The ONE Group Hospitality, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2022

The components of lease expense for the period were as follows (in thousands):


	March 31,			March 31,
	2022			2021
Lease cost
Operating lease cost	$	3,635		$	3,298
Variable lease cost		2,665			767
Short-term lease cost		244			138
Sublease income		—			—
Total lease cost	$	6,544		$	4,203

Weighted average remaining lease term – operating leases		13 years			12 years
Weighted average discount rate – operating leases		8.40	%		8.09	%

Supplemental cash flow information related to leases for the period was as follows (in thousands):


	March 31,		March 31,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,043	$	2,514
Right-of-use assets obtained in exchange for operating lease obligations	$	3,709	$	—

As of March 31, 2022, maturities of the Company’s operating lease liabilities are as follows (in thousands):


2022, nine months remaining	$	6,674
2023		15,164
2024		14,663
2025		13,705
2026		13,636
Thereafter		131,925
Total lease payments		195,767
Less: imputed interest		(84,200)
Present value of operating lease liabilities	$	111,567