Stamps.com 2015 Annual Report Download

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STAMPS.COM INC
FORM 10-K
(Annual Report)
Filed 02/29/16 for the Period Ending 12/31/15
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 2016, 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 02/29/16 for the Period Ending 12/31/15 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
    ... Commission file number: 000-26427 1990 E. Grand Avenue El Segundo, California 90245 (Address of Principal Executive Offices and Zip Code) Registrant's Telephone Number, Including Area Code: (310) 482-5800 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock...

  • Page 3
    TABLE OF CONTENTS STAMPS.COM INC. AND SUBSIDIARIES FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2015 TABLE OF CONTENTS PART I ITEM 1. ITEM 1A. ITEM 1B. ITEM 2. ITEM 3. ITEM 4. PART II ITEM 5. ITEM 6. ITEM 7. ITEM 7A. ITEM 8. ITEM 9. ITEM 9A. ...

  • Page 4

  • Page 5
    ... reflect events or circumstances after the date of this Report. Stamps.com, Endicia, ShipStation, ShipWorks, NetStamps, Stamps.com Internet Postage, PhotoStamps, PictureItPostage and the Stamps.com logo are our trademarks. This Report also references trademarks of other entities. References in this...

  • Page 6
    ... print "electronic stamps" directly onto envelopes, plain paper, or labels using only a standard personal computer, printer and Internet connection. Our services currently support a variety of USPS mail classes. Customers can also add to their mail pieces USPS Special Services such as USPS Tracking...

  • Page 7
    ... over postage expenditures across their network of locations. We target large volume mailers with Endicia Dazzle Express, Envelope Manager LE, and Move Update which have features for presort mail, Certified Mail, and bulk address updating. Customers typically pay us a monthly service fee ranging...

  • Page 8
    ... to the post office or other retail shipping locations; Our services allow customers to generate mass mailings quickly and easily by printing the address and postage together in a single step process; Our services integrate with most small business productivity applications such as word processors...

  • Page 9
    ... depending on mail class, mail form, weight and distance to the destination which allows our customers to avoid overpaying for postage; Customers can use our reports and cost codes to better track, control and reduce postage expenditures; and Our customers typically pay a monthly service fee that is...

  • Page 10
    ... to prospective customers with prospect lists purchased from third parties or obtained from partners. Direct Sales . We utilize a direct sales force that offers higher priced versions of our mailing and shipping services targeting enterprises and high volume shippers. Offline Marketing Programs . We...

  • Page 11
    ...customized postage products through the following channels Direct sales where we target businesses and not-for-profit organizations for high volume orders; Online advertising, including paid search, banner ads, permission-based emails, and other online advertising methods; Partnerships including HP...

  • Page 12
    ... networking sites, expanding our customer web portal, and enhancing content on our websites. We plan to launch new features in our software including support for additional USPS products and services, improved reporting and contact management, as well as enhanced performance for high-volume users...

  • Page 13
    ... USPS mailing and shipping services available at small business mailing and shipping centers such as UPS Stores or FedEx Offices stores, and those available inside office supply stores such as Staples and Office Depot. Further, we have not been approved to offer our customers "Forever" postage rates...

  • Page 14
    ... in addition to Stamps.com and Endicia. Pitney Bowes is the current leader in the U.S. traditional postage meter business with revenues of $3.6 billion in 2015, offers software and web-based PC Postage services and integrations similar to our mailing and shipping services and integrations under the...

  • Page 15
    ... USPS Click-NShip Business Pro, and FedEx Ship Manager) instead of a single unified multi-carrier software product. Industry Overview Target Customers Our mailing and shipping services currently target primarily U.S. small offices, home offices, small businesses, enterprises and high volume shippers...

  • Page 16
    ... create the data used to generate information-based indicia. They also process postage purchases using secure technology that meets USPS security requirements. Our services currently include a Windows-based and Mac-based client applications and web-based applications that support a variety of label...

  • Page 17
    ... name to Stamps.com Inc. in December 1998. We completed our initial public offering in June 1999. Our common stock is listed on the NASDAQ Stock Market under the symbol "STMP." Our principal executive offices are located at 1990 E. Grand Avenue, El Segundo, CA 90245, and our telephone number is (310...

  • Page 18
    ...electronically filed or furnished to the SEC (information contained on our website is not part of this Annual Report on Form 10-K). Our Annual Report on Form 10-K may also be obtained free of charge by written request to Investor Relations, Stamps.com Inc., 1990 E. Grand Avenue, El Segundo, CA 90245...

  • Page 19
    ... revenues 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...

  • Page 20
    ... fail. In order to acquire customers and achieve widespread distribution and use of our services and products, we must develop and execute cost-effective marketing campaigns and sales programs. We currently rely on a combination of marketing techniques to attract new customers including direct mail...

  • Page 21
    ... of operations. As we acquire larger customers that require larger postage volumes to support their businesses, we offer invoicing and extend credit terms to certain of these customers to facilitate their access to postage and use of our services. If one or more of these customers were to default on...

  • Page 22
    ... our business and reputation and would likely result in the loss of customers and revenues. Furthermore, if we fail to provide adequate security, the USPS could prohibit us from selling postage over the Internet. Our systems and operations are vulnerable to damage or interruption from a number of...

  • Page 23
    ...Revenue Service and other domestic and, potentially, foreign tax authorities. In addition, the application of other indirect taxes (such as sales and use tax, value added tax, goods and services tax, business tax and gross receipt tax) to a business such as Stamps.com is a complex and evolving issue...

  • Page 24
    ... proposed are cutbacks in delivery schedules (such 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...

  • Page 25
    ...; integrated web shipping solutions such as eBay/PayPal or Amazon.com; traditional postage meters; other USPS approved PC Postage vendors; USPS permit manifesting solutions; and commercial retail locations that sell postage or shipping services (for example grocery stores, discount warehouses, small...

  • Page 26
    ...harm our business. We face competitive pressures from new technologies or the expansion of existing technologies approved for use by the USPS. We may also face competition from a number of indirect competitors that specialize in electronic commerce and other companies with substantial customer bases...

  • Page 27
    ... and services, and export controls, could seriously harm our business, financial condition and results of operations. Moreover, the applicability of existing laws to the Internet is uncertain with regard to many issues, including property ownership, export of specialized technology, sales tax, state...

  • Page 28
    ... 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 postage solutions. Our stock price is volatile. The price at which our common stock has traded has...

  • Page 29
    ... forward. The amount was expensed and paid in 2015. Express One is a sales and support business partner for the United States Postal Service that provides discounted shipping rates and technology solutions to lower volume USPS shippers. Through our partnership with Express One, Stamps.com and our...

  • Page 30
    ... FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 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...

  • Page 31
    ... involved in Internet commerce, service and software. The graph assumes that $100 was invested on December 31, 2010 in our common stock and in each of the other two indices and the reinvestment of all dividends, if any. The graph is presented in accordance with SEC requirements. Stockholders...

  • Page 32
    ...expect to issue the remaining 576,675 earn out shares in the first quarter of 2016. Issuer Purchases of Equity Securities We did not purchase any of our common stock during the fourth quarter of 2015. Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar...

  • Page 33
    ...) 2011 Statement of Operations Data: Mailing and Shipping revenue Customized Postage revenue Other revenue Total revenues Cost and expenses: Cost of revenues Sales and marketing Research and development General and administrative Contingent consideration charges Litigation settlement (Loss) income...

  • Page 34
    ... 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. We were the first ever USPS-licensed vendor to offer mailing and shipping in a software...

  • Page 35
    ... sales and marketplaces systems including eBay, PayPal, Amazon, Yahoo! and others. ShipWorks offers multi-carrier shipping options and features including sending email notifications to buyers, updating online order status, generating reports and many more. On March 22, 2015 we entered into a Stock...

  • Page 36
    ... of ShipStation, ShipWorks and Endicia where the ARPU for those paid customers is higher as compared to the ARPU from the existing Stamps.com customers and (2) the growth in our high volume shipping business where we have the ability to better monetize postage volume as compared to monthly flat rate...

  • Page 37
    ...a subscription plan; (2) customers may qualify under our USPS partnership to have their service fees waived or refunded and then we are compensated directly by the USPS; (3) customers may pay us a fee per shipping label printed; (4) we may earn compensation by offering customers a discounted postage...

  • Page 38
    ... postage, customer service, image review costs, and printing and fulfillment costs. Cost of service revenue increased 42% to $28.0 million in 2015 from $19.7 million in 2014. The increase was primarily attributable to higher customer service costs to support our growing customer base, higher credit...

  • Page 39
    ... ShipStation, ShipWorks and Endicia acquisitions, (2) an increase in stock-based compensation expense and (3) an increase in sales and marketing spending and activity in our Mailing and shipping business as we continued to focus on acquiring customers. Our sales and marketing programs include direct...

  • Page 40
    ... in connection with acquisition of Endicia in 2015. See Note 7 - "Debt" in our Notes to Consolidated Financial Statements for further discussion. Provision for Income Taxes In 2015, our net income tax benefit of $1.4 million consisted of current income tax expense consisting of federal alternative...

  • Page 41
    ...our target increase in spending and acquire and retain customers, this would negatively impact our 2016 Mailing and shipping revenue growth expectations. We expect Customized Postage revenue to increase in 2016 compared to 2015. High volume business orders can fluctuate significantly from quarter to...

  • Page 42
    ...of the addition of new paid customers from our acquisitions of ShipStation and ShipWorks where the ARPU for those newly acquired paid customers was 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. 38

  • Page 43
    ... our Supplies Store to our existing customer base; and (5) growth in postage printed, which helps drive sales of consumable supplies such as labels. Total postage printed by customers using our service in 2014 was $1.8 billion, a 13% increase from the $1.6 billion printed in 2013. Insurance revenue...

  • Page 44
    ... 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 45
    ... of sales and marketing expense from our ShipStation and ShipWorks acquisitions as well as the increased marketing spending as we continued to focus on acquiring customers in our Core mailing and shipping business while spending in our Non-Core mailing and shipping and PhotoStamps businesses both...

  • Page 46
    ... the use of cash for the acquisitions of ShipStation and ShipWorks. Provision for Income Taxes In 2014, our net income tax benefit consisted of an income tax benefit resulting from the release of our valuation allowance offset by current income tax expense consisting of federal and state alternative...

  • Page 47
    ... debit issuance costs for the year ended December 31, 2015 was approximately $31,000. Borrowings under the term loan are payable in quarterly installments which began on December 31, 2015. We pay interest on our Credit Agreement equal to the London Interbank Offered Rate plus an applicable margin...

  • Page 48
    ... exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Service revenue is primarily derived from monthly service fees and transaction related revenues from our USPS mailing and shipping services, our...

  • Page 49
    ... Postal Service ("USPS"). We do not recognize revenue for this postage, as it is purchased by our customers directly from the USPS. Customized postage revenue, which includes the face value of postage, from the sale of customized postage labels and rolls is made pursuant to a sales contract that...

  • Page 50
    ... Statements for further discussion of intangible assets we acquired in connection with our acquisitions of ShipStation, ShipWorks and Endicia. Contingent Consideration Under Financial Accounting Standards Board ("FASB") ASC Topic No. 805 Business Combination ("ASC 805"), we are required to re...

  • Page 51
    ...as applicable. Promotional 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...

  • Page 52
    ... grant liens, repurchase stock, pay dividends and engage in certain investment, acquisition and disposition transactions. As of December 31, 2015, we were in compliance with the covenants of the Credit Agreement. Our exposure to market rate risk for changes in interest rates relates primarily to our...

  • Page 53
    ... controls On November 18, 2015, we acquired Endicia and, as a result, we have begun integrating certain processes, systems and controls relating to Endicia into our existing system of internal control over financial reporting in accordance with our integration plans. Except for certain processes...

  • Page 54
    ... Public Accounting Firm The Board of Directors and Stockholders of Stamps.com Inc. and subsidiaries We have audited Stamps.com Inc. and subsidiaries' internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control-Integrated Framework issued by...

  • Page 55
    ... by reference herein to our proxy statement for our 2016 annual meeting of stockholders, which will be filed with the SEC by not later than 120 days after our fiscal year end. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. The information required under this item is incorporated by reference...

  • Page 56
    ... between 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...

  • Page 57
    ..., Kenneth T. McBride, Jason Hodges, Nathan Jones, and Curtis Mitchell, on the one hand, and Rapid Enterprises, LLC d/b/a Express One and J. Colby Clark, on the other hand.(21) Credit Agreement made and entered into as of November 18, 2015, by and among Stamps.com Inc., a Delaware corporation...

  • Page 58
    ... Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document (1) Incorporated herein by reference to the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on April...

  • Page 59
    ... the Securities and Exchange Commission on March 14, 2012 (File No. 000-26427). (17) Filed with the Securities and Exchange Commission with this Annual Report on Form 10-K. (18) Incorporated herein by reference to the Company's Form 8-K filed with the Securities and Exchange Commission on April 29...

  • Page 60
    ... standards of the Public Company Accounting Oversight Board (United States), Stamps.com Inc. and subsidiaries' internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations...

  • Page 61
    ... data) Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable...2015 and 2014 Issued shares: 29,463 in 2015 and 28,763 in 2014 Outstanding shares: 16,697 in 2015 and 15,997 in 2014 Additional paid-in capital Treasury stock, at cost, 12,766 shares in 2015...

  • Page 62
    ... and administrative expense): Service Product Insurance Customized postage Total cost of revenues Gross profit Operating expenses: Sales and marketing Research and development General and administrative Contingent consideration charges Litigation settlement Total operating expenses (Loss) income...

  • Page 63
    TABLE OF CONTENTS STAMPS.COM INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (in thousands) 2015 Year Ended December 31, 2014 2013 Net (loss) income Other comprehensive (loss) income, net of tax: Unrealized loss on investments Comprehensive (loss) income F-4 ...

  • Page 64
    ... Net loss Unrealized loss on investments Stock option windfall tax benefit Issuance of shares for contingent consideration Stock-based compensation expense Exercise of stock options Shares issued under the ESPP Balance at December 31, 2015 1 - 52 $ - - 618 9,225 15,895...

  • Page 65
    ... investments Purchase of 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) Acquisition of Endicia Acquisition of property, equipment and intangibles Net cash used in...

  • Page 66
    ...Mail Express packages. Our customers include individuals, small businesses, home offices, medium-size businesses and large enterprises, and within these segments we target both mailers and shippers. We were the first ever USPS-licensed vendor to offer mailing and shipping in a software-only business...

  • Page 67
    ... separate component of stockholders' equity. Accounts Receivable Our accounts receivable relate to mailing and shipping services, postage invoicing, PhotoStamps sales, and branded insurance provided to customers prior to billing and other receivables. Accounts receivable are recorded at the invoiced...

  • Page 68
    ... to the ShipStation and ShipWorks acquisitions. Goodwill related to the Endicia acquisition will be tested beginning on October 1, 2016. We do not believe there is any impairment to our Endicia goodwill as of December 31, 2015. Trademarks, Patents and Intangible Assets Acquired trademarks, patents...

  • Page 69
    ... parties to offer products and promotions to our customer base. These arrangements generally provide payment in the form of a flat fee or revenue sharing arrangements where we receive payment upon customers accessing third party products and services. Total revenue from such advertising arrangements...

  • Page 70
    ...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 71
    ...) Internet Advertising We recognize Internet advertising expense based on the specifics of the individual agreements. Under partner and affiliate agreements, third parties refer prospects to our web site, and we pay the third parties when the customer completes the customer registration process...

  • Page 72
    ... 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 employee stock option exercise behaviors. In the case...

  • Page 73
    ... of its customers, which primarily consist of individuals, small businesses, home offices, medium-size businesses and large enterprises in the United States. In 2013 and 2014, all of our operations, revenue and assets were within the United States. In 2015, as a result of our Endicia acquisition, we...

  • Page 74
    ...web-based shipping software solution that allows online retailers and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily. ShipStation supports automatic order importing from over 50 shopping carts and marketplaces, including eBay, Amazon, Shopify, Bigcommerce...

  • Page 75
    ... of the purchase price (in thousands, except years): Weighted Average Estimated Useful Life (In Years) Cash and cash equivalents Trade accounts receivable Other assets Property and equipment Goodwill Identifiable intangible assets: Trademark Developed technology Non-compete agreement Customer...

  • Page 76
    .... ShipWorks solutions integrate with over 50 popular online sales and marketplaces systems including eBay, PayPal, Amazon, Yahoo! and others. ShipWorks offers multi-carrier shipping options and features including sending email notifications to buyers, updating online order status, generating reports...

  • Page 77
    ... high volume shipping technologies and solutions for shipping with the USPS. The Stock Purchase Agreement provides for our purchase of all of the issued and outstanding shares of common stock of Endicia from a whollyowned indirect subsidiary of Newell ("Transaction") for an aggregate purchase price...

  • Page 78
    ... the operations of Stamps.com and Endicia. Such synergies include estimated cost reductions and enhanced sales and customer support which is expected to drive increased volume. We expect the entire amount of goodwill recorded in this acquisition will be deducted for tax purposes ratably over...

  • Page 79
    ...(see Note 3 - "Acquisitions") Goodwill balance at December 31, 2015 $ 66,893 130,914 $ 197,807 Goodwill is reviewed for impairment annually on October 1 st utilizing a qualitative assessment or a two-step process. We have an option to make a qualitative assessment of a reporting unit...

  • Page 80
    ... securities and public corporate debt securities at December 31, 2015 and 2014. 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...

  • Page 81
    ... as of December 31, 2015 and 2014 (in thousands): Cost or Amortized Cost December 31, 2015 Gross Gross Unrealized Unrealized Gains Losses Estimated Fair Value Cash and cash equivalents: Cash Money market Cash and cash equivalents Short-term investments: Corporate bonds and asset backed...

  • Page 82
    ... 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. As of December 31, 2015 and 2014 we...

  • Page 83
    ...facility. Borrowings under the term loan are payable in quarterly installments which began on December 31, 2015. We pay interest on our Credit Agreement equal to the London Interbank Offered Rate plus an applicable margin, between 1.25% to 2.00%, based upon certain financial measures. As of December...

  • Page 84
    ... Income Taxes In 2015, our net income tax benefit of $1.4 million consisted of current income tax expense consisting of federal alternative minimum tax and various state taxes and deferred income tax benefit consisting of temporary tax items including contingent consideration, stock compensation and...

  • Page 85
    .... During 2015, we recorded current income tax expense for alternative minimum federal taxes and state taxes of $1.4 million and deferred income tax benefit resulting from pre-tax book losses which included temporary tax adjustments for contingent consideration obligation, stock-based compensation...

  • Page 86
    ...NOLs will begin to expire in 2020. The federal tax credits begin to expire 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...

  • Page 87
    ... 2015. As a result, we recorded a $1.5 million deferred tax benefit from the application of the change in tax rate to the net deferred tax assets. In addition, there is no current tax expense impact as a result of these statutory rate changes due to alternative minimum tax. 11. Employee Stock Plans...

  • Page 88
    ... additional performance-based stock option grants for certain of our employees. These additional option awards granted under the Amendment vest monthly in equal parts over a 36-month period commencing upon the closing of our acquisition of Endicia. The number of options issued was approximately 175...

  • Page 89
    ... stock price of $109.61 at December 31, 2015, the last trading day of 2015,...status of our non-vested stock options as of December 31, 2015: Non-vested Number of Stock Options (in thousands) Weighted Average Grant Date Fair Value Non-vested at December 31, 2014 Granted Vested Forfeited / Cancelled...

  • Page 90
    ... forward. The amount was expensed and paid in 2015. Express One is a sales and support business partner for the United States Postal Service that provides discounted shipping rates and technology solutions to lower volume USPS shippers. Through our partnership with Express One, Stamps.com and our...

  • Page 91
    ...business, results of operations, financial position, and overall trends. Commitments The Company leases facilities pursuant to noncancelable operating lease agreements expiring through 2020. Rent expense is recognized... per share data) Quarter Ended Fiscal Year 2015: Revenues Gross profit Income...

  • Page 92
    ... amounts for the year shown elsewhere in our Annual Report on Form 10-K. (1) Common equivalent shares are excluded from the diluted earnings per share calculation as their effect is anti-dilutive. (2) The fourth quarter results of 2015 include the impact of the Company's acquisition of Endicia. F-33

  • Page 93
    ..., the Registrant 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 29 th day of February 2016. STAMPS.COM INC. /s/ KENNETH MCBRIDE By: Kenneth McBride Chief...

  • Page 94
    ...The maximum aggregate number of shares of Stock and Stock equivalents reserved and available for the grant of Awards under this Plan is the three million five hundred thousand (3,500,000) shares originally set forth in this Plan plus an additional two million one hundred thousand (2,100,000) shares...

  • Page 95
    ... 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.; (2) Registration...

  • Page 96
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2015, 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 97
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2015, 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 98
    ... any and all Annual Reports on Form 10-K and any amendments thereto, for the year ended December 31, 2015, 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 99
    ...31.1 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...cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer...

  • Page 100
    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 fact necessary to make the statements made, in light of the ...

  • Page 101
    ... OF 2002 In connection with the Annual Report of Stamps.com Inc. (the "Company") on Form 10-K for the period ended December 31, 2015 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...

  • Page 102
    ... OF 2002 In connection with the Annual Report of Stamps.com Inc. (the "Company") on Form 10-K for the period ended December 31, 2015 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...