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Leases (Tables)
3 Months Ended
Mar. 31, 2020
Lessee Disclosure [Abstract]  
Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate).

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

51,981

 

 

$

417

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Operating lease liabilities - current

 

$

7,851

 

 

$

383

 

Operating lease liabilities - noncurrent

 

 

44,658

 

 

 

 

 

 

$

52,509

 

 

$

383

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (years)

 

 

9.8

 

 

 

0.3

 

Weighted average discount rate

 

 

13.5

%

 

 

6.0

%

Schedule of Information Related to Operating Lease Activity

Information related to operating lease activity during the three months ended March 31, 2020 and 2019 was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Operating lease cost

 

$

2,738

 

 

$

669

 

Variable lease cost

 

 

532

 

 

 

 

Total lease cost

 

$

3,270

 

 

$

669

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets obtained in exchange for lease obligations

 

$

52,630

 

 

$

1,095

 

 

 

 

 

 

 

 

 

 

Operating lease payments

 

$

2,174

 

 

$

727

 

Schedule of Future Annual Payment of Operating Lease Liabilities

Future annual payments of operating lease liabilities as of March 31, 2020 are as follows (in thousands):

 

Year ending December 31:

 

Amount

 

2020 (nine months remaining)

 

$

6,185

 

2021

 

 

8,449

 

2022

 

 

8,745

 

2023

 

 

9,051

 

2024

 

 

9,368

 

Thereafter

 

 

52,442

 

Total future lease payments

 

 

94,240

 

Less: imputed interest

 

 

(41,731

)

Total operating lease liabilities

 

$

52,509