Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2022

NOTE 7: LEASES

The Company leases its office facilities under non-cancelable agreements that expire at various dates through July 2027.

During the fourth quarter of 2021, the Company entered into a non-cancelable operating lease agreement for an office that contains approximately 13,815 square feet in New York, New York (the "Lease"). For accounting purposes under ASC 842, the Lease commenced on January 11, 2022, resulting in a recording of a $4,108 right-of-use operating lease asset and operating lease liability.

On April 6, 2022, the Company entered into a new lease agreement as tenant related to a property in Israel (the "Lease"). The Lease provides that the Company will lease a new building containing approximately 5,926 square meters (approximately 63,784 square feet) . The initial lease term is approximately 5.5 years with two options to extend of five years each. The Company believes that it is reasonably certain that it will exercise the option for the first extension period, and accordingly includes this extension period as part of the lease term. For accounting purposes under ASC 842, the Lease commenced on June 22, 2022, resulting in the recording of a $19,586 right-of-use operating lease asset and operating lease liability.

Components of operating lease expense were as follows:


	Year Ended December 31, 2022

Operating lease cost	$	2,827
Short-term lease cost	417
Variable lease cost	20

Total	$	3,264

Rent expenses under the previous lease accounting standard were $2,278 and $2,152 during the year ended December 31, 2021 and 2020, respectively.

Supplementary cash flow information related to operating leases was as follows:


	Year Ended December 31, 2022

Cash paid for operating leases	$	1,845

As of December 31, 2022, the weighted-average discount rate is 4.8% and the weighted-average remaining term is 9.0 years. Maturities of the Company’s operating lease liabilities as of December 31, 2022 were as follows:


Year Ending December 31,

2023	$	3,206
2024	3,131
2025	3,188
2026	3,250
2027	2,817
2028 and thereafter	11,372
Total operating lease payments	26,964
Less: imputed interest	3,912
Total operating lease liabilities	$	23,052

As of December 31, 2021, the minimum lease payments under operating leases, including payments for leases which had not commenced, were as follows:


Year Ending December 31,	Rental of premises

2022	$	1,317
2023	788
2024	806
2025	862
2026	919
2027	548

Total	$	5,240