Leases

12 Months Ended

Dec. 31, 2024

The Company and its subsidiaries lease office space under various operating lease agreements with the following lease expiration dates as summarized below:


Location						Lease expiration dates
New York (headquarters)						November 2025

San Francisco, California						November 2030

Tel Aviv, Israel						July 2026
Amsterdam, Netherlands						February 2027

In November 2024, the Company extended the lease for two floors of its New York office through February 2029, with the lease for the remaining floors expiring in November 2025. The New York office lease extension includes a renewal option provision to further extend the lease term in which the Company is not currently reasonably certain to exercise. The Company accounted for the lease as a modification in which the modified lease classification remains to be an operating lease. The related RoU asset and lease liability were remeasured as a result of the lease modification for which the Company recorded an increase of $4.5 million in RoU asset and $4.3 million in lease liability.

Office lease agreements for Tempe, Arizona and Scottsdale, Arizona expired in October 2024 and November 2024, respectively, and were not renewed by the Company.

Operating lease cost under ASC 842 for leased facilities is presented below ($ in millions):


	December 31,
	2024		2023
Operating lease cost	$	7.9	$	8.1
Short term lease expense	0.1		0.1
Variable lease costs	0.4		0.7
	$	8.4	$	8.9

Operating lease cost is included within continuing operations in the consolidated statements of operations and comprehensive loss.

Supplemental cash flow information related to operating leases is as follows ($ in millions):


	December 31,
	2024		2023
Operating cash outflow from operating leases	$	9.9	$	8.7
Operating cash inflow from operating subleases	$	2.6	$	0.4
RoU assets obtained in exchange for modification of operating lease liabilities	$	4.5	$	—

Weighted-average remaining lease term and discount rate are as follows:


	December 31,
	2024		2023
Weighted-average remaining lease term (in years)	3.9		4.0
Weighted-average discount rate	6.14	%	6.09	%

Maturities of operating lease liabilities as of December 31, 2024 is as follows ($ in millions):


2025	$	9.0
2026	5.8
2027	4.2
2028	4.3
2029	3.0
thereafter	0.7
Total undiscounted lease payments	$	27.0
Present value discount	3.2
Lease liabilities	$	23.8

Sublease

New York

The Company subleased two floors of its New York office space beginning September 2023 through November 2025, which are classified as operating leases. As a result of the sublease, the Company evaluated RoU asset associated with the original lease for impairment, using the undiscounted cash flows from the sublease. There was no impairment charge recognized related to the New York office sublease as of December 31, 2023.

The Company also entered into a sublease agreement for a portion of its office space in New York which commenced in June 2024 through November 2025, which is classified as an operating lease. The Company recorded an impairment charge related to the sublease of $0.3 million which reduced the carrying value of RoU assets and the related furniture and equipment and leasehold improvements as of December 31, 2024.

The Company recognized sublease income from the above sublease agreements of $1.9 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively.

San Francisco

The Company subleased its San Francisco office space beginning November 2023 through November 2026, and is classified as an operating lease. The Company recorded an impairment charge related to the sublease of $3.7 million which reduced the carrying value of RoU assets and the related leasehold improvements as of December 31, 2023.

The Company recognized sublease income of $1.1 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively.

The impairment charge related to the sublease is presented under “General and administrative expenses” in the consolidated statements of operations and comprehensive income. The Company estimated the fair value of the RoU asset based on the net present value of the sublease rental income during the sublease term.

Sublease income is presented under “Commission and other income” in the consolidated statements of operations and comprehensive income.