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STAMPS.COM INC
FORM 10-K
(Annual Report)
Filed 03/16/15 for the Period Ending 12/31/14
Address 1990 E. GRAND AVE
EL SEGUNDO, CA 90245
Telephone 3104825800
CIK 0001082923
Symbol STMP
SIC Code 7389 - Business Services, Not Elsewhere Classified
Industry Retail (Catalog & Mail Order)
Sector Services
Fiscal Year 12/31
http://www.edgar-online.com
© Copyright 2015, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

Table of contents

  • Page 1
    STAMPS.COM INC FORM 10-K (Annual Report) Filed 03/16/15 for the Period Ending 12/31/14 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 1990 E. GRAND AVE EL SEGUNDO, CA 90245 3104825800 0001082923 STMP 7389 - Business Services, Not Elsewhere Classified Retail (Catalog & Mail Order...

  • Page 2
    ... 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if...

  • Page 3
    As of June 30, 2014, the aggregate market value of voting common stock held by non-affiliates of the Registrant was $480,718,129 (based upon the closing price for shares of the Registrant's Common Stock as reported by The NASDAQ Stock Market on that date). As of February 27, 2015, there were 16,318,...

  • Page 4
    ... QUALITATIVE DISCLOSURES ABOUT MARKET RISK. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. CONTROLS AND PROCEDURES. OTHER INFORMATION. 24 27 28 44 44 44 44 45 47 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE...

  • Page 5
    ...receive discounted postage rates compared to USPS retail on certain mail pieces such as First Class letters and domestic and international Priority Mail and Priority Mail Express packages. Our customers include individuals, small businesses, home offices, medium-size businesses and large enterprises...

  • Page 6
    ... repurchase postage as necessary. Customers typically pay a monthly subscription fee for access to our service. Our USPS-approved mailing and shipping service enables users to print "electronic stamps" directly onto envelopes, plain paper, or labels using only a standard personal computer, printer...

  • Page 7
    ...that allows USPS customers to purchase and print shipping labels for domestic and international Priority Mail and Priority Mail Express packages at no additional mark-up over the cost of postage. In addition, ShipStation and ShipWorks offer integrations with shopping carts and online marketplaces as...

  • Page 8
    ... ship their orders quickly and easily. ShipStation supports automatic order importing from over 50 shopping carts and marketplaces, including eBay, Amazon, Shopify, Bigcommerce, Volusion, Squarespace and others. ShipStation offers multi-carrier shipping options, and automation features like custom...

  • Page 9
    ... Mail. We send direct mail pieces to prospective customers with prospect lists purchased from third parties or obtained from partners. Direct Sales . We utilize a direct sales force for higher-priced Enterprise and Professional Shipper versions of our mailing and shipping service. Offline Marketing...

  • Page 10
    ... advertising. In recent years, we reduced our consumer-focused marketing spending in order to lower our customer acquisition costs and improve our expected returns and profitability in the PhotoStamps business. 2015 Business Strategy Mailing and Shipping Business Our 2015 mailing and shipping...

  • Page 11
    ... such as batch printing tools, design enhancements, international custom forms with hidden postage, and forms that can be used with thermal printers. We also plan to broaden our support for USPS services such as Priority Mail Express Mail Flat Rate Padded Envelope, which offers cost effective...

  • Page 12
    ...print postage for shipping without paying a monthly service fee like we typically charge. These solutions also feature USPS package rate discounts that are similar to ours, and in some cases superior to the discounts we are approved to offer customers. eBay in particular has offered its sellers USPS...

  • Page 13
    8

  • Page 14
    ... home/entry-level thermal printer market. Pitney Bowes is the current market leader in the U.S. traditional postage meter business with revenues of $3.8 billion in 2014, offers software and web-based PC Postage services and integrations similar to our mailing and shipping services and integrations...

  • Page 15
    ...Ship Business Pro, and FedEx Ship Manager) instead of a single unified multi-carrier software product. Industry Overview Business Market Size Our mailing and shipping service is currently targeted primarily at U.S. small offices, home offices, small businesses, enterprises and high volume shippers...

  • Page 16
    ... security software. These servers create the data used to generate information-based indicia. They also process postage purchases using secure technology that meets USPS security requirements. Our service currently includes a Windows-based client application and web-based applications that support...

  • Page 17
    ... Revenue Information We operate in a single market segment, "Internet Mailing and Shipping Services" and therefore have only one reportable segment. All of our operations, revenue and assets are within the United States. During 2014, 2013 and 2012, we did not recognize revenue from any one customer...

  • Page 18
    ... executive offices are located at 1990 E. Grand Avenue, El Segundo, CA 90245, and our telephone number is (310) 482-5800. Available Information We make available on our website (www.stamps.com), free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form...

  • Page 19
    ... from a large base of active customers. In order to attract customers in the future, we may run special promotions and offers, such as trial periods, discounts on fees, postage and supplies, and other promotions. In addition, we may offer new pricing plans for new and existing customers. We cannot...

  • Page 20
    ... integration partners in the high volume shipping area of our business. These partners integrate our mailing and shipping services into their offerings. The termination or modification of any of these agreements by us or our partners could result in lost customers, reduced postage printed and lost...

  • Page 21
    ...bill our customers in future periods through credit cards and debit cards, it would adversely affect our results of operations. Credit card fraud and our response to it could adversely affect our business. We routinely receive orders placed with fraudulent credit card data. We do not carry insurance...

  • Page 22
    ... must provide a high level of security for the transactions we execute. We rely on internally-developed and third-party technology to provide secure transmission of postage and other confidential information. Any breach of these security measures would severely impact our business and reputation and...

  • Page 23
    ... as Saturday delivery), mail processing capability, and retail post office hours and locations. Any such changes actually approved and implemented may adversely affect the products and services we are able to offer our customers and could therefore seriously harm our business. Additionally, absent...

  • Page 24
    ...from integration partners that provide discounted rates, compared to USPS retail rates on certain mail pieces such as First Class letters, domestic and international Priority Mail and Priority Mail Express packages, and other discounts available to high-volume shipping customers. If the USPS decides...

  • Page 25
    ... competition from a number of indirect competitors that specialize in electronic commerce and other companies with substantial customer bases in the computer and other technical fields. Additionally, companies that control access to transactions through a network or Web browsers could also promote...

  • Page 26
    ... ownership, export of specialized technology, sales tax, state income taxes, libel and personal privacy, and changes in their interpretation could similarly harm us. The application of laws and regulations from jurisdictions whose laws do not currently apply to our business, or the application...

  • Page 27
    ...of our company. Our competitors may also seek to have the USPS block the acquisition by a foreign person of our common stock or our company in order to prevent the combined company from becoming a more effective competitor in the market for PC Postage. Our stock price is volatile. The price at which...

  • Page 28
    ... other claims, that ShipStation breached its contract with Express One by violating an exclusivity provision. Express One seeks an injunction, damages, attorneys' fees and court costs. On December 12, 2014, Express One added additional claims and Stamps.com and our Chief Executive Officer as named...

  • Page 29
    .... Market Information Our common stock is traded on The NASDAQ Stock Market under the symbol "STMP". The following table sets forth the range of high and low dividend adjusted closing sales prices reported on The NASDAQ Stock Market for our common stock for the following periods: High Fiscal...

  • Page 30
    ... to December 31, 2014 to the cumulative total return over such period of (i) NASDAQ Market Index and (ii) NASDAQ Internet Index, an equal-dollar-weighted index composed of 93 leading companies involved in Internet commerce, service and software. The graph assumes that $100 was invested on December...

  • Page 31
    ...prior repurchase programs and authorizes the Company to repurchase up to 1.0 million shares of stock during the next twelve months. We will consider repurchasing stock in the future by evaluating such factors as the price of the stock, the daily trading volume and the availability of large blocks of...

  • Page 32
    ...,321 8,258 6 101,585 $ 2014 Statement of Operations Data: Mailing and Shipping revenue PhotoStamps revenue Other revenue Total revenues Cost and expenses: Cost of revenues Research and development Sales and marketing General and administrative Contingent consideration charges Income from operations...

  • Page 33
    ... discounted postage rates compared to USPS retail rates on certain mail pieces such as First Class letters and domestic and international Priority Mail and Priority Mail Express packages. Our customers include individuals, small businesses, home offices, medium-size businesses and large enterprises...

  • Page 34
    ... ship their orders quickly and easily. ShipStation supports automatic order importing from over 50 shopping carts and marketplaces, including eBay, Amazon, Shopify, Bigcommerce, Volusion, Squarespace and others. ShipStation offers multi-carrier shipping options, and automation features like custom...

  • Page 35
    ... of the addition of new paid customers from our acquisitions of ShipStation and ShipWorks where the ARPU for those newly acquired paid customers is higher as compared to the ARPU from the existing Stamps.com small business customers as well as growth in Stamps.com's high volume shipping business. 30

  • Page 36
    ...through our Supplies Store; (3) package insurance revenue from our branded insurance offerings; (4) PhotoStamps revenue from the sale of PhotoStamps postage labels; and (5) other revenue, consisting of advertising revenue derived from advertising programs with our existing customers. Service revenue...

  • Page 37
    ... Mailing & Shipping Supplies Store and the related costs of shipping and handling. The cost of insurance revenue principally consists of parcel insurance offering costs. Cost of PhotoStamps revenue principally consists of the face value of postage, customer service, image review costs, and printing...

  • Page 38
    ... and shipping and PhotoStamps businesses both decreased compared to 2013. Ongoing marketing programs include the following: customer referral programs, customer re-marketing efforts, direct mail, online advertising, partnerships, telemarketing, and traditional advertising. Research and Development...

  • Page 39
    ...our corporate headquarters in El Segundo, California. Interest and other income, net decreased 22% to $375,000 in 2014 from ...high volume business orders in 2015 as we saw in 2014. We are targeting customer acquisition spend in our Core mailing and shipping business including ShipStation and ShipWorks...

  • Page 40
    ...000 in 2012. The decrease in Non-Core mailing and shipping revenue was primarily attributable to lower marketing spend in the online enhanced promotion channel. We define paid customers for the quarter as ones from whom we successfully collected service fees at least once during that quarter, and we...

  • Page 41
    ... to our mailing and shipping services and integrations; (2) product revenue from the direct sale of consumables and supplies through our Supplies Store; (3) insurance revenue from the sale of package insurance to our customers; (4) PhotoStamps revenue from selling sheets of PhotoStamps postage; and...

  • Page 42
    ... Mailing & Shipping Supplies Store and the related costs of shipping and handling. The cost of insurance revenue principally consists of parcel insurance offering costs. Cost of PhotoStamps revenue principally consists of the face value of postage, customer service, image review costs, and printing...

  • Page 43
    ... mailing and shipping and PhotoStamps business both decreased compared to 2012. Ongoing marketing programs include the following: customer referral programs, customer re-marketing efforts, direct mail, online advertising, partnerships, telemarketing, and traditional advertising. Sales and marketing...

  • Page 44
    ...costs for executive and administrative personnel, fees for legal and other professional services, depreciation of equipment and software used... the appropriateness of our deferred tax assets and related valuation allowance in accordance with Accounting Standards Codification ("ASC") 740 based on...

  • Page 45
    ...revenue and changes in our operating assets and liabilities. Net cash used in investing activities was approximately $69 million and $9 million in 2014 and 2013, respectively. The increase in net cash used in investing activities was primarily due to the acquisition of ShipStation and ShipWorks (see...

  • Page 46
    ...advertising or sale of products by a third party vendor to our customer base are recognized when the revenue is earned and collection is deemed probable. Customers typically pay face value for postage purchased for use through our mailing and shipping software, and the funds are transferred directly...

  • Page 47
    ... the gross amount charged to the customer for purchasing insurance and the related cost represents the amount paid to our insurance brokers. We recognize revenue on insurance purchases upon the ship date of the insured package. PhotoStamps Retail Boxes We sell PhotoStamps retail boxes that are...

  • Page 48
    ... Expense New mailing and shipping customers are typically offered promotional items that are redeemed using coupons that are qualified for redemption after a customer is successfully billed beyond an initial trial period. We account for our promotional expense in accordance with Accounting Standard...

  • Page 49
    ... and building improvements. We have a policy of capitalizing expenditures that materially increase assets' useful lives and charging ordinary maintenance and repairs to operations as incurred. When property or equipment is disposed of, the cost and related accumulated depreciation and amortization...

  • Page 50
    ... and Exchange Commission guidelines permit companies to exclude acquisitions from their assessment of internal control over financial reporting during the first year following an acquisition. Ernst & Young, LLP, the independent registered public accounting firm who also audited our consolidated...

  • Page 51
    ... material respects, effective internal control over financial reporting as of December 31, 2014, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the balance sheets of Stamps.com Inc. and subsidiaries...

  • Page 52
    ...120 days after our fiscal year end. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. The information required under this item is incorporated by reference herein to our proxy statement for our 2015 annual meeting of stockholders, which will be filed with the SEC by not later than 120 days after our...

  • Page 53
    ... in a separate section of this Annual Report on Form 10-K commencing on the pages referenced below: Stamps.com Inc. and Subsidiaries Financial Statements Report of Independent Registered Public Accounting Firm . Consolidated Balance Sheets at December 31, 2014 and 2013 . Consolidated Statements of...

  • Page 54
    ... Stamps.com Inc., eBay Inc. and PayPal, Inc. (9) Form of Notice of Grant of Stock Option (1999 Stock Incentive Plan).(5) +++ Form of Stock Option Agreement (1999 Stock Incentive Plan).(5) +++ Form of Addendum to Stock Option Agreement-Involuntary Termination Following Corporate Transaction/Change...

  • Page 55
    .... 000-26427). Incorporated herein by reference to the Company's Form 8-K filed with the Securities and Exchange Commission on July 16, 2004 (File No. 000-26427). Incorporated herein by reference to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14...

  • Page 56
    (15) Incorporated herein by reference to the Company's Form 10-Q filed with the Securities and Exchange Commission on November 8, 2010 (File No. 000-26427). 50

  • Page 57
    ...Commission on March 14, 2012 (File No. 000-26427). Filed with the Securities and Exchange Commission with this Annual Report on Form 10-K. Incorporated herein by reference to the Company's Form 8-K filed with the Securities and Exchange Commission on April 29, 2014 (File No. 000-26427). Confidential...

  • Page 58
    ..., in accordance with the standards of the Public Company Accounting Oversight Board (United States), Stamps.com Inc. and subsidiaries internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee...

  • Page 59
    Table of Contents STAMPS.COM INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2014 2013 Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Deferred income taxes Other current assets Total current ...

  • Page 60
    ... Product Insurance PhotoStamps Total cost of revenues Gross profit Operating expenses: Sales and marketing Research and development General and administrative Contingent consideration charges Total operating expenses Income from operations Interest income and other income, net Income before taxes...

  • Page 61
    Table of Contents STAMPS.COM INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) 2014 Net income Other comprehensive income, net of tax: Unrealized loss on investments Comprehensive income $ Year Ended December 31, 2013 2012 $ 44,153 $ 38,557 (34) 38,523 36,882 $...

  • Page 62
    ... options Shares issued under the ESPP Stock repurchase Balance at December 31, 2013 Net income Unrealized loss on investments Stock-based compensation expense Exercise of stock options Shares issued under the ESPP Stock repurchase Balance at December 31, 2014 Shares 16,163 - - - 560 56 (1,460) 15...

  • Page 63
    ...short-term investments Sale of long-term investments Purchase of long-term investments Acquisition of ShipStation (net of cash acquired) Acquisition of ShipWorks (net of cash acquired) Release of restricted cash Acquisition of property, equipment and intangibles Net cash used in investing activities...

  • Page 64
    ... discounted postage rates compared to USPS retail rates on certain mail pieces such as First Class letters and domestic and international Priority Mail and Priority Mail Express packages. Our customers include individuals, small businesses, home offices, medium-size businesses and large enterprises...

  • Page 65
    ... as a separate component of stockholders' equity. Accounts Receivable Our accounts receivable relate to mailing and shipping services, PhotoStamps sales, and branded insurance provided to customers prior to billing and other receivables. Accounts receivable are recorded at the invoiced amount, net...

  • Page 66
    ...% of the total accounts receivable balance as of December 31, 2014 and 2013, respectively. Inventories Inventories consist of finished products sold through our supplies store and are accounted for using the lower of cost (first-in, first-out method) or market. Inventories reported as a component of...

  • Page 67
    ...advertising or sale of products by a third party vendor to our customer base are recognized when the revenue is earned and collection is deemed probable. Customers typically pay face value for postage purchased for use through our mailing and shipping software, and the funds are transferred directly...

  • Page 68
    ...of postage, image review costs and printing and fulfillment costs. Promotional Expense New PC Postage customers are typically offered promotional items that are redeemed using coupons that are qualified for redemption after a customer is successfully billed beyond an initial trial period. We account...

  • Page 69
    ...engaged in sales, marketing, and business development activities. Ongoing marketing programs include the following: traditional advertising, partnerships, customer referral programs, customer re-marketing efforts, telemarketing, direct sales, direct mail, and online advertising. Advertising Costs We...

  • Page 70
    ... ended December 31, 2014 2013 2012 134 65 119 Anti-dilutive stock option shares Stock-Based Compensation We estimate the fair value of share-based payment awards on the date of grant using an option-pricing model and recognize stock-based compensation expense during each period based on the value...

  • Page 71
    ...991 We use the Black-Scholes option valuation model to estimate the fair value of share-based payment awards on the date of grant, which requires us to make a number of highly complex and subjective assumptions, including stock price volatility, expected term, risk-free interest rates and projected...

  • Page 72
    ... ship their orders quickly and easily. ShipStation supports automatic order importing from over 50 shopping carts and marketplaces, including eBay, Amazon, Shopify, Bigcommerce, Volusion, Squarespace and others. ShipStation offers multi-carrier shipping options, and automation features like custom...

  • Page 73
    ... that replicate the pay-off structure of the earn-out, and the value of each of these options was determined using the BlackScholes-Merton option pricing framework. Under the acquisition method of accounting under ASC 805, the total estimated purchase price of the acquired company is allocated to...

  • Page 74
    ... Acquisition On August 29, 2014, we acquired 100% of the outstanding equity of Interapptive Inc, which operates ShipWorks, in a cash transaction. ShipWorks, based in St. Louis, Missouri, offers monthly subscription based e-commerce shipping software that provides simple, powerful and easy to use...

  • Page 75
    Table of Contents STAMPS.COM INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Under the acquisition method of accounting under ASC 805, the total estimated purchase price of the acquired company is allocated to the assets acquired and the liabilities assumed based on ...

  • Page 76
    ... or cost savings. The following table presents the pro-forma financial information (in thousands, except per share amounts) and assumes the acquisition of ShipStation and ShipWorks occurred on January 1, 2013. Contingent consideration charge of approximately $8.8 million recognized in 2014 is...

  • Page 77
    ... at December 31, 2014 and 2013. We consider all highly liquid investments with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. All of our investments are classified as available for sale and are recorded at market value using the specific...

  • Page 78
    ...will not collect all contractual cash flows. We did not record any OTTI during 2014, 2013 and 2012 after evaluating a number of factors including, but not limited to How much fair value has declined below amortized cost The financial condition of the issuers Significant rating agency changes on the...

  • Page 79
    ... based on unadjusted quoted prices for identical assets in an active market. Level 2 - Valuations based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 3 - Valuations based...

  • Page 80
    ... 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. As of December 30, 2014 we have $25.0 million of contingent consideration relating to our acquisition of ShipStation (see Note...

  • Page 81
    ...Measurement at Reporting Date Using Quoted Prices Significant in Active Significant Other Markets for ...using significant unobservable inputs (level 3) as of December 31, 2014 (in thousands): 2014 Beginning of year balance Acquisition related contingent consideration Contingent consideration charges...

  • Page 82
    ...table summarizes our accounts payable and accrued expenses as of December 31, 2014 and 2013 (in thousands): 2014 Payroll and related accrual Cost of sale, inventory and materials accrual Construction and facility expense accrual Professional fees accrual Sales and marketing related accrual Operating...

  • Page 83
    ... of prior years Additions for tax position of the current year Settlement Balance at December 31, 2014 Our policy is to recognize interest and penalties expense, if any, related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2014, we have not recorded any...

  • Page 84
    ... in 2018. Under California law, California tax credits do not have an expiration date. We recognize excess tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. We have made an accounting policy election to exclude from the measurement of...

  • Page 85
    ...Income tax at statutory federal rate State income taxes, net of federal benefit Effect of permanent differences Change in valuation allowance Other changes in valuation allowance, net Change in state rate Other $ $ 10. Employee Stock Plans Stock Incentive Plans Our 1999 Stock Incentive Plan (the...

  • Page 86
    ... Granted Forfeited Exercised Balance at December 31, 2014 The weighted-average fair value of stock grants for 2014, 2013 and 2012 using the Black-Scholes valuation method are as follows: 2014 Weighted-average fair value of stock options with an exercise price equal to the market price on the grant...

  • Page 87
    ... Intrinsic Value (in thousands) Outstanding at December 31, 2013 Granted Exercised Forfeited or expired Balance at December 31, 2014 Exercisable at December 31, 2014 Number of Weighted Stock Average Options (in Exercise thousands) Price 996 $ 18.12 2,251 32.55 (203) 16.34 (75) 35.96 2,969 $ 28...

  • Page 88
    ...on each semi-annual purchase date. The purchase price per share is equal to 85% of the fair market value per share on the participant's entry date into the offering period or, if lower, 85% of the fair market value per share on the semi-annual purchase date. Upon adoption of the plan, 150,000 shares...

  • Page 89
    ... other claims, that ShipStation breached its contract with Express One by violating an exclusivity provision. Express One seeks an injunction, damages, attorneys' fees and court costs. On December 12, 2014, Express One added additional claims and Stamps.com and our Chief Executive Officer as named...

  • Page 90
    ... for the year shown elsewhere in our Annual Report on Form 10-K. (1) During the fourth quarter of 2014 we incurred approximately $7.6 million and $335,000 of contingent consideration charge and general and administrative compensation expense, respectively, in connection with the with the fair value...

  • Page 91
    ... has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on the 16 th day of March 2015. STAMPS.COM INC. By: /s/ KENNETH MCBRIDE Kenneth McBride Chief Executive Officer and Chairman of...

  • Page 92
    ...23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in the following Registration Statements: (1) Registration Statement (Form S-8 No. 333-81733) pertaining to the 1999 Stock Incentive Plan and 1999 Employee Stock Purchase Plan of Stamps.com Inc...

  • Page 93
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2014, of Stamps.com Inc., a Delaware corporation, under the Securities Exchange Act of 1934, as amended, and to file the same, with exhibits thereto, and other documents in connection therewith, with...

  • Page 94
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2014, of Stamps.com Inc., a Delaware corporation, under the Securities Exchange Act of 1934, as amended, and to file the same, with exhibits thereto, and other documents in connection therewith, with...

  • Page 95
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2014, of Stamps.com Inc., a Delaware corporation, under the Securities Exchange Act of 1934, as amended, and to file the same, with exhibits thereto, and other documents in connection therewith, with...

  • Page 96
    ...31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Ken McBride, certify that: 1. I have reviewed this annual report on Form 10-K of Stamps.com Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material...

  • Page 97
    ....2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Kyle Huebner, certify that: 1. I have reviewed this annual report on Form 10-K of Stamps.com Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material...

  • Page 98
    ... OF 2002 In connection with the Annual Report of Stamps.com Inc. (the "Company") on Form 10-K for the period ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ken McBride, Chief Executive Officer of the Company, certify, pursuant to 18...

  • Page 99
    ...OF 2002 In connection with the Annual Report of Stamps.com Inc. (the "Company") on Form 10-K for the period ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kyle Huebner, Chief Financial Officer of the Company, certify, pursuant to 18...