BusinessWire

Stamps.com Reports Fourth Quarter and Fiscal 2019 Results

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Stamps.com® (Nasdaq: STMP), the leading provider of postage online and shipping software, today announced results for the fourth quarter and fiscal year ended December 31, 2019.


Fourth Quarter 2019 Financial Highlights

  • Total revenue was $160.9 million, down 5% compared to $170.2 million in the fourth quarter of 2018.
  • GAAP net income was $20.3 million, down 52% compared to $42.7 million in the fourth quarter of 2018.
  • GAAP net income per fully diluted share was $1.13, down 51% compared to $2.30 in the fourth quarter of 2018.
  • Non-GAAP adjusted EBITDA was $51.4 million, down 28% compared to $71.3 million in the fourth quarter of 2018.
  • Non-GAAP adjusted income per fully diluted share was $2.12, down 43% compared to $3.73 in the fourth quarter of 2018.

“In 2019, we continued to make significant strides towards our goal of being the leading worldwide multi-carrier e-commerce software company. We continued to invest in our products and partnerships throughout 2019 to address the significant opportunities in the U.S. and internationally. We are very excited about our business prospects in 2020 and beyond,” said Ken McBride, Stamps.com’s Chairman and CEO.

Fourth Quarter 2019 Detailed Results

Fourth quarter 2019 total revenue was $160.9 million, down 5% compared to the fourth quarter of 2018. Fourth quarter 2019 Mailing and Shipping revenue (which includes service, product and insurance revenue but excludes Customized Postage and Other revenue) was $156.0 million, down 6% versus the fourth quarter of 2018. Fourth quarter 2019 Customized Postage revenue was $4.9 million, up 2% versus the fourth quarter of 2018.

Fourth quarter 2019 GAAP income from operations was $32.2 million, GAAP net income was $20.3 million, and GAAP net income per share was $1.13 based on 17.9 million fully diluted shares outstanding. This compares to fourth quarter 2018 GAAP income from operations of $54.0 million, GAAP net income of $42.7 million, and GAAP net income per share of $2.30 based on 18.6 million fully diluted shares outstanding. Fourth quarter 2019 GAAP income from operations, GAAP net income, and GAAP income per fully diluted share decreased by 40%, 52%, and 51% year-over-year, respectively.

Fourth quarter 2019 GAAP income from operations included $12.5 million of non-cash stock-based compensation expense and $5.5 million of non-cash amortization of acquired intangibles. Fourth quarter 2019 GAAP net income included $93 thousand of non-cash amortization of debt issuance costs. Fourth quarter 2019 GAAP income tax expense was $11.2 million and non-GAAP income tax expense was $11.6 million, resulting in a $0.5 million non-GAAP tax expense adjustment. The non-GAAP tax expense adjustment primarily reflects the tax impact from reconciling the projected 2019 non-GAAP effective tax rates used in the prior three quarters of 2019 to the actual non-GAAP effective tax rate for fiscal year 2019. See the section later in this release entitled, “About Non-GAAP Financial Measures” for more information on how non-GAAP taxes are calculated. Excluding the non-cash stock-based compensation expense and non-cash amortization of acquired intangibles, fourth quarter 2019 non-GAAP income from operations was $50.3 million. Also excluding non-cash amortization of debt issuance costs and including the non-GAAP tax expense adjustment, fourth quarter 2019 non-GAAP adjusted income was $38.0 million or $2.12 per share based on 17.9 million fully diluted shares outstanding.

Fourth quarter 2018 GAAP income from operations included $10.0 million of non-cash stock-based compensation expense and $5.6 million of non-cash amortization of acquired intangibles. Fourth quarter 2018 GAAP net income included $93 thousand of non-cash amortization of debt issuance costs. Fourth quarter 2018 GAAP income tax expense was $10.6 million and non-GAAP income tax benefit was $0.5 million, resulting in an $11.1 million non-GAAP tax benefit adjustment. The non-GAAP tax benefit adjustment primarily reflects the tax impact from reconciling the projected 2018 non-GAAP effective tax rates used in the prior three quarters of 2018 to the actual non-GAAP effective tax rate for fiscal year 2018. Excluding the non-cash stock-based compensation expense and non-cash amortization of acquired intangibles, fourth quarter 2018 non-GAAP income from operations was $69.6 million. Also excluding non-cash amortization of debt issuance costs and including the non-GAAP tax benefit adjustment, fourth quarter 2018 non-GAAP adjusted income was $69.4 million or $3.73 per share based on 18.6 million fully diluted shares outstanding.

Therefore, fourth quarter 2019 non-GAAP income from operations, non-GAAP adjusted income, and non-GAAP adjusted income per fully diluted share decreased by 28%, 45%, and 43% year-over-year, respectively.

Non-GAAP income from operations, non-GAAP adjusted income, and non-GAAP adjusted income per share are described further in the “About Non-GAAP Financial Measures” section of this press release and are reconciled to the corresponding GAAP measures in the following tables (unaudited):

Reconciliation of GAAP to Non-GAAP Financial Measures (Fourth Quarter 2019)

Fourth Quarter Fiscal 2019 Stock-Based Intangible Debt
All amounts in millions except GAAP Compensation Amortization Amortization Income Tax Non-GAAP
per share data: Amounts Expense Expense Expense Adjustments Amounts
 
Cost of Revenues

$

44.23

 

$

1.03

 

$

-

 

$

-

 

$

-

$

43.21

 

Research & Development

 

21.32

 

 

2.85

 

 

-

 

 

-

 

 

-

 

18.46

 

Sales & Marketing

 

35.05

 

 

2.69

 

 

-

 

 

-

 

 

-

 

32.36

 

General & Administrative

 

28.06

 

 

5.91

 

 

5.54

 

 

-

 

 

-

 

16.61

 

Total Expenses

 

128.66

 

 

12.47

 

 

5.54

 

 

-

 

 

-

 

110.64

 

 
Income (Loss) from Operations

 

32.25

 

 

(12.47

)

 

(5.54

)

 

-

 

 

-

 

50.26

 

 
Interest and Other Income (Loss)

 

(0.75

)

 

-

 

 

-

 

 

(0.09

)

 

-

 

(0.66

)

 
Benefit (Expense) for Income Taxes

 

(11.16

)

 

-

 

 

-

 

 

-

 

 

0.45

 

(11.61

)

 
Adjusted Income (Loss)

 

20.33

 

 

(12.47

)

 

(5.54

)

 

(0.09

)

 

0.45

 

37.99

 

 
On a diluted per share basis

$

1.13

 

$

(0.70

)

$

(0.31

)

$

(0.01

)

$

0.03

$

2.12

 

 
Shares used in per share calculation

 

17.92

 

 

17.92

 

 

17.92

 

 

17.92

 

 

17.92

 

17.92

 

Reconciliation of GAAP to Non-GAAP Financial Measures (Fourth Quarter 2018)

Fourth Quarter Fiscal 2018 Stock-Based Intangible Debt
All amounts in millions except GAAP Compensation Amortization Amortization Income Tax Non-GAAP
per share data: Amounts Expense Expense Expense Adjustments Amounts
 
Cost of Revenues

$

38.82

 

 

0.96

 

$

-

 

$

-

 

$

-

 

$

37.86

 

Research & Development

 

17.75

 

 

2.53

 

 

-

 

 

-

 

 

-

 

 

15.22

 

Sales & Marketing

 

33.80

 

 

2.07

 

 

-

 

 

-

 

 

-

 

 

31.73

 

General & Administrative

 

25.83

 

 

4.44

 

 

5.55

 

 

-

 

 

-

 

 

15.84

 

Total Expenses

 

116.19

 

 

10.00

 

 

5.55

 

 

-

 

 

-

 

 

100.64

 

 
Income (Loss) from Operations

 

54.04

 

 

(10.00

)

 

(5.55

)

 

-

 

 

-

 

 

69.59

 

 
Interest and Other Income (Loss)

 

(0.79

)

 

-

 

 

-

 

 

(0.09

)

 

-

 

 

(0.70

)

 
Benefit (Expense) for Income Taxes

 

(10.58

)

 

-

 

 

-

 

 

-

 

 

(11.06

)

 

0.48

 

 
Adjusted Income (Loss)

 

42.66

 

 

(10.00

)

 

(5.55

)

 

(0.09

)

 

(11.06

)

 

69.37

 

 
On a diluted per share basis

$

2.30

 

$

(0.54

)

$

(0.30

)

$

(0.01

)

$

(0.60

)

$

3.73

 

 
Shares used in per share calculation

 

18.58

 

 

18.58

 

 

18.58

 

 

18.58

 

 

18.58

 

 

18.58

 

Fourth Quarter 2019 GAAP Net Income and Non-GAAP Adjusted EBITDA

Fourth quarter 2019 GAAP net income was $20.3 million, down 52% compared to $42.7 million in the fourth quarter of 2018.

Fourth quarter 2019 non-GAAP adjusted EBITDA was $51.4 million, down 28% compared to $71.3 million in the fourth quarter of 2018.

Adjusted EBITDA is a non-GAAP financial measure which is described further in the “About Non-GAAP Financial Measures” section of this press release and is reconciled to GAAP net income in the following table (unaudited):

Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

Three Months ended

All amounts in millions

December 31,

2019

 

2018

 

 

 

GAAP Net Income (Loss)

$20.33

 

$42.66

 

 

 

Depreciation and Amortization Expense

$6.72

 

$7.24

Interest & Other Expense (Income), net

$0.75

 

$0.79

Income Tax Expense (Benefit), net

$11.16

 

$10.58

 

 

 

Stock-based Compensation Expense

$12.47

 

$10.00

 

 

 

Adjusted EBITDA

$51.44

 

$71.28

Fiscal Year 2019 Detailed Results

2019 total revenue was $571.9 million, down 3% compared to 2018. 2019 Mailing and Shipping revenue (which includes service, product and insurance revenue but excludes Customized Postage and Other revenue) was $557.1 million, down 2% versus 2018. 2019 Customized Postage revenue was $14.7 million, down 25% versus 2018.

2019 GAAP income from operations was $93.6 million, GAAP net income was $59.2 million, and GAAP net income per share was $3.33 based on 17.8 million fully diluted shares outstanding. This compares to 2018 GAAP income from operations of $194.4 million, GAAP net income of $168.6 million, and GAAP net income per share of $8.99 based on fully diluted shares outstanding of 18.8 million. 2019 GAAP income from operations, GAAP net income and GAAP income per fully diluted share decreased by 52%, 65%, and 63% year-over-year, respectively.

2019 GAAP income from operations included $42.9 million of non-cash stock-based compensation expense and $22.2 million of non-cash amortization of acquired intangibles. 2019 GAAP net income also included $374 thousand of non-cash amortization of debt issuance cost. 2019 GAAP income tax expense was $31.5 million and non-GAAP income tax expense was $54.3 million resulting in a non-GAAP tax expense adjustment of $22.8 million. The non-GAAP tax expense adjustment primarily reflects the tax impact from higher non-GAAP income as compared to GAAP income at the effective tax rate for fiscal 2019. See the section later in this release entitled “About Non-GAAP Financial Measures” for more information on how non-GAAP taxes are calculated. Excluding the non-cash stock-based compensation expense and non-cash amortization of acquired intangibles, 2019 non-GAAP income from operations was $158.7 million. Also excluding non-cash amortization of debt issuance and including the non-GAAP tax expense adjustment, 2019 non-GAAP adjusted income was $102.0 million or $5.73 per share based on 17.8 million fully diluted shares outstanding.

2018 GAAP income from operations included $36.3 million of non-cash stock-based compensation expense, $18.3 million of non-cash amortization of acquired intangibles, and $3.1 million of transaction related expenses associated with the MetaPack acquisition and legal settlement expense related to the class action wage and hours case filed against us in February 2018. 2018 GAAP net income also included $374 thousand of non-cash amortization of debt issuance costs and $1.0 million of foreign currency loss related to the MetaPack acquisition. 2018 GAAP income tax expense was $22.3 million and non-GAAP income tax expense was $29.2 million resulting in a non-GAAP tax expense adjustment of $6.9 million. The non-GAAP tax expense adjustment primarily reflects the tax impact from higher non-GAAP income as compared to GAAP income at the effective tax rate for fiscal 2018. See the section later in this release entitled “About Non-GAAP Financial Measures” for more information on how non-GAAP taxes are calculated. Excluding the non-cash stock-based compensation expense, non-cash amortization of acquired intangibles, and transaction related expenses associated with the MetaPack acquisition, and legal settlement expense, 2018 non-GAAP income from operations was $252.2 million. Also excluding non-cash amortization of debt issuance costs and foreign currency loss related to the MetaPack acquisition, and including the non-GAAP tax expense adjustment, 2018 non-GAAP adjusted income was $220.9 million or $11.78 per share based on 18.8 million fully diluted shares outstanding.

Therefore, 2019 non-GAAP income from operations, non-GAAP adjusted income and non-GAAP adjusted income per fully diluted share decreased by 37%, 54% and 51% year-over-year, respectively.

Non-GAAP income from operations, non-GAAP adjusted income and non-GAAP adjusted income per share are described further in the “About Non-GAAP Financial Measures” section of this press release and are reconciled to the corresponding GAAP measures in the following tables (unaudited):

Reconciliation of GAAP to Non-GAAP Financial Measures (Fiscal Year 2019)

For the Year Ended December 31, 2019 Stock-Based Intangible Debt
All amounts in millions except GAAP Compensation Amortization Amortization Income Tax Non-GAAP
per share data: Amounts Expense Expense Expense Adjustments Amounts
 
 
Cost of Revenues

$

155.22

 

$

3.08

 

$

-

 

$

-

 

$

-

$

152.13

 

Research & Development

 

78.04

 

 

10.52

 

 

-

 

 

-

 

 

-

 

67.52

 

Sales & Marketing

 

134.23

 

 

9.72

 

 

-

 

 

-

 

 

-

 

124.51

 

General & Administrative

 

110.80

 

 

19.62

 

 

22.20

 

 

-

 

 

-

 

68.99

 

Total Expenses

 

478.29

 

 

42.94

 

 

22.20

 

 

-

 

 

-

 

413.15

 

 
Income (Loss) from Operations

 

93.56

 

 

(42.94

)

 

(22.20

)

 

-

 

 

-

 

158.70

 

 
Interest and Other Income (Loss)

 

(2.81

)

 

-

 

 

-

 

 

(0.37

)

 

-

 

(2.44

)

 
Benefit (Expense) for Income Taxes

 

(31.52

)

 

-

 

 

-

 

 

-

 

 

22.75

 

(54.27

)

 
Adjusted Income (Loss)

 

59.23

 

 

(42.94

)

 

(22.20

)

 

(0.37

)

 

22.75

 

101.98

 

 
On a diluted per share basis

$

3.33

 

$

(2.41

)

$

(1.25

)

$

(0.02

)

$

1.28

$

5.73

 

 
Shares used in per share calculation

 

17.80

 

 

17.80

 

 

17.80

 

 

17.80

 

 

17.80

 

17.80

 

Reconciliation of GAAP to Non-GAAP Financial Measures (Fiscal Year 2018)

For the Year Ended December 31, 2018 Stock-Based Intangible Acquisition and Debt
All amounts in millions except GAAP Compensation Amortization Litigation Amortization Income Tax Non-GAAP
per share data: Amounts Expense Expense Settlement Expense Adjustments Amounts
Expenses
 
Cost of Revenues

$

126.91

 

$

2.95

 

$

-

 

$

-

 

$

-

 

$

-

$

123.95

 

Research & Development

 

56.59

 

 

8.12

 

 

-

 

 

-

 

 

-

 

 

-

 

48.47

 

Sales & Marketing

 

112.08

 

 

6.89

 

 

-

 

 

-

 

 

-

 

 

-

 

105.19

 

General & Administrative

 

96.95

 

 

18.38

 

 

18.29

 

 

3.14

 

 

-

 

 

-

 

57.13

 

Total Expenses

 

392.53

 

 

36.35

 

 

18.29

 

 

3.14

 

 

-

 

 

-

 

334.75

 

 
Income (Loss) from Operations

 

194.40

 

 

(36.35

)

 

(18.29

)

 

(3.14

)

 

-

 

 

-

 

252.18

 

 
Interest and Other Income (Loss)

 

(3.49

)

 

-

 

 

-

 

 

(1.03

)

 

(0.37

)

 

-

 

(2.08

)

 
Benefit (Expense) for Income Taxes

 

(22.27

)

 

-

 

 

-

 

 

-

 

 

-

 

 

6.91

 

(29.18

)

 
Adjusted Income (Loss)

 

168.64

 

 

(36.35

)

 

(18.29

)

 

(4.17

)

 

(0.37

)

 

6.91

 

220.93

 

 
On a diluted per share basis

$

8.99

 

$

(1.94

)

$

(0.98

)

$

(0.22

)

$

(0.02

)

$

0.37

$

11.78

 

 
Shares used in per share calculation

 

18.76

 

 

18.76

 

 

18.76

 

 

18.76

 

 

18.76

 

 

18.76

 

18.76

 

Fiscal Year 2019 GAAP Net Income and Non-GAAP Adjusted EBITDA

2019 GAAP net income was $59.2 million, down 65% compared to $168.6 million in 2018.

2019 non-GAAP adjusted EBITDA was $164.4 million, down 36% compared to $258.0 million in 2018.

Adjusted EBITDA is a non-GAAP financial measure which is described further in the “About Non-GAAP Financial Measures” section of this release and is reconciled to GAAP net income in the following table (unaudited):

Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

Twelve Months ended

All amounts in millions

December 31,

2019

 

2018

 

 

 

GAAP Net Income (Loss)

$59.23

 

$168.64

 

 

 

Depreciation and Amortization Expense

$27.87

 

$24.10

Interest & Other Expense (Income), net

$2.81

 

$3.49

Income Tax Expense (Benefit), net

$31.52

 

$22.27

 

 

 

Stock-based Compensation Expense

$42.94

 

$36.35

Acquisition and Litigation Settlement Expenses

$ --

 

$3.14

 

 

 

Adjusted EBITDA

$164.38

 

$257.99

Taxes

For the fourth quarter of 2019, the Company reported a GAAP income tax expense of $11.2 million representing an effective tax rate of 35.4%. For the fourth quarter of 2018, the Company reported a GAAP income tax expense of $10.6 million representing an effective tax rate of 19.9%.

For 2019, the Company reported a GAAP income tax expense of $31.5 million representing an effective tax rate of 34.7%. For 2018, the Company reported a GAAP income tax expense of $22.3 million representing an effective tax rate of 11.7%. The higher effective GAAP tax rate in 2019 was primarily related to fewer employee stock option exercises in 2019, resulting in lower tax benefits compared to 2018, coupled with a reduction in pre-tax book income. Neither the 2019 GAAP effective tax rate of 34.7% nor any other historical GAAP effective tax rate should be assumed to apply for 2020, as employee stock option exercises are inherently unpredictable and actual 2020 employee stock option exercises could differ materially from those in prior years, which could have a material impact on our 2020 effective tax rate as compared to such prior years. As discussed below under the heading, “About Non-GAAP Financial Measures,” we believe our effective tax rate for 2020 will be approximately 40%.

Share Repurchase and Debt Repayment

During the fourth quarter of 2019, the Company repurchased approximately 76 thousand shares at a total cost of approximately $6 million. From March 14, 2019 to February 18, 2020, we have repurchased approximately $43.2 million under a $60 million total repurchase plan.

On February 13, 2020, our Board of Directors approved a new share repurchase plan which will commence on February 24, 2020 and which authorizes the company to repurchase up to $40 million of stock over the six months following its effective date. This new repurchase plan replaces our existing repurchase plan.

During the fourth quarter of 2019, the Company made a required principal repayment of $3.1 million against the borrowings under the Company’s existing credit agreement related to the Endicia acquisition. As of December 31, 2019, total debt under the credit agreement, excluding debt issuance costs, was $50.5 million.

Summary of our Business Outlook

For fiscal year 2020, the Company currently expects its GAAP financial outlook to be as follows:

  • We expect total revenue to be in a range of approximately $570 million to $600 million
  • We expect GAAP net income to be in a range of approximately $41 million to $53 million
  • We expect GAAP net income per fully diluted share to be in a range of approximately $2.08 to $2.92
  • We expect our 2020 effective tax rate to be approximately 40%

The above GAAP amounts, adjusted as detailed below, result in the following non-GAAP financial outlook:

  • We expect non-GAAP adjusted EBITDA to be in a range of approximately $135 million to $155 million
  • We expect non-GAAP adjusted income per fully diluted share to be in a range of approximately $4.00 to $5.00

Detailed Discussion of our Business Outlook

As noted above, for 2020, the Company currently expects total revenue to be in a range of approximately $570 million to $600 million.

Also, for 2020, the Company currently expects GAAP net income to be in a range of approximately $41 million to $53 million.

The expected GAAP net income range includes depreciation and amortization expense of approximately $26 million, stock-based compensation expense of approximately $40 million, interest and other expense, net of approximately $1 million, and income tax expense of approximately $27 million to $35 million. Excluding the depreciation and amortization expense, stock-based compensation expense, interest and other expense, net and income tax expense, we expect non-GAAP adjusted EBITDA to be in a range of approximately $135 million to $155 million.

The following table is provided to facilitate a reconciliation of 2020 expected non-GAAP adjusted EBITDA to expected GAAP net income:

Fiscal Year 2020 Guidance

All amounts in millions

Low End of Range

 

High End of Range

 

 

 

GAAP net income

$40.6

 

$52.6

 

 

 

Adjustments to reconcile adjusted EBITDA to GAAP net income:

 

 

 

Stock-based compensation expense

$40.0

 

$40.0

Depreciation and amortization expense

$26.0

 

$26.0

Interest and other expense (income), net

$1.4

 

$1.4

Income tax expense

$27.0

 

$35.0

Total adjustments excluded from adjusted EBITDA

$94.4

 

$102.4

 

 

 

Adjusted EBITDA

$135.0

 

$155.0

As noted above, for 2020, the Company currently expects GAAP net income per fully diluted share to be in a range of approximately $2.08 to $2.92. The expected GAAP net income per fully diluted share range includes non-cash stock-based compensation expense of approximately $40 million, non-cash amortization of acquired intangibles expense of approximately $22 million, and non-cash amortization of debt issuance costs of approximately $0.4 million. Excluding the stock-based compensation expense, amortization of acquired intangibles expense, and amortization of debt issuance costs, and including higher expected non-GAAP income taxes of approximately $25 million from the expected tax effects of these adjustments at an assumed 40% effective full-year tax rate, non-GAAP adjusted income per fully diluted share is expected to be in a range of $4.00 to $5.00.

The following table is provided to facilitate a reconciliation of 2020 expected non-GAAP adjusted income per fully diluted share to expected GAAP net income per fully diluted share:

Fiscal Year 2020 Guidance

All amounts in millions except percentages and per share data

Low End of Range

 

High End of Range

 

 

 

GAAP net income per fully diluted share

$2.08

 

$2.92

 

 

 

Adjustments to reconcile non-GAAP to GAAP:

 

 

 

Stock-based compensation expense

$40.0

 

$40.0

Amortization of acquired intangibles

$22.0

 

$22.0

Amortization of debt issuance costs

$0.4

 

$0.4

Total adjustments excluded from non-GAAP

$62.4

 

$62.4

Projected effective tax rate

40.0%

 

40.0%

Increased tax expense from non-GAAP adjustments

$25.0

 

$25.0

Total tax affected adjustments excluded from non-GAAP

$37.4

 

$37.4

 

 

 

Fully diluted shares

19.5

 

18.0

Total adjustments excluded from non-GAAP adjusted income per fully diluted share

$1.92

 

$2.08

 

 

 

Non-GAAP adjusted income per fully diluted share

$4.00

 

$5.00

This business outlook does not include the impact from potential future acquisitions, including acquisition costs or related financings, or unanticipated events. This business outlook also does not include the impact of foreign currency fluctuations, or other geopolitical events, such as trade negotiations or Brexit. This business outlook also does not include the impact of employee stock option exercises and any associated tax effects. This business outlook and the related assumptions are forward-looking statements subject to the safe harbor statement contained at the end of this press release, and reflect our views of current and future market conditions as of the date of this press release. Ranges reflect our business assumptions, but actual results could fall outside the range presented. Only a few of our assumptions underlying our guidance are disclosed above, and our actual results will be affected by known and unknown risks, trends, uncertainties and other factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying our guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences could be material. We do not undertake any obligation to release publicly any revisions to our business outlook or other forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Company Metrics and Conference Call

2019 Company metrics, updated to include the fourth quarter, is available at https://investor.stamps.com (under a tab on the left side called “Company Information, Metrics”). These metrics are not incorporated into this press release.

The Stamps.com financial results conference call will be webcast today at 5:00 p.


Contacts

Investor Contact:
Suzanne Park
Stamps.com Investor Relations
(310) 482-5830
invrel@stamps.com

Press Contact:
Eric Nash
Stamps.com Public Relations
(310) 482-5942
enash@stamps.com


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