Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Innovid's lease portfolio primarily consists of real estate properties and cars. 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 in all its lease agreements. 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:
September 30, 2022
ROU assets Lease liabilities
Real Estate $ 3,187  $ 4,156 
Cars 30  27 
Total operating leases $ 3,217  $ 4,183 
September 30, 2022
Lease liabilities
Current lease liabilities $ 1,904 
Non-current lease liabilities 2,279 
Total lease liabilities $ 4,183 
The following table summarizes the lease costs recognized in the interim condensed consolidated statement of operations:
Three months ended September 30, 2022 Nine months ended September 30, 2022
(Unaudited) (Unaudited)
Operating lease cost $ 466  $ 1,413 
Short term lease cost 126  334 
Variable lease cost 10  20 
Total lease cost $ 602  $ 1,767 
As of September 30, 2022, the weighted-average remaining lease term and weighted-average discount rate for operating leases are 2.4 years and 3.1%, respectively.
The following table presents supplementary cash flow information regarding the company's operating leases:
Nine months ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities $ 1,688 
Right of use assets obtained in exchange for new operating lease liabilities $ — 
Right of use assets obtained in exchange for operating lease liabilities upon lease modification $ 610 

The following table summarizes the future payments of Innovid for its operating lease liabilities:
September 30, 2022
2022 Remaining $ 471 
2023 2,160 
2024 1,035 
2025 695 
Total undiscounted lease payments $ 4,361 
Less: Interest (178)
Total lease liabilities - operating $ 4,183