v3.19.1
Leases
3 Months Ended
Mar. 31, 2019
Leases  
Leases

10. Leases

 

We have operating and finance leases for corporate offices, datacenters, data communication equipment and database software. Our operating leases have remaining lease terms of less than one year to nine years and our finance leases have remaining lease terms of one month to two  years. Some of our operating leases may include one or more options to renew and can extend the lease term from 1 year to 10 years. The exercise of operating lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Some of our operating lease agreements include options to terminate the leases upon written notice and may include early termination penalties. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2019, assets recorded under finance leases were  $12,280 and accumulated depreciation and amortization associated with finance leases was $3,809.

 

The components of lease expense were as follows:

 

 

 

 

 

 

    

Three Months

 

 

Ended March 31,

 

 

2019

Operating lease expense

 

$

885

Finance lease expense:

 

 

  

Depreciation and amortization of assets included in property and equipment, net

 

 

524

Interest on lease liabilities

 

 

56

Total finance lease expense

 

$

580

 

Supplemental cash flow information related to leases was as follows:

 

 

 

 

 

 

    

Three Months

 

 

Ended March 31,

 

 

2019

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

 

 

  

Operating cash flows from operating leases

 

$

(977)

Operating cash flows from finance leases

 

 

(56)

Financing cash flows from finance leases

 

 

(1,176)

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

Operating leases

 

 

16,916

 

Operating lease ROU assets obtained in exchange for lease obligations include the effects of the adoption of ASC 842 effective January 1, 2019.

 

Other information related to leases was as follows:

 

 

 

 

 

 

    

March 31, 2019

 

Weighted average remaining lease term:

 

  

 

Operating leases

 

6.8

years

Financing leases

 

1.7

years

Weighted average discount rate:

 

  

 

Operating leases

 

5.3

%

Finance leases

 

3.2

%

 

Future minimum lease payments under non-cancellable leases as of March 31, 2019 as presented in accordance with ASC 842 were as follows:

 

 

 

 

 

 

 

 

 

    

Operating

    

Finance

 

 

Leases

 

Leases

April 1, 2019 – December 31, 2019

 

$

2,739

 

$

3,142

January 1, 2020―December 31, 2020

 

 

3,609

 

 

2,784

January 1, 2021―December 31, 2021

 

 

3,508

 

 

574

January 1, 2022―December 31, 2022

 

 

3,541

 

 

 —

January 1, 2023―December 31, 2023

 

 

3,626

 

 

 —

January 1, 2024―December 31, 2024

 

 

3,639

 

 

 —

Thereafter

 

 

5,235

 

 

 —

Total future minimum lease payments

 

 

25,897

 

 

6,500

Less: Imputed interest

 

 

(4,246)

 

 

(182)

Total

 

 

21,651

 

 

6,318

Current portion of operating and finance leases

 

 

2,736

 

 

3,843

Long-term portion of operating and finance leases

 

$

18,915

 

$

2,475

 

Future minimum lease payments under non-cancellable leases as of December 31, 2018 as presented in accordance with ASC 840, Leases, were as follows:

 

 

 

 

 

 

 

 

 

    

Operating

    

Capital

 

 

Leases

 

Leases

January 1, 2019 – December 31, 2019

 

$

3,573

 

$

4,373

January 1, 2020―December 31, 2020

 

 

3,456

 

 

2,783

January 1, 2021―December 31, 2021

 

 

3,385

 

 

574

January 1, 2022―December 31, 2022

 

 

3,414

 

 

 —

January 1, 2023―December 31, 2023

 

 

3,495

 

 

 —

Thereafter

 

 

8,835

 

 

 —

Minimum lease payments

 

$

26,158

 

 

7,730

Less: Amounts representing interest ranging from 1.3% to 7.7%

 

 

 

 

 

(236)

Minimum lease payments

 

 

 

 

 

7,494

Current portion of capital leases

 

 

 

 

 

4,201

Long-term portion of capital leases

 

 

 

 

$

3,293