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Leases (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Schedule of Lease Cost

Lease cost is summarized in the table below (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Operating lease cost (1)

 

$

2,181

 

 

$

1,951

 

 

(1) Includes short-term leases and variable lease costs, which were immaterial.

Schedule of Other Information Related to Leases

Other information related to leases was as follows (in thousands, except lease term and discount rate):

 

 

 

Three Months Ended,

 

 

 

March 31, 2020

 

 

March 31, 2019

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,638

 

 

$

1,554

 

ROU assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

Operating leases

 

$

 

 

$

1,045

 

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

4.4

 

 

 

4.6

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

5.7

%

 

 

5.7

%

Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of March 31, 2020 were as follows (in thousands):

 

 

 

Operating Leases

 

2020 (remaining 9 months)

 

$

4,747

 

2021

 

 

4,558

 

2022

 

 

3,259

 

2023

 

 

3,235

 

2024

 

 

2,619

 

Thereafter

 

 

1,977

 

Total lease payments

 

 

20,395

 

Less: imputed interest (1)

 

 

(2,514

)

Present value of lease liabilities:

 

$

17,881

 

 

 

 

 

 

Less:  current obligations under leases (accrued liabilities)

 

 

5,536

 

Noncurrent operating lease liabilities

 

$

12,345

 

(1) Calculated using the interest rate for each lease.

Note: Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes.

As of December 31, 2019, future minimum lease payments were as follows (in thousands):

 

 

 

Operating Leases

 

2020

 

$

6,387

 

2021

 

 

4,558

 

2022

 

 

3,259

 

2023

 

 

3,235

 

2024

 

 

2,619

 

Thereafter

 

 

1,977

 

Total lease payments

 

 

22,035

 

Less: imputed interest

 

 

(2,776

)

Present value of lease liabilities:

 

$

19,259

 

 

 

 

 

 

Less:  current obligations under leases (accrued liabilities)

 

 

5,845

 

Noncurrent operating lease liabilities

 

$

13,414