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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES

Note 14:- LEASES

 

The Company leases all of its office space and vehicles under operating leases. The Company’s leases have original lease periods expiring between 2025 and 2034. Some of the leases include one or more options to renew the lease term. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at the lease commencement. Lease payments included in the measurement of the lease liability comprise the following: the fixed non-cancellable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.

 

In July 2020, the Company entered into a lease agreement for its corporate offices in Or Yehuda, Israel. The lease expires in June 2033, with an option by the Company to extend the lease period for an additional 10-years term. The Company deemed this option as reasonably certain to be renewed.

 

The Company has several leased offices in the United States, with expiry dates varying between 2025 and 2030, with renewal options varying between 2025 and 2032.

In November 2021, one of the Company’s subsidiaries in Israel entered into a lease agreement for its corporate offices. The lease commenced in July 2022 with a lease term through 2029, with an option to terminate the lease after a 4-year term following a 12-month notice in advance, and an option to renew the lease to an additional 5-year term, through 2034. The Company deemed this option as reasonably certain to be renewed.

 

Under IFRS 16, all leases with durations greater than 12 months, including non-cancellable operating leases, are recognized on the statement of financial position. The aggregated present value of lease agreements is recorded as a long-term asset titled operating lease right-of-use assets.

 

The corresponding lease liabilities are classified between operating lease liabilities which are current and long-term.

 

Maturity analysis of undiscounted future lease payments for lease liabilities:

 

   December 31, 
   2024 
2025  $5,883 
2026   4,997 
2027   3,126 
2028   2,189 
2029   1,825 
2030 and thereafter   14,670 
Total undiscounted cash flows  $32,690 
      
Less imputed interest   (5,832)
Present value of lease liabilities  $26,858 

 

a.Information on leases:

 

    Year ended December 31,  
    2023     2024  
             
Expenses relating to operating lease costs   $ 2,225     $ 2,455  
Expenses relating to short-term leases   $ 62     $ 38  
Expenses relating to variable lease payments   $ 2,872     $ 3,536  
Total cash outflow for leases   $ 5,159     $ 6,029  

 

The following is a summary of weighted average remaining lease terms and discount rates for all of the Company’s operating leases:

 

   December 31, 
   2024 
Weighted average remaining lease term (years)   11.21 
Weighted average discount rate   3.79%
b. Disclosures in respect of right-of-use assets:

 

   Buildings   Motor
vehicles		   Total 
Cost:            
Balance as of January 1, 2023  $40,452   $4,871   $45,323 
Additions during the year:               
New leases   1,150    1,575    2,725 
Modification of leases   910    66    976 
Adjustments for indexation   871    72    943 
Adjustments arising from translating financial statements of foreign operations   37    212    249 
Business combination   62    
-
    62 
Disposals during the year:               
Termination of leases   (298)   (378)   (676)
                
Balance as of December 31, 2023  $43,184   $6,418   $49,602 
                
Accumulated depreciation:               
Balance as of January 1, 2023   15,250    2,537    17,787 
Additions during the year:               
Depreciation   3,689    1,470    5,159 
Adjustments arising from translating financial statements of foreign operations   929    428    1,357 
Disposals during the year:               
Termination of leases   (192)   (227)   (419)
                
Balance as of December 31, 2023   19,676    4,208    23,884 
                
Depreciated cost at December 31, 2023  $23,508   $2,210   $25,718 
   Buildings   Motor
vehicles		   Total 
Cost:            
Balance as of January 1, 2024  $43,184   $6,418   $49,602 
Additions during the year:               
New leases   2,086    2,050    4,136 
Adjustments for indexation   784    75    859 
Adjustments arising from translating financial statements of foreign operations   (680)   (3,674)   (4,354)
Business combination   314    
-
    314 
Disposals during the year:               
Termination of leases   (22)   (303)   (325)
                
Balance as of December 31, 2024  $45,666   $4,566   $50,232 
                
Accumulated depreciation:               
Balance as of January 1, 2024   19,676    4,208    23,884 
Additions during the year:               
Depreciation   3,816    1,621    5,437 
Adjustments arising from translating financial statements of foreign operations   80    (3,661)   (3,581)
Disposals during the year:               
Termination of leases   (10)   (205)   (215)
                
Balance as of December 31, 2024   23,562    1,963    25,525 
                
Depreciated cost at December 31, 2024  $22,104   $2,603   $24,707