Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases Leases
The Company accounts for operating leases and finance leases in accordance with U.S. GAAP, pursuant to ASC 842, Leases.
The Company has leases for offices, data centers and other computer and networking equipment that expire at various dates through 2027. The Company’s leases have remaining terms of one to seven years, and some of the leases include a Company option to extend the leases. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company has elected the practical expedient on not separating lease components from non-lease components for right-of-use assets.
The components of lease expenses were as follows (dollars in thousands):

Three Months Ended
September 30,		 Nine Months Ended September 30,
2021 2020 2021 2020
Operating lease cost $ 523  $ 388  $ 1,539  $ 1,103 
Finance lease cost:
Amortization of right-of-use assets $ 114  $ 159  $ 343  $ 488 
Interest on lease liabilities 3  13  15  48 
Total finance lease cost $ 117  $ 172  $ 358  $ 536 
Supplemental cash flow information related to leases was as follows (dollars in thousands):

Nine Months Ended September 30,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases $ 1,537  $ 1,180 
Financing cash used in finance leases 346  630 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 3,246  $ 997 
Finance leases —  — 
Supplemental balance sheet information related to leases was as follows (dollars in thousands):
September 30,
2021		 December 31,
2020
Operating Leases
Operating lease right-of-use assets $ 5,897  $ 3,858 
Operating lease liabilities:
Operating lease liabilities—current $ 1,894  $ 1,353 
Operating lease liabilities—less current portion 4,547  3,088 
Total operating lease liabilities $ 6,441  $ 4,441 
Finance Leases
Property and equipment, gross $ 2,182  $ 2,182 
Less: accumulated depreciation and amortization (1,503) (1,159)
Property and equipment, net $ 679  $ 1,023 
Finance lease liabilities:
Finance lease liabilities—current $ 80  $ 392 
Finance lease liabilities—less current portion 18  38 
Total finance lease liabilities $ 98  $ 430 
Weighted average remaining terms were as follows:

September 30,
2021		 December 31,
2020
Weighted average remaining lease term
Operating Leases 3.77 years 3.64 years
Finance Leases 0.89 years 1.05 years
Weighted average discount rates were as follows:
 
September 30,
2021		 December 31,
2020
Weighted average discount rate
Operating Leases 8.1  % 6.9  %
Finance Leases 7.5  % 7.6  %
Maturities of lease liabilities were as follows (dollars in thousands):

As of September 30, 2021 Operating
Leases		 Finance
Leases
Remaining 2021 $ 562  $ 62 
2022 2,301  28 
2023 1,880  12 
2024 1,168  — 
2025 997  — 
2026 and beyond 429  — 
Total lease payments 7,337  102 
Less: imputed interest (896) (4)
Total $ 6,441  $ 98 
As of September 30, 2021, the Company did not have any operating leases that had not yet commenced.
Leases Leases
The Company accounts for operating leases and finance leases in accordance with U.S. GAAP, pursuant to ASC 842, Leases.
The Company has leases for offices, data centers and other computer and networking equipment that expire at various dates through 2027. The Company’s leases have remaining terms of one to seven years, and some of the leases include a Company option to extend the leases. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company has elected the practical expedient on not separating lease components from non-lease components for right-of-use assets.
The components of lease expenses were as follows (dollars in thousands):

Three Months Ended
September 30,		 Nine Months Ended September 30,
2021 2020 2021 2020
Operating lease cost $ 523  $ 388  $ 1,539  $ 1,103 
Finance lease cost:
Amortization of right-of-use assets $ 114  $ 159  $ 343  $ 488 
Interest on lease liabilities 3  13  15  48 
Total finance lease cost $ 117  $ 172  $ 358  $ 536 
Supplemental cash flow information related to leases was as follows (dollars in thousands):

Nine Months Ended September 30,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases $ 1,537  $ 1,180 
Financing cash used in finance leases 346  630 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 3,246  $ 997 
Finance leases —  — 
Supplemental balance sheet information related to leases was as follows (dollars in thousands):
September 30,
2021		 December 31,
2020
Operating Leases
Operating lease right-of-use assets $ 5,897  $ 3,858 
Operating lease liabilities:
Operating lease liabilities—current $ 1,894  $ 1,353 
Operating lease liabilities—less current portion 4,547  3,088 
Total operating lease liabilities $ 6,441  $ 4,441 
Finance Leases
Property and equipment, gross $ 2,182  $ 2,182 
Less: accumulated depreciation and amortization (1,503) (1,159)
Property and equipment, net $ 679  $ 1,023 
Finance lease liabilities:
Finance lease liabilities—current $ 80  $ 392 
Finance lease liabilities—less current portion 18  38 
Total finance lease liabilities $ 98  $ 430 
Weighted average remaining terms were as follows:

September 30,
2021		 December 31,
2020
Weighted average remaining lease term
Operating Leases 3.77 years 3.64 years
Finance Leases 0.89 years 1.05 years
Weighted average discount rates were as follows:
 
September 30,
2021		 December 31,
2020
Weighted average discount rate
Operating Leases 8.1  % 6.9  %
Finance Leases 7.5  % 7.6  %
Maturities of lease liabilities were as follows (dollars in thousands):

As of September 30, 2021 Operating
Leases		 Finance
Leases
Remaining 2021 $ 562  $ 62 
2022 2,301  28 
2023 1,880  12 
2024 1,168  — 
2025 997  — 
2026 and beyond 429  — 
Total lease payments 7,337  102 
Less: imputed interest (896) (4)
Total $ 6,441  $ 98 
As of September 30, 2021, the Company did not have any operating leases that had not yet commenced.