Non-GAAP Revenue Growth of 13% for the Full
Year
Record Backlog of $875 Million, up 17%
Year-Over-Year
Expanded Estimated U.S. Market Share in
2013
Silver Spring Networks, Inc. (NYSE: SSNI) today announced
financial results for its fourth quarter and full year ended
December 31, 2013.
Full Year 2013 Results (all comparisons made are against
the prior year period)
- Non-GAAP revenue was $344.1 million, up
13%.
- GAAP revenue was $326.9 million, up
66%.
- Non-GAAP gross margin was 33.1%, as
compared with 33.9% a year ago.
- GAAP gross margin was 35.3% as compared
to 16.1% a year ago.
- Non-GAAP net loss was $3.1 million as
compared with $5.7 million a year ago.
- GAAP net loss was $66.8 million as
compared with $89.7 million a year ago. GAAP net loss includes
non-cash charges of $42.1 million in connection with Silver
Spring’s initial public offering.
- Silver Spring generated breakeven
operating cash flow and has $145.9 million in cash and investments
and no debt.
“We made good progress during 2013. We grew top line by 13%,
entered three new countries enlarging our global footprint,
launched our innovative street light solution, and expanded our
total backlog to a record $875 million,” said Scott Lang, Chairman,
President, and Chief Executive Officer. “I remain confident that
our leading networking platform, proven value proposition, and
large global market opportunity position us well for long-term
growth.”
Business Highlights (through February 10, 2014, unless
otherwise stated)
- 18.2 million cumulative network
endpoints delivered from inception through December 31, 2013,
up 15% from a year ago.
- Record total backlog of $875
million as of December 31, 2013, up 17% year-over-year.
- Working with clients that represent
an incremental 26M+ homes and businesses that are piloting or
deploying our technology in phases.
- Won over 50% of the homes and
businesses for networking and advanced metering awarded in the
U.S. in 2013; expanded life-to-date estimated market share to
approximately 33%. Entered three new countries expanding global
footprint.
- Hawaiian Electric Company to network
homes and businesses in the initial phase of one of the
country’s most extensive smart grid programs, covering advanced
metering infrastructure, Customer IQ portal, direct load control,
volt-var optimization, prepayment, and distributed generation
integration.
- Announced SilverLink™ Sensor
Network. New approach to organizing, programming, and using
near real-time smart grid data from the network to fuel new
applications at up to 10x the speed and 1/10th the cost of
traditional utility IT infrastructure.
- Launched Silver Spring App Store and
expanded partner program. Software developers leveraging smart
grid data from the SilverLink Sensor Network for innovative
applications.
- Appointed Peter Van Camp,
Executive Chairman of Equinix, to Board of Directors.
Q4 Results (all comparisons made are against the prior
year period)
- Non-GAAP revenue for the fourth quarter
was $89.6 million, up 5%.
- GAAP revenue was $97.2 million, up
94%.
- Non-GAAP gross margin was 30.0%, as
compared with 33.5% a year ago.
- GAAP gross margin was 34.7% as compared
to 21.1% a year ago.
- Non-GAAP net income was $0.1 million as
compared with $0.6 million a year ago.
- GAAP net income was $0.4 million as
compared with a GAAP net loss of $21.0 million a year ago.
Conference Call
Silver Spring will host a conference call today at 1:30 pm PT
(4:30 pm ET) to review its results for the fourth quarter and full
year ended December 31, 2013 and its outlook for the future. During
the course of this call, Silver Spring may also disclose material
developments affecting its business and/or financial performance.
Listeners may access the conference call live at 877-407-0832
(U.S.) or 201-689-8433 (International) or via webcast at
http://ir.silverspringnet.com. A dial-in replay of the conference
call will be available until February 24, 2014 and can be accessed
at 877-660-6853 (domestic) or 201-612-7415 (international) passcode
13575377. An audio webcast replay of the conference call will be
available for one year at http://ir.silverspringnet.com.
About Silver Spring Networks
Silver Spring Networks is a leading networking
platform and solutions provider for smart energy networks. Silver
Spring’s pioneering IPv6 networking platform, with over 18 million
Silver Spring enabled devices delivered, is connecting utilities to
homes and business throughout the world with the goal of achieving
greater energy efficiency for the planet. Silver Spring’s
innovative solutions enable utilities to gain
operational efficiencies, improve grid reliability, and
empower consumers to monitor and manage energy consumption. Silver
Spring Networks’ customers include major utilities around the globe
such as Baltimore Gas & Electric, CitiPower & Powercor,
Commonwealth Edison, CPS Energy, Florida Power & Light, Jemena
Electricity Networks Limited, Pacific Gas & Electric, Pepco
Holdings, Progress Energy, and Singapore Power, among others. To
learn more, please visit www.silverspringnet.com.
Non-GAAP and Other Financial Measures
Silver Spring believes that its results of operations under
generally accepted accounting principles, or GAAP, when considered
in isolation, may only provide limited insight into the performance
of its business in any given period. As a result, Silver Spring
manages its business, makes planning decisions, evaluates its
performance and allocates resources by assessing non-GAAP measures
such as non-GAAP revenue (billings), cost of non-GAAP revenue
(billings), non-GAAP gross profit (loss), non-GAAP operating income
(loss), non-GAAP net income (loss), non-GAAP earnings (loss) per
share, and adjusted EBITDA, and total backlog, in addition to other
financial measures presented in accordance with GAAP. Silver Spring
believes that these non-GAAP and other financial measures offer
valuable supplemental information regarding the performance of its
business, and will help investors better understand the sales
volumes, and gross margin and profitability trends, as well as the
cash flow characteristics, of its business. The non-GAAP measures
should not be considered in isolation from, are not a substitute
for, and do not purport to be an alternative to, revenue, cost of
revenue, gross profit (loss), operating loss, net loss, loss per
share or any other performance measure derived in accordance with
GAAP. Silver Spring may consider whether other significant
non-recurring items that arise in the future should also be
excluded in calculating the non-GAAP financial measures it
uses.
Non-GAAP revenue (billings) represents amounts invoiced for
products for which ownership, typically evidenced by title and risk
of loss, has transferred or services that have been provided to the
customer, and for which payment is expected to be made in
accordance with normal payment terms. Non-GAAP revenue excludes
amounts for undelivered products, services to be performed in the
future, and amounts paid or payable to customers. Non-GAAP revenue
is initially recorded as deferred revenue and is recognized as GAAP
revenue when all revenue recognition criteria have been met under
Silver Spring’s accounting policies as described in Silver Spring’s
filings with the Securities and Exchange Commission. Silver Spring
reconciles revenue to billings by adding revenue to the change in
deferred revenue in a given period.
Cost of non-GAAP revenue (billings) represents the cost
associated with products and services that have been delivered to
the customer, excluding stock-based compensation and amortization
of intangibles. Cost of product shipments for which revenue is not
recognized in the period incurred is recorded as deferred cost of
revenue. Deferred cost of revenue is expensed in the statement of
operations as cost of revenue when the corresponding revenue is
recognized. Costs related to services are expensed in the period
incurred. Silver Spring reconciles cost of revenue to non-GAAP cost
of revenue by adding cost of revenue to the change in deferred cost
of revenue, less stock-based compensation and amortization of
intangibles included in cost of revenue, in a given period.
Non GAAP gross profit (loss) is the difference between non-GAAP
revenue and cost of non-GAAP revenue.
Non-GAAP operating income (loss) represents operating loss
adjusted for non-GAAP revenue (billings) and cost of non-GAAP
revenue (billings) and excludes expenses related to the
amortization of intangible assets, legal settlements, and
stock-based compensation.
Non-GAAP net income (loss) represents net loss adjusted for
non-GAAP revenue and cost of non-GAAP revenue, and excludes
expenses related to the amortization of intangible assets, legal
settlements, stock-based compensation, changes in fair value of
preferred stock warrant liabilities and embedded derivatives, and
loss on extinguishment of promissory notes.
Non-GAAP earnings (loss) per share represents non-GAAP net loss
divided by weighted average shares outstanding for the period.
Adjusted EBITDA is net income (loss) adjusted for changes in
deferred revenue and deferred cost of revenue, other (income)
expense, net, provision for income taxes, depreciation and
amortization, stock-based compensation and certain other items
management believes affect the comparability of operating
results.
Total backlog represents future product and service billings
that we expect to generate pursuant to contracts that we have
entered into with our utility customers and meter manufacturers.
Total backlog includes order backlog, which represents future
billings for open purchase orders and other firm commitments.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These forward-looking
statements include statements regarding the momentum in Silver
Spring Networks’ business, the performance and benefits of recently
announced new product introductions and innovations, future growth,
and future financial results. Statements including words such as
"anticipate", "believe", "estimate" or "expect" and statements in
the future tense are forward-looking statements. These
forward-looking statements are preliminary estimates and
expectations based on current information and are subject to
business and economic risks and uncertainties that could cause
actual events or actual future results to differ materially from
the expectations set forth in the forward-looking statements.
Important factors that could cause results to differ materially
from the statements herein include: timing around customer
decisions and deployment pace; dependence on a limited number of
customers and key suppliers; general economic risks; specific
economic risks in different geographies and among different
industries; failure to maintain or increase renewals and increase
business from existing customers; uncertainties around continued
success in sales growth and market share gains; lengthy sales
cycles with no assurances that a prospective customer will select
Silver Spring’s products and services; amounts included in backlog
may not result in billings or revenue; adverse publicity about, or
consumer or political opposition to, the smart grid; security
breaches involving smart grid products or services; the ability to
integrate technology into third-party devices and Silver Spring’s
relationship with third-party manufacturers; execution and customer
adoption risks related to new product introductions and innovation,
including our new SilverLink Sensor Network; the ability to attract
and retain personnel, including members of Silver Spring’s
management team; changes in strategy; technological changes that
make Silver Spring’s products and services less competitive;
competition, particularly from larger companies with more resources
than Silver Spring; risks related to retention of management;
international business uncertainties; the ability to acquire and
integrate other businesses; and other risk factors set forth from
time to time in Silver Spring’s filings with the SEC, copies of
which are available free of charge at the SEC’s website at
www.sec.gov. All forward-looking statements in this press release
reflect Silver Spring’s expectations as of February 10, 2014.
Silver Spring undertakes no obligation, and expressly disclaims any
obligation, to update any forward-looking statements in this press
release in light of new information or future events. In addition,
the financial results set forth in this press release are estimates
based on information currently available to Silver Spring.
SILVER SPRING NETWORKS
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share data) Three Months
Ended
Twelve Months Ended
December 31, December 31, 2013
2012 2013
2012 Revenue: Product revenue $ 77,944 $ 40,331 $
224,310 $ 162,623 Service revenue 19,220 9,740
102,548 34,114
Net
revenue 97,164 50,071 326,858
196,737 Cost of revenue: Product cost of revenue
50,163 26,967 150,315 115,325 Service cost of revenue 13,257
12,556 61,189 49,693
Total cost of revenue 63,420 39,523
211,504 165,018 Gross profit
33,744 10,548 115,354 31,719
Operating expenses: Research and development 16,167 15,126 77,018
61,998 Sales and marketing 8,417 7,372 34,931 29,104 General and
administrative 9,208 8,237
45,160 29,261
Total operating expenses
33,792
30,735
157,109
120,363
Operating income (loss) (48 )
(20,187 ) (41,755 ) (88,644
) Other income (expense) Interest income (expense),
net 138 (1,210 ) (1,152 ) (4,561 ) Conversion of promissory notes
and remeasurement of warrants and derivatives -
308 (23,676 ) 3,878
Other
income (expense), net
138
(902
)
(24,828
)
(683
)
Income (loss) before provision for income taxes 90 (21,089 )
(66,583 ) (89,327 ) Provision (benefit) for income taxes
(268 ) (79 ) 224 390
Net income (loss) $ 358 $
(21,010 ) $ (66,807 ) $
(89,717 ) Deemed dividend to convertible preferred
stockholders - - (105,000 )
-
Net income (loss) attributable to common
stockholders $ 358 $ (21,010
) $ (171,807 ) $ (89,717
) Net income (loss) per share Basic net
income (loss) per share attributable to common stockholders
$ 0.01 $ (5.65 ) $
(4.54 ) $ (24.45 ) Diluted
net income (loss) per share attributable to common stockholders
$ 0.01 $ (5.65 ) $
(4.54 ) $ (24.45 )
Weighted average number of shares used in
computation
Basic 47,198 3,720 37,877 3,670 Diluted 49,603 3,720 37,877 3,670
Non-GAAP results (in thousands, except
per share data)
The following tables reconcile the
Company's net income (loss) and income (loss) per share as
presented in its unaudited Condensed Consolidated Statements of
Operations and prepared in accordance with GAAP to its non-GAAP net
income (loss) and non-GAAP income (loss) per share.
Three Months Ended Twelve Months Ended
December 31, December 31, 2013
2012 2013
2012 Net income (loss) $ 358
$ (21,010 ) $ (66,807 )
$ (89,717 ) Change in deferred revenue, net of
foreign currency translation (7,516 ) 35,505 17,228 107,596 Change
in deferred cost of revenue, net of foreign currency translation
(1,011 ) (17,993 ) (31,039 ) (38,860 ) Amortization of intangibles
in cost of revenue 48 48 192 192 Conversion of promissory notes and
remeasurement of warrants and derivatives - (308 ) 23,676 (3,878 )
Convertible notes accretion / interest - 1,081 935 3,868
Stock-based compensation 8,001 3,269 52,504 15,092 Legal
settlements 250 - 250 -
Non-GAAP net income
(loss) $ 130 $ 592 $
(3,061 ) $ (5,707 )
Non-GAAP income (loss) per share Basic $
0.00 $ 0.16 $ (0.08 )
$ (1.56 ) Diluted $ 0.00
$ 0.02 $ (0.08 ) $
(1.56 ) Weighted average number of shares used
in computation Basic 47,198 3,720 37,877 3,670 Diluted 49,603
29,394 37,877 3,670
SILVER SPRING NETWORKS,
INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par values) December
31, December 31, 2013
2012 (a)
ASSETS Current assets: Cash and cash equivalents $ 82,596 $
72,646 Short-term investments 63,256 - Accounts receivable 69,724
56,528 Inventory 4,350 7,731 Deferred cost of revenue 37,460 45,298
Prepaid expenses and other current assets 4,758
3,456
Total current assets
262,144 185,659 Property and equipment, net 12,364 12,701
Deferred cost of revenue, non-current 238,663 199,865 Deferred tax
assets, non-current 1,613 8,265 Other long-term assets 1,567 11,254
TOTAL ASSETS $ 516,351
$ 417,744 LIABILITIES, CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities:
Accounts payable $ 31,317 $ 28,104 Accrued liabilities 21,282
14,831 Deferred revenue 111,293 89,838 Current portion of capital
lease obligations 1,615 1,647 Deferred tax liability 1,176
7,897 Total current liabilities 166,683
142,317 Deferred revenue, non-current 413,360 418,218
Preferred stock warrant liability - 11,261 Convertible promissory
notes and embedded derivatives - 56,319 Other liabilities 14,426
18,412 Convertible preferred stock: $0.001 par value; no
shares authorized, issued and outstanding, and aggregate
liquidation preference of $0 as of December 31, 2013; 26,072 shares
authorized, 22,366 shares issued and outstanding, and aggregate
liquidation preference of $381,338 as of December 31, 2012 -
270,725 Stockholders’ equity (deficit): Preferred stock,
$0.001 par value, 10,000 shares authorized and no shares issued or
outstanding as of December 31, 2013; no shares authorized, issued
or outstanding,as of December 31, 2012 - - Common stock,
$0.001 par value; 1,000,000 shares authorized, 47,384 shares issued
and outstanding as of December 31, 2013; 80,000 shares authorized
and 3,764 shares issued and outstanding as of December 31, 2012 46
4 Additional paid-in capital 538,967 51,078 Accumulated
other comprehensive income (loss) 130 (136 ) Accumulated deficit
(617,261 ) (550,454 )
Total stockholders’
deficit (78,118 ) (499,508 )
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' DEFICIT $ 516,351 $
417,744 (a) Derived from audited consolidated
financial statements
SILVER
SPRING NETWORKS UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOW (In thousands) Three Months
Ended Twelve Months Ended December 31,
December 31, 2013 2012
2013 2012
OPERATING ACTIVITIES Net income (loss)
$ 358 $ (21,010 ) $
(66,807 ) $ (89,717 )
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization 1,656 1,796 6,646 7,255
Stock-based compensation 8,001 3,269 52,504 15,092 Conversion of
promissory notes and remeasurement of warrants and derivatives -
(308 ) 23,676 (3,878 ) Provision for inventory obsolescence 230 272
430 1,202 Non-cash interest expense on convertible notes - 422 935
1,461 Other non-cash adjustments (367 ) (137 ) 63 358 Changes in
assets and liabilities: Accounts receivable (10,119 ) 7,656 (13,245
) (23,177 ) Inventory 2,417 (772 ) 2,951 (6,448 ) Prepaid expenses
and other current assets 1,095 662 (1,153 ) 1,109 Deferred cost of
revenue (1,022 ) (17,993 ) (30,960 ) (38,860 ) Other long-term
assets 658 (1,090 ) 4,504 (3,446 ) Accounts payable 4,594 3,553
2,848 10,883 Accrued liabilities 2,349 (138 ) 4,728 (3,191 )
Customer deposits 186 (92 ) (61 ) (7,046 ) Deferred revenue (7,893
) 35,505 16,597 107,596 Other liabilities (299 )
2,407 (3,642 ) 6,529
Net cash
provided by (used in) operating activities 1,844
14,002 14
(24,278 ) INVESTING ACTIVITIES
Decrease in restricted cash - - - 140 Proceeds from sales and
maturity of short-term investments 9,122 - 9,122 - Purchase of
short-term investments (10,888 ) - (72,339 ) - Purchases of
property and equipment (607 ) (605 ) (3,950 )
(4,854 )
Net cash used in investing activities
(2,373 ) (605 )
(67,167 ) (4,714 )
FINANCING ACTIVITIES Payment upon termination of
preferred stock warrants of a related party - - (12,000 ) -
Proceeds from initial public offering, net of offering costs (225 )
- 84,247 - Proceeds from private placement of common stock with a
related party - - 12,000 - Payments on capital lease obligations
(549 ) (424 ) (2,034 ) (1,312 ) Proceeds from sale-leaseback
transaction - - - 1,676 Proceeds from issuance of convertible
notes, net of paid issuance costs - - - 28,993 Proceeds from
issuance of common stock, net of repurchases 2,331 49 2,909 594
Taxes paid related to net share settlement of equity awards
(297 ) - (8,019 ) -
Net cash
provided by (used in) financing activities 1,260
(375 ) 77,103
29,951 Net increase in cash and cash
equivalents 731 13,022 9,950 959 Cash and cash equivalents -
beginning of period 81,865 59,624
72,646 71,687
Cash and cash
equivalents - end of period $ 82,596
$ 72,646 $ 82,596
$ 72,646
SILVER SPRING NETWORKS, INC. UNAUDITED
RECONCILIATION OF NET REVENUE BETWEEN GAAP AND NON-GAAP (in
thousands, except percentages) Q4 Q1
Q2 Q3 Q4 YoY%
TYPE
CY12 CY13 CY13
CY13 CY13 Change GAAP net
revenue Product net revenue $ 40,332 $ 41,720 $ 47,996 $ 56,650
$ 77,944 93 % Service net revenue Managed services and SaaS 4,018
4,559 37,508 9,835 8,159 103 % Professional 5,721
7,424 18,006 5,996
11,061 93 % Total service net revenue $ 9,739 $ 11,983 $
55,514 $ 15,831 $ 19,220 97 %
Total GAAP net revenue $ 50,071
$ 53,703 $ 103,510
$ 72,481 $ 97,164 94 %
% Product 81 % 78 % 46 % 78 % 80 % % Service 19 % 22 % 54 %
22 % 20 % Change in deferred net revenue Change in deferred
product revenue $ 25,793 $ 14,702 $ 17,905 $ 16,017 $ (7,054 )
Change in deferred service revenue Managed services and SaaS 6,441
3,825 (28,245 ) 16 1,000 Professional 3,271
1,541 (6,719 ) 5,702 (1,462 )
Total change in deferred service revenue 9,712 5,366 (34,964 )
5,718 (462 ) Total change in
deferred revenue $ 35,505 $ 20,068 $ (17,059 ) $ 21,735 $ (7,516 )
Non-GAAP revenue Product net revenue $ 66,125 $
56,422 $ 65,901 $ 72,667 $ 70,890 7 % Service net revenue Managed
services and SaaS 10,459 8,384 9,263 9,851 9,159 -12 % Professional
8,992 8,965 11,287
11,698 9,599 7 % Total service net revenue $
19,451 $ 17,349 $ 20,550 $ 21,549 $ 18,758 -4 %
Total non-GAAP net revenue $
85,576 $ 73,771 $
86,451 $ 94,216 $
89,648 5 % % Product 77 % 76 % 76 % 77 % 79 %
% Service 23 % 24 % 24 % 23 % 21 %
SOLUTION
GAAP net revenue Advanced metering infrastructure $ 46,250 $
45,149 $ 97,598 $ 66,774 $ 91,842 99 % Distribution automation and
demand side management 3,821 8,554 5,912 5,707 5,322 39 %
Total GAAP net revenue $
50,071 $ 53,703 $
103,510 $ 72,481 $
97,164 94 % % Advanced metering infrastructure
92 % 84 % 94 % 92 % 95 % % Distribution automation and demand side
management 8 % 16 % 6 % 8 % 5 % Change in deferred net
revenue Advanced metering infrastructure $ 32,208 $ 23,219 $
(21,380 ) $ 19,244 $ (9,532 ) Distribution automation and demand
side management 3,297 (3,151 ) 4,321 2,491 2,016
Total change in deferred net revenue $ 35,505
$ 20,068 $ (17,059 ) $ 21,735 $ (7,516 )
Non-GAAP net
revenue Advanced metering infrastructure $ 78,458 $ 68,368 $
76,218 $ 86,018 $ 82,310 5 % Distribution automation and demand
side management 7,118 5,403 10,233 8,198 7,338 3 %
Total Non-GAAP net revenue $
85,576 $ 73,771 $
86,451 $ 94,216 $
89,648 5 % % Advanced metering infrastructure
92 % 93 % 88 % 91 % 92 % % Distribution automation and demand side
management 8 % 7 % 12 % 9 % 8 %
GEOGRAPHY
GAAP net revenue United States $ 46,421 $ 50,747 $ 94,516 $
68,562 $ 71,602 54 % International 3,650 2,956 8,994 3,919 25,562
600 %
Total GAAP net
revenue $ 50,071 $ 53,703
$ 103,510 $ 72,481
$ 97,164 94 % % United States 93 % 94 %
91 % 95 % 74 % % International 7 % 6 % 9 % 5 % 26 % Change
in deferred net revenue United States $ 21,927 $ 8,839 $ (21,032 )
$ 15,289 $ 1,369 International 13,578 11,229 3,973 6,446 (8,885 )
Total change in deferred net
revenue $ 35,505 $ 20,068 $ (17,059 ) $ 21,735 $ (7,516 )
Non-GAAP net revenue United States $ 68,348 $ 59,586 $
73,484 $ 83,851 $ 72,971 7 % International 17,228 14,185 12,967
10,365 16,677 -3 %
Total
non-GAAP net revenue $ 85,576 $
73,771 $ 86,451 $
94,216 $ 89,648 5 % %
United States 80 % 81 % 85 % 89 % 81 % % International 20 % 19 % 15
% 11 % 19 %
SILVER SPRING NETWORKS, INC. UNAUDITED SUPPLEMENTAL
FINANCIAL INFORMATION (in thousands, except percentages and
headcount) Q4 Q1 Q2 Q3
Q4 YoY% CY12 CY13
CY13 CY13 CY13
Change CASH FLOW DATA Operating cash flow $
14,002 $ (8,913 ) $ (14,048 ) $ 21,131 $ 1,844 -87 % Operating cash
flow - TTM (24,278 ) (19,847 ) (19,158 ) 12,172 14 100 %
BALANCE SHEET DATA Cash, cash equivalents and short-term
investments $ 72,646 $ 142,354 $ 124,970 $ 143,431 $ 145,852 101 %
Deferred net revenue End of quarter 508,056 528,176 510,722 532,546
524,653 Less: Beginning of quarter (472,551 ) (508,056 ) (528,176 )
(510,722 ) (532,546 ) Foreign currency translation adjustment
- (52 ) 395 (89 )
377 Change in deferred net revenue, net of foreign currency
translation $ 35,505 $ 20,068 $ (17,059 ) $ 21,735
$ (7,516 ) Deferred cost of revenue End of quarter 245,163
260,572 268,236 275,101 276,123 Less: Beginning of quarter (227,170
) (245,163 ) (260,572 ) (268,236 ) (275,101 ) Foreign currency
translation adjustment - 14 99
(23 ) (11 ) Change in deferred cost of
revenue, net of foreign currency translation $ 17,993 $
15,423 $ 7,763 $ 6,842 $ 1,011
STOCK-BASED COMPENSATION Cost of goods sold $ 560 $
6,724 $ 2,531 $ 1,376 $ 1,644 194 % Research and development 934
9,544 3,607 1,905 2,277 144 % Sales and marketing 550 3,346 1,526
950 1,238 125 % General and administrative 1,225
7,054 3,181 2,759
2,842 132 % Total $ 3,269 $ 26,668 $ 10,845
$ 6,990 $ 8,001 145 %
EMPLOYEES
566 572 589 608 602 6 %
HOMES & BUSINESSES
Cumulative network endpoints delivered* 15,781 16,507 17,008 17,509
18,184 15 % *Endpoints refer to communication modules in electric
meters
SILVER SPRING
NETWORKS UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (In thousands, except per share data and
percentages) Q4 Q1 Q2
Q3 Q4 YOY % CY12 CY13
CY13 CY13 CY13
Change QUARTERLY RECONCILIATION OF RESULTS
Net revenue GAAP net revenue $ 50,071
$ 53,703 $ 103,510 $
72,481 $ 97,164 94 % Change in deferred
revenue, net of foreign currency translation 35,505
20,068 (17,059 ) 21,735
(7,516 )
Non-GAAP net revenue $ 85,576
$ 73,771 $ 86,451
$ 94,216 $ 89,648 5 %
Gross profit GAAP gross profit $
10,548 $ 10,134 $ 48,250
$ 23,226 $ 33,744 220 % Change in
deferred revenue, net of foreign currency translation 35,505 20,068
(17,059 ) 21,735 (7,516 ) Change in deferred cost of revenue, net
of foreign currency translation (17,993 ) (15,423 ) (7,763 ) (6,842
) (1,011 ) Amortization of intangibles in cost of revenue 48 48 48
48 48 Stock-based compensation 560 6,724
2,531 1,376 1,644
Non-GAAP gross profit $ 28,668 $
21,551 $ 26,007 $
39,543 $ 26,909 -6 % GAAP gross
margin % (as a % of GAAP net revenue) 21 % 19 % 47 % 32 % 35 %
Non-GAAP gross margin % (as a % of non-GAAP net revenue) 34 % 29 %
30 % 42 % 30 %
Operating income (loss) GAAP
operating income (loss) $ (20,187 )
$ (39,574 ) $ 9,982 $
(12,115 ) $ (48 ) 100 % Change
in deferred revenue, net of foreign currency translation 35,505
20,068 (17,059 ) 21,735 (7,516 ) Change in deferred cost of
revenue, net of foreign currency translation (17,993 ) (15,423 )
(7,763 ) (6,842 ) (1,011 ) Amortization of intangibles in cost of
revenue 48 48 48 48 48 Stock-based compensation 3,269 26,668 10,845
6,990 8,001 Legal settlements - -
- - 250
Non-GAAP
operating income (loss) $ 642 $
(8,213 ) $ (3,947 ) $
9,816 $ (276 ) -143 % GAAP
operating margin % (as a % of GAAP revenue) -40 % -74 % 10 % -17 %
0 % Non-GAAP operating margin % (as a % of non-GAAP net revenue) 1
% -11 % -5 % 10 % 0 %
Adjusted EBITDA GAAP net
income (loss) $ (21,010 ) $
(64,366 ) $ 9,470 $
(12,269 ) $ 358 102 % Change in
deferred revenue, net of foreign currency translation 35,505 20,068
(17,059 ) 21,735 (7,516 ) Change in deferred cost of revenue, net
of foreign currency translation (17,993 ) (15,423 ) (7,763 ) (6,842
) (1,011 ) Other (income) expense, net 902 24,728 184 54 (138 )
Provision for income taxes (79 ) 64 328 100 (268 ) Depreciation and
amortization 1,796 1,677 1,689 1,624 1,656 Stock-based compensation
3,269 26,668 10,845 6,990 8,001 Legal settlements -
- - - 250
Adjusted EBITDA $ 2,390 $
(6,584 ) $ (2,306 ) $
11,392 $ 1,332 -44 %
Net income (loss) GAAP net income (loss) $
(21,010 ) $ (64,366 ) $
9,470 $ (12,269 ) $ 358
102 % Change in deferred revenue, net of foreign currency
translation 35,505 20,068 (17,059 ) 21,735 (7,516 ) Change in
deferred cost of revenue, net of foreign currency translation
(17,993 ) (15,423 ) (7,763 ) (6,842 ) (1,011 ) Amortization of
intangibles in cost of revenue 48 48 48 48 48 Convertible notes
accretion / interest 1,081 935 - - - Conversion of promissory notes
and remeasurement of warrants and derivatives (308 ) 23,676 - - -
Stock-based compensation 3,269 26,668 10,845 6,990 8,001 Legal
settlements - - -
- 250
Non-GAAP net income (loss)
$ 592 $ (8,394 ) $
(4,459 ) $ 9,662 $
130 -78 % GAAP net margin % (as a % of GAAP revenue)
-42 % -120 % 9 % -17 % 0 % Non-GAAP net margin % (as a % of
non-GAAP net revenue) 1 % -11 % -5 % 10 % 0 %
GAAP income
(loss) per share Basic $ (5.65 )
$ (16.18 ) * $ 0.20
$ (0.26 ) $ 0.01 Diluted
$ (5.65 ) $ (16.18 )
* $ 0.19 $ (0.26 )
$ 0.01 Weighted average number of shares used
in computation Basic 3,720 10,469 46,599 46,729 47,198 Diluted
3,720 10,469 48,995 46,729 49,603
* GAAP income (loss) per share is based on
net loss attributable to common stockholders
Non-GAAP income (loss) per share Basic
$ 0.16 $ (0.80 ) $
(0.10 ) $ 0.21 $ 0.00
Diluted $ 0.02 $ (0.80 )
$ (0.10 ) $ 0.19 $
0.00 Weighted average number of shares used in
computation Basic 3,720 10,469 46,599 46,729 47,198 Diluted 29,394
10,469 46,599 49,620 49,603
Silver Spring Networks, Inc.Tricia Gugler,
650-839-4504Investor Relationstgugler@silverspringnet.comNoel
Hartzell, 650-839-4184Global
Communicationsnhartzell@silverspringnet.com
SILVER SPRING NETWORKS INC (NYSE:SSNI)
過去 株価チャート
から 8 2024 まで 9 2024
SILVER SPRING NETWORKS INC (NYSE:SSNI)
過去 株価チャート
から 9 2023 まで 9 2024