Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

8. Leases

The Company leases certain equipment and facilities under operating leases which expire at various dates through 2028. The Company’s operating lease costs were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Operating lease cost (gross lease expense)	$	3,414	$	3,028	$	6,878	$	6,067
Variable lease costs	$	1,414	$	1,896	$	3,017	$	3,437
Sublease income (including reimbursed expenses)	$	1,162	$	1,866	$	2,579	$	3,667

During each of the three and six months ended June 30, 2020 and 2019, the Company’s short-term lease costs were nominal.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term was 8.1 years and 8.4 years as of June 30, 2020 and December 31, 2019, respectively.

The weighted average discount rate used to estimate operating lease liabilities was 7.5% and 7.4% as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 2020, maturities of operating lease liabilities and sublease income, by year are as follows:

(in thousands)	Operating Lease Payments		Sublease Income
Remainder of 2020	$	7,036	$	1,592
2021		14,090		3,449
2022		13,953		1,278
2023		13,468		970
2024		13,225		—
Thereafter		55,680		—
Gross lease payments (income)	$	117,452	$	7,289
Less: Imputed interest		30,846
Less: Tenant improvement receivables		415
Total operating lease liabilities	$	86,191