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Ssni investor presentation august 2015
1.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Silver Spring Networks August 2015
2.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Forward-Looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding the momentum in Silver Spring Networks’ business, the performance, capabilities and benefits of our recently announced Gen5 networking platform and products, intended future analytics applications for the SilverLink Sensor Network, and future growth and future financial results. Statements including words such as "anticipate", "believe", "estimate" or "expect" and statements in the future tense or about future events are forward-looking statements. These forward-looking statements are preliminary estimates and expectations based on current information and are subject to business and economic risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Important factors that could cause results to differ materially from the statements herein include: timing around customer decisions and deployment pace; dependence on a limited number of customers and key suppliers; general economic risks; specific economic risks in different geographies and among different industries; failure to maintain or increase renewals and increase business from existing customers; uncertainties around continued success in sales growth and market share gains; lengthy sales cycles with no assurances that a prospective customer will select Silver Spring’s products and services; amounts included in backlog may not result in billings or revenue; adverse publicity about, or consumer or political opposition to, the smart grid; security breaches involving smart grid products or services; the ability to integrate technology into third-party devices and Silver Spring’s relationship with third-party manufacturers; execution and customer adoption risks related to new product introductions and innovation, including our recently announced fifth generation networking platform and products; the ability to attract and retain personnel, including members of Silver Spring’s management team; changes in strategy; technological changes that make Silver Spring’s products and services less competitive; competition, particularly from larger companies with more resources than Silver Spring; international business uncertainties; the ability to acquire and integrate other businesses; and other risk factors set forth from time to time in Silver Spring’s filings with the SEC, copies of which are available free of charge at the SEC’s website at www.sec.gov. All forward-looking statements in this presentation reflect Silver Spring’s expectations only as of the date hereof. Silver Spring undertakes no obligation, and expressly disclaims any obligation, to update any forward-looking statements in this presentation in light of new information or future events.
3.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Our Company 3 We are the platform for the next generation smart grid networks, smart cities and connected infrastructure We are making the internet-of-things a reality for smart infrastructure
4.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Long Term Market Vision 4 Time Devices 10s of Millions 100s of Millions Billions Smart Grid Networks Smart City Infrastructure Networks Internet of Things Open, standards-based, secure, reliable network platform
5.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. The Leader in Smart Infrastructure • A decade of innovation and global success • Volume leader with 21.5M homes and businesses networked • Proven multi-application network for smart grid and smart city applications • Broad ecosystem includes technology integrators, partners and resellers • 140+ granted and pending patents in the US • Named as a “2015 Smart Grid Company to Watch” 5 2015 IoT Evolution Product of the Year Gen5 / Milli5 2014 Smart grid product of the year SilverLink 2014 American Tech award Street lights
6.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. 0 5 10 15 20 25 2007 2008 2009 2010 2011 2012 2013 2014 2015 DeliveredEndpoints(MM)Proven Success at Leading Utilities 6 AMI Street Light City of Paris Street Light Bristol CPFL DA
7.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Silver Spring Networks Benefits in Action* 7 • 61 million annual meter reads avoided • Time-of-Use pricing for EV customers • 70K homes restored 24-hours after Napa Quake • $30 million operational cash savings for 2014 • Increased reliability by over 20% in past 5 years • North America’s largest street light project • Record reliability in 1H15 – 879K outages avoided despite severe weather. • Outage avoidance has saved customers an estimated $175 million • Largest 2-way residential program with 100K in-home smart thermostats • Ranked #1 in Customer Satisfaction in 2013 and 2014 by JD Power • Piloting street light project * Source: Florida Power & Light 5/25/15 PR, ComEd 4/22/15 PR and company reports, 5/5/15; PG& E Q1 2015 earnings call, OG&E company reports, SSNI internal data
8.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. We Connect and Empower a Multi-Application Network Platform 8 ISV Utility SSN Silver Spring Network Environment IPv6 Network Network Control Software SilverLink / Data Platform Applications App Store Bridge Distributed Intelligence Communication modules and Access points
9.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Extending the Menu to New Solutions 9 Fault Location, Isolation and Service Restoration Voltage Optimization Network Monitoring PV & Renewable Integration Direct Load Control Price Response Energy Efficiency Electricity Water Non-Technical Loss Prepay Gas SilverLink Insights Service Customer IQ Marketing Services Street Lights Traffic Control Noise Sensors Environment Sensors Advanced Metering Distribution Automation Demand Side Management Insights & Analytics Customer Engagement Smart Infrastructure AMI New Solutions
10.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Significant Opportunity to Drive Value 10 $47.6 $10.0 $16.0 $5.1 $7.6 ($15.0) $7.0 $6.9 $1.3 $1.5 $3.0 $4.2 $60 $50 $40 $30 $20 $10 0 ($10) ($20) NetBenefits($/endpoint/year) Network Cost Meter Reading Remote Connect Billing Outage Demand Response Dynamic Pricing Energy Efficiency Theft Detection Distribution Automation CVR Net Benefits Source: Silver Spring Networks estimates. Net benefits calculated based on annualized benefits and costs.
11.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Gen5: Designed for Internet of Things Outdoor machine to machine communications 11 • Up to 50 mile range for remote rural areas • Battery powered at 1/7 the size to enable new use cases - Water, gas, environmental sensors, parking - Up to 20 year life on AA Lithium Ion batteries • Low latency for mission critical apps - Grid Reliability • Up to 10X computing performance over Gen4 Gen5 Communications Module Gen5 Milli Communications Module
12.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. SilverLink Platform & Ecosystem Analytics Solutions from Silver Spring and Partners 12 Customer Engagement Demand-Side Management Customer Case and Outreach Network Analytics Network Analytics CustomerIQ App Suite Operational Apps
13.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Detectent Analytics Platform 13 CIS/MDM Systems Work Order Systems EE/DR Systems Utility Analysis Business Listings Premise Data Weather Data GIS/SCADA Data Asset Mgmt Data Sources I N T E G R A T I O N S A C C E S S Customer Intelligence Platform Applications Customer Programs Grid Operations Revenue Assurance
14.
© Silver Spring
Networks, Inc. All rights reserved. Silver Spring Confidential. Smart City Infrastructure Vision 14 More Control, Less Energy, More Security, Less Traffic, More Services, Less Pollution, More Decisions in Less Time Camera LED Electrical Car Chargers Traffic Light Sensors Speed Radar Low Voltage Electrical Cabinets Information Panels Bus Stops Bike Stations Network Routers Intelligent Traffic Control Public Lighting Cabinets EV Charging Infrastructure Smart Streets Video Surveillance Sensors Pollution, Water Meters, Noise City Communication Networks City Info Panels Advertising Panels
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Networks, Inc. All rights reserved. Silver Spring Confidential. Diversifying the Business Non-GAAP Revenue – % of Total 15 2009A By Type: Product 91% Managed Services & SaaS 4% Professional Services 5% By Solution: Network / AMI 100% New Solutions 0% By Geography: U.S. 94% International 6% 1H15 65% 19% 16% 79% 21% 83% 17%
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Networks, Inc. All rights reserved. Silver Spring Confidential. Our Business Model Every Home & Business We Network Increases Our Value 16 Time $ +19% +32% (9%) 2014 Results Endpoint Monetization $2-$3/ Year(1) Products(2): ~$65 - 75 Services: ~$15 18 20 8 8 26 28 2013 2014 Cumulative Endpoints (M) Endpoint is a connected home or business. 1. Based on the current model and delivered cumulative endpoints. 2. Based on the current model and new endpoints delivered within the year. Deployed Contracted
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Networks, Inc. All rights reserved. Silver Spring Confidential. Recurring Revenue Grows with Footprint 17 21.5M Delivered Endpoints 8M Endpoints in Backlog* Expanded Menu into a Growing Footprint Building Higher Visibility Recurring Revenue Base Cumulative Endpoints (M) Non-GAAP Managed Services & SaaS** ($M) * Backlog as of Dec. 31, 2014. ** Non-GAAP revenue financial measures. 19.1 19.7 20.3 20.8 21.5 Q214 Q314 Q414 Q115 Q215 $10.9 $11.5 $11.6 $12.6 $13.0 Q214 Q314 Q414 Q115 Q215
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Networks, Inc. All rights reserved. Silver Spring Confidential. Q215 Financial Results 18
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Networks, Inc. All rights reserved. Silver Spring Confidential. • Solid Q2 results • Cash Flow from Operations of $10 million • Strongest deployment quarter in 2 years • International sales up triple-digits • Gross profit up 41% on double-digit growth for SSN technology • Increased deal activity in every region we operate State of Business 19
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Networks, Inc. All rights reserved. Silver Spring Confidential. $64 $69 Q214 Q215 Q215 Financial Results Non-GAAP Revenue Non-GAAP Revenue by Type Non-GAAP Services Revenue Network Footprint (Cumulative Endpoints) $Millions, Endpoints in Millions $42 $45 $21 $24 Q214 Q215 Services Product Note: Some figures may not add due to rounding * Excludes 3rd-Party 19.1 21.5 Q214 Q215 +13% +6% +14% $11 $11 $11 $13 Q214 Q215 Managed/SaaS Prof. Services +19% +9% +9% Double Digit Growth 3rd-Party SSN Content* 20
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Networks, Inc. All rights reserved. Silver Spring Confidential. 32.4% 41.9% Q214 Q215 $2.18 $2.26 Q214 Q215 $57 $54 $7 $15 Q214 Q215 Q215 Financial Results (continued) 21 $Millions, except Recurring Revenue per Cuml. Endpoint Recurring Revenue per Cuml. Endpoint Non-GAAP New Solutions Revenue Non-GAAP Revenue by Region Non-GAAP Gross Margin +10 pts Note: Some figures may not add due to rounding * TTM refers to the trailing twelve month period TTM* $12 $13 $52 $56 Q214 Q215 AMI New Solutions +125% US International +8% +11%
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Networks, Inc. All rights reserved. Silver Spring Confidential. Q215 Non-GAAP Gross Profit Margin 22 $Millions Q214 Q215 Product 29.5% 43.6% Managed / SaaS 43.1% 43.2% Professional Service 32.5% 33.7% Service 37.9% 38.8% Total 32.4% 41.9% Services $8 Services $9 Product $12 Product $19 $21 $29 Q214 Q215 41% Note: Some figures may not add due to rounding
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Networks, Inc. All rights reserved. Silver Spring Confidential. Q215 Financial Results (continued) Non-GAAP Operating Expenses Non-GAAP EPS Non-GAAP Net Income Cash & Equivalents $Millions, except EPS $15 $13 $7 $7 $9 $7 $31 $28 Q214 Q215 $(0.20) $0.02 Q214 Q215 $(10) $1 Q214 Q215 $111 $119 Q115 Q215 +$0.23 +$11M Note: Some figures may not add due to rounding G&A S&M R&D -8% 23
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Networks, Inc. All rights reserved. Silver Spring Confidential. Supplemental 24
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Networks, Inc. All rights reserved. Silver Spring Confidential. Silver Spring believes that its results of operations under generally accepted accounting principles, or GAAP, when considered in isolation, may only provide limited insight into the performance of its business in any given period. As a result, Silver Spring manages its business, makes planning decisions, evaluates its performance and allocates resources by assessing non-GAAP measures such as non-GAAP revenue, recurring non-GAAP revenue, recurring non-GAAP revenue per endpoint, cost of non-GAAP revenue, non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP earnings (loss) per share, and adjusted EBITDA, and total backlog, in addition to other financial measures presented in accordance with GAAP. Silver Spring believes that these non-GAAP and other financial measures offer valuable supplemental information regarding the performance of its business, and will help investors better understand the sales volumes, and gross margin and profitability trends, as well as the cash flow characteristics, of its business. The non-GAAP measures should not be considered in isolation from, are not a substitute for, and do not purport to be an alternative to, revenue, cost of revenue, gross profit (loss), gross margin, operating income (loss), net income (loss), earnings (loss) per share or any other performance measure derived in accordance with GAAP. Silver Spring may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses. Non-GAAP revenue represents amounts invoiced for products for which ownership, typically evidenced by title and risk of loss, has transferred or services that have been provided to the customer, and for which payment is expected to be made in accordance with normal payment terms. Non-GAAP revenue excludes amounts for undelivered products, services to be performed in the future, and amounts paid or payable to customers. Non-GAAP revenue is initially recorded as deferred revenue and is recognized as revenue when all revenue recognition criteria have been met under Silver Spring’s accounting policies as described in Silver Spring’s filings with the Securities and Exchange Commission. Silver Spring reconciles revenue to non-GAAP revenue by adding revenue to the change in deferred revenue in a given period. Recurring non-GAAP revenue is non-GAAP revenue from managed services and SaaS, as well as customer support and other service offerings. Recurring non-GAAP revenue is primarily recurring in nature and includes managed services, hosting and software maintenance, and support fees, as well as one-time managed services and SaaS set up fees. Customer support and other services are provided to customers outside of managed and SaaS offerings, and are also recurring in nature. Recurring non-GAAP revenue per endpoint represents a trailing twelve month non-GAAP revenue per cumulative endpoints deployed inception-to-date. Cost of non-GAAP revenue represents the cost associated with products and services that have been delivered to the customer, excluding stock-based compensation, amortization of intangibles, and acquisition-related charges. Cost of product shipments for which revenue is not recognized in the period incurred is recorded as deferred cost of revenue. Deferred cost of revenue is expensed in the statement of operations as cost of revenue when the corresponding revenue is recognized. Costs related to services are expensed in the period incurred. Silver Spring reconciles cost of revenue to cost of non-GAAP revenue by adding cost of revenue and the change in deferred cost of revenue, less stock-based compensation, amortization of intangibles, and acquisition-related charges included in cost of revenue, in a given period. Non-GAAP gross profit (loss) is the difference between non-GAAP revenue and cost of non-GAAP revenue. Non-GAAP gross margin is non-GAAP gross profit (loss) as a percentage of non-GAAP revenue. Non-GAAP operating income (loss) represents operating loss adjusted for non-GAAP revenue and cost of non-GAAP revenue and excludes expenses related to the amortization of intangible assets, stock-based compensation, acquisition-related charges, restructuring and legal settlements. Non-GAAP net income (loss) represents net income (loss) adjusted for changes in deferred revenue and deferred cost of revenue, and excludes expenses related to the amortization of intangible assets, stock-based compensation, acquisition-related charges, income tax benefit related to acquisitions, restructuring, and legal settlements. Non-GAAP income (loss) per share represents non-GAAP net income (loss) divided by weighted average shares outstanding for the period. Adjusted EBITDA is net income (loss) adjusted for changes in deferred revenue and deferred cost of revenue, other (income) expense, net, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation, acquisition-related charges, restructuring, legal settlements, and certain other items management believes affect the comparability of operating results. Non-GAAP and Other Financial Measures 25
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Networks, Inc. All rights reserved. Silver Spring Confidential. Q215 GAAP to Non-GAAP Reconciliation 26 Note: Some figures may not add due to rounding * Net of Foreign Currency Translation $Thousands, except per share amounts GAAP Financial Statements Change in Deferred Revenue and Deferred Cost of Revenue * Stock-based Compensation Amortization of Intangibles Restructuring & Litigation Acquisition Related Costs Non-GAAP Financial Information Product revenue 54,711$ (10,015)$ -$ -$ -$ -$ 44,696$ Service revenue 22,456 1,988 - - - - 24,444 Net revenue 77,167 (8,027) - - - - 69,140 Product cost of revenue 40,533 (14,488) (560) (260) - - 25,225 Service cost of revenue 16,678 - (1,649) - - (60) 14,969 Total cost of revenue 57,211 (14,488) (2,209) (260) - (60) 40,194 Gross profit 19,956 6,461 2,209 260 - 60 28,946 Product Margin 25.9% 43.6% Service Margin 25.7% 38.8% Total Margin 25.9% 41.9% Operating Expenses Research and development 16,050 - (2,832) - - (27) 13,191 Sales and marketing 8,912 - (1,287) (153) - - 7,472 General and administrative 10,455 - (2,333) (9) - (664) 7,449 Restructuring 1,078 - - - (1,078) - - Total operating expenses 36,495 - (6,452) (162) (1,078) (691) 28,112 Operating Loss (16,539) 6,461 8,661 422 1,078 751 834 Operating Margin -21.4% 1.2% Other income (expense), net 74 - - - - - 74 (Benefit) Provision for income taxes (290) - - - - 124 (166) Net loss (16,175)$ 6,461$ 8,661$ 422$ 1,078$ 627$ 1,074$ Income (Loss) per share Basic (0.32)$ 0.02$ Diluted (0.32)$ 0.02$ Number of shares used in computation Basic 49,862 49,862 Diluted 49,862 51,390
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Networks, Inc. All rights reserved. Silver Spring Confidential. Q214 GAAP to Non-GAAP Reconciliation 27 Note: Some figures may not add due to rounding * Net of Foreign Currency Translation $Thousands, except per share amounts GAAP Financial Statements Change in Deferred Revenue and Deferred Cost of Revenue * Stock-based Compensation Amortization of Intangibles in Cost of Revenue Litigation and Restructuring Acquisition Related Costs Non-GAAP Financial Information Product revenue 24,751$ 17,438$ -$ -$ -$ -$ 42,189$ Service revenue 16,856 4,559 - - - - 21,415 Net revenue 41,607 21,997 - - - - 63,604 Product cost of revenue 13,414 16,801 (442) (48) - - 29,725 Service cost of revenue 14,781 - (1,488) - - - 13,293 Total cost of revenue 28,195 16,801 (1,930) (48) - - 43,018 Gross profit 13,412 5,196 1,930 48 - - 20,586 Product Margin 45.8% 29.5% Service Margin 12.3% 37.9% Total Margin 32.2% 32.4% Operating Expenses Research and development 17,342 - (2,695) - - - 14,647 Sales and marketing 8,854 - (1,754) - - - 7,100 General and administrative 11,888 - (3,183) - 100 - 8,805 Total operating expenses 38,084 - (7,632) - 100 - 30,552 Operating Loss (24,672) 5,196 9,562 48 (100) - (9,966) Operating Margin -59.3% -15.7% Interest income, net 85 - - - - - 85 Provision for income taxes 4 - - - - - 4 Net loss (24,591)$ 5,196$ 9,562$ 48$ (100)$ -$ (9,885)$ Loss per share, basic and diluted (0.51)$ (0.20)$ Number of shares used in computation, basic and diluted 48,315 48,315
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Networks, Inc. All rights reserved. Silver Spring Confidential. UNAUDITED RECONCILIATION OF NET REVENUE BETWEEN GAAP AND NON-GAAP 28 YoY% TYPE Change GAAP net revenue: Product net revenue $ 24,751 $ 16,321 $ 60,034 $ 105,035 $ 54,711 121% Service net revenue Managed services and SaaS (a) 8,584 7,546 10,569 12,974 10,608 24% Professional services 8,272 4,174 6,808 25,631 11,848 43% Total service net revenue 16,856 11,720 17,377 38,605 22,456 33% Total GAAP net revenue $ 41,607 $ 28,041 $ 77,411 $ 143,640 $ 77,167 85% % Product 59% 58% 78% 73% 71% % Service 41% 42% 22% 27% 29% Change in deferred net revenue: Change in deferred product revenue $ 17,438 $ 33,238 $ (9,991) $ (64,034) $ (10,015) Change in deferred service revenue: Managed services and SaaS 2,326 3,960 984 (419) 2,387 Professional services 2,233 5,649 1,962 (16,088) (399) Total change in deferred service revenue 4,559 9,609 2,946 (16,507) 1,988 Total change in deferred revenue $ 21,997 $ 42,847 $ (7,045) $ (80,541) $ (8,027) Non-GAAP revenue: Product net revenue 42,189 49,559 50,043 41,001 44,696 6% Service net revenue: Managed services and SaaS (a) 10,910 11,506 11,553 12,555 12,995 19% Professional services 10,505 9,823 8,770 9,543 11,449 9% Total service net revenue 21,415 21,329 20,323 22,098 24,444 14% Total non-GAAP net revenue $ 63,604 $ 70,888 $ 70,366 $ 63,099 $ 69,140 9% % Product 66% 70% 71% 65% 65% % Service 34% 30% 29% 35% 35% 2015 Q4 Q2 2014 20142014 2015 Q2 Q3 Q1
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Networks, Inc. All rights reserved. Silver Spring Confidential. UNAUDITED RECONCILIATION OF NET REVENUE BETWEEN GAAP AND NON-GAAP (continued) 29 YoY% RECURRING REVENUE PER ENDPOINT Change Recurring GAAP revenue (TTM) (a) 35,391 32,987 35,220 39,673 41,697 Changes in deferred revenue, net of foreign currency translations 6,179 9,688 9,284 6,851 6,912 Recurring non-GAAP revenue (TTM) (a) $ 41,570 $ 42,675 $ 44,504 $ 46,524 $ 48,609 Cumulative network endpoints delivered 19,081 19,714 20,266 20,814 21,506 Recurring GAAP revenue per endpoint delivered (a) $ 1.85 $ 1.67 $ 1.74 $ 1.91 $ 1.94 5% Recurring non-GAAP revenue per endpoint delivered (a) $ 2.18 $ 2.16 $ 2.20 $ 2.24 $ 2.26 4% SOLUTION GAAP net revenue Advanced metering infrastructure $ 33,610 $ 21,417 $ 72,456 $ 112,865 $ 66,907 99% New solutions 7,997 6,624 4,955 30,775 10,260 28% Total GAAP net revenue $ 41,607 $ 28,041 $ 77,411 $ 143,640 $ 77,167 85% % Advanced metering infrastructure 81% 76% 94% 79% 87% % New solutions 19% 24% 6% 21% 13% Change in deferred net revenue Advanced metering infrastructure $ 18,113 $ 39,828 $ (12,441) $ (64,828) $ (10,976) New solutions 3,884 3,019 5,396 (15,713) 2,949 Total change in deferred net revenue $ 21,997 $ 42,847 $ (7,045) $ (80,541) $ (8,027) Non-GAAP net revenue Advanced metering infrastructure $ 51,723 $ 61,245 $ 60,015 $ 48,037 $ 55,931 8% New solutions 11,881 9,643 10,351 15,062 13,209 11% Total Non-GAAP net revenue $ 63,604 $ 70,888 $ 70,366 $ 63,099 $ 69,140 9% % Advanced metering infrastructure 81% 86% 85% 76% 81% % New solutions 19% 14% 15% 24% 19% Q2 Q3 Q4 Q1 Q2 2014 2014 2014 2015 2015
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Networks, Inc. All rights reserved. Silver Spring Confidential. UNAUDITED RECONCILIATION OF NET REVENUE BETWEEN GAAP AND NON-GAAP (continued) 30 YoY% GEOGRAPHY Change GAAP net revenue United States $ 34,251 $ 15,700 $ 30,017 $ 122,582 $ 72,360 111% International 7,356 12,341 47,394 21,058 4,807 -35% Total GAAP net revenue $ 41,607 $ 28,041 $ 77,411 $ 143,640 $ 77,167 85% % United States 82% 56% 39% 85% 94% % International 18% 44% 61% 15% 6% Change in deferred net revenue United States $ 22,799 $ 48,248 $ 29,176 $ (66,533) $ (17,955) International (802) (5,401) (36,221) (14,008) 9,928 Total change in deferred net revenue $ 21,997 $ 42,847 $ (7,045) $ (80,541) $ (8,027) Non-GAAP net revenue United States $ 57,050 $ 63,948 $ 59,193 $ 56,049 $ 54,405 -5% International 6,554 6,940 11,173 7,050 14,735 125% Total non-GAAP net revenue $ 63,604 $ 70,888 $ 70,366 $ 63,099 $ 69,140 9% % United States 90% 90% 84% 89% 79% % International 10% 10% 16% 11% 21% (a) Certain amounts have been reclassified in 2014 from Professional services to Managed services and SaaS related to product support which is recurring in nature to conform to current period presentation. Q2 Q3 Q4 Q1 Q2 2014 2014 2014 2015 2015
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