Silver Spring

Energy & Utilities Technology application software energy efficiency internet of things networking platform

Silver Spring Networks is engaged in creating, building and deploying large-scale networks and solutions enabling the Internet of things for critical infrastructure. The Company provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid. Its networking platform enables customers to communicate with devices connected to the power grid. The platform comprises hardware, such as access points and relays, communications modules, SilverLinkOS network operating software, and GridScape management and security software.

Revenue(FY, 2016)

$311 M

Type

Subsidiary

Parent Company

Itron

San Jose, US

Founded

2002

Website

silverspringnet.com

Silver Spring was founded in 2002 and is headquartered in San Jose, US

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Key People/Management at Silver Spring

Michael Bell

President, CEO

Catriona Fallon

CFO

Rick Arnold

General Counsel & Secretary

Don Reeves

SVP Services & Operations

Philippe Gaglione

Executive Vice President of Research and Development

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Silver Spring Office Locations

Silver Spring has offices in Singapore, San Jose, Las Vegas, Chicago and in 9 other locations

San Jose, US (HQ)

230 W Tasman Dr

Chicago, US

4025 Willis Tower 233 S Wacker Dr

Escondido, US

105 120 W Grand Ave

San Antonio, US

1200 300 Convent St

Melbourne, AU

25 360 Collins St

São Paulo, BR

1089 Av. Roque Petroni Júnior

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Silver Spring Financials and Metrics

Summary Metrics

Founding Date	2002
Total Funding	$363.9 m
Investors	Peterson Ventures, DFJ Growth, EMC, GSV Capital, Edison Electric Institute, Foundation Capital, JVB Properties, Kleiner Perkins Caufield & Byers, Northgate Capital, HGST, GV

Silver Spring is a subsidiary of Itron

Silver Spring Financials

Silver Spring's revenue was reported to be $311.01 m in FY, 2016 which is a 36.5% decrease from the previous period.

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	326.9 m	191.3 m	489.6 m	311 m
Revenue growth, %		(41%)	156%	(36%)
Cost of goods sold	150.3 m	77.2 m	202.4 m	172.8 b
Gross profit	176.5 m	114.1 m	287.1 m	(172.5 b)

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Revenue	72.5 m	44.2 m	41.6 m	28 m	143.6 m	77.2 m	69.5 m	48.6 m	122 m	74.2 m	50.3 m	261.6 m
Cost of goods sold	49.3 m	32.8 m	28.2 m	26.7 m	72.2 m	57.2 m	36.5 m	31.6 m	57.4 m	45.9 m	33.4 m	205 m
Gross profit	23.2 m	11.4 m	13.4 m	1.3 m	71.5 m	20 m	33 m	17 m	64.5 m	28.2 m	16.9 m	56.5 m
Gross profit Margin, %	32%	26%	32%	5%	50%	26%	47%	35%	53%	38%	34%	22%

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Balance Sheet

Annual

usd	Y, 2010	Y, 2011	Y, 2012	Y, 2013	Y, 2014	Y, 2015	FY, 2016
Cash	42.7 m	71.7 m	72.6 m	82.6 m	60.5 m	65.3 m	50.4 m
Accounts Receivable				69.7 m	54.7 m	47.8 m	44.8 m
Inventories				4.8 m	5.1 m	10.8 m	8 m
Current Assets				262.1 m	222.3 m	384.5 m	378.4 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Cash	81.9 m	78.5 m	64.8 m	50.1 m	50.7 m	61.8 m	63.5 m	68.4 m	68 m	48 m	49.3 m	51.1 m
Accounts Receivable	59.6 m	61.4 m	58.1 m	67.9 m	47.9 m	41.5 m	44.1 m	43.8 m	47 m	45 m	48.4 m	51.7 m
Inventories	7 m	4.9 m	4.6 m	4.5 m	7.3 m	4.5 m	3.8 m	4.1 m	2.5 m	5.3 m	5.5 m	5.3 m
Current Assets	281.5 m	246.6 m	228 m	216 m	362.6 m	371.9 m	376.4 m	403.7 m	378.4 m	371.5 m	387.8 m	219.1 m

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Cash Flow

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Net Income	(66.8 m)	(89.2 m)	80 m	(21.6 m)
Depreciation and Amortization	6.6 m	6.5 m	7.8 m	8.6 m
Inventories	(1.2 m)	(724 k)	(5.1 m)	(3.5 m)
Accounts Payable	2.8 m	(4.1 m)	3.1 m	(4.5 m)

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Net Income	(12.3 m)	(27.8 m)	(24.6 m)	(37.3 m)	34.9 m	18.7 m	18.1 m	(18.5 m)	7.6 m	(7.6 m)	(23.2 m)	(4.5 m)
Depreciation and Amortization		1.5 m				3.9 m	5.9 m	2.1 m	4.2 m	6.3 m	2.2 m	4.5 m
Inventories		(596 k)	4.6 m	4.5 m	7.3 m	2.2 m	3 m	470 k	2.1 m	(750 k)	2.5 m	2.8 m
Accounts Payable		(3.1 m)	27.7 m	28.4 m	30.4 m	(2.4 m)	(131 k)	669 k	1.2 m	(8.9 m)	3.4 m	4.2 m