## Founding Date | 2002 |

## Total Funding | $369.2 m |

## Investors | Kleiner Perkins, Foundation Capital, Northgate Capital, Threshold, Peterson Ventures, EMC, GSV Capital, Edison Electric Institute, JVB Properties, GV, HGST |

In total, Silver Spring had raised $369.2 m. Silver Spring is a subsidiary of Itron

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

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 326.9m | 191.3m | 489.6m | 311.0m |

| (41%) | 156% | (36%) | |

## Cost of goods sold | 211.5m | 77.2m | 263.8m | 172.8m |

## Gross profit | 115.4m | 114.1m | 225.7m | 138.2m |

| 35% | 60% | 46% | 44% |

## Sales and marketing expense | 34.9m | 33.5m | 39.4m | |

## R&D expense | 77.0m | 61.3m | 70.7m | |

## General and administrative expense | 45.2m | 46.4m | 45.8m | |

## Operating expense total | 157.1m | 142.8m | 158.1m | |

## EBIT | (41.8m) | (87.9m) | 83.0m | (19.9m) |

| (13%) | (46%) | 17% | (6%) |

## Interest expense | 1.2m | 132.0k | 52.0k | 7.0k |

## Interest income | 86.0k | 316.0k | 468.0k | 470.0k |

## Pre tax profit | (66.6m) | (87.7m) | 83.1m | (19.3m) |

## Income tax expense | 224.0k | 1.4m | 3.1m | 2.4m |

## Net Income | (66.8m) | (89.2m) | 80.0m | (21.6m) |

USD | Y, 2010 | Y, 2011 | Y, 2012 | Y, 2013 | FY, 2013 | Y, 2014 | FY, 2014 | FY, 2015 | Y, 2015 | FY, 2016 |
---|---|---|---|---|---|---|---|---|---|---|

## Cash | 42.7m | 71.7m | 72.6m | 82.6m | 82.6m | 60.5m | 60.5m | 65.3m | 65.3m | 50.4m |

## Accounts Receivable | 69.7m | 69.7m | 54.7m | 54.7m | 47.8m | 47.8m | 44.8m | |||

## Prepaid Expenses | 4.8m | 5.1m | 10.8m | |||||||

## Inventories | 4.8m | 4.4m | 5.1m | 6.7m | 4.5m | 10.8m | 8.0m | |||

## Current Assets | 262.1m | 262.1m | 222.3m | 222.3m | 384.5m | 384.5m | 378.4m | |||

## PP&E | 12.4m | 12.4m | 12.9m | 12.9m | 14.1m | 14.1m | 29.0m | |||

## Goodwill | 8.2m | 14.4m | ||||||||

## Total Assets | 516.4m | 516.4m | 548.2m | 548.2m | 457.7m | 457.7m | 447.1m | |||

## Accounts Payable | 31.3m | 31.3m | 27.5m | 27.5m | 30.6m | 30.6m | 26.8m | |||

## Short-term debt | 1.6m | 1.6m | 1.2m | 1.2m | ||||||

## Current Liabilities | 166.7m | 166.7m | 143.9m | 143.9m | 378.8m | 378.8m | 363.2m | |||

## Long-term debt | ||||||||||

## Total Debt | 1.6m | 1.2m | ||||||||

## Total Liabilities | 682.0m | 491.6m | 478.7m | |||||||

## Common Stock | 46.0k | 47.0k | 51.0k | |||||||

## Additional Paid-in Capital | 539.0m | 539.0m | 573.3m | 573.3m | 594.3m | 594.3m | 618.6m | |||

## Retained Earnings | (617.3m) | (617.3m) | (706.4m) | (706.4m) | (626.4m) | (626.4m) | (648.1m) | |||

## Total Equity | (78.1m) | (78.1m) | (133.8m) | (133.8m) | (33.9m) | |||||

## Debt to Equity Ratio | 0 x | |||||||||

## Debt to Assets Ratio | 0 x | |||||||||

## Financial Leverage | -6.6 x | -6.6 x | -4.1 x | -4.1 x | -13.5 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | (66.8m) | (89.2m) | 80.0m | (21.6m) |

## Depreciation and Amortization | 6.6m | 6.5m | 7.8m | 8.6m |

## Accounts Receivable | (13.2m) | 15.6m | 7.4m | 3.1m |

## Inventories | 3.0m | (2.3m) | 2.2m | (3.5m) |

## Accounts Payable | 2.8m | (4.1m) | 3.1m | (4.5m) |

## Cash From Operating Activities | 14.0k | (8.8m) | 19.7m | 20.8m |

## Purchases of PP&E | (3.9m) | (6.1m) | (5.3m) | (24.8m) |

## Cash From Investing Activities | (67.2m) | (12.3m) | (11.7m) | (33.9m) |

## Long-term Borrowings | (2.0m) | (1.5m) | (1.2m) | (285.0k) |

## Cash From Financing Activities | 77.1m | (983.0k) | (3.0m) | (1.6m) |

## Net Change in Cash | 10.0m | (22.1m) | 4.8m | (14.9m) |

## Interest Paid | 263.0k | 132.0k | 51.0k | |

## Income Taxes Paid | 233.0k | 659.0k | 2.7m | 5.4m |

USD | Y, 2010 |
---|

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

## Backlog | $108 m | $152 m | $159.2 m | ||||||||||

## Billings | $276.71 m | $281.92 m | $71.85 m | $76.14 m | $294.6 m | $67.95 m | |||||||

## Cumulative Endpoints | 19.1 m | 19.7 m | 20.8 m | 21.5 m | 22.3 m | 23.6 m | 24.3 m | 24.9 m | 26 m | ||||

## Customers | 45 | 49 | 53 | ||||||||||

## Devices Sold | 27.3 m | ||||||||||||

## Endpoints | 698 k | 747 k | 569 k | 511 k | |||||||||

## Network Users | 20 m | 22.9 m | 25.5 m | ||||||||||

## Patents (Foreign) | 141 | 155 | 171 | ||||||||||

## Patents (US) | 72 | 95 | 110 | ||||||||||

## Patents Pending (Foreign) | 76 | 74 | 68 | ||||||||||

## Patents Pending (US) | 73 | 62 | 61 |

- Source: SEC Filings