Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.2
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Lease expense and other information related to leases
The components of lease expense were as follows (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Finance lease cost:
 
 
 
 
 
 
 
 
Amortization of right-of-use assets
 
$
3,748

 
$
2,723

 
$
7,232

 
$
5,357

Interest on lease liabilities
 
433

 
128

 
672

 
247

Operating lease cost
 
3,620

 
2,505

 
6,499

 
5,134

Short-term lease cost
 
621

 
154

 
1,145

 
355

Variable lease cost
 
1,019

 
730

 
1,896

 
1,507

Sublease income
 
(193
)
 
(119
)
 
(349
)
 
(225
)
Total lease cost
 
$
9,248

 
$
6,121

 
$
17,095

 
$
12,375

Other information related to leases was as follows (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
 
 
 
 
Operating cash flows from operating leases
 
$
2,968

 
$
2,655

 
$
5,535

 
$
5,255

Operating cash flows from finance leases
 
238

 
95

 
439

 
204

Financing cash flows from finance leases
 
3,440

 
1,968

 
6,445

 
4,081

Right-of-use assets obtained in exchange for lease obligations:
 
 
 
 
 
 
 
 
Operating leases
 
(245
)
 
(1,026
)
 
20,150

 
91

Finance leases
 
9,371

 
4,043

 
12,937

 
4,142

Weighted average remaining lease term (years):
 
 
 
 
 
 
 
 
Operating leases
 
5.3

 
3.7

 
5.3

 
3.7

Finance leases
 
3.1

 
2.2

 
3.1

 
2.2

Weighted average discount rate:
 
 
 
 
 
 
 
 
Operating leases
 
5.2
%
 
4.1
%
 
5.2
%
 
4.1
%
Finance leases
 
4.2
%
 
3.7
%
 
4.2
%
 
3.7
%

Future minimum lease payments under non-cancellable leases
Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows (in thousands):
 
 
Operating Leases
 
Sublease Income
 
Net Operating Leases
 
Finance Leases
2019
 
$
11,953

 
$
781

 
$
11,172

 
$
11,912

2020
 
11,739

 
757

 
10,982

 
7,541

2021
 
10,327

 
276

 
10,051

 
5,063

2022
 
8,920

 

 
8,920

 
2,250

2023
 
7,321

 

 
7,321

 
60

Thereafter
 
9,737

 

 
9,737

 
21

Total future lease payments
 
59,997

 
1,814

 
58,183

 
26,847

Less: Amount representing interest
 
5,693

 

 
5,693

 
1,278

Present value of future payments
 
54,304

 
1,814

 
52,490

 
25,569

Less: Short term leases not recorded as a liability
 
11,386

 

 
11,386

 

Less: Tenant incentives
 
204

 

 
204

 

Revised Present value of future payments
 
42,714

 
1,814

 
40,900

 
25,569

Less: Current portion
 
10,072

 

 
10,072

 
11,206

Long-term portion
 
$
32,642

 
$
1,814

 
$
30,828

 
$
14,363


Future minimum lease payments under non-cancellable leases
Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows (in thousands):
 
 
Operating Leases
 
Sublease Income
 
Net Operating Leases
 
Finance Leases
2019
 
$
11,953

 
$
781

 
$
11,172

 
$
11,912

2020
 
11,739

 
757

 
10,982

 
7,541

2021
 
10,327

 
276

 
10,051

 
5,063

2022
 
8,920

 

 
8,920

 
2,250

2023
 
7,321

 

 
7,321

 
60

Thereafter
 
9,737

 

 
9,737

 
21

Total future lease payments
 
59,997

 
1,814

 
58,183

 
26,847

Less: Amount representing interest
 
5,693

 

 
5,693

 
1,278

Present value of future payments
 
54,304

 
1,814

 
52,490

 
25,569

Less: Short term leases not recorded as a liability
 
11,386

 

 
11,386

 

Less: Tenant incentives
 
204

 

 
204

 

Revised Present value of future payments
 
42,714

 
1,814

 
40,900

 
25,569

Less: Current portion
 
10,072

 

 
10,072

 
11,206

Long-term portion
 
$
32,642

 
$
1,814

 
$
30,828

 
$
14,363