Company: PERI
Filing Date: 2025-03-25
Form Type: 20-F
Source: 0001178913-25-001021
Chunk: 178

Company: Perion Network Ltd.
Filing Date: 2025-03-25
Form: 20-F
Item: Item 18
Chunk 178
---
ATED FINANCIAL STATEMENTS
 U.S. dollars in thousands (except share and per share data)
 
   
NOTE 11:   LEASES
-----------------
   
In January 2014, the Company entered into a lease agreement for new corporate offices in Holon, Israel. The lease expires in January 2025, with an option by the Company to extend for two additional terms of 24 months each. In 2024, The Company decided not to extend the lease beyond its original expiration date in January 2025. The Company subleased part of the office to three different sub-tenants.
 
In May 2024, the Company entered into a lease agreement for new corporate offices in Tel Aviv, Israel. The lease expires in September 2034, including an option by the Company to extend for two additional terms of 36 and 24 months.
 
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. The Company subleases 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 2025. 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:
 
   
                                     Year ended December 31,   
---------------------------------------------------------------
                             2024                 2023         
Weighted average remaining         8.66                    2.03
lease term                        Years                   Years
Weighted average discount         5.53%                   5.05%
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.
 
   F - 35

PERION NETWORK LTD. AND ITS SUBSIDIARIES
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 U.S.