PLAYSTUDIOS, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES

LEASES

9 Months Ended

Sep. 30, 2023

NOTE 13—LEASES

The Company's operating leases primarily consist of real estate leases such as offices. During the three months ended September 30, 2023 and 2022, operating lease expense was $1.2 million and $1.0 million, respectively, and during the nine ended September 30, 2023 and 2022, operating lease expense was $3.7 million and $2.9 million, respectively. The Company does not have any finance leases. Total variable and short-term lease payments were immaterial for all periods presented.

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


	September 30, 2023			December 31, 2022
Operating lease right-of-use assets, net	$	10,212		$	15,562

Operating lease liabilities, current	$	4,219		$	4,571
Operating lease liabilities, noncurrent	6,545			11,660
Operating lease liabilities, total	$	10,764		$	16,231

Weighted average remaining lease term, years	3.2			4.0
Weighted average discount rate	4.5		%	3.3		%

Operating lease liability maturities:


Year ending December 31,	Operating Leases
Remaining 2023	$	1,083
2024	4,512
2025	2,292
2026	1,963
2027	1,356
Thereafter	382
Total undiscounted cash flows	$	11,588
Less: imputed interest	(824)
Lease liabilities, total	$	10,764

As of September 30, 2023, the Company did not have material additional operating leases that have not yet commenced.