Stamps.com: Q2 results
Stamps.com, a provider of e-commerce shipping solutions, has announced results for the quarter ended June 30, 2021.
Second Quarter 2021 Highlights
- Total revenue was $191.1 million, down 8% compared to $206.7 million in the second quarter of 2020.
- GAAP net loss was $25.8 million, down 150% compared to GAAP net income of $51.7 million in the second quarter of 2020.
- GAAP net loss per share was $1.41, down 151% compared to GAAP net income per fully diluted share of $2.73 in the second quarter of 2020.
- Non-GAAP adjusted EBITDA was $54.8 million, down 32% compared to $81.0 million in the second quarter of 2020.
- Non-GAAP adjusted income per fully diluted share was $1.95, down 37% compared to $3.11 in the second quarter of 2020.
Second Quarter 2021 Detailed Results
Second quarter 2021 total revenue was $191.1 million, down 8% compared to the second quarter of 2020. Second quarter 2021 Mailing and Shipping revenue (which includes service, product and insurance revenue but excludes Customized Postage) was $191.1 million, down 3% compared to the second quarter of 2020. Second quarter 2021 Customized Postage revenue was $0, down 100% compared to the second quarter of 2020, as the USPS terminated its customized postage program effective June 16, 2020.
Second quarter 2021 GAAP loss from operations was $34.0 million, GAAP net loss was $25.8 million, and GAAP net loss per share (basic and diluted, because of the GAAP net loss position) was $1.41 based on 18.3 million shares outstanding. This compares to second quarter 2020 GAAP income from operations of $61.2 million, GAAP net income of $51.7 million, and GAAP net income per share of $2.73 based on 18.9 million fully diluted shares (because of the GAAP net income position) outstanding. Second quarter 2021 GAAP income from operations, GAAP net income, and GAAP income per share decreased by 156%, 150%, and 151% year-over-year, respectively.
Second quarter 2021 GAAP loss from operations included $11.5 million of non-cash stock-based compensation expense, $5.5 million of non-cash amortization of acquired intangibles, $0.8 million of non-recurring corporate development expenses, and an aggregate of $70.1 million of net expense from legal settlements and related expenses related to the securities class action and stockholder derivative cases filed against us in 2019. Second quarter 2021 GAAP net loss included $95 thousand of non-cash amortization of debt issuance costs. Second quarter 2021 GAAP income tax benefit was $8.2 million and non-GAAP income tax expense was $16.2 million, resulting in a $24.4 million non-GAAP tax expense adjustment. The higher non-GAAP tax expense reflects the tax impact on the non-GAAP pre-tax income at a non-GAAP effective tax rate of 30.0% for the second quarter. 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, non-recurring corporate development expense, and litigation settlement and related expenses, second quarter 2021 non-GAAP income from operations was $53.9 million. Also excluding non-cash amortization of debt issuance costs and including the non-GAAP tax expense adjustment, second quarter 2021 non-GAAP adjusted income was $37.8 million or $1.95 per share based on 19.5 million fully diluted shares outstanding.
