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v3.21.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases |
Schedule of operating and finance lease right-of-use assets and related lease obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | March 31, | ​ | December 31, | ​ | ​ | ​
Leases | Classification | ​ | 2021 |  | 2020 |  |  | ​
Assets | ​ | ​ | (in thousands) | ​ |  | ​
Operating leases | Operating lease assets | ​ | $ | 4,213 | ​ | $ | 4,542 | ​ | ​ | ​
Finance lease | Finance lease assets * | ​ |  | 20,216 | ​ |  | 20,544 | ​ | ​ | ​
Total leased assets | ​ | ​ | $ | 24,429 | ​ | $ | 25,086 | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating | Other current liabilities | ​ | $ | 2,387 | ​ | $ | 2,573 | ​ | ​ | ​
Finance | Current portion of finance lease obligation | ​ | ​ | 809 | ​ | ​ | 756 | ​ | ​ | ​
Noncurrent | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating | Other long-term liabilities | ​ | ​ | 1,812 | ​ | ​ | 1,949 | ​ | ​ | ​
Finance | Finance lease obligation | ​ |  | 47,167 | ​ |  | 47,393 | ​ | ​ | ​
Total lease liabilities | ​ | ​ | $ | 52,175 | ​ | $ | 52,671 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Finance lease assets are recorded net of accumulated depreciation of $48.7 million and include $0.7 million of prepaid financing costs as of March 31, 2021. Finance lease assets are recorded net of accumulated depreciation of $48.4 million and include $0.7 million of prepaid financing costs as of December 31, 2020. ​ | ​ | ​ | ​
Schedule of lease costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three months ended | ​ |  | ​
​ | ​ | ​ | March 31, | ​ | ​ | ​
Lease cost | Classification | ​ | 2021 |  | 2020 |  |  | ​
Operating lease cost | ​ | ​ | (in thousands) |  | ​
Service | Cost of revenue | ​ | $ | 639 | ​ | $ | 550 | ​ | ​ | ​
Research and development | Operating expenses | ​ |  | 130 | ​ |  | 81 | ​ | ​ | ​
Sales and marketing* | Operating expenses | ​ |  | 378 | ​ |  | 332 | ​ | ​ | ​
General and administrative* | Operating expenses | ​ |  | 260 | ​ |  | 215 | ​ | ​ | ​
Total operating lease cost | ​ | ​ | $ | 1,407 | ​ | $ | 1,178 | ​ | ​ | ​
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation of leased assets | Cost of revenue, R&D, Sales and marketing and G&A | ​ | $ | 328 | ​ | $ | 353 | ​ | ​ | ​
Interest on lease liabilities | Interest expense | ​ |  | 1,279 | ​ |  | 1,303 | ​ | ​ | ​
Total finance lease cost | ​ | ​ | $ | 1,607 | ​ | $ | 1,656 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total lease cost | ​ | ​ | $ | 3,014 | ​ | $ | 2,834 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.4 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. | ​ | ​
Schedule of future minimum operating and finance leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Finance | ​ | Operating |  | Total |
Maturity of Lease Liabilities | ​ | Leases | ​ | Leases | ​ | Leases | ​
​ | ​ | (in thousands) | ​
2021 | ​ | $ | 4,394 | ​ | $ | 2,129 | ​ | $ | 6,523 | ​
2022 | ​ |  | 5,980 | ​ |  | 1,673 | ​ |  | 7,653 | ​
2023 | ​ |  | 6,114 | ​ |  | 534 | ​ |  | 6,648 | ​
2024 | ​ |  | 6,252 | ​ |  | 126 | ​ |  | 6,378 | ​
2025 | ​ | ​ | 5,930 | ​ | ​ | 74 | ​ | ​ | 6,004 | ​
Thereafter | ​ | ​ | 73,723 | ​ | ​ | 145 | ​ | ​ | 73,868 | ​
Total lease payments | ​ | $ | 102,393 | ​ | $ | 4,681 | ​ | $ | 107,074 | ​
Less interest portion* | ​ | ​ | (54,417) | ​ | ​ | (482) | ​ | ​ | (54,899) | ​
Finance lease and operating lease obligations | ​ | $ | 47,976 | ​ | $ | 4,199 | ​ | $ | 52,175 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate. | ​
Schedule of weighted-average remaining lease term and discount rates | ​
​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
Lease term and discount rate |  | 2021 | ​
Weighted-average remaining lease term (years): | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 2.3 | ​
Finance leases | ​ |  | 15.8 | ​
Weighted-average discount rate: | ​ | ​ | ​ | ​
Operating leases | ​ |  | 4.5% | ​
Finance leases | ​ |  | 10.5% | ​
​ | ​ | ​ | ​ | ​
Schedule of cash outflows by lease type | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | March 31, | ​
Cash paid for amounts included in the measurement of lease liabilities |  | 2021 | ​ | 2020 | ​
​ | ​ | (in thousands) | ​
Operating cash outflows from operating leases | ​ | $ | 1,407 | ​ | $ | 1,178 | ​
Operating cash outflows from finance leases | ​ |  | 1,279 | ​ |  | 1,422 | ​
Financing cash outflows from finance leases | ​ | ​ | 175 | ​ | ​ | — | ​
Operating lease assets obtained in exchange for operating lease liabilities | ​ |  | 791 | ​ |  | 765 | ​
Finance lease assets obtained in exchange for new finance lease liabilities | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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