Leases
 3 Months Ended
Mar. 31, 2019
Leases  
Leases

4. Leases

 

Operating Leases

 

The Company leases office and warehouse space under operating leases that expire between 2019 and 2025. The terms of the leases include periods of free rent, options for the Company to extend the leases (typically three to five years) and increasing rental rates over time. The Company recognizes rental expense under these operating leases on a straight-line basis over the lives of the leases.

 

Operating lease cost was approximately $1.1 million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively.

 

Other information related to leases was as follows (in thousands):

 

 

 

 

 

 

 

    

Three Months Ended

 

 

March 31,

 

 

2019

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

1,274

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

1,088

 

Weighted-average remaining lease term - operating leases

 

 

3.2

years

Weighted-average discount rate - operating leases

 

 

5.8

%

 

Future minimum rental payments due under non-cancelable operating leases with initial or remaining terms in excess of one year consist of the following as of March 31, 2019 (in thousands):

 

 

 

 

 

One year

    

$

5,140

Two years

 

 

4,730

Three years

 

 

2,000

Four years

 

 

902

Five years

 

 

482

Thereafter

 

 

610

Total lease payments

 

 

13,864

Less landlord paid tenant improvements

 

 

(597)

Less imputed interest

 

 

(1,419)

Total

 

$

11,848