Silver Spring Networks to Release Second Quarter Results on August 4th, 2016

SAN JOSE, Calif.--()--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 Numbers
Domestic: 877-407-0832
International: 201-689-8433

Audio Webcast
http://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.

Contacts

Silver Spring Networks
Mark McKechnie, 669-770-4664
Investor Relations
mmckechnie@ssni.com
or
Amy Cook, 669-770-4183
Global Communications
acook@ssni.com

Contacts

Silver Spring Networks
Mark McKechnie, 669-770-4664
Investor Relations
mmckechnie@ssni.com
or
Amy Cook, 669-770-4183
Global Communications
acook@ssni.com