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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Fair Value Measurements – (continued)
The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands):
The fair value of our available-for-sale debt securities included in the Level 2 category is based on the market values
obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may
incorporate available trade, bid and other market information and price quotes from well established independent pricing vendors
and broker-dealers.
There were no non-financial assets or liabilities that were required to be measured at fair value as of December 31, 2009.
6. Accounts Payable and Accrued Expenses
The following table summarizes our accounts payable and accrued expenses as of December 31, 2009 and 2008 (in
thousands):
Fair Value Measurement at Reporting Date Using
Description
December 31,
2009
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents $
45,011
$
45,011
$
—
$
—
Available-for-sale debt securities
26,734
—
26,734
—
Total $
71,745
$
45,011
$
26,734
$
—
7. Allowance for Doubtful Accounts
As of December 31, 2009 and 2008, our allowance for doubtful accounts totaled approximately $96,000 and $31,000,
respectively. Increases in our allowance for doubtful accounts totaled approximately $65,000 and $16,000 for 2009 and 2008,
respectively. There were no material write-offs against the allowance for doubtful accounts during 2009 or 2008.
8. Property and Equipment
Property and equipment is summarized as follows (in thousands):
2009
2008
Payroll and related accrual
$
2,359
$
2,090
Legal and related accrual
615
1,295
Deferred rent accrual
24
162
Sales and marketing related accrual
2,255
2,908
Other accruals
4,330
4,719
Accounts payable and Accrued expenses
$
9,583
$
11,174
2009
2008
Furniture and equipment
$
1,679
$
1,679
Computers and software
13,241
13,036
Leasehold improvements
1,739
1,719
16,659
16,434
Less accumulated depreciation and amortization
(14,557
)
(13,348
)
Property and equipment, net
$
2,102
$
3,086