LEASES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES |
In
January 2014, the Company entered into a lease agreement for new corporate offices in Holon, Israel. The lease expires in , with an option by the Company to extend for two additional terms of 24
months each. The Company sublease part of the office to three different sub-tenants.
In
June 2018, a US subsidiary entered into a lease agreement for its office at World Trade Center (WTC) New York. The lease expires in May
2026. Additionally, the Company may choose an early termination in 2024. The Company sublease the office to a sub-tenant which led to
a decrease of $344
in 2022 on the value of its ROU asset. The decrease in ROU asset was recognized in the depreciation expenses.
In
October 2022, a US subsidiary entered into an additional lease agreement for its office at World Trade Center (WTC) New York. The lease
expires in December 2025.
Hivestack
entered into a lease agreement for its office in Montreal, Canada. The lease expires in September 2025.
Certain
other facilities of the Company are rented under operating lease agreements, which expire on various dates, the latest of which is in
2024. The Company recognizes rent expense under such arrangements on a straight-line basis.
The
following table represents the weighted-average remaining lease term and discount rate:
The
discount rate was determined based on the estimated collateralized borrowing rate of the Company, adjusted to the specific lease term
and location of each lease.
Maturities
of operating lease liabilities were as follows:
*)
Total lease payments are not offset by $5,646
of expected non-cancelable future sublease payments. Facilities leasing expenses, net in the years 2023, 2022 and 2021 were $1,993, $2,846, and $4,441 respectively. Out of which, Sublease income amounted to $3,598, $2,533 and $2,838 in the years 2023, 2022 and 2021, respectively. Cash
paid for amounts included in measurement of lease liabilities during the years ended 2023, 2022 and 2021 were $6,191,
$5,880,
and $8,465,
respectively.
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