|
Note 4 – Operating leases
The following table shows the lease costs for the three and six months ended June 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
Lease cost: |
|
|
|
|
|
|
Operating lease cost |
|
$ |
1,024 |
|
$ |
2,014 |
Short-term lease cost |
|
|
121 |
|
|
168 |
|
|
$ |
1,145 |
|
$ |
2,182 |
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
June 30, |
|
|
|
|
|
2019 |
Other information: |
|
|
|
|
|
|
Operating cash flows from operating leases (in thousands) |
|
|
|
|
$ |
2,194 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
Weighted-average remaining lease term - operating leases |
|
|
|
|
7.8 years |
Weighted-average discount rate - operating leases |
|
|
|
|
7.2% |
The maturities of operating lease liabilities are as follows (in thousands):
|
|
|
|
|
|
|
Operating leases |
|
|
|
|
|
2019 |
|
$ |
2,037 |
|
2020 |
|
|
4,110 |
|
2021 |
|
|
4,153 |
|
2022 |
|
|
4,158 |
|
2023 |
|
|
3,918 |
|
after 2023 |
|
|
16,302 |
|
Total lease payments |
|
|
34,678 |
|
Less: Imputed interest |
|
|
(8,674) |
|
Present value of lease liability |
|
$ |
26,004 |
|
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.
|