Leases (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Leases [Abstract] |
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| Schedule of Adjustments Made to Accounts on Condensed Consolidated Balance Sheet |
As a result of applying the modified retrospective method to adopt the lease guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet at January 1, 2019 (in thousands):
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Balance Sheet
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December 31, 2018
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Effect of adoption of ASC 842
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January 1, 2019
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Assets
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Operating lease right-of-use assets, non-current
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$
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—
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$
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4,180
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$
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4,180
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Total assets
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$
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—
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$
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4,180
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$
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4,180
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Liabilities
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Operating lease liabilities, current
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$
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—
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$
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976
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$
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976
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Deferred rent1
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525
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(525
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)
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—
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Operating lease liabilities, non-current
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—
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3,729
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3,729
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Total liabilities
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$
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525
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$
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4,180
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$
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4,705
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1.
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Included in Other liabilities on the balance sheet.
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| Components of Lease Expense |
The components of lease expense were as follows (in thousands):
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2019
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2019
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Operating leases
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Operating lease expense
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$
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597
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$
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1,595
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Variable lease expense
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124
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$
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356
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Total operating lease expense
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$
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721
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$
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1,951
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Finance leases
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Amortization of right-of-use asset
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$
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2
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$
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6
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Interest on lease liabilities
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1
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3
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Total finance lease expense
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$
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3
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$
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9
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Sublease rental income
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$
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(27
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)
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$
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(110
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)
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| Schedule of Balance Sheets Classification of Leases |
The following table summarizes the balance sheet classification of leases at September 30, 2019 (in thousands):
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Operating leases
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Operating lease right-of-use assets, non-current
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$
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10,397
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Operating lease liabilities, current1
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$
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963
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Operating lease liabilities, non-current
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10,573
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Total operating lease liabilities
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$
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11,536
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Finance leases
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Property and equipment, at cost
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$
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77
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Accumulated depreciation
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39
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Property and equipment, net
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$
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38
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Finance lease liabilities, current1
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$
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25
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Finance lease liabilities, non-current2
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3
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Total finance lease liabilities
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$
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28
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1.
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Included in other current liabilities.
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2.
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Included other liabilities.
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| Schedule of Leases Information |
The following table presents other information on leases as of September 30, 2019:
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Weighted Average Remaining Lease Term
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Weighted Average Discount Rate
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Operating leases
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7.1
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6.74
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%
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Finance leases
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1.0
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7.02
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%
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| Schedule of Maturities of Lease Liabilities |
Maturities of lease liabilities were as follows as of September 30, 2019 (in thousands):
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Operating Leases
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Finance Leases
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2019, remainder 1
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$
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—
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$
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8
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2020
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2,517
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21
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2021
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2,589
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—
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2022
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2,650
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—
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2023
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1,961
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—
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Thereafter
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7,236
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—
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Total lease payments
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16,953
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29
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Less:
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Imputed interest
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(3,877
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)
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(1
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)
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Total lease liabilities
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$
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13,076
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$
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28
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1.
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Maturities for operating lease liabilities in 2019 is less than tenant improvement allowances expected to be received.
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| Supplemental Cash Flow Information |
Supplemental cash flow information related to the Company’s leases were as follows for the nine months ended September 30, 2019 (in thousands):
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Cash paid for amounts included in the measurement of lease liabilities:
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Operating cash flows from operating leases
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$
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979
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Operating cash flows from finance leases
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$
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3
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Financing cash flows from finance leases
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$
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23
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Right-of-use asset obtained in exchange for lease obligations:
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Operating leases
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$
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7,296
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