0001213900-23-073210 | 6-K | XBRL Viewer

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Schedule of Fair Value Measurements Inputs [Abstract]

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair value measurements

Note 9.

Fair value measurements

Warrant liability

The Company has classified the warrants assumed during the Merger (both public and private) as a liability pursuant to ASC 815-40 since the warrants do not meet the equity classification conditions. Accordingly, the Company measured the warrants at their fair value. The warrants liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of comprehensive loss.

During the year ended December 31,2022, 500 public warrants were exercised in a total amount of $5.

	Public Warrants (Level 1)		Private Placement Warrants (Level 3)		Total Warrant liability
	(Unaudited)
Balance, December 31, 2022	$	12,960	$	7,055	$	20,015
Change in fair value		11,640		10,623		22,263
Balance, June 30, 2023	$	24,600	$	17,678	$	42,278

The estimated fair value of the private placement warrant liabilities is determined using Level 3 inputs. Inherent in a Black-Scholes valuation model are assumptions related to expected share-price volatility, expiration, risk-free interest rate and dividend yield. The Company estimates the volatility of its Ordinary Share based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expiration of the warrants. The dividend yield is based on the historical rate, which the Company anticipates will remain at 0%.

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

	June 30, 2023			December 31, 2022
	(Unaudited)
Number of private placement warrants		9,666,667			9,666,667
Exercise price	$	11.5		$	11.5
Share price	$	7.20		$	4.36
Expiration term (in years)		3.17			3.66
Volatility		51.7	%		52.9	%
Risk-free Rate		4.45	%		4.13	%
Dividend yield		0	%		0	%

Restricted sponsor shares liability and Price adjustment shares liability

The restricted Sponsor shares liability and Price adjustment shares are measured at fair value using Level 3 inputs.

The Company has determined that the price adjustment shares, and the restricted sponsor shares should be accounted for as liabilities measured at fair value through earnings since the restricted sponsor shares and the price adjustment shares are not eligible to be classified as equity pursuant to ASC 815-40.

	Restricted sponsor shares (Level 3)		Price adjustment shares (Level 3)		Total
	(Unaudited)
Balance, December 31,2022	$	17,532	$	26,184	$	43,716
Change in fair value of restricted sponsor shares and price adjustment shares		20,093		36,597		56,690
Balance, June 30,2023	$	37,625	$	62,781	$	100,406

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

	June 30, 2023				December 31, 2022
	Restricted sponsor shares		Price adjustment shares		Restricted sponsor shares		Price adjustment shares
	(Unaudited)
Number of shares		7,500,000		15,000,000		7,500,000		15,000,000
Share price		$12.5-$30		$12.5-$17.5		$12.5-$30		$12.5-$17.5
Remaining exercise period		5.17		3.17		5.66		3.66
Share value		$2.95-$5.65		$3.42-$4.8		$1.17-$2.63		$1.32-$2.0

Schedule of Accumulated Other Comprehensive Income (Loss) and Reclassified As Payroll Expenses, Facility Expenses or Finance Expenses

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Shareholders’ Equity (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 ILS (₪) $ / shares shares	Jun. 30, 2022 $ / shares	Dec. 31, 2022 ILS (₪) shares
Shareholders’ equity [Abstract]
Ordinary shares authorized \| shares		3,454,112,863		3,454,112,863
Ordinary shares par value \| ₪		₪ 0.00001		₪ 0.00001
Weighted average fair values at grant date of options granted \| $ / shares		₪ 2.65	$ 3.25
Weighted average fair value at grant date of RSUs granted \| $ / shares		₪ 5.02
Unrecognized compensation costs \| $	$ 48,936
Weighted average period	3 years 1 month 6 days
Aggregate number of shares issued \| shares		1,871,687

Leases (Details)	Jun. 30, 2023 USD ($)
Leases [Abstract]
Operating lease, remaining lease term	7 years 8 months 12 days
Additional term	1 year
Lease agreements (in Dollars)	$ 3,818
Term lease	10 years

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments [Abstract]

	Net Notional amount						Fair value (Level 2 within the fair value hierarchy)
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
	(Unaudited)						(Unaudited)
Option contracts to hedge payroll
expenses NIS	$	28,371		$	31,833		$	248		$	173
expenses NIS		(28,371	)		(31,833	)		(578	)		(596	)
Forward contracts to hedge payroll
expenses NIS		676			5,598			(69	)		(229	)
	$	676		$	5,598		$	(399	)	$	(652	)

Schedule of Derivatives in Foreign Exchange Cash Flow Hedging Relationships

The fair value of the Company’s outstanding derivative instruments on June 30, 2023 and December 31, 2022 is summarized below:

		Fair value of derivative instruments
		June 30,			December 31,
		2023			2022
	Balance Sheet line item	(Unaudited)
Derivative liabilities:
Foreign exchange option contracts	Prepaid expenses and other current assets	$	248		$	173
Foreign exchange option contracts	Other account payable		(578	)		(596	)
Foreign exchange forward contracts	Other account payable	$	(69	)	$	(229	)

		Amount of gain reclassified from other comprehensive income into income (expenses), net of tax (effective portion)
		Six months ended June 30,
		2023		2022
	Statements of income line	(Unaudited)		(Unaudited)
Option contracts to hedge payroll expenses	Cost of revenues and operating expenses	$	405	$	395
Forward contracts to hedge payroll expenses	Cost of revenues, operating expenses and financial expenses		292		43
		$	697	$	438

Schedule of Derivative Instruments in Cash Flow Hedging Relationship on Income and Other Comprehensive Income

The effect of derivative instruments in cash flow hedging relationship on other comprehensive (loss) income for the six months ended June 30, 2023 and 2022, is summarized below:

	Amount of loss recognized in other comprehensive income (loss) on derivative, net of tax (effective portion)
	Six months ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Derivatives in foreign exchange cash flow hedging relationships:
Forward contracts	$	(151	)	$	(571	)
Option contracts		(520	)		(2,774	)
	$	(671	)	$	(3,345	)

Revenues (Details) - Schedule of Disaggregated Revenue by Geographical Areas - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Disaggregated Revenue by Geographical Areas [Line Items]
Total Revenue	$ 147,918	$ 124,958
America [Member]
Schedule of Disaggregated Revenue by Geographical Areas [Line Items]
Total Revenue	77,223	63,406
EMEA [Member]
Schedule of Disaggregated Revenue by Geographical Areas [Line Items]
Total Revenue	52,141	42,616
APAC [Member]
Schedule of Disaggregated Revenue by Geographical Areas [Line Items]
Total Revenue	$ 18,554	$ 18,936

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Schedule of the Components of Operating Lease Costs

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

The components of operating lease costs were as follows:

	Six months ended June 30,
	2023		2022
	(Unaudited)		(Unaudited)
Operating lease cost	$	2,485	$	—
Short-term lease cost		135		—
Variable lease cost		76		—
Total net lease costs	$	2,696	$	—

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases is as follows:

	June 30,			December 31,
	2023			2022
	(Unaudited)
Operating lease ROU assets	$	14,145		$	15,653
Operating lease liabilities, current	$	4,955		$	5,003
Operating lease liabilities, long-term	$	8,631		$	10,353
Weighted average remaining lease term (in years)		3.37			3.83
Weighted average discount rate		1.72	%		1.57	%

Schedule of Minimum Lease Payments for the Company’s ROU Assets

Minimum lease payments for the Company’s ROU assets over the remaining lease periods as of June 30, 2023, are as follows:

	Operating Leases
2023	$	2,652
2024	$	4,845
2025	$	3,444
2026	$	1,506
2027 and thereafter	$	1,598

Total undiscounted lease payments	$	14,045
Less: imputed interest		(459	)

Present value of lease liabilities	$	13,586

Financial (Expense) Income, Net (Details) - Schedule of Financial Income, Net - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financial income:
Interest on deposits	$ 3,187	$ 345
Foreign currency translation differences	755	149
Remeasurement of liability instruments		94,739
Marketable securities	699	98
Other	355	52
Financial expenses:
Remeasurement of liability instruments	(78,953)
Bank charges	(158)	(128)
Foreign currency translation differences	(631)	(148)
Others	(80)	(241)
Total	$ (74,826)	$ 94,866

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2.

Summary of Significant Accounting Policies

Unaudited interim consolidated financial statements:

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments necessary for a fair presentation.

The balance sheet as of December 31, 2022, has been derived from the audited consolidated financial statements of the Company at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2022. Results for the six months ended June 30, 2023, are not necessarily indicative of results that may be expected for the year ending December 31, 2023.

The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, have been applied consistently in these unaudited interim consolidated financial statements, except for changes associated with recent accounting standards for credit losses, as detailed below.

Recently adopted Accounting Pronouncements:

On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires that expected credit losses relating to financial assets be measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The adoption by the Company of the new guidance did not have a material impact on its consolidated financial statements.

Trade Receivable and Allowances

Trade receivables are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company makes estimates of expected credit losses for the allowance for doubtful accounts and allowance for unbilled receivables based upon its assessment of various factors, including historical experience, the age of the trade receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The amount of credit losses recorded for six months ended June 30, 20203 was not material.

Marketable Securities

The Company holds investments in marketable securities, consisting principally of corporate bonds and agency bonds. The Company classifies marketable securities as available-for-sale in its current assets because they represent investments of cash available for current operations. The Company’s available-for-sale investments are carried at estimated fair value with any unrealized gains and losses, net of taxes, included in accumulated other comprehensive (loss) income in shareholders’ equity. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Unrealized gain (losses), net of taxes, are included in accumulated other comprehensive loss (income) in shareholders’ equity. The amount of credit losses recorded for the six months ended June 30, 20203 was not material. The Company has not recorded any impairment charge for unrealized losses during the periods presented. The Company determines realized gains or losses on sale of marketable securities on a specific identification method and records such gains or losses as financial (expense) income.

Use of estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods and accompanying notes. Actual results could differ from those estimates.

Fair value measurements

The Company accounts for fair value in accordance with ASC 820, “Fair Value Measurements and Disclosures”. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Inputs other than Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

●

Level 3: Unobservable inputs for the asset or liability used to measure fair value that are supported by little or no market activity and that are significant to the fair value of the asset or liability at measurement date.

The carrying value of trade receivable and payables and the Company’s cash and cash equivalents short-term deposits and marketable securities approximates fair value due to the short time to expected payment or receipt of cash.

Revenues

Revenue consists of subscription, other non-recurring, and professional services.

Subscription- Subscription revenue is comprised of subscription services and term-license revenue. The subscription services revenue is the revenue that is recognized over the life of the subscription and the term-license revenue is what is immediately recognized upon the sale of an on-premise license. In connection with our term-based license and perpetual license arrangements, we generate revenue through maintenance and support under renewable subscription, fee-based contracts that include unspecified software updates and upgrades released when and if available as well as software patches and support. Customers with active subscriptions are also entitled to our technical customers’ support.

Other non-recurring- reflects the revenue recognized from sale of hardware related to our offering. Other revenue consists sales of perpetual licenses related to products and of revenue from usage-based fees. Perpetual license fees are recognized upfront assuming all revenue recognition criteria are satisfied. The license is installed on premise, mostly on customers’ computers.

Professional services- consists of revenue related to: (i) certified training classes by Cellebrite Academy; (ii) Cellebrite Advanced Services; (iii) implementation of our products in connection with our software licenses and (iv) on premise contracted customer success and technical support. The revenue of professional services is recognized upon the delivery of our services.

Recently issued accounting pronouncements

As an “Emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act.

Derivative Instruments (Details)	6 Months Ended
Derivative Instruments (Details)	Jun. 30, 2023
Derivative Instruments [Abstract]
Maximum length of time hedged in cash flow hedge	1 year

Shareholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2023

Shareholders’ equity [Abstract]

Schedule of the Company’s Option Activity

A summary of the status of options under the Plans as of June 30, 2023 and changes during the relevant period ended on that date is presented below:

	Number of options		Weighted- average exercise price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
	(Unaudited)
Outstanding at 31 December, 2022		20,457,660	$	2.990		6.39	$	30,984
Granted		1,338,281		4.965
Exercised		2,828,128		2.554
Forfeited		171,216		4.607
Expired		9,089		7.921
Outstanding at June 30, 2023		18,787,508	$	3.179		6.25	$	75,623
Exercisable at June 30, 2023		15,141,645	$	2.910		5.74	$	65,007

Schedule of Status of RSUs Under the Plan

A summary of the status of RSUs under the Plans as of June 30, 2023 and changes during the relevant period ended on that date is presented below:

	June 30, 2023
	(Unaudited)
Unvested at beginning of year		6,391,352
Granted		4,315,861
Vested		1,219,519
Forfeited		752,114
Unvested at end of the period		8,735,580

Schedule of Equity-Based Compensation Expense

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2023 and 2022, was comprised as follows:

	Six months ended June 30,
	2023		2022
	(Unaudited)		(Unaudited)
Cost of revenues	$	800	$	587
Research and development		2,281		1,251
Sales and marketing		3,179		2,529
General and administrative		2,797		2,096
	$	9,057	$	6,463

Interim Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 110,502

$ 87,645

Short-term deposits

69,151

51,335

Marketable securities

57,605

44,643

Trade receivables (net of allowance for credit losses of $840 and $1,904 as of June 30, 2023 and December 31, 2022, respectively)

61,194

78,761

Prepaid expenses and other current assets

22,185

17,085

Contract acquisition costs

5,946

6,286

Inventories

10,822

10,176

Total current assets

337,405

295,931

Non-current assets

Other non-current assets

2,792

1,731

Marketable securities

7,297

22,125

Deferred tax assets, net

11,997

12,511

Property and equipment, net

15,810

17,259

Intangible assets, net

9,618

11,254

Goodwill

26,829

Operating lease right-of-use assets, net

14,145

15,653

Total non-current assets

88,488

107,362

Total assets

425,893

403,293

Current Liabilities

Trade payables

4,991

4,612

Other accounts payable and accrued expenses

35,618

45,453

Deferred revenues

158,942

152,709

Operating lease liabilities

4,955

5,003

Total current liabilities

204,506

207,777

Long-term liabilities

Other long term liabilities

5,047

5,394

Deferred revenues

47,469

42,173

Restricted Sponsor Shares liability

37,625

17,532

Price Adjustment Shares liability

62,781

26,184

Warrant liability

42,278

20,015

Operating lease liabilities

8,631

10,353

Total long-term liabilities

203,831

121,651

Total liabilities

408,337

329,428

Shareholders’ equity

Share capital, NIS 0.00001 par value; 3,454,112,863 shares authorized, 197,409,616 and 193,055,931 shares issued and 197,367,840 and 193,014,155 shares outstanding as of June 30, 2023 (unaudited) and December 31, 2022, respectively

^[1]

Additional paid-in capital

(108,166)

(125,624)

Treasury share, NIS 0.00001 par value; 41,776 ordinary shares

(85)

Accumulated other comprehensive (loss) income

(483)

331

Retained earnings

126,290

199,243

Total shareholders’ equity

17,556

73,865

Total liabilities and shareholders’ equity

$ 425,893

$ 403,293

[1]	Less than 1 USD

Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments [Abstract]

Derivative Instruments

Note 4.

Derivative Instruments

The Company’s risk management strategy includes the use of derivative financial instruments to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates.

ASC 815, “Derivatives and Hedging” (“ASC 815”), requires the Company to recognize all of its derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, an entity must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.

Gains and losses on derivatives instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that are attributable to a particular risk), are recorded in accumulated other comprehensive (loss) income and reclassified into statement of income in the same accounting period in which the designated forecasted transaction or hedged item affects earnings.

The Company entered into option and forward contracts to hedge a portion of anticipated New Israeli Shekel (“NIS”) payroll and benefit payments. These derivative instruments are designated as cash flow hedges, as defined by ASC 815 and accordingly are measured at fair value. These transactions are effective and, as a result, gain or loss on the derivative instruments are reported as a component of accumulated other comprehensive (loss) income and reclassified as payroll expenses or finance expenses, respectively, at the time that the hedged income/expense is recorded.

	Net Notional amount						Fair value (Level 2 within the fair value hierarchy)
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
	(Unaudited)						(Unaudited)
Option contracts to hedge payroll
expenses NIS	$	28,371		$	31,833		$	248		$	173
expenses NIS		(28,371	)		(31,833	)		(578	)		(596	)
Forward contracts to hedge payroll
expenses NIS		676			5,598			(69	)		(229	)
	$	676		$	5,598		$	(399	)	$	(652	)

The Company currently hedges its exposure to the variability in future cash flows for a maximum period of one year. As of June 30, 2023, the Company expects to reclassify all of its unrealized gains and losses from accumulated other comprehensive loss to earnings during the next twelve months. The fair value of the Company’s outstanding derivative instruments on June 30, 2023 and December 31, 2022 is summarized below:

		Fair value of derivative instruments
		June 30,			December 31,
		2023			2022
	Balance Sheet line item	(Unaudited)
Derivative liabilities:
Foreign exchange option contracts	Prepaid expenses and other current assets	$	248		$	173
Foreign exchange option contracts	Other account payable		(578	)		(596	)
Foreign exchange forward contracts	Other account payable	$	(69	)	$	(229	)

The effect of derivative instruments in cash flow hedging relationship on other comprehensive (loss) income for the six months ended June 30, 2023 and 2022, is summarized below:

	Amount of loss recognized in other comprehensive income (loss) on derivative, net of tax (effective portion)
	Six months ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Derivatives in foreign exchange cash flow hedging relationships:
Forward contracts	$	(151	)	$	(571	)
Option contracts		(520	)		(2,774	)
	$	(671	)	$	(3,345	)

Derivatives in foreign exchange cash flow hedging relationships for the six months ended June 30, 2023 and 2022, is summarized below:

		Amount of gain reclassified from other comprehensive income into income (expenses), net of tax (effective portion)
		Six months ended June 30,
		2023		2022
	Statements of income line	(Unaudited)		(Unaudited)
Option contracts to hedge payroll expenses	Cost of revenues and operating expenses	$	405	$	395
Forward contracts to hedge payroll expenses	Cost of revenues, operating expenses and financial expenses		292		43
		$	697	$	438

Revenues

6 Months Ended

Jun. 30, 2023

Revenues [Abstract]

Revenues

Note 10.

Revenues

Disaggregation of Revenues

The following table provides information about disaggregated revenue by geographical areas:

	Six months ended June 30,
	2023		2022
	(Unaudited)		(Unaudited)
America	$	77,223	$	63,406
EMEA		52,141		42,616
APAC		18,554		18,936
Total	$	147,918	$	124,958

Contract Balances

The following table provides information about accounts receivable, contract assets, and contract liabilities from contracts with customers:

	June 30, 2023		December 31, 2022
	(Unaudited)
Contract liabilities, current	$	158,942	$	152,709
Contract liabilities, non-current		47,469		42,173

Contract assets consist of unbilled accounts receivable, which occur when a right to consideration for the Company’s performance under the customer contract occurs before invoicing to the customer. The increase in contract balances is consistent with the increase in the overall operation of the Company.

Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of performance under a contract. The current portion of the deferred revenue balance is recognized as revenue during the 12-month period after the balance sheet date. The non-current portion of the deferred revenue balance is recognized as revenue following the 12-month period after the balance sheet date. Of the $194,882 and 159,409 of deferred revenue as of December 31, 2022 and 2021, respectively, the Company recognized $97,044 and $73,264 as revenue during the six months ended June 30, 2023 and 2022.

Remaining Performance Obligations

The Company’s remaining performance obligations are comprised of product and services revenue not yet delivered. As of June 30, 2023 and December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $302,564 and $276,409 respectively, which consists of both billed consideration in the amount of $206,411 and $194,882 respectively, and unbilled consideration in the amount of $96,153 and $81,527 respectively, that the Company expects to recognize as revenue. As of June 30, 2023, the Company expects to recognize the majority of its remaining performance obligations as revenue in the 12-month period ending on June 30, 2024.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Leases (Details) - Schedule of the Components of Operating Lease Costs - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of the Components of Operating Lease Costs [Abstract]
Operating lease cost	$ 2,485
Short-term lease cost	135
Variable lease cost	76
Total net lease costs	$ 2,696

Shareholders’ Equity

6 Months Ended

Jun. 30, 2023

Shareholders’ equity [Abstract]

Shareholders’ equity

Note 7.

Shareholders’ equity

Ordinary Shares

As of June 30, 2023 and December 31, 2022, the Company was authorized to issue 3,454,112,863 shares of par value NIS 0.00001 per Ordinary Share. The voting, dividend and liquidation rights of the holders of the Company’s Ordinary Shares are subject to and qualified by the rights, powers and preferences of the holders of the preferred shares as set forth below.

Ordinary Shares confers upon its holders the following rights:

The right to participate and vote in the Company’s general meetings. Each share will entitle its holder, when attending and participating in the voting to one vote;

ii.

Dividends or distribution shall be paid or be made to the holders of Ordinary Shares, shall be in an amount equal the product of the dividend or distribution payable or made on each Ordinary Share determined as if all preferred shares had been converted into Ordinary Shares and the number of Ordinary Shares issuable upon conversion of such preferred share, in each case calculated on the record date for determination of holders entitled to receive such dividend or distribution; and

iii.

The right to a share in the distribution of the Company’s excess assets upon liquidation pro rata to the par value of the share held by them.

Option and RSUs Plans:

A summary of the status of options under the Plans as of June 30, 2023 and changes during the relevant period ended on that date is presented below:

	Number of options		Weighted- average exercise price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
	(Unaudited)
Outstanding at 31 December, 2022		20,457,660	$	2.990		6.39	$	30,984
Granted		1,338,281		4.965
Exercised		2,828,128		2.554
Forfeited		171,216		4.607
Expired		9,089		7.921
Outstanding at June 30, 2023		18,787,508	$	3.179		6.25	$	75,623
Exercisable at June 30, 2023		15,141,645	$	2.910		5.74	$	65,007

The weighted average fair values at grant date of options granted for the six months ended June 30, 2023 and 2022 were $2.65 and $3.25 per share, respectively.

A summary of the status of RSUs under the Plans as of June 30, 2023 and changes during the relevant period ended on that date is presented below:

	June 30, 2023
	(Unaudited)
Unvested at beginning of year		6,391,352
Granted		4,315,861
Vested		1,219,519
Forfeited		752,114
Unvested at end of the period		8,735,580

The weighted average fair value at grant date of RSUs granted for the six months ended June 30, 2023 was $5.02.

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2023 and 2022, was comprised as follows:

	Six months ended June 30,
	2023		2022
	(Unaudited)		(Unaudited)
Cost of revenues	$	800	$	587
Research and development		2,281		1,251
Sales and marketing		3,179		2,529
General and administrative		2,797		2,096
	$	9,057	$	6,463

As of June 30, 2023, there were unrecognized compensation costs of $48,936, which are expected to be recognized over a weighted average period of approximately 3.1 years.

2021 Employee Share Purchase Plan:

On August 5, 2021, the Company adopted the 2021 Employee Share Purchase Plan (“ESPP”).

The aggregate number of Ordinary Shares that may be issued pursuant to rights granted under the ESPP shall be 1,871,687 Shares. In addition, on the first day of each calendar year beginning on January 1, 2023 and ending on and including January 1, 2033, the number of Ordinary Shares available for issuance under the Plan shall be increased by that number of Ordinary Shares equal to the lesser of (a) 1.0% of the Shares outstanding on the last day of the immediately preceding calendar year, as determined on a fully diluted basis, and (b) such smaller number of Ordinary Shares as may be determined by the Board. If any right granted under the ESPP shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again become available for issuance under the ESPP.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Financial (Expense) Income, Net [Abstract]

Financial (Expense) Income, Net

6 Months Ended

Jun. 30, 2023

Financial (expense) income, net

Note 11.

Financial (expense) income, net

	Six months ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Financial income:
Interest on deposits	$	3,187		$	345
Foreign currency translation differences		755			149
Remeasurement of liability instruments		—			94,739
Marketable securities		699			98
Other		355			52

Financial expenses:
Remeasurement of liability instruments		(78,953	)		—
Bank charges		(158	)		(128	)
Foreign currency translation differences		(631	)		(148	)
Others		(80	)		(241	)
Total	$	(74,826	)	$	94,866

Shareholders’ Equity (Details) - Schedule of Equity-Based Compensation Expense - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity-Based Compensation Expense [Abstract]
Cost of revenues	$ 800	$ 587
Research and development	2,281	1,251
Sales and marketing	3,179	2,529
General and administrative	2,797	2,096
Total	$ 9,057	$ 6,463

Net (Loss) Income Per Share (Details) - Schedule of Computation of Basic Losses Per Share - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net (loss) income (in Dollars)	$ (72,953)	$ 88,635
Basic net (loss) income attributable to Ordinary shareholders	(70,181)	85,130
Basic net (loss) income attributable to Restricted sponsor shares	(2,772)	3,505
Denominator:
Weighted average number of Ordinary Shares used in computing basic (loss) earning per share	187,239,136	181,217,005
Basic net (loss) earning per share of Ordinary shareholders (in Dollars per share)	$ (0.37)	$ 0.47
Weighted average number of Ordinary Shares used in computing diluted net (loss) earning per share	187,239,136	194,355,966
Diluted (loss) net earning per share of Ordinary shareholders (in Dollars per share)	$ (0.37)	$ 0.44

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Financial (Expense) Income, Net [Abstract]

Fair Value Measurements (Details) - Schedule of Public Warrants $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Public Warrants [Member]
Schedule of Public Warrants [Line Items]
Balance	$ 12,960
Change in fair value of warrant liability	11,640
Balance	24,600
Private Placement Warrants [Member]
Schedule of Public Warrants [Line Items]
Balance	7,055
Change in fair value of warrant liability	10,623
Balance	17,678
Warrant liability [Member]
Schedule of Public Warrants [Line Items]
Balance	20,015
Change in fair value of warrant liability	22,263
Balance	$ 42,278

Net (Loss) Income Per Share (Details)	6 Months Ended
Net (Loss) Income Per Share (Details)	Jun. 30, 2023 shares
Net (Loss) Income Per Share [Abstract]
Diluted net earnings per share	12,581,030

Revenues (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Deferred revenue			$ 194,882	$ 159,409
Revenue recognized	$ 97,044	$ 73,264
Aggregate amount	302,564		276,409
Billed consideration amount	206,411		194,882
Unbilled consideration amount	$ 96,153		$ 81,527

Interim Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (72,953)	$ 88,635
Change in foreign currency translation adjustment	(966)	812
Change in unrealized gains (losses) on marketable securities:
Unrealized gains (losses) arising during the period	126	(286)
Net change (net of tax effect of $(48) and $—)	126	(286)
Change in unrealized gain (losses) on cash flow hedges:
Unrealized losses arising during the period	(671)	(3,345)
Less -reclassification adjustment for net gains realized and included in net income	697	438
Net change (net of tax effect of $(4) and $396)	26	(2,907)
Total other comprehensive loss	(814)	(2,381)
Comprehensive (loss) income	$ (73,767)	$ 86,254

Marketable securities (Details) - Schedule of Company’s Marketable Securities by Contractual Maturities $ in Thousands	Jun. 30, 2023 USD ($)
Schedule of Company’s Marketable Securities by Contractual Maturities [Abstract]
Due in 1 year or less	$ 57,605
Due in 1 year through 2 years	7,297
Total	$ 64,902

Financial (Expense) Income, Net (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Financial Income, Net

	Six months ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Financial income:
Interest on deposits	$	3,187		$	345
Foreign currency translation differences		755			149
Remeasurement of liability instruments		—			94,739
Marketable securities		699			98
Other		355			52

Financial expenses:
Remeasurement of liability instruments		(78,953	)		—
Bank charges		(158	)		(128	)
Foreign currency translation differences		(631	)		(148	)
Others		(80	)		(241	)
Total	$	(74,826	)	$	94,866

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Unaudited interim consolidated financial statements

Unaudited interim consolidated financial statements:

Recently adopted Accounting Pronouncements:

Trade Receivable and Allowances

Marketable Securities

Use of estimates

Use of estimates

Fair value measurements

Fair value measurements

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Inputs other than Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

●

Revenues

Revenues

Revenue consists of subscription, other non-recurring, and professional services.

Recently issued accounting pronouncements

Recently issued accounting pronouncements

Fair Value Measurements (Details) - Schedule of Level 3 Fair Value Measurements Inputs - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Restricted sponsor shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares (in Shares)	7,500,000
Remaining exercise period	$ 5.17
Restricted sponsor shares [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price	12.5
Share value	2.95
Restricted sponsor shares [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price	30
Share value	$ 5.65
Price adjustment [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares (in Shares)	15,000,000	15,000,000
Remaining exercise period	$ 3.17	$ 3.66
Price adjustment [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price	12.5	12.5
Share value	3.42	1.32
Price adjustment [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price	17.5	17.5
Share value	$ 4.8	$ 2
Restricted sponsor shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares (in Shares)		7,500,000
Remaining exercise period		$ 5.66
Restricted sponsor shares [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price		12.5
Share value		1.17
Restricted sponsor shares [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price		30
Share value		$ 2.63

Revenues (Details) - Schedule of Contract Liabilities from Contracts with Customers - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Contract Liabilities From Contracts With Customers [Abstract]
Contract liabilities, current	$ 158,942	$ 152,709
Contract liabilities, non-current	$ 47,469	$ 42,173

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Fair Value Measurements Inputs [Abstract]

Schedule of Public Warrants Were Exercised

During the year ended December 31,2022, 500 public warrants were exercised in a total amount of $5.

	Public Warrants (Level 1)		Private Placement Warrants (Level 3)		Total Warrant liability
	(Unaudited)
Balance, December 31, 2022	$	12,960	$	7,055	$	20,015
Change in fair value		11,640		10,623		22,263
Balance, June 30, 2023	$	24,600	$	17,678	$	42,278

Schedule of Fair Value of the Private Placement Warrant Liabilities

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

	June 30, 2023			December 31, 2022
	(Unaudited)
Number of private placement warrants		9,666,667			9,666,667
Exercise price	$	11.5		$	11.5
Share price	$	7.20		$	4.36
Expiration term (in years)		3.17			3.66
Volatility		51.7	%		52.9	%
Risk-free Rate		4.45	%		4.13	%
Dividend yield		0	%		0	%

Schedule of Price Adjustment Shares, and the Restricted Sponsor Shares

	Restricted sponsor shares (Level 3)		Price adjustment shares (Level 3)		Total
	(Unaudited)
Balance, December 31,2022	$	17,532	$	26,184	$	43,716
Change in fair value of restricted sponsor shares and price adjustment shares		20,093		36,597		56,690
Balance, June 30,2023	$	37,625	$	62,781	$	100,406

Schedule of Level 3 Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

	June 30, 2023				December 31, 2022
	Restricted sponsor shares		Price adjustment shares		Restricted sponsor shares		Price adjustment shares
	(Unaudited)
Number of shares		7,500,000		15,000,000		7,500,000		15,000,000
Share price		$12.5-$30		$12.5-$17.5		$12.5-$30		$12.5-$17.5
Remaining exercise period		5.17		3.17		5.66		3.66
Share value		$2.95-$5.65		$3.42-$4.8		$1.17-$2.63		$1.32-$2.0