ACCURAY INC 10-K

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Stock Information Our common stock is traded on the Nasdaq Global Select Market under the symbol “ARAY.” We have never paid cash dividends on our common stock. Our Board of Directors intends to use any future earnings to support operations and reinvest in the growth and development of our business. There are no current plans to pay cash dividends to common stockholders in the foreseeable future. As of August 12, 2021, there were 183 registered stockholders of record of our common stock. Because many of our shares of common stock are held by brokers or other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial stockholders and believe the number of registered stockholders of record underestimates our total number of stockholders. In April 2021, we granted 53,191 shares of restricted stock units (“RSUs”) to an employee, with a grant-date fair value of $4.70 per restricted stock unit. Each restricted stock unit represents the right to receive one share of our common stock upon vesting. One fourth of the aggregate RSUs vest annually over a period of four years. We did not receive any proceeds from this issuance. The issuance of such securities was exempt from registration under the Securities Act, in reliance upon Section 4(a)(2) of the Securities Act, for transactions by an issuer not involving a public offering. Other than as noted above and as previously reported to the Securities and Exchange Commission (SEC) on our Current Reports on Form 8-K, there were no sales of unregistered equity securities by us during the year ended June 30, 2021. Issuer Purchases of Equity Securities The following table presents information with respect to the Company’s repurchases of common stock during the quarter ended June 30, 2021. Period Total Number of Shares Purchased (in millions) (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs (in millions) (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Programs (in millions) (1) April 1 - 30 — $ — — — May 1 - 31 3.11 $ 4.54 3.11 — June 1 - 30 — $ — — — Total 3.11 $ 4.54 3.11 — (1) On May 5, 2021, the Board of Directors authorized a repurchase of an aggregate amount of our common stock not to exceed $18 million. On May 7, 2021, we completed a repurchase of 3,108,369 shares of our common stock for an aggregate amount of $14.1 million in privately negotiated transactions with a financial intermediary . No further purchases of common stock is intended to be made under this authorization. 66 Stock Performance Graph The graph set forth below compares the cumulative total stockholder return on our common stock between June 30, 2016 and June 30, 2021, with the cumulative total return of (i) the S&P Healthcare Index and (ii) the Nasdaq Composite Index, over the same period. This graph assumes the investment of $100.00 on June 30, 2016 in our common stock, the S&P Healthcare Index and the Nasdaq Composite Index, and assumes the reinvestment of dividends, if any. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Accuray Incorporated, the NASDAQ Composite Index and the S&P Health Care Index 6/14 6/15 6/16 6/17 6/18 6/19 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Accuray Incorporated NASDAQ Composite S&P Health Care *$100 invested on 6/30/14 in stock or index, including reinvestment of dividends. Fiscal year ending June 30. Copyright© 2019 Standard & Poor's, a division of S&P Global. All rights reserved. The comparisons shown in the graph above are based upon historical data. We caution that the stock price performance shown in the graph above is not necessarily indicative of, nor is it intended to forecast, the potential future performance of our common stock. 67 Item 6. SELECTED FINANCIAL DATA The following selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Form 10‑K. The consolidated statements of operations for the years ended June 30, 2021, 2020 and 2019, and the consolidated balance sheet data at June 30, 2021 and 2020 are derived from, and are qualified by reference to, the consolidated financial statements that have been audited by our independent registered public accounting firm, which are included elsewhere in this Form 10‑K. The consolidated statements of operations data for the years ended June 30, 2018 and 2017 and the consolidated balance sheet data at June 30, 2019, 2018 and 2017 is derived from our audited consolidated financial statements not included in this Form 10‑K. Years Ended June 30, 2021 2020 2019 2018 2017 (in thousands, except per share data) Consolidated Statements of Operations Data: Net revenue $ 396,289 $ 382,928 $ 418,785 $ 404,897 $ 383,414 Cost of revenue 236,782 233,207 256,134 243,202 242,073 Gross profit 159,507 149,721 162,651 161,695 141,341 Operating expenses: Research and development 52,729 49,784 56,493 57,251 49,921 Selling and marketing 42,820 47,254 55,998 60,105 57,477 General and administrative 41,723 40,144 49,577 48,136 43,766 Total operating expenses 137,272 137,182 162,068 165,492 151,164 Income (loss) from operations 22,235 12,539 583 (3,797 ) (9,823 ) Income (loss) on equity method investment 872 (149 ) — — — Other expense, net (27,666 ) (6,700 ) (14,927 ) (19,224 ) (18,718 ) Income (Loss) before provision for income taxes (4,559 ) 5,690 (14,344 ) (23,021 ) (28,541 ) Provision for income taxes 1,752 1,863 2,086 878 1,038 Net income (loss) (6,311 ) 3,827 (16,430 ) (23,899 ) (29,579 ) Income (loss) per share Basic $ (0.07 ) $ 0.04 $ (0.19 ) $ (0.28 ) $ (0.36 ) Diluted $ (0.07 ) $ 0.04 $ (0.19 ) $ (0.28 ) $ (0.36 ) Weighted average common shares used in computing net income (loss) per share Basic 92,031 89,874 87,465 84,893 82,495 Diluted 92,031 90,623 87,465 84,893 82,495 As of June 30, 2021 2020 2019 2018 2017 (in thousands) Consolidated Balance Sheet Data: Cash and cash equivalents $ 116,369 $ 107,577 $ 76,798 $ 83,083 $ 72,084 Investments $ — $ — $ - $ - $ 23,909 Working capital $ 160,414 $ 175,215 $ 151,894 $ 114,723 $ 24,511 Total assets $ 480,098 $ 490,927 $ 438,181 $ 378,727 $ 406,464 Long-term debt $ 170,007 $ 189,307 $ 159,844 $ 131,077 $ 51,548 Total stockholders’ equity $ 68,840 $ 63,635 $ 49,871 $ 48,632 $ 46,533 68