Convertible Debt and Notes Payable (Tables)

6 Months Ended

Jun. 30, 2019

Direct Financing Lease, Lease Income [Table Text Block]

As of June 30, 2019 and December 31, 2018, the remaining balance on these finance leases was $4.4 million and $5.0 million, respectively.

For the three and six months ended June 30, 2019 and 2018, quantitative information regarding the Company's finance lease obligations reflected in the accompanying condensed consolidated statement of operations, the supplemental cash flow information and certain other information related to finance leases were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(dollars in thousands)
Lease Cost
Finance Lease Cost:
Amortization of finance lease right-of-use assets	$	299	$	363	$	667	$	715
Interest on lease liabilities	56		52		118		97
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases					118		97
Financing cash flows from finance leases					$	668	$	1,133

Schedule of Debt and Capital Lease Obligations

As of June 30, 2019 and December 31, 2018, the Company's outstanding debt was as follows:




	As of June 30, 2019		As of December 31, 2018
	(dollars in thousands)
Convertible debt	$	116,273	$	134,489
Notes payable	281,544		229,740
Term loan	28,200		28,200
Other notes payable	1,189		—
Finance lease obligations	4,357		5,025
	$	431,563	$	397,454

Schedule of Maturities of Debt and Future Minimum Lease Payments for Capital Leases

Annual scheduled maturities of debt and minimum payments (of principal and interest) for all debt outstanding as of June 30, 2019, are as follows:



	Convertible Debt			Notes Payable			Term loan			Other Notes Payable			Finance Lease Obligation
	(dollars in thousands)
2019	$	2,025		$	10,868		$	863		$	1,214		$	571
2020	4,050			21,736			29,034			—			1,358
2021	4,050			21,736			—			—			1,358
2022	139,050			21,736			—			—			1,127
2023	—			21,736			—			—			374
Thereafter	—			407,118			—			—			—
Subtotal	149,175			504,930			29,897			1,214			4,788
Less (a)	(32,902		)	(223,386		)	(1,697		)	(25		)	(431		)
Total	$	116,273		$	281,544		$	28,200		$	1,189		$	4,357


(a)	Amount necessary to reduce net minimum payments to present value calculated at the Company's implicit rate at inception. This amount also includes capitalized debt costs and the unamortized discount on the convertible debt.

Schedule of Line of Credit Facilities

As of June 30, 2019, the Company has the following seven irrevocable letters of credit, related to leased office space, for which there is cash collateral pledged, which the Company pays a fee on the stated amount of the letter of credit. The Company also has pledged collateral for reinsurance agreements which amounted to $1.9 million, as of June 30, 2019, and $1.0 million, as of December 31, 2018, which is released annually between March 2020 and March 2023 based on the policy periods covered by the reinsurance agreements.



Location	Amount		Maturity
	(dollars in thousands)
Boston	$	390	March 2020
New York	$	356	April 2020
New York	$	71	October 2019
New York	$	398	October 2019
New York	$	1,687	October 2019
New York	$	1,617	November 2019
San Francisco	$	711	October 2025