Company: INSP
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001609550-25-000011
Chunk: 79

Company: Inspire Medical Systems, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7
Chunk 79
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204 $38,126 Unrecorded contractual obligations:Purchase obligations(2)85,968 85,968 — Total$127,298 $89,172 $38,126 

(1) See Note 3 to our audited consolidated financial statements.

(2) Primarily purchase obligations to suppliers for inventory.

As of December 31, 2024, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

Repurchase Program

In August 2024, our Board of Directors authorized the repurchase of up to $150.0 million in our common stock through August 5, 2026 (the "Repurchase Program"). In November 2024, we entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution as part of the Repurchase Program, whereupon we paid the counterparties to the ASR $75.0 million for the repurchase of shares of our common stock. In November 2024, we received an initial delivery of 305,157 shares of common stock representing a portion of the prepayment, which shares had an average price paid per share of $196.62. Upon final settlement of this ASR in January 2025, we received an incremental delivery of 103,886 shares of our common stock. Under this ASR, we repurchased a total of 409,043 shares at an average price paid per share of $190.29.

See section titled “Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” in Part II, Item 5 of this report for stock repurchases during the quarter ended December 31, 2024 and Note 6 of our Notes to our Consolidated Financial Statements for further details regarding our Repurchase Program.

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Cash Flows

The following table presents a summary of our cash flow for the periods indicated:Year Ended December 31,20242023(in thousands)Net cash provided by (used in):Operating activities$130,246 $24,653 Investing activities(113,122)(294,822)Financing activities(52,393)13,950 Effect of exchange rate on cash(118)164 Decrease in cash and cash equivalents$(35,387)$(256,055)

Operating Activities

Net cash