Leases

6 Months Ended

Jun. 30, 2020

The Company has entered into various operating lease agreements for office space, with remaining terms ranging from 1-7 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 was $1.9 million and $0.8 million for the three months ended June 30, 2020 and 2019, respectively, and $3.4 million and $1.6 million for the six months ended June 30, 2020 and 2019, respectively, which includes both lease and non-lease components (primarily common area maintenance charges and property taxes).


	June 30, 2020		December 31, 2019
	(unaudited)
Weighted-average remaining lease term (in years)	6.2		6.4
Weighted-average discount rate	8.19	%	7.77	%

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

June 30, 2020:


Year Ending December 31,
	(unaudited)
	(in thousands)
Remainder of 2020	$	4,723
2021	11,619
2022	9,840
2023	10,535
2024	10,780
2025 and thereafter	20,251
Total operating lease payments	$	67,748
Less: Imputed Interest	(18,391)
Total operating lease liabilities	$	49,357

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

The Company entered into new lease agreements subsequent to June 30, 2020, see Note 16, Subsequent Events.