Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

5. LEASES

Operating Leases

The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of June 30, 2021 and 2020, respectively, or for the six-month periods then ended, respectively.

Our leases relating to office and warehouse space have lease terms of 19 to 122 months. Our leases relating to equipment have lease terms of 24 to 203 months, with certain leases having clauses relating to automatic renewal.  

The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred.

The operating lease expense was $1.4 million and $0.9 million for the three months ended June 30, 2021 and 2020, respectively, and was $2.4 million and $1.7 million for the six months ended June 30, 2021 and 2020, respectively.

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):

	Six months ended June 30,
	2021		2020
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flow used in operating leases	$	2,005	$	1,814
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	9,745	$	-

As of June 30, 2021, the weighted average remaining lease term was 4.5 years and the weighted average discount rate was 2.3%.

The following table presents the maturity of the Company’s operating lease liabilities as of June 30, 2021 (in thousands):

2021 (excluding the six months ended June 30, 2021)	$	2,490
2022		5,540
2023		4,080
2024		3,515
2025		3,591
Thereafter		2,324
Total lease payments	$	21,540
Less: imputed interest		(1,017)
Total	$	20,523