$ARAY
ACCURAY INC

2020 Q3 Form 10-Q Financial Statement

#000156459020050481 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $85.33M $89.58M
YoY Change -4.74% -6.52%
Cost Of Revenue $49.93M $56.60M
YoY Change -11.79% -2.33%
Gross Profit $35.40M $32.94M
YoY Change 7.47% -13.03%
Gross Profit Margin 41.49% 36.78%
Selling, General & Admin $17.79M $23.88M
YoY Change -25.52% -16.72%
% of Gross Profit 50.24% 72.49%
Research & Development $12.15M $13.34M
YoY Change -8.94% -3.95%
% of Gross Profit 34.31% 40.5%
Depreciation & Amortization $1.660M $1.865M
YoY Change -10.99% -12.4%
% of Gross Profit 4.69% 5.66%
Operating Expenses $29.94M $37.22M
YoY Change -19.58% -12.55%
Operating Profit $5.468M -$4.280M
YoY Change -227.76% -8.7%
Interest Expense -$4.400M -$4.800M
YoY Change -8.33% 20.0%
% of Operating Profit -80.47%
Other Income/Expense, Net -$4.694M -$4.439M
YoY Change 5.74% 11.45%
Pretax Income $746.0K -$8.719M
YoY Change -108.56% 0.55%
Income Tax $344.0K $637.0K
% Of Pretax Income 46.11%
Net Earnings $402.0K -$9.356M
YoY Change -104.3% 1.63%
Net Earnings / Revenue 0.47% -10.44%
Basic Earnings Per Share $0.00 -$0.11
Diluted Earnings Per Share $0.00 -$0.11
COMMON SHARES
Basic Shares Outstanding 91.19M 88.77M
Diluted Shares Outstanding 91.68M 88.77M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.00M $80.90M
YoY Change 11.25% 18.1%
Cash & Equivalents $90.00M $80.91M
Short-Term Investments
Other Short-Term Assets $26.40M $26.40M
YoY Change 0.0% 36.79%
Inventory $141.0M $129.2M
Prepaid Expenses
Receivables $75.00M $104.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $332.5M $341.2M
YoY Change -2.56% 25.5%
LONG-TERM ASSETS
Property, Plant & Equipment $14.54M $16.68M
YoY Change -12.84% -27.78%
Goodwill $57.83M $57.66M
YoY Change 0.31%
Intangibles
YoY Change
Long-Term Investments $15.60M
YoY Change
Other Assets $14.97M $17.45M
YoY Change -14.2% 347.38%
Total Long-Term Assets $132.2M $122.5M
YoY Change 7.91% 26.05%
TOTAL ASSETS
Total Short-Term Assets $332.5M $341.2M
Total Long-Term Assets $132.2M $122.5M
Total Assets $464.7M $463.7M
YoY Change 0.21% 25.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.84M $23.62M
YoY Change -24.47% -8.8%
Accrued Expenses $47.00M $54.50M
YoY Change -13.76% 26.45%
Deferred Revenue $81.34M $79.60M
YoY Change 2.2% 5.4%
Short-Term Debt $6.200M $0.00
YoY Change
Long-Term Debt Due $6.162M
YoY Change
Total Short-Term Liabilities $169.1M $176.1M
YoY Change -4.0% 9.75%
LONG-TERM LIABILITIES
Long-Term Debt $173.5M $188.5M
YoY Change -7.92% 46.21%
Other Long-Term Liabilities $54.60M $6.344M
YoY Change 760.66% -80.54%
Total Long-Term Liabilities $173.5M $194.8M
YoY Change -10.92% 20.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.1M $176.1M
Total Long-Term Liabilities $173.5M $194.8M
Total Liabilities $397.3M $422.8M
YoY Change -6.03% 31.3%
SHAREHOLDERS EQUITY
Retained Earnings -$494.9M
YoY Change
Common Stock $536.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.44M $40.97M
YoY Change
Total Liabilities & Shareholders Equity $464.7M $463.7M
YoY Change 0.21% 25.64%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $402.0K -$9.356M
YoY Change -104.3% 1.63%
Depreciation, Depletion And Amortization $1.660M $1.865M
YoY Change -10.99% -12.4%
Cash From Operating Activities -$2.870M -$24.62M
YoY Change -88.34% 38.14%
INVESTING ACTIVITIES
Capital Expenditures $569.0K $1.267M
YoY Change -55.09% -20.91%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$569.0K -$1.267M
YoY Change -55.09% -20.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.50M
YoY Change
Cash From Financing Activities -11.16M 27.45M
YoY Change -140.65% -1231.49%
NET CHANGE
Cash From Operating Activities -2.870M -24.62M
Cash From Investing Activities -569.0K -1.267M
Cash From Financing Activities -11.16M 27.45M
Net Change In Cash -13.11M -290.0K
YoY Change 4420.69% -98.7%
FREE CASH FLOW
Cash From Operating Activities -$2.870M -$24.62M
Capital Expenditures $569.0K $1.267M
Free Cash Flow -$3.439M -$25.89M
YoY Change -86.72% 33.27%

Facts In Submission

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:2.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of the COVID-19 pandemic. Key estimates and assumptions made by the Company relate to revenue recognition, assessment of recoverability of goodwill and intangible assets, valuation of our equity method investment in the JV, valuation of inventories, share based compensation expense, convertible notes, income taxes, allowance for doubtful accounts and loss contingencies. Actual results could differ materially from those estimates.</p>
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1800000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
2240000
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
752000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
1231000
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
1236000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1009000
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-484000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2400000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
200000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7171000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9311000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8676000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5922000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3032000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
34112000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3136000
CY2020Q3 aray Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
30976000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0528
CY2020Q2 us-gaap Goodwill
Goodwill
57717000
CY2019Q2 us-gaap Goodwill
Goodwill
57770000
CY2020Q3 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
117000
CY2020 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-53000
CY2020Q3 us-gaap Goodwill
Goodwill
57834000
CY2020Q2 us-gaap Goodwill
Goodwill
57717000
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
60000.00
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
40000.00
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
171000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
185000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
143000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
107000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
606000
CY2020Q3 aray Foreign Currency Forward Contracts
ForeignCurrencyForwardContracts
0
CY2020Q2 aray Foreign Currency Forward Contracts
ForeignCurrencyForwardContracts
0
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90000000.0
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
107600000
CY2020Q3 aray Carrying Amount Of Equity Conversion Component
CarryingAmountOfEquityConversionComponent
14650000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
192291000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2498000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10104000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
179689000
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
6162000
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
173527000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
179689000
CY2020Q2 aray Carrying Amount Of Equity Conversion Component
CarryingAmountOfEquityConversionComponent
14650000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
202094000
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2796000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9991000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
189307000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
189307000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
189307000
CY2020Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2785000
CY2019Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2862000
CY2020Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1241000
CY2019Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
965000
CY2020Q3 aray Amortization Of Financing Costs Convertible Debt
AmortizationOfFinancingCostsConvertibleDebt
357000
CY2019Q3 aray Amortization Of Financing Costs Convertible Debt
AmortizationOfFinancingCostsConvertibleDebt
329000
CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
4383000
CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
4156000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2244000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1700000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
402000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-9356000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91194000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88772000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
487000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91681000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88772000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9005000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7855000
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85332000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
89577000
CY2020Q3 us-gaap Noncurrent Assets
NoncurrentAssets
14540000
CY2020Q2 us-gaap Noncurrent Assets
NoncurrentAssets
15349000
CY2020Q3 aray Number Of Prior Years With Gross Receipt Eligible For Beat Minimum Tax
NumberOfPriorYearsWithGrossReceiptEligibleForBEATMinimumTax
3
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
17000000.0
CY2020Q3 aray Unrecognized Tax Benefits Subsequent Period Within Which No Material Changes Expected
UnrecognizedTaxBenefitsSubsequentPeriodWithinWhichNoMaterialChangesExpected
P12M

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