$ARAY
ACCURAY INC

2021 Q3 Form 10-Q Financial Statement

#000156459021054472 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2019 Q2
Revenue $107.4M $85.33M $117.4M
YoY Change 25.91% -4.74% 3.19%
Cost Of Revenue $67.92M $49.93M $71.50M
YoY Change 36.03% -11.79% 8.66%
Gross Profit $39.52M $35.40M $45.93M
YoY Change 11.64% 7.47% -4.29%
Gross Profit Margin 36.79% 41.49% 39.11%
Selling, General & Admin $22.73M $17.79M $26.60M
YoY Change 27.8% -25.52% -12.21%
% of Gross Profit 57.51% 50.24% 57.92%
Research & Development $14.38M $12.15M $16.10M
YoY Change 18.39% -8.94% 10.27%
% of Gross Profit 36.39% 34.31% 35.06%
Depreciation & Amortization $1.419M $1.660M $4.400M
YoY Change -14.52% -10.99% 88.03%
% of Gross Profit 3.59% 4.69% 9.58%
Operating Expenses $37.11M $29.94M $42.70M
YoY Change 23.98% -19.58% -4.9%
Operating Profit $2.411M $5.468M $3.226M
YoY Change -55.91% -227.76% 4.57%
Interest Expense -$2.373M -$4.400M -$4.300M
YoY Change -46.07% -8.33% -75.29%
% of Operating Profit -98.42% -80.47% -133.29%
Other Income/Expense, Net -$2.668M -$4.694M $600.0K
YoY Change -43.16% 5.74% -95.38%
Pretax Income -$597.0K $746.0K -$500.0K
YoY Change -180.03% -108.56% -64.29%
Income Tax $431.0K $344.0K $900.0K
% Of Pretax Income 46.11%
Net Earnings -$1.028M $402.0K -$1.400M
YoY Change -355.72% -104.3% 47.99%
Net Earnings / Revenue -0.96% 0.47% -1.19%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00 -$15.87K
COMMON SHARES
Basic Shares Outstanding 90.84M 91.19M 88.02M
Diluted Shares Outstanding 90.84M 91.68M

Balance Sheet

Concept 2021 Q3 2020 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.7M $90.00M $76.80M
YoY Change 16.31% 11.25% -7.58%
Cash & Equivalents $106.5M $90.00M $76.80M
Short-Term Investments
Other Short-Term Assets $25.31M $26.40M $34.60M
YoY Change -4.14% 0.0% 30.08%
Inventory $126.5M $141.0M $120.8M
Prepaid Expenses
Receivables $94.04M $75.00M $111.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $350.5M $332.5M $344.1M
YoY Change 5.42% -2.56% 21.09%
LONG-TERM ASSETS
Property, Plant & Equipment $12.26M $14.54M $17.12M
YoY Change -15.66% -12.84% -27.75%
Goodwill $57.95M $57.83M $57.72M
YoY Change 0.2% 0.31% -0.24%
Intangibles
YoY Change
Long-Term Investments $14.74M $15.60M
YoY Change -5.5%
Other Assets $13.79M $14.97M $17.37M
YoY Change -7.88% -14.2% 50.08%
Total Long-Term Assets $125.3M $132.2M $94.11M
YoY Change -5.26% 7.91% -0.49%
TOTAL ASSETS
Total Short-Term Assets $350.5M $332.5M $344.1M
Total Long-Term Assets $125.3M $132.2M $94.11M
Total Assets $475.8M $464.7M $438.2M
YoY Change 2.38% 0.21% 15.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.57M $17.84M $29.56M
YoY Change 26.5% -24.47% 50.11%
Accrued Expenses $60.37M $47.00M $63.90M
YoY Change 28.44% -13.76% 24.32%
Deferred Revenue $78.89M $81.34M $78.33M
YoY Change -3.02% 2.2% 3.88%
Short-Term Debt $0.00 $6.200M $0.00
YoY Change -100.0%
Long-Term Debt Due $3.664M $6.162M
YoY Change -40.54%
Total Short-Term Liabilities $188.3M $169.1M $192.2M
YoY Change 11.36% -4.0% 13.43%
LONG-TERM LIABILITIES
Long-Term Debt $194.1M $173.5M $159.8M
YoY Change 11.88% -7.92% 21.95%
Other Long-Term Liabilities $47.55M $54.60M $9.646M
YoY Change -12.91% 760.66% 12.06%
Total Long-Term Liabilities $194.1M $173.5M $169.5M
YoY Change 11.88% -10.92% 21.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.3M $169.1M $192.2M
Total Long-Term Liabilities $194.1M $173.5M $169.5M
Total Liabilities $430.0M $397.3M $388.3M
YoY Change 8.23% -6.03% 17.64%
SHAREHOLDERS EQUITY
Retained Earnings -$485.5M
YoY Change 2.37%
Common Stock $535.4M
YoY Change 2.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.77M $67.44M $49.87M
YoY Change
Total Liabilities & Shareholders Equity $475.8M $464.7M $438.2M
YoY Change 2.38% 0.21% 15.7%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.028M $402.0K -$1.400M
YoY Change -355.72% -104.3% 47.99%
Depreciation, Depletion And Amortization $1.419M $1.660M $4.400M
YoY Change -14.52% -10.99% 88.03%
Cash From Operating Activities -$8.600M -$2.870M $9.090M
YoY Change 199.65% -88.34% -67.41%
INVESTING ACTIVITIES
Capital Expenditures $1.456M $569.0K -$1.070M
YoY Change 155.89% -55.09% -46.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.456M -$569.0K -$1.070M
YoY Change 155.89% -55.09% -31.85%
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 -1.000M -11.16M 13.76M
YoY Change -91.04% -140.65% -589.68%
NET CHANGE
Cash From Operating Activities -8.600M -2.870M 9.090M
Cash From Investing Activities -1.456M -569.0K -1.070M
Cash From Financing Activities -1.000M -11.16M 13.76M
Net Change In Cash -11.71M -13.11M 21.78M
YoY Change -10.68% 4420.69% -7.36%
FREE CASH FLOW
Cash From Operating Activities -$8.600M -$2.870M $9.090M
Capital Expenditures $1.456M $569.0K -$1.070M
Free Cash Flow -$10.06M -$3.439M $10.16M
YoY Change 192.41% -86.72% -66.02%

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:2.27%;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 and the assessment of stand-alone selling price (“SSP”), assessment of recoverability of goodwill and intangible assets, valuation of our equity method investment in the JV, valuation of inventories, share based compensation expense<span style="color:#000000;">, annual performance related bonuses</span>, valuation of the debt component of convertible  senior notes, income taxes, allowance for credit losses and loss contingencies. Actual results could differ materially from those estimates.</p>
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