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STAMPS.COM INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Aug 6, 2021. Its latest SEC filing is a 15-12G from Oct 18, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides online mailing and shipping software that lets small businesses, e-commerce sellers and large enterprises print postage and shipping labels through multiple carriers.

How Did They Make Money?

Customers pay a monthly fee for platform access, sometimes in advance; Stamps.com also earns transaction-linked revenue and compensation from carriers or partners when customers buy postage, print labels or make other transactions.

revenue
SegmentShareRevenue
Service
93%
FY2017: 88%
Product
Sold outright
3.2%
FY2017: 4.4%
Insurance
2.2%
FY2017: 3.7%
Customized postage
Sold outright
1.6%
FY2017: 4.1%
Other
0.0%
FY2017: <0.1%

Who Were Their Customers?

Small and home offices, e-commerce merchants, and large enterprises or high-volume shippers use the company’s branded tools; it reaches customers through its websites and partner integrations, while direct sales target large enterprises and high-volume shippers.

Did Revenues Turn Into Profits?

Yes. It kept 24 cents of every revenue dollar as net income in FY2020 and turned 32 cents into free cash flow.

Operating income, FY2020
26% of revenue
▲ +112% vs FY2019 ($93.6M, 16%)
Net income, FY2020
24% of revenue
▲ +202% vs FY2019 ($59.2M, 10%)
Free cash flow, FY2020
32% of revenue
▲ +81% vs FY2019 ($134.9M, 24%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q2 FY2021, the three months to Jun 30, 2021
Revenue
▼ −8%
vs $206.7M in Q2 FY2020
Net income
▼ Now a loss
vs $51.7M in Q2 FY2020
Service share of revenue vs 90.5% in Q2 FY2020
  • Oct 5, 2021 Thoma Bravo completed its acquisition of Stamps.com Stamps.com became an indirect wholly owned subsidiary, and its shares were delisted from Nasdaq.
  • Jul 9, 2021 Stamps.com agreed to be acquired by Thoma Bravo The agreement provided for cash payments to shareholders and delisting if completed.

Grew. Revenue grew 2.1x in 4 years, from $364.3M in FY2016 to $758M in FY2020, about 20% a year.

European enterprise shipping The older overview centered on U.S. mailing and shipping brands; the latest describes Metapack as a segment serving large e-commerce retailers and brands in Europe with multi-carrier shipping software.

Customized postage ended The older report described customized postage as an active offering; the latest says USPS ended its program and revoked the company’s authorization to offer it.

Revenue over time
Service Product Insurance Customized postage Other
$1B$500M$0

Who Did They Compete With?

Competes with USPS, Royal Mail, UPS, FedEx, Pitney Bowes, Shippo, EasyPost, ProShip, Amazon, eBay, Shopify, Manhattan, BluJay, Centiro, Sorted, FP Mailing Solutions, Hasler, and Neopost

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