Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

(18) Commitments and Contingencies

The following table summarizes the Company’s lease and debt obligations at December 31, 2018 (in thousands):

	Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years		Total
	(in thousands)
Debt obligations ⁽¹⁾	$	427	$	115,000	$	—	$	—	$	115,427
Capital leases ⁽²⁾		121		—		—		—		121
Operating leases ⁽²⁾		3,646		7,547		7,463		1,331		19,987
	$	4,194	$	122,547	$	7,463	$	1,331	$	135,535

(1)

The debt obligations include the principal amount of the note payable and the Notes, but exclude interest payments to be made under the Notes. Although the Notes mature in 2022, they can be converted into cash and shares of our common stock prior to maturity if certain conditions are met. Any conversion prior to maturity can result in repayments of the principal amounts sooner than the scheduled repayments as indicated in the table. The Notes balance excludes $20.9 million of debt discount capitalized on our balance sheet and shown net of our debt obligations.

(2)	Operating and capital leases include total future minimum rent payments under non-cancelable operating and capital lease agreements.

(a) Leases

The Company leases office space in Pasadena, California; Burlington, Massachusetts; San Francisco, California; Lansing, Michigan; Colchester, United Kingdom; London, United Kingdom; McLean, Virginia; Singapore; Munich, Germany; Tilburg, the Netherlands; Oslo, Norway; Norsborg, Sweden; and Beijing, China under operating leases and recognizes escalating rent expense on a straight-line basis over the expected lease term.

Future minimum lease payments under non-cancelable operating leases in effect at December 31, 2018 are as follows (in thousands):

	Operating
2019	$	3,646
2020		3,856
2021		3,691
2022		3,719
2023		3,744
Thereafter		1,331
Total minimum lease payments	$	19,987

(b) Rent

Rent expense for the years ended December 31, 2018, 2017 and 2016 was $3.8 million, $2.5 million and $1.6 million, respectively.

Deferred rent at December 31, 2018 and 2017 was $1.0 million and $0.5 million, respectively, and was recorded in other current and long-term liabilities.

In the normal course of business, the Company has been subjected to various unasserted claims. The Company does not believe these will have a material adverse impact to the financial statements.

(d) Employee Contracts

The Company has entered into employment contracts with certain of the Company’s executive officers which provide for at-will employment. However, under the provisions of the contracts, the Company would incur severance obligations of up to twelve months of the executive’s annual base salary for certain events, such as involuntary terminations.