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

The components of lease expense are as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Operating lease cost

 

$

13,003

 

 

$

4,332

 

Sublease income

 

 

(786

)

 

 

(580

)

Net operating lease cost

 

$

12,217

 

 

$

3,752

 

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases is as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash outflows from operating leases

 

$

9,451

 

 

$

3,866

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Operating leases

 

$

(795

)

 

$

34,534

 

Schedule of Supplemental Balance Sheet Information Related to Leases

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

 

 

 

As of

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Operating lease right-of-use assets

 

$

273,305

 

 

$

283,291

 

Included in accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

Operating lease liability, current

 

 

19,709

 

 

 

17,896

 

Operating lease liability, non-current

 

 

312,628

 

 

 

301,694

 

Total operating lease liability

 

$

332,337

 

 

$

319,590

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

 

 

 

 

 

 

 

Operating leases (in years)

 

9.85

 

 

9.98

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

Operating leases

 

 

4.66

%

 

 

4.65

%

Schedule of Future Lease Payments under Operating Leases

Future lease payments under operating leases as of March 31, 2020 were as follows (in thousands):

 

Year ending December 31,

 

Operating

Leases

 

2020 (remaining 9 months)

 

$

19,826

 

2021

 

 

47,173

 

2022

 

 

44,051

 

2023

 

 

44,802

 

2024

 

 

44,211

 

Thereafter

 

 

245,862

 

Total future lease payments

 

 

445,925

 

Less: imputed interest

 

 

(91,776

)

Less: expected tenant improvement allowance

 

 

(21,812

)

Total

 

$

332,337