Stamps.com (STMP) Tops Q1 EPS by 39c, Revenues Beat

Stamps.com (NASDAQ: STMP) reported Q1 EPS of $2.08, $0.39 better than the analyst estimate of $1.69. Revenue for the quarter came in at $189.1 million versus the consensus estimate of $188.19 million.

First Quarter 2021 Highlights

• Total revenue was $189.1 million, up 25% compared to $151.3 million in the first quarter of 2020.
• GAAP net income was $34.2 million, up 108% compared to $16.5 million in the first quarter of 2020.
• GAAP net income per fully diluted share was $1.74, up 92% compared to $0.91 in the first quarter of 2020.
• Non-GAAP adjusted EBITDA was $59.5 million, up 43% compared to $41.5 million in the first quarter of 2020.
• Non-GAAP adjusted income per fully diluted share was $2.08, up 58% compared to $1.32 in the first quarter of 2020.

”We continued to see strength in our financial performance in the first quarter of the year, which marked the anniversary of the COVID-19 pandemic. Our company has continued to outperform by providing best-in-class global multi-carrier e-commerce technology solutions to our customers and partners in these challenging times. As the economy begins to show signs of broader recovery, we believe e-commerce will continue to be an integral part of both the global economy going forward and the economic recovery. We remain excited about the long-term future of our business and confident in our ability to successfully execute our global e-commerce strategy,” said Ken McBride, Stamps.com’s Chairman and CEO.

Summary of our Business Outlook

The strong increases in e-commerce-based consumption in response to the COVID-19 pandemic contributed to meaningful financial benefits to the Company in 2020. Despite those financial benefits, there remains substantial uncertainty in 2021 from the myriad of macroeconomic factors associated with the ongoing pandemic, and the resulting effect on global e-commerce. As such, for 2021 we are not at this time providing specific guidance on revenue, GAAP net income, GAAP net income per fully diluted share, effective tax rate, non-GAAP adjusted income, non-GAAP adjusted EBITDA or non-GAAP adjusted income per fully diluted share.

The aforementioned uncertainties surrounding 2021, while making specific guidance with meaningful ranges of potential outcomes difficult, do not impact our operating strategies. As such, we plan to continue to invest in our global technology platforms and would expect our operating expenses in 2021 to increase as much as 20% or more, reflecting annualization of investments made during 2020 as well as additional investments expected in 2021.

For earnings history and earnings-related data on Stamps.com (STMP) click here.

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