Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows:

	Three Months Ended March 31,
(in thousands)	2020		2019
Operating lease cost	$	2,484	$	981
Finance lease cost
Amortization of ROU assets	$	110	$	153
Interest on lease liabilities	2		2
Total finance lease cost	$	112	$	155

Rent expense for short-term leases in the three months ended March 31, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:

	March 31, 2020	December 31, 2019
Operating leases
Weighted average remaining lease term	9.9 years	10.0 years
Weighted average discount rate	5.8%	5.8%

	Three Months Ended March 31,
(in thousands)	2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	—	$	2,198
Finance leases	—		11

Maturities of operating lease liabilities at March 31, 2020 were as follows:

(in thousands)
Year ending December 31,
2020(1)	$	3,866
2021	6,749
2022	6,985
2023	6,993
2024	7,129
Thereafter	50,935
Total lease payments	82,657
Less: Imputed interest	(22,985		)
Less: Tenant incentives	(14,505		)
Total	$	45,167

_______________

(1)    Represents the nine months ending December 31, 2020.

Leases

Leases

We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows:

	Three Months Ended March 31,
(in thousands)	2020		2019
Operating lease cost	$	2,484	$	981
Finance lease cost
Amortization of ROU assets	$	110	$	153
Interest on lease liabilities	2		2
Total finance lease cost	$	112	$	155

Rent expense for short-term leases in the three months ended March 31, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:

	March 31, 2020	December 31, 2019
Operating leases
Weighted average remaining lease term	9.9 years	10.0 years
Weighted average discount rate	5.8%	5.8%

	Three Months Ended March 31,
(in thousands)	2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	—	$	2,198
Finance leases	—		11

Maturities of operating lease liabilities at March 31, 2020 were as follows:

(in thousands)
Year ending December 31,
2020(1)	$	3,866
2021	6,749
2022	6,985
2023	6,993
2024	7,129
Thereafter	50,935
Total lease payments	82,657
Less: Imputed interest	(22,985		)
Less: Tenant incentives	(14,505		)
Total	$	45,167

_______________

(1)    Represents the nine months ending December 31, 2020.