Leases

3 Months Ended

Mar. 31, 2020

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2020 through 2029. 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 $1.4 million and $1.1 million for the three months ended March 31, 2020 and 2019, respectively.

The Company records its right-of-use (“ROU”) asset 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 is as follows (in thousands, except lease term and discount rate):

	As of			As of
	March 31, 2020			December 31, 2019
Balance sheet information
ROU assets	$	16,457		$	13,071
Lease liabilities, current	$	3,858		$	3,567
Lease liabilities, non-current		16,109			11,823
Total lease liabilities	$	19,967		$	15,390
Supplemental data
Weighted average remaining lease term	4.28 years			4.11 years
Weighted average discount rate		7.00	%		7.00	%
ROU assets obtained in exchange for new lease obligations during the respective period	$	5,055		$	17,724

Cash paid for amounts included in lease liabilities during the three months ended March 31, 2020 and 2019 was $1.2 million and $0.4 million, respectively.

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):

Year ending December 31,
2020 (for the remaining nine months)	$	3,875
2021		5,278
2022		4,861
2023		4,787
2024		2,384
Thereafter		3,733
Total undiscounted lease payments		24,918
Less: imputed interest		(4,951	)
Total lease liabilities	$	19,967

The following table presents components of lease expense for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Operating lease expense	$	1,149		$	742
Short-term lease expense⁽¹⁾		215			401
		1,364			1,143
Less: Sublease income		(46	)		(3	)
Total lease expense	$	1,318		$	1,140

⁽¹⁾	Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of March 31, 2020, we do not have any leases that have not yet commenced that create significant rights and obligations.