v3.20.1
Leases
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases Leases
The Company leases facilities under non-cancellable operating leases primarily in the United States, South Africa, the United Kingdom and Canada. The Company’s operating leases have remaining lease terms of between one to 11 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. These options to extend the terms of the Company’s operating leases were not deemed to be reasonably certain of exercise as of lease commencement and are therefore not included in the determination of their respective non-cancellable lease terms. The future lease payments due under non-cancellable operating lease arrangements contain fixed rent increases over the term of the lease. The Company also leases office equipment under non-cancellable leases. The Company did not have any subleases as of March 31, 2020.
The following table presents the components of lease expense within the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated.
 
Three Months Ended
March 31,
 
2020
 
2019
 
(in thousands)
Operating lease expense
$
3,620

 
$
2,622

Short-term lease expense
113

 
236

Variable lease expense
1,460

 
914

Total lease expense
$
5,193

 
$
3,772


As of March 31, 2020, for the Company’s operating leases, the weighted-average remaining lease term was 7.8 years and the weighted-average discount rate was 11.9%. For the three months ended March 31, 2020, cash paid for amounts included in the measurement of operating lease liabilities was $4.1 million.
The following table presents the maturities of the Company’s operating lease liabilities as of the period indicated.
 
March 31, 2020
 
(in thousands)
Remainder of 2020
$
12,675

2021
16,416

2022
15,673

2023
15,364

2024
14,946

Thereafter
52,166

Total lease payments
127,240

Less: imputed interest
(45,841
)
Total lease liability
$
81,399


As of March 31, 2020, the Company has additional operating leases for facilities that have not yet commenced with future minimum lease payments of approximately $67.9 million. These operating leases will commence during fiscal years 2020 through 2021, with lease terms of between four to twelve years.