Leases

3 Months Ended

Mar. 31, 2021

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2021 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.

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, 2021			December 31, 2020
Balance sheet information
ROU assets	$	14,179		$	15,045
Lease liabilities, current	$	4,244		$	4,259
Lease liabilities, non-current		13,406			14,403
Total lease liabilities	$	17,650		$	18,662
Supplemental data
Weighted average remaining lease term	4.36 years			4.57 years
Weighted average discount rate		6.97	%		7.00	%

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in lease liabilities	$	1,784	$	1,158
ROU assets obtained in exchange for new lease obligations		163		5,055

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):

Year ending December 31,
2021 (for the remaining nine months)	$	4,173
2022		5,248
2023		5,097
2024		2,631
2025		930
Thereafter		2,769
Total undiscounted lease payments		20,848
Less: imputed interest		(3,198	)
Total lease liabilities	$	17,650

The following table presents components of lease expense (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease expense	$	1,303	$	1,149
Short-term lease expense⁽¹⁾		166		215
		1,469		1,364
Less: Sublease income		—		(46	)
Total lease expense	$	1,469	$	1,318

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

As of March 31, 2021, the Company does not have any leases that have not yet commenced that create significant rights and obligations.