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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July 27, 2011
Date of report (Date of earliest event reported)
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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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(650) 556-9440
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(Registrant’s telephone number, including area code)
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 July 27, 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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June 30,
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December 31,
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2011
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(1)
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2010
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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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$ 60,031
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$ 71,568
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Accounts receivable, net
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5,925
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5,133
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Prepaid expenses and other current assets
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1,246
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1,617
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Total current assets
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67,202
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78,318
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Long-term investments
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2,659
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2,667
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Property and equipment, net
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599
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623
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Purchased technology, net
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185
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226
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Goodwill
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13,621
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10,181
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Intangible assets, net
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6,331
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1,076
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Other assets
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623
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648
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Total assets
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$ 91,220
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$ 93,739
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Liabilities and Stockholders' Equity
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Liabilities:
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Accounts payable
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$ 659
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$ 536
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Accrued compensation
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1,438
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1,248
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Other accrued liabilities
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3,994
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3,575
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Deferred revenue
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3,211
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1,574
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Total current liabilities
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9,302
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6,933
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Other long-term liabilities
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835
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749
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Total liabilities
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10,137
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7,682
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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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Additional paid-in-capital
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231,984
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229,692
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Accumulated other comprehensive loss
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(1,416)
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(1,331)
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Accumulated deficit
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(149,490)
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(142,309)
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Total stockholders' equity
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81,083
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86,057
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Total liabilities and stockholders' equity
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$ 91,220
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$ 93,739
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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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Six Months Ended
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June 30,
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June 30,
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2011
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(1)
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2010
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2011
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(1)
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2010
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Revenue:
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Services
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$ 8,442
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$ 6,882
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$ 17,592
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$ 13,612
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Software and other
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5,012
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3,004
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8,892
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6,133
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Total revenue
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13,454
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9,886
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26,484
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19,745
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Cost of revenue:
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Cost of services
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6,601
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7,346
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13,418
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12,830
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Cost of software and other
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433
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335
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837
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683
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Total cost of revenue
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7,034
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7,681
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14,255
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13,513
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Gross profit
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6,420
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2,205
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12,229
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6,232
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Operating expenses:
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Amortization of intangible assets
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122
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93
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205
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181
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Research and development
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1,433
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1,281
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2,881
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2,624
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Sales and marketing
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5,543
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4,320
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10,328
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8,291
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General and administrative
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3,439
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2,887
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6,225
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5,839
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Total operating expenses
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10,537
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8,581
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19,639
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16,935
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Loss from operations
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(4,117)
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(6,376)
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(7,410)
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(10,703)
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Interest income and other, net
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125
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149
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275
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335
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Loss from continuing operations, before income taxes
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(3,992)
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(6,227)
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(7,135)
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(10,368)
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Provision for income taxes
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29
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10
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31
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22
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Loss from continuing operations, after income taxes
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(4,021)
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(6,237)
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(7,166)
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(10,390)
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Income/(loss) from discontinued operations, net of income taxes
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(18)
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2
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(15)
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(3)
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Net loss
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$ (4,039)
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$ (6,235)
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$ (7,181)
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$ (10,393)
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Basic and diluted earnings per share:
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Loss from continuing operations, after income taxes
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$ (0.08)
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$ (0.13)
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$ (0.15)
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$ (0.22)
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Income/(loss) from discontinued operations, after income taxes
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(0.00)
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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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$ (0.08)
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$ (0.13)
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$ (0.15)
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$ (0.22)
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Shares used in computing per share amounts:
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Basic
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48,293
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46,534
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48,237
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46,503
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Diluted
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48,293
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46,534
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48,237
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46,503
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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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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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GAAP cost of revenue from continuing operations
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$ 7,034
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$ 7,681
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$ 14,255
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$ 13,513
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Stock-based compensation (Cost of revenue portion only)
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(59)
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(40)
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(114)
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(80)
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Restructuring and impairment charges (Cost of revenue portion only)
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-
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-
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(37)
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-
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Non-GAAP cost of revenue from continuing operations
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$ 6,975
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$ 7,641
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$ 14,104
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$ 13,433
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GAAP operating expenses from continuing operations
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$ 10,537
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$ 8,581
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$ 19,639
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$ 16,935
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Stock-based compensation (Excl. cost of revenue portion)
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(1,010)
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(992)
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(1,760)
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(1,808)
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Amortization of intangible assets
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(122)
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(93)
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(205)
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(181)
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Restructuring and impairment charges (Excl. cost of revenue portion)
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(65)
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-
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(65)
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-
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Acquisition expense
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(348)
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-
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(348)
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-
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Non-GAAP operating expenses from continuing operations
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$ 8,992
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$ 7,496
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$ 17,261
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$ 14,946
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GAAP net loss from continuing operations
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$ (4,021)
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$ (6,237)
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$ (7,166)
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$ (10,390)
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Stock-based compensation
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1,069
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1,032
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1,874
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1,888
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Amortization of intangible assets
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122
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93
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205
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181
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Restructuring and impairment charges
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65
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-
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102
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-
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Acquisition expense
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348
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-
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348
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-
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Total impact of Non-GAAP exclusions
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1,604
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1,125
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2,529
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2,069
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Non-GAAP net loss from continuing operations
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$ (2,417)
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$ (5,112)
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$ (4,637)
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$ (8,321)
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Basic and diluted net loss per share from continuting operations
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GAAP
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$ (0.08)
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$ (0.13)
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$ (0.15)
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$ (0.22)
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Non-GAAP
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$ (0.05)
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$ (0.11)
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$ (0.10)
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$ (0.18)
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Shares used in computing per share amounts (GAAP)
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Basic
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48,293
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46,534
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48,237
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46,503
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Diluted
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48,293
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46,534
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48,237
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46,503
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Shares used in computing per share amounts (Non-GAAP)
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||||||||||
Basic
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48,293
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46,534
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48,237
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46,503
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Diluted
|
48,293
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46,534
|
48,237
|
46,503
|