Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Innovid's lease portfolio primarily consists of real estate properties and vehicles. Short-term leases with a term of 12 months or less are not recorded on the balance sheet. Innovid does not separate lease components from non-lease components.
The Company is a lessee. The Company records lease liabilities based on the present value of lease payments over the lease term. Innovid generally uses an incremental borrowing rate to discount its lease liabilities, as the rate implicit in the lease is typically not readily determinable. Certain lease agreements include renewal options that are under the Company's control. Innovid includes optional renewal periods in the lease term only when it is reasonably certain that Innovid will exercise its option.
Variable lease payments are primarily related to payments to lessors for taxes, maintenance, insurance and other operating costs. The Company's lease agreements do not contain any significant residual value guarantees or restrictive covenants.
The Company has the following operating ROU assets and lease liabilities:
March 31, 2022
ROU assets Lease liabilities
Real Estate $ 3,456  $ 4,893 
Cars 41  41 
Total operating leases $ 3,497  $ 4,934 
March 31, 2022
Lease liabilities
Current lease liabilities $ 1,681 
Non-current lease liabilities 3,253 
Total lease liabilities $ 4,934 
The following table summarizes the lease costs recognized in the interim condensed consolidated statement of operations:
Three months ended March 31, 2022
Operating lease cost $ 475 
Short term lease cost 82 
Variable lease cost
Total lease cost $ 561 
As of March 31, 2022, the weighted-average remaining lease term and weighted-average discount rate for operating leases are 2.8 years and 3.2%, respectively.
The following table presents supplementary cash flow information regarding the company's operating leases:
Three months ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities $ 574 
Right of use assets obtained in exchange for new operating lease liabilities $ — 
The following table summarizes the future payments of Innovid for its operating lease liabilities:
March 31, 2022
2022 Remaining $ 1,612 
2023 1,951 
2024 844 
2025 775 
Total undiscounted lease payments $ 5,182 
Less: Interest (248)
Total lease liabilities - operating $ 4,934