v3.21.1

Leases

3 Months Ended

Mar. 31, 2021

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 seven years and our finance leases have remaining lease terms of less than one year. Some of our operating leases may include one or more options to renew and can extend the lease term from one year to ten 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, 2021, assets recorded under finance leases were $12,265 and accumulated depreciation and amortization associated with finance leases was $7,992. As of December 31, 2020, assets recorded under finance leases were $12,265 and accumulated depreciation and amortization associated with finance leases was $7,533.

The components of lease expense were as follows:

​	​	​	​	​	​	​
​		Three Months Ended
​	​	March 31,
​	​	2021		​	2020
Operating lease expense	​	$	789	​	$	859
Finance lease expense:	​		​	​		​
Depreciation and amortization of assets included in property and equipment, net	​	$	459	​	$	538
Interest on lease liabilities	​		3	​		—
Total finance lease expense	​	$	462	​	$	538

Interest on lease liabilities capitalized during the three months ended March 31, 2021 and 2020, which is excluded from the above table, amounted to $0 and $24, respectively.

Supplemental cash flow information related to leases was as follows:

​	​	​	​	​	​	​
​		Three Months Ended
​	​	March 31,
​	​	2021		​	2020
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	(943)	​	$	(1,056)
Operating cash flows from finance leases	​		(1)	​	​	(24)
Financing cash flows from finance leases	​		(441)	​	​	(818)
Right-of-use assets obtained in exchange for lease obligations:	​	​	​	​	​	​
Operating leases	​		—	​	​	—

Other information related to leases was as follows:

​	​	​	​
​		March 31, 2021	​
Weighted average remaining lease term:	​	​	​
Operating leases		5.0	years
Financing leases		0.1	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, 2021 were as follows:

​	​	​	​	​	​	​
​		Operating			Finance
​	​	Leases		​	Leases
April 1, 2021―December 31, 2021	​	$	2,454	​	$	132
January 1, 2022―December 31, 2022	​	​	3,692	​	​	—
January 1, 2023―December 31, 2023	​	​	3,645	​	​	—
January 1, 2024―December 31, 2024	​	​	3,655	​	​	—
January 1, 2025―December 31, 2025	​	​	3,707	​	​	—
January 1, 2026―December 31, 2026	​	​	1,343	​	​	—
Thereafter	​	​	185	​	​	—
Total future minimum lease payments	​	​	18,681	​	​	132
Less: Imputed interest	​	​	(2,283)	​	​	—
Total	​	​	16,398	​	​	132
Current portion of operating and finance leases	​	​	2,649	​	​	132
Long-term portion of operating and finance leases	​	$	13,749	​	$	—

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