Leases

9 Months Ended

Sep. 30, 2020

Note 18. Leases

Right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s lease payments are typically fixed or contain fixed escalators. The Company’s leases typically include certain lock-in periods and renewal options to extend the leases, but does not consider options to extend the lease it is not reasonably certain to exercise. The Company elected the practical expedient to not separate the lease and non-lease components of its leases and currently has no leases with options to purchase the leased property.

The components of lease expense were as follows and are included in general and administrative expense (unaudited and in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2020		2019		2020
Operating lease cost	$	596	$	643	$	1,773	$	1,935
Short-term lease cost		47		96		137		245
Variable lease costs		105		67		304		282
Total lease expense	$	748	$	806	$	2,214	$	2,462

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

	Balance Sheet Caption	December 31, 2019			September 30, 2020
					(unaudited)
Operating leases:
Operating lease assets	Operating lease assets	$	6,872		$	5,494
Current lease liabilities	Other current liabilities	$	2,125		$	2,284
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	5,335		$	3,689
Weighted average remaining lease term (years):
Operating leases			3.98			3.44
Weighted average discount rate:
Operating leases			8.50	%		8.36	%

Supplemental cash flow information related to leases were as follows (unaudited and in thousands):

	Nine Months Ended September 30,
	2019		2020
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,910	$	1,937

The Company’s lease terms range from one to seven years and may include options to extend the lease by one to four years.

Remaining maturities on lease liabilities as of September 30, 2020 is as follows (unaudited and in thousands):

	Operating leases
2020 (October - December)	$	686
2021		2,515
2022		1,400
2023		1,305
2024		548
Thereafter		464
Total lease payments		6,918
Less: interest		945
Present value of lease liabilities	$	5,973

As of September 30, 2020, the Company does not have any additional leases for new office facilities that have not yet commenced.