v3.20.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Summary of Components of Lease Cost Recognized

The components of lease cost recognized within the Company’s condensed consolidated statements of operations were as follows (in thousands):

 

 

 

Three Months Ended

March 31, 2020

 

Operating lease cost(1)

 

$

3,960

 

Variable lease cost(2)

 

 

—

 

Short-term lease cost

 

 

899

 

 

 

 

Three Months Ended

March 31, 2019

 

Operating lease cost(1)

 

$

2,969

 

Variable lease cost(2)

 

 

3

 

Short-term lease cost

 

 

636

 

 

1)

Includes non-cash lease expense of $3.2 million and $2.3 million for the three months ended March 31, 2020 and 2019, respectively. 

2)

Primarily related to Consumer Price Index adjustments, common area maintenance and property tax.

Summary of Supplemental Cash Flow Information and Non-cash Activity

Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):

 

 

 

Three Months Ended

March 31, 2020

 

Cash paid for amounts included in measurement of lease

   liabilities

 

$

3,134

 

Operating lease assets obtained in exchange for new lease

   liabilities

 

 

1,862

 

 

 

 

Three Months Ended

March 31, 2019

 

Cash paid for amounts included in measurement of lease

   liabilities

 

$

2,996

 

Operating lease assets obtained in exchange for new lease

   liabilities

 

 

—

 
Summary of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):

 

 

 

Amount

 

Remainder of 2020

 

$

11,695

 

2021

 

 

17,194

 

2022

 

 

16,994

 

2023

 

 

14,820

 

2024

 

 

2,572

 

2025 and beyond

 

 

2,172

 

Total lease payments

 

$

65,447

 

Less: imputed interest

 

 

(5,969

)

Present value of lease liabilities

 

$

59,478

 
Summary of Weighted Average Remaining Lease Term and Discount Rate

Weighted average remaining lease term and discount rate for the Company’s operating leases are as follows:

 

 

 

March 31,

2020

 

Weighted average remaining lease term (years)

 

 

3.82

 

Weighted average discount rate

 

 

4.98

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