Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Owned restaurant net revenue $ 79,923 $ 76,930 $ 158,502 $ 147,446
Management, license and incentive fee revenue 3,470 4,195 7,447 7,860
Total revenues 83,393 81,125 165,949 155,306
Owned operating expenses:        
Owned restaurant cost of sales 19,215 19,851 38,070 37,950
Owned restaurant operating expenses 48,784 44,309 95,611 83,682
Total owned operating expenses 67,999 64,160 133,681 121,632
General and administrative (including stock-based compensation of $1,234, $911, $2,554, $1,790 for the three and six months ended June 30, 2023 and 2022, respectively) 8,039 7,261 15,523 14,140
Depreciation and amortization 3,506 2,926 7,162 5,641
Pre-opening expenses 1,609 804 2,908 1,149
COVID-19 related expenses   221   2,534
Lease termination expenses       255
Other expenses 195   352  
Total costs and expenses 81,348 75,372 159,626 145,351
Operating income 2,045 5,753 6,323 9,955
Other expenses, net:        
Interest expense, net of interest income 1,642 444 3,429 952
Total other expenses, net 1,642 444 3,429 952
Income before provision for income taxes 403 5,309 2,894 9,003
(Benefit) provision for income taxes (13) 869 148 1,042
Net income 416 4,440 2,746 7,961
Less: net (loss) income attributable to noncontrolling interest (152) 137 (428) (12)
Net income attributable to The ONE Group Hospitality, Inc. 568 4,303 3,174 7,973
Currency translation gain (loss) 52 (169) (18) (261)
Comprehensive income attributable to The ONE Group Hospitality, Inc. $ 620 $ 4,134 $ 3,156 $ 7,712
Net income attributable to The ONE Group Hospitality, Inc. per share:        
Basic net income per share $ 0.02 $ 0.13 $ 0.10 $ 0.25
Diluted net income per share $ 0.02 $ 0.13 $ 0.10 $ 0.23
Shares used in computing basic income per share 31,782,783 32,601,203 31,730,299 32,411,570
Shares used in computing diluted income per share 32,673,457 33,959,991 32,779,821 34,123,142