Record Operating Cash Flow of $13.6 Million
in Q4
41% Top-Line Growth in New Solutions
Year-over-Year
17% Top-Line Growth in Managed Services
& SaaS Year-over-Year
Gross Margin up 11 Points
Year-over-Year
Silver Spring Networks, Inc. (NYSE: SSNI) today announced
financial results for its fourth quarter and year ended December
31, 2014.
Fourth Quarter Results (all comparisons made are against
the prior year period)
- Non-GAAP revenue for the fourth quarter
was $70.4 million, down 22%.
- GAAP revenue was $77.4 million, down
20%.
- Non-GAAP gross margin was 41.3%, as
compared with 30.0% a year ago.
- GAAP gross margin was 39.0% as compared
with 34.7% a year ago.
- Non-GAAP net income was $1.5 million as
compared with $0.1 million a year ago.
- GAAP net income was $0.5 million as
compared with $0.4 million a year ago.
- Non-GAAP earnings per share was $0.03
versus $0.00 a year ago.
- GAAP earnings per share was $0.01 as
compared with $0.01 a year ago.
- $13.6 million in cash flow from
operations, as compared with $1.8 million a year ago.
- Total backlog of $921 million as of
December 31, 2014, up 5% from a year ago.
“We ended 2014 in a strong financial position as shown in our Q4
results. We had record cash flow, strong gross margins and double
digit growth in New Solutions and our Managed Services and SaaS
business,” said Scott Lang, Chairman, President, and Chief
Executive Officer. “I remain confident that our leading networking
platform and proven value proposition positions us well to capture
our vast market opportunity within the Internet-of-Things.”
Business Highlights (through February 9, 2015, unless
otherwise stated)
- 20.3 million cumulative network
endpoints delivered from inception through December 31, 2014,
up 11% from a year ago.
- Working with customers that
represent nearly 23M incremental homes and businesses that are
piloting or deploying our technology in phases.
- Reduced third-party content,
resulting in higher-quality revenue and improved non-GAAP gross
margin.
- Unveiled its fifth generation
networking platform, Gen5, which offers advancements in speed,
latency, range, distributed intelligence, power optimization and
size. Also introduced several new Gen5-based products, including
“Milli 5” for new classes of Internet-of-Things sensors and
devices.
- Selected by Horizon Power to
deploy a multi-application AMI network in Western Australia.
- Florida Power & Light
selects Silver Spring’s networking platform and Streetlight.Vision
software as it expands its program to nearly 500,000 street
lights.
- Closed acquisition of Detectent,
Inc., a leading provider of utility data analytics
solutions.
- New SilverLink™ Sensor Network
engagements with customers including Florida Power & Light,
The Hongkong Electric Company, Limited, and Pepco Holdings,
Inc.
Full Year 2014 Results (all comparisons made are against
the prior year period)
- Non-GAAP revenue was $276.7 million,
down 20%.
- GAAP revenue was $191.3 million, down
41%.
- Non-GAAP gross margin was 33.6%, as
compared with 33.1% a year ago.
- GAAP gross margin was 29.5% as compared
to 35.3% a year ago.
- Non-GAAP net loss was $24.4 million as
compared with $3.1 million a year ago.
- GAAP net loss was $89.2 million as
compared with $171.8 million a year ago. 2013 GAAP net loss
included non-cash charges of $42.1 million in connection with
Silver Spring’s initial public offering and $105 million of
non-cash deemed dividend to convertible preferred
shareholders.
- Non-GAAP loss per share of $0.50 as
compared with $0.08 a year ago.
- GAAP loss per share of $1.84 as
compared with $4.54 a year ago.
- $8.8 million in negative cash flow from
operations, versus break-even 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, 2014 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 19, 2015 and can be accessed
at 877-660-6853 (domestic) or 201-612-7415 (international) passcode
13598904. 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 20 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, recurring non-GAAP revenue per endpoint,
cost of non-GAAP revenue, non-GAAP gross profit (loss), non-GAAP
gross margin, 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), gross margin, operating loss, net income
(loss), earnings (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 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 non-GAAP revenue by adding revenue to the
change in deferred revenue in a given period.
Recurring non-GAAP revenue per endpoint represents a trailing
twelve month non-GAAP Managed services and SaaS revenue per
cumulative endpoints deployed inception to date. Non-GAAP Managed
services and SaaS revenue is primarily recurring in nature and
includes some one-time set-up costs related to the business.
Cost of non-GAAP revenue 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 gross margin is
non-GAAP gross profit (loss) as a percentage of non-GAAP
revenue.
Non-GAAP operating income (loss) represents operating loss
adjusted for non-GAAP revenue and cost of non-GAAP revenue 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, capabilities and
benefits of recently announced new product introductions; 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 fifth generation networking platform and
products; 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; 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 9, 2015. 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
preliminary 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, 2014 2013 2014 2013
Revenue: Product revenue $ 60,034 $ 77,944 $ 129,333 $ 224,310
Service revenue 17,377 19,220
61,955 102,548
Net revenue
77,411 97,164 191,288 326,858 Cost of
revenue: Product cost of revenue 35,038 50,163 77,158 150,315
Service cost of revenue 12,195 13,257
57,793 61,189
Total cost of
revenue 47,233 63,420 134,951
211,504 Gross profit 30,178 33,744
56,337 115,354 Operating expenses: Research and
development 12,718 16,167 64,771 77,018 Sales and marketing 8,063
8,417 36,388 34,931 General and administrative 8,104 9,208 41,260
45,160 Restructuring (99 ) — 1,789
—
Total operating expenses
28,786 33,792 144,208 157,109
Operating income (loss) 1,392 (48 )
(87,871 ) (41,755 ) Interest income
(expense), net 68 138 123 (1,152 ) Conversion of promissory notes
and remeasurement of warrants and derivatives — —
— (23,676 )
Other income (expense),
net 68 138 123 (24,828 )
Income (loss) before provision for income taxes 1,460 90 (87,748 )
(66,583 ) Provision (benefit) for income taxes 959
(268 ) 1,422 224
Net income
(loss) 501 358 (89,170 )
(66,807 ) Deemed dividend to convertible preferred
stockholders — — —
(105,000 )
Net income (loss) attributable to common
stockholders $ 501 $ 358 $
(89,170 ) $ (171,807 ) Net
income (loss) per share Basic net income (loss) per share
attributable to common stockholders $ 0.01
$ 0.01 $ (1.84 ) $
(4.54 ) Diluted net income (loss) per share
attributable to common stockholders $ 0.01
$ 0.01 $ (1.84 ) $
(4.54 ) Weighted average number of shares used in
computation Basic 48,929 47,198 48,376 37,877 Diluted 50,191 49,603
48,376 37,877
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, 2014 2013 2014 2013
Net income (loss) $ 501 $ 358
$ (89,170 ) $ (66,807 )
Change in deferred revenue, net of foreign currency translation
(7,045 ) (7,516 ) 85,420 17,228 Change in deferred cost of revenue,
net of foreign currency translation 5,535 (1,011 ) (56,767 )
(31,039 ) Amortization of intangibles 219 48 614 192 Conversion of
promissory notes and remeasurement of warrants and derivatives — —
— 23,676 Convertible notes accretion / interest — — — 935
Stock-based compensation 2,391 8,001 33,861 52,504 Restructuring
(99 ) — 1,789 — Legal settlements — 250
(100 ) 250
Non-GAAP net income (loss)
$ 1,502 $ 130 $ (24,353
) $ (3,061 ) Non-GAAP income (loss)
per share Basic $ 0.03 $
0.00 $ (0.50 ) (0.08 )
Diluted $ 0.03 $ 0.00 $
(0.50 ) (0.08 ) Weighted average number
of shares used in computation Basic 48,929 47,198 48,376 37,877
Diluted 50,191 49,603 48,376 37,877
SILVER SPRING
NETWORKS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (In thousands) December
31, December 31, 2014 2013 (a)
ASSETS Current assets: Cash and cash equivalents $ 60,457 $
82,596 Short-term investments 60,339 63,256 Accounts receivable
54,740 69,724 Inventory 6,722 4,350 Deferred cost of revenue 29,585
37,460 Deferred tax assets 5,278 350 Prepaid expenses and other
current assets 5,146 4,408 Total
current assets 222,267 262,144 Property and equipment, net 12,860
12,364 Deferred cost of revenue, non-current 303,445 238,663
Deferred tax assets, non-current 354 1,613 Other long-term assets
9,268 1,567 Total assets
$
548,194 $ 516,351 LIABILITIES
AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable
$ 27,530 $ 31,317 Accrued liabilities 23,258 21,282 Deferred
revenue 91,688 111,293 Current portion of capital lease obligations
1,163 1,615 Deferred tax liability 249 1,176
Total current liabilities 143,888 166,683 Deferred revenue,
non-current 517,905 413,360 Deferred tax liability, non-current
5,146 187 Other liabilities 15,074 14,239
Total liabilities 682,013 594,469 Total stockholders’
deficit (133,819 ) (78,118 ) Total liabilities and
stockholders' deficit
$ 548,194 $
516,351 (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, 2014 2013 2014 2013
OPERATING ACTIVITIES Net income (loss) $ 501 $ 358 $ (89,170
) $ (66,807 ) Adjustments to reconcile net loss to net cash
provided (used) in operating activities: Deferred taxes (1,142 )
(510 ) (225 ) (205 ) Depreciation and amortization 1,763 1,656
6,467 6,646 Stock-based compensation 2,391 8,001 33,861 52,504
Conversion of promissory notes and remeasurement of warrants and
derivatives — — — 23,676 Non-cash interest expense on convertible
notes — — — 935 Other non-cash adjustments (1,025 ) 190 431 333
Changes in assets and liabilities: Accounts receivable 13,759
(10,119 ) 15,554 (13,245 ) Inventory (2,110 ) 2,647 (2,271 ) 3,381
Prepaid expenses and other current assets 2,051 1,095 (724 ) (1,153
) Deferred cost of revenue 5,603 (1,022 ) (56,907 ) (30,960 ) Other
long-term assets 733 658 918 4,504 Accounts payable (955 ) 4,594
(4,120 ) 2,848 Accrued liabilities (335 ) 2,371 998 4,820 Customer
deposits 288 186 321 (61 ) Deferred revenue (7,823 ) (7,893 )
84,590 16,597 Other liabilities (75 ) (368 )
1,512 (3,799 ) Net cash provided by (used in)
operating activities 13,624 1,844
(8,765 ) 14
INVESTING ACTIVITIES
Acquisition of business, net of cash received, and purchase of
intangible assets 24 — (8,726 ) — Proceeds from sales and maturity
of short-term investments 10,991 9,122 60,200 9,122 Purchase of
short-term investments (11,050 ) (10,888 ) (57,671 ) (72,339 )
Purchases of property and equipment (1,851 ) (607 )
(6,073 ) (3,950 ) Net cash used in investing
activities (1,886 ) (2,373 ) (12,270 )
(67,167 )
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
(405 ) (549 ) (1,550 ) (2,034 ) Proceeds from issuance of common
stock, net of repurchases 285 2,331 7,020 2,909 Taxes paid related
to net share settlement of equity awards (1,154 )
(297 ) (6,453 ) (8,019 ) Net cash provided by (used
in) financing activities (1,274 ) 1,260
(983 ) 77,103 Effect of exchange rate changes on cash
(121 ) — (121 ) — Net increase (decrease) in cash and cash
equivalents 10,343 731 (22,139 ) 9,950 Cash and cash equivalents -
beginning of period 50,114 81,865
82,596 72,646 Cash and cash equivalents
- end of period $ 60,457 $ 82,596 $ 60,457 $
82,596
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
PY13 CY14 CY14 CY14 CY14
Change GAAP net revenue Product net revenue $ 77,944
$ 28,227 $ 24,751 $ 16,321 $ 60,034 -23 % Service net revenue
Managed services and SaaS 8,159 7,797 8,301 7,272 9,439 16 %
Professional services 11,061 8,205
8,555 4,448 7,938 -28 %
Total service net revenue 19,220 16,002
16,856 11,720 17,377 -10
%
Total GAAP net revenue $
97,164 $
44,229 $
41,607 $
28,041
$
77,411 -20 % % Product 80 % 64 % 59 % 58 % 78 % %
Service 20 % 36 % 41 % 42 % 22 % Change in deferred net revenue
Change in deferred product revenue $ (7,054 ) $ 24,006 $ 17,438
33,238 $ (9,991 ) Change in deferred service revenue Managed
services and SaaS 1,000 2,219 2,079 3,418 1,258 Professional
services (1,462 ) 1,396 2,480
6,191 1,688 Total change in deferred
service revenue (462 ) 3,615 4,559
9,609 2,946 Total change in
deferred revenue $ (7,516 ) $ 27,621 $ 21,997 $ 42,847 $ (7,045 )
Non-GAAP revenue Product net revenue $ 70,890 $ 52,233 $
42,189 49,559 50,043 -29 % Service net revenue Managed services and
SaaS 9,159 10,016 10,380 10,690 10,697 17 % Professional services
9,599 9,601 11,035 10,639
9,626 0 % Total service net revenue 18,758
19,617 21,415 21,329
20,323 8 %
Total non-GAAP net revenue
$ 89,648 $ 71,850 $
63,604 $
70,888 $ 70,366
-22 % % Product 79 % 73 % 66 % 70 % 71 % % Service 21 % 27 %
34 % 30 % 29 %
SOLUTION
GAAP net revenue Advanced metering infrastructure $ 91,842 $
40,023 $ 33,729 21,710 $ 72,456 -21 % New solutions 5,322
4,206 7,878 6,331
4,955 -7 %
Total GAAP net revenue $
97,164 $ 44,229 $
41,607 $
28,041 $ 77,411
-20 % % Advanced metering infrastructure 95 % 90 % 81 % 77 %
94 % % New solutions 5 % 10 % 19 % 23 % 6 % Change in deferred net
revenue Advanced metering infrastructure $ (9,532 ) $ 22,422 $
17,994 $ 39,535 $ (12,441 ) New solutions 2,016 5,199
4,003 3,312 5,396 Total change in
deferred net revenue $ (7,516 ) $ 27,621 $ 21,997 42,847 $ (7,045 )
Non-GAAP net revenue Advanced metering infrastructure $
82,310 $ 62,445 $ 51,723 61,245 $ 60,015 -27 % New solutions
7,338 9,405 11,881 9,643
10,351 41 %
Total Non-GAAP net revenue
$ 89,648 $ 71,850
$ 63,604 70,888 $
70,366 -22 % % Advanced metering infrastructure 92 %
87 % 81 % 86 % 85 % % New solutions 8 % 13 % 19 % 14 % 15 %
GEOGRAPHY
GAAP net revenue United States $ 71,602 $ 21,843 $ 34,251
15,700 $ 30,017 -58 % International 25,562
22,386 7,356 12,341 47,394
85 %
Total GAAP net revenue $ 97,164
$ 44,229 $ 41,607
28,041 $ 77,411 -20 % % United
States 74 % 49 % 82 % 56 % 39 % % International 26 % 51 % 18 % 44 %
61 % Change in deferred net revenue United States $ 1,369 $ 41,256
$ 22,799 48,248 $ 29,176 International (8,885 ) (13,635 ) (802 )
(5,401 ) (36,221 ) Total change in deferred net revenue $
(7,516 ) $ 27,621 $ 21,997 42,847 $ (7,045 )
Non-GAAP net
revenue United States $ 72,971 $ 63,099 $ 57,050 63,948 $
59,193 -19 % International 16,677 8,751
6,554 6,940 11,173 -33 %
Total non-GAAP net revenue $ 89,648
$ 71,850 $ 63,604
70,888 $ 70,366 -22 % % United
States 81 % 88 % 90 % 90 % 84 % % International 19 % 12 % 10 % 10 %
16 %
SILVER SPRING NETWORKS, INC.
UNAUDITED SUPPLEMENTAL FINANCIAL
INFORMATION
(in thousands, except percentages and
headcount)
Q4 Q1
Q2 Q3 Q4 YoY% CASH FLOW DATA
PY13 CY14 CY14 CY14 CY14
Change Operating cash flow $ 1,844 $ (3,260 ) $ (3,395 ) $
(15,734 ) $ 13,624 639 % Operating cash flow - TTM 14 5,667 16,320
(20,545 ) (8,765 ) -62707 %
BALANCE SHEET DATA Cash, cash
equivalents and short-term investments $ 145,852 $ 140,495 $
125,321 $ 110,466 120,796 -17 % Deferred net revenue End of quarter
524,653 552,328 575,106 617,416 609,593 Less: Beginning of quarter
(532,546 ) (524,653 ) (552,328 ) (575,106 ) (617,416 ) Foreign
currency translation adjustment 377 (54 )
(781 ) 537 778 Change in
deferred net revenue, net of foreign currency translation $ (7,516
) $ 27,621 $ 21,997 $ 42,847 $ (7,045 )
Deferred cost of revenue End of quarter $ 276,123 $ 296,489 $
313,458 $ 338,633 333,030 Less: Beginning of quarter (275,101 )
(276,123 ) (296,489 ) (313,458 ) (338,633 ) Foreign currency
translation adjustment (11 ) (109 ) (168 )
69 68 Change in deferred cost of
revenue, net of foreign currency translation $ 1,011 $
20,257 $ 16,801 $ 25,244 $ (5,535 )
STOCK-BASED COMPENSATION Cost of goods sold $ 1,644 $ 2,692
$ 1,930 $ 2,770 218 -87 % Research and development 2,277 3,155
2,695 3,042 785 -66 % Sales and marketing 1,238 2,045 1,754 1,783
479 -61 % General and administrative 2,842
3,540 3,183 2,881 909
-68 % $ 8,001 $ 11,432 $ 9,562 $ 10,476
$ 2,391 -70 %
EMPLOYEES 602 617 639 589 576 -4
%
HOMES & BUSINESSES Cumulative network endpoints
delivered* 18,184 18,710 19,081 19,714 20,266 11 % *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 % QUARTERLY
RECONCILIATION OF RESULTS PY13 CY14 CY14
CY14 CY14 Change Net revenue GAAP
net revenue $ 97,164 $ 44,229
$ 41,607 $ 28,041 $
77,411 -20 % Change in deferred revenue, net of foreign
currency translation (7,516 ) 27,621
21,997 42,847 (7,045 )
Non-GAAP net
revenue $ 89,648 $ 71,850
$ 63,604 $ 70,888
$ 70,366 -22 %
Gross profit
GAAP gross profit $ 33,744 $
11,444 $ 13,412 $ 1,303 $
30,178 -11 % Change in deferred revenue, net of foreign
currency translation (7,516 ) 27,621 21,997 42,847 (7,045 ) Change
in deferred cost of revenue, net of foreign currency translation
(1,011 ) (20,257 ) (16,801 ) (25,244 ) 5,535 Amortization of
intangibles in cost of revenue 48 48 48 182 140 Stock-based
compensation 1,644 2,692 1,930
2,770 218
Non-GAAP gross
profit $ 26,909 $ 21,548
$ 20,586 $ 21,858
$ 29,026 8 % GAAP gross margin % (as a % of
GAAP net revenue) 34.7 % 25.9 % 32.2 % 4.6 % 39.0 % Non-GAAP gross
margin % (as a % of non-GAAP net revenue) 30.0 % 30.0 % 32.4 % 30.8
% 41.3 % 11 %
Operating income (loss) GAAP
operating income (loss) $ (48 ) $
(27,171 ) $ (24,672 ) $
(37,420 ) $ 1,392 3000 % Change in
deferred revenue, net of foreign currency translation (7,516 )
27,621 21,997 42,847 (7,045 ) Change in deferred cost of revenue,
net of foreign currency translation (1,011 ) (20,257 ) (16,801 )
(25,244 ) 5,535 Amortization of intangibles 48 48 48 299 219
Stock-based compensation 8,001 11,432 9,562 10,476 2,391
Restructuring — — — 1,888 (99 ) Legal settlements 250
— (100 ) — —
Non-GAAP operating income (loss) $ (276
) $ (8,327 ) $ (9,966
) $ (7,154 )
$ 2,393 967 %
GAAP operating margin % (as a
% of GAAP revenue) 0 % -61 % -59 % -133 % 2 % Non-GAAP
operating margin % (as a % of non-GAAP net revenue) 0 % -12 % -16 %
-10 % 3 %
Adjusted EBITDA
GAAP net income (loss) $ 358 $
(27,807 ) $ (24,591 ) $
(37,273 ) $ 501 40 % Change in deferred
revenue, net of foreign currency translation (7,516 ) 27,621 21,997
42,847 (7,045 ) Change in deferred cost of revenue, net of foreign
currency translation (1,011 ) (20,257 ) (16,801 ) (25,244 ) 5,535
Other (income) expense, net (138 ) 37 (85 ) (7 ) (68 ) Provision
(benefit) for income taxes (268 ) 599 4 (140 ) 959 Depreciation and
amortization 1,656 1,466 1,467 1,771 1,763 Stock-based compensation
8,001 11,432 9,562 10,476 2,391 Restructuring — — — 1,888 (99 )
Legal settlements 250 — (100 )
— —
Adjusted EBITDA $
1,332 $ (6,909 ) $
(8,547 ) $ (5,682 ) $
3,937 196 %
Net income (loss) GAAP
net income (loss) $ 358 $ (27,807
) $ (24,591 ) $ (37,273
) $ 501 40 % Change in deferred revenue, net
of foreign currency translation (7,516 ) 27,621 21,997 42,847
(7,045 ) Change in deferred cost of revenue, net of foreign
currency translation (1,011 ) (20,257 ) (16,801 ) (25,244 ) 5,535
Amortization of intangibles 48
48 48 299 219 Stock-based compensation 8,001 11,432 9,562 10,476
2,391 Restructuring — — — 1,888 (99 ) Legal settlements 250
— (100 ) — —
Non-GAAP net income (loss) $ 130
$ (8,963 ) $ (9,885 )
$ (7,007 ) $ 1,502 1055 %
GAAP net margin % (as a % of GAAP revenue) 0 % -63 % -59 % -133 % 1
% Non-GAAP net margin % (as a % of non-GAAP net revenue) 0 % -12 %
-16 % -10 % 2 %
GAAP income (loss) per share
Basic $ 0.01 $ (0.58 )
$ (0.51 ) $ (0.77 )
$ 0.01 Diluted $ 0.01 $
(0.58 ) $ (0.51 ) $
(0.77 ) $ 0.01 Weighted average number
of shares used in computation Basic 47,198 47,693 48,315 48,551
48,929 Diluted 49,603 47,693 48,315 48,551 50,191
Non-GAAP income (loss) per share Basic $
0.00 $ (0.19 ) $ (0.20
) $ (0.14 ) $ 0.03
Diluted $ 0.00 $ (0.19 )
$ (0.20 ) $ (0.14 )
$ 0.03 Weighted average number of shares used in
computation Basic 47,198 47,693 48,315 48,551 48,929 Diluted 49,603
47,693 48,315 48,551 50,191
Silver Spring Networks, Inc.Mark McKechnie, 650-839-4664Investor
Relationsmmckechnie@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 6 2024 まで 7 2024
SILVER SPRING NETWORKS INC (NYSE:SSNI)
過去 株価チャート
から 7 2023 まで 7 2024