The ONE Group Hospitality, Inc. (NASDAQ:STKS) Q4 2022 Earnings Call Transcript

Manny Hilario: Excluding preopening costs.

Tyler Loy: Yes.

Roger Lipton: Right. Okay. And are you — have your rents escalated within this inflationary environment?

Manny Hilario: Well, I would say that the answer is — at least for us, this is not a really market read. I think for us, particularly because of the high demand for STK and even in Kona Grill, I think that we’ve been able to get some very competitive rates on rent. So my answer actually is our — I think our rents are very good relative to what historical levels has been in some of the cities that we’re going into. So the answer is no, I have not seen any impact on rent rates because of the inflation.

Operator: And this concludes our question-and-answer session. I would like to turn the conference back over to CEO, Manny Hilario, for any closing remarks.

Manny Hilario: Thank you. And as always, I want to close the call here by thanking our incredible team which do an incredible job every day, living our mission of operating great restaurants and focusing on exceptional and unforgettable guest experiences to every guest every time. So thank you for that. And then I also want to thank everyone for having an interest in our company and being on the call today. And I’m sure I’ll run into all of you in our restaurants in the next couple of weeks. Thank you, everyone, for being on the call.

Operator: The conference has now concluded. Thank you so much for attending today’s presentation. You may now disconnect.