Summary - Funding Rounds

Silver Spring is a subsidiary of Itron

Silver Spring Revenue Breakdown

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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

326.9 m191.3 m489.6 m311 m

Revenue growth, %

(41%)156%(36%)

Cost of goods sold

150.3 m77.2 m202.4 m172.8 b

Gross profit

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

Gross profit Margin, %

54%60%59%(55464%)

Sales and marketing expense

39.4 b

R&D expense

70.7 b

General and administrative expense

45.8 b

Operating expense total

155.9 b

EBIT

(41.8 m)(87.9 m)83 m(19.9 b)

EBIT margin, %

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

Interest expense

1.2 m132 k52 k7 m

Interest income

86 k316 k468 k470 m

Pre tax profit

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

Income tax expense

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

Net Income

(66.8 m)(89.2 m)80 m(21.6 m)

Quarterly

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

Revenue

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

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

Sales and marketing expense

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

R&D expense

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

General and administrative expense

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

Operating expense total

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

EBIT

(12.1 m)(27.2 m)(24.7 m)(37.4 m)34.1 m(16.5 m)(394 k)(18.9 m)26.7 m(14.2 m)(23.1 m)18.3 m

EBIT margin, %

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

Interest expense

54 k37 k85 k7 k

Interest income

37 k85 k7 k

Pre tax profit

(12.2 m)(27.2 m)(24.6 m)(37.4 m)34.4 m(16.5 m)(493 k)(18.5 m)27.1 m(14.1 m)(22.6 m)18.3 m

Income tax expense

100 k599 k4 k(140 k)(476 k)(290 k)32 k961 k1.1 m(570 k)

Net Income

(12.3 m)(27.8 m)(24.6 m)(37.3 m)34.9 m(16.2 m)(622 k)(18.5 m)26.1 m(15.2 m)(23.2 m)18.6 m

Silver Spring Balance Sheet

Annual

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

Cash

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

Accounts Receivable

69.7 m54.7 m47.8 m44.8 m

Inventories

4.8 m5.1 m10.8 m8 m

Current Assets

262.1 m222.3 m384.5 m378.4 m

PP&E

12.4 m12.9 m14.1 m29 m

Total Assets

516.4 m548.2 m457.7 m447.1 m

Accounts Payable

31.3 m27.5 m30.6 m26.8 m

Short-term debt

1.6 m1.2 m

Current Liabilities

166.7 m143.9 m378.8 m363.2 m

Long-term debt

Total Liabilities

478.7 m

Additional Paid-in Capital

539 m573.3 m594.3 m618.6 m

Retained Earnings

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

Total Equity

(78.1 m)(133.8 m)

Financial Leverage

-6.6 x-4.1 x

Quarterly

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

Cash

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

Accounts Receivable

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

Inventories

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

Current Assets

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

PP&E

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

Total Assets

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

Accounts Payable

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

Short-term debt

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

Current Liabilities

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

Total Debt

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

Total Liabilities

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

Additional Paid-in Capital

528.6 m

Retained Earnings

(617.6 m)(645.1 m)(669.7 m)(706.9 m)(671.5 m)(687.7 m)(688.3 m)(645 m)(618.8 m)(634.1 m)(671.5 m)(652.9 m)

Total Equity

(88.9 m)(97.1 m)(111.7 m)(139 m)(94.3 m)(104.9 m)

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

(66.8 m)(89.2 m)80 m(21.6 m)

Depreciation and Amortization

6.6 m6.5 m7.8 m8.6 m

Accounts Receivable

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

Cash From Operating Activities

10 m(8.8 m)19.7 m20.8 m

Purchases of PP&E

(4 m)(6.1 m)(5.4 m)(24.8 m)

Cash From Investing Activities

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

Cash From Financing Activities

77.1 m(983 k)(3 m)(1.6 m)

Quarterly

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

Net Income

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

Depreciation and Amortization

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

Accounts Receivable

8.3 m58.1 m67.9 m47.9 m13.6 m11.1 m4 m859 k2.8 m(3.6 m)(7 m)

Inventories

(596 k)4.6 m4.5 m7.3 m2.2 m3 m470 k2.1 m(750 k)2.5 m2.8 m

Accounts Payable

(3.1 m)27.7 m28.4 m30.4 m(2.4 m)(131 k)669 k1.2 m(8.9 m)3.4 m4.2 m

Cash From Operating Activities

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

Purchases of PP&E

(1.9 m)(3.5 m)(2.1 m)(17.2 m)(23.4 m)(1.1 m)(1.8 m)

Cash From Investing Activities

(630 k)(5.5 m)(8.8 m)248 k(3 m)(29.5 m)(577 k)(713 k)

Cash From Financing Activities

(214 k)(2.2 m)(1.3 m)1.4 m(1.7 m)(216 k)(2 m)(3.1 m)

Interest Paid

34 k44 k

Income Taxes Paid

1.9 m2.4 m
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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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