Leases (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Components of Lease Expense |
The components of lease expense are as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
Operating lease cost (1) |
|
$ |
13,314 |
|
|
$ |
9,233 |
|
|
$ |
42,436 |
|
|
$ |
21,453 |
|
|
Sublease income |
|
|
(284 |
) |
|
|
(664 |
) |
|
|
(1,969 |
) |
|
|
(1,790 |
) |
|
Net operating lease cost |
|
$ |
13,030 |
|
|
$ |
8,569 |
|
|
$ |
40,467 |
|
|
$ |
19,663 |
|
|
|
(1) |
For the three and nine months ended September 30, 2020, variable lease costs were $2.9 million and $8.4 million, respectively. For the three and nine months ended September 30, 2019, variable lease costs were $1.3 million and $3.3 million, respectively. Variable lease costs primarily include common area maintenance charges. |
|
| Schedule of Supplemental Cash Flow Information Related To Leases |
Supplemental cash flow information related to leases is as follows (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
6,320 |
|
|
$ |
4,892 |
|
|
$ |
21,504 |
|
|
$ |
12,332 |
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases |
|
$ |
3,690 |
|
|
$ |
32,014 |
|
|
$ |
6,461 |
|
|
$ |
115,794 |
|
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):
|
|
|
As of |
|
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
Operating lease right-of-use assets |
|
$ |
267,094 |
|
|
$ |
283,291 |
|
|
Included in accounts payable and accrued liabilities: |
|
|
|
|
|
|
|
|
|
Operating lease liability, current |
|
|
32,130 |
|
|
|
17,896 |
|
|
Operating lease liability, non-current |
|
|
311,072 |
|
|
|
301,694 |
|
|
Total operating lease liability |
|
$ |
343,202 |
|
|
$ |
319,590 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term |
|
|
|
|
|
|
|
|
|
Operating leases (in years) |
|
9.35 |
|
|
9.98 |
|
|
Weighted average discount rate |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
4.64 |
% |
|
|
4.65 |
% |
|
| Schedule of Future Lease Payments under Operating Leases |
Future lease payments under operating leases as of September 30, 2020 were as follows (in thousands):
|
Year ending December 31, |
|
Operating
Leases |
|
|
2020 (remaining 3 months) |
|
$ |
9,545 |
|
|
2021 |
|
|
48,695 |
|
|
2022 |
|
|
45,839 |
|
|
2023 |
|
|
46,520 |
|
|
2024 |
|
|
45,727 |
|
|
Thereafter |
|
|
247,011 |
|
|
Total future lease payments |
|
|
443,337 |
|
|
Less: imputed interest |
|
|
(84,680 |
) |
|
Less: expected tenant improvement allowance |
|
|
(15,455 |
) |
|
Total |
|
$ |
343,202 |
|
|