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Stamps.com Inc. (NASDAQ:STMP) Q3 2018 Balance Appointment Alarm October 31, 2018 5:00 PM ET

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Executives

Suzanne Park – Chief Director of Finance

Ken McBride – Chief Executive Officer

Kyle Huebner – President

Jeff Carberry – Chief Banking Officer

Analysts

George Sutton – Craig-Hallum

Zach Cummins – B. Riley FBR

Allen Klee – Maxim Group

Darren Aftahi – ROTH Basic Partners

Tim Klasell – Northland Securities

Operator

Good day, ladies and gentlemen, and acceptable to the Stamps.com Inc. Third Analysis 2018 Banking After-effects Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer affair and instructions will chase at that time. [Operator Instructions] As a reminder, this alarm may be recorded.

I would now like to acquaint your host for today’s conference, Chief Director of Finance, Suzanne Park. Ms. Park, you may begin.

Suzanne Park

Thank you, Josh. On the alarm today are Ken McBride, CEO; Kyle Huebner, President; and Jeff Carberry, CFO. The calendar for today’s alarm is as follows. We will analysis the after-effects of our third analysis 2018. We’ll accommodate an amend on our contempo accretion of MetaPack. We’ll accommodate an amend on elements of our business archetypal and partnerships.

We’ll altercate our banking after-effects and allocution about our business outlook. And finally, we’ll accommodate some comments on our abiding outlook. But aboriginal the Safe Harbor statement.

Safe Harbor annual beneath the Clandestine Securities Litigation Reform Act of 1995. This absolution includes advanced statements about our advancing banking metrics and results, all of which absorb risks and uncertainties. Important factors, including the Company’s adeptness to auspiciously accommodate and apprehend the allowances of its accomplished or approaching cardinal acquisitions or investments, including the Company’s adeptness to complete and abode its products, advance adorable economics for its products, the timing of aback the Aggregation will advance its deferred tax assets and accepting or advance authoritative approval, which could annual complete after-effects to alter materially from those in the advanced statements are abundant in filings with the Securities and Barter Commission fabricated from time-to-time by Stamps.com, including its anniversary abode on Anatomy 10-K for the budgetary year concluded December 31, 2017, annual letters on Anatomy 10-Q and accepted letters on Anatomy 8-K.

Stamps.com undertakes no obligation to absolution about any revisions to any advanced statements to reflect contest or affairs afterwards the date hereof or to reflect the accident of hasty events. The banking after-effects we will altercate on the alarm today accommodate non-GAAP banking measures. In the third analysis of 2018, GAAP net assets was $33.4 actor and GAAP net assets per absolutely adulterated allotment was $1.75.

Our non-GAAP banking measures exclude the afterward third analysis items, $8.9 actor of non-cash stock-based advantage expense, $4.9 actor of non-cash acquittal bulk of acquired affluence and debt arising costs and $2.6 actor of transaction-related costs associated with our accretion of MetaPack. Our non-GAAP banking measures accommodate a $2.8 actor non-GAAP assets tax annual in the third quarter.

Our commitment and aircraft numbers accommodate annual revenue, artefact acquirement and allowance acquirement and do not accommodate any acquirement from customized postage. Additionally, our third analysis 2018 banking after-effects unless contrarily noted, accommodate MetaPack after-effects from August 15 through September 30.

Please see our third analysis 2018 balance absolution and 2018 metrics acquaint on our broker website for reconciliations of our non-GAAP banking measures to the agnate GAAP measures.

Now, let me duke the alarm over to Ken.

Ken McBride

Thanks, Suzanne. Acknowledge you for aing us today. Today, we appear our third analysis results, which included a GAAP acquirement of $143.5 actor which is up 25% year-over-year, non-GAAP adapted assets per absolutely adulterated allotment of $2.76, which was up 3% year-over-year and non-GAAP adapted EBITDA of $61 million, which was up 8% year-over-year. We are actual admiring with our third analysis banking performance.

Let me now accommodate a abrupt amend on our contempo accretion of MetaPack. We auspiciously bankrupt the accretion on August 15 and we are actively alive on amalgam the companies and active on our abiding strategies.

As a reminder, MetaPack is a London based software aggregation accouterment the world’s arch multi-carrier action akin e-commerce aircraft solution. Their API supports over 450 bindle carriers in added than 200 countries about the apple and offers a cogent cardinal of adult capabilities, including carrier optimization, clue and trace, allotment and cross-border aircraft to name a few.

They accept over 500 customers, including abounding of the world’s arch e-commerce retailers and brands such as Adidas, ASICS, Fossil, John Lewis, L’Occitane, Marks & Spencer, Speedo, Ted Baker London, The North Face, Timberland, Urban Outfitters, WH Smith, Zulily and abounding more.

Our cardinal annual for the accretion charcoal multifold. First, we apprehend MetaPack will advance our efforts to aggrandize our business internationally. Second, we apprehend to advance MetaPack’s efforts to aggrandize in the U.S.

Third, we accept our businesses are awful commutual with actual little chump overlap. Fourth, MetaPack’s basic chump annual will acquiesce us to strengthen our position with both clandestine and accessible bindle carriers about the world. And finally, we accept MetaPack will added strengthen our already cogent bulk hypothesis with the USPS.

We abide actual aflame about the abundant acquisition, but we do apprehend that amalgam and absolutely capturing the synergies associated with the accretion will be a multiyear process.

With that now let’s about-face to a added abundant altercation of our commitment and aircraft business. Commitment and aircraft acquirement was $136.5 actor in the third analysis that was up 28% year-over-year. Acquirement advance was apprenticed by able advance in ARPU or boilerplate acquirement per paid customer, which was apprenticed by connected able amoebic advance and contributions from MetaPack.

Our complete paid chump metric was 732,000. Paid barter were bottomward hardly against the third analysis of 2017. The added bashful achievement of paid barter in contempo abode is constant with our cardinal about-face to absorption on the accretion of shippers, which are numerically beneath numbers but across anniversary chump has a abundant college lifetime value. With this about-face in focus, our acquirement has been added apprenticed by advance in ARPU than it has been apprenticed by advance in paid customers.

Our boilerplate annual agitate bulk during the third analysis was 3.0%. And that’s in band with the agitate ante we’ve apparent over the accomplished several quarters. Boilerplate annual acquirement prepaid customer, or ARPU was $62.14 in the third quarter. That was up 29% against the third analysis of 2017. The advance and ARPU benefited from connected amoebic advance in the aircraft focused across of our business and the admittance of MetaPack.

Shipping barter about pay college cable fees than baby business mailers. And we about additionally aggregate added accomplice acquirement allotment payments, commissions and transaction fees angry to the bales that we action on annual of our shippers.

Total third analysis USPS postage printed was 1.5 billion. That was up 8% against the third analysis of 2017. The complete USPS postage printed metric includes both college advance aircraft aggregate and acceptable non-package mail volume, which continues to see a abiding decline. Our administering aggregation and all of our advisers are actual appreciative of the connected banking and business success we accomplish for our shareholders.

With that now let me amend anybody on some initiatives we’re continuing to focus on in 2018. First, we plan to abide to calibration the sales and business with a focus on accepting aircraft customers. With our focus on aircraft over the accomplished several years, we accept apparent a cogent admission in the boilerplate lifetime bulk of a chump that we acquire. With the abundant acknowledgment on investment, we plan to abide to calibration our complete sales and business bulk in 2018. A cogent focus of our advance is on the accretion of e-commerce and added high-volume shippers. Second, we plan to abide to aggrandize the bulk appearance and functionality of our aircraft solutions.

During the third quarter, we apparent a abundant new band-aid which will acquiesce our barter to activate to use their articulation to ascendancy their aircraft software in our ShippingEasy product. Application an Amazon Alexa device, ecommerce sellers can accomplish hands-free aircraft tasks with commands to administer orders, abode orders, book labels, book packing slips, acquirement postage, analysis postage balances, and several added commands. ShippingEasy is the aboriginal aggregation anytime to accompany articulation controls to ecommerce shippers. We apprehend the new Amazon Alexa adequacy to abate the time and activity adapted to administer and accomplish orders for our ecommerce shippers. The band-aid launched beforehand in October, we are actual aflame about rolling it out to the ShippingEasy chump base.

During the third analysis we additionally connected to abutment new sales channels, third affair accomplishment providers, marketplaces, and ecommerce tools. We additionally abide to see success with our ShipEngine API, which offers all of the capabilities of our bazaar arch ShipStation band-aid in the anatomy of an API accessible to third parties such as marketplaces and ecommerce accoutrement that are amalgam our aircraft band-aid into their own user interfaces.

During 2018 we’ll abide to advance new avant-garde appearance like our new Alexa band-aid and we’ll abide to add new integrations with affairs channels, marketplaces, and ecommerce tools. And we’ll abide developing our – and business our ShipEngine API. Third, we plan to abide developing new add-on appearance acknowledging e-commerce customers.

During the third quarter, we abide to advance the annual administering and chump business solutions. We abide to see acceptable absorption with both solutions aural our ShippingEasy chump base. And we plan to abide to enhance the appearance in our annual administering and chump business solutions. And we will abide to bazaar those solutions to new as able-bodied as complete customers.

Fourth, we’re activity to abide absorption on accretion our all-embracing solutions in our all-embracing marketing. We’ve amorphous discussions with MetaPack’s administering aggregation to drive the advancing cardinal allowances of this accretion that we aloof discussed. MetaPack is allotment of the abiding cardinal advance in both e-commerce aircraft and all-embracing markets. And we will be adorable to advantage this asset for the abiding annual of our shareholders.

We’ll additionally abide to drive added all-embracing aircraft initiatives, the action alleged the all-around advantage program. As you may recall, through this program, we action barter admission to discounted USPS all-embracing aircraft ante through our clandestine characterization carrier partnerships. The All-around Advantage Affairs allows us to acquire incremental acquirement on all-embracing packages.

Also in the all-embracing area, we abide to advance partnerships and bazaar our band-aid in all-embracing markets. We’ve done integrations in the UK, including Magento, Bigcommerce, WooCommerce, Squarespace, OpenCart and PrestaShop in adjustment to abutment the e-commerce barter there. We’ve done integrations with Amazon in assorted countries to abutment that affairs approach as well.

During the third quarter, we abide to accretion new barter in the UK, Canada and Australia and will abide to admission up our business development and business efforts in those countries throughout 2018. With the MetaPack acquisition, and its ample carrier library, we’ll additionally now activate to attending at amplification into added countries.

With that, now let’s about-face to a altercation of some contempo annual involving the USPS. We would like to accommodate our angle on bristles accommodation that accept garnered some absorption from our investors. First, the USPS has proposed 2019 bulk increase. Second, the United States abeyant abandonment from the Universal Postal Union or UPU. Third, the contempo appointment of the ambassador accepted abode advantaged cull for partnerships, the circuitous role of middlemen and discounts in the USPS.

Fourth, the cachet of the president’s assorted studies, letters and assignment armament on the USPS. And finally, the cachet of negotiations of our agreements with the USPS. On the aboriginal affair of the USPS has proposed 2019 bulk increases were about admiring with their proposed bulk changes. A 10% admission in basic postage from $0.50 to $0.55 may accept some aftereffect on our bequest commitment business, but the bulk admission if approved, should accept a actual complete aftereffect on the banking bloom of the USPS.

The ante that our barter pay for antecedence mail are activity up on average, a actual bashful 3%, which should be actual aggressive with 2019 bulk increases of UPS and FedEx. In addition, the ante for antecedence mail through retail and USPS.com are activity up on boilerplate about 6%. So the boilerplate abatement that our barter accept for antecedence mail against those channels increases from 13% to 15%. thereby accretion the bulk hypothesis of application our service.

On the added affair of the United States abeyant abjure from the Universal Postal Union or UPU, we would apprehend the appulse us to be basal and potentially positive. The UPU finer sets alteration appraisement amid the world’s postal authorities for bales that are beatific amid countries. Aboriginal and foremost, we would say that in our view, the likelihood of a abounding U.S. abjure from the UPU is remote.

In fact, the UPU has already reacted to the blackmail by fast-tracking a analysis of ante and commissioned a abode on the subject. The UPU Director Accepted has about adumbrated his abutment for reforming the UPU’s ante and hopes to accompany this affair to a vote in April, 2019. In the absurd accident of a abounding abjure from the UPU, we would apprehend the U.S. to afresh accommodate alone mutual agreements with added nations.

The ante amid the USPS and postal authorities of ample developed countries that accomplish up the lion’s allotment of the aggregate are about already beheld as fair and reasonable. So there is not acceptable to be any changes to the all-inclusive majority of aggregate amid the USPS and added countries.

The focus of the Trump administering blackmail of abandonment is the ample – is the allocation of China as a developing country, which after-effects in ample discounts for Chinese companies aircraft into the U.S. China was classified as a developing nation in 1969 aback it’s aggregate is actual small, but now it represents a cogent bulk of aggregate advancing into the U.S. And in the appearance of the Trump administration, their allocation is no best authentic and their appraisement is unfair. We accept no aggregate of bales that are entering to the U.S. from China.

We would agenda that one abeyant aftereffect of the accepted acceding action is that China’s ante for aircraft into the U.S. are added to a added reasonable level. If such a change were made, it would be actual acceptable for our customers. Our barter predominantly abode aural the U.S. And if the bulk for China’s entering bales are aloft to a added fair level, our barter would bigger be able to attempt with Chinese e-commerce merchants, constant in abeyant increases of aggregate through our systems.

On the third affair of the contempo appointment of Ambassador Accepted or OIG report, it has not been fabricated accessible due to USPS apropos with the bartering acuteness of aggressive artefact appraisement action in the report. And aback we accept additionally not apparent the report, it’s actual difficult for us to comment. That said; based on the appellation of the report, we would apprehend that the abode is focused on Adjourned Annual Agreements or NSAs that the USPS offers its barter and its ally in the amalgamation business. The accepted ambition of these types of OIG letters is accurately to analysis whether a affairs is affair its acknowledged criteria, which in the case of NSAs the acknowledged acceptance accustomed is that anniversary NSA abundant awning – charge awning its bulk and charge accord the accurately adapted minimum of 5.5% of institutional costs.

As of the aftermost analysis of the contribution, the accession was able-bodied aloft this level. And accordingly, we would accept no acumen to accept that the USPS is not about affair its obligations apropos the NSA program. We added accepted any annotation in the abode on postal partnerships would reflect the actual complete aftereffect that partnerships like ours accept had on advance in the USPS’s amalgamation volumes.

On the fourth affair of the President’s assorted studies, reports, and assignment armament on the USPS, there’s been a lot of altercation of abeyant aloft changes such as privatization of the USPS, but it’s important to accept any such changes would crave an act of congress. Afterward the June abode from the Appointment of Administering and Budget that recommended that the USPS activate to booty accomplish against privatization, aldermanic action to such a plan has added been fabricated clear.

The Abode of Representatives issued a bipartisan resolution with about bisected the abode declaring action to a USPS privatization initiative, and the assembly additionally issued a resolution with a ample cardinal of bipartisan associates cogent opposition.

In addition, President Trump formed a three-month taskforce in April to abstraction the USPS and the abode of that taskforce was completed and delivered to the President, but the abode has not been fabricated public. And aback we accept not apparent the report, it’s actual difficult for us to comment. However, accomplishing of any aloft recommendations in the abode would afresh crave an act of congress.

On the final affair of the negotiations of important agreements with the USPS, we would agenda the afterward accepted points. Historically, we accept had a cogent cardinal of agreements with the USPS and we accept adjourned those agreements abounding times. These types of negotiations are actual accepted for us. Negotiations with the USPS about booty abounding months to finalize. The USPS has abounding aggressive priorities and the action aloof takes time.

In general, we apprehend that updates to our agreements with the USPS will abide to reflect the analytical role that we comedy in their ecommerce amalgamation business, including that we accept the bigger clandestine sales force focused on active USPS growth, we action added than one-third of their antecedence mail aggregate in the U.S., and alive hand-in-hand with the USPS through our partnership, we accept contributed to a cogent allocation of all-embracing USPS e-commerce amalgamation advance over the accomplished bristles years.

With that now, let me duke the alarm over to Jeff for a added detail altercation of our banking results.

Jeff Carberry

Thanks, Ken. We’ll now analysis our third analysis of 2018 banking results. Altercation of our banking after-effects today accommodate non-GAAP banking measures. As Suzanne declared a adaptation of non-GAAP banking measures to the agnate GAAP measures can be begin in our balance absolution and afresh our 2018 metrics on our broker website.

Total acquirement was $143.5 actor in Q3 and that was up 25% year-over-year against Q3 of 2017. Complete acquirement excluding MetaPack was $138.3 actor in Q3 and that was up 20% year-over-year against Q3 of 2017. The able advance in acquirement in the third analysis was primarily apprenticed by able advance in our commitment and aircraft business, which is annual by 19% abatement in customized postage.

Mailing and aircraft acquirement was $136.5 actor in Q3 and that was up 28% year-over-year Q3 of 2017. Commitment and aircraft acquirement excluding MetaPack was $131.3 actor in Q3 and that was up 23% year-over-year against Q3 of 2017. The advance of commitment and aircraft acquirement was apprenticed by an admission in ARPU, which was primarily apprenticed by amoebic advance in aircraft accumulated with contributions from MetaPack. We appraisal that acquirement acquired from our aircraft barter as a allotment of complete acquirement in Q3 was in the mid-70s and grew year-over-year in the mid-30s.

We appraisal that aircraft acquirement excluding MetaPack in Q3 was analogously in the mid-70s as a allotment of complete acquirement and abound year-over-year in the high-20s. We additionally appraisal that our commitment and aircraft acquirement acquired from our SOHO mailers as a allotment of complete acquirement was in the aerial adolescence and grew year-over-year in the low-single digits. Commitment and aircraft gross allowance was 80.5% in Q3 against 86.9% in Q3 of 2017. The abatement in gross margins was primarily attributable to the ascent of our all-embracing offerings, including the all-around advantage program, which can accept a lower gross allowance contour than our added annual fee acquirement components. Gross margins were additionally abnormally impacted by the admittance of MetaPack, which beneath a U.S. GAAP generated a gross allowance of about 58% for the aeon August 15 through September 30.

We accomplished year-over-year increases in our Q3 bulk of sales and marketing, R&D and G&A at ante in balance of our acquirement advance primarily accompanying to cardinal initiatives or cardinal investments rather to abutment the able advance and accession in our commitment and aircraft business and due to the admittance of MetaPack. We would apprehend to see the complete dollars invested in sales and marketing, R&D and G&A, to be college in the fourth analysis almost third analysis in adjustment to drive our advance division.

Non-GAAP operating assets was $59.5 actor in Q3 that was up 8% year-over-year against Q3 of 2017. Adapted EBITDA was $61.0 actor in Q3 and that was up 8% year-over-year Q3 of 2017. Adapted EBITDA allowance was 42.5% in Q3 against 49.2% in Q3 of 2017. The abatement in adapted EBITDA allowance was attributable to lower gross margins associated with the ascent of our all-embracing offerings, college operating costs associated with our 2018 initiatives as ahead discussed.

The advancing accretion of sales taxes and the admittance of MetaPack, which has essentially lower gross and EBITDA margins. Non-GAAP adapted assets per absolutely adulterated allotment was $2.76 in Q3 based on a non-GAAP tax bulk of 11.0%. That was up 3% year-over-year against $2.58 per allotment in Q3 of 2017 based on a non-GAAP tax bulk of 8.5%. Absolutely adulterated shares acclimated in the EPS adding was $19.0 actor for Q3. Q3 2018 benefited from a abridgement of our accepted tax bulk for 2018 from our ahead estimated abounding year tax bulk of 18% to a bargain estimated abounding year tax bulk of 15% for the year that was primarily apprenticed by advantage contest in the third quarter.

We concluded Q3 with $78 actor in banknote and investments, which was bottomward $205 actor from $283 actor at the end of Q2 of 2018. The abatement in banknote and investments was primarily apprenticed by the MetaPack acquisition, which is armamentarium as absolutely from cash, changes in net alive capital, adopted barter apprenticed net disinterestedness adjustments accompanying to MetaPack, binding debt repayments and allotment repurchases.

And it was all partially annual by a able operating banknote breeze and banknote advantage exercises. During Q3, we fabricated a adapted arch acquittal of $2.1 million, constant in complete debt beneath the acclaim agreement, excluding debt arising costs of $63.9 million. During Q3, the aggregation repurchased about 49,000 shares at a complete bulk of about $12 million. On October 24 of this year the Lath of Directors accustomed a new allotment acquirement plan that will booty aftereffect aloft cessation of the accepted plan on November 9 and that plan authorizes the aggregation to repurchase up to $90 actor of banal over the six months afterward its able dates.

Now axis to guidance. Our adapted advice now includes accession from MetaPack for the aeon August 15 through December 31. We apprehend budgetary 2018 acquirement to be in the ambit of $550 actor to $580 million, which compares to antecedent advice of $530 actor to $560 million. We apprehend 2018 acquirement to abide to be apprenticed by our connected focus on our e-commerce-driven aircraft business. In particular, we would apprehend our aircraft acquirement advance to be in the high-20s to low-30s year-over-year.

We would additionally apprehend advance in our Commitment and Aircraft acquirement acquired from our SOHO mailers to abide to abound in the collapsed to low single-digit ambit year-over-year. Finally, we would apprehend our Customized Postage acquirement to be bottomward year-over-year as we saw a higher-than-expected accession from high-volume orders in 2017 that we would not necessarily apprehend to echo in 2018.

We apprehend operating costs to admission in 2018 greater than the bulk of acquirement growth, and we would apprehend to see the complete dollars invested in sales and marketing, R&D and G&A to all be college in Q4 2018 about to Q1 through Q2 of 2018, not reflect the cardinal investments we discussed beforehand as able-bodied as the admittance of MetaPack.

We abide to apprehend budgetary 2018 adapted EBITDA to be in the ambit of $245 actor to $265 million. This implies both a fourth analysis and abounding year adapted EBITDA allowance in the low-40s, absorption both college operating costs associated with our headcount investments and sales tax bulk and the admittance of MetaPack, which has as we discussed beforehand decidedly lower margins.

We apprehend non-GAAP tax bulk will be about 15% of non-GAAP pretax assets for 2018, which compares to our antecedent appraisal of 18%. The abridgement of our accepted tax bulk for 2018 was apprenticed by the akin of advantage contest in the third quarter, our non-GAAP tax bulk was 20% in the aboriginal quarter, 16% in the added analysis and 11% in the third quarter. Our accepted non-GAAP tax bulk for the fourth analysis is 11%, yields on that is an able 2018 bulk of 15% like we discussed. Our abounding year 2018 able tax bulk could alter from our accepted estimates based on a cardinal of factors including the akin of advantage exercises.

We apprehend absolutely adulterated shares to be amid $18.9 actor and $19.7 actor in 2018. We apprehend budgetary 2018 non-GAAP adapted assets per absolutely adulterated allotment to be in the ambit of $10.60 to $11.60, and that compares to antecedent advice of $10.15 and $11.15. And finally, we apprehend basic expenditures to be in the $2 actor to $4 actor ambit in 2018.

With that, let me duke the alarm over to Kyle for some added comments on our abiding outlook.

Kyle Huebner

Thanks, Jeff. With our added focus on aircraft and e-commerce shipping-focused acquisitions, we’ve accomplished a cogent transformation in our business over the accomplished bristles years. Our accretion in MetaPack not alone deepens our focus on e-commerce shipping, but additionally broadens that focus to accommodate cogent all-around opportunities. We apprehend our focus to abide to be on aircraft for the accountable approaching and accept that we are able-bodied positioned to capitalize and what we accept to be an adorable all-around e-commerce aircraft trends.

E-commerce advance in the U.S. and Europe has been apprenticed by able civil trends appear greater e-commerce burning with advance ante active in the mid-teens in both U.S. and Europe. But with European ante announcement some greater bounded variability. These adorable e-commerce advance ante accommodate a accustomed axiological disciplinarian to our advance that we’ve apparent in our business over the accomplished several years.

In addition, we accept auspiciously approved our adeptness to abound both our aircraft accompanying acquirement faster than all-embracing e-commerce advance ante over the accomplished bristles years as we focused on invested in shipping. In particular, we’ve accomplished year-over-year amoebic advance ante and our aircraft accompanying acquirement in the mid-20% to mid-30% ambit in anniversary of the aftermost eight abode compared to the mid-teen advance ante for all-embracing e-commerce.

We accept that we will be able to abide to sustain this trend of growing our aircraft acquirement faster than all-embracing e-commerce over the connected appellation for several reasons. First, our solutions are acceptable for the bigger and best adult e-commerce sellers. So we about allure college advance e-commerce companies. Second, we are accretion ambit of our offerings and thereby accretion our chump monetization. Third, our multi-platform – multi-carrier platforms acquiesce us to aggrandize alfresco our acceptable bulk USPS focus business.

MetaPack’s contempo advance bulk has been in the low to mid-teens. As we categorical in the cardinal annual that Ken discussed, we apprehend that the MetaPack accretion will advance our all-embracing initiatives. And we apprehend that we will be able to enhance their advance bulk as we apprehend assorted synergies over the advance of time. With the admittance of MetaPack, our portfolio of solutions now annual for over $1.5 billion bales alien annually worldwide.

As aircraft acquirement as a allotment of complete acquirement increases from its accepted mid-70% – allotment level, complete acquirement will abide to be added anon activated with our able achievement in fundamentals and shipping. We accept that all-around e-commerce trends accommodate awfully adorable axiological drivers to our calm and all-embracing businesses, and we accept we will be able to drive able top band and basal band achievement for the accountable approaching with our portfolio of aberrant aircraft platforms and technologies.

With that, we’ll accessible it up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our aboriginal catechism comes from George Sutton from Craig-Hallum. Please advance with your question.

George Sutton

Thank you, and I acknowledge all the updates. So I’m analytical with account to the OIG and the assignment force review, generically our acceptance has been that the bulk will added be affective to generators of new barter and incremental revenues, which in our appearance would be a annual to the archetypal that you accept now. I’m curious, if you can animadversion on that. Is it your acceptance that the accretion of all of these altered letters could end up arch to added bulk for you against beneath that I anticipate best bodies would assume?

Ken McBride

Yes. No, I anticipate that’s an authentic assumption. I anticipate aback we attending at the assorted letters that are out there, the conversations we’ve had with association that are alive on these reports, the accepted appearance is the abstraction of USPS added all-embracing partnerships like ours, it makes a ton of faculty for them. I anticipate we mentioned the abounding absolute privatization isn’t absolutely article that we see as likely, but I anticipate added and added partnerships with clandestine companies that accustomed them to added embrace the bogus privatization, if you will. It has been article that we accept to be the assignment force and added associates of the association in the USPS apple had been focused on.

George Sutton

I understand. And generally, as you attending at these authoritative processes in review, has it afflicted your hiring plans, your affiliation focus amplification in any way as you attending forward?

Ken McBride

No, I don’t anticipate I can say that it has afflicted anything. As you know, this is an across breadth we accept a cogent cardinal of actual chief bodies that focus on our relationships with USPS and in Washington, D.C. in general. And I anticipate that we accept a abundant aggregation on the arena there and we accept – I anticipate strategically, we’ve absolutely had a actual connected accord with USPS. And I anticipate we see that continuing. So we absolutely haven’t afflicted in agreement of our hiring affairs in the USPS apple or from a affiliation perspective.

Jeff Carberry

I would say that assignment for after-effects as well, right? Aback you attending at the allowance abasement sequentially as able-bodied as year-over-year, that’s a action of investments principally on headcounts beyond the board. So I anticipate you additionally accept Ken’s qualitative comments but additionally empiric after-effects from us that appearance that we abide to advance heavily in the business to abound it for the connected run.

Ken McBride

The abiding fundamentals that I talked about in aircraft e-commerce, aircraft all-embracing all abide attractive. So our predisposition is to accretion our investments. And to the bulk that we abide to admission our investments and get an ROI on that, that leads to added success for the USPS for their position in the ecommerce aircraft world. So I anticipate us accretion our advance is a win-win on both sides.

George Sutton

Okay, great. Lastly a lot of questions came up acutely aback you add a new acknowledgment in your aftermost 10-Q. I admiration if you could aloof abode the argumentation for accepting that now and will we get updates consistently aback there are added programs or abstracts to those negotiations? Thanks.

Kyle Huebner

I anticipate that in general, like I mentioned in the able animadversion that these types of agreements, these types of negotiations are actual accepted for us. We’ve had over the bulk of 20 years we’ve had dozens of these types of negotiations. I anticipate it’s simply, this time is aloof an archetype of us chief to accommodate some added acumen into the negotiations. As I mentioned earlier, the acceding with the USPS booty many, abounding months to finalize. And so, the USPS acutely has a lot on their plate, there’s a lot of things activity on in the USPS world. So, we’re alive with them carefully on the negotiation, but it’s aloof activity to booty some time. So I anticipate we aloof acquainted like in agreement of the 10-Q that authoritative that amend was adapted at this time.

George Sutton

I understand. Acknowledgment guys.

Operator

Thank you. Our aing catechism comes from Zach Cummins from B. Riley FBR. Please advance with your question.

Zach Cummins

Hi. Acknowledge you. So congratulations on a absolutely able quarter. I assumption are there any updates to your expectations in agreement of accession for MetaPack as you arch into Q4 or is it still affectionate of forth that ambit of $15 actor to $20 actor that you provided on the aftermost call?

Jeff Carberry

Yes. It’s absolutely affairs in that aforementioned range. So we gave the qualitative advice aftermost quarter. You saw the admission in the top band that was in band with that qualitative advice aftermost analysis from MetaPack. So I anticipate it’s alone fair to accept that we’d apprehend MetaPack to appear in that ambit as able-bodied for Q4.

Zach Cummins

Great. Acknowledge you. And afresh in agreement of as you go into this anniversary period, there has been some concerns, abnormally about Amazon blurred their acquirement advice as they arch into the anniversary period. I’m aloof affectionate of analytical of your thoughts as you arch into this and all-embracing what are you activity in agreement of aircraft volumes and aloof the all-embracing appearance as you go into this absolutely important anniversary period?

Kyle Huebner

I anticipate that our perspectives on the business are reflected in our guidance. We tend not to absolutely focus on accouterment blush on the specific basal agency of authentic e-commerce trends that we’re seeing. Acutely I anticipate the numbers betoken that we abide to see a able-bodied business for ourselves, which is inherently a action of advance in e-commerce. We don’t accord specific annotation about amalgamation aggregate advance in agreement of that attributes that maybe inherent and maybe what some added bodies do. But we still feel actual assured about Q4 in agreement of achievement expectations.

Zach Cummins

Great. That’s helpful. And finally, aftermost catechism for me. In agreement of the new acknowledgment affairs that you aloof announced, I’m aloof analytical with that in mind, could you annual your priorities aback it comes to basic allocation? How do you appearance advance in the business either organically or through M&A against affairs aback shares at this point?

Kyle Huebner

I anticipate we accept a cogent banknote breeze in the business and I anticipate we attending at all of the aloft aback it comes to deploying capital. I anticipate you’ve apparent our trend appear adorable at M&A is a way to body the business aback we see a cardinal accretion that makes sense. We’d absolutely like to accept the adeptness to do that accretion financially.

But I anticipate we’ve additionally continued, the lath has connected to appearance that it’s abaft – repurchasing the shares and a constant and advancing manner. So I think, in agreement of basic allocation, as Kyle mentioned, we’re continuing to aggressively advance in the business, we’re adorable at added for added M&A opportunities and we are continuing to do a acknowledgment of the shares.

Jeff Carberry

Yes. I would aloof say – I anticipate aback we attending at it, we don’t feel like we’re accountable and accepting to cede one across at the bulk of another. As Ken said, we’re advance in the business. We accept the banknote breeze in the accouter accommodation to accompany acquisitions that they accomplish sense, and we accept the acknowledgment affairs in place. So I anticipate we’re in a appealing favorable position across we can capitalize on all the opportunities with our basic allocation and we’re not necessarily accountable in one authentic area. We attending at it as investments that accomplish ROI and will and that we accept the adequacy to advance in any of the areas because we accept a actual able basic position.

Zach Cummins

All right. Great. Acknowledge you for demography my questions and congrats afresh on the able quarter.

Operator

Thank you. Our aing catechism comes from Allen Klee from Maxim Group. Please advance with your question.

Allen Klee

Good afternoon. Could you accord me a little added compassionate on across this synergies are activity to appear from MetaPack?

Ken McBride

Sure. I beggarly I anticipate we went over some of those aftermost quarter, but I anticipate in general, the abstraction with MetaPack is – it accelerates our efforts to aggrandize internationally. It provides admission to the bigger carrier library in the world. 450 bindle carriers, over 450, in our accepted solution, afore we bought MetaPack was about 40 carriers. So we anon saw a tenfold admission in the cardinal of carriers we can abutment in our articles worldwide. And in the U.S. you absolutely accept USPS, FedEx, and UPS that boss the market. But aback you attending at all-embracing markets and abnormally in Europe, you charge a abundant broader brand in agreement of capabilities on the cardinal of carriers you abutment in adjustment to accept a complete solution. So, in agreement of MetaPack they brought that across of carrier library that we’re able to afresh accommodate with our e-commerce solutions like, like ShipStation in adjustment to be able to go to those markets more, added quickly.

I anticipate the added affair that we discussed was, MetaPack absolutely doesn’t accept assimilation in the U.S. adapted now. We accept a ample civic sales aggregation and a network, and an ability in the U.S. bazaar that will acquiesce us to accommodate us a band-aid in the U.S. bazaar and to abutment their efforts to go to bazaar in the U.S.. So we’ve already been alive on some of our sales and business initiatives. We apprehend to barrage some programs in aboriginal 2019. And so we see that as a abeyant aboriginal aback the sales aeon is connected with MetaPack. So we wouldn’t see a huge accession apparently accident adapted away. But we do see that a big cardinal action ours. And I anticipate about speaking, the businesses, aback you attending at them, we’re aloof actual complimentary.

We’re baby business, they’re actual ample retailers in enterprise. They’re mostly Europe. We’re all U.S. above-mentioned to the acquisition. And so it absolutely fit amid the two companies. So the aggregation is absolutely altered asset, no added aggregation in the apple has a carrier library anywhere a theirs. And so we absolutely saw that as a abundant befalling for us to aggrandize our all-embracing efforts.

Jeff Carberry

Yes. Let aloof to add on to that. You attending accurately at ShipStation, they are focused on ecommerce barter and after the MetaPack acquisition, ShipStation across they had to go into Europe and advance all these carrier integrations and relationships of some blemish by accepting MetaPack that those relationships and integrations are there and that allows ShipStation to absolutely focus on growing the business, accepting a partnerships, affiliation with marketplaces to abound their business, because the carrier, carrier accord affiliation ancillary is there with MetaPack admitting they would accept had to advance themselves and the absence of MetaPack.

Allen Klee

Thanks. I assumption what I was aggravating to accept is, it sounds like best of what you’re adage are acquirement synergies, but is it accessible that the allowance appulse of this, that over the abiding you anticipate you can advance the margins additionally to get them somewhat commensurable to across you guys are?

Kyle Huebner

Yes. So, I would absolutely apprehend to see allowance advance about to the accepted position for a cardinal of reasons. But yes, I would apprehend advance in margins, it’s primarily an assets from advance in the top line, not from accumulation in the basal line. So what I’m adage finer that there’s a fair bulk of advantage in their accepted bulk structure.

Allen Klee

Thank you.

Operator

Thank you. Our aing catechism comes from Darren Aftahi from ROTH Basic Partners. Please advance with your question.

Darren Aftahi

Hi. Acknowledgment for demography my questions. Aloof a few if I may. Aboriginal on aloof the accent with customers, so I accept the aircraft activating in college ARPU, and aloof affectionate of analytical as we go forward, should we accept that cardinal affectionate of stays collapsed to abatement like it has in the aftermost two abode and that conceivably ARPU advance is, maybe stronger than bodies are assuming. And afresh as it pertains to the ARPU advance in the quarter, I anticipate it was 29% and accelerated, I’m aloof analytical on a abject point, how abundant of that was a accessory against MetaPack against amoebic in a agent parts.

Kyle Huebner

Yes. So in agreement of the pay customers, we don’t accord guidance, article customers, so I’m afraid to do that now, but I anticipate from a blush standpoint, you see mailers, which is a actual ample allocation of the pay chump metric growing low distinct digits. ARPU is about tend to be analytic collapsed with the baby business customers, the mailers. So I would about apprehend to see barter on the commitment side, affectionate of flattish maybe hardly down, maybe hardly up. You accept some airheadedness there with melancholia slowness as able-bodied or melancholia factors.

So, I anticipate you’re adapted that the majority of the growth, acutely in agreement of abiding models activity to be advancing from principally shippers who accept college ARPU. So aback you attending at the about contributions, the bigger allocation of that is absolutely advancing from ARPU advance against paid chump growth. In agreement of the ARPU growth, absolutely a allocation of that was a accession from MetaPack, and MetaPack was almost small, about $5 actor in the quarter, which is in our filing. So, there absolutely was a allocation of the ARPU advance attributable to MetaPack, but it was a almost baby allocation of that growth.

Kyle Huebner

Yes. I would aloof say if you attending at it, we said that MetaPack has in the ballpark of 500 customers. So, if you attending at our metrics and you aback out the $5 actor MetaPack revenue, but really, the cardinal of barter is the same. The amoebic ARPU advance was still in the affectionate of a 25% year-over-year range.

Darren Aftahi

That’s helpful. Acknowledge you. And afresh aloof one aftermost aftereffect affectionate of two parts. So, you’ve had this beneath your belt for about three months now, almost speaking a little bit over that affectionate of what’s been activity bigger on the integration, what’s been added challenging? And afresh as it pertains to MetaPack accepting affectionate of an installed abject of some of the beyond retailers, how bound or will we see that affectionate of attendance of a customer, say a beyond retailer, maybe in the U.S. in the future? Acknowledge you.

Kyle Huebner

Sure. And I anticipate we’re admiring with the advance so far with the integration. We’ve been alive on the initiatives we discussed aftermost quarter. One of our chief administering associates confused to London to advice spearhead the integration. And we’ve already amorphous the action of bringing MetaPack to the U.S. with our sales and business teams. We’re assured to barrage some programs in that across in aboriginal 2019.

We’ve been alive through the abstruse challenges and the changes that will be all-important to accomplish the affiliation amid our e-commerce solutions like ShipStation and MetaPack’s carrier API. We’ve fabricated acceptable progress, but it’s accomplishing that abounding integration, leveraging that affiliation will booty some time. We’ve apparent some absolutely acceptable allowances with our relationships with carriers as we’ve gone in to accommodated with those carriers and as we began our negotiations with them for added artefact and banking support. And we’ve apparent a absolutely complete acknowledgment to the accretion by ally and by the USPS. So net-net, I anticipate we’ve been admiring with how the affiliation has gone so far.

It’s been bland and we abide to be actual aflame about the acquisition. I anticipate in agreement of challenges, M&A acquisitions consistently accept challenges and I anticipate the ample aberration in time zones has been a claiming captivation affairs with them. Generally, there was a aberration in ability amid U.S. and UK employees, and we’ve been alive to adjust the teams on action in sales and business and development philosophies. But those challenges so far accept been reasonable and again, we’re admiring with how the affiliation action has gone.

In agreement of bringing retailers to the U.S., I think, like I mentioned, we’re aloof at the actual alpha of that process. We absolutely haven’t started to ability out with our sales team. Like I said, we’re planning to barrage that affairs in aboriginal 2019. So, we absolutely haven’t fabricated any, any advance in agreement of bringing the ample retailers to the U.S.

Darren Aftahi

Thank you.

Operator

Thank you. And our aing catechism comes from Tim Klasell from Northland Securities. Please advance with your question.

Tim Klasell

Hey, acceptable black guys. Sounds like, my catechism has to do about the alternate bulk increases that we see from all the aloft carriers out there, the USPS, FedEx, UPS, with your accord with USPS, aback these prices go up that they have, how does that breeze through to you, decidedly as they alpha maybe adverse a college inflationary environment? How will that breeze through, with your contracts, with the USPS analysis it to a specifics, is it actual little, is it actual agnate appulse on your revenues as what they – how they aloft their prices. Acknowledge you.

Ken McBride

So in agreement our impact, if – we can’t get into the capacity of the affairs due to confidentiality, but about speaking, we’re monetizing postage dollars. So bulk increases are about speaking an advance for us.

Kyle Huebner

I anticipate the added aspect of that is, while we accept relationships with 40 altered carriers, our primary accord is with the USPS. So, we attending for them to be – and achievement that they will be actual aggressive in agreement of their bulk increases against UPS and FedEx. I anticipate aftermost year we saw them accretion by I assumption about 3% or 4% against a 5% admission from UPS and FedEx. So, we saw some added business advancing to USPS, with those bigger rates. This year we were – in 2018, we were admiring to see that they’re planning to admission the antecedence mail bulk by alone 3% and we would apparently apprehend that UPS and FedEx aback they appear their bulk increases will be college than that, commonly 4% to 5%. So about aback the USPS assets bazaar share, we annual and so I anticipate that’s the added aspect of how the ante comedy through in our business.

Jeff Carberry

And aloof the added affair we mentioned on the alarm is, to the admeasurement in the retail at usps.com accept college bulk increases than PC Postage than, that cogwheel advance increases the bulk hypothesis for our barter application our solutions against the another means to get the postage for packages.

Tim Klasell

Great. Acknowledge you so abundant for the color, I acknowledge it. Acceptable day.

Ken McBride

Thanks Tim.

Operator

Thank you. I’m not assuming any added questions at this time. I would now like to about-face the alarm aback over to Mr. Ken McBride for any added closing remarks.

Ken McBride

Again, acknowledgment for aing us today. If you accept aftereffect questions as always, you can acquaintance us through our broker relations website at investor.stamps.com, or you can acquaintance us via our broker buzz band at (310) 482-5830. Acknowledgment for aing us.

Operator

Thank you. And ladies and gentlemen, acknowledge you for accommodating in today’s conference. This does achieve today’s affairs and you may all disconnect. Anybody accept a admirable day.

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