Inogen, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

3 Months Ended

Mar. 31, 2022

5. Leases

The Company has entered into operating leases primarily for commercial buildings. These leases have terms which range from 2 years to 11 years, some of which include options to extend the leases for up to 5 years. There are no economic penalties for the Company to extend the lease, and it is not reasonably certain that the Company will exercise the extension options. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. The operating leases do not contain material residual value guarantees or material restrictive covenants.

Rent expense, including short-term lease cost, was $971 and $987 for the three months ended March 31, 2022 and March 31, 2021.

Information related to the Company's right-of-use assets and related operating lease liabilities were as follows:

	Three months ended
	March 31,
	2022			2021
Cash paid for operating lease liabilities	$	1,008		$	554
Operating lease cost		975			763
Non-cash right-of-use assets obtained in exchange for new operating lease obligations		—			9,340
Weighted average remaining lease term	2.7 years			3.0 years
Weighted average discount rate		2.9	%		3.2	%

Maturities of lease liabilities due in the 12-month period ending March 31,
2023	$	3,945
2024		3,965
2025		3,362
2026		2,702
2027		2,716
Thereafter		11,416
		28,106
Less imputed interest		(2,296	)
Total lease liabilities	$	25,810

Operating lease liability - current	$	3,401
Operating lease liability - noncurrent	$	22,409
Total lease liabilities	$	25,810