Kura Sushi USA Files Q3 2024 10-Q
Ticker: KRUS · Form: 10-Q · Filed: Jul 9, 2024 · CIK: 1772177
Sentiment: neutral
Topics: 10-Q, earnings, restaurant
TL;DR
**Kura Sushi USA Q3 10-Q filed. Financials and operations detailed.**
AI Summary
Kura Sushi USA, Inc. filed its 10-Q for the period ending May 31, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and business activities are presented, reflecting the company's ongoing operations in the restaurant sector.
Why It Matters
This filing provides investors with a detailed look at Kura Sushi USA's financial health and operational performance during the third quarter, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a publicly traded company in the restaurant industry, Kura Sushi USA faces inherent risks related to market fluctuations, consumer spending, and operational challenges.
Key Numbers
- Q3 2024 — Fiscal Quarter (Reporting period for the 10-Q filing.)
- 08-31 — Fiscal Year End (Indicates the end of the company's fiscal year.)
Key Players & Entities
- KURA SUSHI USA, INC. (company) — Filer
- 20240531 (date) — Period of Report
- 20240709 (date) — Filing Date
- 001-39012 (company) — SEC File Number
- IRVINE, CA (location) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is May 31, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0001772177.
What is the Standard Industrial Classification (SIC) code for Kura Sushi USA, Inc.?
The SIC code is 5812, which corresponds to RETAIL-EATING PLACES.
When was the company incorporated?
The company was incorporated in Delaware (DE).
What is the SEC file number for Kura Sushi USA, Inc.?
The SEC file number is 001-39012.
Filing Stats: 4,477 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-07-09 16:27:03
Key Financial Figures
- $0.001 — hich registered Class A Common Stock, $0.001 par value per share KRUS The Nasdaq
Filing Documents
- krus-20240531.htm (10-Q) — 1918KB
- krus-ex31_1.htm (EX-31.1) — 13KB
- krus-ex31_2.htm (EX-31.2) — 13KB
- krus-ex32_1.htm (EX-32.1) — 9KB
- krus-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-082426.txt ( ) — 6921KB
- krus-20240531.xsd (EX-101.SCH) — 931KB
- krus-20240531_htm.xml (XML) — 1222KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive (Loss) Income 2 Condensed Statements of Stockholders' Equity 3 Condensed Statements of Cash Flows 4 Notes to Condensed Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II. OTHER INFORMATION 26 Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Kura Sushi USA, Inc. Condensed Balance Sheets (amounts in thousands, except par value) (Unaudited) May 31, 2024 August 31, 2023 Assets Current assets: Cash and cash equivalents $ 59,405 $ 69,697 Short-term investments 1,250 8,542 Accounts and other receivables 5,510 5,048 Inventories 2,132 1,747 Due from affiliate — 104 Prepaid expenses and other current assets 3,988 4,233 Total current assets 72,285 89,371 Non-current assets: Property and equipment – net 130,663 106,427 Operating lease right-of-use assets 117,030 103,884 Deposits and other assets 4,753 4,977 Total assets $ 324,731 $ 304,659 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,063 $ 7,248 Accrued expenses and other current liabilities 3,412 2,821 Salaries and wages payable 8,596 7,595 Operating lease liabilities – current 11,734 9,225 Due to affiliate 123 555 Sales tax payable 1,766 1,694 Total current liabilities 33,694 29,138 Non-current liabilities: Operating lease liabilities – non-current 123,848 110,234 Other liabilities 763 646 Total liabilities 158,305 140,018 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.001 par value; 1,000 shares authorized, no shares issued or outstanding — — Class A common stock, $ 0.001 par value; 50,000 shares authorized, 10,243 and 10,147 shares issued and outstanding as of May 31, 2024 and August 31, 2023, respectively 10 10 Class B common stock, $ 0.001 par value; 10,000 shares authorized, 1,000 shares issued and outstanding as of May 31, 2024 and August 31, 2023 1 1 Additional paid-in capital 194,202 188,771 Accumulated deficit ( 27,787 ) ( 24,184 ) Accumulated other comprehensive income — 43 Total stockholders' equity 166,426 164,641 Total liabilities and sto