SAN JOSE, Calif.--(BUSINESS WIRE)--Silver Spring Networks, Inc. (NYSE: SSNI), a leading networking platform and solutions provider for the Internet of Important Things™, today announced that it will host an informational call with investors to discuss changes it will make to its non-GAAP financial reporting in future earnings reports. The conference call will begin at 2:00 PM Pacific time on Monday, February 13, 2017. Silver Spring Networks will post materials today related to this change to its website at: http://ir.ssni.com.
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. After continued consideration of the C&DIs, Silver Spring Networks has determined to further modify the way in which it reports its non-GAAP financial results, beyond the revisions it made beginning with its second quarter ended June 30, 2016 report.
Silver Spring Networks will continue to report billings, cost of billings and non-GAAP operating expense, and will also provide the additional GAAP measures used internally by management to adjust GAAP measures to arrive at the company’s previously-reported non-GAAP metrics. Silver Spring Networks is not changing the way it manages its business, makes planning decisions, evaluates performance or allocates is resources, but rather is changing the presentation of its financial reports.
Silver Spring Networks will not be discussing any business or financial results on this call. Silver Spring Networks will report its fourth quarter and full year ending December 31, 2016 results on February 21, 2017 as previously announced.
Call to Discuss Changes to non-GAAP Financial Reporting
Date: February 13, 2017
Time: 2:00 P.M. Pacific Time
Domestic dial-in: 877-407-0832
International dial-in: 201-689-8433
A dial-in replay of the conference call will be available until April 3, 2017 and can be accessed at 877-660-6853 (domestic) or 201-612-7415 (international) passcode 13654303.
An audio webcast replay of the conference call will be available for one year at http://ir.ssni.com/investor/events-and-presentations.
About Silver Spring Networks
Silver Spring Networks enables the Internet of Important Things™ by reliably and securely connecting things that matter. Cities, utilities, and companies on five continents use the company’s cost-effective, high-performance IoT network and data platform to operate more efficiently, get greener, and enable innovative services that can improve the lives of millions of people. With more than 24.9 million devices delivered, Silver Spring provides a proven standards-based platform safeguarded with military grade security. Silver Spring Networks’ customers include Baltimore Gas & Electric, CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, and Singapore Power. Silver Spring has also deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn more, please visit www.ssni.com.