$KRUS
KURA SUSHI USA, INC.

2020 Q4 Form 10-Q Financial Statement

#000156459021000864 Filed on January 11, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $9.414M $5.528M $17.44M
YoY Change -46.02% -70.52% 29.96%
Cost Of Revenue $10.42M $7.690M $14.04M
YoY Change -25.78% -46.63% 30.6%
Gross Profit -$1.010M -$2.160M $3.400M
YoY Change -129.71% -149.66% 27.34%
Gross Profit Margin -10.73% -39.07% 19.5%
Selling, General & Admin $5.210M $4.760M $4.770M
YoY Change 9.22% 42.09% 55.37%
% of Gross Profit 140.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $940.0K $685.0K
YoY Change 45.99% 49.21% 45.44%
% of Gross Profit 20.15%
Operating Expenses $15.71M $4.850M $18.83M
YoY Change -16.6% 43.49% 36.06%
Operating Profit -$6.291M -$6.839M -$1.391M
YoY Change 352.26% -808.7% 231.19%
Interest Expense $34.00K -$20.00K $34.00K
YoY Change 0.0% 0.0% -17.07%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.321M -$6.850M -$1.228M
YoY Change 414.74% -828.72% 169.3%
Income Tax $29.00K -$10.00K -$4.000K
% Of Pretax Income
Net Earnings -$6.350M -$6.849M -$1.224M
YoY Change 418.79% -847.71% 213.04%
Net Earnings / Revenue -67.45% -123.9% -7.02%
Basic Earnings Per Share -$0.76 -$0.82 -$0.15
Diluted Earnings Per Share -$0.76 -$0.82 -$0.15
COMMON SHARES
Basic Shares Outstanding 8.348K 8.335K
Diluted Shares Outstanding 8.348K 8.335K

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $9.300M $33.00M
YoY Change -91.82% -75.53%
Cash & Equivalents $2.745M $9.259M $33.01M
Short-Term Investments
Other Short-Term Assets $3.100M $375.0K $1.500M
YoY Change 106.67% -16.85%
Inventory $454.0K $367.0K $433.0K
Prepaid Expenses $885.0K
Receivables $1.995M $2.130M $1.048M
Other Receivables $200.0K $0.00 $100.0K
Total Short-Term Assets $8.507M $14.78M $36.02M
YoY Change -76.38% -64.39%
LONG-TERM ASSETS
Property, Plant & Equipment $49.82M $45.54M $34.60M
YoY Change 43.96% 42.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $1.200M $2.500M
YoY Change -20.0% -60.0%
Total Long-Term Assets $106.9M $103.6M $79.59M
YoY Change 34.29% 196.77%
TOTAL ASSETS
Total Short-Term Assets $8.507M $14.78M $36.02M
Total Long-Term Assets $106.9M $103.6M $79.59M
Total Assets $115.4M $118.4M $115.6M
YoY Change -0.19% 54.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.890M $4.919M $2.678M
YoY Change 82.6% 33.52%
Accrued Expenses $9.200M $7.800M $6.800M
YoY Change 35.29% 160.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $15.14M $13.93M $10.71M
YoY Change 41.44% 67.95%
LONG-TERM LIABILITIES
Long-Term Debt $4.200M $1.500M $2.200M
YoY Change 90.91% -37.5%
Other Long-Term Liabilities $56.30M $342.0K $267.0K
YoY Change 20986.14% 44.3%
Total Long-Term Liabilities $60.50M $342.0K $267.0K
YoY Change 22559.18% 44.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.14M $13.93M $10.71M
Total Long-Term Liabilities $60.50M $342.0K $267.0K
Total Liabilities $75.70M $72.67M $54.54M
YoY Change 38.8% 410.69%
SHAREHOLDERS EQUITY
Retained Earnings -$20.98M -$14.63M $1.507M
YoY Change -1491.97% -635.59%
Common Stock $60.69M $60.33M $59.56M
YoY Change 1.9% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.72M $45.71M $61.08M
YoY Change
Total Liabilities & Shareholders Equity $115.4M $118.4M $115.6M
YoY Change -0.19% 54.93%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$6.350M -$6.849M -$1.224M
YoY Change 418.79% -847.71% 213.04%
Depreciation, Depletion And Amortization $1.000M $940.0K $685.0K
YoY Change 45.99% 49.21% 45.44%
Cash From Operating Activities -$2.731M -$2.300M -$1.538M
YoY Change 77.57% -190.2% -208.23%
INVESTING ACTIVITIES
Capital Expenditures $6.519M -$5.050M $3.194M
YoY Change 104.1% 42.25% 24.09%
Acquisitions
YoY Change
Other Investing Activities -$150.0K
YoY Change
Cash From Investing Activities -$6.619M -$5.210M -$3.244M
YoY Change 104.04% 46.76% 26.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.836M -250.0K -252.0K
YoY Change -1225.4% -100.66% -53.76%
NET CHANGE
Cash From Operating Activities -2.731M -2.300M -1.538M
Cash From Investing Activities -6.619M -5.210M -3.244M
Cash From Financing Activities 2.836M -250.0K -252.0K
Net Change In Cash -6.514M -7.760M -5.034M
YoY Change 29.4% -121.1% 196.47%
FREE CASH FLOW
Cash From Operating Activities -$2.731M -$2.300M -$1.538M
Capital Expenditures $6.519M -$5.050M $3.194M
Free Cash Flow -$9.250M $2.750M -$4.732M
YoY Change 95.48% -54.92% 310.41%

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CY2020Q4 us-gaap Fiscal Period
FiscalPeriod
<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 2021,&#8221; &#8220;fiscal year 2020&#8221; and &#8220;fiscal year 2019&#8221; refer to the Company&#8217;s fiscal years ending August 31, 2021, and ended August 31, 2020 and August 31, 2019, respectively.</p>
CY2020Q4 us-gaap Use Of Estimates
UseOfEstimates
<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;">Use of Estimates</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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented.</p> <p style="margin-top:12pt;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;">Significant items subject to such estimates include asset retirement obligations, stock-based compensation, the useful lives of assets, the assessment of the recoverability of long-lived assets, and income taxes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates and assumptions.</p>
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1812000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1471000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
61224000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
62024000
CY2020Q4 krus Finance Lease Right Of Use Asset Before Accumulated Depreciation
FinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciation
6102000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
60840000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
55553000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11024000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10012000
CY2020Q4 krus Operating And Finance Leases Remaining Lease Start Range Terms Description
OperatingAndFinanceLeasesRemainingLeaseStartRangeTermsDescription
less than 1 year
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
151000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
133000
CY2020Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
23000
CY2019Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
34000
CY2020Q4 krus Finance Lease Cost
FinanceLeaseCost
174000
CY2019Q4 krus Finance Lease Cost
FinanceLeaseCost
167000
CY2020Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
1567000
CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
1161000
CY2020Q4 us-gaap Variable Lease Cost
VariableLeaseCost
245000
CY2019Q4 us-gaap Variable Lease Cost
VariableLeaseCost
310000
CY2020Q3 krus Finance Lease Right Of Use Asset Before Accumulated Depreciation
FinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciation
6117000
CY2020Q4 krus Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
2329000
CY2020Q3 krus Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
2178000
CY2020Q4 krus Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
3773000
CY2020Q3 krus Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
3939000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
2227000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
2485000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P16Y2M12D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y8M12D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.064
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2019Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2020Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
907000
CY2019Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
881000
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5556000
CY2020Q4 krus Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
13700000
CY2020Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P20Y
CY2020Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Existence Of Option To Extend
LesseeOperatingLeaseLeaseNotYetCommencedExistenceOfOptionToExtend
true
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2167000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4715000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5721000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5847000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5977000
CY2020Q4 krus Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
73014000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
97441000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36217000
CY2020Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
821000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1005000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
483000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
17000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
2000
CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2328000
CY2020Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
101000
CY2020Q4 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.011
CY2020Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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