Silver Spring Networks to Release Second Quarter Results on August 4th, 2016
July 21 2016 - 5:00PM
Business Wire
Silver Spring Networks, Inc. (NYSE:SSNI), a leading networking
platform and solutions provider for the Internet of Things, today
announced that it will release its financial results for the second
quarter ended June 30, 2016 after the close of market on Thursday,
August 4, 2016. Silver Spring Networks will host a conference call
that day at 2:00 PM Pacific time (5:00 PM Eastern time) to discuss
its financial results, outlook and other business developments.
Interested parties may access the conference call live via a
dial-in number or audio webcast:
Dial-in NumbersDomestic:
877-407-0832International: 201-689-8433
Audio
Webcasthttp://ir.ssni.com
A dial-in replay of the conference call will be available until
September 21, 2016 and can be accessed at 877-660-6853 (domestic)
or 201-612-7415 (international) passcode 13642103. An audio webcast
replay of the conference call will be available for one year at
http://ir.ssni.com/investor/events-and-presentations.
On May 17, 2016, the Staff of the United States Securities and
Exchange Commission (the “SEC”) updated their Compliance &
Disclosure Interpretations (“C&DIs”) related to the use of
publicly reported non-GAAP financial measures. The C&DIs are
applicable to all companies with SEC reporting requirements and
were effective immediately. After consideration of the C&DIs,
Silver Spring has determined to modify the way in which it
externally reports its financial results.
Beginning with the second quarter report, Silver Spring will
revise the way it refers to several non-GAAP metrics. For example,
what was previously referred to as non-GAAP revenue will now be
referred to as billings, non-GAAP gross profit will now be referred
to as gross profit on billings, and non-GAAP gross margin will now
be referred to as gross margin on billings. Silver Spring has not
changed the calculation or definition of any of these metrics, only
the way in which it refers to them. The revised presentation does
not impact any previously reported non-GAAP metrics. A table of the
revised presentation of non-GAAP metrics follows below:
Revised presentation of non-GAAP
metrics:
Revised Metric – Q2 2016 Previous
Metric – Q1 2016 and before Billings Non-GAAP revenue Recurring
billings Recurring non-GAAP revenue Recurring billings per endpoint
Recurring non-GAAP revenue per endpoint Cost of billings Cost of
non-GAAP revenue Gross profit (loss) on billings Non-GAAP gross
profit (loss) Gross margin on billings Non-GAAP gross margin AMI
billings Non-GAAP revenue from AMI New solution billings Non-GAAP
new solution revenue Product billings Non-GAAP product revenue
Service billings Non-GAAP service revenue Managed services &
SaaS billings Non-GAAP Managed service & SaaS revenue
Professional services billings Non-GAAP Professional services
revenue International billings Non-GAAP international revenue
Domestic billings Non-GAAP domestic revenue
Unchanged non-GAAP metrics:
Non-GAAP operating expense Non-GAAP operating income (loss) Non
–GAAP operating margin Non-GAAP income tax provision (benefit)
Non-GAAP net income (loss) Non-GAAP income (loss) per share
Adjusted EBITDA
About Silver Spring Networks
Silver Spring Networks (NYSE:SSNI)
is a leading networking platform and solutions
provider for smart energy networks. Silver Spring’s pioneering IPv6
networking platform, with over 23.6 million Silver Spring enabled
devices delivered, is connecting utilities to homes and businesses
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,
Consolidated Edison, CPFL Energia, 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.ssni.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160721006291/en/
Silver Spring NetworksMark McKechnie, 669-770-4664Investor
Relationsmmckechnie@ssni.comorAmy Cook, 669-770-4183Global
Communicationsacook@ssni.com
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