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Leases

3 Months Ended

Mar. 31, 2020

The Company has operating leases for its operating facilities, data center storage facilities and certain data storage equipment in the U.S. and Germany, and finance leases for certain data centers, printers and other furniture in its German offices. The Company's lease terms include options to extend or terminate the lease and the Company includes these options in the lease term when it is reasonably certain to exercise that option.

The following table sets forth the Company’s lease costs for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(in thousands)	2020		2019
Lease costs:
Operating lease cost⁽¹⁾	$	723	$	725

Finance lease cost:
Depreciation expense	$	5	$	2
Interest on lease liabilities	1		2
Total finance lease cost	$	6	$	4

(1) Short-term lease costs were immaterial.

The following table sets forth the supplemental cash flow information for the Company’s leases for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	683	$	738
Operating cash flows for finance leases	$	1	$	2
Financing cash flows for finance leases	$	5	$	41

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	794	$	4,070

The following table sets forth the Company’s aggregate future lease payments for operating and finance leases as of March 31, 2020:



(in thousands)
Years Ending December 31,	Operating Leases		Finance Leases
Remaining in 2020	$	2,167	$	9
2021	2,459		12
2022	1,109		12
2023	585		12
2024	549		12
Thereafter	1,163		9
Total minimum lease payments	8,032		66
Less: Amount representing interest	782		9
Present value of minimum lease payments	7,250		57
Less: Current portion	2,527		9
Long-term portion	$	4,723	$	48

The following table sets forth the Company’s weighted-average remaining lease terms and discount rates as of March 31, 2020:



	Weighted-average Remaining Lease Terms and Discount Rates
Weighted-average remaining lease terms (years):
Operating leases	4.27
Finance leases	5.50

Weighted-average discount rates:
Operating leases	4.41	%
Finance leases	3.06	%

Leases

The following table sets forth the Company’s lease costs for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(in thousands)	2020		2019
Lease costs:
Operating lease cost⁽¹⁾	$	723	$	725

Finance lease cost:
Depreciation expense	$	5	$	2
Interest on lease liabilities	1		2
Total finance lease cost	$	6	$	4

(1) Short-term lease costs were immaterial.

The following table sets forth the supplemental cash flow information for the Company’s leases for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	683	$	738
Operating cash flows for finance leases	$	1	$	2
Financing cash flows for finance leases	$	5	$	41

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	794	$	4,070

The following table sets forth the Company’s aggregate future lease payments for operating and finance leases as of March 31, 2020:



(in thousands)
Years Ending December 31,	Operating Leases		Finance Leases
Remaining in 2020	$	2,167	$	9
2021	2,459		12
2022	1,109		12
2023	585		12
2024	549		12
Thereafter	1,163		9
Total minimum lease payments	8,032		66
Less: Amount representing interest	782		9
Present value of minimum lease payments	7,250		57
Less: Current portion	2,527		9
Long-term portion	$	4,723	$	48

The following table sets forth the Company’s weighted-average remaining lease terms and discount rates as of March 31, 2020:



	Weighted-average Remaining Lease Terms and Discount Rates
Weighted-average remaining lease terms (years):
Operating leases	4.27
Finance leases	5.50

Weighted-average discount rates:
Operating leases	4.41	%
Finance leases	3.06	%