0001104659-24-031179 | 20-F | XBRL Viewer

GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of revenue from sales to customers


	Year ended
	December 31,
	2023		2022		2021
United States	$	414,105	$	241,123	$	161,925
Others		94,580		83,397		60,630
Total net revenue	$	508,685	$	324,520	$	222,555

Schedule of long-lived assets by geographic area


	December 31,
	2023		2022
Israel	$	17,601	$	18,665
United States		5,201		4,081
Total long-lived assets	$	22,802	$	22,746

TAXES ON INCOME - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TAXES ON INCOME
Domestic Tax Rate (in %)	23.00%	23.00%	23.00%
Withholding dividends paid to a foreign resident tax rate	4.00%
Undistributed earnings of foreign subsidiaries	$ 18,116
Unrecognized deferred tax liability	$ 4,167
Israel
TAXES ON INCOME
Tax rate	12.00%
Annual income rate	25.00%
Withholding tax rate	20.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 58,534	$ 21,728	$ 13,920
Change in unrealized gains on marketable securities:
Unrealized gains arising during the period, net of tax	664
Other comprehensive income, net of tax	664
Comprehensive income	$ 59,198	$ 21,728	$ 13,920

- Definition

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

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+ Details

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 7: - PROPERTY, PLANT AND EQUIPMENT


	December 31,
	2023		2022
Cost:
Computers, software and electronic equipment	$	4,101	$	2,827
Office, furniture and equipment		1,854		1,690
Molds and others		2,778		2,446
Leasehold improvements		16,584		16,161
		25,317		23,124
Less - accumulated depreciation		(16,072)		(13,656)
Property, plant and equipment, net	$	9,245	$	9,468

Depreciation and amortization expenses for the years ended December 31, 2023, 2022 and 2021 amounted to $2,458, $2,535 and $2,803, respectively.

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2023

INVENTORY

INVENTORY


	December 31,
	2023		2022
Raw materials and work in progress	$	26,703	$	27,307
Finished goods		57,403		42,923
Total	$	84,106	$	70,230

LOANS (Details) - 2016 Credit Line Agreement $ in Thousands	May 10, 2016 ILS (₪)	Dec. 31, 2023 USD ($)
LOANS
Maximum principal amount	₪ 25,000,000	$ 6,893
Credit line maturity	1 year
Total outstanding		$ 3,569
Prime rate
LOANS
Interest rate	1.40%
Annual fee	0.40%

- Definition

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Comprehensive income (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Components of accumulated other comprehensive income, net of taxes

Beginning balance

$ 98,705

^[1]

Other comprehensive income

664

Ending balance

283,107

^[1]

Accumulated other comprehensive income

Components of accumulated other comprehensive income, net of taxes

Beginning balance

1,738

Other comprehensive income

664

Ending balance

2,402

Unrealized gains (losses) on marketable securities

Components of accumulated other comprehensive income, net of taxes

Other comprehensive income

664

Ending balance

664

Foreign currency translation adjustments

Components of accumulated other comprehensive income, net of taxes

Beginning balance

1,738

Ending balance

$ 1,738

[1]	Issued and outstanding share information is adjusted for the share split effected by way of issuance of bonus shares (Note 13).

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES - Additional information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Continuous unrealized losses for 12 months or greater	$ 0
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Interest receivable	$ 535

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Gross carrying amount	$ 46,248	$ 30,891
Accumulated amortization	(10,247)	(4,091)
Net carrying amount	36,001	26,800
Amortization expense	6,147	1,873	$ 1,203
Internal-used software
Finite-Lived Intangible Assets
Gross carrying amount	20,297	15,711
Accumulated amortization	(6,078)	(3,089)
Net carrying amount	14,219	12,622
Technology
Finite-Lived Intangible Assets
Gross carrying amount	23,153	13,033
Accumulated amortization	(3,145)	(311)
Net carrying amount	20,008	12,722
Other intangibles
Finite-Lived Intangible Assets
Gross carrying amount	2,798	2,147
Accumulated amortization	(1,024)	(691)
Net carrying amount	$ 1,774	$ 1,456

TAXES ON INCOME - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Research and development costs	$ 333	$ 661
Depreciation and amortization	534	519
Employees and other accruals	1,989	1,457
Operating lease liabilities	2,870	2,691
Stock based compensation	2,922	1,177
Net operating losses	1,958	908
Other		467
Deferred tax assets	10,606	7,880
Valuation allowance	(861)	(1,010)
Net deferred tax assets	9,745	6,870
Deferred tax liabilities:
Property and equipment	(281)	(182)
Marketable securities	(198)
Operating lease right-of-use assets	(3,100)	(2,980)
Intangible assets	(3,698)	(1,529)
Total deferred tax liabilities	(7,277)	(4,691)
Total deferred tax assets, net	2,468	$ 2,179
Unrecognized tax benefit net from deferred tax asset	$ 966

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY

Schedule of stock option activity


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregate
	Number	exercise		terms	intrinsic
	of options	price		(in years)	value
Outstanding at beginning of year	5,533,693	$	9.61	5.37	$	84,968
Granted (*)	6,622,625		27.29
Exercised	(258,633)		6.75
Forfeited	(71,138)		8.57
Outstanding at end of year	11,826,547	$	19.58	4.68	$	318,680
Exercisable at end of year	4,502,511	$	9.54	4.23	$	166,542

(*)includes 6,462,003 options subject to market conditions.

Schedule of weighted average assumptions


	Year ended December 31,
	2023	2022	2021
Risk-free interest rate	3.60%-3.89%	1.35%-4.13%	0.46%-1.18%
Expected term (in years)	3.31-4.00	3.31-3.61	2.5-6.13
Expected volatility	40%	40%	40%
Expected dividend yield	0%	0%	0%

Schedule of Unvested RSUs


	Number of	Number of
	RSUs	*PSUs ()**		Total
Outstanding as of January 1, 2023	315,341		—		315,341
Granted	661,203		364,758		1,025,961
Vested	(125,681)		—		(125,681)
Forfeited	(15,683)		—		(15,683)
Outstanding as of December 31, 2023	835,180		364,758		1,199,938

(*)restricted share units which are subject to certain performance conditions.

LEASES - Supplemental balance sheet information related to operating leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
LEASES
Operating lease right-of-use assets	$ 13,557	$ 13,278	$ 17,208
Operating lease liabilities, current	3,802	3,890
Operating lease liabilities, non-current	$ 8,712	$ 8,076
Weighted-average remaining lease term (in years)	4 years 5 months 19 days	4 years 2 months 23 days
Weighted-average discount rate	3.30%	1.67%

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Employees and related accruals	$ 6,388	$ 19,370
Government authorities	24,743	12,904
Deferred revenue	13,920	4,488
Other	4,274	1,030
Total	$ 49,325	$ 37,792

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, gross	$ 25,317	$ 23,124
Less - accumulated depreciation	(16,072)	(13,656)
Property, plant and equipment, net	9,245	9,468
Depreciation and amortization expenses	2,458	2,535	$ 2,803
Computers, software and electronic equipment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, gross	4,101	2,827
Office, furniture and equipment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, gross	1,854	1,690
Molds and others
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, gross	2,778	2,446
Leasehold improvements
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, gross	$ 16,584	$ 16,161

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 8: - GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill:


	2023		2022
Balance as of January 1,	$	16,237	$	16,237
Acquisition		48,667		—
Balance as of December 31,	$	64,904	$	16,237

Other intangible assets, net:


	December 31, 2023
	Gross				Net
	carrying		Accumulated		carrying
	amount		amortization		amount
Internal-used software	$	20,297	$	(6,078)	$	14,219
Technology		23,153		(3,145)		20,008
Other intangibles		2,798		(1,024)		1,774
Total intangible assets	$	46,248	$	(10,247)	$	36,001

NOTE 8: - GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Cont.)


	December 31, 2022
	Gross				Net
	carrying		Accumulated		carrying
	amount		amortization		amount
Internal-used software	$	15,711	$	(3,089)	$	12,622
Technology		13,033		(311)		12,722
Other intangibles		2,147		(691)		1,456
Total intangible assets	$	30,891	$	(4,091)	$	26,800

Amortization expenses for the years ended December 31, 2023, 2022 and 2021 amounted to $6,147, $1,873 and $1,203 respectively.

d.The estimated future amortization expense of other intangible assets as of December 31, 2023 is as follows:


2024	$	6,869
2025		7,181
2026		7,542
2027		6,924
2028		3,652
Thereafter		3,833
	$	36,001

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Estimated Useful Lives (Details)	Dec. 31, 2023
Internal-used software \| Maximum
Finite-Lived Intangible Assets
Intangible assets useful life	5 years
Internal-used software \| Minimum
Finite-Lived Intangible Assets
Intangible assets useful life	3 years
Technology \| Maximum
Finite-Lived Intangible Assets
Intangible assets useful life	10 years
Technology \| Minimum
Finite-Lived Intangible Assets
Intangible assets useful life	3 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets
Intangible assets useful life	20 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets
Intangible assets useful life	5 years

GEOGRAPHICAL INFORMATION

12 Months Ended

Dec. 31, 2023

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION

NOTE 15: - GEOGRAPHICAL INFORMATION

Revenues from sales to customers:


	Year ended
	December 31,
	2023		2022		2021
United States	$	414,105	$	241,123	$	161,925
Others		94,580		83,397		60,630
Total net revenue	$	508,685	$	324,520	$	222,555

Total revenue is attributed to geographic areas based on the location of the end customer.

The following table summarizes long-lived assets by geographic area, which consist of property, plant and equipment, net and right-of-use assets:


	December 31,
	2023		2022
Israel	$	17,601	$	18,665
United States		5,201		4,081
Total long-lived assets	$	22,802	$	22,746

GENERAL

12 Months Ended

Dec. 31, 2023

GENERAL

GENERAL

NOTE 1: - GENERAL

Oddity Tech Ltd., an Israeli corporation, together with its subsidiaries (the “Company”) is a consumer-tech company which builds and scales digital-first brands designed to disrupt the offline-dominated beauty and wellness industries. The Company leverages data science, machine learning and computer vision capabilities to identify consumer needs and develop solutions in the form of beauty, wellness and tech products.

On May 12, 2023, the Company completed the acquisition of 100% of the shares of Revela Inc. (“Revela”), a US biotechnology company engaged in molecule discovery. Refer to Note 3.

On July 19, 2023, the Company completed its Initial Public Offering (“IPO”), in which it issued 1,754,385 shares of Class A Ordinary shares at an offering price of $35.00 per share. The Company raised net proceeds of $50,299. Refer to Note 13.

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE MEASUREMENT
Cash	$ 25,594	$ 25,955
Restricted cash	2,228	2,159
Money market funds	10,944
Short term deposits		15,000
Short-term deposits	78,000	18,000
Marketable securities	51,615
Total financial assets	168,381	61,114
Level 1
FAIR VALUE MEASUREMENT
Cash	25,594	25,955
Restricted cash	2,228	2,159
Money market funds	10,944
Short term deposits		15,000
Short-term deposits	78,000	18,000
Marketable securities	10,585
Total financial assets	127,351	$ 61,114
Level 2
FAIR VALUE MEASUREMENT
Marketable securities	41,030
Total financial assets	$ 41,030

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Schedule of goodwill


	2023		2022
Balance as of January 1,	$	16,237	$	16,237
Acquisition		48,667		—
Balance as of December 31,	$	64,904	$	16,237

Schedule of other intangible assets, net


	December 31, 2023
	Gross				Net
	carrying		Accumulated		carrying
	amount		amortization		amount
Internal-used software	$	20,297	$	(6,078)	$	14,219
Technology		23,153		(3,145)		20,008
Other intangibles		2,798		(1,024)		1,774
Total intangible assets	$	46,248	$	(10,247)	$	36,001


	December 31, 2022
	Gross				Net
	carrying		Accumulated		carrying
	amount		amortization		amount
Internal-used software	$	15,711	$	(3,089)	$	12,622
Technology		13,033		(311)		12,722
Other intangibles		2,147		(691)		1,456
Total intangible assets	$	30,891	$	(4,091)	$	26,800

Schedule of estimated future amortization expense of other intangible assets

d.The estimated future amortization expense of other intangible assets as of December 31, 2023 is as follows:


2024	$	6,869
2025		7,181
2026		7,542
2027		6,924
2028		3,652
Thereafter		3,833
	$	36,001

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

TAXES ON INCOME - Effective tax rate reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TAXES ON INCOME
Income before taxes on income, as reported in the consolidated statements of income	$ 78,601	$ 28,912	$ 18,635
Statutory tax rate in Israel	23.00%	23.00%	23.00%
Theoretical taxes on income	$ 18,078	$ 6,650	$ 4,286
Foreign currency measurement differences		662	(172)
Preferred Enterprise tax	(5,695)	(1,996)	(388)
Subsidiaries taxed at different tax rate	(74)	418	61
Non-deductible expenses	5,871	732	414
Uncertain tax positions	2,015	858	90
Other	(128)	(140)	424
Total taxes on income / expenses	$ 20,067	$ 7,184	$ 4,715
Earnings Per Share Basic, Effect Of Tax Benefits (in $ per share)	$ 0.10	$ 0.04	$ 0.01
Earnings Per Share Diluted, Effect Of Tax Benefits (in $ per share)	$ 0.10	$ 0.04	$ 0.01

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Basis of presentation and principles of consolidation:

These consolidated financial statements have been prepared in accordance with U.S. GAAP as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The consolidated financial statements include accounts of the Company’s wholly owned subsidiaries which the Company controls. All intercompany account balances and transactions are eliminated upon consolidation.

Use of estimates:

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they were made.

These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

c.Financial statements in U.S. dollars:

The functional currency for the Company and its subsidiaries is determined based on the primary economic environment in which the companies operate that is U.S. dollar (the “functional currency”). Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with ASC No. 830, “Foreign Currency Matters”. All transaction gains and losses from the re-measured monetary balance sheet items are reflected in the statements of income as financial income or expenses, as appropriate.

Cash equivalents:

Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at the date of deposit.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

Restricted cash:

Restricted cash consists of deposits used as security for the Company’s credit facilities, credit cards and lease agreements. As of December 31, 2023 and 2022, restricted cash amounted to $2,228 and $2,159, respectively, and is included within prepaid expenses and other current assets.

Short-term deposits:

Short-term deposits are deposits with an original maturity of more than three months but less than one year from the date of purchase. Accrued interest in deposits is classified as other current assets. As of December 31, 2023 and 2022, the Company’s bank deposits were denominated in U.S. dollars and bore interest at weighted-average interest rates of 6.7% and 5.1%, respectively.

Trade receivables:

The Company records trade receivables for amounts invoiced. The Company makes estimates of expected credit losses based upon its assessment of various factors, including historical experience, the age of the trade receivables balances, and other factors that may affect its ability to collect from customers. The estimated credit loss allowance is recorded as general and administrative expenses on the Company’s consolidated statements of income. For the year ended December 31, 2023 credit losses were immaterial.

h.Marketable securities:

The Company accounts for investments in marketable debt securities in accordance with ASC No. 320, “Investments - Debt Securities”. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies all of its debt marketable securities as available-for-sale as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity.

Realized gains and losses on sale of investments are included in financial expenses (income), net and are derived using the specific identification method for determining the cost of securities sold. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial expenses (income), net.

For debt securities in an unrealized loss position, the Company determines whether a credit loss exists. The credit loss is estimated by considering available information relevant to the collectability of the security and information about past events, current conditions, and reasonable and supportable forecasts. Any credit loss is recorded as a charge to financial expenses (income), net, not to exceed the amount of the unrealized loss. Unrealized losses other than the credit loss are recognized in OCI. If the Company has an intent to sell, or if it is more likely than not that it will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of financial expenses (income), net.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date as well as the intended time of realization. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term.

The Company did not recognize an allowance for credit losses on marketable securities as the expected losses were not material for the year ended December 31, 2023.

i.Fair value of financial instruments:

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and requires that assets and liabilities carried at fair value are classified and disclosed in the following three categories:

Level 1-

Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at measurement date.

Level 2-

Other than quoted prices included in 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 to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The carrying amounts of cash and cash equivalents, restricted cash, short-term deposits, trade receivables, prepaid expenses and other current assets, trade payables and other accounts payables approximate their fair value due to the short-term maturity of such instruments.

j.Inventories:

Inventory costs include costs incurred to bring inventory to its current condition, including materials, manufacturing costs, inbound freight, duties and other costs. The Company values its inventory at cost, using an average costing method. Net realizable value is estimated based upon assumptions made about future demand and market conditions. If the Company determines that the estimated net realizable value of its inventory is less than the carrying value of such inventory, a charge to cost of revenue is recorded to reflect the lower of cost or net realizable value. If actual market conditions are less favorable than those projected by the Company, further adjustments may be required that would increase the cost of revenue in the period in which such a determination was made.

k.Property, plant and equipment:

Property, plant and equipment are stated at cost, net of accumulated depreciation. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income in the period realized. Maintenance and repairs are expensed as incurred.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

Property, plant and equipment items are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


		Years
Computers and electronic equipment		3 – 7
Office furniture and equipment		7 – 15
Molds and others		7
Leasehold improvements		Shorter of lease term or estimated useful life

Impairment of long-lived assets and intangible assets subject to amortization, including right-of-use (“ROU”) lease asset:

Long-lived assets held and used by the Company are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment is measured as the amount of which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2023, 2022 and 2021, no impairment was identified.

Business combination:

The Company applies the provisions of ASC 805, “Business Combination” and allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets.

Significant estimates in valuing certain intangible assets include but are not limited to future expected cash flows from acquired technology from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred (see also Note 3).

n.Goodwill:

Goodwill reflects the excess of the consideration transferred, including the fair value of any contingent consideration, over the assigned fair values of the identifiable net assets acquired at the acquisition date. Goodwill is not amortized, and is tested for impairment at least on an annual basis. The Company operates as one reporting unit. The Company tests goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. When testing goodwill for impairment, the Company may first perform a qualitative assessment. If the Company determines it is not more likely than not that the reporting unit’s fair value is less than its carrying amount, then no further analysis is necessary. If the Company determines that it is more likely than not that the reporting unit’s fair value is less than its carrying amount, then the quantitative impairment test will be performed.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

The Company may elect to bypass the qualitative assessment and proceed directly to performing a quantitative analysis. Under the quantitative impairment test, if the carrying amount of the Company’s reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill.

During the years ended December 31, 2023, 2022 and 2021, no impairment of goodwill has been identified.

o.Internal use software costs:

The Company capitalizes certain costs associated with the development of its online platforms and its proprietary technology after the preliminary project stage is complete and until the software is ready for its intended use. Costs incurred during the preliminary project stage or costs incurred for data conversion activities, training, maintenance, and general and administrative or overhead costs are expensed as incurred. Capitalization begins when the preliminary project stage is complete, management authorizes and commits to the funding of the software project with the required authority, it is probable the project will be completed, the software will be used to perform the functions intended and certain functional and quality standards have been met.

Qualified costs incurred during the operating stage of the Company’s software applications relating to upgrades and enhancements are capitalized to the extent it is probable that they will result in added functionality, while costs that cannot be separated between maintenance and minor upgrades and enhancements to websites and internal use software are expensed as incurred. Capitalized website and software development costs are amortized on a straight-line basis over their estimated useful life beginning with the time when it is ready for intended use. Amortization expenses are included under selling, general and administrative expenses in the consolidated statements of income. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $4,585, $6,628 and $3,751 of website and software development costs, respectively.

p.Intangible assets:

Intangible assets are amortized over their estimated useful lives using the straight-line method, at the following annual period ranges:


		Years
Internal-used software		3 – 5
Technology		3 – 10
Other intangibles		5 – 20

q.Concentration of credit risk:

The Company is subject to certain risks, including exposure to risks associated with the online commerce environment, credit card fraud, as well as the interpretation of state and local laws and regulations in regard to the collection and remittance of sales and use taxes. The Company does not have significant vendor concentrations.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, short-term deposits, marketable securities and trade receivables.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

The Company’s cash and cash equivalents, restricted cash and short-term deposits are invested in major banks in the United States and Israel. The Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets exceed federally insured limits. The Company places its cash and cash equivalents, restricted cash and short-term deposits with financial institutions with high-quality credit ratings and has not experienced any losses in such accounts.

The Company’s marketable securities consist of investments in government and corporate debentures. The Company’s investment policy, approved by the Board of Directors, limits the amount that the Company may invest in any one type of investment or issuer, thereby reducing credit risk concentrations.

The Company’s trade receivables are derived mainly from sales to customers in the United States, Canada, the UK, Europe, Australia and Israel. The Company’s sales are primarily based on credit card transactions and therefore bear minimal credit risk.

The Company performs ongoing credit evaluations of its customers and records allowance for credit losses accounts to the extent that the amount is not collectible. For each of the years ended December 31, 2023, 2022 and 2021 there was no individual customer that accounted for 10% or more of the Company’s revenue.

r.Digital securities:

The Company accounts for securities issued as either equity-classified or liability-classified instruments based on an assessment of the digital securities specific terms and applicable authoritative guidance. The assessment considers whether the digital securities are freestanding financial instruments, meeting the definition of a liability under ASC 480, “Distinguishing Liabilities from Equity” or meeting all the requirements for equity classification, including whether the digital securities are indexed to the Company’s stock and whether the digital securities holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification under ASC 815-40. This assessment, which requires the use of professional judgment, is conducted at the time of issuance and as of each subsequent reporting period end.

Digital securities that meet all the criteria for equity classification are required to be recorded as a component of additional paid-in capital. Digital securities that do not meet all the criteria for equity classification, are required to be recorded as liabilities at their initial fair value on the date of issuance and remeasured to fair value at each balance sheet date thereafter.

As of December 31, 2022, all the outstanding digital securities (see Note 18) were classified as liabilities. Changes in the estimated fair value of the digital securities are recognized in financial expenses (income), net in the consolidated statements of income. Digital securities are classified within Level 3 as the valuation inputs are based on unobservable inputs. Changes in fair value were immaterial during 2022 and 2023.

With the closing of the Company’s Initial Public Offering as described in Note 13, all digital securities were converted to Class A Ordinary shares. As of December 31, 2023, there was no outstanding liability with respect to the digital securities.

s.Severance pay:

Israeli parent:

Severance liability is calculated (pursuant to Israeli severance pay law for all Israeli employees) based on the most recent salary of each employee multiplied by the number of years of employment as of the balance sheet date.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

The Company makes monthly deposits with certain insurance companies and pension funds on behalf of each employee. The value of these deposits was recorded as an asset in the Company’s balance sheet. The deposited funds made for those employees include profits accumulated up to the balance sheet date. The deposited funds could be withdrawn only upon the fulfillment of the obligation pursuant to Israel’s Severance Pay Law or labor agreements. The value of the deposited funds was based on the cash surrendered value of these deposits and include profits.

The Company’s liability for severance pay is partially covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, deposited on their behalf to their insurance funds.

Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s consolidated balance sheets.

During the years ended December 31, 2023, 2022 and 2021, severance expenses were $893, $959 and $647, respectively.

t.Defined benefit plan:

U.S. subsidiary:

The U.S. subsidiary has a defined benefit plan (the “Benefit Plan”) under the provisions of Section 401(k) of the Internal Revenue Code (the “Code”), which covers eligible U.S. employees as they are defined in the Benefit Plan. Participants may elect to contribute up to a maximum amount as prescribed by the Code. The U.S. subsidiary, at its discretion, makes matching contributions of up to 4% of the participant’s compensation. During the years ended December 31, 2023, 2022 and 2021, the expenses were immaterial.

u.Leases:

On January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (“Topic 842”) using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2022 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with the historical accounting requirements under Topic 840.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward the historical lease classification, the assessment on whether a contract was or contains a lease, and the initial direct costs for any leases that existed prior to January 1, 2022.

Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset, the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

A lease is classified as an operating lease if it does not meet any one of these criteria. Since all the Company’s lease contracts do not meet any of the criteria above, the Company concluded that all its lease contracts should be classified as operating leases.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

Under Topic 842, the Company determined if an arrangement is a lease at inception. ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considered only payments that are fixed and determinable at the time of commencement. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Variable lease costs are expensed as incurred on the consolidated statements of income.

Operating leases are included in operating lease ROU assets, operating lease liabilities, current, and operating lease liabilities, non-current on the consolidated balance sheets.

v.Revenue recognition:

The Company recognizes revenue in accordance with ASC No. 606, “Revenue from Contracts with Customers” (“ASC 606”). Under ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services.

The Company determines revenue recognition through the following steps:

Identification of the contract, or contracts, with a customer;

Identification of the performance obligations in the contract;

Determination of the transaction price;

Allocation of the transaction price to the performance obligations in the contract; and

Recognition of revenue when, or as, the performance obligations are satisfied.

The Company derives its revenue primarily from the sale of beauty and wellness products through its online direct-to-consumer model based on its proprietary technology. Revenue is recognized when the control of the products is transferred to the customer, which is when the products are shipped to the customer. The Company also offers a “Try Before You Buy” program, which allows some of its customers to order certain products and pay for the products after the trial period ends. Under ASC 606 the Company recognizes revenue for orders placed under the program when the trial period lapses.

The Company recognizes revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping fees charged to customers are reported within revenue.

The Company accounts for shipping and handling costs as fulfillment costs which are classified as part of cost of revenue.

The Company records a reserve for estimated product returns in each reporting period. This reserve is calculated using historical return trends and is recorded within other accounts payable and accrued expenses. Any difference between the actual returns and previous estimates is adjusted in the period in which such returns occur. The sales refund reserve as of December 31, 2023, 2022 and 2021 was immaterial.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

For the years ended December 31, 2023, 2022 and 2021 the Company recognized $4,488, $1,638 and $1,615 of revenue that was deferred as of December 31, 2022, 2021 and 2020, respectively. Deferred revenue as of December 31, 2023 amounted to $13,920 and is expected to be recognized within the twelve-month period when the performance obligation is satisfied.

w.Cost of revenue:

Cost of revenue consists principally of the costs to procure the Company’s products, including the amounts invoiced by third-party contract manufacturers and suppliers for inventory, as well as inbound and outbound shipping costs, duties and other related costs and inventory write-offs. Cost of revenue also includes third-party fulfillment costs, warehousing, depreciation and amortization and packaging costs.

x.Operating expenses:

Selling, general and administrative expenses primarily consist of marketing and advertising expenses, employee-related costs including salaries, benefits and share-based compensation, rents, software and product research and development costs, depreciation and amortization expense, professional fees, payment processing fees and other general expenses.

Advertising costs are expensed as incurred and were $125,625, $92,048 and $63,771 for the years ended December 31, 2023, 2022 and 2021, respectively.

y.Accounting for share-based compensation:

The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation - Stock Compensation” (“ASC 718”) which requires companies to estimate the fair value of equity-based payment awards on the grant date using an option-pricing model. The Company recognizes forfeitures of awards as they occur.

For stock options awards which are subject to service conditions, the Company selected the Black-Scholes option pricing model as the most appropriate model for determining the fair value of the options. For restricted stock units and performance stock units the Company determines the fair value of the awards based on the closing market value of the underlying shares at the date of grant. For stock awards subject to market conditions, the fair value of such awards is estimated on the grant date using Monte Carlo simulations.

The Company recognizes compensation expenses for the value of its awards granted based on the straight-line attribution method over the requisite service period of each of the awards. For performance-based awards, stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable. For stock awards with a vesting schedule based on time vesting and market conditions, stock-based compensation expense associated with each tranche is recognized over the expected achievement period for the related milestone and time vesting for each tranche.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

z.Income taxes:

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740-10. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative probability) likely to be realized upon ultimate settlement.

The Company establishes reserves for uncertain tax positions based on the evaluation of whether or not the Company’s uncertain tax position is “more likely than not” to be sustained upon examination. The Company records interest and penalties pertaining to its uncertain tax positions in the financial statements as income tax expense.

aa.Basic and diluted earnings per share:

The Company computes earnings per share using the two-class method. Basic earnings per share is computed using the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of share-based compensation awards. The dilutive effect of share-based compensation awards is reflected in diluted earnings per share by application of the treasury stock method.

The distribution rights of Class A and Class B ordinary shares and Redeemable A shares are identical. As a result, the undistributed earnings are allocated based on the contractual participation rights of Class A and Class B ordinary shares and Redeemable A shares as if the earnings for the year had been distributed. As the dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

ab.Operating segments:

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to make operating decisions, allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company operates in one operating segment and this segment comprises the only reporting unit.

ac.

Comprehensive income:

The Company accounts for comprehensive income in accordance with ASC No. 220, “Comprehensive Income”. Other comprehensive income consists of unrealized net gains and losses on marketable securities and foreign currency translation adjustments that have been excluded from the determination of net income.

The following table shows the components of accumulated other comprehensive income, net of taxes:


	Year ended December 31, 2023
	Unrealized		Foreign
	gains (losses)		currency
	on marketable		translation
	securities		adjustments		Total
Beginning balance	$	—	$	1,738	$	1,738
Other comprehensive income		664		—		664

Ending balance	$	664	$	1,738	$	2,402

ad.Recently issued and recently adopted 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 and as a result of this election, the financial statements may not be comparable to companies that comply with public company effective dates. The adoption dates discussed below reflect this election.

On January 1, 2022, the Company adopted Topic 842, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding ROU assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing on the date of initial application and not restating comparative periods. Upon adoption, the Company recognized total ROU assets and corresponding liabilities of $17,208 on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact the beginning balance of retained earnings, or prior year consolidated statements of income and statements of cash flows.

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance is effective for the Company beginning January 1, 2023. The adoption did not have a significant impact on the consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. ASU 2021-08 is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve transparency of income tax disclosure by requiring income tax disclosures to contain consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This standard affects the disclosure of income taxes, not the accounting for income taxes. This standard is effective for the Company for the annual period beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-09.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. This standard is effective for the Company for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU 2023-07.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2023

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES

NOTE 4: -

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES


	December 31,
	2023		2022
Cash, cash equivalents and restricted cash:

Cash	$	25,594	$	25,955
Short-term deposits		—		15,000
Restricted cash (included within prepaid expenses and other current assets)		2,228		2,159
Money market funds		10,944		—
Total cash, cash equivalents and restricted cash		38,766		43,114

Short-term deposits		78,000		18,000
Marketable securities		51,615		—

Total cash and cash equivalents, restricted cash, short-term deposits and marketable securities	$	168,381	$	61,114

NOTE 4: -

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES (Cont.)

The following table classifies the Company’s marketable securities by contractual maturities:


	December 31,
	2023				2022
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Contractual maturity year:
Within one year	$	1,143	$	1,108	$	—	$	—
After one year through five years		49,609		50,507		—		—
Total	$	50,752	$	51,615	$	—	$	—

As of December 31, 2023, interest receivable amounted to $535 and is included within prepaid expenses and other current assets on the consolidated balance sheet.

As of December 31, 2023, no continuous unrealized losses for 12 months or greater were identified.

As of December 31, 2023, the amortized cost and fair value of marketable securities were as follows:


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value

Government bonds	$	8,367	$	37	$	(49)	$	8,355
Corporate bonds		42,385		999		(124)		43,260
Total	$	50,752	$	1,036	$	(173)	$	51,615

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 19: - SUBSEQUENT EVENTS

2024 Facility Agreements:

On January 31, 2024, the Company entered into two separate credit facility agreements with two banks (the “2024 Facility Agreements”), pursuant to which the Company may withdraw an aggregate amount of up to $100,000. Borrowings under the 2024 Facility Agreements will bear interest at an annual rate as defined in the agreement. The obligations of the Company under the 2024 Facility Agreements include a negative pledge by the Company and are guaranteed by certain of the Company’s subsidiaries.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT

Schedule of property, plant and equipment


	December 31,
	2023		2022
Cost:
Computers, software and electronic equipment	$	4,101	$	2,827
Office, furniture and equipment		1,854		1,690
Molds and others		2,778		2,446
Leasehold improvements		16,584		16,161
		25,317		23,124
Less - accumulated depreciation		(16,072)		(13,656)
Property, plant and equipment, net	$	9,245	$	9,468

DIGITAL SECURITIES (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 17, 2024	Apr. 26, 2022	Dec. 31, 2023	Dec. 31, 2022
DIGITAL SECURITIES
Digital securities liability			$ 0	$ 648
Class A ordinary shares
DIGITAL SECURITIES
Stock issued during period, shares, conversion of convertible securities			2,503,183	12,166,519
DIGITAL SECURITIES
DIGITAL SECURITIES
Conversion price		80.00%
Number of digital securities		648
Purchase price per digital security		$ 1,000
Financial Instrument, Conversion to Common Stock, Conversion Price Percentage		80.00%
DIGITAL SECURITIES \| Class A ordinary shares
DIGITAL SECURITIES
Conversion price	80.00%
Stock issued during period, shares, conversion of convertible securities	23,142
Share price	$ 35.00
Financial Instrument, Conversion to Common Stock, Conversion Price Percentage	80.00%

SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives (Details)	Dec. 31, 2023
Computers and electronic equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Computers and electronic equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	7 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	7 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	15 years
Molds and others
Property, Plant and Equipment
Estimated useful life	7 years

LOANS

12 Months Ended

Dec. 31, 2023

LOANS

LOANS

NOTE 10: - LOANS

2016 Credit Line Agreement:

On May 10, 2016, the Company entered into a credit line agreement with a bank (the “2016 Credit Line Agreement”), denominated in New Israeli Shekels (“NIS”), pursuant to which the Company may withdraw an aggregate principal amount of up to NIS 25,000,000 ($6,893 according to the applicable exchange rate as of December 31, 2023). The 2016 Credit Line has a maturity date of one year which is automatically renewed on an annual basis. The principal amount will bear interest at a floating per annum rate equal to prime plus 1.4% and additional annual fee of 0.4% of the unused credit line. During the year ended December 31, 2023, the Company repaid the outstanding balance in the amount of $3,569. Interest expense was immaterial for the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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+ Details

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Restricted cash	$ 2,228	$ 2,159
Weighted-average interest rate of short-term bank deposits	6.70%	5.10%
Impairment of Property, plant and equipment	$ 0	$ 0	$ 0
Number of reporting units \| item	1
Impairment of Goodwill	$ 0	0	0
Capitalization of website and software development costs	4,585	6,628	3,751
Digital Securities Liability	$ 0	648
Monthly salary deposited as insurance fund	8.33%
Severance expense	$ 893	959	647
Participant's compensation (in percentage)	4.00%
Deferred revenue recognized	$ 4,488	1,638	1,615
Deferred revenue	13,920	4,488
Advertising costs	$ 125,625	92,048	$ 63,771
Operating segment \| segment	1
Recognition of total ROU assets	$ 13,557	$ 13,278		$ 17,208
Recognition of total ROU liabilities	$ 12,514			$ 17,208

LEASES - (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Operating lease cost	$ 5,216	$ 5,133
Short term lease cost	1,063	364
Total lease cost	$ 6,279	$ 5,472
Office spaces, stores and motor vehicles \| Maximum
Lease description
Remaining lease term	5 years
Renewal term of lease	5 years

TAXES ON INCOME - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before taxes on income
Domestic (Israel)	$ 63,895	$ 22,205	$ 18,045
Foreign	14,706	6,707	590
Income before taxes on income	78,601	28,912	18,635
Current:
Domestic (Israel)	12,672	4,528	4,463
Foreign	8,651	4,171	1,155
Total current income tax expense	21,323	8,699	5,618
Deferred:
Domestic (Israel)	391	(181)	(276)
Foreign	(1,647)	(1,334)	(627)
Total deferred income tax expense	(1,256)	(1,515)	(903)
Total taxes on income / expenses	$ 20,067	$ 7,184	$ 4,715

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

CURRENT ASSETS:

Cash and cash equivalents

$ 36,538

$ 40,955

Short-term deposits

78,000

18,000

Marketable securities

1,108

Trade receivables

9,916

7,576

Inventories

84,106

70,230

Prepaid expenses and other current assets

14,144

9,172

Total current assets

223,812

145,933

LONG-TERM ASSETS:

Marketable securities

50,507

Property, plant and equipment, net

9,245

9,468

Deferred tax asset, net

3,924

2,334

Intangible assets, net

36,001

26,800

Goodwill

64,904

16,237

Operating lease right-of-use assets

13,557

13,278

Other assets

2,956

2,358

Total long-term assets

181,094

70,475

Total assets

404,906

216,408

CURRENT LIABILITIES:

Trade payables

56,185

44,807

Other accounts payable and accrued expenses

49,325

37,792

Short-term debt and current maturities of long-term debt

3,917

Operating lease liabilities, current

3,802

3,890

Total current liabilities

109,312

90,406

LONG-TERM LIABILITIES:

Operating lease liabilities, non-current

8,712

8,076

Digital securities liability

648

Other long-term liabilities

3,775

6,298

Total liabilities

121,799

105,428

Redeemable A shares of NIS 0.001 par value each - Authorized: zero and 2,000,000 shares at December 31, 2023 and 2022 respectively; Issued and outstanding: zero and 983,861 shares at December 31, 2023 and 2022, respectively (**)

^[1]

12,275

SHAREHOLDERS' EQUITY: (**)

Additional paid-in capital

^[1]

178,910

53,707

Accumulated other comprehensive income

^[1]

2,402

1,738

Retained earnings

^[1]

101,778

43,244

Total shareholders' equity

^[1]

283,107

98,705

Total liabilities and shareholders' equity

404,906

216,408

Class A ordinary shares

SHAREHOLDERS' EQUITY: (**)

Ordinary shares, value outstanding

^[1]

Class B ordinary shares

SHAREHOLDERS' EQUITY: (**)

Ordinary shares, value outstanding

^[1]

$ 3

$ 4

[1]	Issued and outstanding share information is adjusted for the share split effected by way of issuance of bonus shares (Note 13).

CONTINGENCIES

12 Months Ended

Dec. 31, 2023

CONTINGENCIES

CONTINGENCIES

NOTE 11: - CONTINGENCIES

Litigation:

From time to time, the Company is party to various legal proceedings, claims and litigation that arise in the normal course of business. In the opinion of management, the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Accruals for loss contingencies are recorded when a loss is probable, and the amount of such loss can be reasonably estimated.

SHAREHOLDERS' EQUITY - Schedule of Unvested RSUs (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of year	315,341
Granted RSUs	1,025,961
vested RSUs	(125,681)
Forfeited RSUs	(15,683)
Outstanding at end of year	1,199,938
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of year	315,341
Granted RSUs	661,203
vested RSUs	(125,681)
Forfeited RSUs	(15,683)
Outstanding at end of year	835,180
Weighted Average Grant Date Fair Value, Outstanding at end of year \| $ / shares	$ 27.98
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted RSUs	364,758
Outstanding at end of year	364,758
Weighted Average Grant Date Fair Value, Outstanding at end of year \| $ / shares	$ 27.98

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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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-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: 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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

DIGITAL SECURITIES

12 Months Ended

Dec. 31, 2023

DIGITAL SECURITIES

DIGITAL SECURITIES

NOTE 18: - DIGITAL SECURITIES

On April 26, 2022, the Company launched an offering of digital securities (the “Digital Securities”). The Digital Securities are represented by a blockchain-based digital token using the Ethereum blockchain. Each Digital Security will automatically convert into a Class A Ordinary share of the Company immediately prior to the closing of an initial public offering by the Company of its Class A Ordinary shares at a conversion price equal to 80% of the initial price per Class A Ordinary share to the public in an IPO, subject to customary adjustments in the event of any stock dividend, stock split, combination or similar recapitalization affecting such shares. Holders of the Digital Securities do not have any voting rights, are not entitled to any dividends or other distributions, and do not have any right to the Company’s assets in the event of a liquidation, dissolution or winding-up of the Company. Upon conversion of the Digital Securities into Class A Ordinary shares, the digital token previously representing such Digital Securities will be decommissioned. The Class A Ordinary shares will have the rights and preferences set forth in the Company’s articles of association. This offer has been prepared solely for the benefit of “accredited investors” (as such term is defined under Regulation D) and certain parties that are not “U.S. persons”. The Company issued an aggregate of 648 digital securities at a purchase price per digital security of $1,000.

The Digital Securities will be redeemable, in whole or in part, at the Company’s option at a cash redemption price equal to the original purchase price per Digital Security to be redeemed.

The Company concluded that the digital securities are not indexed to the Company’s own stock and should be recorded as a liability measured at fair value with changes in fair value recognized in earnings.

The Digital Securities’ change in the fair value during the years ended December 31, 2023 and 2022 was immaterial.

NOTE 18: - DIGITAL SECURITIES (Cont.)

As part of the closing of the Company’s IPO, as described in Note 13, all digital securities were automatically converted to 23,142 Class A Ordinary shares based on the IPO offering price of $35.00, representing a conversion price of 80% of the IPO price per share.

As of December 31, 2023 there was no outstanding liability with respect to the digital securities.

STATEMENTS OF REDEEMABLE A SHARES AND SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Class A ordinary shares

Ordinary shares

Digital Securities

Class A ordinary shares

Ordinary shares

IPO

Class A ordinary shares

Ordinary shares

Class A ordinary shares

Class B ordinary shares

Ordinary shares

Redeemable A shares

Ordinary shares

Additional paid-in capital

Digital Securities

Additional paid-in capital

IPO

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income

Digital Securities

IPO

Total

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of Redeemable A Shares

^[1]

$ 12,275

Issuance of Redeemable A Shares (in Share)

^[1]

983,861

Beginning Balance at Dec. 31, 2020

$ 8

^[1],[2]

$ 8

^[1],[2]

$ 42,999

$ 7,596

$ 1,738

$ 52,349

Beginning Balance (in shares) at Dec. 31, 2020

^[1]

26,130,090

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share based compensation

2,380

Vesting of RSUs (in shares)

^[1]

1,705

Net income

13,920

Ending Balance (in shares) at Dec. 31, 2021

^[1]

26,131,795

983,861

Ending Balance at Dec. 31, 2021

$ 8

^[1],[2]

$ 8

^[1],[2]

$ 12,275

^[1]

45,379

21,516

1,738

$ 68,649

Ending Balance (in shares) at Dec. 31, 2022

983,861

^[1]

983,861

Ending Balance at Dec. 31, 2022

^[1]

$ 12,275

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of Class B Ordinary shares to Class A Ordinary shares

^[1],[2]

$ 4

$ (4)

Conversion of Class B Ordinary shares to Class A Ordinary shares (in shares)

12,166,519

^[1]

12,166,519

(12,166,519)

^[1]

Exercise of options and vesting of RSUs

$ 75

Exercise of options and vesting of RSUs (in shares)

^[1]

86,263

57,273

Share based compensation

8,253

Net income

21,728

Ending Balance (in shares) at Dec. 31, 2022

^[1]

38,384,577

14,022,549

Ending Balance at Dec. 31, 2022

$ 12

^[1],[2]

$ 4

^[1],[2]

53,707

43,244

1,738

98,705

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of Redeemable A shares

$ (12,275)

^[1]

12,275

$ 12,275

Conversion of Redeemable A shares (in shares)

^[1]

983,861

(983,861)

Ending Balance (in shares) at Dec. 31, 2023

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of Class A Ordinary shares in connection with business combination

34,895

$ 34,895

Issuance of Class A Ordinary shares in connection with business combination (in shares)

^[1]

1,313,847

Issuance of Ordinary shares in connection

$ 1

^[1],[2]

$ 810

$ 50,298

$ 810

$ 50,299

Issuance of ordinary shares in connection (in shares)

^[1]

23,142

1,754,385

Conversion of Class B Ordinary shares to Class A Ordinary shares

^[1],[2]

$ 1

$ (1)

Conversion of Class B Ordinary shares to Class A Ordinary shares (in shares)

2,503,183,000

^[1]

2,503,183

(2,503,183,000)

^[1]

Exercise of options and vesting of RSUs

1,747

Exercise of options and vesting of RSUs (in shares)

^[1]

356,680

27,634

Share based compensation

25,178

Other comprehensive income

664

Net income

58,534

Ending Balance (in shares) at Dec. 31, 2023

^[1]

45,319,675

11,547,000

Ending Balance at Dec. 31, 2023

$ 14

^[1],[2]

$ 3

^[1],[2]

$ 178,910

$ 101,778

$ 2,402

$ 283,107

[1]	Adjusted for the issuance of Class B and additional Redeemable A shares and for the share split effected by way of issuance of bonus shares (Note 13).
[2]	Represents an amount lower than $1.

EARNINGS PER SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EARNINGS PER SHARE
Bonus shares issued on forward share split (in shares)	14.396
Employee stock options
EARNINGS PER SHARE
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	182,823	414,993	270,536

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CONSOLIDATED STATEMENTS OF INCOME

Net revenue

$ 508,685

$ 324,520

$ 222,555

Cost of revenue

150,456

106,470

69,374

Gross profit

358,229

218,050

153,181

Selling, general and administrative

283,911

190,385

133,669

Operating income

74,318

27,665

19,512

Financial (income) expenses, net

(4,283)

(1,247)

877

Income before taxes on income

78,601

28,912

18,635

Taxes on income

20,067

7,184

4,715

Net income

$ 58,534

$ 21,728

$ 13,920

Basic Earnings per share attributable to Class A and Class B Ordinary share and Redeemable A stockholders(**) (in dollars per share)

^[1]

$ 1.06

$ 0.41

$ 0.26

Diluted Earnings per share attributable to Class A and Class B Ordinary share and Redeemable A stockholders(**) (in dollars per share)

^[1]

$ 1.00

$ 0.39

$ 0.26

[1]	The results have been adjusted for the issuance of Class B ordinary shares and additional Redeemable A shares and for the share split effected by way of issuance of bonus shares (Note 13).

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2023

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Schedule of other accounts payable and accrued expenses


	December 31,
	2023		2022
Employees and related accruals	$	6,388	$	19,370
Government authorities		24,743		12,904
Deferred revenue		13,920		4,488
Other		4,274		1,030
Total	$	49,325	$	37,792

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 14: - EARNINGS PER SHARE

The Company computes earnings per share of Class A Ordinary, Class B Ordinary and Redeemable A shares using the two-class method. Basic earnings per share is computed using the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of employee stock options and restricted stock units. The dilutive effect of outstanding employee stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method.

The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A Ordinary, Class B Ordinary and Redeemable A shares are identical, except with respect to voting. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A Ordinary, Class B Ordinary and Redeemable A shares as if the earnings for the year had been distributed.

In the years ended December 31, 2023, 2022 and 2021, the earnings per share amounts are the same for Class A Ordinary, Class B Ordinary and Redeemable A shares because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Company’s articles of association.

NOTE 14: - EARNINGS PER SHARE (Cont.)

The following tables set forth the computation of basic and diluted earnings per share attributable to Class A Ordinary, Class B Ordinary and Redeemable A shares (described above):


	Year ended December 31, 2023
	Class A		Class B
	Ordinary		Ordinary		Redeemable
	*shares ()**		shares		A shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	44,434	$	13,530	$	570
Denominator:
Number of shares used in per share computation		41,922,656		12,764,081		537,880
Basic earnings per share	$	1.06	$	1.06	$	1.06
Diluted earnings per share:
Numerator:	$	44,434	$	13,530	$	570
Allocation of undistributed earnings for basic computation
Reallocation of undistributed earnings		60		(27)		(33)
Allocation of undistributed earnings	$	44,494	$	13,503	$	537
Denominator:
Number of shares used in basic computation		41,922,656		12,764,081		537,880
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		2,695,094		775,382		—
Number of shares used in per share computation		44,617,750		13,539,463		537,880
Diluted earnings per share	$	1.00	$	1.00	$	1.00

(*)

Includes 391,911 Class A Ordinary shares subject to certain restrictions issued in connection with the Revela acquisition (refer to Note 3).


	Year ended December 31, 2022
	Class A		Class B
	Ordinary		Ordinary		Redeemable A
	shares		shares		shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	14,563	$	6,764	$	401
Denominator:
Number of shares used in per share computation		35,734,097		16,596,104		983,861
Basic earnings per share	$	0.41	$	0.41	$	0.41
Diluted earnings per share:
Numerator:
Allocation of undistributed earnings for basic computation	$	14,563	$	6,764	$	401
Reallocation of undistributed earnings		(198)		220		(22)
Allocation of undistributed earnings	$	14,365	$	6,984	$	379
Denominator:
Number of shares used in basic computation		35,734,097		16,596,104		983,861
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		1,520,745		1,514,128		—
Number of shares used in per share computation		37,254,842		18,110,232		—
Diluted earnings per share	$	0.39	$	0.39	$	0.39

NOTE 14: - EARNINGS PER SHARE (Cont.)


	Year Ended December 31, 2021
	Class A		Class B		Redeemable A
	Ordinary shares		Ordinary shares		shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	6,905	$	6,905	$	110
Denominator:
Number of shares used in per share computation		26,130,190		26,130,190		417,806
Basic earnings per share	$	0.26	$	0.26	$	0.26
Diluted earnings per share:
Numerator:
Allocation of undistributed earnings for basic computation	$	6,905	$	6,905	$	110
Reallocation of undistributed earnings		1		1		(2)
Allocation of undistributed earnings		6,906		6,906		108
Denominator:
Number of shares used in basic computation		26,130,190		26,130,190		417,806
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		394,728		394,728		—
Number of shares used in per share computation		26,524,918		26,524,918		417,806
Diluted earnings per share	$	0.26	$	0.26	$	0.26

An aggregate of 182,823, 414,993 and 270,536 employee stock options to purchase the Company’s Ordinary shares were excluded from the calculation during 2023, 2022 and 2021, respectively, because the effect would be anti-dilutive. The basic and diluted earnings per share were adjusted to reflect the issuance of Class B Ordinary shares and additional Redeemable A shares (Note 13) and for the issuance of 14.396-for-1 Bonus shares (described above).

EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Basic earnings per share:

Basic earnings per share

^[1]

$ 1.06

$ 0.41

$ 0.26

Diluted earnings per share:

Diluted Earnings per share

^[1]

$ 1.00

$ 0.39

$ 0.26

Revela Inc

Diluted earnings per share:

Number of shares used in per share computation

391,911

Class A ordinary shares

Basic earnings per share:

Allocation of undistributed earnings

$ 44,434

$ 14,563

$ 6,905

Number of shares used in per share computation

41,922,656

35,734,097

26,130,190

Basic earnings per share

$ 1.06

$ 0.41

$ 0.26

Diluted earnings per share:

Allocation of undistributed earnings for basic computation

$ 44,434

$ 14,563

$ 6,905

Reallocation of undistributed earnings

(198)

Allocation of undistributed earnings

$ 44,494

$ 14,365

$ 6,906

Number of shares used in per share computation

41,922,656

35,734,097

26,130,190

Employee stock options and RSUs

2,695,094

1,520,745

394,728

Number of shares used in per share computation

44,617,750

37,254,842

26,524,918

Diluted Earnings per share

$ 1.00

$ 0.39

$ 0.26

Class B ordinary shares

Basic earnings per share:

Allocation of undistributed earnings

$ 13,530

$ 6,764

$ 6,905

Number of shares used in per share computation

12,764,081

16,596,104

26,130,190

Basic earnings per share

$ 1.06

$ 0.41

$ 0.26

Diluted earnings per share:

Allocation of undistributed earnings for basic computation

$ 13,530

$ 6,764

$ 6,905

Reallocation of undistributed earnings

(27)

220

Allocation of undistributed earnings

$ 13,503

$ 6,984

$ 6,906

Number of shares used in per share computation

12,764,081

16,596,104

26,130,190

Employee stock options and RSUs

775,382

1,514,128

394,728

Number of shares used in per share computation

13,539,463

18,110,232

26,524,918

Diluted Earnings per share

$ 1.00

$ 0.39

$ 0.26

Redeemable A shares

Basic earnings per share:

Allocation of undistributed earnings

$ 570

$ 401

$ 110

Number of shares used in per share computation

537,880

983,861

417,806

Basic earnings per share

$ 1.06

$ 0.41

$ 0.26

Diluted earnings per share:

Allocation of undistributed earnings for basic computation

$ 570

$ 401

$ 110

Reallocation of undistributed earnings

(33)

(22)

(2)

Allocation of undistributed earnings

$ 537

$ 379

$ 108

Number of shares used in per share computation

537,880

983,861

417,806

Number of shares used in per share computation

537,880

417,806

Diluted Earnings per share

$ 1.00

$ 0.39

$ 0.26

[1]	The results have been adjusted for the issuance of Class B ordinary shares and additional Redeemable A shares and for the share split effected by way of issuance of bonus shares (Note 13).

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

ACQUISITIONS

NOTE 3: - ACQUISITIONS

On May 12, 2023, the Company completed the acquisition of 100% of the shares of Revela Inc. (“Revela”), a U.S. biotechnology company, in order to merge its technology into the Company’s product development process.

The consideration transferred included (i) cash consideration of $32,514, (ii) 701,591 of the Company’s Class A Ordinary shares (valued at closing at $19,042) and (iii) equity classified contingent consideration of 612,256 Class A Ordinary shares which are subject to certain performance milestones and restrictions as specified in the agreement (valued at closing at $15,853). The total consideration transferred in respect of the acquisition was $67,409. In addition, the transaction includes additional consideration related to compensation for post-combination services.

The results of Revela’s operations have been included in the consolidated financial statements since May 12, 2023. Pro forma results of operations related to this acquisition have not been prepared because they are not material to the Company’s consolidated statements of income.

NOTE 3: - ACQUISITIONS (Cont.)

The Company accounted for the transaction using the acquisition method, which requires, among other things, that the assets acquired, and liabilities assumed, in a business combination be recognized at their respective estimated fair values as of the acquisition date. The following table summarizes the fair values of the assets acquired and liabilities assumed:


Tangible assets (including receivables, property and equipment and other)	$	9,418
Deferred tax liability, net		(1,251)
Intangible assets:
Technology		10,575
Goodwill		48,667
Total purchase price	$	67,409

The acquired technology was valued using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the acquired technology after making adjustments for the cash flow contributions of other assets, which are also known as contributory asset charges.

The weighted-average useful life for the Technology purchased is 8 years.

Goodwill generated from the above business combinations is attributed to synergies between the Company’s and the acquired business and is not deductible for income tax purposes. The acquisition- related costs were immaterial.

SHAREHOLDERS' EQUITY - Schedule of company's stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHAREHOLDERS' EQUITY
Outstanding at beginning of year	5,533,693
Granted	6,622,625
Exercised	(258,633)
Forfeited	(71,138)
Outstanding at end of year	11,826,547	5,533,693
Exercisable at end of year	4,502,511
Weighted average exercise price, Outstanding at beginning of year	$ 9.61
Weighted average exercise price, Granted	27.29
Weighted average exercise price,, Exercised	6.75
Weighted average exercise price, Forfeited	8.57
Weighted average exercise price, Outstanding at ending of year	19.58	$ 9.61
Weighted average exercise price, Exercisable at end of year	$ 9.54
Weighted average remaining contractual terms, outstanding (in years)	4 years 8 months 4 days	5 years 4 months 13 days
Weighted average remaining contractual terms, Exercisable at end of year	4 years 2 months 23 days
Aggregate intrinsic value, Outstanding at beginning of year	$ 84,968
Aggregate intrinsic value, Outstanding at end of year	318,680	$ 84,968
Aggregate intrinsic value, Exercisable at end of year	$ 166,542

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

NOTE 12: - LEASES

The Company has entered into various non-cancelable operating lease agreements for certain office spaces, stores and motor vehicles. The leases have remaining lease terms of up to 5 years, some of which may include options to extend the leases for up to an additional 5 years. The Company does not assume renewals in its determination of the lease term unless the renewals are considered as reasonably assured.

The components of operating lease cost recorded under operating expenses were as follows:


	December 31,
	2023		2022
Fixed cost and variable cost that depend on index	$	5,216	$	5,133
Short-term lease cost		1,063		364
	$	6,279	$	5,472

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


	December 31,
	2023			2022
Operating lease ROU assets	$	13,557		$	13,278
Operating lease liabilities, current		3,802			3,890
Operating lease liabilities, non-current		8,712			8,076
Weighted-average remaining lease term (in years)		4.47			4.23
Weighted-average discount rate		3.30	%		1.67	%

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2023, were as follows:


2024	$	4,146
2025		3,497
2026		1,815
2027		1,263
2028		987
Thereafter		1,860
Total undiscounted lease payments		13,568
Less: imputed interest		(1,054)
Present value of lease liabilities	$	12,514

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 17: - RELATED PARTY TRANSACTIONS

On October 4, 2020, the Company provided its co-founders, the Chief Executive Officer and Chief Product Officer (the “Co-founders”), with an incentive plan (the “Incentive Plan”) in connection with certain revenue thresholds over an agreed period. Under the Incentive Plan, the Chief Executive Officer and Chief Product Officer are eligible to earn up to $20,000 and $10,000 of incremental incentive bonuses, respectively, subject to certain revenue thresholds and other conditions. During the years ended December 31, 2023 and 2022, the Company recognized an expense of $17,357 and $12,643, respectively.

On June 22, 2023, the Board of Directors granted the Company’s co-founders option awards to purchase 2,327,428 Class A Ordinary shares, at an exercise price of $27.74 per share. These awards vest upon the satisfaction of both time-based and market-based vesting conditions. As of December 31, 2023, the Company recognized an expense of $2,481 in respect of this grant. As of December 31, 2023, none of the vesting conditions have been met.

- Definition

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.

+ References

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
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-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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-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
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-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
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-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

+ Details

ACQUISITIONS (Details) - Revela Inc $ in Thousands	May 12, 2023 USD ($) shares
Acquisitions
Acquire shares of Revela Inc	100.00%
Cash consideration	$ 32,514
Aggregate purchase price	$ 67,409
Class A ordinary shares
Acquisitions
Issuance of Redeemable A shares \| shares	701,591
Aggregate purchase price	$ 19,042
Restricted Class A Ordinary Shares
Acquisitions
Issuance of Redeemable A shares \| shares	612,256
Aggregate purchase price	$ 15,853

LEASES - Future minimum lease payments under non-cancelable operating lease agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2022
Future minimum lease payments
2024	$ 4,146
2025	3,497
2026	1,815
2027	1,263
2028	987
Thereafter	1,860
Total undiscounted lease payments	13,568
Less: imputed interest	(1,054)
Present value of lease liabilities	$ 12,514	$ 17,208

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2023

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 9: - OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES


	December 31,
	2023		2022
Employees and related accruals	$	6,388	$	19,370
Government authorities		24,743		12,904
Deferred revenue		13,920		4,488
Other		4,274		1,030
Total	$	49,325	$	37,792

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jun. 22, 2024	Oct. 04, 2020	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Awards to purchase			6,622,625
Exercise price			$ 27.29
Related party \| Incentive Plan
RELATED PARTY TRANSACTIONS
Incentive plan expense			$ 2,481
Co-founder and Chief Executive Officer \| Incentive Plan
RELATED PARTY TRANSACTIONS
Awards to purchase	2,327,428
Exercise price	$ 27.74
Chief Executive Officer \| Incentive Plan
RELATED PARTY TRANSACTIONS
Maximum eligible incentive amount		$ 20,000
Incentive plan expense			$ 17,357
Chief Product Officer \| Incentive Plan
RELATED PARTY TRANSACTIONS
Maximum eligible incentive amount		$ 10,000
Incentive plan expense				$ 12,643

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Future amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Estimated future amortization expense of other intangible assets
2024	$ 6,869
2025	7,181
2026	7,542
2027	6,924
2028	3,652
Thereafter	3,833
Net carrying amount	$ 36,001	$ 26,800

GEOGRAPHICAL INFORMATION - Revenue from customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GEOGRAPHICAL INFORMATION
Total net revenue	$ 508,685	$ 324,520	$ 222,555
North America
GEOGRAPHICAL INFORMATION
Total net revenue	414,105	241,123	161,925
Others
GEOGRAPHICAL INFORMATION
Total net revenue	$ 94,580	$ 83,397	$ 60,630

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SUBSEQUENT EVENTS (Details) - Subsequent Event - 2024 Facility Agreements	Jan. 31, 2024 USD ($) item agreement
SUBSEQUENT EVENTS
Aggregate amount \| agreement	2
Number of banks \| item	2
Maximum principal amount \| $	$ 100,000

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Schedule of operating lease cost


	December 31,
	2023		2022
Fixed cost and variable cost that depend on index	$	5,216	$	5,133
Short-term lease cost		1,063		364
	$	6,279	$	5,472

Schedule of supplemental balance sheet information related to operating leases


	December 31,
	2023			2022
Operating lease ROU assets	$	13,557		$	13,278
Operating lease liabilities, current		3,802			3,890
Operating lease liabilities, non-current		8,712			8,076
Weighted-average remaining lease term (in years)		4.47			4.23
Weighted-average discount rate		3.30	%		1.67	%

Schedule of future minimum lease payments under non-cancelable operating lease agreements


2024	$	4,146
2025		3,497
2026		1,815
2027		1,263
2028		987
Thereafter		1,860
Total undiscounted lease payments		13,568
Less: imputed interest		(1,054)
Present value of lease liabilities	$	12,514

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Balance as of January 1,	$ 16,237	$ 16,237
Acquisition	48,667	0
Balance as of December 31,	$ 64,904	$ 16,237

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

TAXES ON INCOME

12 Months Ended

Dec. 31, 2023

TAXES ON INCOME

TAXES ON INCOME

NOTE 16: - TAXES ON INCOME

Tax rates applicable to the Company:

Israeli parent and Israeli subsidiaries:

The tax rate applicable to the Israeli companies in 2023, 2022 and 2021 is -23%.

Applicable benefits to the Company:

“Preferred Technology Enterprises” (“PTE”) granting a 12% tax rate in central Israel on qualified income deriving from Benefited Intellectual Property, subject to a number of conditions being fulfilled, including a minimal amount or ratio of annual R&D expenditure and R&D employees, as well as having at least 25% of annual income derived from exports to large markets.

A withholding tax rate of 20% for dividends paid from PTE income (with an exemption from such withholding tax applying to dividends paid to an Israeli company). Such rate may be reduced to 4% on dividends paid to a foreign resident company, subject to certain conditions regarding percentage of foreign ownership of the distributing entity.

The Company elected to apply the PTE regime in 2023 and 2022 for its qualified income and believes it meets the required conditions.

Income taxes on non-Israeli subsidiaries:

Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence.

The Company does not provide deferred tax liabilities when it intends to reinvest earnings of foreign subsidiaries indefinitely or, if distributed, no tax liability will be imposed. Undistributed earnings of foreign subsidiaries that are not distributed amounted to $18,116 and unrecognized deferred tax liability related to such earnings amounted to $4,167 as of December 31, 2023.

NOTE 16: - TAXES ON INCOME (Cont.)

Deferred income taxes:

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.


	December 31,
	2023		2022
Deferred tax assets:
Research and development costs	$	333	$	661
Depreciation and amortization		534		519
Employees and other accruals		1,989		1,457
Operating lease liabilities		2,870		2,691
Share-based compensation		2,922		1,177
Net operating losses		1,958		908
Other		—		467
Deferred tax assets		10,606		7,880
Valuation allowance		(861)		(1,010)
Net deferred tax assets		9,745		6,870
Deferred tax liabilities:
Property and equipment		(281)		(182)
Marketable securities		(198)		—
Operating lease right-of-use assets		(3,100)		(2,980)
Intangible assets		(3,698)		(1,529)
Total deferred tax liabilities		(7,277)		(4,691)
Total deferred tax assets, net	$	2,468	$	2,179

As of December 31, 2023 unrecognized tax benefit in the amounts of $966 was presented net from deferred tax asset.

NOTE 16: - TAXES ON INCOME (Cont.)

A reconciliation of the Company’s effective tax rate to the statutory tax rate in Israel is as follows:


	Year ended
	December 31,
	2023			2022			2021
Income before taxes on income, as reported in the consolidated statements of income	$	78,601		$	28,912		$	18,635
Statutory tax rate in Israel		23	%		23	%		23	%
Theoretical taxes on income	$	18,078		$	6,650		$	4,286
Foreign currency measurement differences (*)		—			662			(172)
Preferred Enterprise tax (**)		(5,695)			(1,996)			(388)
Subsidiaries taxed at different tax rate		(74)			418			61
Non-deductible expenses		5,871			732			414
Uncertain tax positions		2,015			858			90
Other		(128)			(140)			424
Actual tax expenses	$	20,067		$	7,184		$	4,715

(*)

Results for tax purposes are measured under the “Measurement of results for tax purposes under the Income Tax (Inflationary Adjustments) Law, 1985”, in terms of earnings in NIS. As explained in Note 2c, the financial statements are measured in U.S. dollars. The difference between the annual changes in the NIS/dollar exchange rate causes a difference between taxable income and the income before taxes shown in the financial statements. In accordance with ASC 740-10-25-3(F), the Company has not provided deferred income taxes in respect of the difference between the functional currency and the tax bases of assets and liabilities.


		Year ended December 31,
		2023		2022		2021
(**)	Basic earnings per share amounts of the benefit resulting from the Technological Preferred or Preferred Enterprise status, adjusted for the issuance of bonus shares as described in Note 13	$	0.10	$	0.04	$	0.01
	Diluted earnings per share amounts of the benefit resulting from the Technological Preferred or Preferred Enterprise status, adjusted for the issuance of bonus shares as described in Note 13	$	0.10	$	0.04	$	0.01

Income before taxes on income is comprised as follows:


	Year ended
	December 31,
	2023		2022		2021
Domestic (Israel)	$	63,895	$	22,205	$	18,045
Foreign		14,706		6,707		590
Total	$	78,601	$	28,912	$	18,635

NOTE 16: - TAXES ON INCOME (Cont.)

Actual tax expenses are comprised as follow:


	Year ended
	December 31,
	2023		2022		2021
Current:
Domestic (Israel)	$	12,672	$	4,528	$	4,463
Foreign		8,651		4,171		1,155
Total current income tax expense	$	21,323	$	8,699	$	5,618
Deferred:
Domestic		391		(181)		(276)
Foreign		(1,647)		(1,334)		(627)
Total deferred income tax expense		(1,256)		(1,515)		(903)
Total taxes on income	$	20,067	$	7,184	$	4,715

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows:


	2023		2022
Uncertain tax positions, beginning of year	$	1,782	$	1,081
Decrease related to previous years’ tax positions		(385)		(247)
Increase related to previous years’ tax positions		—		41
Increases in tax positions for current year		2,831		907
Uncertain tax positions, end of year	$	4,228	$	1,782

The Company currently does not expect uncertain tax positions to change significantly over the next 12 months, except in the case of settlements with tax authorities, the likelihood and timing of which is difficult to estimate. Timing of the resolution of audits is highly uncertain and therefore as of December 31, 2023, the Company cannot estimate the change in unrecognized tax benefits resulting from these audits within the next 12 months.

Substantially all the balance of unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate.

The Company adjusts the unrecognized tax benefit liability and income tax expense in the period in which the uncertain tax position is effectively settled, the statute of limitations expires or when new information is available.

During the years ended December 31, 2023, 2022 and 2021, interest expense related to uncertain tax positions was immaterial. As of December 31, 2023 and 2022, accrued interest liability related to uncertain tax positions was immaterial and is included within income tax accrual on the balance sheets. The Company did not accrue penalties during the years ended December 31, 2023 and 2022.

NOTE 16: - TAXES ON INCOME (Cont.)

The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to tax audits and settlement. The final tax outcome of its tax audits could be different from that which is reflected in the Company’s income tax provisions and accruals. Such differences could have a material effect on the Company’s income tax provision and net income in the period in which such determination is made.

The Company believes it had adequately provided for all of its uncertain tax positions, including those items currently under dispute.

As of December 31, 2023, the Company had open tax years for the periods between 2017 and 2023 in Israel and for the periods between 2020 and 2023 for the U.S. subsidiaries.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED BALANCE SHEETS (Parentheticals) - ₪ / shares

Dec. 31, 2023

Jul. 07, 2023

Dec. 31, 2022

Redeemable shares, par value (in shekel per share)

₪ 0.001

Redeemable shares, Authorized

2,000,000

Redeemable shares, Issued

983,861

Redeemable shares, outstanding

983,861

Class A ordinary shares

Ordinary shares, par value (in shekel per share)

₪ 0.001

Ordinary shares, Authorized

200,000,000

^[1]

200,000,000

10,000,000

^[1]

Ordinary shares, Issued

45,319,675

38,384,577

Ordinary shares, outstanding

45,319,675

38,384,577

Class B ordinary shares

Ordinary shares, par value (in shekel per share)

₪ 0.001

Ordinary shares, Authorized

40,000,000

^[1]

40,000,000

2,000,000

^[1]

Ordinary shares, Issued

11,547,000

14,022,549

Ordinary shares, outstanding

11,547,000

14,022,549

[1]	Effective as of July 7, 2023, the authorized number of Class A ordinary shares was increased to 200,000,000 and the authorized number of Class B ordinary shares was increased to 40,000,000.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-41745
Entity Registrant Name	Oddity Tech Ltd
Entity Incorporation, State or Country Code	L3
Entity Address, Address Line One	8 Haharash Street
Entity Address, City or Town	Tel Aviv-Jaffa
Entity Address, Country	IL
Entity Address, Postal Zip Code	6761304
Title of 12(b) Security	Class A Ordinary Shares, par value NIS 0.001 per share
Trading Symbol	ODD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001907085
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KOST FORER GABBAY & KASIERER
Auditor Location	Tel-Aviv, Israel
Auditor Firm ID	1281
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	45,319,675
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	11,547,000
Business Contact [Member]
Document Information [Line Items]
Entity Address State Or Province	NY
Entity Address, Address Line One	110 Greene Street
Entity Address, City or Town	NY
Contact Personnel Name	Jonathan Truppman
Entity Address, Postal Zip Code	10012
City Area Code	551
Local Phone Number	751-7495

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Schedule of earnings per share, basic and diluted


	Year ended December 31, 2023
	Class A		Class B
	Ordinary		Ordinary		Redeemable
	*shares ()**		shares		A shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	44,434	$	13,530	$	570
Denominator:
Number of shares used in per share computation		41,922,656		12,764,081		537,880
Basic earnings per share	$	1.06	$	1.06	$	1.06
Diluted earnings per share:
Numerator:	$	44,434	$	13,530	$	570
Allocation of undistributed earnings for basic computation
Reallocation of undistributed earnings		60		(27)		(33)
Allocation of undistributed earnings	$	44,494	$	13,503	$	537
Denominator:
Number of shares used in basic computation		41,922,656		12,764,081		537,880
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		2,695,094		775,382		—
Number of shares used in per share computation		44,617,750		13,539,463		537,880
Diluted earnings per share	$	1.00	$	1.00	$	1.00


	Year ended December 31, 2022
	Class A		Class B
	Ordinary		Ordinary		Redeemable A
	shares		shares		shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	14,563	$	6,764	$	401
Denominator:
Number of shares used in per share computation		35,734,097		16,596,104		983,861
Basic earnings per share	$	0.41	$	0.41	$	0.41
Diluted earnings per share:
Numerator:
Allocation of undistributed earnings for basic computation	$	14,563	$	6,764	$	401
Reallocation of undistributed earnings		(198)		220		(22)
Allocation of undistributed earnings	$	14,365	$	6,984	$	379
Denominator:
Number of shares used in basic computation		35,734,097		16,596,104		983,861
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		1,520,745		1,514,128		—
Number of shares used in per share computation		37,254,842		18,110,232		—
Diluted earnings per share	$	0.39	$	0.39	$	0.39


	Year Ended December 31, 2021
	Class A		Class B		Redeemable A
	Ordinary shares		Ordinary shares		shares
Basic earnings per share:
Numerator:
Allocation of undistributed earnings	$	6,905	$	6,905	$	110
Denominator:
Number of shares used in per share computation		26,130,190		26,130,190		417,806
Basic earnings per share	$	0.26	$	0.26	$	0.26
Diluted earnings per share:
Numerator:
Allocation of undistributed earnings for basic computation	$	6,905	$	6,905	$	110
Reallocation of undistributed earnings		1		1		(2)
Allocation of undistributed earnings		6,906		6,906		108
Denominator:
Number of shares used in basic computation		26,130,190		26,130,190		417,806
Weighted-average effect of dilutive securities:
Employee stock options and RSUs		394,728		394,728		—
Number of shares used in per share computation		26,524,918		26,524,918		417,806
Diluted earnings per share	$	0.26	$	0.26	$	0.26

INVENTORY

12 Months Ended

Dec. 31, 2023

INVENTORY

INVENTORY

NOTE 6: - INVENTORIES


	December 31,
	2023		2022
Raw materials and work in progress	$	26,703	$	27,307
Finished goods		57,403		42,923
Total	$	84,106	$	70,230

Write down to reduce inventories to net realizable value as of December 31, 2023 and 2022 amounted to $2,965 and $2,236, respectively.

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVENTORY
Raw materials and work in progress	$ 26,703	$ 27,307
Finished goods	57,403	42,923
Total	84,106	70,230
Write down	$ 2,965	$ 2,236

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

Schedule of Property, plant and equipment estimated useful lives


		Years
Computers and electronic equipment		3 – 7
Office furniture and equipment		7 – 15
Molds and others		7
Leasehold improvements		Shorter of lease term or estimated useful life

Schedule of Intangible assets estimated useful lives


		Years
Internal-used software		3 – 5
Technology		3 – 10
Other intangibles		5 – 20

Schedule of accumulated other comprehensive income


	Year ended December 31, 2023
	Unrealized		Foreign
	gains (losses)		currency
	on marketable		translation
	securities		adjustments		Total
Beginning balance	$	—	$	1,738	$	1,738
Other comprehensive income		664		—		664

Ending balance	$	664	$	1,738	$	2,402

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 58,534	$ 21,728	$ 13,920
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,605	4,408	4,006
Share-based compensation	24,111	6,697	2,107
Accretion of discount of marketable securities	(547)
Deferred income taxes	(1,256)	(1,515)	(903)
Increase in trade receivables	(2,340)	(2,435)	(588)
Increase in prepaid expenses and other receivables	(4,299)	(1,802)	(1,306)
Increase in inventories	(13,599)	(18,773)	(35,732)
Increase in trade payables	9,278	7,788	21,087
Increase in other accounts payable and accrued expenses	8,654	23,651	7,103
Change in operating lease right-of-use assets	4,618	5,009
Change in operating lease liability	(4,349)	(6,321)
Other	45	597	530
Net cash provided by operating activities	87,455	39,032	10,224
Cash flows from investing activities:
Purchase of property, plant and equipment	(2,101)	(2,347)	(2,371)
Capitalization of software development costs	(3,518)	(5,051)	(3,354)
Loan to shareholder			(3,000)
Repayment of loan to shareholder			3,000
Investment in marketable securities	(50,012)
Investment in short term deposits, net	(60,000)	(18,000)
Acquisition of businesses, net of cash acquired	(23,173)		(11,787)
Other investing activities	(1,187)	(382)	(1,270)
Net cash used in investing activities	(139,991)	(25,780)	(18,782)
Cash flows from financing activities:
Repayment of loans and borrowings	(4,313)	(362)	(318)
Proceeds from Initial Public Offering, net of issuance costs	53,006	(607)
Proceeds from issuance of digital securities		648
Proceeds from exercise of options	1,747	75
Other financing activities	(1,629)
Net cash provided by (used in) financing activities	48,811	(246)	(318)
Effect of exchange rate fluctuations on cash and cash equivalents	(623)	(781)	(359)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,348)	12,225	(9,235)
Cash, cash equivalents and restricted cash at the beginning of the year	43,114	30,889	40,124
Cash, cash equivalents and restricted cash at the end of the year	38,766	43,114	30,889
Components of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	36,538	40,955	28,827
Restricted cash included within prepaid expenses and other current assets	2,228	2,159	2,062
Total cash, cash equivalents and restricted cash	38,766	43,114	30,889
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	(73)	(210)	(168)
Cash paid during the year for income tax	(11,228)	(1,945)	(696)
Offering costs accrued but not yet paid	2,100
Issuance of shares in connection with business combination	34,895		12,275
Conversion of Redeemable A shares and digital securities into Class A ordinary shares upon Initial Public Offering	13,085
Non-cash compensation capitalized as part of capitalization of software development costs	1,067	1,577	$ 397
Lease liabilities arising from obtaining right-of-use assets	$ 4,667	$ 1,079

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

NOTE 5: - FAIR VALUE MEASUREMENT

In accordance with ASC No. 820, the Company measures its money market funds, short-term deposits and marketable securities contracts at fair value. Money market funds and marketable securities are classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The following tables set forth the fair value of the Company’s financial assets measured at fair value as of:


	December 31,
	2023						2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash	$	25,594	$	—	$	25,594	$	25,955	$	—	$	25,955
Restricted cash		2,228		—		2,228		2,159		—		2,159
Cash equivalents
Money market funds		10,944		—		10,944		—		—		—
Short term deposits		—		—		—		15,000		—		15,000
Short-term deposits		78,000		—		78,000		18,000		—		18,000
Marketable securities		10,585		41,030		51,615		—		—		—
Total	$	127,351	$	41,030	$	168,381	$	61,114	$	—	$	61,114

- Definition

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

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

Basis of presentation and principles of consolidation:

Use of estimates

Use of estimates:

Financial statements in U.S. dollars

c.Financial statements in U.S. dollars:

Cash equivalents

Cash equivalents:

Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at the date of deposit.

Restricted cash

Restricted cash:

Short-term deposits

Short-term deposits:

Trade receivables

Trade receivables:

Marketable securities

h.Marketable securities:

The Company did not recognize an allowance for credit losses on marketable securities as the expected losses were not material for the year ended December 31, 2023.

Fair value of financial instruments

i.Fair value of financial instruments:

Level 1-

Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at measurement date.

Level 2-

Other than quoted prices included in 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-

Inventories

j.Inventories:

Property, plant and equipment

k.Property, plant and equipment:

Property, plant and equipment items are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


		Years
Computers and electronic equipment		3 – 7
Office furniture and equipment		7 – 15
Molds and others		7
Leasehold improvements		Shorter of lease term or estimated useful life

Impairment of long-lived assets and intangible assets subject to amortization, including right-of-use ("ROU") lease asset

Impairment of long-lived assets and intangible assets subject to amortization, including right-of-use (“ROU”) lease asset:

Business combination

Business combination:

When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets.

Goodwill

n.Goodwill:

During the years ended December 31, 2023, 2022 and 2021, no impairment of goodwill has been identified.

Internal use software costs

o.Internal use software costs:

During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $4,585, $6,628 and $3,751 of website and software development costs, respectively.

Intangible assets

p.Intangible assets:

Intangible assets are amortized over their estimated useful lives using the straight-line method, at the following annual period ranges:


		Years
Internal-used software		3 – 5
Technology		3 – 10
Other intangibles		5 – 20

Concentration of credit risk

q.Concentration of credit risk:

Digital securities

r.Digital securities:

Severance pay

s.Severance pay:

Israeli parent:

NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES (Cont.)

During the years ended December 31, 2023, 2022 and 2021, severance expenses were $893, $959 and $647, respectively.

Defined benefit plan

t.Defined benefit plan:

U.S. subsidiary:

Leases

u.Leases:

Operating leases are included in operating lease ROU assets, operating lease liabilities, current, and operating lease liabilities, non-current on the consolidated balance sheets.

Revenue recognition

v.Revenue recognition:

The Company determines revenue recognition through the following steps:

Identification of the contract, or contracts, with a customer;

Identification of the performance obligations in the contract;

Determination of the transaction price;

Allocation of the transaction price to the performance obligations in the contract; and

Recognition of revenue when, or as, the performance obligations are satisfied.

The Company accounts for shipping and handling costs as fulfillment costs which are classified as part of cost of revenue.

Cost of revenue

w.Cost of revenue:

Operating expenses

x.Operating expenses:

Advertising costs are expensed as incurred and were $125,625, $92,048 and $63,771 for the years ended December 31, 2023, 2022 and 2021, respectively.

Accounting for share-based compensation

y.Accounting for share-based compensation:

Income taxes

z.Income taxes:

Basic and diluted earnings per share

aa.Basic and diluted earnings per share:

Operating segments

ab.Operating segments:

Comprehensive income

ac.

Comprehensive income:

The following table shows the components of accumulated other comprehensive income, net of taxes:


	Year ended December 31, 2023
	Unrealized		Foreign
	gains (losses)		currency
	on marketable		translation
	securities		adjustments		Total
Beginning balance	$	—	$	1,738	$	1,738
Other comprehensive income		664		—		664

Ending balance	$	664	$	1,738	$	2,402

Recently issued and recently adopted accounting pronouncements

ad.Recently issued and recently adopted accounting pronouncements:

GEOGRAPHICAL INFORMATION - Long-lived assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
GEOGRAPHICAL INFORMATION
Total long-lived assets	$ 22,802	$ 22,746
Israel
GEOGRAPHICAL INFORMATION
Total long-lived assets	17,601	18,665
United States
GEOGRAPHICAL INFORMATION
Total long-lived assets	$ 5,201	$ 4,081

SHAREHOLDERS' EQUITY - Narratives (Details) $ / shares in Units, $ in Thousands						1 Months Ended	12 Months Ended			18 Months Ended
	Jul. 17, 2024 $ / shares shares	Jul. 22, 2023	Jul. 19, 2023 USD ($) $ / shares shares	Jul. 07, 2023	Apr. 01, 2020	Feb. 28, 2022 class Vote shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares	Jul. 07, 2023
Grant of share options, restricted shares under plan
Number of classes of common stock \| class						2
Ratio for issuance of class B shares to class A shares post dual classification						1
Number of class B shares for each class A shares post dual classification						1
Ratio for issuance of additional shares for each Redeemable A shares						1
Forward share split										15.396
Issuance of bonus shares				14.396
Shares subject market condition							6,462,003
2023 incentive award plan
Grant of share options, restricted shares under plan
Common stock, capital shares reserved for future issuance							4,307,070
Employee share purchase plan 2023
Grant of share options, restricted shares under plan
Common stock, capital shares reserved for future issuance							1,131,000,000
Employee stock options
Grant of share options, restricted shares under plan
Weighted-average grant date fair value of options granted \| $ / shares							$ 8.59	$ 14.47	$ 3.51
Employee stock options \| 2020 Equity incentive plan
Grant of share options, restricted shares under plan
Options vesting period					4 years
Employee stock options \| 2020 Equity incentive plan \| Minimum
Grant of share options, restricted shares under plan
Contractual terms					5 years
Employee stock options \| 2020 Equity incentive plan \| Maximum
Grant of share options, restricted shares under plan
Contractual terms					10 years
Employee stock options \| 2023 incentive award plan
Grant of share options, restricted shares under plan
Options vesting period		4 years
Employee stock options \| 2023 incentive award plan \| Minimum
Grant of share options, restricted shares under plan
Contractual terms		5 years
Employee stock options \| 2023 incentive award plan \| Maximum
Grant of share options, restricted shares under plan
Contractual terms		10 years
Employee stock options \| 2020 and 2023 incentive award plan
Grant of share options, restricted shares under plan
Total unrecognized compensation cost related to RSUs granted \| $							$ 50,789
Expense is expected to be recognized over a period							4 years
Restricted Stock Units (RSUs)
Grant of share options, restricted shares under plan
Weighted average grant date fair \| $ / shares							$ 27.98
Restricted Stock Units (RSUs) \| 2020 and 2023 incentive award plan
Grant of share options, restricted shares under plan
Total unrecognized compensation cost related to RSUs granted \| $							$ 27,966
Expense is expected to be recognized over a period							4 years
Performance Shares
Grant of share options, restricted shares under plan
Weighted average grant date fair \| $ / shares							$ 27.98
Class A ordinary shares
Grant of share options, restricted shares under plan
Stock issued during period, shares, conversion of convertible securities							2,503,183	12,166,519
Reclassifications of temporary to permanent equity, shares			983,861
Class A ordinary shares \| Digital Securities
Grant of share options, restricted shares under plan
Stock issued during period, shares, conversion of convertible securities	23,142
Share price \| $ / shares	$ 35.00
Class A ordinary shares \| IPO
Grant of share options, restricted shares under plan
Issuance of ordinary shares in connection (in shares)			1,754,385
Share price \| $ / shares			$ 35.00
Proceeds from initial public offering \| $			$ 50,299
Class B ordinary shares
Grant of share options, restricted shares under plan
Number of votes for each share of common stock \| Vote						10
Redeemable A shares
Grant of share options, restricted shares under plan
Aggregated redemption value \| $							$ 12,000

ACQUISITIONS - Schedule of purchase price allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	May 12, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Assets acquired and liabilities assumed in business combination
Goodwill	$ 64,904		$ 16,237	$ 16,237
Revela Inc
Schedule of Assets acquired and liabilities assumed in business combination
Tangible assets (including receivables, property and equipment and other)		$ 9,418
Deferred tax liability, net		(1,251)
Intangible assets - Technology		10,575
Goodwill		48,667
Total purchase price		$ 67,409
Weighted-average useful life	8 years

- Definition

+ References + Details

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

Schedule of purchase price allocation


Tangible assets (including receivables, property and equipment and other)	$	9,418
Deferred tax liability, net		(1,251)
Intangible assets:
Technology		10,575
Goodwill		48,667
Total purchase price	$	67,409

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 13: - SHAREHOLDERS’ EQUITY

Ordinary shares:

In February 2022, the Company amended its articles of association to include a dual class ordinary share structure pursuant to which the Company will have two classes of ordinary shares outstanding: Class A Ordinary shares and Class B Ordinary shares. The rights of the holders of Class A Ordinary shares and Class B Ordinary shares are identical, except with respect to voting rights, conversion rights, and transfer rights. Immediately after the effectiveness of the dual class structure, the Company issued and distributed Class B Ordinary shares to the holders of Class A Ordinary shares on a one-for-one ratio, such that each holder of one Class A Ordinary share received one Class B Ordinary share. In addition, Redeemable A shareholders received additional Redeemable A shares on a one-for-one ratio. Holders of the Class A Ordinary shares and Class B Ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders except as otherwise provided in the Company’s amended and restated articles of association or as required by applicable law.

These consolidated financial statements have been retroactively adjusted to give effect to the dual class share structure for all periods presented.

During 2023 and 2022, a total of 2,503,183 and 12,166,519 Class B Ordinary shares were converted to Class A Ordinary shares, respectively.

On July 7, 2023, a 15.396 forward share split of the Company’s then-outstanding ordinary shares was effected by way of issuance of 14.396 bonus shares on each one outstanding ordinary share. All information related to the Company’s Class A and Class B Ordinary shares, Redeemable A shares, share options and restricted share units, including in notes 13 and 14, have been retroactively adjusted to give effect to the issuance of bonus shares for all periods presented.

1.Class A Ordinary shares:

Confer upon their holders voting rights, rights to receive dividends and certain other rights as described in the Company’s articles of association and under the applicable law.

Class B Ordinary shares:

Confer upon their holders identical rights as Class A Ordinary shares, except with respect to voting rights, conversion rights, and transfer rights. Each holder of Class B Ordinary shares shall be entitled to ten votes for each Class B Ordinary share. Each Class B Ordinary share is convertible at any time at the option of the holder into one Class A Ordinary share. In addition, each Class B Ordinary share will convert automatically on a one-for-one basis into a Class A Ordinary share upon the sale or transfer of such Class B Ordinary share, other than excluded transfers as further described in the Company’s amended and restated articles of association.

Redeemable A shares:

Redeemable A shares confer upon their holders rights to receive dividends and certain other rights as described in the Company’s articles of association and under the applicable law with no voting rights. The holder of such shares has a redemption right in the case that the Company does not consummate a Deemed Liquidation Event (as defined in the Company’s articles of association) prior to the second anniversary of the date of the issuance of the Redeemable A shares for an aggregated redemption value of $12,000.

NOTE 13: - SHAREHOLDERS’ EQUITY (Cont.)

The deemed liquidation preference provisions of the Redeemable A shares are considered contingent redemption provisions that are not solely within the Company’s control. Accordingly, the Redeemable A shares were presented outside of permanent equity in the temporary equity (mezzanine) section of the consolidated financial statements.

During the years ended December 31, 2023 and 2022, the Company did not adjust the carrying values of the redeemable shares to the deemed liquidation values of such shares since the Redeemable A shares carrying amount exceeds the redemption value. On July 19, 2023, in connection with the IPO, the conversion conditions of Redeemable A shares were met and all Redeemable A shares were converted to 983,861 Class A Ordinary shares.

Initial Public Offering:

On July 19, 2023, the Company completed its IPO, in which it issued 1,754,385 shares of its Class A Ordinary shares at an offering price of $35.00 per share. The Company raised net proceeds of $50,299 after deducting underwriting discounts and commissions and other issuance costs.

Immediately prior to the closing of the IPO, all the outstanding Redeemable A shares and the digital securities were automatically converted into Class A Ordinary shares.

Share based compensation:

On April 1, 2020, the Company’s board of directors adopted the IL Makiage Cosmetics (2013) Ltd. 2020 Equity Incentive Plan (the “2020 Plan”).

The 2020 Plan provides for the grant of share options, share awards and restricted shares to the Company’s and its affiliates’ respective employees, non-employee directors and consultants.

The options generally vest over four years and have 5-10 years contractual terms. Following the IPO, the Company ceased granting new awards under the 2020 Plan.

Prior to the IPO, all holders of options and RSUs, which were exercisable for one Class A and one Class B Ordinary share, notified the Company that they wished to convert their right to Class B Ordinary shares to Class A Ordinary shares. In addition, adjustments resulting from the issuances of the bonus shares were made to the number of the outstanding options and RSUs and their exercise price in accordance with the terms of the Company’s 2020 Plan and the award agreements. All other terms of such options and RSUs have remained without change and as set forth in the award agreement of each respective option or RSU holder. Awards granted under the 2020 plan after February 2022 are exercisable only to Class A Ordinary shares. The change in the underlying shares was reflected in the tables below.

On June 22, 2023, the Company’s board of directors adopted the 2023 Incentive Award Plan (the “2023 Plan”).

The 2023 Plan provides for the grant of share options, share awards and restricted shares to the Company’s and its affiliates’ respective employees, non-employee directors and consultants. The options generally vest over four years and have 5-10 years contractual terms. Any option that is forfeited or canceled before expiration becomes available for future grants under the 2023 Plan. As of December 31, 2023, the number of Ordinary shares reserved and available for grant and issuance pursuant to the 2023 Plan was 4,307,070.

NOTE 13: - SHAREHOLDERS’ EQUITY (Cont.)

Share Options

A summary of the Company’s stock options that are exercisable for Class A Ordinary shares is as follows:


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregate
	Number	exercise		terms	intrinsic
	of options	price		(in years)	value
Outstanding at beginning of year	5,533,693	$	9.61	5.37	$	84,968
Granted (*)	6,622,625		27.29
Exercised	(258,633)		6.75
Forfeited	(71,138)		8.57
Outstanding at end of year	11,826,547	$	19.58	4.68	$	318,680
Exercisable at end of year	4,502,511	$	9.54	4.23	$	166,542

(*)includes 6,462,003 options subject to market conditions.

The weighted-average grant date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $8.59, $14.47 and $3.51, respectively.

As of December 31, 2023, there were $50,789 of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the 2020 Plan and 2023 Plan. This expense is expected to be recognized over a period of approximately 4 years.

The weighted-average assumptions used in the Black-Scholes model for the fair value of stock options granted during the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year ended December 31,
	2023	2022	2021
Risk-free interest rate	3.60%-3.89%	1.35%-4.13%	0.46%-1.18%
Expected term (in years)	3.31-4.00	3.31-3.61	2.5-6.13
Expected volatility	40%	40%	40%
Expected dividend yield	0%	0%	0%

The risk-free interest rate is based on the U.S. Treasury yield for notes with maturities approximating each grant’s expected life. The expected term of the grants was determined based on the simplified method permitted by Staff Accounting Bulletin No. 110 which is the average of the vesting period and the contractual term of the options. As there is insufficient historical data for the Company, the expected volatility determination was based on comparable companies’ share volatility as defined in ASC 718.

The expected dividend yield assumption is based on the Company’s historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. Commencing July 19, 2023, the Company’s shares are publicly traded and the fair value of ordinary shares underlying the options is based on the market value of the shares. Prior to the IPO, the fair value of the shares has been determined by management with the assistance of a third-party valuation firm and was approved by the Company’s board of directors.

NOTE 13: - SHAREHOLDERS’ EQUITY (Cont.)

Restricted Share Units

The following table summarizes the activities for unvested RSUs that settle upon vesting into one Class A Ordinary share for the year ended December 31, 2023:


	Number of	Number of
	RSUs	*PSUs ()**		Total
Outstanding as of January 1, 2023	315,341		—		315,341
Granted	661,203		364,758		1,025,961
Vested	(125,681)		—		(125,681)
Forfeited	(15,683)		—		(15,683)
Outstanding as of December 31, 2023	835,180		364,758		1,199,938

(*)restricted share units which are subject to certain performance conditions.

The weighted average fair values at the grant date of RSUs and PSUs granted for the year ended December 31, 2023 were $27.98.

As of December 31, 2023, there were $27,966 of total unrecognized compensation costs related to RSUs granted under the 2020 Plan and 2023 Plan. This expense is expected to be recognized over a period of approximately 4 years.

Employee Share Purchase Plan:

Immediately prior to the IPO, the Company adopted the 2023 Employee Share Purchase Plan (the “ESPP”). As of December 31, 2023, a total of 1,131,000 shares were reserved for issuance under the ESPP.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: 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 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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+ Details

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of cash, cash equivalents, and restricted cash:
Cash	$ 25,594	$ 25,955
Short-term deposits		15,000
Restricted cash (included within prepaid expenses and other current assets)	2,228	2,159
Money market funds	10,944
Total cash, cash equivalents and restricted cash	38,766	43,114	$ 30,889	$ 40,124
Short-term deposits	78,000	18,000
Marketable securities	51,615	51,615
Total cash and cash equivalents, restricted cash, short-term deposits and marketable securities	$ 168,381	$ 61,114

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES - Amortized cost and fair value of marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents
Amortized Cost	$ 50,752
Gross Unrealized Gains	1,036
Gross Unrealized Losses		$ (173)
Fair Value	51,615	51,615
Government bonds
Cash and cash equivalents
Amortized Cost	8,367
Gross Unrealized Gains	37
Gross Unrealized Losses		(49)
Fair Value		8,355
Corporate bonds
Cash and cash equivalents
Amortized Cost	42,385
Gross Unrealized Gains	$ 999
Gross Unrealized Losses		(124)
Fair Value		$ 43,260

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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-Topic 320
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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+ Details

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES

Schedule of cash and cash equivalents


	December 31,
	2023		2022
Cash, cash equivalents and restricted cash:

Cash	$	25,594	$	25,955
Short-term deposits		—		15,000
Restricted cash (included within prepaid expenses and other current assets)		2,228		2,159
Money market funds		10,944		—
Total cash, cash equivalents and restricted cash		38,766		43,114

Short-term deposits		78,000		18,000
Marketable securities		51,615		—

Total cash and cash equivalents, restricted cash, short-term deposits and marketable securities	$	168,381	$	61,114

Schedule of amortized cost and fair value and contractual maturities of marketable securities


	December 31,
	2023				2022
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Contractual maturity year:
Within one year	$	1,143	$	1,108	$	—	$	—
After one year through five years		49,609		50,507		—		—
Total	$	50,752	$	51,615	$	—	$	—


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value

Government bonds	$	8,367	$	37	$	(49)	$	8,355
Corporate bonds		42,385		999		(124)		43,260
Total	$	50,752	$	1,036	$	(173)	$	51,615

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

GENERAL (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 19, 2023	May 12, 2023
IPO \| Class A ordinary shares
GENERAL
Issuance of ordinary shares in connection (in shares)	1,754,385
Share price	$ 35.00
Proceeds from initial public offering	$ 50,299
Revela Inc
GENERAL
Acquire shares of Revela Inc		100.00%

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT


	December 31,
	2023						2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash	$	25,594	$	—	$	25,594	$	25,955	$	—	$	25,955
Restricted cash		2,228		—		2,228		2,159		—		2,159
Cash equivalents
Money market funds		10,944		—		10,944		—		—		—
Short term deposits		—		—		—		15,000		—		15,000
Short-term deposits		78,000		—		78,000		18,000		—		18,000
Marketable securities		10,585		41,030		51,615		—		—		—
Total	$	127,351	$	41,030	$	168,381	$	61,114	$	—	$	61,114

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM DEPOSITS AND MARKETABLE SECURITIES - Marketable securities by contractual maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contractual maturity year:
Amortized Cost, Within one year	$ 1,143
Amortized Cost, After one year through five years	49,609
Amortized Cost	50,752
Fair Value, Within one year	1,108
Fair Value, After one year through five years	50,507
Fair Value	$ 51,615	$ 51,615

TAXES ON INCOME (Tables)

12 Months Ended

Dec. 31, 2023

TAXES ON INCOME

Schedule of components of deferred income taxes:


	December 31,
	2023		2022
Deferred tax assets:
Research and development costs	$	333	$	661
Depreciation and amortization		534		519
Employees and other accruals		1,989		1,457
Operating lease liabilities		2,870		2,691
Share-based compensation		2,922		1,177
Net operating losses		1,958		908
Other		—		467
Deferred tax assets		10,606		7,880
Valuation allowance		(861)		(1,010)
Net deferred tax assets		9,745		6,870
Deferred tax liabilities:
Property and equipment		(281)		(182)
Marketable securities		(198)		—
Operating lease right-of-use assets		(3,100)		(2,980)
Intangible assets		(3,698)		(1,529)
Total deferred tax liabilities		(7,277)		(4,691)
Total deferred tax assets, net	$	2,468	$	2,179

As of December 31, 2023 unrecognized tax benefit in the amounts of $966 was presented net from deferred tax asset.

Schedule of effective tax rate reconciliation


	Year ended
	December 31,
	2023			2022			2021
Income before taxes on income, as reported in the consolidated statements of income	$	78,601		$	28,912		$	18,635
Statutory tax rate in Israel		23	%		23	%		23	%
Theoretical taxes on income	$	18,078		$	6,650		$	4,286
Foreign currency measurement differences (*)		—			662			(172)
Preferred Enterprise tax (**)		(5,695)			(1,996)			(388)
Subsidiaries taxed at different tax rate		(74)			418			61
Non-deductible expenses		5,871			732			414
Uncertain tax positions		2,015			858			90
Other		(128)			(140)			424
Actual tax expenses	$	20,067		$	7,184		$	4,715

(*)


		Year ended December 31,
		2023		2022		2021
(**)	Basic earnings per share amounts of the benefit resulting from the Technological Preferred or Preferred Enterprise status, adjusted for the issuance of bonus shares as described in Note 13	$	0.10	$	0.04	$	0.01
	Diluted earnings per share amounts of the benefit resulting from the Technological Preferred or Preferred Enterprise status, adjusted for the issuance of bonus shares as described in Note 13	$	0.10	$	0.04	$	0.01

Schedule of income before taxes on income


	Year ended
	December 31,
	2023		2022		2021
Domestic (Israel)	$	63,895	$	22,205	$	18,045
Foreign		14,706		6,707		590
Total	$	78,601	$	28,912	$	18,635

Schedule of actual tax expenses


	Year ended
	December 31,
	2023		2022		2021
Current:
Domestic (Israel)	$	12,672	$	4,528	$	4,463
Foreign		8,651		4,171		1,155
Total current income tax expense	$	21,323	$	8,699	$	5,618
Deferred:
Domestic		391		(181)		(276)
Foreign		(1,647)		(1,334)		(627)
Total deferred income tax expense		(1,256)		(1,515)		(903)
Total taxes on income	$	20,067	$	7,184	$	4,715

Schedule of unrecognized tax benefits


	2023		2022
Uncertain tax positions, beginning of year	$	1,782	$	1,081
Decrease related to previous years’ tax positions		(385)		(247)
Increase related to previous years’ tax positions		—		41
Increases in tax positions for current year		2,831		907
Uncertain tax positions, end of year	$	4,228	$	1,782

SHAREHOLDERS' EQUITY - Schedule of weighted average assumptions (Details) - Employee stock options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Grant of share options, restricted shares under plan
Expected volatility	40.00%	40.00%	40.00%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Grant of share options, restricted shares under plan
Risk-free interest rate	3.60%	1.35%	0.46%
Expected term (in years)	3 years 3 months 21 days	3 years 3 months 21 days	2 years 6 months
Maximum
Grant of share options, restricted shares under plan
Risk-free interest rate	3.89%	4.13%	1.18%
Expected term (in years)	4 years	3 years 7 months 9 days	6 years 1 month 17 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

TAXES ON INCOME - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of unrecognized tax benefits
Uncertain tax positions, beginning of year	$ 1,782	$ 1,081
Decrease related to previous years' tax positions	(385)	(247)
Increase related to previous years' tax positions		41
Increases in tax positions for current year	2,831	907
Uncertain tax positions, end of year	4,228	1,782
Uncertain tax positions - penalties accrued	$ 0	$ 0