Leases (Tables)
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3 Months Ended |
Mar. 31, 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 as of 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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4,180
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4,180
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Liabilities
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Operating lease liability, current
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-
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976
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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 Liability, long term portion
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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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525
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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 for the three months ended March 31, 2019, were as follows (in thousands):
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Three Months Ended
March 31,
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2019
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Operating leases
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|
|
|
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Operating lease cost
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$
|
402
|
|
|
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Variable lease expense
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105
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|
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Sublease rental income
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(39
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)
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Total operating lease cost, net
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$
|
468
|
|
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Finance leases
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|
|
|
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Amortization of right-of-use asset
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$
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2
|
|
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Interest on lease liabilities
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1
|
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Total finance lease cost
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$
|
3
|
|
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| Schedule of Balance Sheets Classification of Leases |
The following table summarizes the balance sheets classification of our leases as of March 31, 2019 (in thousands):
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March 31,
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2019
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Operating leases
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|
|
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Operating lease right-of-use assets
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$
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11,131
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|
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Operating lease liabilities, Current1
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$
|
965
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Operating lease liabilities, Long-term
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10,770
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Total operating lease liabilities
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$
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11,735
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Finance leases
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|
|
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Property and equipment, at cost
|
$
|
57
|
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Accumulated depreciation
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15
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Property and equipment, net
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$
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42
|
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Other current liabilities
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$
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31
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Other liabilities
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12
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Total finance lease liabilities
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$
|
43
|
|
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1.
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Included in other liabilities
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| Schedule of Leases Information |
The following table represents information about our leases as of March 31, 2019:
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Weighted average remaining lease term
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Operating leases
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7.4 years
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Finance leases
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1.4 years
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Weighted average discount rate
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Operating leases
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6.74
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%
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Finance leases
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7.08
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%
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| Schedule of Maturities of Lease Liabilities |
Maturities of lease liabilities for the period were as follows (in thousands):
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March 31, 2019
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Operating Leases
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Finance Leases
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|
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Lease payments
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|
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2019 (remaining)1
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$
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—
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$
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24
|
|
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2020
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2,494
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21
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2021
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2,566
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|
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—
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2022
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2,635
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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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16,892
|
|
|
|
45
|
|
|
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Less imputed interest
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(4,203
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)
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(2
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)
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Total lease payments, net of interest
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$
|
12,689
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$
|
43
|
|
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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 for the three months ended March 31, 2019 were as follows (in thousands):
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Three Months Ended
March 31,
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2019
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|
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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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$
|
322
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|
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Operating cash flows from finance leases
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1
|
|
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Financing cash flows from finance leases
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8
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Right-of-use asset obtained in exchange for lease obligations:
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Operating leases
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7,234
|
|
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Finance leases
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|
-
|
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|