Summary - Funding Rounds

Silver Spring is a subsidiary of Itron

Silver Spring Revenue Breakdown

Embed Graph

Silver Spring revenue breakdown by geographic segment: 83.7% from United States, 14.0% from Australia and 2.3% from Other

Silver Spring Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

326.9m191.3m489.6m311.0m

Revenue growth, %

(41%)156%(36%)

Cost of goods sold

150.3m77.2m202.4m172.8b

Gross profit

176.5m114.1m287.1m(172.5b)

Gross profit Margin, %

54%60%59%(55464%)

Sales and marketing expense

39.4b

R&D expense

70.7b

General and administrative expense

45.8b

Operating expense total

155.9b

EBIT

(41.8m)(87.9m)83.0m(19.9b)

EBIT margin, %

(13%)(46%)17%(6406%)

Interest expense

1.2m132.0k52.0k7.0m

Interest income

86.0k316.0k468.0k470.0m

Pre tax profit

(66.6m)(87.7m)83.1m(19.3b)

Income tax expense

224.0k1.4m3.1m(2.4b)

Net Income

(66.8m)(89.2m)80.0m(21.6m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

72.5m44.2m41.6m28.0m143.6m77.2m69.5m48.6m122.0m74.2m50.3m261.6m

Cost of goods sold

49.3m32.8m28.2m26.7m72.2m57.2m36.5m31.6m57.4m45.9m33.4m205.0m

Gross profit

23.2m11.4m13.4m1.3m71.5m20.0m33.0m17.0m64.5m28.2m16.9m56.5m

Gross profit Margin, %

32%26%32%5%50%26%47%35%53%38%34%22%

Sales and marketing expense

7.4m9.2m8.9m10.1m9.3m8.9m7.9m9.6m8.6m10.4m9.1m8.9m

R&D expense

17.0m17.7m17.3m17.0m15.7m16.1m15.8m15.5m17.9m18.2m18.6m17.3m

General and administrative expense

10.9m11.7m11.9m9.6m12.1m10.5m9.3m10.8m11.2m11.7m12.3m10.9m

Operating expense total

35.3m38.6m38.1m38.7m37.3m36.5m33.4m35.9m37.8m42.5m40.1m38.3m

EBIT

(12.1m)(27.2m)(24.7m)(37.4m)34.1m(16.5m)(394.0k)(18.9m)26.7m(14.2m)(23.1m)18.3m

EBIT margin, %

(17%)(61%)(59%)(133%)24%(21%)(1%)(39%)22%(19%)(46%)7%

Interest expense

54.0k37.0k85.0k7.0k

Interest income

37.0k85.0k7.0k

Pre tax profit

(12.2m)(27.2m)(24.6m)(37.4m)34.4m(16.5m)(493.0k)(18.5m)27.1m(14.1m)(22.6m)18.3m

Income tax expense

100.0k599.0k4.0k(140.0k)(476.0k)(290.0k)32.0k961.0k1.1m(570.0k)

Net Income

(12.3m)(27.8m)(24.6m)(37.3m)34.9m(16.2m)(622.0k)(18.5m)26.1m(15.2m)(23.2m)18.6m

Silver Spring Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

42.7m71.7m72.6m82.6m60.5m65.3m50.4m

Accounts Receivable

69.7m54.7m47.8m44.8m

Inventories

4.8m5.1m10.8m8.0m

Current Assets

262.1m222.3m384.5m378.4m

PP&E

12.4m12.9m14.1m29.0m

Total Assets

516.4m548.2m457.7m447.1m

Accounts Payable

31.3m27.5m30.6m26.8m

Short-term debt

1.6m1.2m

Current Liabilities

166.7m143.9m378.8m363.2m

Long-term debt

Total Liabilities

478.7m

Additional Paid-in Capital

539.0m573.3m594.3m618.6m

Retained Earnings

(617.3m)(706.4m)(626.4m)(648.1m)

Total Equity

(78.1m)(133.8m)

Financial Leverage

-6.6 x-4.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

81.9m78.5m64.8m50.1m50.7m61.8m63.5m68.4m68.0m48.0m49.3m51.1m

Accounts Receivable

59.6m61.4m58.1m67.9m47.9m41.5m44.1m43.8m47.0m45.0m48.4m51.7m

Inventories

7.0m4.9m4.6m4.5m7.3m4.5m3.8m4.1m2.5m5.3m5.5m5.3m

Current Assets

281.5m246.6m228.0m216.0m362.6m371.9m376.4m403.7m378.4m371.5m387.8m219.1m

PP&E

12.9m12.5m12.6m12.4m12.6m12.3m12.3m19.5m28.1m29.8m27.5m26.0m

Total Assets

513.9m524.4m534.3m552.9m528.2m517.9m529.8m465.6m449.4m437.4m449.6m295.6m

Accounts Payable

26.3m28.5m27.7m28.4m30.4m25.4m28.1m31.6m32.0m22.4m29.6m30.4m

Short-term debt

1.8m1.6m1.6m1.4m897.0k

Current Liabilities

205.2m149.1m144.9m133.2m372.8m410.0m407.5m423.7m363.2m352.3m387.1m169.5m

Total Debt

1.8m1.6m1.6m1.4m897.0k

Total Liabilities

622.5m622.8m629.1m511.5m461.7m458.7m492.2m315.9m

Additional Paid-in Capital

528.6m

Retained Earnings

(617.6m)(645.1m)(669.7m)(706.9m)(671.5m)(687.7m)(688.3m)(645.0m)(618.8m)(634.1m)(671.5m)(652.9m)

Total Equity

(88.9m)(97.1m)(111.7m)(139.0m)(94.3m)(104.9m)

Financial Leverage

-5.8 x-5.4 x-4.8 x-4 x-5.6 x-4.9 x

Silver Spring Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(66.8m)(89.2m)80.0m(21.6m)

Depreciation and Amortization

6.6m6.5m7.8m8.6m

Accounts Receivable

(13.0m)15.6m7.4m3.1m

Inventories

(1.2m)(724.0k)(5.1m)(3.5m)

Accounts Payable

2.8m(4.1m)3.1m(4.5m)

Cash From Operating Activities

10.0m(8.8m)19.7m20.8m

Purchases of PP&E

(3.9m)(6.1m)(5.3m)(24.8m)

Cash From Investing Activities

(67.2m)(12.3m)(11.7m)(33.9m)

Cash From Financing Activities

77.1m(983.0k)(3.0m)(1.6m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

(12.3m)(27.8m)(24.6m)(37.3m)34.9m18.7m18.1m(18.5m)7.6m(7.6m)(23.2m)(4.5m)

Depreciation and Amortization

1.5m3.9m5.9m2.1m4.2m6.3m2.2m4.5m

Accounts Receivable

8.3m58.1m67.9m47.9m13.6m11.1m4.0m859.0k2.8m(3.6m)(7.0m)

Inventories

(596.0k)4.6m4.5m7.3m2.2m3.0m470.0k2.1m(750.0k)2.5m2.8m

Accounts Payable

(3.1m)27.7m28.4m30.4m(2.4m)(131.0k)669.0k1.2m(8.9m)3.4m4.2m

Cash From Operating Activities

(3.3m)9.2m13.4m1.4m7.5m12.7m1.5m4.5m

Purchases of PP&E

(1.9m)(3.5m)(2.1m)(17.2m)(23.4m)(1.1m)(1.7m)

Cash From Investing Activities

(630.0k)(5.5m)(8.8m)248.0k(3.0m)(29.5m)(577.0k)(713.0k)

Cash From Financing Activities

(214.0k)(2.2m)(1.3m)1.4m(1.7m)(216.0k)(2.0m)(3.1m)

Interest Paid

34.0k44.0k

Income Taxes Paid

1.9m2.4m
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Silver Spring Operating Metrics

Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Jan, 2018

Backlog

$108 m$152 m$159.20 m

Billings

$276.71 m$281.92 m$71.85 m$76.14 m$294.60 m$67.95 m

Cumulative Endpoints

19.10 m19.70 m20.80 m21.50 m22.30 m23.60 m24.30 m24.90 m26 m

Customers

45 49 53

Devices Sold

27.30 m

Endpoints

698 k747 k569 k511 k

Network Users

20 m22.90 m25.50 m

Patents (US)

72 95 110

Patents (foreign)

141 155 171

Patents Pending (US)

73 62 61

Patents Pending (foreign)

76 74 68
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