LEASES

3 Months Ended

Mar. 31, 2020

The Company's lease population of its right-of-use asset and lease liabilities under the Leases Topic of the FASB ASC is substantially related to the rental of office space. The Company enters into lease agreements as lessee for the rental of office space for both its corporate and branch locations that may include options to extend or terminate early. Many of these real estate leases require variable payments of property taxes, insurance, and common area maintenance, in addition to base rent. Certain of the leases have provisions for free rent months during the lease term and/or escalating rent payments and, particularly for the Company’s longer-term leases for its corporate offices, it has received incentives to enter into the leases such as receiving up to a specified dollar amount to construct tenant improvements. These leases do not include residual value guarantees, covenants, or other restrictions.

The table below presents the lease-related assets and liabilities included on the condensed consolidated balance sheets:


Classification on Condensed Consolidated Balance Sheets:	March 31, 2020		December 31, 2019
	(amounts in thousands)
Operating lease right-of-use assets	$	16,263	$	16,964
Operating lease liabilities - current	$	4,965	$	4,878
Operating lease liabilities - non-current	$	17,992	$	19,070


Weighted-average remaining lease term	4.5 years		4.7 years
Weighted average discount rate	6.23	%	6.26	%

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (which do not include short-term leases) recorded on the condensed consolidated balance sheets as of March 31, 2020:


Years Ending December 31:	(amounts in thousands)
2020	$	4,582
2021	6,121
2022	5,205
2023	4,757
2024	3,382
Thereafter	2,487
Total minimum lease payments	26,534
Less: amount of lease payments representing interest	(3,577)
Present value of future minimum lease payments	22,957
Less: current lease obligations	(4,965)
Non-current lease obligations	$	17,992

Other Information

The table below provides information regarding supplemental cash flows:


	Three Months Ended
	March 31,
	2020		2019
	(amounts in thousands)
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,835	$	1,845
Right-of-use assets obtained in exchange for new operating lease liabilities	$	500	$	300

The components of lease expense are as follows:


	Three Months Ended
	March 31,
	2020		2019
	(amounts in thousands)
Amounts Included in Condensed Consolidated Statements of Operations:
Operating lease expense	$	1,523	$	1,694
Short-term lease expense	$	1,845	$	2,159
Variable and other lease costs	$	574	$	718

Operating lease expense, short-term lease expense, and variable and other lease costs are included in selling, general and administrative expenses, direct operating expenses, and restructuring costs in the condensed consolidated statements of operations, depending on the nature of the leased asset.

As of March 31, 2020, the Company does not have any material operating leases which have not yet commenced. The Company has an immaterial amount of finance lease contracts related to other equipment rentals which are not included in the above disclosures.