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Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

(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 $1.6 million and $1.1 million for the three months ended June 30, 2020 and 2019, respectively. Operating lease expense, including expenses related to short-term leases, were $3.0 million and $2.3 million for the six months ended June 30, 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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Balance sheet information

 

 

 

 

 

 

 

 

ROU assets

 

$

16,089

 

 

$

13,071

 

Lease liabilities, current

 

$

4,172

 

 

$

3,567

 

Lease liabilities, non-current

 

 

15,528

 

 

 

11,823

 

Total lease liabilities

 

$

19,700

 

 

$

15,390

 

Supplemental data

 

 

 

 

 

 

 

 

Weighted average remaining lease term

 

4.04 years

 

 

4.11 years

 

Weighted average discount rate

 

 

7.00

%

 

 

7.00

%

 

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in lease liabilities

 

$

2,330

 

 

$

1,286

 

ROU assets obtained in exchange for new lease obligations

 

 

4,853

 

 

 

22,379

 

 

Maturities of lease liabilities as of June 30, 2020 were as follows (in thousands):

 

Year ending December 31,

 

 

 

 

2020 (for the remaining six months)

 

$

2,557

 

2021

 

 

5,193

 

2022

 

 

4,915

 

2023

 

 

4,794

 

2024

 

 

2,344

 

Thereafter

 

 

3,650

 

Total undiscounted lease payments

 

 

23,453

 

Less: imputed interest

 

 

(3,753

)

Total lease liabilities

 

$

19,700

 

 

The following table presents components of lease expense for the three and six months ended June 30, 2020 and 2019 (in thousands):

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating lease expense

 

$

1,276

 

 

$

991

 

 

$

2,425

 

 

$

1,733

 

Short-term lease expense(1)

 

 

337

 

 

 

151

 

 

 

552

 

 

 

552

 

 

 

 

1,613

 

 

 

1,142

 

 

 

2,977

 

 

 

2,285

 

Less: Sublease income

 

 

(92

)

 

 

(9

)

 

 

(138

)

 

 

(12

)

Total lease expense

 

$

1,521

 

 

$

1,133

 

 

$

2,839

 

 

$

2,273

 

 

(1)

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

As of June 30, 2020, we do not have any leases that have not yet commenced that create significant rights and obligations.