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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(inthousands,exceptpersharedata)
Year Ended December 31,
2015 2014 2013
Revenues:  
Service $ 176,672 $ 115,696 $ 99,013
Product 18,283 16,883  16,580
Insurance 11,732  9,217  7,515
Customizedpostage 7,229  5,450  4,710
Other 41 23  1
Totalrevenues 213,957 147,269  127,819
Costofrevenues(exclusiveofamortizationofintangibleassets,whichisincluded
ingeneralandadministrativeexpense):  
Service 27,967 19,687  15,422
Product 5,971  5,516  5,694
Insurance 3,984  3,210  2,685
Customizedpostage 6,013  4,493  3,699
Totalcostofrevenues 43,935 32,906  27,500
Grossprofit 170,022 114,363  100,319
Operatingexpenses:  
Salesandmarketing 56,144 43,659  39,449
Researchanddevelopment 20,711 13,309  10,958
Generalandadministrative 42,399 25,147  15,794
Contingentconsiderationcharges 46,088 8,438  —
Litigationsettlement 10,000 —  —
Totaloperatingexpenses 175,342 90,553  66,201
(Loss)incomefromoperations (5,320) 23,810  34,118
Interestexpense (397) —  —
Interestincomeandotherincome,net 146 375  480
(Loss)incomebeforetaxes (5,571) 24,185  34,598
Incometaxbenefit (1,373) (12,697)  (9,555)
Net(loss)income $ (4,198) $ 36,882 $ 44,153
Net(loss)incomepershare:  
Basic $ (0.26) $ 2.30 $ 2.81
Diluted $ (0.26) $ 2.25 $ 2.71
Weightedaveragesharesoutstanding:  
Basic 16,436 16,011  15,691
Diluted  16,436(1) 16,417  16,298
(1) Commonequivalentsharesareexcludedfromthediluted(loss)incomepershareastheireffectisanti-dilutive.
The accompanying notes are an integral part of these consolidated financial statements.
F-3