | 30,615 | | | | | $ | 143 | | | | | $ | (36,321) | | | | | $ | (5,363) | | |
Exercise of
options |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | 420,416 | | | | | | 7 | | | | | | 221 | | | | | | — | | | | | | — | | | | | | 228 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,218 | | | | | | — | | | | | | — | | | | | | 2,218 | | |
Acquisition related issuance of common stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | 2,807,902 | | | | | | 28 | | | | | | 15,515 | | | | | | — | | | | | | — | | | | | | 15,543 | | |
Other comprehensive
income, net of tax |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (58) | | | | | | — | | | | | | (58) | | |
Net income
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,479) | | | | | | (7,479) | | |
Balance At March 31, 2020
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | | — | | | | | | — | | | | | | | 23,212,117 | | | | | $ | 235 | | | | | $ | 48,569 | | | | | $ | 85 | | | | | $ | (43,800) | | | | | $ | 5,089 | | |
Balance at January 1, 2021
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | | 3,500 | | | | | | 10,735 | | | | | | | 25,855,413 | | | | | $ | 259 | | | | | | 79,933 | | | | | | 4,174 | | | | | | (60,067) | | | | | | 24,299 | | |
Exercise of
options |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | 579,684 | | | | | | 5 | | | | | | 464 | | | | | | — | | | | | | — | | | | | | 469 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 4,368 | | | | | | — | | | | | | — | | | | | | 4,368 | | |
Other comprehensive
income (loss), net of tax |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,189) | | | | | | — | | | | | | (1,189) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,508) | | | | | | (3,508) | | |
Balance At March 31, 2021
|
| | | | 111,452,020 | | | | | $ | 154,800 | | | | | | | 3,500 | | | | | | 10,735 | | | | | | | 26,435,097 | | | | | $ | 264 | | | | | | 84,765 | | | | | | 2,985 | | | | | | (63,575) | | | | | | 24,439 | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,508) | | | | | $ | (7,479) | | |
Adjustment to reconcile net income to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 4,677 | | | | | | 4,166 | | |
Deferred taxes
|
| | | | 1,054 | | | | | | 1,713 | | |
Share-based compensation expenses
|
| | | | 4,368 | | | | | | 2,218 | | |
Share in losses of associated company
|
| | | | 6 | | | | | | 22 | | |
Foreign currency re-measurement
|
| | | | 856 | | | | | | (1,440) | | |
Changes in operating assets and liabilities, net of effects of businesses acquired:
|
| | | | | | | | | | | | |
Other current assets
|
| | | | (8,215) | | | | | | 1,133 | | |
Trade payables
|
| | | | (4,099) | | | | | | (3,259) | | |
Deferred revenue
|
| | | | (165) | | | | | | 120 | | |
Accounts receivables
|
| | | | 13,110 | | | | | | 2,438 | | |
CA extended to customers
|
| | | | (104,357) | | | | | | (48,227) | | |
CA collected from customers
|
| | | | 98,420 | | | | | | 75,553 | | |
Other payables
|
| | | | (13,320) | | | | | | (17,735) | | |
Other long-term liabilities
|
| | | | (1,507) | | | | | | 346 | | |
ROU assets
|
| | | | 2,352 | | | | | | — | | |
Other assets
|
| | | | (6,140) | | | | | | (654) | | |
Net cash provided by (used in) operating activities
|
| | | | (16,468) | | | | | | 8,915 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Purchase of property, equipment and software
|
| | | | (797) | | | | | | (1,574) | | |
Capitalization of internal use software
|
| | | | (3,351) | | | | | | (2,014) | | |
Change in severance pay fund
|
| | | | (213) | | | | | | 52 | | |
Customer funds in transit
|
| | | | (3,673) | | | | | | 3,074 | | |
Acquisition, net of cash acquired
|
| | | | — | | | | | | (15,482) | | |
Net cash used in investing activities
|
| | | | (8,034) | | | | | | (15,944) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Exercise of options
|
| | | | 469 | | | | | | 228 | | |
Outstanding operating balances
|
| | | | (22,040) | | | | | | 32,469 | | |
Repayment or proceeds from long-term debt, net
|
| | | | 24,001 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 2,430 | | | | | | 32,697 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | (899) | | | | | | 1,442 | | |
Net change in cash, cash equivalents, restricted cash and customer funds
|
| | | | (22,971) | | | | | | 27,110 | | |
Cash, cash equivalents, restricted cash and customer funds at beginning of
the period |
| | | | 3,413,289 | | | | | | 1,796,517 | | |
Cash, cash equivalents, restricted cash and customer funds at end of the period
|
| | | $ | 3,390,318 | | | | | $ | 1,823,627 | | |
| | |
As of March 31,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Cash and cash equivalents
|
| | | $ | 104,676 | | | | | $ | 120,595 | | |
Restricted cash
|
| | | | 32,645 | | | | | | 11,012 | | |
Customer funds
|
| | | | 3,252,997 | | | | | | 1,692,020 | | |
Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows
|
| | | $ | 3,390,318 | | | | | $ | 1,823,627 | | |
|
Net fair value of assets acquired and liabilities assumed at the date of acquisition was as follows:
|
| | | | | | |
|
Working capital deficit, net (excluding cash and cash equivalents in the amount of $196)
|
| | | $ | (29) | | |
|
Property, plant and equipment
|
| | | | 162 | | |
|
Goodwill
|
| | | | 20,449 | | |
|
Identifiable intangible assets
|
| | | | 17,805 | | |
|
Non-cash consideration
|
| | | | (22,905) | | |
|
Total cash paid, net of cash acquired
|
| | | $ | 15,482 | | |
|
CA receivable, gross, December 31, 2020
|
| | | $ | 67,682 | | |
|
CA extended to customers
|
| | | | 104,381 | | |
|
Revenue earned in the period but not collected
|
| | | | 901 | | |
|
Revenue collected in the period but not earned
|
| | | | (782) | | |
|
CA collected from customers
|
| | | | (97,638) | | |
|
Exchange rate adjustments
|
| | | | (627) | | |
|
Charge-offs, net of recoveries
|
| | | | (292) | | |
|
CA receivable, gross, March 31, 2021
|
| | | $ | 73,625 | | |
|
Allowance for CA losses, March 31, 2021
|
| | | | (1,593) | | |
|
CA receivable, net, March 31, 2021
|
| | | $ | 72,032 | | |
|
CA receivable, gross, December 31, 2019
|
| | | $ | 60,636 | | |
|
CA extended to customers
|
| | | | 48,513 | | |
|
Revenue earned in the period but not collected
|
| | | | 587 | | |
|
Revenue collected in the period but not earned
|
| | | | (656) | | |
|
CA collected from customers
|
| | | | (74,897) | | |
|
Exchange rate adjustments
|
| | | | (445) | | |
|
Charge-offs, net of recoveries
|
| | | | (248) | | |
|
CA receivable, gross, March 31, 2020
|
| | | $ | 33,490 | | |
|
Allowance for CA losses, March 31, 2020
|
| | | | (1,080) | | |
|
CA receivable, net, March 31, 2020
|
| | | $ | 32,410 | | |
|
Total
|
| |
Current
|
| |
1−30 days
overdue |
| |
30−60
overdue |
| |
60−90
overdue |
| |
Above 90
overdue |
|
|
73,625
|
| |
72,024
|
| |
404
|
| |
113
|
| |
204
|
| |
880
|
|
|
Total
|
| |
Current
|
| |
1−30 days
overdue |
| |
30−60
overdue |
| |
60−90
overdue |
| |
Above 90
overdue |
|
|
67,682
|
| |
66,018
|
| |
263
|
| |
129
|
| |
218
|
| |
1,054
|
|
|
Total
|
| |
Overdue
|
| |
Due in less than
30 days |
| |
Due in 30−60
days |
| |
Due in 60−90
days |
| |
Due in more
than 90 days |
|
|
73,625
|
| |
1,601
|
| |
15,202
|
| |
23,963
|
| |
28,957
|
| |
3,902
|
|
|
Total
|
| |
Overdue
|
| |
Due in less than
30 days |
| |
Due in 30−60
days |
| |
Due in 60−90
days |
| |
Due in more
than 90 days |
|
|
67,682
|
| |
1,664
|
| |
10,143
|
| |
19,726
|
| |
34,979
|
| |
1,170
|
|
|
ALCAL balance, December 31, 2020
|
| | | $ | 1,587 | | |
|
Provision for ALCAL
|
| | | | 1,595 | | |
|
Recoveries for ALCAL
|
| | | | (1,268) | | |
|
CA receivables charged off
|
| | | | (321) | | |
|
ALCAL balance, March 31, 2021
|
| | | $ | 1,593 | | |
|
ALCAL balance, December 31, 2019
|
| | | $ | 900 | | |
|
Provision for ALCAL
|
| | | | 2,566 | | |
|
Recoveries for ALCAL
|
| | | | (2,100) | | |
|
CA receivables charged off
|
| | | | (286) | | |
|
ALCAL balance, March 31, 2020
|
| | | $ | 1,080 | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Primary geographical markets | | | | | | | | | | | | | |
Greater China(1)
|
| | | $ | 39,614 | | | | | $ | 25,952 | | |
United States
|
| | | | 8,053 | | | | | | 15,934 | | |
All other countries(2)
|
| | | | 52,939 | | | | | | 40,073 | | |
Total revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Revenue recognized at a point in time
|
| | | $ | 97,343 | | | | | $ | 76,648 | | |
Revenue recognized over time
|
| | | | 2,734 | | | | | | 1,856 | | |
Revenue from contracts with customers
|
| | | | 100,077 | | | | | | 78,504 | | |
Revenue from other sources
|
| | | | 529 | | | | | | 3,455 | | |
Total revenues
|
| | | $ | 100,606 | | | | | $ | 81,959 | | |
|
Opening balance as of January 1, 2021
|
| | | $ | 8,976 | | |
|
Additions to deferred customer acquisition costs
|
| | | | 2,628 | | |
|
Amortization of deferred customer acquisition costs
|
| | | | (2,089) | | |
|
Ending balance as of March 31, 2021
|
| | | $ | 9,515 | | |
At February 4, 2020
|
| | | | | | |
Consideration | | | | | | | |
Cash consideration
|
| | | $ | 15,678 | | |
Fair value of Earn-Out amount
|
| | | | 4,044 | | |
Deferred consideration
|
| | | | 2,925 | | |
Acquirer stock consideration
|
| | | | 15,543 | | |
Other noncash consideration
|
| | | | 393 | | |
Fair value of total consideration transferred:
|
| | | $ | 38,583 | | |
At February 4, 2020
|
| | | | | | |
Recognized amounts of identifiable assets acquired, and liabilities assumed: | | | | | | | |
Working capital (including cash and cash equivalents in the amount of $196)
|
| | | | 167 | | |
Property, plant, and equipment
|
| | | | 162 | | |
Identifiable intangible assets
|
| | | | 17,805 | | |
Total identifiable net assets
|
| | | | 18,134 | | |
Goodwill
|
| | | | 20,449 | | |
Total identifiable net assets and goodwill
|
| | | $ | 38,583 | | |
|
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Prepaid income taxes
|
| | | $ | 1,023 | | | | | $ | 2,094 | | |
Prepaid expenses
|
| | | | 8,494 | | | | | | 5,980 | | |
Third party incentive receivables
|
| | | | 7,239 | | | | | | — | | |
Other
|
| | | | 1,517 | | | | | | 2,343 | | |
| | | | $ | 18,273 | | | | | $ | 10,417 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Leasehold improvements
|
| | | $ | 7,965 | | | | | $ | 8,157 | | |
Furniture and office equipment
|
| | | | 3,584 | | | | | | 3,579 | | |
Computers, software and peripheral equipment
|
| | | | 28,451 | | | | | | 27,322 | | |
Property, equipment and software
|
| | | | 40,000 | | | | | | 39,058 | | |
Accumulated depreciation
|
| | | | (28,097) | | | | | | (26,364) | | |
Property, equipment and software, net
|
| | | $ | 11,903 | | | | | $ | 12,694 | | |
| | |
December 31,
2020 |
| |
Goodwill
Acquired |
| |
Translation
Adjustments |
| |
March 31,
2021 |
| ||||||||||||
Total goodwill
|
| | | | 22,541 | | | | | | — | | | | | | (745) | | | | | | 21,796 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Internal use software
|
| | | $ | 43,917 | | | | | $ | 40,663 | | |
Developed technology
|
| | | | 15,741 | | | | | | 16,178 | | |
Intangible assets
|
| | | | 59,658 | | | | | | 56,841 | | |
Accumulated amortization
|
| | | | (25,152) | | | | | | (22,426) | | |
| | | | $ | 34,506 | | | | | $ | 34,415 | | |
| | |
March 31,
2021 |
| |||
Operating lease right-of-use asset
|
| | | $ | 17,042 | | |
Operating leases within other payables
|
| | | | 8,637 | | |
Operating leases within other long-term liabilities
|
| | | | 8,440 | | |
Total operating leases
|
| | | $ | 17,077 | | |
Weighted average lease term – operating leases
|
| |
2.23 years
|
| |||
Weighted average discount rate – operating leases
|
| | | | 1.12% | | |
As of March 31, 2021
|
| | | | | | |
Remaining in 2021
|
| | | $ | 6,597 | | |
2022
|
| | | | 7,540 | | |
2023
|
| | | | 2,339 | | |
2024
|
| | | | 707 | | |
2025 – thereafter
|
| | | | 87 | | |
Total
|
| | | $ | 17,270 | | |
Less present value discount
|
| | | | 193 | | |
| | | | | 17,077 | | |
As of December 31, 2020
|
| | | | | | |
2021
|
| | | | 10,160 | | |
2022
|
| | | | 8,208 | | |
2023
|
| | | | 2,678 | | |
2024
|
| | | | 858 | | |
2025 – thereafter
|
| | | | 108 | | |
| | | | $ | 22,012 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Accrued expenses
|
| | | $ | 11,244 | | | | | $ | 19,464 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Commissions payable
|
| | | | 8,416 | | | | | | 8,326 | | |
Employee related compensation
|
| | | | 28,693 | | | | | | 33,249 | | |
Lease liability
|
| | | | 8,636 | | | | | | — | | |
Other
|
| | | | 1,104 | | | | | | 2,416 | | |
| | | | $ | 58,093 | | | | | $ | 63,455 | | |
|
| | |
March 31, 2021
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares Issued
and Paid |
| |
Carrying
Value, Net of issuance costs |
| |
Liquidation
Preference |
| ||||||||||||||
Series A Preferred Stock of $0.01 par value
|
| | | | 16,078,344 | | | | | | 16,078,344 | | | | | $ | 385 | | | | | $ | 4,700 | | |
Series A-1 Preferred Stock of $0.01 par value
|
| | | | 4,297,440 | | | | | | 4,297,440 | | | | | | 638 | | | | | | 1,497 | | |
Series B Preferred Stock of $0.01 par value
|
| | | | 15,253,512 | | | | | | 15,253,512 | | | | | | 4,497 | | | | | | 10,074 | | |
Series B-1 Preferred Stock of $0.01 par value
|
| | | | 2,087,880 | | | | | | 2,087,880 | | | | | | 492 | | | | | | 1,132 | | |
Series C Preferred Stock of $0.01 par value
|
| | | | 29,537,800 | | | | | | 29,537,800 | | | | | | 25,147 | | | | | | 23,452 | | |
Series C-1 Preferred Stock of $0.01 par value
|
| | | | 3,000,000 | | | | | | 3,000,000 | | | | | | — | | | | | | 1,964 | | |
Series C-2 Preferred Stock of $0.01 par value
|
| | | | 8,695,368 | | | | | | 8,695,368 | | | | | | 5,054 | | | | | | 11,883 | | |
Series D Preferred Stock of $0.01 par value
|
| | | | 18,605,940 | | | | | | 18,605,940 | | | | | | 30,739 | | | | | | 46,914 | | |
Series E Preferred Stock of $0.01 par value
|
| | | | 11,066,882 | | | | | | 11,066,882 | | | | | | 67,858 | | | | | | 90,282 | | |
Series E-1 Preferred Stock of $0.01 par value
|
| | | | 2,828,854 | | | | | | 2,828,854 | | | | | | 19,990 | | | | | | 24,676 | | |
Total
|
| | | | 111,452,020 | | | | | | 111,452,020 | | | | | $ | 154,800 | | | | | $ | 216,574 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares Issued
and Paid |
| |
Carrying
Value, Net of issuance costs |
| |
Liquidation
Preference |
| ||||||||||||||
Series A Preferred Stock of $0.01 par value
|
| | | | 16,078,344 | | | | | | 16,078,344 | | | | | $ | 385 | | | | | $ | 4,633 | | |
Series A-1 Preferred Stock of $0.01 par value
|
| | | | 4,297,440 | | | | | | 4,297,440 | | | | | | 638 | | | | | | 1,476 | | |
Series B Preferred Stock of $0.01 par value
|
| | | | 15,253,512 | | | | | | 15,253,512 | | | | | | 4,497 | | | | | | 9,930 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares Issued
and Paid |
| |
Carrying
Value, Net of issuance costs |
| |
Liquidation
Preference |
| ||||||||||||||
Series B-1 Preferred Stock of $0.01 par value
|
| | | | 2,087,880 | | | | | | 2,087,880 | | | | | | 492 | | | | | | 1,115 | | |
Series C Preferred Stock of $0.01 par value
|
| | | | 29,537,800 | | | | | | 29,537,800 | | | | | | 25,147 | | | | | | 23,117 | | |
Series C-1 Preferred Stock of $0.01 par value
|
| | | | 3,000,000 | | | | | | 3,000,000 | | | | | | — | | | | | | 1,936 | | |
Series C-2 Preferred Stock of $0.01 par value
|
| | | | 8,695,368 | | | | | | 8,695,368 | | | | | | 5,054 | | | | | | 11,713 | | |
Series D Preferred Stock of $0.01 par value
|
| | | | 18,605,940 | | | | | | 18,605,940 | | | | | | 30,739 | | | | | | 46,245 | | |
Series E Preferred Stock of $0.01 par value
|
| | | | 11,066,882 | | | | | | 11,066,882 | | | | | | 67,858 | | | | | | 88,995 | | |
Series E-1 Preferred Stock of $0.01 par value
|
| | | | 2,828,854 | | | | | | 2,828,854 | | | | | | 19,990 | | | | | | 24,324 | | |
Total
|
| | | | 111,452,020 | | | | | | 111,452,020 | | | | | $ | 154,800 | | | | | $ | 213,484 | | |
|
| | |
March 31, 2021
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares Issued
and Paid |
| |
Carrying
Value |
| |
Liquidation
Preference |
| ||||||||||||||
Series 1 Preferred Stock of $0.01 par value
|
| | | | 3,500 | | | | | | 3,500 | | | | | $ | 10,735 | | | | | $ | 37,451 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
|
Shares
Authorized |
| |
Shares Issued
and Paid |
| |
Carrying
Value |
| |
Liquidation
Preference |
| ||||||||||||||
Series 1 Preferred Stock of $0.01 par value
|
| | | | 3,500 | | | | | | 3,500 | | | | | $ | 10,735 | | | | | $ | 36,520 | | |
| | |
Options
|
| |||
Outstanding at December 31, 2020
|
| | | | 25,241,896 | | |
Granted
|
| | | | 2,877,446 | | |
Exercised
|
| | | | (672,562) | | |
Expired
|
| | | | — | | |
Forfeited
|
| | | | (130,709) | | |
Outstanding at March 31, 2021
|
| | | | 27,316,071 | | |
| | |
Units
|
| |||
Outstanding December 31, 2020
|
| | | | 915,730 | | |
Awarded
|
| | | | 794,448 | | |
Vested
|
| | | | — | | |
Forfeited
|
| | | | (600) | | |
Outstanding March 31, 2021
|
| | | | 1,709,578 | | |
| | |
Three months ended
March 31 |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Other operating expenses
|
| | | $ | 1,199 | | | | | $ | 646 | | |
Research and development expenses
|
| | | | 899 | | | | | | 338 | | |
Sales and marketing expenses
|
| | | | 1,040 | | | | | | 422 | | |
General and administrative expenses
|
| | | | 1,159 | | | | | | 772 | | |
Total stock-based compensation
|
| | | $ | 4,297 | | | | | $ | 2,178 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Network fees
|
| | | $ | (718) | | | | | $ | 4,126 | | |
Bank and processor fees
|
| | | | 17,554 | | | | | | 18,207 | | |
Card costs
|
| | | | 394 | | | | | | 793 | | |
Capital advance costs
|
| | | | 587 | | | | | | 655 | | |
Chargebacks and operational losses
|
| | | | 1,164 | | | | | | 645 | | |
Other
|
| | | | 1,174 | | | | | | 367 | | |
| | | | $ | 20,155 | | | | | $ | 24,793 | | |
| | |
Three months ended
March 31 |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In thousands, except share and per
share data) |
| |||||||||||
Numerator: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,508) | | | | | $ | (7,479) | | |
Less dividends attributable to redeemable and redeemable convertible preferred stock
|
| | | | 5,541 | | | | | | 2,947 | | |
Net loss attributable to common stockholders
|
| | | $ | (9,049) | | | | | $ | (10,426) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 29,185,545 | | | | | | 22,045,779 | | |
Net loss per share attributable to common stockholders – basic
and diluted |
| | | $ | (0.31) | | | | | $ | (0.47) | | |
| | |
Three months ended
March 31, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Options to purchase common stock
|
| | | | 16,543,679 | | | | | | 8,545,131 | | |
Redeemable convertible preferred stock (as converted to common stock)
|
| | | | 111,452,020 | | | | | | 111,452,020 | | |
Warrants
|
| | | | 722,212 | | | | | | 197,305 | | |
| | | | | 128,717,911 | | | | | | 120,194,456 | | |
| ASSETS | | | | | | | |
| Current assets | | | | | | | |
|
Cash
|
| | | $ | 5,102,368 | | |
|
Prepaid expenses
|
| | | | 385,584 | | |
|
Total Current Assets
|
| | | | 5,487,952 | | |
|
Marketable securities held in Trust Account
|
| | | | 754,769,167 | | |
|
TOTAL ASSETS
|
| | | $ | 760,257,119 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
| Current liabilities | | | | | | | |
|
Accrued expenses
|
| | | $ | 120,022 | | |
|
Total Current Liabilities
|
| | | | 120,022 | | |
|
Warrant liabilities
|
| | | | 49,174,771 | | |
|
Deferred underwriting fee payable
|
| | | | 30,284,626 | | |
|
Total Liabilities
|
| | | | 79,579,419 | | |
| Commitments and Contingencies | | | | | | | |
|
Class A ordinary shares subject to possible redemption, 67,567,770 shares at $10.00 per share
|
| | | | 675,677,699 | | |
| Shareholders’ Equity | | | | | | | |
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
10,076,606 shares issued and outstanding (excluding 67,567,770 shares subject to possible redemption) |
| | | | 1,008 | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 19,411,094 shares
issued and outstanding |
| | | | 1,941 | | |
|
Additional paid-in capital
|
| | | | 14,150,592 | | |
|
Accumulated deficit
|
| | | | (9,153,540) | | |
|
Total Shareholders’ Equity
|
| | | | 5,000,001 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 760,257,119 | | |
|
Formation and operating costs
|
| | | $ | 684,843 | | |
|
Loss from operations
|
| | | | (684,843) | | |
| Other income (expense): | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 25,407 | | |
|
Change in fair value of warrant liabilities
|
| | | | (5,952,736) | | |
|
Offering costs associated with warrants recorded as liabilities
|
| | | | (2,541,368) | | |
|
Net Loss
|
| | | $ | (9,153,540) | | |
|
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 75,376,489 | | |
|
Basic and diluted net income per share, Class A redeemable
|
| | | $ | (0.00) | | |
|
Weighted average shares outstanding of Class A and Class B non-redeemable ordinary shares
|
| | | | 20,766,410 | | |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable
|
| | | $ | (0.44) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid in Capital |
| |
Retained
Earnings |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance – June 2, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 22,105,000 | | | | | | 2,211 | | | | | | 22,789 | | | | | | — | | | | | | 25,000 | | |
Sale of
75,474,376 Units, net of underwriting discounts, offering costs and warrant liabilities |
| | | | 75,474,376 | | | | | | 7,547 | | | | | | — | | | | | | — | | | | | | 669,306,659 | | | | | | — | | | | | | 669,314,206 | | |
Sale of 2,170,000 Placement Units, net of warrant liabilities
|
| | | | 2,170,000 | | | | | | 217 | | | | | | — | | | | | | — | | | | | | 20,491,817 | | | | | | — | | | | | | 20,492,034 | | |
Forfeiture of Founder
Shares |
| | | | — | | | | | | — | | | | | | (2,693,906) | | | | | | (270) | | | | | | 270 | | | | | | — | | | | | | — | | |
Class A shares subject
to possible redemption |
| | | | (67,567,770) | | | | | | (6,756) | | | | | | — | | | | | | — | | | | | | (675,670,943) | | | | | | — | | | | | | (675,677,699) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,153,540) | | | | | | (9,153,540) | | |
Balance – December 31,
2020 |
| | | | 10,076,606 | | | | | $ | 1,008 | | | | | | 19,411,094 | | | | | $ | 1,941 | | | | | $ | 14,150,592 | | | | | $ | (9,153,540) | | | | | $ | 5,000,001 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (9,153,540) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (25,407) | | |
|
Change in fair value of warrant liabilities
|
| | | | 5,952,736 | | |
|
Transaction costs allocable to warrant liabilities
|
| | | | 2,541,368 | | |
|
Formation costs paid by Sponsor through promissory note
|
| | | | 5,000 | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | (385,584) | | |
|
Accrued expenses
|
| | | | 120,022 | | |
|
Net cash used in operating activities
|
| | | | (945,405) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash in Trust Account
|
| | | | (754,743,760) | | |
|
Net cash used in investing activities
|
| | | | (754,743,760) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B ordinary shares to the Sponsor
|
| | | | 25,000 | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 739,743,760 | | |
|
Proceeds from sale of Placement Units
|
| | | | 21,700,000 | | |
|
Proceeds from promissory note – related party
|
| | | | 300,000 | | |
|
Repayment of promissory note – related party
|
| | | | (305,000) | | |
|
Payments of offering costs
|
| | | | (672,227) | | |
|
Net cash provided by financing activities
|
| | | | 760,791,533 | | |
|
Net Change in Cash
|
| | | | 5,102,368 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | |
$
|
5,102,368
|
| |
| Non-Cash Investing and Financing Activities: | | | | | | | |
|
Initial classification of Class A ordinary shares subject to possible redemption
|
| | | $ | 682,284,855 | | |
|
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | (6,607,156) | | |
|
Deferred underwriting fee payable
|
| | | $ | 30,284,626 | | |
|
Initial classification of warrant liabilities
|
| | | $ | 49,174,771 | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Balance sheet as of August 28, 2020 (audited) | | | | | | | | | | | | | | | | | | | |
Warrant Liabilities
|
| | | $ | — | | | | | $ | 42,957,966 | | | | | $ | 42,957,966 | | |
Total Liabilities
|
| | | | 30,038,556 | | | | | | 42,957,966 | | | | | | 72,996,522 | | |
Class A Ordinary Shares Subject to Possible Redemption
|
| | | | 721,047,750 | | | | | | (42,957,966) | | | | | | 678,089,784 | | |
Class A Ordinary Shares
|
| | | | 507 | | | | | | 429 | | | | | | 936 | | |
Additional Paid-in Capital
|
| | | | 5,002,305 | | | | | | 2,540,939 | | | | | | 7,543,244 | | |
Accumulated Deficit
|
| | | | (5,015) | | | | | | (2,541,368) | | | | | | (2,546,383) | | |
Shareholders’ Equity
|
| | | | 5,000,008 | | | | | | — | | | | | | 5,000,008 | | |
Number of shares subject to redemption
|
| | | | 72,104,775 | | | | | | (4,295,797) | | | | | | 67,808,978 | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Balance sheet as of September 30, 2020 (unaudited) | | | | | | | | | | | | | | | | | | | |
Warrant Liabilities
|
| | | $ | — | | | | | $ | 43,739,664 | | | | | $ | 43,739,664 | | |
Total Liabilities
|
| | | | 30,306,708 | | | | | | 43,739,664 | | | | | | 74,046,372 | | |
Class A Ordinary Shares Subject to Possible Redemption
|
| | | | 725,421,970 | | | | | | (43,739,664) | | | | | | 681,682,306 | | |
Class A Ordinary Shares
|
| | | | 510 | | | | | | 437 | | | | | | 947 | | |
Additional Paid-in Capital
|
| | | | 5,087,486 | | | | | | 3,058,560 | | | | | | 8,146,046 | | |
Accumulated Deficit
|
| | | | (89,928) | | | | | | (3,058,997) | | | | | | (3,148,925) | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Shareholders’ Equity
|
| | | | 5,000,009 | | | | | | — | | | | | | 5,000,009 | | |
Number of shares subject to redemption
|
| | | | 72,542,197 | | | | | | (4,373,966) | | | | | | 68,168,231 | | |
Balance sheet as of December 31, 2020 (audited) | | | | | | | | | | | | | | | | | | | |
Warrant Liabilities
|
| | | $ | — | | | | | $ | 49,174,771 | | | | | $ | 49,174,771 | | |
Total Liabilities
|
| | | | 30,404,648 | | | | | | 49,174,771 | | | | | | 79,579,419 | | |
Class A Ordinary Shares Subject to Possible
Redemption |
| | | | 724,852,470 | | | | | | (49,174,771) | | | | | | 675,677,699 | | |
Class A Ordinary Shares
|
| | | | 516 | | | | | | 492 | | | | | | 1,008 | | |
Additional Paid-in Capital
|
| | | | 5,656,980 | | | | | | 8,493,612 | | | | | | 14,150,592 | | |
Accumulated Deficit
|
| | | | (659,436) | | | | | | (8,494,104) | | | | | | (9,153,540) | | |
Shareholders’ Equity
|
| | | | 5,000,001 | | | | | | — | | | | | | 5,000,001 | | |
Number of shares subject to redemption
|
| | | | 72,485,247 | | | | | | (4,917,477) | | | | | | 67,567,770 | | |
Three Months Ended September 30, 2020 (unaudited) | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | (517,629) | | | | | | (517,629) | | |
Offering costs associated with warrants recorded as liabilities
|
| | | | — | | | | | | (2,541,368) | | | | | | (2,541,368) | | |
Net loss
|
| | | | (84,913) | | | | | | (3,058,997) | | | | | | (3,143,910) | | |
Weighted average shares outstanding of Class A redeemable
ordinary shares |
| | | | 75,115,000 | | | | | | — | | | | | | 75,115,000 | | |
Basic and diluted net loss per share, Class A redeemable ordinary shares
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Weighted average shares outstanding of Class A and B non-redeemable ordinary shares
|
| | | | 20,089,849 | | | | | | — | | | | | | 20,089,849 | | |
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares
|
| | | | (0.00) | | | | | | (0.16) | | | | | | (0.16) | | |
Period from June 2, 2020 (inception) to September 30, 2020 (unaudited)
|
| | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | (517,629) | | | | | | (517,629) | | |
Offering costs associated with warrants recorded as liabilities
|
| | | | — | | | | | | (2,541,368) | | | | | | (2,541,368) | | |
Net loss
|
| | | | (89,928) | | | | | | (3,058,997) | | | | | | (3,148,925) | | |
Weighted average shares outstanding of Class A redeemable
ordinary shares |
| | | | 75,115,000 | | | | | | — | | | | | | 75,115,000 | | |
Basic and diluted net loss per share, Class A redeemable ordinary shares
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Weighted average shares outstanding of Class A and B non-redeemable ordinary shares
|
| | | | 19,897,156 | | | | | | — | | | | | | 19,897,156 | | |
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares
|
| | | | (0.00) | | | | | | (0.16) | | | | | | (0.16) | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Period from June 2, 2020 (inception) to December 31, 2020 (audited)
|
| | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | (5,952,736) | | | | | | (5,952,736) | | |
Offering costs associated with warrants recorded as liabilities
|
| | | | — | | | | | | (2,541,368) | | | | | | (2,541,368) | | |
Net loss
|
| | | | (659,436) | | | | | | (8,494,104) | | | | | | (9,153,540) | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 75,376,489 | | | | | | — | | | | | | 75,376,489 | | |
Basic and diluted net loss per share, Class A redeemable ordinary shares
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Weighted average shares outstanding of Class A and B non-redeemable ordinary shares
|
| | | | 20,766,410 | | | | | | — | | | | | | 20,766,410 | | |
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares
|
| | | | (0.03) | | | | | | (0.41) | | | | | | (0.44) | | |
Cash Flow Statement for the period ended September 30, 2020 (unaudited)
|
| | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (89,928) | | | | | | (3,058,997) | | | | | | (3,148,925) | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | 517,629 | | | | | | 517,629 | | |
Transaction costs allocable to warrant liabilities
|
| | | | — | | | | | | 2,541,368 | | | | | | 2,541,368 | | |
Initial value of Class A ordinary shares subject to possible redemption
|
| | | | 725,506,890 | | | | | | (43,222,035) | | | | | | 682,284,855 | | |
Change in value of Class A ordinary shares subject to possible redemption
|
| | | | (84,920) | | | | | | — | | | | | | (84,920) | | |
Cash Flow Statement for the period ended December 31, 2020 (audited)
|
| | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (659,436) | | | | | | (8,494,104) | | | | | | (9,153,540) | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | 5,952,736 | | | | | | 5,952,736 | | |
Transaction costs allocable to warrant liabilities
|
| | | | — | | | | | | 2,541,368 | | | | | | 2,541,368 | | |
Initial value of Class A ordinary shares subject to possible redemption
|
| | | | 725,506,890 | | | | | | (43,222,035) | | | | | | 682,284,855 | | |
Change in value of Class A ordinary shares subject to possible redemption
|
| | | | (654,420) | | | | | | (5,952,736) | | | | | | (6,607,156) | | |
| | |
For the
Period from June 2, 2020 (inception) Through December 31, 2020 |
| |||
Redeemable Class A Ordinary Shares | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares
|
| | | | | | |
Interest Income
|
| | | $ | 25,407 | | |
Net Earnings
|
| | | $ | 25,407 | | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares
|
| | | | | | |
Redeemable Class A Ordinary Shares, Basic and Diluted
|
| | | | 75,376,489 | | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares
|
| | | $ | — | | |
Non-Redeemable Class A and B Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Redeemable Net Earnings
|
| | | | | | |
Net Loss
|
| | | $ | (9,153,540) | | |
Redeemable Net Earnings
|
| | | $ | (25,407) | | |
Non-Redeemable Net Loss
|
| | | $ | (9,178,947) | | |
Denominator: Weighted Average Non-Redeemable Class A and B Ordinary Shares
|
| | | | | | |
Non-Redeemable Class A and B Ordinary Shares, Basic and Diluted
|
| | | | 20,766,410 | | |
Loss/Basic and Diluted Non-Redeemable Class A and B Ordinary Shares
|
| | | $ | (0.44) | | |
| Level 1: | | | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
| Level 2: | | | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
| Level 3: | | | Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. | |
Description
|
| |
Level
|
| |
December 31,
2020 |
| ||||||
Assets: | | | | | | | | | | | | | |
Investments held in Trust Account – U.S. Treasury Securities Money Market
Fund |
| | | | 1 | | | | | $ | 754,769,167 | | |
Liabilities: | | | | | | | | | | | | | |
Warrant Liabilities – Public Warrants
|
| | | | 1 | | | | | $ | 47,800,438 | | |
Warrant Liabilities – Private Placement Warrants
|
| | | | 3 | | | | | $ | 1,374,333 | | |
Input
|
| |
August 28,
2020 (Initial Measurement) |
| |
September 30,
2020 |
| |
December 31,
2020 |
| |||||||||
Risk-free interest rate
|
| | | | 0.3% | | | | | | 0.3% | | | | | | 0.4% | | |
Expected term (years)
|
| | | | 5.3 | | | | | | 5.3 | | | | | | 5.3 | | |
Expected volatility
|
| | | | 35.0% | | | | | | 35.0% | | | | | | 31.4% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Asset Price
|
| | | $ | 9.39 | | | | | $ | 9.44 | | | | | $ | 10.30 | | |
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Initial measurement on August 28, 2020
|
| | | $ | 1,207,966 | | | | | $ | 41,750,000 | | | | | $ | 42,957,966 | | |
Initial measurement on September 23, 2020 Over-Allotment
|
| | | | — | | | | | | 264,069 | | | | | | 264,069 | | |
Change in valuation inputs or other assumptions
|
| | | | 166,367 | | | | | | 5,786,369 | | | | | | 5,952,736 | | |
Fair value as of December 31, 2020
|
| | | $ | 1,374,333 | | | | | $ | 47,800,438 | | | | | $ | 49,174,771 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 4,003,154 | | | | | $ | 5,102,368 | | |
Prepaid expense and other current assets
|
| | | | 382,966 | | | | | | 385,584 | | |
Total Current Assets
|
| | | | 4,386,120 | | | | | | 5,487,952 | | |
Marketable securities held in Trust Account
|
| | | | 754,787,779 | | | | | | 754,769,167 | | |
TOTAL ASSETS
|
| | | $ | 759,173,899 | | | | | $ | 760,257,119 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities – Accounts payable and accrued expenses
|
| | | $ | 2,132,976 | | | | | $ | 120,022 | | |
Warrant liabilities
|
| | | | 55,127,505 | | | | | | 49,174,771 | | |
Deferred underwriting fee payable
|
| | | | 30,284,626 | | | | | | 30,284,626 | | |
Total Liabilities
|
| | | | 87,545,107 | | | | | | 79,579,419 | | |
Commitments and Contingencies (Note 7) | | | | | | | | | | | | | |
Ordinary shares subject to possible redemption, 66,662,879 and 67,567,770
shares at $10.00 per share redemption value at March 31, 2021 and December 31, 2020, respectively |
| | | | 666,628,790 | | | | | | 675,677,699 | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares
issued and outstanding at March 31, 2021 and December 31, 2020 |
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
10,981,497 and 10,076,606 shares issued and outstanding (excluding 66,662,879 and 67,567,770 shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively |
| | | | 1,099 | | | | | | 1,008 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 19,411,094 shares issued and outstanding at March 31, 2021 and December 31, 2020
|
| | | | 1,941 | | | | | | 1,941 | | |
Additional paid-in capital
|
| | | | 23,199,410 | | | | | | 14,150,592 | | |
Accumulated deficit
|
| | | | (18,202,448) | | | | | | (9,153,540) | | |
Total Shareholders’ Equity
|
| | | | 5,000,002 | | | | | | 5,000,001 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 759,173,899 | | | | | $ | 760,257,119 | | |
|
Operating costs
|
| | | $ | 3,039,786 | | |
|
General and administrative expenses – related party
|
| | | | 75,000 | | |
|
Loss from operations
|
| | | | (3,114,786) | | |
| Other income (expense): | | | | | | | |
|
Change in fair value of warrant liabilities
|
| | | | (5,952,734) | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 18,612 | | |
|
Other income (expense), net
|
| | | | (5,934,122) | | |
|
Net loss
|
| | | $ | (9,048,908) | | |
|
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 75,474,376 | | |
|
Basic and diluted net income per share, Class A redeemable ordinary shares
|
| | | $ | 0.00 | | |
|
Weighted average shares outstanding of Class A and Class B non-redeemable ordinary shares
|
| | | | 21,581,094 | | |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable ordinary shares
|
| | | $ | (0.42) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance – January 1,
2021 |
| | | | 10,076,606 | | | | | $ | 1,008 | | | | | | 19,411,094 | | | | | $ | 1,941 | | | | | $ | 14,150,592 | | | | | $ | (9,153,540) | | | | | $ | 5,000,001 | | |
Change in value of Class A ordinary
shares subject to redemption |
| | | | 904,891 | | | | | | 91 | | | | | | — | | | | | | — | | | | | | 9,048,818 | | | | | | — | | | | | | 9,048,909 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,048,908) | | | | | | (9,048,908) | | |
Balance – March 31,
2021 |
| | | | 10,981,497 | | | | | $ | 1,099 | | | | | | 19,411,094 | | | | | $ | 1,941 | | | | | $ | 23,199,410 | | | | | $ | (18,202,448) | | | | | $ | 5,000,002 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (9,048,908) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (18,612) | | |
|
Change in fair value of warrant liabilities
|
| | | | 5,952,734 | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | 2,618 | | |
|
Accrued expenses
|
| | | | 2,012,954 | | |
|
Net cash used in operating activities
|
| | | | (1,099,214) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Net cash used in investing activities
|
| | | | — | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Net cash provided by financing activities
|
| | | | — | | |
|
Net Change in Cash
|
| | | | (1,099,214) | | |
|
Cash – Beginning
|
| | | | 5,102,368 | | |
|
Cash – End
|
| | | $ | 4,003,154 | | |
| Non-Cash Investing and Financing Activities: | | | | | | | |
|
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | (9,048,909) | | |
| | |
For the
Three Months Ended March 31, 2021 |
| |||
Redeemable Class A Ordinary Shares | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares
|
| | | | | | |
Interest Income
|
| | | $ | 18,612 | | |
Net Earnings
|
| | | $ | 18,612 | | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares
|
| | | | | | |
Redeemable Class A Ordinary Shares, Basic and Diluted
|
| | | | 75,474,376 | | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares
|
| | | $ | — | | |
Non-Redeemable Class A and B Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Redeemable Net Earnings
|
| | | | | | |
Net Loss
|
| | | $ | (9,048,908) | | |
Redeemable Net Earnings
|
| | | $ | (18,612) | | |
Non-Redeemable Net Loss
|
| | | $ | (9,067,520) | | |
Denominator: Weighted Average Non-Redeemable Class A and B Ordinary Shares
|
| | | | | | |
Non-Redeemable Class A and B Ordinary Shares, Basic and Diluted
|
| | | | 21,581,094 | | |
Loss/Basic and Diluted Non-Redeemable Class A and B Ordinary Shares
|
| | | $ | (0.42) | | |
Description
|
| |
Level
|
| |
March 31,
2021 |
| |
December 31,
2020 |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund
|
| | | | 1 | | | | | $ | 754,787,779 | | | | | $ | 754,769,167 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant liabilities – Public Warrants
|
| | | | 1 | | | | | $ | 53,586,806 | | | | | $ | 47,800,438 | | |
Warrant liabilities – Placement Warrants
|
| | | | 3 | | | | | $ | 1,540,699 | | | | | $ | 1,374,333 | | |
Input
|
| |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Risk-free interest rate
|
| | | | 1.0% | | | | | | 0.4% | | |
Expected term (years)
|
| | | | 5.2 | | | | | | 5.3 | | |
Expected volatility
|
| | | | 29.1% | | | | | | 31.4% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Asset price
|
| | | $ | 10.57 | | | | | $ | 10.30 | | |
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of December 31, 2020
|
| | | $ | 1,374,333 | | | | | $ | 47,800,438 | | | | | $ | 49,174,771 | | |
Change in valuation inputs or other assumptions
|
| | | | 166,366 | | | | | | 5,786,368 | | | | | | 5,952,734 | | |
Fair value as of March 31, 2021
|
| | | $ | 1,540,699 | | | | | $ | 53,586,806 | | | | | $ | 55,127,505 | | |
| | |
Amount to
Be Paid |
| |||
SEC registration fee
|
| | | $ | 247,136 | | |
Printing and engraving expenses
|
| | | | 55,000 | | |
Legal fees and expenses
|
| | | | 200,000 | | |
Accounting fees and expenses
|
| | | | 60,000 | | |
Miscellaneous | | | | | 25,000 | | |
Total
|
| | | $ | 587,136 | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Scott Galit
Scott Galit
|
| |
Chief Executive Officer and Director (principal executive officer)
|
| |
August 4, 2021
|
|
|
/s/ Michael Levine
Michael Levine
|
| |
Michael Levine
(principal financial officer) |
| |
August 4, 2021
|
|
|
/s/ Oded Edri
Oded Edri
|
| |
Oded Edri
(principal accounting officer) |
| |
August 4, 2021
|
|
|
*
Amir Goldman
|
| |
Director
|
| |
August 4, 2021
|
|
|
*
John C. (Hans) Morris
|
| |
Director
|
| |
August 4, 2021
|
|
|
*
Avi Zeevi
|
| |
Director
|
| |
August 4, 2021
|
|
|
*
Christopher (Woody) Marshall
|
| |
Director
|
| |
August 4, 2021
|
|
|
Rich Williams
|
| |
Director
|
| |
August 4, 2021
|
|
|
Heather Tookes
|
| |
Director
|
| |
August 4, 2021
|
|
| *By: | | |
/s/ Scott Galit
Scott Galit
(Attorney-in-Fact) |
| | | |