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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

5. LEASES

Operating Leases

The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of March 31, 2021 and December 31, 2020, respectively, or for the three-month periods ended March 31, 2021 and 2020, respectively.

Our leases relating to office and warehouse space have lease terms of 19 to 122 months. Our leases relating to equipment have lease terms of 24 to 203 months, with certain leases having clauses relating to automatic renewal.  

The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred.

The operating lease expense was $1.0 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively.

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):

​	​	​	​	​	​	​
​	​	Three months ended March 31,
​	​	2021		​	2020
​	​	​	​	​	​	​
Cash paid for amounts included in the measurements of lease liabilities	​	​	​	​	​	​
Operating cash flow used in operating leases	​	$	1,002	​	$	906
​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for lease obligations	​	​	​	​	​	​
Operating leases	​	$	11	​	$	-

​

As of March 31, 2021, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 3.5%.

The following table presents the maturity of the Company’s operating lease liabilities as of March 31, 2021 (in thousands):

​

​	​	​	​
2021 (excluding the three months ended March 31, 2021)	​	$	2,998
2022	​	​	3,400
2023	​	​	1,851
2024	​	​	1,234
2025	​	​	1,248
Thereafter	​	​	203
Total lease payments	​	$	10,934
Less: imputed interest	​	​	(680)
Total	​	$	10,254

​

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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