Silver Spring Networks, Inc. (NYSE: SSNI) today announced
financial results for its first quarter of 2014.
Q1 2014 Results (all comparisons made are against the
prior year period)
- Non-GAAP revenue was $71.8 million,
down 3%.
- GAAP revenue was $44.2 million, down
18%.
- Non-GAAP gross margin was 30.0%, as
compared with 29.2% a year ago.
- GAAP gross margin was 25.9%, as
compared with 18.9% a year ago.
- Non-GAAP net loss was $9.0 million, as
compared with $8.4 million a year ago.
- GAAP net loss was $27.8 million, as
compared with $64.4 million a year ago. GAAP net loss in the year
ago quarter includes non-cash charges of $42.1 million in
connection with our initial public offering.
- Cash and investments of $140.5 million
and no debt.
“We made progress this quarter on our business model with strong
growth in new solutions and Managed and SaaS,” said Scott Lang,
Chairman, President, and Chief Executive Officer. “Despite the
near-term timing delays of new customer awards, our innovative
networking technology and expanding global market opportunity
position us well for long term growth.”
Business Highlights (through May 6, 2014, unless
otherwise stated)
- 18.7 million cumulative network
endpoints delivered from inception through March 31, 2014, up
13% from a year ago.
- Working with clients that represent
an incremental 24 million homes and businesses that are
piloting or deploying our technology in phases.
- New solution non-GAAP revenue
(distribution automation and demand side management) of $9.4M –
up 74% year-over-year.
- Managed and SaaS non-GAAP revenue of
$10.0 million – up 19% year-over-year.
- Florida Power & Light to network
75,000 street lights – North America’s largest networked street
light deployment.
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 first quarter ended
March 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 May 20, 2014 and can be accessed at
877-660-6853 (domestic) or 201-612-7415 (international) passcode
13580613. 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 18.5
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, cost of non-GAAP revenue, 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 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.
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 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, 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; 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 May 6,
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 March 31,
2014 2013 Revenue:
Product revenue
$ 28,227 $ 41,720 Service revenue 16,002
11,983
Net revenue 44,229 53,703 Cost
of revenue: Product cost of revenue 17,915 25,743 Service cost of
revenue 14,870 17,826
Total cost of
revenue 32,785 43,569 Gross profit
11,444 10,134 Operating expenses: Research and
development 17,725 25,119 Sales and marketing 9,223 10,453 General
and administrative 11,667 14,136
Total operating expenses 38,615 49,708
Operating income (loss) (27,171 )
(39,574 ) Other income (expense) Interest income
(expense), net (37 ) (1,052 ) Conversion of promissory notes and
remeasurement of warrants and derivatives —
(23,676 )
Other income (expense), net (37 )
(24,728 ) Income (loss) before provision for income
taxes (27,208 ) (64,302 ) Provision (benefit) for income taxes
599 64
Net income (loss)
(27,807 ) (64,366 ) Deemed dividend to
convertible preferred stockholders — (105,000
)
Net income (loss) attributable to common stockholders
$ (27,807 ) $ (169,366 )
Net income (loss) per share Basic net income (loss) per
share attributable to common stockholders $ (0.58
) $ (16.18 ) Diluted net income
(loss) per share attributable to common stockholders $
(0.58 ) $ (16.18 ) Weighted
average number of shares used in computation Basic 47,693 10,469
Diluted 47,693 10,469
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 March 31, 2014 2013 Net
income (loss) $ (27,807 ) $
(64,366 ) Change in deferred revenue, net of foreign
currency translation 27,621 20,068 Change in deferred cost of
revenue, net of foreign currency translation (20,257 ) (15,423 )
Amortization of intangibles in cost of revenue 48 48 Conversion of
promissory notes and remeasurement of warrants and derivatives —
23,676 Convertible notes accretion / interest — 935 Stock-based
compensation 11,432 26,668
Non-GAAP
net income (loss) $ (8,963 ) $
(8,394 ) Non-GAAP income (loss) per share
Basic $ (0.19 ) $ (0.80
) Diluted $ (0.19 ) $
(0.80 ) Weighted average number of shares used in
computation Basic 47,693 10,469 Diluted 47,693 10,469
SILVER SPRING NETWORKS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par
values)
March 31, December 31, 2014
2013 (a) ASSETS Current assets: Cash and cash
equivalents $ 78,492 $ 82,596 Short-term investments 62,003 63,256
Accounts receivable 61,423 69,724 Inventory 4,859 4,350 Deferred
cost of revenue 33,875 37,460 Prepaid expenses and other current
assets 5,920 4,758 Total current assets
246,572 262,144 Property and equipment, net 12,526 12,364 Deferred
cost of revenue, non-current 262,614 238,663 Deferred tax assets,
non-current 1,202 1,613 Other long-term assets 1,505
1,567
TOTAL ASSETS $ 524,419
$ 516,351 LIABILITIES AND
STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $
28,455 $ 31,317 Accrued liabilities 21,784 21,282 Deferred revenue
96,038 111,293 Current portion of capital lease obligations 1,604
1,615 Deferred tax liability 1,176 1,176
Total current liabilities 149,057 166,683 Deferred revenue,
non-current 456,290 413,360 Other liabilities 16,161 14,426
Stockholders’ deficit:
Preferred stock, $0.001 par value, 10,000
shares authorized and no shares issued or outstanding as of March
31, 2014 and December 31, 2013
— —
Common stock and additional paid-in
capital, $0.001 par value; 1,000,000 shares authorized, 48,194 and
47,384 shares issued and outstanding as of March 31, 2014 and
December 31, 2013
547,916 539,013 Accumulated other comprehensive income (loss) 63
130 Accumulated deficit (645,068 ) (617,261 )
Total stockholders’ deficit (97,089 )
(78,118 ) TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT $ 524,419 $
516,351 (a) Derived from audited consolidated
financial statements
SILVER SPRING NETWORKS
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands) Three Months Ended
March 31, 2014 2013 OPERATING
ACTIVITIES Net income (loss) $ (27,807
) $ (64,366 ) Adjustments to reconcile
net loss to net cash used in operating activities: Depreciation and
amortization 1,466 1,677 Stock-based compensation 11,432 26,668
Conversion of promissory notes and remeasurement of warrants and
derivatives — 23,676 Other non-cash adjustments 630 980 Changes in
assets and liabilities: Accounts receivable 8,301 6,539 Inventory
(596 ) (4,564 ) Prepaid expenses and other current assets (1,158 )
(1,121 ) Deferred cost of revenue (20,366 ) (15,410 ) Other
long-term assets 14 2,322 Accounts payable (3,124 ) (1,637 )
Accrued liabilities (1,908 ) (1,887 ) Customer deposits 107 (241 )
Deferred revenue 27,675 20,121 Other liabilities 2,074
(1,670 )
Net cash provided by provided by (used
in) operating activities (3,260 )
(8,913 ) INVESTING ACTIVITIES Proceeds from
sales and maturity of short-term investments 18,466 — Purchase of
short-term investments (17,354 ) — Purchases of property and
equipment (1,742 ) (1,323 )
Net cash provided by
(used in) investing activities (630 )
(1,323 ) FINANCING ACTIVITIES Payment
upon termination of preferred stock warrants of a related party —
(12,000 ) Proceeds from initial public offering, net of offering
costs — 86,238 Proceeds from private placement of common stock with
a related party — 12,000 Payments on capital lease obligations
(356
)
(453 ) Proceeds from issuance of common stock, net of repurchases
4,555 14 Taxes paid related to net share settlement of equity
awards (4,413 ) (5,855 )
Net cash provided by
(used in) financing activities
(214
)
79,944 Net increase in cash and cash
equivalents
(4,104
) 69,708 Cash and cash equivalents - beginning of period
82,596 72,646
Cash and cash equivalents -
end of period $
78,492
$ 142,354 SILVER
SPRING NETWORKS, INC. UNAUDITED RECONCILIATION OF NET
REVENUE BETWEEN GAAP AND NON-GAAP (in thousands, except
percentages)
Q1 Q2 Q3 Q4 Q1 YoY%
CY13 CY13 CY13 CY13 CY14
Change
TYPE
GAAP net revenue Product net revenue $ 41,720 $ 47,996 $
56,650 $ 77,944 $ 28,227 -32 % Service net revenue Managed services
and SaaS 4,559 37,508 9,835 8,159 7,797 71 % Professional services
7,424 18,006 5,996
11,061 8,205 11 % Total service net revenue $
11,983 $ 55,514 $ 15,831 $ 19,220 $
16,002 34 %
Total GAAP net revenue $
53,703
$
103,510 $
72,481 $
97,164 $
44,229 -18 % % Product 78 % 46
% 78 % 80 % 64 % % Service 22 % 54 % 22 % 20 % 36 % Change in
deferred net revenue Change in deferred product revenue $ 14,702 $
17,905 $ 16,017 $ (7,054 ) $ 24,006 Change in deferred service
revenue Managed services and SaaS 3,825 (28,245 ) 16 1,000 2,219
Professional services 1,541 (6,719 )
5,702 (1,462 ) 1,396 Total change in
deferred service revenue $ 5,366 $ (34,964 ) $ 5,718
$ (462 ) $ 3,615 Total change in deferred revenue $ 20,068 $
(17,059 ) $ 21,735 $ (7,516 ) $ 27,621
Non-GAAP revenue
Product net revenue $ 56,422 $ 65,901 $ 72,667 $ 70,890 $ 52,233 -7
% Service net revenue Managed services and SaaS 8,384 9,263 9,851
9,159 10,016 19 % Professional services 8,965
11,287 11,698 9,599 9,601
7 % Total service net revenue $ 17,349 $ 20,550
$ 21,549 $ 18,758 $ 19,617 13 %
Total non-GAAP net revenue $ 73,771
$ 86,451 $ 94,216
$ 89,648 $ 71,850 -3 % %
Product 76 % 76 % 77 % 79 % 73 % % Service 24 % 24 % 23 % 21 % 27 %
SOLUTION
GAAP net revenue Advanced metering infrastructure $ 45,149 $
97,598 $ 66,774 $ 91,842 $ 40,023 -11 % New solutions 8,554
5,912 5,707 5,322
4,206 -51 %
Total GAAP net revenue $
53,703 $ 103,510 $
72,481 $ 97,164 $
44,229 -18 % % Advanced metering infrastructure 84 %
94 % 92 % 95 % 90 % % New solutions 16 % 6 % 8 % 5 % 10 % Change in
deferred net revenue Advanced metering infrastructure $ 23,219 $
(21,380 ) $ 19,244 $ (9,532 ) $ 22,422 New solutions (3,151
) 4,321 2,491 2,016
5,199 Total change in deferred net revenue $ 20,068 $
(17,059 ) $ 21,735 $ (7,516 ) $ 27,621
Non-GAAP net revenue
Advanced metering infrastructure $ 68,368 $ 76,218 $ 86,018 $
82,310 $ 62,445 -9 % New solutions 5,403
10,233 8,198 7,338 9,405
74 %
Total Non-GAAP net revenue $
73,771 $ 86,451 $
94,216 $ 89,648 $
71,850 -3 % % Advanced metering infrastructure 93 %
88 % 91 % 92 % 87 % % New solutions 7 % 12 % 9 % 8 % 13 %
GEOGRAPHY
GAAP net revenue United States $ 50,747 $ 94,516 $ 68,562 $
71,602 $ 21,843 -57 % International 2,956
8,994 3,919 25,562 22,386
657 %
Total GAAP net revenue $ 53,703
$ 103,510 $ 72,481
$ 97,164 $ 44,229 -18 % %
United States 94 % 91 % 95 % 74 % 49 % % International 6 % 9 % 5 %
26 % 51 % Change in deferred net revenue United States $ 8,839 $
(21,032 ) $ 15,289 $ 1,369 $ 41,256 International 11,229
3,973 6,446 (8,885 )
(13,635 ) Total change in deferred net revenue $ 20,068 $
(17,059 ) $ 21,735 $ (7,516 ) $ 27,621
Non-GAAP net revenue
United States $ 59,586 $ 73,484 $ 83,851 $ 72,971 $ 63,099 6 %
International 14,185 12,967
10,365 16,677 8,751 -38 %
Total non-GAAP net revenue $ 73,771
$ 86,451 $ 94,216
$ 89,648 $ 71,850 -3 % %
United States 81 % 85 % 89 % 81 % 88 % % International 19 % 15 % 11
% 19 % 12 %
SILVER SPRING NETWORKS, INC.
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION (in
thousands, except percentages and headcount)
Q1 Q2 Q3 Q4
Q1 YoY% CASH FLOW DATA CY13 CY13
CY13 CY13 CY14 Change Operating cash
flow $ (8,913 ) $ (14,048 ) $ 21,131 $ 1,844 $ (3,260 ) 63 %
Operating cash flow - TTM (19,847 ) (19,158 ) 12,172 14 5,667 129 %
BALANCE SHEET DATA Cash, cash equivalents and short-term
investments $ 142,354 124,970 143,431 145,852 $ 140,495 -1 %
Deferred net revenue End of quarter 528,176 510,722 532,546 524,653
552,328 Less: Beginning of quarter (508,056 ) (528,176 ) (510,722 )
(532,546 ) (524,653 ) Foreign currency translation adjustment
(52 ) 395 (89 ) 377
(54 ) Change in deferred net revenue, net of foreign
currency translation $ 20,068 $ (17,059 ) $ 21,735 $
(7,516 ) $ 27,621 Deferred cost of revenue End of quarter $
260,572 268,236 275,101 276,123 $ 296,489 Less: Beginning of
quarter (245,163 ) (260,572 ) (268,236 ) (275,101 ) (276,123 )
Foreign currency translation adjustment 14 99
(23 ) (11 ) (109 ) Change in deferred
cost of revenue, net of foreign currency translation $ 15,423
$ 7,763 $ 6,842 $ 1,011 $ 20,257
STOCK-BASED COMPENSATION Cost of goods sold $ 6,724 $ 2,531
$ 1,376 $ 1,644 $ 2,692 -60 % Research and development 9,544 3,607
1,905 2,277 3,155 -67 % Sales and marketing 3,346 1,526 950 1,238
2,045 -39 % General and administrative 7,054
3,181 2,759 2,842 3,540
-50 % Total $ 26,668 $ 10,845 $ 6,990 $
8,001 $ 11,432 -57 %
EMPLOYEES 572 589 608 602
617 8 %
HOMES & BUSINESSES Cumulative network endpoints
delivered* 16,507 17,008 17,509 18,184 18,710 13 % *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) Q1 Q2 Q3
Q4 Q1
YOY%
QUARTERLY RECONCILIATION OF RESULTS CY13 CY13
CY13 CY13 CY14 Change Net
revenue GAAP net revenue $ 53,703 $
103,510 $ 72,481 $ 97,164
$ 44,229 -18% Change in deferred revenue, net of
foreign currency translation 20,068 (17,059)
21,735 (7,516) 27,621
Non-GAAP net revenue
$ 73,771 $ 86,451 $
94,216 $ 89,648 $ 71,850 -3%
Gross profit GAAP gross profit $ 10,134
$ 48,250 $ 23,226 $
33,744 $ 11,444 13% Change in deferred
revenue, net of foreign currency translation 20,068 (17,059) 21,735
(7,516) 27,621 Change in deferred cost of revenue, net of foreign
currency translation (15,423) (7,763) (6,842) (1,011) (20,257)
Amortization of intangibles in cost of revenue 48 48 48 48 48
Stock-based compensation 6,724 2,531 1,376
1,644 2,692
Non-GAAP gross profit $
21,551 $ 26,007 $ 39,543
$ 26,909 $ 21,548 0% GAAP gross margin
% (as a % of GAAP net revenue) 19% 47% 32% 35% 26% Non-GAAP gross
margin % (as a % of non-GAAP net revenue) 29% 30% 42% 30% 30%
Operating income (loss) GAAP operating income (loss)
$ (39,574) $ 9,982 $
(12,115) $ (48) $ (27,171) 31%
Change in deferred revenue, net of foreign currency translation
20,068 (17,059) 21,735 (7,516) 27,621 Change in deferred cost of
revenue, net of foreign currency translation (15,423) (7,763)
(6,842) (1,011) (20,257) Amortization of intangibles in cost of
revenue 48 48 48 48 48 Stock-based compensation 26,668 10,845 6,990
8,001 11,432 Legal settlements
—
— — 250 —
Non-GAAP operating income
(loss) $ (8,213) $ (3,947) $
9,816 $ (276) $ (8,327) -1% GAAP
operating margin % (as a % of GAAP revenue) -74% 10% -17% 0% -61%
Non-GAAP operating margin % (as a % of non-GAAP net revenue) -11%
-5% 10% 0% -12%
Adjusted EBITDA GAAP net income
(loss) $ (64,366) $ 9,470 $
(12,269) $ 358 $ (27,807) 57%
Change in deferred revenue, net of foreign currency translation
20,068 (17,059) 21,735 (7,516) 27,621 Change in deferred cost of
revenue, net of foreign currency translation (15,423) (7,763)
(6,842) (1,011) (20,257) Other (income) expense, net 24,728 184 54
(138) 37 Provision for income taxes 64 328 100 (268) 599
Depreciation and amortization
1,677
1,689 1,624 1,656 1,466 Stock-based compensation 26,668 10,845
6,990 8,001 11,432 Legal settlements
—
—
—
250
—
Adjusted EBITDA $
(6,584)
$ (2,306) $ 11,392 $
1,332 $ (6,909)
-5%
Net income (loss) GAAP net income (loss) $
(64,366) $ 9,470 $ (12,269)
$ 358 $ (27,807) 57% Change in deferred
revenue, net of foreign currency translation 20,068 (17,059) 21,735
(7,516) 27,621 Change in deferred cost of revenue, net of foreign
currency translation (15,423) (7,763) (6,842) (1,011) (20,257)
Amortization of intangibles in cost of revenue 48 48 48 48 48
Convertible notes accretion / interest 935 — — — —
Conversion of promissory notes and
remeasurement of warrants and derivatives
23,676 — — — — Stock-based compensation 26,668 10,845 6,990 8,001
11,432 Legal settlements
—
—
—
250
—
Non-GAAP net income (loss) $ (8,394) $
(4,459) $ 9,662 $ 130 $
(8,963) -7% GAAP net margin % (as a % of GAAP revenue) -120%
9% -17% 0% -63% Non-GAAP net margin % (as a % of non-GAAP net
revenue) -11% -5% 10% 0% -12%
GAAP income (loss) per share
Basic $ (16.18) * $ 0.20
$ (0.26) $ 0.01 $ (0.58)
Diluted $ (16.18) * $
0.19 $ (0.26) $ 0.01 $
(0.58) Weighted average number of shares used in computation
Basic 10,469 46,599 46,729 47,198 47,693 Diluted 10,469 48,995
46,729 49,603 47,693
* GAAP income (loss) per share is based on
net loss attributable to common stockholders
Non-GAAP income (loss) per share Basic $
(0.80) $ (0.10) $ 0.21 $
0.00 $ (0.19) Diluted $
(0.80) $ (0.10) $ 0.19 $
0.00 $ (0.19) Weighted average number of
shares used in computation Basic 10,469 46,599 46,729 47,198 47,693
Diluted 10,469 46,599 49,620 49,603 47,693
Silver Spring Networks, Inc.Tricia Gugler,
650-839-4504Investor Relationstgugler@silverspringnet.comNoel
Hartzell, 650-839-4184Global
Communicationsnhartzell@silverspringnet.com
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SILVER SPRING NETWORKS INC (NYSE:SSNI)
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From Oct 2023 to Oct 2024