Stamps.com Company Presentation November 2017

Transcription

1 Stamps.com Company Presentation November

2 Safe Harbor This presentation includes forward-looking statements about anticipated results which involve risks and uncertainties. Important factors, including the Company's ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or investments, complete and ship its products, maintain desirable economics for its products and obtain or maintain regulatory approval, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings with the Securities and Exchange Commission made from time to time by STAMPS.COM, including its Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. STAMPS.COM undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 2 2

3 Agenda Service Overview Industry and Marketing Overview Financial and Metrics Overview Additional slides 3 3

4 Stamps.com s Brands & Solutions Confiden tial Stamps.com offers online mailing and shipping solutions under the following brands: Stamps.com branded solutions are USPS mailing and shipping solutions targeted at a broad range of customers including SOHO and enterprise mailers, ecommerce shippers, and high volume shippers Endicia branded solutions are USPS mailing and shipping solutions targeted primarily at ecommerce shippers and very high volume shippers (warehouses, fulfillment houses, large retailers, etc.) ShipStation offers web-based multi-carrier shipping solutions targeted at ecommerce and high volume shipping customers ShipWorks offers client-based multi-carrier shipping solutions targeted at ecommerce and high volume shippers ShippingEasy offers web-based multi-carrier shipping solutions targeted at online retailers and ecommerce customers 4 4

5 Stamps.com Branded Service Overview Internet service that lets customers print USPS-approved postage Confiden tial Requires only your existing PC, printer and Internet connection (no special hardware) Web or client based solution Monthly subscription service fee (+ the cost of postage) Multiple form factors, classes, and types of mail supported Prints on shipping labels, envelopes, stamps ( Netstamps ), and others Choose from First class, Priority, Express, domestic and international, media mail, etc. 9 mailpiece types (packages, flats, envelopes, postcards, certified mail, flat rate boxes, etc.) Sophisticated features for higher volume shippers Batch printing automatically prints 100s of shipping labels in a single step E-Commerce integrations with over 75 marketplaces, shopping carts, tools, etc. Automatically take care of daily repetitive tasks (automatic s, post back shipping details to marketplaces, pre-fill customs forms, etc.) 5 5

6 Endicia Service Overview Endicia was acquired by Stamps.com on November 18, 2015 USPS-approved PC Postage company since 2000, located in Mountain View, CA A significant strategic investment in our high-volume and e-commerce shipping business Leading provider of high volume USPS shipping solutions Brands include Endicia, DymoStamps and PictureItPostage Solutions to help businesses run USPS shipping solutions more effectively Sophisticated features for large retailers, warehouses & fulfillment houses High volume feature set (e.g., batch printing, scan-based return labels, database integration, shipment notifications, XML integration, thermal printers, etc.) Integrations with over 250 high volume shipping software products, marketplaces, shopping carts, ecommerce tools, etc. Supports automation & customization (label customization, automatic international customs forms, automatic USPS package pickup, etc.) 6 6

7 ShipStation Service Overview Leading web-based e-commerce shipping solution (acquired June 10, 2014) Allows online retailers and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily Supports over 30 different national carriers, regional carriers, international carriers, and fulfillment services including USPS, UPS, FedEx, DHL and others Includes over 120 partner integrations with integration tools, shopping carts and marketplaces (ebay, PayPal, Amazon, Etsy, Square, Shopify, BigCommerce, etc.) Facilitates order management (inventory management, consolidated order views, search engine & filters, combined & split orders, order hold, manual order addition, etc.) Core printing & shipping (automatic tracking data sent to marketplace, generate manifesting forms, add insurance, pre-filled customs forms, rate comparisons, etc.) Provides automation of large volumes of daily orders (batch processing, packing slips, custom hierarchical rules, shipping presets, automatic s, etc.) Facilitates customization (branded shipping labels, customized s, custom packing slips, custom label messages, etc.) 7 7

8 ShipWorks Service Overview Leading client-based shipping software company (acquired August 29, 2014) Allows large retailers, fulfillment houses, and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily Sophisticated automation features such as a custom rules engine, automated order importing, automatic product profile detection, and fulfillment automation Supports over 15 different national carriers, regional carriers, international carriers, and fulfillment services including USPS, UPS, FedEx, DHL and others Over 100 partner integrations with integration tools, shopping carts and marketplaces (ebay, PayPal, Amazon, Etsy, Square, Shopify, BigCommerce, etc.) Automation of large volumes of daily orders (schedule shipping and order management tasks, automatically print pick lists/shipping labels/packing slips, trigger automatic tasks based on events, auto learning common tasks, etc.) Customization (customizable templates for invoices, s, reports and more) Rich support of complex shipping solutions (international customs forms, complex international documentation, return shipping labels, etc.) 8 8

9 ShippingEasy Service Overview Leading web-based e-commerce shipping solution (acquired July 1, 2016) Allows online retailers and e-commerce merchants to organize, process, fulfill and ship their orders quickly and easily Supports 7 different national carriers, regional carriers, international carriers, and fulfillment services including USPS, UPS, FedEx and DHL Includes over 45 partner integrations with integration tools, shopping carts and marketplaces (ebay, PayPal, Amazon, Etsy, Volusion, Shopify, WooCommerce, etc.) Robust and easy to use feature set combined with a knowledgeable customer support team Facilitates order management automation (batch processing, combined & split orders, order type filters, management of order notes, gift order management, return management, etc.) Product management (product catalog support, assignment of product categories, etc.) Core printing & shipping (rate comparison, customizable packing slips with bar codes, tracking status and confirmation s, multi-location support, automated customs forms, consolidator support, multi-printer routing, bar code scanning, etc.) 9 9

10 Stamps.com Portfolio of Solutions Confiden tial Year Launched / Acquired / / / /2016 Parcel Carriers 1 USPS USPS Over 30 parcel carriers Over 15 parcel carriers Over 5 parcel carriers Software Solution Software and Web Software and Web Web Only Software Only Web Only Third Party Software Integrations Over 75 Over 250 Over 120 Over 100 Over 45 Piece Types Mail, Packages Mail, Packages Packages Only Packages Only Packages SOHO Mailers Customer Targets Enterprise E-Commerce Shippers High Volume Shippers E-Commerce Shippers High Volume Shippers 1 Includes fulfillment solutions such as Fulfillment by Amazon, etc. E-Commerce Shippers High Volume Shippers E-Commerce Shippers 10 10

11 Target Customer Segments Individual Mailers Single users who are primarily mailers but also send some packages Small Business and Home Office Mailers ( SOHO ) Single home office or small businesses with one or a few employees who are primarily mailers but also send some packages Enterprise Mailers Larger organizations with distributed office users who are primarily mailers but also send some packages ecommerce Shippers Individuals and businesses that sell online and send packages in medium to high volumes High Volume Shippers Large production shipping environments For example, warehouses, fulfillment houses and large retailers 11 11

12 Individual/SOHO/Enterprise Mailer Segment Overview 12 12

13 ecommerce Segment Overview 13 13

14 High Volume Shipping Segment Overview 14 14

15 Customer Benefits (Shippers) Save time by streamlining and simplifying shipping operations Easily access as many as 35 domestic & international carriers from a single user interface Support all of a customer s selling channels from a single user interface (multiple marketplaces, shopping carts, ecommerce tools, and multi-carrier solutions available) Organize daily shipping tasks into a single unified list (search, filter, combine orders, etc.) Support operations & label printing (e.g. address verification, rate comparison, breadth of high volume scales & printers supported, convenient insurance, packing slips, etc.) Automate and simplify processing of large volumes of daily orders (batch processing, custom hierarchical rules, shipping presets, automated customer s, etc.) Save money by optimizing between carriers and access to package discounts Select the lowest cost option between carriers based on package size, weight & delivery times Customers receive an average discount of 10% or more compared to USPS.com or retail Access to cost effective mail classes & options (1C packages, media mail, parcel select, etc.) Shippers can receive additional discounts on domestic and international packages directly or through Stamps.com s partners 15 15

16 Customer Benefits (SOHO & Enterprise Mailers) Save time by eliminating trips to the post office All services of the post office available 24x7x365 from any PC Save money versus a traditional postage meter Save 50% or more versus the total cost of an entry-level postage meter Also gain greater visibility into postage activity and better support for package shipping Save money with more accurate postage, discounts, and better controls Avoid costly returned mail with address verification Avoid wasted postage by calculating exact postage amount 3 cent discount off single piece first class letter mail ($0.46 vs $0.49) Eliminate unauthorized usage with better tracking and control Centralized visibility and control of postage spend across multiple distributed locations 16 16

17 Agenda Service Overview Industry and Marketing Overview Financial and Metrics Overview Additional slides 17 17

18 We Represent Only 2% of Top 4 Carriers Revenue 1 Source: Publicly available data for all mailing & shipping revenue in top 4 carriers 1 Combined LTM postage printed by Stamps.com, Endicia, ShipStation, ShipWorks and ShippingEasy 18 18

19 Over 20 million Potential Customers 14,000,000 5,700,000 1,000, ,000 Home Businesses Small Businesses Enterprise Mailers Stamps.com Source: International Data Corporation, Small Business Administration, Statistics of U.S. Business, Colography, USPS, and Company Estimates 19 19

20 Competitive Landscape In the SOHO and Enterprise mailing & shipping segment we compete against: Retail post offices Traditional postage meters, pbsmartpostage Low volume shipping solutions (Click-N-Ship, UPS.com, Fedex.com) In the ecommerce and high volume shipping segment we compete against: Single-carrier solutions (e.g. UPS WorldShip, FedEx Ship Manager, etc.) Other PC Postage Solutions (e.g. Pitney Bowes SendPro) Other multi-carrier solutions USPS also provides alternative access formats for postage payment These are basic building blocks that must be productized by a 3 rd party evs for high volume bulk packages (50 packages/day minimum) epostage for marketplaces (e.g. Amazon & Etsy) The primary customer value is created through a complete solution (rich features, deep integrations, etc.) built around the USPS payment solution 20 20

21 Stamps.com vs. Competitor Shipping Solutions All Stamps.com Solutions Other PC Postage Solutions USPS evs, epostage Batch label printing Yes No No Major high volume features 1 Over Parcel carriers supported 2 Over USPS mail classes supported USPS mailpiece types supported Number of unique integrations with marketplaces, shopping carts, ecommerce tools, shipping software 5 Over Upfront cost 6 $0 $0 Significant 1 For example, SCAN forms, pre-filled customs forms, mobile app, shipping automation (picking class, carrier, adding insurance, etc.), automatically download and upload of order information from/to online marketplaces, search engines and filters to organize information, etc.. SendPro has only basic single label printing. epostage includes no native features (user must build them all). 2 Carriers include but are not limited to USPS, UPS, FedEx, DHL, Newgistics, OnTrac, Asendia, Globegistics, APC Postal, Access Worldwide, Canada Post, DCL Corp, FedEx Canada, FedEx Europe, FedEx United Kingdom, First Mile, InXpress, Lone Star Overnight, Preferred Shipping, Unishippers, IBC, UPS Canada, DHL Express, DHL Global Mail, IMEX, LSO, RR Donnelley, Australia Post, UPS Australia, UPS United Kingdom, Purolator, FIMS, Sendle and Webgistix. PB SendPro supports USPS, UPS and FedEx. epostage is a USPS-only solution. 3 Stamps.com, PB and epostage support First Class, Priority Mail, Priority Mail Express, First Class International, Priority Mail International, Express International, Parcel Select, and Media Mail. PB and Stamps.com also support Library Mail. Stamps.com also supports PMOD, PMEOD, scan-based returns, matter for the blind, MBAG, GXG, epacket, ISAL, IPA. 4 Stamps.com supports letters, standard flats, packages, flat rate boxes, flat rate envelopes, postcards, certified mail forms, NetStamps, and customs forms. PB SendPro and epostage/evs support only letters, standard flats, packages, flat rate envelopes, flat rate packages, and customs forms. 5 Sample integrations include Amazon, ebay, Yahoo!, PayPal, Google, Etsy, NetSuite, BigCommerce, Shopify, Magento, Volusion, Squarespace, Zen Cart, X-Cart, ChannelAdvisor and others. 6 Stamps.com and PB Sendpro both have user interfaces. epostage requires significant upfront costs to build a user interface and supporting servers to provide the basic functionality listed in the chart here, including address cleansing, label generation, account management, payment processing, label manifesting, tracking generation, customs form generation, carrier pickup, and others

22 Stamps.com vs. Postage Meter We compete against traditional meters in small business and enterprise segments We target distributed offices; we do not compete in centralized mail rooms Stamps.com is typically significantly less expensive than an lower level postage meter Category Entry Level Meter Stamps.com Max. Print Speed 18 letters/minute At speed of printer Monthly Fee (rental plus 5 lbs. scale) $24.99/month 1 (1-Year Auto Renew Lease) $15.99 / month (No Lease) Proprietary Ink & Labels Estimated Monthly Total Cost of Ownership $15 to $22 2 None ~$40 to $57 $16 1 Entry level small business meter with an integrated scale 2 Assumes monthly prints of 60 letters and 20 packages; proprietary ink fees of $.07 - $.16 per print; proprietary label fees of $.46 per label (source: competitor pricing and STMP estimates) 22 22

23 Sales and Marketing National salesforce Direct mail Radio Television Search engine marketing Search engine optimization Online media Affiliate programs Lead generation programs Shipping integrations (Online marketplaces, Shopping carts, Shipping mgmt.) Strategic partnerships Telemarketing Tradeshows 23 23

24 Collectively Over 450 Unique Partnerships and Integrations 24 24

25 2017 Mailing & Shipping Plan Leverage our portfolio of mailing and shipping solutions to drive growth Meet a variety of customer needs in technology, product features, partner integrations and supported carriers across our branded solutions to acquire new customers and retain existing customers Invest heavily in sales and marketing and product developments with a focus on shipping customers Leverage our expanded sales force, enhance our technology and software, introduce new shipping related features and functionality and add new integrations Invest in our marketing channels including direct mail, traditional media, radio, partnerships, shipping integrations, television and other channels Capitalize on synergy opportunities with our acquired companies Leverage collective company resources and expertise in sales and marketing, product development and technology innovation to improve and expand our solutions Enhance our distributed enterprise solution the associated sales marketing efforts Increase, optimize and refine our lead generation and sales and marketing efforts 25 25

26 Agenda Product Overview Industry and Marketing Overview Financial and Metrics Overview Additional slides 26 26

27 Financial Overview The Mailing & Shipping business has a recurring revenue based model Service revenue is earned from different subscription and transaction based models Supplies store and package insurance revenue are recurring with usage Stamps.com has an attractive financial model Adjusted EBITDA of $222M and Adjusted EBITDA margin of 50% (LTM as of Q3-17) Low capital expenditure requirements ($4.1M 1 for LTM as of Q3-17) Results in strong cash flow generation Stamps.com has a history of returning excess cash to shareholders Stamps.com has returned ~$490M to shareholders since 2002 $107M via special dividends and $384M via share repurchases Stamps.com has a strong balance sheet (as of ) $184M in cash and investments $133M in debt and low leverage (net debt / adjusted EBITDA < 1.0X) $42M deferred tax asset (no valuation allowance) The Mailing & Shipping business generates very attractive expected returns Customer lifetime values significantly higher than the cost to acquire the customer 1 Business Capital Expenditures which excludes investments in the company s corporate headquarters 27 27

28 Total Revenue Total revenue has demonstrated strong growth with Q3-17 revenue up 24% YoY $140 $120 Quarterly Total Revenue ($ Millions) $116.1 $115.1 $400 $350 Annual Total Revenue ($ Millions) $364.3 $100 $80 $60 $40 $51.7 $69.9 $81.8 $84.0 $92.6 $105.9 $105.0 $300 $250 $200 $150 $100 $50 $85.5 $101.6 $115.7 $127.8 $147.3 $214.0 $20 $ YoY Growth 37% 67% 86% 74% 79% 52% 28% 38% 24% YoY Growth 4% 19% 14% 11% 15% 45% 70% 28 28

29 Mailing & Shipping Revenue Q3-17 Mailing & Shipping revenue was $106.5M, up 21% YoY $120 $110 $100 $90 $80 $70 Quarterly Mailing & Shipping Revenue 1 ($ Millions) $111.8 $106.5 $102.3 $102.6 $87.6 $79.2 $81.5 $67.2 $400 $350 $300 $250 $200 Annual Mailing & Shipping Revenue 1 ($ Millions) $350.6 $206.7 $60 $50 $40 $30 $49.2 $150 $100 $50 $78.4 $93.3 $110.0 $123.1 $141.8 $20 $ YoY Growth 36% 67% 84% 72% 78% 52% 30% 37% 21% YoY Growth 6% 19% 18% 12% 15% 46% 70% 1 Mailing & Shipping revenue includes service, store supplies and package insurance revenue from all our mailing and shipping solutions and excludes our customized postage revenue 29 29

30 Paid Customers Q3-17 Paid Customers was 736K, up 13% YoY Quarterly Paid Customers 1 (Mailing & Shipping Business) (Thousands) Annual Paid Customers 1 (Mailing & Shipping Business) (Thousands) YoY Growth 11% 21% 17% 14% 14% 8% 11% 14% 13% YoY Growth 1% 8% 13% 10% 6% 14% 13% 1 Mailing and Shipping paid customers for the quarter is defined as the number of unique Mailing and Shipping customers that the Company earned revenue from during that quarter. Paid customers for the year is calculated as the average of the paid customers for the four quarters during that year. Paid customers include ShipStation customers as of Q3-14, ShipWorks customers as of Q4-14, Endicia customers as of Q4-15, and ShippingEasy customers as of Q

31 Customer Churn Rates Q3-17 Monthly Paid Customer Churn was 3.0%, flat versus Q % 3.5% 3.0% 2.5% Quarterly Paid Customer Churn Rate 1,2 (Mailing & Shipping Business) 3.6% 3.4% 3.4% 2.7% 3.2% 3.0% 2.9% 2.4% 2.8% 3.0% 4.0% 3.8% 3.6% 3.4% 3.2% 3.0% 2.8% 2.6% 2.4% 2.2% Annual Average Paid Customer Churn Rate 1,2 (Mailing & Shipping Business) 3.9% 3.5% 3.5% 3.5% 3.4% 3.3% 3.0% 2.0% 2.0% YoY Change 0.0% 0.2% (0.3%) (0.4%) (0.4%) (0.5%) (0.3%) (0.4%) 0.0% YoY Change N/A (0.4%) 0.0% 0.0% (0.1%) (0.1%) (0.3%) 1 Calculated as [ (Lost Paid Customers) / (Prior Quarter Paid Customers + Current Quarter New Paid Customers) ] / 3 months 2 Includes all mailing and shipping paid customers using any of Stamps.com s solutions. Paid customers include ShipStation customers as of Q3-14, ShipWorks customers as of Q4-14, Endicia customers as of Q4-15, and ShippingEasy customers as of Q

32 Avg Monthly Revenue Per Paid Customer (ARPU) Q3-17 Monthly ARPU was $48.23, up 7% YoY $55 $45 $35 $25 Quarterly Average Monthly Revenue per Paid Customer (ARPU) 1 (Mailing & Shipping Business) $27.88 $28.81 $35.35 $45.05 $40.65 $42.06 $50.03 $50.51 $47.36 $48.23 $50 $45 $40 $35 $30 $25 $20 $15 $10 Annual Average Monthly Revenue per Paid Customer (ARPU) 1 (Mailing & Shipping Business) $23.08 $19.92 $20.86 $21.21 $18.01 $29.64 $44.52 $5 $15 $ YoY Growth 22% 38% 58% 51% 56% 42% 17% 20% 7% YoY Growth 5% 11% 5% 2% 9% 28% 50% 1 Calculated as [ Mailing and Shipping revenue for the quarter] / [Mailing and Shipping paid customers for the quarter] / 3 months. Monthly ARPU for the year is calculated as [Mailing and Shipping revenue for the year] / [Mailing and Shipping paid customers for the year] / 12 months

33 Total Postage Printed Q3-17 Posted Printed was $1.4B, up 8% YoY $1,800 $1,600 $1,400 Quarterly Postage Printed 1 ($ Millions) $1,339 $1,304 $1,299 $1,576 $1,471 $1,489 $1,406 $6,000 $5,000 Annual Postage Printed 1 ($ Millions) $5,518 $1,200 $1,000 $800 $1,027 $4,000 $3,000 $2,677 $600 $400 $200 $548 $547 $2,000 $1,000 $447 $672 $1,148 $1,565 $1,770 $0 $ YoY Growth 39% 67% 142% 138% 137% 53% 10% 14% 8% YoY Growth 26% 50% 71% 36% 13% 51% 106% 1 Mailing and shipping postage printed includes postage printed by the Company s mailing and shipping customers using its solutions. Includes ShipStation as of Q3-14, ShipWorks as of Q4-14, Endicia as of the acquisition closing date, and ShippingEasy as of Q3-16. Beginning Q4-16, we updated our methodology for measuring the amount of mailing and shipping postage printed. Q1-16 through Q3-16 metrics have also been revised upwards using the updated methodology

34 Adjusted EBITDA Q3-17 Adjusted EBITDA was $56.6M, up 24% YoY; Q3-17 Adjusted EBITDA margin was 49%, flat vs. Q3-16 $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 $17.7 $21.4 Quarterly Adjusted EBITDA 1 Annual Adjusted EBITDA 1 ($ Millions) ($ Millions) $30.2 $34.8 $38.2 $45.6 $55.9 $51.2 $58.1 $56.6 $200.0 $180.0 $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0 $13.8 $21.5 $29.8 $40.8 $44.2 $82.6 $ YoY Growth Adj EBITDA Margin 71% 136% 161% 116% 113% 85% 47% 52% 24% YoY 32% 55% 38% 37% 8% 87% 111% Growth Adj EBITDA 41% 43% 42% 46% 49% 53% 49% 50% 49% 16% 21% 26% 32% 30% 39% 48% Margin 1 Adjusted EBITDA is calculated as Non-GAAP Operating Income plus operating depreciation and amortization contained in cost of sales and operating expenses (see Company s 8-K filings for reconciliation of non-gaap to GAAP)

35 Non-GAAP EPS Q3-17 Non-GAAP EPS was $2.68, up 73%² YoY $3.00 Quarterly Non-GAAP EPS 1 ($ Millions) Annual Non-GAAP EPS $2.68 $6.00 $5.88 $2.50 $2.00 $1.93 $1.83 $2.08 $4.00 $4.43 $1.50 $1.00 $0.50 $0.97 $1.14 $1.57 $1.13 $1.29 $1.55 $2.00 $0.93 $1.40 $1.70 $2.39 $2.47 $0.00 $ YoY Growth 62% 119% n.a. ² n.a. ² n.a. ² n.a. ² 62%² 62%² 73%² YoY Growth 51% 50% 22% 41% 4% 79% n.a. ² 1 Excludes certain non-cash items (such as stock-based compensation expense, non-cash tax expense or benefit, amortization of acquired intangibles and contingent consideration charges) and certain non-recurring expenses, (such as litigation settlements and acquisition and corporate development expenses); see the Company s 8-K filings for reconciliations of Non-GAAP to GAAP. 2 Growth rate reflects adoption of ASU in Q1-17. In order to provide comparable YoY results, Non-GAAP EPS for the 2016 periods was adjusted for Non-GAAP income taxes at the 2016 effective tax rate of 35.7%. Excluding this adjustment, Non-GAAP EPS was $1.72, $1.94, $2.33, $2.73 and $8.70 for Q1-16, Q2-16, Q3-16, Q4-16 and 2016, respectively, which represented growth rates of 139%, 100%, 104%, 74% and 96%, respectively

36 Key Investment Takeaways Large addressable opportunity Significant customer benefits Attractive expected return on Mailing & Shipping sales and marketing spend Mailing & Shipping recurring revenue growth with high margins Attractive strategic opportunities within the shipping business Strong cash flow and balance sheet Demonstrated history of returning capital to shareholders 36 36

37 Agenda Product Overview Industry and Marketing Overview Financial and Metrics Overview Additional slides 37 37

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