$KRUS
KURA SUSHI USA, INC.

2021 Q2 Form 10-Q Financial Statement

#000156459021036462 Filed on July 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $18.47M $2.812M $19.39M
YoY Change 556.86% -83.41% 28.25%
Cost Of Revenue $17.10M $7.910M $15.17M
YoY Change 116.16% -39.43% 27.27%
Gross Profit $1.373M -$5.100M $4.220M
YoY Change -126.92% -231.11% 31.88%
Gross Profit Margin 7.43% -181.37% 21.77%
Selling, General & Admin $5.677M $4.470M $4.420M
YoY Change 27.0% 47.52% 52.94%
% of Gross Profit 413.47% 104.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $800.0K $700.0K
YoY Change 50.0% 60.0% 40.0%
% of Gross Profit 87.4% 16.59%
Operating Expenses $17.61M $10.84M $19.63M
YoY Change 62.41% 254.25% 32.31%
Operating Profit $866.0K -$8.028M -$240.0K
YoY Change -110.79% -1062.59% -185.11%
Interest Expense $67.00K $36.00K $33.00K
YoY Change 86.11% -190.0% -17.5%
% of Operating Profit 7.74%
Other Income/Expense, Net
YoY Change
Pretax Income $800.0K -$7.999M -$103.0K
YoY Change -110.0% -1112.53% -141.7%
Income Tax $30.00K $1.153M $30.00K
% Of Pretax Income 3.75%
Net Earnings $770.0K -$9.152M -$133.0K
YoY Change -108.41% -1372.88% -162.74%
Net Earnings / Revenue 4.17% -325.46% -0.69%
Basic Earnings Per Share $0.09 -$1.10 -$0.02
Diluted Earnings Per Share $0.09 -$1.10 -$0.02
COMMON SHARES
Basic Shares Outstanding 8.383K 8.341K 8.336K
Diluted Shares Outstanding 8.663K 8.341K 8.336K

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.701M $17.00M $30.00M
YoY Change -72.35% 1207.69% 29900.0%
Cash & Equivalents $4.701M $17.03M $29.99M
Short-Term Investments
Other Short-Term Assets $230.0K $373.0K $1.700M
YoY Change -38.34% -62.7% 54.55%
Inventory $467.0K $400.0K $400.0K
Prepaid Expenses $1.046M $976.0K
Receivables $3.258M $700.0K $1.400M
Other Receivables $2.000K $0.00 $0.00
Total Short-Term Assets $20.40M $21.00M $33.50M
YoY Change -2.85% 517.65% 1495.24%
LONG-TERM ASSETS
Property, Plant & Equipment $107.9M $91.30M $88.90M
YoY Change 18.23% 207.41% 228.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.085M $800.0K $2.600M
YoY Change 160.63% -82.22% -13.33%
Total Long-Term Assets $110.0M $92.80M $91.50M
YoY Change 18.57% 171.35% 203.99%
TOTAL ASSETS
Total Short-Term Assets $20.40M $21.00M $33.50M
Total Long-Term Assets $110.0M $92.80M $91.50M
Total Assets $130.4M $113.8M $125.0M
YoY Change 14.62% 202.66% 288.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.631M $2.200M $2.600M
YoY Change 65.05% -21.43% 30.0%
Accrued Expenses $10.60M $6.600M $7.600M
YoY Change 60.62% 288.24% 442.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.011M $1.000M $1.000M
YoY Change 1.1% -41.18% 0.0%
Total Short-Term Liabilities $16.94M $9.841M $11.50M
YoY Change 72.15% 46.88% 139.58%
LONG-TERM LIABILITIES
Long-Term Debt $17.70M $1.700M $2.000M
YoY Change 940.94% -66.0% -31.03%
Other Long-Term Liabilities $58.14M $321.0K $319.0K
YoY Change 18012.15% -90.27% -88.61%
Total Long-Term Liabilities $75.84M $321.0K $319.0K
YoY Change 23524.92% -96.13% -94.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.94M $9.841M $11.50M
Total Long-Term Liabilities $75.84M $321.0K $319.0K
Total Liabilities $92.78M $61.55M $63.85M
YoY Change 50.74% 307.61% 508.12%
SHAREHOLDERS EQUITY
Retained Earnings -$7.778M $1.374M
YoY Change
Common Stock $60.05M $59.79M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.66M $52.28M $61.17M
YoY Change
Total Liabilities & Shareholders Equity $130.4M $113.8M $125.0M
YoY Change 14.59% 202.74% 288.27%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $770.0K -$9.152M -$133.0K
YoY Change -108.41% -1372.88% -162.74%
Depreciation, Depletion And Amortization $1.200M $800.0K $700.0K
YoY Change 50.0% 60.0% 40.0%
Cash From Operating Activities -$767.0K -$10.43M $1.270M
YoY Change -92.65% -525.71% -395.35%
INVESTING ACTIVITIES
Capital Expenditures -$1.623M -$2.280M -$3.890M
YoY Change -28.82% -19.43% 68.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$170.0K
YoY Change
Cash From Investing Activities -$1.623M -$2.270M -$4.060M
YoY Change -28.5% -19.79% 75.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.812M -260.0K -240.0K
YoY Change -1950.77% -116.67% -79.83%
NET CHANGE
Cash From Operating Activities -767.0K -10.43M 1.270M
Cash From Investing Activities -1.623M -2.270M -4.060M
Cash From Financing Activities 4.812M -260.0K -240.0K
Net Change In Cash 2.422M -12.96M -3.030M
YoY Change -118.69% -1198.31% -22.9%
FREE CASH FLOW
Cash From Operating Activities -$767.0K -$10.43M $1.270M
Capital Expenditures -$1.623M -$2.280M -$3.890M
Free Cash Flow $856.0K -$8.150M $5.160M
YoY Change -110.5% -254.36% 174.47%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Share Based Compensation
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us-gaap Deferred Income Tax Expense Benefit
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krus Noncash Lease Expense
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krus Noncash Lease Expense
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us-gaap Inventory Write Down
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us-gaap Operating Costs And Expenses
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us-gaap Cost Depreciation Amortization And Depletion
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us-gaap Investment Income Interest
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Interest Expense
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Deposit Other Assets
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us-gaap Increase Decrease In Deposit Other Assets
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us-gaap Increase Decrease In Due To Affiliates
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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krus Proceeds From Paycheck Protection Program Loan
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us-gaap Repayments Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Finance Lease Principal Payments
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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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 2022&#8221;, &#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, 2022 and August 31, 2021, and ended August 31, 2020 and August 31, 2019, respectively.</p>
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>
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us-gaap Operating Lease Cost
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TaxesPayableCurrent
56000
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1360000
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
580000
krus Operating And Finance Leases Remaining Lease Start Range Terms Description
OperatingAndFinanceLeasesRemainingLeaseStartRangeTermsDescription
less than 1 year
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
157000
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
141000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
465000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
419000
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
20000
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
30000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
69000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
95000
CY2021Q2 krus Finance Lease Cost
FinanceLeaseCost
177000
CY2020Q2 krus Finance Lease Cost
FinanceLeaseCost
171000
krus Finance Lease Cost
FinanceLeaseCost
534000
krus Finance Lease Cost
FinanceLeaseCost
514000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1571000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1244000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4687000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3688000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
401000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
223000
us-gaap Variable Lease Cost
VariableLeaseCost
898000
us-gaap Variable Lease Cost
VariableLeaseCost
923000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1972000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1467000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Existence Of Option To Extend
LesseeOperatingLeaseLeaseNotYetCommencedExistenceOfOptionToExtend
true
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
428000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3828000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6106000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6237000
us-gaap Operating Lease Cost
OperatingLeaseCost
4611000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
62936000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
62024000
CY2021Q2 krus Finance Lease Right Of Use Asset Before Accumulated Depreciation
FinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciation
6102000
CY2020Q3 krus Finance Lease Right Of Use Asset Before Accumulated Depreciation
FinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciation
6117000
CY2021Q2 krus Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
2644000
CY2020Q3 krus Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
2178000
CY2021Q2 krus Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
3458000
CY2020Q3 krus Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
3939000
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1707000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
2485000
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P16Y
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y1M6D
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M12D
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.045
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.045
us-gaap Operating Lease Payments
OperatingLeasePayments
3234000
us-gaap Operating Lease Payments
OperatingLeasePayments
2644000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2952000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15074000
CY2021Q2 krus Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
22800000
CY2021Q2 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P20Y
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6335000
CY2021Q2 krus Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
79694000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
102628000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39692000
CY2021Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
263000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1005000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
483000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
17000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1000
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1769000
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
62000
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
14000000
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.011
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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