Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease Costs, Lease Term and Discount Rate
The following table summarizes the weighted-average remaining lease term and discount rate as of March 31, 2020:

 
As of March 31, 2020
Weighted-average remaining lease term (years)
12.1

Weighted-average discount rate
10.5
%

The following table summarizes operating lease costs included in operating expenses (in thousands):

 
Three Months Ended March 31,
 
2020
 
2019
Operating lease costs
$
404

 
$
224

Variable lease costs (1)
188

 
68

Total lease cost
$
592

 
$
292

(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

Operating Lease Liabilities
As of March 31, 2020, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
 
Total
2020
$
1,781

2021
2,369

2022
2,200

2023
2,165

2024
2,165

Thereafter
16,421

Total undiscounted lease payments
27,101

Less: present value adjustment
(11,326
)
Present value of lease liabilities
$
15,775