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Leases
3 Months Ended
Mar. 31, 2020
Leases  
Leases

8. Leases

 

We adopted ASU 2016-02—Leases (Topic 842) as of January 1, 2019, using the new transition method issued under ASU 2018-11, which allows an entity to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and also allows an entity to elect not to recast its comparative periods in transition. In addition, we elected to use the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected to use the practical expedient related to short-term leases, allowing us to not recognize right-of-use assets and lease liabilities for leases with a lease term of 12 months or less. As of March 31, 2020, short-term leases were not material. As of March 31, 2020, finance leases were not material and are therefore not included in the following disclosures.

 

Operating lease expense for the three months ended March 31, 2020 and 2019 was $1.0 million and $0.7 million, respectively.

 

 

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

 

 

    

2020

    

2019

    

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

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,004

 

$

737

 

 

Supplemental balance sheet information related to leases was as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

December 31, 

 

    

2020

    

 

2019

Operating leases:

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

12,097

 

$

12,645

 

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

 

2,964

 

 

2,772

 

Operating lease liabilities

 

 

10,112

 

 

10,863

 

Total operating lease liabilities

 

$

13,076

 

$

13,635

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

 

Operating leases

 

 

4 years

 

 

4 years

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

 

Operating leases

 

 

9%

 

 

9%

 

 

Maturities of operating lease liabilities as of March 31, 2020 were as follows (in thousands):

 

 

 

 

 

 

Operating

 

    

Leases

2020

 

$

3,007

2021

 

 

3,949

2022

 

 

3,829

2023

 

 

3,496

2024

 

 

1,336

Thereafter

 

 

 —

Total lease payments

 

$

15,617

Less imputed interest

 

 

2,541

Total operating lease liabilities

 

$

13,076