UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of report (Date of earliest event reported): April 28, 2011
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SUPPORT.COM, INC.
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(Exact Name of Registrant as Specified in Charter)
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Delaware
(State or Other
Jurisdiction
of Incorporation)
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000-30901
(Commission File No.)
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94-3282005
(I.R.S. Employer Identification No.)
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1900 Seaport Blvd., Third Floor, Redwood City, CA 94063
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(Address of Principal Executive Offices) (Zip Code)
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Registrant’s telephone number, including area code:
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(650) 556-9440
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N/A
(Former Name or Former Address, if Changed Since Last Report)
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q
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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q
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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q
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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q
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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SUPPORT.COM, INC.
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By:
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/s/ Shelly Schaffer
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Name:
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Shelly Schaffer
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Title:
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Executive Vice President and Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release, dated April 28, 2011
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SUPPORT.COM, INC.
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GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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March 31,
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December 31,
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March 31,
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2011
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(1)
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2010
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(2)
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2010
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(unaudited)
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(audited)
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(unaudited)
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Assets
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Current assets:
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Cash, cash equivalents and short-term investments
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$ 70,107
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$ 71,568
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$ 79,125
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Auction-rate securities put option
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-
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-
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817
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Accounts receivable, net
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5,859
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5,133
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3,315
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Prepaid expenses and other current assets
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1,232
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1,617
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1,438
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Total current assets
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77,198
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78,318
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84,695
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Long-term investments
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2,598
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2,667
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3,422
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Property and equipment, net
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601
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623
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429
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Goodwill
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10,181
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10,181
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10,181
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Purchased technology
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206
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226
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288
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Intangible assets, net
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993
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1,076
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1,352
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Other assets
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684
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648
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390
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Total assets
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$ 92,461
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$ 93,739
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$ 100,757
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Liabilities and Stockholders' Equity
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Current Liabilities:
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Accounts payable and accrued compensation
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$ 2,236
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$ 1,784
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$ 1,596
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Other accrued liabilities
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3,710
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3,575
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3,891
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Deferred revenue
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1,996
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1,574
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1,161
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Total current liabilities
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7,942
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6,933
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6,648
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Other long-term liabilities
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716
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749
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977
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Total liabilities
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8,658
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7,682
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7,625
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Stockholders' equity:
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Common stock
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5
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5
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5
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Additional paid-in-capital
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230,713
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229,692
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222,711
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Accumulated other comprehensive loss
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(1,464)
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(1,331)
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(1,184)
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Accumulated deficit
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(145,451)
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(142,309)
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(128,400)
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Total stockholders' equity
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83,803
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86,057
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93,132
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Total liabilities and stockholders' equity
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$ 92,461
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$ 93,739
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$ 100,757
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SUPPORT.COM, INC.
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GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except per share amounts)
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(unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2011
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(1)
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2010
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2010
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Revenues:
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Services
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$ 9,150
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$ 9,384
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$ 6,730
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Software and other
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3,880
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2,870
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3,129
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Total revenues
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13,030
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12,254
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9,859
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Cost of revenue:
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Cost of services
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6,817
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6,980
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5,484
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Cost of software and other
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404
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381
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348
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Total cost of revenue
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7,221
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7,361
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5,832
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Gross profit
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5,809
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4,893
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4,027
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Operating expenses:
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Research and development
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1,448
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1,316
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1,343
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Sales and marketing
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4,785
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4,911
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3,971
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General and administrative
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2,786
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2,625
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2,952
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Amortization of intangible assets
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83
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90
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88
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Total operating expenses
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9,102
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8,942
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8,354
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Loss from operations
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(3,293)
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(4,049)
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(4,327)
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Interest income and other, net
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150
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104
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186
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Loss from continuing operations, before income taxes
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(3,143)
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(3,945)
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(4,141)
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Income tax provision
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2
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10
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12
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Loss from continuing operations, after income taxes
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(3,145)
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(3,955)
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(4,153)
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Income (loss) from discontinued operations, after income taxes
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3
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4
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(5)
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Net loss
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$ (3,142)
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$ (3,951)
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$ (4,158)
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Basic and diluted earnings per share:
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Loss from continuing operations
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$ (0.07)
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$ (0.08)
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$ (0.09)
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Income (loss) from discontinued operations
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0.00
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0.00
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(0.00)
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Basic and diluted net loss per share:
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$ (0.07)
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$ (0.08)
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$ (0.09)
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Shares used in computing per share amounts:
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Basic
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48,181
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47,536
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46,470
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Diluted
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48,181
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47,536
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46,470
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SUPPORT.COM, INC.
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RECONCILIATION OF GAAP FINANCIAL RESULTS TO NON-GAAP FINANCIAL MEASURES
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(in thousands, except per share amounts)
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(unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2011
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2010
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2010
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GAAP cost of revenue from continuing operations
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$ 7,221
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$ 7,361
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$ 5,832
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Stock-based compensation (Cost of revenue portion only)
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(55)
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(47)
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(40)
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Restructuring and impairment charges (Cost of revenue portion only)
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(37)
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-
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-
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Non-GAAP cost of revenue from continuing operations
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$ 7,129
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$ 7,314
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$ 5,792
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GAAP operating expenses from continuing operations
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$ 9,102
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$ 8,942
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$ 8,354
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Stock-based compensation (Excl. cost of revenue portion)
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(750)
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(670)
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(815)
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Amortization of intangible assets
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(83)
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(90)
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(88)
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Restructuring and impairment charges (Excl. cost of revenue portion)
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-
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-
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-
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Acquisition expense
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-
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-
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-
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Non-GAAP operating expenses from continuing operations
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$ 8,269
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$ 8,182
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$ 7,451
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GAAP income taxes provision
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$ 2
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$ 10
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$ 12
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Continuing Ops tax benefit from gain on sales of disc ops
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-
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-
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-
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Non-GAAP income taxes provision
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$ 2
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$ 10
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$ 12
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GAAP net loss from continuing operations
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$ (3,145)
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$ (3,955)
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$ (4,153)
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Stock-based compensation
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805
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717
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855
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Amortization of intangible assets
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83
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90
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88
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Restructuring and impairment charges
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37
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-
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-
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Acquisition expense
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-
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-
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-
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Continuing Ops tax benefit from gain on sales of disc ops
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-
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-
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-
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Non-GAAP net loss from continuing operations
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$ (2,220)
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$ (3,148)
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$ (3,210)
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Basic net loss per share from continuing operations
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GAAP
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$ (0.07)
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$ (0.08)
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$ (0.09)
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Non-GAAP
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$ (0.05)
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$ (0.07)
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$ (0.07)
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Diluted net loss per share from continuing operations
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GAAP
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$ (0.07)
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$ (0.08)
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$ (0.09)
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Non-GAAP
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$ (0.05)
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$ (0.07)
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$ (0.07)
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Shares used in computing per share amounts (GAAP)
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Basic
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48,181
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47,536
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46,470
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Diluted
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48,181
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47,536
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46,470
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Shares used in computing per share amounts (Non-GAAP)
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Basic
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48,181
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47,536
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46,470
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Diluted
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48,181
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47,536
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46,470
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