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Support.Com Reports Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Support.com

, Inc.

(NASDAQ: SPRT), makers of cloud-based Nexus

software for Support Interaction Optimization (SIO) and a leading provider of tech support and turnkey support center services, today reported unaudited financial results for its third quarter ended September 30, 2015.

“We are pleased with the progress made this quarter in growing our client base and diversifying our services programs,” said CEO Elizabeth Cholawsky. “We have broadened and deepened our existing customer relationships by helping companies find new ways to grow their technical support programs, including Internet of Things offerings. At the same time, we’ve significantly enhanced our Nexus SaaS offering with the launch of self-service capabilities. Customer interest in Nexus is strong, and we saw steady growth in seat licenses and the number of customer sessions.”

“While the current quarter will be impacted by the pre-revenue costs of preparing our team to provide subscription-based tech support for a large North American service provider, we expect this program to be fully ramped by the end of the first quarter of 2016.”

Q3 2015 Financial Summary

For the third quarter of 2015, total revenue was $17.9 million compared to $22.2 million in the third quarter of 2014 and $20.6 million in the second quarter of 2015.

On a non-GAAP basis, loss from continuing operations for the third quarter of 2015 was $(2.9) million, or $(0.05) per share, compared to income of $1.1 million, or $0.02 per share in the third quarter of 2014 and a loss of $(1.6) million, or $(0.03) per share, in the second quarter of 2015.

On a GAAP basis, loss from continuing operations for the third quarter of 2015 was $(3.9) million, or $(0.07) per share, compared to $(95,000), or $(0.00) per share, in the third quarter of 2014 and $(15.6) million or $(0.29) per share, in the second quarter of 2015. The second quarter of 2015 included a one-time non-cash goodwill impairment charge of $14.2 million and an associated tax benefit of $1.3 million.

Non-GAAP income (loss) from continuing operations excludes stock-based compensation expense, amortization of intangible assets and other, restructuring and impairment charges, acquisition expense, other non-recurring items, charges for uncertain tax positions, and tax expense (benefit) associated with acquired goodwill. Collectively, these items impacted income (loss) from continuing operations by $1.0 million in the third quarter of 2015, $1.2 million in the third quarter of 2014 and $14.0 million in the second quarter of 2015. A reconciliation of GAAP to non-GAAP results is presented in the tables below.

Balance Sheet Information

At September 30, 2015, cash, cash equivalents and investments were $68.4 million, compared to $71.8 million at June 30, 2015.

Recent Company Highlights

Subscription-based tech support contract signed with a large North American service provider, with full ramp expected to be completed by the end of Q1 2016.

Announced the release of Embeddable Nexus

Self-Support cloud application at the ICMI Contact Center Demo & Conference in Las Vegas.

Nexus grew more than 40 percent in both active agent users and in number of customer sessions.

Nexus seats more than doubled quarter over quarter, and Nexus is on a path to meet the Company’s 2015 year-end goals of 1,300 to 1,700 seats and $1 million in annual recurring revenue.

Support.com will host a conference call discussing the Company’s third quarter 2015 results on Wednesday, October 28, 2015, starting at 4:30 p.m. EDT (1:30 p.m. PDT). The live call may be accessed by dialing +1.855.296.9613 (domestic), or +1.920.663.6269 (international), using passcode

57723721. A live audio webcast and replay of the call will be available at the Investor Relations section of the Support.com website at

http://corp.support.com/about-us/investor-relations/investor...

About Support.com

Support.com, Inc. (NASDAQ:SPRT) is the leading provider of cloud-based software (Nexus

) and services to deliver next-generation technical support. Support.com helps leading brands in software, electronics, communications, retail, Internet of Things (IoT) and other connected technology industries deepen their customer relationships. Customers want technology that works the way it’s intended. By using Support.com software and services, companies can deliver a fantastic customer experience, leading to happier customers, a stronger brand and growing revenues.

For more information, please visit

www.support.com

or follow us

@support_com

Support.com, Inc. is an Equal Opportunity Employer. For more information, visit

http://corp.support.com/about-us/careers

© 2015 Support.com, Inc. All rights reserved. Support.com, the Support.com logo and Nexus are trademarks or registered trademarks of Support.com, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.

Safe Harbor Statement

This press release contains “forward-looking statements” as defined under the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created by such laws. Forward-looking statements include, for example, all statements relating...


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