Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Schedule of Lease Cost and Cash Flow Information
The following table presents the components of the Company’s lease expenses for the three months ended March 31, 2020.
 
Three Months Ended March 31, 2020
 
(in thousands)
Lease costs
 
  Operating lease cost
$
291

  Variable lease cost (1)
179

  Short-term lease cost (2)
688

    Total Lease Cost
$
1,158

(1)
Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding liability for lease agreements with terms longer than 12 months. Variable lease payments primarily relate to variable utility costs associated with the Company’s leased office space.
(2)
Costs associated with short-term lease agreements primarily relate to certain field equipment rentals.

Other information related to the Company’s leases for three months ended March 31, 2020, was as follows:
 
Three Months Ended March 31, 2020
 
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
 
   Operating cash flows from operating leases (fixed payments)
$
332

   Operating cash flows from operating leases (liability reduction)
$
305

Right-of-use assets obtained in exchange for new operating lease liabilities
$
2,163

The table below summarizes our discount rate and remaining lease term as of March 31, 2020.
 
As of March 31, 2020
Weighted-average discount rate
4.5
%
Weighted-average remaining lease term (years)
1.94

Schedule of Long-Term Operating Lease Liabilities Maturities By Fiscal Year
Maturities of the Company’s operating lease liabilities included on the accompanying Condensed Consolidated Balance Sheet as of March 31, 2020 were as follows:
 
As of March 31, 2020
 
(in thousands)
2020
$
1,000

2021
1,051

2022
346

Total lease payments
$
2,397

  Less: imputed interest
(100
)
Present value of lease liabilities
$
2,297

Assets And Liabilities, Lessee
Amounts recorded in the accompanying Condensed Consolidated Balance Sheet for operating leases as of March 31, 2020, were as follows:
 
 
As of March 31, 2020
 
Classification on our Balance Sheets
(in thousands)
Operating lease ROU assets
Other assets, net
$
1,898

 
 
 
Current operating lease liability
Accrued liabilities and other
$
1,233

Non-current operating lease liability
Other liabilities
$
1,064