$KRUS
KURA SUSHI USA, INC.

2020 Q1 Form 10-Q Financial Statement

#000156459020016687 Filed on April 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $19.39M $15.12M
YoY Change 28.25% 28.66%
Cost Of Revenue $15.17M $11.92M
YoY Change 27.27% 27.08%
Gross Profit $4.220M $3.200M
YoY Change 31.88% 35.02%
Gross Profit Margin 21.77% 21.17%
Selling, General & Admin $4.420M $2.890M
YoY Change 52.94% 29.02%
% of Gross Profit 104.74% 90.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $500.0K
YoY Change 40.0% -30.56%
% of Gross Profit 16.59% 15.63%
Operating Expenses $19.63M $14.84M
YoY Change 32.31% 556.42%
Operating Profit -$240.0K $282.0K
YoY Change -185.11% 156.36%
Interest Expense $33.00K $40.00K
YoY Change -17.5% -233.33%
% of Operating Profit 14.18%
Other Income/Expense, Net
YoY Change
Pretax Income -$103.0K $247.0K
YoY Change -141.7% 208.75%
Income Tax $30.00K $35.00K
% Of Pretax Income 14.17%
Net Earnings -$133.0K $212.0K
YoY Change -162.74% -29.33%
Net Earnings / Revenue -0.69% 1.4%
Basic Earnings Per Share -$0.02 $0.04
Diluted Earnings Per Share -$0.02 $0.04
COMMON SHARES
Basic Shares Outstanding 8.336K 5.000K
Diluted Shares Outstanding 8.336K 5.105K

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00M $100.0K
YoY Change 29900.0%
Cash & Equivalents $29.99M $73.00K
Short-Term Investments
Other Short-Term Assets $1.700M $1.100M
YoY Change 54.55%
Inventory $400.0K $400.0K
Prepaid Expenses
Receivables $1.400M $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.50M $2.100M
YoY Change 1495.24%
LONG-TERM ASSETS
Property, Plant & Equipment $88.90M $27.10M
YoY Change 228.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $3.000M
YoY Change -13.33%
Total Long-Term Assets $91.50M $30.10M
YoY Change 203.99%
TOTAL ASSETS
Total Short-Term Assets $33.50M $2.100M
Total Long-Term Assets $91.50M $30.10M
Total Assets $125.0M $32.20M
YoY Change 288.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $2.000M
YoY Change 30.0%
Accrued Expenses $7.600M $1.400M
YoY Change 442.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M
YoY Change 0.0%
Total Short-Term Liabilities $11.50M $4.800M
YoY Change 139.58%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.900M
YoY Change -31.03%
Other Long-Term Liabilities $319.0K $2.800M
YoY Change -88.61%
Total Long-Term Liabilities $319.0K $5.700M
YoY Change -94.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.50M $4.800M
Total Long-Term Liabilities $319.0K $5.700M
Total Liabilities $63.85M $10.50M
YoY Change 508.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.374M
YoY Change
Common Stock $59.79M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.17M $21.65M
YoY Change
Total Liabilities & Shareholders Equity $125.0M $32.20M
YoY Change 288.27%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$133.0K $212.0K
YoY Change -162.74% -29.33%
Depreciation, Depletion And Amortization $700.0K $500.0K
YoY Change 40.0% -30.56%
Cash From Operating Activities $1.270M -$430.0K
YoY Change -395.35% -138.74%
INVESTING ACTIVITIES
Capital Expenditures -$3.890M -$2.310M
YoY Change 68.4% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$170.0K
YoY Change
Cash From Investing Activities -$4.060M -$2.310M
YoY Change 75.76% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0K -1.190M
YoY Change -79.83% -125.59%
NET CHANGE
Cash From Operating Activities 1.270M -430.0K
Cash From Investing Activities -4.060M -2.310M
Cash From Financing Activities -240.0K -1.190M
Net Change In Cash -3.030M -3.930M
YoY Change -22.9% -444.74%
FREE CASH FLOW
Cash From Operating Activities $1.270M -$430.0K
Capital Expenditures -$3.890M -$2.310M
Free Cash Flow $5.160M $1.880M
YoY Change 174.47% -67.19%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Fiscal Year</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s fiscal year begins on September&#160;1 and ends on August&#160;31 and references made to &#8220;fiscal year 2020,&#8221; &#8220;fiscal year 2019&#8221; and &#8220;fiscal year 2018&#8221; refer to the Company&#8217;s fiscal years ended August 31, 2020, August 31, 2019 and August 31, 2018, respectively.</p>
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145000
us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
us-gaap Lease Practical Expedient Use Of Hindsight
LeasePracticalExpedientUseOfHindsight
true
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
46292000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
278000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
33000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
67000
CY2020Q1 krus Finance Lease Cost
FinanceLeaseCost
178000
krus Finance Lease Cost
FinanceLeaseCost
345000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1283000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2444000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
386000
us-gaap Variable Lease Cost
VariableLeaseCost
700000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1669000
us-gaap Operating Lease Cost
OperatingLeaseCost
3144000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
54619000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
2985000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y3M18D
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
us-gaap Operating Lease Payments
OperatingLeasePayments
1917000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15074000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4763000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4806000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4804000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4954000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
64908000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1103000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1001000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
480000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
15000
CY2020Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1000
CY2020Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3160000
CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
175000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
4256000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4435000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4477000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4465000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4607000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
58714000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
80954000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
1113000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
1075000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
972000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
476000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
13000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
3649000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
231000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
3418000
CY2019Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
994000
CY2019Q3 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
2424000
CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
5000000
CY2019Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2020-07-31
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1100000

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