Leases

3 Months Ended

Mar. 31, 2020

The Company has entered into various operating lease agreements for office space, with remaining terms ranging from 1 year to 8 years some of which include one or more options to renew. As leases approach maturity, the Company considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew the lease, as such, the Company does not include renewal options in its lease terms for calculating its lease liability, as the renewal options allow it to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options at the time of the lease commencement. Operating lease expense for the three months ended March 31, 2020 and 2019 was $1.5 million and $0.8 million, respectively, which includes both lease and non-lease components (primarily common area maintenance charges and property taxes).

The following table summarizes our future principal contractual obligations for operating lease commitments as of

March 31, 2020:



Year Ending December 31,
	(in thousands)
Remainder of 2020	$	5,775
2021	7,977
2022	8,145
2023	8,750
2024	8,942
2025 and thereafter	12,651
Total operating lease payments	$	52,240
Less: Imputed Interest	(11,160		)
Total operating lease liabilities	$	41,080

Finance leases are not material to the Company's consolidated financial statements.

March 31, 2020

December 31, 2019

(unaudited)

Weighted-average remaining lease term (in years)

Weighted-average discount rate