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New words:
ad, adding, aggregate, aggregated, AOCI, AP, ASU, begun, behavior, border, broadly, capture, centered, chain, Checkout, component, Concurrently, deemed, denominated, direct, discount, DTC, easier, ensued, environment, excise, fit, flow, formally, health, Hezbollah, ideal, incremental, individual, infrequent, instability, invoice, judgement, Korean, Krone, life, magnitude, methodology, mitigating, northern, Norwegian, notional, OCI, original, payable, perfectly, political, premium, profile, proposition, reclassified, reclassify, relevant, retention, retrospectively, segment, sell, separated, speculative, stack, standard, supply, trailing, treatment, UAE, ultimately, unamortized, unobservable, unrealized, unusual, valorem, variability, wallet, weakening, webstore, Won
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accelerating, acquiring, adjustment, apply, applying, assumed, Australian, brand, breadth, build, built, capitalization, capping, central, CNY, commercial, complex, concentrated, cultivated, degree, develop, discontinued, distributed, duration, ease, ecosystem, elevated, employment, empowering, enabling, establishment, founded, functional, group, impaired, importance, improved, increasingly, Indian, inflow, influence, internationally, internet, investee, Leveraging, lower, making, medium, monetary, multiple, navigating, optile, optional, participate, policy, positively, PRC, regulated, responsibility, shift, sized, sophisticated, strength, structure, substantially, supporting, tightening, top, trajectory, transferred, transforming, transitional, translation, unique, utilize, volatility, worldwide
Financial report summary
?Competition
AdyenRisks
- Risks Related to Our Business and Industry
- Our business depends on our strong and trusted brand, and failure to maintain and protect our brand, or any damage to our reputation, or the reputation of our partners, could have a material adverse effect on our business, financial condition or results of operations.
- Our success depends on our ability to develop products and services to address or adapt to the rapidly evolving markets that we serve, and if we are not able to implement successful enhancements and new features for our platform, products and services, we could lose customers or have trouble attracting new customers, and our ability to grow may be limited.
- Substantial and increasingly intense competition in the worldwide financial services and payments industry, including on pricing and payment alternatives, could materially adversely affect our margins, business and results of operations. Competitive activity by our partners and enterprise customers that insource payment services or directly compete against our services could materially adversely affect our business.
- If we are unable to renew marketplace and enterprise customer contracts or to adjust certain contract components at favorable terms or we lose a significant enterprise or marketplace customer, or if an e-commerce marketplace were to prevent our customers from using our services to receive payments from such marketplace, our results of operations and financial condition may be materially adversely affected.
- We have a history of net losses, and we may not be able to achieve or maintain profitability in the future.
- We are subject to risks associated with changes in interest rates, which could materially adversely affect our results of operations.
- Our failure to manage our customer funds properly could materially harm our business.
- Declines in e-commerce utilization generally, and any factors that reduce cross-border trade or cross-border digital commerce, make such trade or commerce more difficult or diminish e-commerce sales and/or limit activity of e-commerce marketplaces, could have a material adverse effect on our business, financial condition and results of operations.
- Inflation can have a material adverse effect on our business and our customers.
- Global pandemics and other major public health crises may materially impact our business, results of operations and financial condition.
- As our revenue has increased, our growth rate has slowed at times in the past and may slow or decline in the future. Future revenue growth depends on our ability to retain existing customers, attract new customers, and increase sales to both new and existing customers.
- Failure to effectively deal with bad, fraudulent or fictitious transactions and material internal or external fraud could materially negatively impact our business.
- Use of our payment services for illegal purposes could materially harm our business.
- Because we rely on third parties to provide services, including financial institutions and payment service providers, we could be materially adversely impacted if they fail to fulfill their obligations or if our arrangements with them are terminated and suitable replacements cannot be found on commercially reasonable terms or at all.
- If we fail to comply with the applicable rules and policies of the payment network card schemes or the terms of a payment network card scheme license, they could seek to fine us, suspend us or terminate our participation license, which could materially adversely affect our business.
- If we fail to comply with the applicable requirements of our counterparty financial institutions and banking partners, they could seek to suspend or terminate our accounts, which could materially adversely affect our business.
- Our business may be materially adversely affected by geopolitical and other risks associated with global operations. As we continue to expand internationally, including within emerging markets, we may become more susceptible to these risks.
- We are dependent upon consumers’ continued and unimpeded access to the internet, and upon their willingness to use the internet for commerce.
- Cyberattacks and security vulnerabilities could result in material harm to our reputation, business, financial condition and results of operations, and unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise, or disruption of our services, could expose us to liability and/or damage our reputation.
- Failure to protect, enforce and defend our intellectual property rights may diminish our competitive advantages or interfere with our ability to market and promote our products and services and claims that we infringe, misappropriate or otherwise violate third parties’ intellectual property rights could have a material adverse effect on our business. We also use open-source software and may be subject to claims from licensors related to ownership and use rights.
- Our products and services may not function as intended due to errors in our or our third-party providers’ software, hardware, and systems, product defects, or due to security breaches or human error in administering these systems, which could materially adversely affect our business.
- Our systems and our third-party providers’ systems may be subject to system failures or capacity constraints, and resulting interruptions in the availability of our platform, products, or services, including the accessibility of our solutions through mobile devices, could materially harm our business.
- Our risk management framework, including our counterparty risk management, may not be fully effective in mitigating our risk exposure against all types of risks.
- Our results of operations may be materially adversely affected by changes in foreign currency exchange rates.
- Changes and evolving requirements in tax laws or their interpretation, including as applied to us and our customers, could have a material adverse affect on our business.
- Our current and future indebtedness may restrict our current and future operations, which could adversely affect our ability to respond to changes in our business and to manage our operations.
- Climate change and environmental issues could materially adversely affect our operations, business, customers and partners.
- Our business is subject to laws, rules, regulations, policies and legal interpretations in the markets in which we operate, including (but not limited to) those governing cross-border and domestic money transmission, foreign exchange, privacy, data protection, banking secrecy, deposit taking, factoring, stored value and payment services (including payment processing and settlement services). The legal and regulatory requirements applicable to us are extensive, complex, frequently changing, and increasing in number, and may impose overlapping and/or conflicting requirements or obligations.
- As a significant portion of our revenue is generated from China, any negative impact to our ability to serve customers based in China could materially adversely affect our results and exacerbate the other risks set forth herein.
- Failure to comply with anti-money laundering, anti-bribery, economic and trade sanctions regulations and similar laws, could subject us to penalties and other material adverse consequences.
- Our business is subject to complex and evolving regulations and oversight, in relation to privacy and data protection. Failure to comply with applicable data protection laws and regulations could subject us to fines and reputational harm and could materially adversely affect our results of operations.
- We may be subject to various legal proceedings which could materially adversely affect our business, financial condition or results of operations.
- The failure to attract and retain key personnel could materially harm our overall business and results of operations.
- Acquisitions, joint ventures or other strategic transactions create certain risks and may materially adversely affect our business, financial condition or results of operations.
- If we fail to maintain effective internal controls over financial reporting, we may be unable to accurately or timely report our financial condition or results of operations, which may materially adversely affect our business.
- The trading market for our common stock may be volatile, and the market price and trading volume of our common stock may fluctuate materially.
- The scope and contents of reports published by investment analysts, including short reports or any projections in those reports that differ from our actual results, could materially adversely affect the price and trading of our common stock.
- If a substantial number of shares become available for sale and are sold in a short period of time, the market price of our common stock could materially decline.
- Anti-takeover provisions in our certificate of incorporation and Delaware law could delay or prevent a change in control, limit the price investors may be willing to pay in the future for our common stock and could entrench management.
- Our certificate of incorporation and bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for certain stockholder disputes, subject to limited exceptions, which could discourage stockholder lawsuits or limit our stockholders’ ability to bring a claim in any judicial forum that they find favorable for disputes against our directors, officers, other employees or stockholders.
Management Discussion
- ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- Throughout this section, unless otherwise noted, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc.
- Payoneer is a financial technology company purpose-built to enable the world’s small and medium-sized businesses (“SMB(s)”) to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy. Payoneer’s financial stack makes it easier for millions of SMBs, particularly in emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other needs from a single platform. Our financial stack provides a full suite of cross-border accounts receivable (AR) and accounts payable (AP) capabilities, and includes services such as working capital and the provision of data-driven insights. Payoneer’s core value proposition is that we remove the complexity and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses around the world can serve and transact with their overseas customers, suppliers, vendors, and partners as if they were local.