VeriSign, Inc. (NASDAQ: VRSN), a global provider of critical
internet infrastructure and domain name registry services, today
reported financial results for the second quarter of 2024.
VeriSign, Inc. and its subsidiaries (“Verisign”) reported
revenue of $387 million for the second quarter of 2024, up 4.1
percent from the same quarter in 2023. Operating income was $266
million for the second quarter of 2024, compared to $249 million
for the same quarter of 2023. Verisign reported net income of $199
million and diluted earnings per share (diluted “EPS”) of $2.01 for
the second quarter of 2024, compared to net income of $186 million
and diluted EPS of $1.79 for the same quarter of 2023.
“We delivered another solid quarter, both operationally and
financially, by focusing on our mission. Last week we marked 27
years of providing 100% availability in the .com/.net domain name
resolution system,” said Jim Bidzos, Executive Chairman, President
and Chief Executive Officer.
Financial Highlights
- Verisign ended the second quarter of 2024 with cash, cash
equivalents and marketable securities of $690 million, a decrease
of $236 million from year-end 2023.
- Cash flow from operations was $160 million for the second
quarter of 2024, compared to $145 million for the same quarter of
2023.
- Deferred revenues as of June 30, 2024 totaled $1.29 billion, an
increase of $43 million from year-end 2023.
- During the second quarter of 2024, Verisign repurchased 2.2
million shares of its common stock for an aggregate cost of $388
million.
- Effective July 25, 2024 the Board of Directors approved an
additional authorization for share repurchases of approximately
$1.11 billion of common stock, which brings the total amount to
$1.5 billion authorized and available under Verisign’s share
repurchase program, which has no expiration.
Business Highlights
- Verisign ended the second quarter of 2024 with 170.6 million
.com and .net domain name registrations in the domain name base, a
2.2 percent decrease from the end of the second quarter of 2023,
and a net decrease of 1.8 million domain names during the second
quarter of 2024.
- During the second quarter of 2024, Verisign processed 9.2
million new domain name registrations for .com and .net, compared
with 10.2 million for the second quarter of 2023.
- The final .com and .net renewal rate for the first quarter of
2024 was 74.1 percent compared to 75.5 percent for the same quarter
of 2023. Renewal rates are not fully measurable until 45 days after
the end of the quarter.
Today’s Conference Call
Verisign will host a live conference call today at 4:30 p.m.
(EDT) to review the second quarter 2024 results. The call will be
accessible by direct dial at (888) 676-VRSN (U.S.) or (786)
789-4783 (international), conference ID: Verisign. A listen-only
live web cast of the conference call and accompanying slide
presentation will also be available at
https://investor.verisign.com. An audio archive of the call will be
available at https://investor.verisign.com/events.cfm. This news
release and the financial information discussed on today’s
conference call are available at https://investor.verisign.com.
About Verisign
Verisign (NASDAQ: VRSN), a global provider of critical internet
infrastructure and domain name registry services, enables internet
navigation for many of the world’s most recognized domain names.
Verisign helps enable the security, stability, and resiliency of
the Domain Name System and the internet by providing root zone
maintainer services, operating two of the 13 global internet root
servers, and providing registration services and authoritative
resolution for the .com and .net top-level domains, which support
the majority of global e-commerce. To learn more please visit
verisign.com.
VRSNF
Statements in this announcement other than historical data and
information constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 as amended and
Section 21E of the Securities Exchange Act of 1934 as amended.
These statements involve risks and uncertainties that could cause
our actual results to differ materially from those stated or
implied by such forward-looking statements. The potential risks and
uncertainties include, among others, attempted security breaches,
cyber-attacks, and DDoS attacks against our systems and services;
the introduction of undetected or unknown defects in our systems or
services; vulnerabilities in the global routing system; system
interruptions or system failures; damage or interruptions to our
data centers, data center systems or resolution systems; risks
arising from our operation of root servers and our performance of
the Root Zone Maintainer functions; deterioration of economic
conditions, particularly in China; our ability to compete in the
highly competitive business environment in which we operate; any
loss or modification of our right to operate the .com and .net
gTLDs; changes or challenges to the pricing provisions of the .com
Registry Agreement; new or existing governmental laws and
regulations in the U.S. or other applicable non-U.S. jurisdictions;
new laws, regulations, directives or ICANN policies that require us
to obtain and maintain personal information of registrants;
economic, legal, regulatory, and political risks associated with
our international operations; unfavorable changes in, or
interpretations of, tax rules and regulations; risks from the
adoption of ICANN’s consensus and temporary policies, technical
standards and other processes; the weakening of, or changes to, the
multi-stakeholder model of internet governance; the outcome of
claims, lawsuits, audits or investigations; changes in internet
practices and behavior and the adoption of substitute technologies,
or the negative impact of wholesale price increases; our ability to
expand our services into developing and emerging economies; our
ability to maintain strong relationships with registrars and their
resellers; our ability to attract, retain and motivate highly
skilled employees; and our ability to protect and enforce our
intellectual property rights. More information about potential
factors that could affect our business and financial results is
included in our filings with the SEC, including in our Annual
Report on Form 10-K for the year ended Dec. 31, 2023, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Verisign
undertakes no obligation to update any of the forward-looking
statements after the date of this announcement.
©2024 VeriSign, Inc. All rights reserved. VERISIGN, the VERISIGN
logo, and other trademarks, service marks, and designs are
registered or unregistered trademarks of VeriSign, Inc. and its
subsidiaries in the United States and in foreign countries. All
other trademarks are property of their respective owners.
VERISIGN, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions, except par
value)
(Unaudited)
June 30, 2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
252.2
$
240.1
Marketable securities
437.7
686.3
Other current assets
71.3
61.9
Total current assets
761.2
988.3
Property and equipment, net
227.8
233.2
Goodwill
52.5
52.5
Deferred tax assets
279.8
301.0
Deposits to acquire intangible assets
145.0
145.0
Other long-term assets
38.8
29.0
Total long-term assets
743.9
760.7
Total assets
$
1,505.1
$
1,749.0
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued
liabilities
$
224.2
$
257.4
Deferred revenues
967.1
931.1
Total current liabilities
1,191.3
1,188.5
Long-term deferred revenues
321.6
315.0
Senior notes
1,791.3
1,790.2
Long-term tax and other liabilities
17.3
36.3
Total long-term liabilities
2,130.2
2,141.5
Total liabilities
3,321.5
3,330.0
Commitments and contingencies
Stockholders’ deficit:
Preferred stock—par value $.001 per share;
Authorized shares: 5.0; Issued and outstanding shares: none
—
—
Common stock and additional paid-in
capital—par value $.001 per share; Authorized shares: 1,000; Issued
shares: 355.1 at June 30, 2024 and 354.9 at December 31, 2023;
Outstanding shares: 98.0 at June 30, 2024 and 101.3 at December 31,
2023
11,179.9
11,808.0
Accumulated deficit
(12,993.5
)
(13,386.4
)
Accumulated other comprehensive loss
(2.8
)
(2.6
)
Total stockholders’ deficit
(1,816.4
)
(1,581.0
)
Total liabilities and stockholders’
deficit
$
1,505.1
$
1,749.0
VERISIGN, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In millions, except per share
data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenues
$
387.1
$
372.0
$
771.4
$
736.4
Costs and expenses:
Cost of revenues
47.1
50.3
96.2
100.2
Research and development
23.8
22.2
48.6
46.4
Selling, general and administrative
50.0
50.8
101.5
99.8
Total costs and expenses
120.9
123.3
246.3
246.4
Operating income
266.2
248.7
525.1
490.0
Interest expense
(18.8
)
(18.9
)
(37.6
)
(37.7
)
Non-operating income, net
11.5
12.7
25.4
24.0
Income before income taxes
258.9
242.5
512.9
476.3
Income tax expense
(60.1
)
(56.8
)
(120.0
)
(111.9
)
Net income
198.8
185.7
392.9
364.4
Other comprehensive loss
—
(0.7
)
(0.2
)
(0.7
)
Comprehensive income
$
198.8
$
185.0
$
392.7
$
363.7
Earnings per share:
Basic
$
2.01
$
1.79
$
3.93
$
3.49
Diluted
$
2.01
$
1.79
$
3.93
$
3.49
Shares used to compute earnings per
share
Basic
98.9
103.9
99.9
104.4
Diluted
99.0
104.0
99.9
104.5
VERISIGN, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June
30,
2024
2023
Cash flows from operating activities:
Net income
$
392.9
$
364.4
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of property and equipment
19.1
22.9
Stock-based compensation expense
29.4
29.5
Amortization of discount on investments in
debt securities
(11.1
)
(9.3
)
Other, net
1.6
2.0
Changes in operating assets and
liabilities:
Other assets
(19.2
)
(1.0
)
Other liabilities
(58.8
)
(48.7
)
Deferred revenues
42.6
41.5
Net deferred income taxes
21.2
3.0
Net cash provided by operating
activities
417.7
404.3
Cash flows from investing activities:
Proceeds from maturities and sales of
marketable securities
727.6
721.3
Purchases of marketable securities
(468.1
)
(697.6
)
Purchases of property and equipment
(13.0
)
(12.2
)
Net cash provided by investing
activities
246.5
11.5
Cash flows from financing activities:
Repurchases of common stock
(660.2
)
(453.4
)
Proceeds from employee stock purchase
plan
8.3
8.0
Net cash used in financing activities
(651.9
)
(445.4
)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(0.3
)
(0.2
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
12.0
(29.8
)
Cash, cash equivalents, and restricted
cash at beginning of period
245.5
379.0
Cash, cash equivalents, and restricted
cash at end of period
$
257.5
$
349.2
Supplemental cash flow disclosures:
Cash paid for interest
$
36.4
$
36.4
Cash paid for income taxes, net of refunds
received
$
138.6
$
132.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725059150/en/
Investor Relations: David Atchley, datchley@verisign.com,
703-948-3447 Media Relations: David McGuire,
davmcguire@verisign.com, 703-948-3800
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