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Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2019 through 2027. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed lease payment which increases over the term of the lease at fixed rates, rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, were $1.2 million and $0.9 million for the three months ended September 30, 2019 and 2018, respectively, and $3.5 million and $2.6 million for the nine months ended September 30, 2019 and 2018, respectively.

The Company records its ROU Assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the nine months ended September 30, 2019, is as follows (in thousands, except lease term and discount rate):

 

 

 

September 30, 2019

 

Balance sheet information

 

 

 

 

ROU assets

 

$

13,824

 

Lease liabilities, current

 

$

3,514

 

Lease liabilities, non-current

 

 

12,714

 

Total lease liabilities

 

$

16,228

 

Supplemental data

 

 

 

 

Weighted average remaining lease term

 

4.33 years

 

Weighted average discount rate

 

 

7.00

%

Cash paid for amounts included in lease liabilities

 

$

2,648

 

ROU assets obtained in exchange for lease obligations

 

$

17,726

 

 

Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands):

 

 

 

 

 

 

Year ending December 31,

 

 

 

 

2019 (for the remaining three months)

 

$

1,160

 

2020

 

 

4,487

 

2021

 

 

4,341

 

2022

 

 

4,044

 

2023

 

 

3,929

 

Thereafter

 

 

2,023

 

Total undiscounted lease payments

 

 

19,984

 

Less: imputed interest

 

 

(3,756

)

Total lease liabilities

 

$

16,228

 

 

The following table presents components of lease expense for the three and nine months ended September 30, 2019 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2019

 

Operating lease expense

 

$

1,069

 

 

$

2,802

 

Short-term lease expense(1)

 

 

138

 

 

 

690

 

 

 

 

1,207

 

 

 

3,492

 

Less: Sublease income

 

 

(33

)

 

 

(45

)

Total lease expense

 

$

1,174

 

 

$

3,447

 

 

(1)

Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of September 30, 2019, we do not have any leases that have not yet commenced that create significant rights and obligations.

Fiscal year 2018 lease commitments in accordance with prior guidance

Future minimum lease payments under non-cancelable operating leases, including short-term leases as of September 30, 2019 were as follows (in thousands):

 

 

 

 

 

 

2019 (for the remaining three months)

 

$

1,221

 

2020

 

 

4,612

 

2021

 

 

4,341

 

2022

 

 

4,044

 

2023

 

 

3,929

 

Thereafter

 

 

2,023

 

Total minimum lease payments

 

$

20,170