Company: INSP
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001609550-25-000011
Chunk: 107

Company: Inspire Medical Systems, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 8
Chunk 107
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 undiscounted lease payments41,330 Less: imputed interest(9,537)Present value of lease liability$31,793 As of December 31, 2024, the remaining lease terms were 10.4 years and the weighted average discount rate was 4.9%. The operating cash (inflow) outflows from our operating leases were $(3.3) million, $2.2 million, and $0.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.

4.  Long-Term Debt

In March 2019, we amended our $24.5 million loan and security agreement, which we refer to as our former credit facility. The debt was interest only until April 1, 2022 and was scheduled to mature on March 1, 2024. The basic interest rate was the 30-day U.S. LIBOR rate, subject to a floor of 7.60%. In addition to the principal and interest payments, we were required to pay a final payment fee of 3.50% on all amounts outstanding, which was being accreted using the effective interest rate method over the term of the credit facility and was to be due at the earlier of maturity or prepayment. Borrowings were prepayable in whole at our option, subject to a prepayment fee of 1.00%. In August 2022, we prepaid the outstanding principal balance of $19.4 million, the final payment fee of $0.9 million, and the prepayment fee of $0.2 million. We had no remaining amounts outstanding under our former credit facility as of either December 31, 2024 or 2023.

5.  Employee Retirement Plan

We sponsor a defined contribution employee retirement plan covering all of our full-time employees. The plan allows eligible employees to defer a portion of their eligible compensation up to the maximum allowed by IRS Regulations. We make voluntary matching contributions of 50% of the first 6% of each participating employee's contribution, up to 3% of eligible earnings. Our match contributions are made to funds designated by the participant, none of which are based on Inspire common stock, and totaled $4.7 million, $3.7 million, and $2.4 million for the years ended December 31, 2024, 2023, and 2022 respectively.

6.  Stockholders' Equity

Share Rep