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

Leases (Tables)

9 Months Ended

Sep. 30, 2022

The components of lease expense for the nine months ended September 30, 2022 and 2021 are as follows (in thousands):


	September 30,			September 30,
	2022			2021
Lease cost
Operating lease cost	$	10,999		$	10,099
Variable lease cost		7,707			4,275
Short-term lease cost		650			458
Total lease cost	$	19,356		$	14,832

Weighted average remaining lease term – operating leases		13 years			13 years
Weighted average discount rate – operating leases		8.37	%		8.49	%

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


	September 30,		September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,896	$	9,211
Right-of-use assets obtained in exchange for operating lease obligations	$	3,709	$	5,369

As of September 30, 2022, maturities of the Company’s operating lease liabilities are as follows (in thousands):


2022, three months remaining	$	3,118
2023		13,664
2024		14,663
2025		13,705
2026		13,636
Thereafter		131,925
Total lease payments		190,711
Less: imputed interest		(79,559)
Present value of operating lease liabilities	$	111,152