LEASES

12 Months Ended

Dec. 31, 2023

We have various non-cancellable operating and finance leases for our office spaces, data centers and operational assets with lease periods expiring between 2023 and 2032. During the year ended December 31, 2023 and December 31, 2022, we recognized additional right-of-use assets and lease liabilities of $2.7 million and $2.5 million, respectively, related to new lease agreements and lease modifications for office space.

During the year ended December 31, 2023, there were no impairments on any of our leases. During the year ended December 31, 2022, we incurred an impairment of $0.9 million to the right-of-use-assets as a result of decommissioning our data centers and the closure of our office in India. During the year ended December 31, 2021, we incurred an impairment of $0.6 million to the right-of-use assets under operating leases, related to the discontinued use of office space lease obtained during the Dosh acquisition. The impairment is reflected in acquisition and integration costs in the consolidated statements of operations and was attributable to the Cardlytics platform operating segment. Refer to Note 15—Segments for more information on our operating segments.

During the year ended December 31, 2023 and 2022, respectively, we made cash payments of $4.5 million and $8.2 million for operating leases which are included in cash flows received from (used in) operating activities in our consolidated statement of cash flows.

Lease assets and liabilities, net, are as follows (in thousands):


		December 31,
Lease Type	Consolidated Balance Sheets Location	2023		2022
Operating lease assets	Right-of-use assets under operating leases, net	$	7,310	$	6,571
Finance lease assets	Property and equipment, net	14		48
Total lease assets		7,324		6,619

Operating lease liabilities, current	Current operating lease liabilities	2,127		4,910
Operating lease liabilities, long-term	Long-term operating lease liabilities	6,391		4,306
Finance lease liabilities, current	Accrued expenses	10		38
Finance lease liabilities, long-term	Other long-term liabilities	—		3
Total lease liabilities		$	8,528	$	9,257

The following table summarizes activity related to our leases (in thousands):


	December 31,
	2023		2022
Operating lease expense	$	3,295	$	6,598
Variable lease expense	1,191		1,294
Short-term lease expense	600		459
Total net operating lease cost	$	5,086	$	8,351

The following table presents our weighted average borrowing rates and weighted average lease terms:


	December 31,
	2023		2022
Operating leases:
Weighted average borrowing rate	6.8	%	4.2	%
Weighted average remaining lease term (years)	4.06		2.26

The following table summarizes future maturities of lease liabilities as of December 31, 2023 (in thousands):


Fiscal Year	Operating Leases

2024	$	2,225
2025	2,184
2026	1,347
2027	1,170
Thereafter	3,394
Total lease payments	10,320
Imputed interest	1,802
Total lease liabilities	$	8,518