$KRUS
KURA SUSHI USA, INC.

2021 Q4 Form 10-Q Financial Statement

#000156459022000556 Filed on January 06, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $29.83M $9.414M
YoY Change 216.89% -46.02%
Cost Of Revenue $23.45M $10.42M
YoY Change 125.03% -25.78%
Gross Profit $6.384M -$1.010M
YoY Change -732.08% -129.71%
Gross Profit Margin 21.4% -10.73%
Selling, General & Admin $7.560M $5.210M
YoY Change 45.11% 9.22%
% of Gross Profit 118.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.000M
YoY Change 30.0% 45.99%
% of Gross Profit 20.36%
Operating Expenses $31.10M $15.71M
YoY Change 98.0% -16.6%
Operating Profit -$1.264M -$6.291M
YoY Change -79.91% 352.26%
Interest Expense $25.00K $34.00K
YoY Change -26.47% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.263M -$6.321M
YoY Change -80.02% 414.74%
Income Tax $12.00K $29.00K
% Of Pretax Income
Net Earnings -$1.275M -$6.350M
YoY Change -79.92% 418.79%
Net Earnings / Revenue -4.27% -67.45%
Basic Earnings Per Share -$0.13 -$0.76
Diluted Earnings Per Share -$0.13 -$0.76
COMMON SHARES
Basic Shares Outstanding 9.710K 8.348K
Diluted Shares Outstanding 9.710K 8.348K

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.42M $2.700M
YoY Change 1545.22% -91.82%
Cash & Equivalents $44.42M $2.745M
Short-Term Investments
Other Short-Term Assets $207.0K $3.100M
YoY Change -93.32% 106.67%
Inventory $820.0K $454.0K
Prepaid Expenses $1.391M
Receivables $2.030M $1.995M
Other Receivables $10.00K $200.0K
Total Short-Term Assets $52.94M $8.507M
YoY Change 522.25% -76.38%
LONG-TERM ASSETS
Property, Plant & Equipment $59.89M $49.82M
YoY Change 20.23% 43.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.311M $2.000M
YoY Change 15.55% -20.0%
Total Long-Term Assets $125.9M $106.9M
YoY Change 17.77% 34.29%
TOTAL ASSETS
Total Short-Term Assets $52.94M $8.507M
Total Long-Term Assets $125.9M $106.9M
Total Assets $178.8M $115.4M
YoY Change 54.97% -0.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.222M $4.890M
YoY Change 27.24% 82.6%
Accrued Expenses $15.36M $9.200M
YoY Change 66.9% 35.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $845.0K $1.000M
YoY Change -15.5% 0.0%
Total Short-Term Liabilities $22.75M $15.14M
YoY Change 50.22% 41.44%
LONG-TERM LIABILITIES
Long-Term Debt $374.0K $4.200M
YoY Change -91.1% 90.91%
Other Long-Term Liabilities $401.0K $56.30M
YoY Change -99.29% 20986.14%
Total Long-Term Liabilities $401.0K $60.50M
YoY Change -99.34% 22559.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.75M $15.14M
Total Long-Term Liabilities $401.0K $60.50M
Total Liabilities $88.79M $75.70M
YoY Change 17.29% 38.8%
SHAREHOLDERS EQUITY
Retained Earnings -$20.98M
YoY Change -1491.97%
Common Stock $60.69M
YoY Change 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.03M $39.72M
YoY Change
Total Liabilities & Shareholders Equity $178.8M $115.4M
YoY Change 54.97% -0.19%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income -$1.275M -$6.350M
YoY Change -79.92% 418.79%
Depreciation, Depletion And Amortization $1.300M $1.000M
YoY Change 30.0% 45.99%
Cash From Operating Activities $10.58M -$2.731M
YoY Change -487.26% 77.57%
INVESTING ACTIVITIES
Capital Expenditures $6.036M $6.519M
YoY Change -7.41% 104.1%
Acquisitions
YoY Change
Other Investing Activities -$225.0K
YoY Change
Cash From Investing Activities -$6.345M -$6.619M
YoY Change -4.14% 104.04%
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 2.836M
YoY Change -108.46% -1225.4%
NET CHANGE
Cash From Operating Activities 10.58M -2.731M
Cash From Investing Activities -6.345M -6.619M
Cash From Financing Activities -240.0K 2.836M
Net Change In Cash 3.991M -6.514M
YoY Change -161.27% 29.4%
FREE CASH FLOW
Cash From Operating Activities $10.58M -$2.731M
Capital Expenditures $6.036M $6.519M
Free Cash Flow $4.540M -$9.250M
YoY Change -149.08% 95.48%

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-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Fiscal Year</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s fiscal year begins on September 1 and ends on August 31, and references made to “fiscal year 2022” and “fiscal year 2021” refer to the Company’s fiscal years ending August 31, 2022 and August 31, 2021, respectively.</p>
CY2021Q4 us-gaap Use Of Estimates
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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-size:10pt;font-family:Times New Roman;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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5650000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
65265000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
65834000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
71799000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
71484000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
845000
CY2021Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
932000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
374000
CY2021Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
546000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1219000
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1478000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.064
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.064
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.045
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
1478000
CY2020Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
907000
CY2021Q4 krus Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
30800000
CY2021Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P20Y
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3156000
CY2021Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
735000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5952000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
492000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6840000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6966000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6865000
CY2021Q4 krus Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
85450000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
115229000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1253000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
43430000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
34000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
71799000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1219000
CY2021Q4 krus Loss Contingency Settlement Amount
LossContingencySettlementAmount
1750000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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