Stamps.com 2014 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2014 Stamps.com annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 99

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99

STAMPS.COM INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
The accompanying notes are an integral part of these consolidated financial statements.
F-3
Table of Contents
Year Ended December 31,
2014
2013
2012
Revenues:
Service
$
115,696
$
99,013
$
88,173
Product
16,883
16,580
14,710
Insurance
9,217
7,515
7,120
PhotoStamps
5,450
4,710
5,651
Other
23
1
7
Total revenues
147,269
127,819
115,661
Cost of revenues (exclusive of amortization of intangible assets, which is included in general
and administrative expense):
Service
19,687
15,422
15,720
Product
5,516
5,694
5,435
Insurance
3,210
2,685
2,334
PhotoStamps
4,493
3,699
4,267
Total cost of revenues
32,906
27,500
27,756
Gross profit
114,363
100,319
87,905
Operating expenses:
Sales and marketing
43,659
39,449
38,755
Research and development
13,309
10,958
10,243
General and administrative
25,147
15,794
14,750
Contingent consideration charges
8,438
—
—
Total operating expenses
90,553
66,201
63,748
Income from operations
23,810
34,118
24,157
Interest income and other income, net
375
480
541
Income before taxes
24,185
34,598
24,698
Benefit for income taxes
(12,697
)
(9,555
)
(13,859
)
Net income
$
36,882
$
44,153
$
38,557
Net income per share:
Basic
$
2.30
$
2.81
$
2.40
Diluted
$
2.25
$
2.71
$
2.30
Weighted average shares outstanding:
Basic
16,011
15,691
16,079
Diluted
16,417
16,298
16,793