Delaware
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000-30901
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94-3282005
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(State or Other Jurisdiction of Incorporation)
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(Commission File No.)
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(I.R.S. Employer Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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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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☐
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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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Item 2.02. |
Results of Operations and Financial Condition.
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Item 9.01. |
Financial Statements and Exhibits.
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SUPPORT.COM, INC.
|
||
By:
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/s/ Michelle Johnson
|
|
Name:
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Michelle Johnson
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|
Title:
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VP, General Counsel & Secretary
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Exhibit No.
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Description
|
||
Press Release of the Company, dated May 15, 2017
|
March 31,
2017
|
(1)
|
December 31,
2016
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(2)
|
|||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash, cash equivalents and short-term investments
|
$
|
50,754
|
$
|
53,409
|
||||
Accounts receivable, net
|
10,224
|
9,567
|
||||||
Prepaid expenses and other current assets
|
980
|
1,211
|
||||||
Total current assets
|
61,958
|
64,187
|
||||||
Property and equipment, net
|
1,552
|
1,706
|
||||||
Intangible assets, net
|
256
|
266
|
||||||
Other assets
|
1,073
|
1,070
|
||||||
Total assets
|
$
|
64,839
|
$
|
67,229
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued compensation
|
$
|
2,987
|
$
|
4,059
|
||||
Other accrued liabilities
|
2,118
|
2,496
|
||||||
Short-term deferred revenue
|
2,876
|
2,759
|
||||||
Total current liabilities
|
7,981
|
9,314
|
||||||
Long-term deferred revenue
|
88
|
106
|
||||||
Other long-term liabilities
|
510
|
501
|
||||||
Total liabilities
|
8,579
|
9,921
|
||||||
Stockholders' equity:
|
||||||||
Common stock
|
2
|
2
|
||||||
Additional paid-in-capital
|
267,490
|
267,400
|
||||||
Treasury stock
|
(5,295
|
)
|
(5,295
|
)
|
||||
Accumulated other comprehensive loss
|
(2,181
|
)
|
(2,329
|
)
|
||||
Accumulated deficit
|
(203,756
|
)
|
(202,470
|
)
|
||||
Total stockholders' equity
|
56,260
|
57,308
|
||||||
Total liabilities and stockholders' equity
|
$
|
64,839
|
$
|
67,229
|
Three Months Ended
|
||||||||||||
March 31, 2017
|
(1)
|
December 31, 2016
|
March 31, 2016
|
|||||||||
Revenue:
|
||||||||||||
Services
|
$
|
12,915
|
$
|
13,256
|
$
|
15,283
|
||||||
Software and other
|
1,375
|
1,351
|
1,314
|
|||||||||
Total revenue
|
14,290
|
14,607
|
16,597
|
|||||||||
Cost of revenue:
|
||||||||||||
Cost of services (3)
|
11,211
|
11,842
|
13,860
|
|||||||||
Cost of software and other (3)
|
94
|
109
|
119
|
|||||||||
Total cost of revenue
|
11,305
|
11,951
|
13,979
|
|||||||||
Gross profit
|
2,985
|
2,656
|
2,618
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development (3)
|
923
|
1,113
|
1,708
|
|||||||||
Sales and marketing (3)
|
807
|
1,270
|
2,072
|
|||||||||
General and administrative (3)
|
2,616
|
2,772
|
3,248
|
|||||||||
Amortization of intangible assets and other
|
10
|
227
|
267
|
|||||||||
Restructuring charges
|
-
|
723
|
-
|
|||||||||
Total operating expenses
|
4,356
|
6,105
|
7,295
|
|||||||||
Loss from operations
|
(1,371
|
)
|
(3,449
|
)
|
(4,677
|
)
|
||||||
Interest income and other, net
|
133
|
135
|
133
|
|||||||||
Loss from continuing operations, before income taxes
|
(1,238
|
)
|
(3,314
|
)
|
(4,544
|
)
|
||||||
Income tax provision
|
48
|
175
|
52
|
|||||||||
Loss from continuing operations, after income taxes
|
(1,286
|
)
|
(3,489
|
)
|
(4,596
|
)
|
||||||
Income from discontinued operations, net of income taxes
|
-
|
-
|
284
|
|||||||||
Net loss
|
$
|
(1,286
|
)
|
$
|
(3,489
|
)
|
$
|
(4,312
|
)
|
|||
Loss from continuing operations, after income taxes (4)
|
||||||||||||
Basic
|
$
|
(0.07
|
)
|
$
|
(0.19
|
)
|
$
|
(0.25
|
)
|
|||
Diluted
|
$
|
(0.07
|
)
|
$
|
(0.19
|
)
|
$
|
(0.25
|
)
|
|||
Income (loss) from discontinued operations, net of income taxes (4)
|
||||||||||||
Basic
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
0.01
|
||||
Diluted
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
0.01
|
||||
Shares used in computing per share amounts: (4)
|
||||||||||||
Basic
|
18,557
|
18,514
|
18,295
|
|||||||||
Diluted
|
18,557
|
18,514
|
18,295
|
Three Months Ended
|
||||||||||||
March 31, 2017
|
December 31, 2016
|
March 31, 2016
|
||||||||||
Cost of revenue:
|
||||||||||||
Cost of services
|
$
|
42
|
$
|
38
|
$
|
56
|
||||||
Cost of software and other
|
3
|
1
|
2
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
41
|
54
|
98
|
|||||||||
Sales and marketing
|
7
|
51
|
84
|
|||||||||
General and administrative
|
(3
|
)
|
67
|
421
|
||||||||
Total
|
$
|
90
|
$
|
211
|
$
|
661
|
Three Months Ended
|
||||||||||||
March 31, 2017
|
December 31, 2016
|
March 31, 2016
|
||||||||||
GAAP cost of revenue
|
$
|
11,305
|
$
|
11,951
|
$
|
13,979
|
||||||
Stock-based compensation expense (Cost of revenue portion only)
|
(45
|
)
|
(39
|
)
|
(58
|
)
|
||||||
Non-GAAP cost of revenue
|
$
|
11,260
|
$
|
11,912
|
$
|
13,921
|
||||||
GAAP operating expenses
|
$
|
4,356
|
$
|
6,105
|
$
|
7,295
|
||||||
Stock-based compensation expense (Excl. cost of revenue portion)
|
(45
|
)
|
(172
|
)
|
(603
|
)
|
||||||
Amortization of intangible assets and other
|
(10
|
)
|
(227
|
)
|
(267
|
)
|
||||||
Restructuring charges
|
-
|
(723
|
)
|
-
|
||||||||
Non-GAAP operating expenses
|
$
|
4,301
|
$
|
4,983
|
$
|
6,425
|
||||||
GAAP loss from continuing operations, after income taxes
|
$
|
(1,286
|
)
|
$
|
(3,489
|
)
|
$
|
(4,596
|
)
|
|||
Stock-based compensation expense
|
90
|
211
|
661
|
|||||||||
Amortization of intangible assets and other
|
10
|
227
|
267
|
|||||||||
Restructuring charges
|
-
|
723
|
-
|
|||||||||
Total impact of Non-GAAP exclusions
|
100
|
1,161
|
928
|
|||||||||
Non-GAAP income (loss) from continuing operations, after income taxes
|
$
|
(1,186
|
)
|
$
|
(2,328
|
)
|
$
|
(3,668
|
)
|
|||
Loss from continuing operations, after income taxes (4)
|
||||||||||||
Basic - GAAP
|
$
|
(0.07
|
)
|
$
|
(0.19
|
)
|
$
|
(0.25
|
)
|
|||
Basic - Non-GAAP
|
$
|
(0.06
|
)
|
$
|
(0.13
|
)
|
$
|
(0.20
|
)
|
|||
Diluted - GAAP
|
$
|
(0.07
|
)
|
$
|
(0.19
|
)
|
$
|
(0.25
|
)
|
|||
Diluted - Non-GAAP
|
$
|
(0.06
|
)
|
$
|
(0.13
|
)
|
$
|
(0.20
|
)
|
|||
Shares used in computing per share amounts (GAAP) (4)
|
||||||||||||
Basic
|
18,557
|
18,514
|
18,295
|
|||||||||
Diluted
|
18,557
|
18,514
|
18,295
|
|||||||||
Shares used in computing per share amounts (Non-GAAP) (4)
|
||||||||||||
Basic
|
18,557
|
18,514
|
18,295
|
|||||||||
Diluted
|
18,557
|
18,514
|
18,295
|