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Silver Springs sees 9.6% YOY growth in Q2 non-GAAP billings

Silver Spring Networks Inc. on Aug. 8 reported non-GAAP billings of $78.7 million, a 9.6% year-over-year increase from $71.8 million in the same quarter of 2016.

Second-quarter cost of billings was $43.4 million, or 55.2% of billings, compared with $38.8 million, or 54%, a year ago, while non-GAAP operating expense was $31.8 million in the most recent quarter, compared with $31.5 million in the comparable period of 2016.

On a GAAP basis, the company posted second-quarter net income of $18.6 million, or 34 cent per share, compared with $26.1, or 50 cents per share, in the year-ago quarter.

Silver Spring recorded revenue for the quarter of $261.6 million, a sharp increase from $122.0 million a year ago, and cash flow from operations of $3.0 million, a decrease from $3.8 million. Second-quarter gross profit was down to $56.5 million in 2017, from $64.5 million in 2016.