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LEASES | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES The Company leases facilities under operating leases with various expiration dates through 2036. The Company leases office space in New York, Israel and several other locations. The security deposits for the leases are $4.1 million and $4.2 million as of June 30, 2023 and December 31, 2022, respectively, which have been recognized as restricted cash, non-current in the consolidated balance sheets. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  |
Rent expense | $ | 3,345 |  | $ | 2,506 |  |  |  | $ | 6,786 |  | $ | 5,149 |  |
Variable lease payments | (12) |  | 108 |  |  |  | 131 |  | 198 |  |
Supplemental information related to the Company’s operating leases was as follows ($ in thousands):
| As of June 30, 2023 |  | December 31, 2022
Weighted-average remaining lease term (in years) | 7.8 |  | 8.2
Weighted-average discount rate | 5.7 | % |  | 5.7 | %
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  |
Operating lease right-of-use assets recognized in exchange for new operating lease obligations | $ | — |  |  | $ | 2,879 |  |  |  |  | $ | 290 |  |  | $ | 45,403 |  |  |
As of June 30, 2023, future minimum lease commitments under non-cancelable operating leases were as follows (in thousands):
2023 | $ | 5,538 |
2024 | 8,577 |
2025 | 7,544 |
2026 | 7,544 |
2027 | 6,997 |
Thereafter | 27,614 |
Total | 63,814 |
Less: imputed interest | (12,724) |
Total operating lease liabilities | $ | 51,090 |

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- 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
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