Notes

1 - Summary XNAS
NAME Stamps.com XNYS
http://www.nasdaq.com/symbol/stmp Ticket STMP PINX
Exchange NASDAQ-GS
http://financials.morningstar.com/company-profile/c.action?t=stmp Stock type Slow Growth
2 Morning star rating -
Business Description Sector Technology http://investors.morningstar.com/ownership/shareholders-buying.html?t=stmp
Industry Software - Application http://investors.morningstar.com/ownership/shareholders-selling.html?t=stmp
Stock Style Small Growth http://finance.yahoo.com/q/ks?s=stmp
Operation Details Employees 1,313 http://insiders.morningstar.com/trading/insider-activity.action?t=stmp
2 - Basic stuff (For comparing)
3 Community Rating Current price 169.2
3 1 Year target $147.00
1 50 Day Avg. Daily Volume 426,780 http://www.nasdaq.com/symbol/stmp/stock-report *** PER SHARE ***
http://www.nasdaq.com/symbol/stmp Market Cap 2891823854 Date 12 m EPS Dividend P/E Ratio
P/E Ratio 51.11
3 Forward P/E 1 Yr. 67.67
Earnings Per Share(EPS) $3.31
Annualized Dividend N/A
Ex Dividend Date N/A
Dividend Pay Date N/A
Current Yield N/A
Key stats Price/Earnings TTM
https://www.morningstar.com/stocks/XNAS/stmp/quote.html Price/Book 4.34
Price/Sales TTM 5.26
Rev Growth (3 Yr Avg) 16.22
Net Income Growth (3 Yr Avg) -7.66
Operating Margin % TTM 16.36
Net Margin % TTM 10.36
ROA TTM 6.75
ROE TTM 9.26 http://www.nasdaq.com/symbol/stmp/analyst-research Earnings Growth to industry
Debt/Equity 0.02 P/E Ratio to industry

3 - Forecast
http://www.nasdaq.com/symbol/stmp/risk Risk (Max 500)
https://uk.finance.yahoo.com/q/ao?s=stmp Mean Recommendation (this week): Buy
Median Target: 176.75
No. of Brokers: 4
http://community.nasdaq.com/community-ratings.aspx?stockticker=stmp Consensus
http://www.nasdaq.com/symbol/stmp/recommendations Analyst recommend
http://www.nasdaq.com/symbol/stmp/guru-analysis Peter Lynch
Benjamin Graham (Value)
https://www.morningstar.com/stocks/XNAS/stmp/quote.html Growth
Profitability
Morningstar Credit Rating*
4 - Detail stuff
http://financials.morningstar.com/income-statement/is.html?t=stmp Fiscal year ends in December. USD in millions except per share data. 2015-12 2016-12 2017-12 2018-12 2019-12 2011-12 2012-12 2013-12 2014-12 2015-12
Million Revenue 214 364 469 587 572
Export Cost of revenue 44 63 79 127 155
Gross profit 170 301 389 460 417
Operating expenses
Research and development 21 35 46 57 78
Sales, General and administrative 99 146 180 209 245
Restructuring, merger and acquisition 46
Other operating expenses -46
Total operating expenses 119 181 226 266 323
Operating income 51 120 164 194 94
Interest Expense 0 4 4 3 3 Earnings per share
Other income (expense) -56 0 0 -1 0 Diluted
Income before taxes -6 117 160 191 91 EBITDA
Provision for income taxes -1 42 10 22 32
Net income from continuing operations -4 75 151 169 59




https://finance.yahoo.com/quote/stmp/key-statistics?ltr=1
Valuation Measures Enterprise Value (Jun 22, 2016)3: 1.37B
Trailing P/E (ttm, intraday): 9.06
Forward P/E (fye Dec 31,17)1: 15.48
PEG Ratio (5 yr expected)1: 1.03
Enterprise Value/Revenue (ttm)3: 10.1
Enterprise Value/EBITDA (ttm)6: 45.42
Management Effectiveness Return on Equity (ttm): 9.26%
Income Statement Revenue (ttm): 571.85M
Revenue Per Share (ttm): 33.13
Qtrly Revenue Growth (yoy): -5.50%
Qtrly Earnings Growth (yoy): -52.30%
Balance Sheet Total Cash (mrq): 156.31M
Total Cash Per Share (mrq): 9.16
Total Debt (mrq): 69.97M
Total Debt/Equity (mrq): 10.51
Current Ratio (mrq): 1.49
Book Value Per Share (mrq): 39.09
Cash Flow Statement Operating Cash Flow (ttm): 137.15M
Levered Free Cash Flow (ttm): 135.21M
Stock Price History 52-Week Change3: 102.88%
S&P500 52-Week Change3: -0.38%
52-Week High (Nov 5, 2015)3: 185.2
52-Week Low (Feb 9, 2016)3: 32.54
50-Day Moving Average3: 136.24
200-Day Moving Average3: 104.69
Share Statistics % Held by Insiders1: 22.12%
% Held by Institutions1: 0.00%






http://financials.morningstar.com/ratios/r.html?t=stmp
Margins % of Sales 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 TTM
Revenue 100 100 100 100 100 100 100 100 100 100
COGS 27.69 25.8 24 21.51 22.34 20.53 17.29 16.9 21.62 27.14
Gross Margin 72.31 74.2 76 78.49 77.66 79.47 82.71 83.1 78.38 72.86
SG&A 59.59 47.99 46.26 43.22 46.72 46.06 40.06 38.35 35.61 42.85
R&D 11.01 9.25 8.86 8.57 9.04 9.68 9.65 9.86 9.64 13.65
Other — — — — — — — — — —
Operating Margin 1.71 16.96 20.89 26.69 21.9 23.73 33 34.88 33.12 16.36
Net Int Inc & Other 0.14 0.55 0.47 0.38 -5.48 -26.33 -0.89 -0.69 -0.59 -0.49
EBT Margin 1.86 17.51 21.35 27.07 16.42 -2.6 32.11 34.19 32.53 15.87


Profitability 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 TTM
Tax Rate % — — — — — — 35.69 6.02 11.67 34.73
Net Margin % 6.47 25.86 33.34 34.54 25.04 -1.96 20.65 32.13 28.73 10.36
Asset Turnover (Average) 1.17 1.23 0.97 0.8 0.67 0.55 0.64 0.73 0.77 0.65
Return on Assets % 7.54 31.76 32.29 27.77 16.69 -1.07 13.21 23.36 22.02 6.75
Financial Leverage (Average) 1.3 1.15 1.16 1.09 1.24 2.21 1.64 1.36 1.39 1.36
Return on Equity % 9.23 38 37.26 31.02 19.58 -1.89 24.6 34.6 30.35 9.26
Return on Invested Capital % 9.23 38 36.92 30.8 19.45 -1.05 16.8 28.28 27.53 8.62
Interest Coverage — — — — — -13.03 33.93 44.68 74.57 37.11

Growth 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr
Revenue %
Year over Year 4.16 18.75 13.86 10.51 15.22 45.28 70.27 28.66 25.22 -2.57
3-Year Average -0.1 6.16 12.09 14.32 13.18 22.76 41.78 47.09 39.99 16.22
5-Year Average 6.68 3.73 6.15 8.52 12.39 20.12 29.1 32.3 35.64 31.17
10-Year Average 18.83 17.99 21.63 19.68 14.47 13.2 15.72 18.5 21.33 21.42
Operating Income %
Year over Year -74.81 1075.97 40.22 41.23 -5.48 57.43 136.8 36 18.9 -51.87
3-Year Average -39.43 56.9 60.76 185.57 23.24 28.09 52.17 71.79 56.45 -8.02
5-Year Average -29.55 8.36 29.66 50.22 40.86 103.21 47.49 46.59 41.63 23.74
10-Year Average — — — — — 19.65 26.42 37.86 45.86 32.02
Net Income %
Year over Year -10.44 374.78 46.8 14.51 -16.47 — — 100.19 11.98 -64.88
3-Year Average -19.65 37.23 84.12 99.84 11.98 — 19.44 59.84 — -7.66
5-Year Average -11.91 9.79 29.31 34.15 42.96 — 23.42 31.32 30.74 9.94
10-Year Average — — — — — — 16.41 30.31 32.43 25.36
EPS %
Year over Year — 355.26 32.95 17.83 -16.97 — — 98.79 9.77 -62.96
3-Year Average -8.74 48.34 82.24 92.48 9.16 — 14.99 53.83 — -6.85
5-Year Average -2.89 20.18 35.69 38.59 42.72 — 18.95 28.92 27.1 8.16
10-Year Average — — — — — — 19.57 32.26 32.72 24.24



Cashflow Cash Flow Ratios 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 TTM
Operating Cash Flow Growth % YOY -52.02 218.48 78.52 31.02 44.66 -10.84 221.03 33.62 39.56 -50.32
Free Cash Flow Growth % YOY -66.33 324.51 -94.21 — 60.36 -10.32 220.13 36.15 43.02 -50.62
Health Balance Sheet Items (in %) 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr
Cash & Short-Term Investments 35.45 51.38 27.43 39.12 18.61 13.94 17.77 22.66 13.34 17.32
Accounts Receivable 8.47 9.69 11.03 9.35 4.84 10.41 10.29 15.19 10.8 8.33
Inventory — — — — — — — — — —
Other Current Assets 6.99 5.53 4.28 3.5 3.22 1.58 2.14 2.13 2.79 4.78
Total Current Assets 50.91 66.61 42.75 51.97 26.68 25.93 30.2 39.98 26.93 30.44
Net PP&E 2.95 2.01 21.88 15.91 11.94 6 6.04 5.52 4.26 5.62
Intangibles 1.54 0.78 0.96 0.56 33.94 55.57 55.19 47.22 63.98 58.68
Other Long-Term Assets 44.6 30.61 34.41 31.57 27.44 12.5 8.57 7.28 4.84 5.27
Total Assets 100 100 100 100 100 100 100 100 100 100
Accounts Payable — — — — — — — — — 5.29
Short-Term Debt — — — — — 0.81 1.04 1.24 1.23 5.56
Taxes Payable — — — — — — — 1.13 0.64 —
Accrued Liabilities 15.69 8.17 12.51 7.44 8.84 11.5 14.13 14.05 15.03 3.77
Other Short-Term Liabilities 7.3 4.77 1.17 0.76 4.47 12.71 0.63 0.57 0.84 5.83
Total Current Liabilities 22.99 12.94 13.68 8.2 13.31 25.03 15.8 16.98 17.73 20.46
Long-Term Debt — — — — — 29.77 23.11 8.93 5.89 —
Other Long-Term Liabilities — — — — 6.2 — — 0.78 4.42 5.78
Total Liabilities 22.99 12.94 13.68 8.2 19.51 54.79 38.91 26.7 28.04 26.25
Total Stockholders' Equity 77.01 87.06 86.32 91.8 80.49 45.21 61.09 73.3 71.96 73.75
Total Liabilities & Equity 100 100 100 100 100 100 100 100 100 100
Liquidity/Financial Health 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr
Current Ratio 2.21 5.15 3.13 6.33 2 1.04 1.91 2.35 1.52 1.49
Quick Ratio 1.91 4.72 2.81 5.91 1.76 0.97 1.78 2.23 1.36 1.25
Financial Leverage 1.3 1.15 1.16 1.09 1.24 2.21 1.64 1.36 1.39 1.36
Debt/Equity — — — — — 0.66 0.38 0.12 0.08 0.02

5 - Ownership
http://investors.morningstar.com/ownership/shareholders-overview.html?t=stmp
Owner Activity Individual Funds
Total Owners 482 482
New Owners 66 59
Sold Out 123 144
# of Owners Buying 96 148
# of Owners Selling 143 141
Total Shares Owned (Mil) 23 8
Total Shares Bought (Mil) 3 0
Total Shares Sold (Mil) 9 1
Fund Owners' Style Style # of Funds Shares Buy Sell Net % Chg
Large Value 12 21,249 1,276 435 4.12
Large Blend 131 908,735 51,219 33,336 2.01
Large Growth 26 69,655 704 26,929 -27.35
Mid Value 14 86,111 59348 59,786 -0.51
Mid Blend 19 86,966 9,406 17,535 -8.55
Mid Growth 14 180,142 1,853 20,611 -9.43
Small Value 33 667371 7257 95799 -11.71
Small Blend 153 2909159 82094 395447 -9.72
Small Growth 80 1305233 16582 649855 -32.67
Total 482 6,234,621 229,739 1,299,733 -14.65


6 - Key officers
http://insiders.morningstar.com/trading/key-executives.action?t=XNAS:stmp 1 - CEO Kenneth T. McBride has served as our chief executive officer and a Board member since August 2001. Beginning in 1999, Mr. McBride has held various positions at our company: as President from 2001 until January 2012; as chief financial officer from August 2000 to January 2004; and as senior director and vice president of finance from 1999 to 2000. Mr. McBride has also been chairman of our Board since January 2012. From May 2015 through November 2018, Mr. McBride served on the board of directors of CafePress Inc., a recognized pioneer in the customized retail products industry. From August 2012 through January 2014, Mr. McBride served on the board of directors of LegalZoom.com, Inc., the leading provider of Internet-based legal services for small businesses and consumers, where he also served as the chairman of the audit committee, and as a member of the compensation committee. Mr. McBride holds a bachelor's degree, with honors, and a master's degree, in Electrical Engineering from Stanford University. Mr. McBride also holds an MBA from the Graduate School of Business at Stanford University.
Stamps.com Inc 2001 BOARD Date* Shares Transaction Value
11/28/2018 43,888 350 Gift 0
11/15/2018 43,861 544 Other Acquisition 21243
11/14/2018 43,677 1 Other Acquisition 40
10/29/2018 43,619 150000 Acquisition 0
10/29/2018 43,496 96 Other Acquisition 15184

2 – CFO Jeff Carberry has served as our chief financial officer since July 31, 2017. Previously, Mr. Carberry was our vice president, finance from April 2014 to July 2017, our senior director of finance from April 2011 to April 2014 and our director of finance from July 2008 to April 2011. Prior to joining Stamps.com, Mr. Carberry was an investment banking associate in the Leveraged Finance division of CIBC World Markets from 2007 to 2008 and was an investment banking associate at RBC Capital Markets from 2005 to 2007, and held the positions of manager, senior and staff in the audit practice of Ernst & Young LLP from 1997 to 2003. Mr. Carberry holds an M.B.A. from the University of Chicago Booth School of Business and is a Certified Public Accountant.
Board Membership
11/15/2018 Date* Shares Transaction Value
11/15/2018
11/15/2018 31/01/2020 544 Other Acquisition 21243
11/15/2018 31/07/2019 1 Other Acquisition 40
11/15/2018 03/06/2019 85,000 Acquisition 0
31/01/2019 96 Other Acquisition 15184
3 – CMO Sebastian Buerba has served as our chief marketing officer since January 2012. Previously, Mr. Buerba served as our vice president, marketing from April 2009 to January 2012, as director, marketing from April 2006 to April 2009, and as product strategy manager from July 2004 to April 2006. Prior to joining Stamps.com, Mr. Buerba worked as marketing product manager for Telecom Argentina Stet-France Telecom S.A. from 1998 to 2002.
Board Membership
11/15/2018 Date* Shares Transaction Value
11/15/2018
11/15/2018 31/01/2020 544 Other Acquisition 21,243
11/15/2018 03/06/2019 90,000 Acquisition 0
08/15/2018 31/01/2019 96 Other Acquisition 15,184

Forbes - CEO Rank 6-Year Annual Total Return Total return
6-Year Return Relative To Industry to industry
6-Year Return Relative To Market to market
Annual Compensation* Salary $791,740 vs
Bonus $1,900,000
Stock Options* Other
Stock Gains
Total Compensation* Total Compensation $2,697,342

Stock Owned (% Of Co)
Stock Owned
Total Return During Tenure
Relative to Market
CFO Age Total Calculated Compensation COMPETITOR COMPENSATION

Annual Compensation* Salary $334,996
Bonus $525,000
Stock Options* Restricted Stock Awards
All Other Compensation
Total Compensation* Total Annual Cash Compensation
Total Short Term Compensation
Other Long Term Compensation
Total Calculated Compensation $866,160

http://insiders.morningstar.com/trading/executive-compensation.action?t=stmp Age Total Calculated Compensation
COMPETITOR COMPENSATION
Salary
Total Annual Compensation
Restricted Stock Awards
Total Calculated Compensation
Total Compensation 1-Year % Change
$17,110,267 -16.24 %
stmple - stmp 10k filling Compensation vs. Performance (1-Year % Change)
Committees CEO Compensation Stock Return Revenue Return on Equity Net Income
113.15% -46.34% -2.57% -69.49% -64.88%
http://insiders.morningstar.com/trading/executive-compensation.action?t=stmp Name/Title 2015 2016 2017 2018 2019
Key Executive Compensation 22,403,618 4,576,858 19,361,857 10,465,732 17,110,267
Kenneth Mcbride/Chairman of the Board and Chief Executive Officer 10,105,147 2,280,096 8,126,770 2,697,342 5,749,476
James Nathan Jones/Chief Executive Officer of our ShipStation subsidiary - - - 4,651,537 2,509,081
Jeff Carberry/Chief Financial Officer 2318451 507937 3815404 866160 2,604,425
John Clem/Chief Product Officer 4,631,583 894,785 3,709,957 1,152,722 3,355,567
Sebastian Buerba/Chief Marketing Officer 5,348,437 894,040 3,709,726 1,097,971 2,891,718

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