Kura Sushi USA Inc (NASDAQ:KRUS) Q3 2020 Earnings Conference Call - Final Transcript

Jul 14, 2020 • 04:30 pm ET


Kura Sushi USA Inc (NASDAQ:KRUS) Q3 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Kura Sushi USA, Inc. Third Quarter 2020 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode and the lines will be opened for your questions following the presentation. Please note that this conference is being recorded today, July 14th, 2020.

On the call today we have Jimmy Uba, President and Chief Executive Officer; Koji Shinohara, Chief Financial Officer; and Benjamin Porten, Investor Relations Manager.

I would now like to turn the conference over to Mr. Porten. Thank you. You may begin.

Benjamin Porten

Thank you, operator. Good afternoon everyone and thank you all for joining. By now, everyone should have access to our fiscal third quarter 2020 earnings release. It can be found at www.kurasushi.com in the Investor Relations section. A copy of the earnings release has also been included in an 8-K we submitted to the SEC.

Before we begin our formal remarks, I need to remind everyone that part of our discussions today will include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and therefore you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We refer all of you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

Also, during today's call we will discuss certain non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation nor as a substitute for results prepared in accordance with GAAP and the reconciliations to comparable GAAP measures are available in our earnings release.

With that out of the way, I would like to turn the call over to Jimmy.

Hajime "Jimmy" Uba

Thank you, Ben, and thank you everyone for joining us today. As most of you know, our restaurants have been largely closed during our fiscal third quarter. As a result, we would like to spend today's call providing you with an update on our business operations and initiatives. If you have specific questions about our third quarter financial results, we will be happy to answer your questions during Q&A.

As we discussed on our last call, we entered 2020 with very solid momentum across our restaurants that continued into January and February of this year. March was a challenging month across the restaurant industry as the news about COVID-19 began to spread.

On March 18th as official guidelines featured mandatory shutdown of in-restaurant dining, we made the difficult decision to close all our restaurants system-wide. From the start of the pandemic, our primary concerns have been the safety of our guests, the ongoing health and the welfare of our team, our liquidity and our ability to quickly and efficiently resume operations when