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Leases (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Operating Lease Assets and Operating Lease Liabilities

As of June 30, 2020 and December 31, 2019, the Company’s operating lease assets and operating lease liabilities were as follows:

(In thousands)	Classification	June 30, 2020		December 31, 2019
Assets
Operating lease asset	Other assets	$	5,973	$	8,452
Total lease asset		$	5,973	$	8,452

Liabilities
Current operating lease liability	Accrued expenses	$	1,854	$	2,676
Non-current operating lease liability	Other non-current liabilities		4,134		5,818
Total lease liability		$	5,988	$	8,494

Components of Lease Expense included in Condensed Consolidated Statement of Income (Loss)

Components of lease expense included in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2020		2019		2020		2019
Selling, general and administrative expenses	$	271	$	349	$	598	$	698
Research and development expenses		251		430		676		884
Cost of sales		26		17		47		33
Total operating lease expense	$	548	$	796	$	1,321	$	1,615

Schedule of Maturity of Operating Lease Liabilities

As of June 30, 2020 and December 31, 2019, operating lease liabilities included on the Condensed Consolidated Balance Sheets by future maturity were as follows:

(In thousands)	June 30, 2020			December 31, 2019
2020	$	1,048		$	2,856
2021		1,815			2,412
2022		1,514			1,705
2023		1,110			1,160
2024		478			482
Thereafter		264			264
Total lease payments		6,229			8,879
Less: Interest		(241	)		(385	)
Present value of lease liabilities	$	5,988		$	8,494

Schedule of Weighted Average Remaining Lease Terms and Weighted Average Discount Rates

The following table provides information about the weighted average lease terms and weighted average discount rates as of June 30, 2020:

	As of June 30, 2020
Weighted average remaining lease term (in years)
Operating leases with USD functional currency		2.5
Operating leases with Euro functional currency		4.0
Weighted average discount rate
Operating leases with USD functional currency		4.46	%
Operating leases with Euro functional currency		1.83	%

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of operating lease assets / liabilities
Cash used in operating activities related to operating leases	$	770	$	797	$	1,477	$	1,608
Right-of-use assets obtained in exchange for lease obligations	$	8	$	9	$	93	$	10,396

Net Investment in Sales-Type Leases

We are the lessor in sales-type lease arrangements for network equipment, which have initial terms of up to five years, and consisted of the following as of June 30, 2020 and December 31, 2019:

(In thousands)	June 30, 2020		December 31, 2019
Current minimum lease payments receivable⁽¹⁾	$	923	$	1,201
Non-current minimum lease payments receivable⁽²⁾		566		889
Total minimum lease payments receivable		1,489		2,090
Less: Current unearned revenue		265		365
Less: Non-current unearned revenue		92		163
Net investment in sales-type leases	$	1,132	$	1,562

(1)

Included in other receivables on the Condensed Consolidated Balance Sheets.

(2)

Included in other assets on the Condensed Consolidated Balance Sheets.

Schedule of Components of Gross Profit Related to Sales-type Leases and Interest and Dividend Income Included in Condensed Consolidated Statements of Income (Loss)

Components of gross profit related to sales-type leases recognized at the lease commencement date and interest and dividend income included in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2020		2019		2020		2019
Sales - Network Solutions	$	12	$	109	$	50	$	1,621
Less: Cost of sales - Network Solutions		4		44		20		635
Gross profit	$	8	$	65	$	30	$	986

Interest and dividend income	$	11	$	99	$	24	$	186