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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Fixed lease cost (1)

 

$

17,407

 

 

$

6,876

 

 

$

7,188

 

Variable lease cost

 

 

3,648

 

 

 

1,095

 

 

 

 

Less: sublease income

 

 

(5,423

)

 

 

 

 

 

 

Total operating lease cost

 

$

15,632

 

 

$

7,971

 

 

$

7,188

 

 

(1) Includes short-term leases costs, which were immaterial.

Schedule of Other Information Related to Leases

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

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

16,770

 

 

$

6,183

 

ROU assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

Operating leases

 

$

5,775

 

 

$

5,612

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

5.1

 

 

4.6

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

5.2

%

 

 

5.7

%

Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of December 31, 2020 were as follows (in thousands):

 

 

 

Operating Lease Payments (1)

 

 

Sublease Income

 

 

Net Operating Lease Payments

 

2021

 

$

21,825

 

 

$

(6,257

)

 

$

15,568

 

2022

 

 

18,420

 

 

 

(6,117

)

 

 

12,303

 

2023

 

 

16,776

 

 

 

(6,231

)

 

 

10,545

 

2024

 

 

15,719

 

 

 

(6,293

)

 

 

9,426

 

2025

 

 

14,635

 

 

 

(6,279

)

 

 

8,356

 

Thereafter

 

 

8,966

 

 

 

(935

)

 

 

8,031

 

Total lease payments

 

 

96,341

 

 

 

(32,112

)

 

 

64,229

 

Less: imputed interest

 

 

(12,205

)

 

 

 

 

 

(12,205

)

Present value of lease liabilities:

 

$

84,136

 

 

$

(32,112

)

 

$

52,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: current obligations under leases (accrued liabilities)

 

 

17,893

 

 

 

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

$

66,243

 

 

 

 

 

 

 

 

 

 

(1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

As of December 31, 2019, future minimum lease payments were as follows (in thousands):

 

 

 

Operating Leases

 

2020

 

$

6,387

 

2021

 

 

4,558

 

2022

 

 

3,259

 

2023

 

 

3,235

 

2024

 

 

2,619

 

Thereafter

 

 

1,977

 

Total lease payments

 

 

22,035

 

Less: imputed interest

 

 

(2,776

)

Present value of lease liabilities

 

$

19,259

 

 

 

 

 

 

Less: current obligations under leases (accrued liabilities)

 

 

5,845

 

Noncurrent operating lease liabilities

 

$

13,414