|
Note 4 – Operating leases
The following table shows the lease costs for the three and nine months ended September 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2019 |
Lease cost: |
|
|
|
|
|
|
Operating lease cost |
|
$ |
989 |
|
$ |
3,003 |
Short-term lease cost |
|
|
62 |
|
|
230 |
|
|
$ |
1,051 |
|
$ |
3,233 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
September 30, |
|
|
|
|
|
2019 |
Other information: |
|
|
|
|
|
|
Operating cash flows from operating leases (in thousands) |
|
|
|
|
$ |
3,176 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
Weighted-average remaining lease term - operating leases |
|
|
|
|
7.5 years |
Weighted-average discount rate - operating leases |
|
|
|
|
7.2% |
The maturities of operating lease liabilities are as follows (in thousands):
|
|
|
|
|
|
|
Operating leases |
|
|
|
|
|
2019 |
|
$ |
1,003 |
|
2020 |
|
|
4,033 |
|
2021 |
|
|
4,077 |
|
2022 |
|
|
4,082 |
|
2023 |
|
|
3,775 |
|
after 2023 |
|
|
16,076 |
|
Total lease payments |
|
|
33,046 |
|
Less: Imputed interest |
|
|
(8,111) |
|
Present value of lease liability |
|
$ |
24,935 |
|
The Company has operating leases in relation to property for office and research facilities. The maximum lease term without activation of termination options is to 2041.
|