XML 35 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | 7. Leases We have non-cancelable operating leases for our corporate offices in Tel Aviv, Israel and in New York, New York in the United States. The leases for these facilities in Tel Aviv and New York expire in 2031 and 2029, respectively and we have options to renew these leases through 2036 and 2034, respectively. These renewal options are excluded from the calculation of operating lease ROU assets and operating lease liabilities. We sublease a portion of our office space in Tel Aviv and New York. The components of operating lease cost for the years ended December 31, 2023 and 2022 were as follows:
| Year Ended December 31,
| 2023 |  | 2022
| (in thousands)
Operating lease cost | $ | 6,242 |  |  | $ | 6,140 |
Variable lease cost | 1,010 |  |  | 1,257 |
Short-term lease cost | 170 |  |  | 304 |
Sublease income | (1,347) |  |  | (786) |
Total operating lease cost | $ | 6,075 |  |  | $ | 6,915 |
Our lease costs prior to the adoption of ASC 842 were $5.9 million for the year ended December 31, 2021. Sublease income was $0.1 million for the year ended December 31, 2021. As of December 31, 2023, the weighted average remaining lease term and the weighted average discount rate for our operating leases were 6.5 years and 4.6%, respectively. As of December 31, 2022, the weighted average remaining lease term and the weighted average discount rate for our operating leases were 7.4 years and 4.6%, respectively. The future minimum lease payments included in the measurement of our operating lease liabilities as of December 31, 2023, were as follows:
| Amount
Year Ending December 31, |
2024 | $ | 5,744 |
2025 | 5,714 |
2026 | 5,759 |
2027 | 5,804 |
2028 | 5,851 |
Thereafter | 7,183 |
Total undiscounted lease payments | 36,055 |
Less: imputed interest | (4,746) |
Present value of operating lease liabilities | $ | 31,309 |
The following table presents our operating lease ROU assets by geographic region:
| As of December 31,
| 2023 |  | 2022
| (in thousands)
Israel | $ | 18,782 |  |  | $ | 22,560 |
United States | 10,960 |  |  | 12,598 |
Total operating lease right-of-use assets | $ | 29,742 |  |  | $ | 35,158 |
Excluded from the tables above is an unsecured and undated promissory note issued in December 2020 in connection with the execution of a lease agreement for an amount of $2.9 million and $3.0 million as of December 31, 2023 and 2022, respectively. The promissory note may only be withdrawn in the event of a material and fundamental breach of the lease agreement. The promissory note expires three months after the lease termination date. As of December 31, 2023 and 2022, we were in full compliance of the terms and conditions of the promissory note, and the promissory note has not been withdrawn.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration