Verisign Reports Third Quarter 2024 Results
Verisign (NASDAQ: VRSN) reported its Q3 2024 financial results with revenue of $391 million, up 3.8% year-over-year. Operating income reached $269 million, while net income was $201 million with diluted EPS of $2.07. The company ended Q3 with 169.6 million .com and .net domain registrations, showing a 2.5% decrease from Q3 2023. Cash, cash equivalents, and marketable securities stood at $645 million. During the quarter, Verisign repurchased 1.7 million shares for $301 million and processed 9.3 million new domain registrations. The .com and .net renewal rate was 72.7%, down from 73.4% in the same quarter last year.
Verisign (NASDAQ: VRSN) ha riportato i risultati finanziari del terzo trimestre 2024, con entrate pari a 391 milioni di dollari, in aumento del 3,8% rispetto all’anno precedente. L'utile operativo ha raggiunto 269 milioni di dollari, mentre l'utile netto è stato di 201 milioni di dollari, con un utile per azione diluito di $2,07. L'azienda ha chiuso il terzo trimestre con 169,6 milioni di registrazioni di domini .com e .net, mostrando una diminuzione del 2,5% rispetto al terzo trimestre 2023. Contanti, equivalenti di cassa e titoli di mercato ammontavano a 645 milioni di dollari. Durante il trimestre, Verisign ha riacquistato 1,7 milioni di azioni per 301 milioni di dollari e ha elaborato 9,3 milioni di nuove registrazioni di domini. Il tasso di rinnovo dei domini .com e .net è stato del 72,7%, in calo rispetto al 73,4% dello stesso trimestre dell'anno scorso.
Verisign (NASDAQ: VRSN) informó sus resultados financieros del tercer trimestre de 2024, con ingresos de 391 millones de dólares, un aumento del 3.8% en comparación con el año anterior. El ingreso operativo alcanzó 269 millones de dólares, mientras que el ingreso neto fue de 201 millones de dólares con una utilidad por acción diluida de $2.07. La compañía terminó el tercer trimestre con 169.6 millones de registros de dominios .com y .net, mostrando una disminución del 2.5% desde el tercer trimestre de 2023. El efectivo, equivalentes de efectivo y valores negociables se situaron en 645 millones de dólares. Durante el trimestre, Verisign recompró 1.7 millones de acciones por 301 millones de dólares y procesó 9.3 millones de nuevos registros de dominio. La tasa de renovación de .com y .net fue del 72.7%, reduciéndose desde el 73.4% del mismo trimestre del año pasado.
Verisign (NASDAQ: VRSN)는 2024년 3분기 재무 결과를 발표했습니다. 수익은 3억 9천 1백만 달러로, 전년 동기 대비 3.8% 증가했습니다. 운영 수익은 2억 6천 9백만 달러에 이르렀고, 순이익은 2억 1백만 달러로 희석주당순이익(EPS)은 $2.07였습니다. 회사는 3분기를 .com 및 .net 도메인 등록 1억 6천 9백 6십만 건으로 마감했으며, 이는 2023년 3분기 대비 2.5% 감소한 수치입니다. 현금, 현금성 자산 및 유가 증권은 6억 4천 5백만 달러에 달했습니다. 분기 동안 Verisign은 1.7백만 주를 3억 1천만 달러에 재매입했으며 930만 건의 신규 도메인 등록을 처리했습니다. .com 및 .net의 갱신 비율은 72.7%로, 지난해 같은 분기의 73.4%에서 감소했습니다.
Verisign (NASDAQ: VRSN) a annoncé ses résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de 391 millions de dollars, en hausse de 3,8 % par rapport à l'année précédente. Le résultat d'exploitation a atteint 269 millions de dollars, tandis que le résultat net s'élevait à 201 millions de dollars, avec un bénéfice par action dilué de 2,07 $. L'entreprise a terminé le troisième trimestre avec 169,6 millions d'enregistrements de domaines .com et .net, soit une baisse de 2,5 % par rapport au troisième trimestre 2023. Les liquidités, équivalents de liquidités et titres négociables se sont élevés à 645 millions de dollars. Au cours du trimestre, Verisign a racheté 1,7 million d'actions pour 301 millions de dollars et a traité 9,3 millions de nouvelles inscriptions de domaines. Le taux de renouvellement des domaines .com et .net était de 72,7 %, en baisse par rapport à 73,4 % au même trimestre de l'année précédente.
Verisign (NASDAQ: VRSN) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit Umsätzen von 391 Millionen Dollar, was einem Anstieg von 3,8 % im Vergleich zum Vorjahr entspricht. Das Betriebsergebnis belief sich auf 269 Millionen Dollar, während der Nettogewinn 201 Millionen Dollar betrug, mit einem verwässerten Gewinn pro Aktie von 2,07 Dollar. Das Unternehmen schloss das 3. Quartal mit 169,6 Millionen Registrierungen von .com- und .net-Domains ab, was einen Rückgang von 2,5 % im Vergleich zum 3. Quartal 2023 darstellt. Die liquiden Mittel, liquiden Mitteläquivalente und Handelswerte beliefen sich auf 645 Millionen Dollar. Im Laufe des Quartals hat Verisign 1,7 Millionen Aktien für 301 Millionen Dollar zurückgekauft und 9,3 Millionen neue Domain-Registrierungen bearbeitet. Die Erneuerungsrate für .com und .net betrug 72,7 %, was einen Rückgang von 73,4 % im gleichen Quartal des Vorjahres bedeutet.
- Revenue increased 3.8% year-over-year to $391 million
- Operating income grew to $269 million from $254 million YoY
- Net income improved to $201 million from $188 million YoY
- Diluted EPS increased to $2.07 from $1.83 YoY
- Cash flow from operations rose to $253 million from $245 million YoY
- Domain name base decreased 2.5% YoY
- New domain registrations declined to 9.3M from 9.9M YoY
- Renewal rate dropped to 72.7% from 73.4% YoY
- Cash and equivalents decreased by $281 million from year-end 2023
Insights
The Q3 results show mixed signals. While revenue grew
The company maintains strong cash generation with
VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of
“By continuing to deliver on our mission of maintaining the security, stability, and resiliency of the critical internet infrastructure we operate, we deliver for all our stakeholders,” said Jim Bidzos, Executive Chairman, President and Chief Executive Officer.
Financial Highlights
-
Verisign ended the third quarter of 2024 with cash, cash equivalents and marketable securities of
$645 million $281 million -
Cash flow from operations was
$253 million $245 million -
Deferred revenues as of Sept. 30, 2024 totaled
$1.30 billion $53 million -
During the third quarter of 2024, Verisign repurchased 1.7 million shares of its common stock for an aggregate cost of
$301 million $1.28 billion
Business Highlights
- Verisign ended the third quarter of 2024 with 169.6 million .com and .net domain name registrations in the domain name base, a 2.5 percent decrease from the end of the third quarter of 2023, and a net decrease of 1.1 million domain names during the third quarter of 2024.
- During the third quarter of 2024, Verisign processed 9.3 million new domain name registrations for .com and .net, compared with 9.9 million for the third quarter of 2023.
- The final .com and .net renewal rate for the second quarter of 2024 was 72.7 percent compared to 73.4 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 third quarter 2024 results. The call will be accessible by direct dial at (888) 676-VRSN (
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.
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
©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
VERISIGN, INC.
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September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
267.3 |
|
|
$ |
240.1 |
|
Marketable securities |
|
377.6 |
|
|
|
686.3 |
|
Other current assets |
|
72.5 |
|
|
|
61.9 |
|
Total current assets |
|
717.4 |
|
|
|
988.3 |
|
Property and equipment, net |
|
224.8 |
|
|
|
233.2 |
|
Goodwill |
|
52.5 |
|
|
|
52.5 |
|
Deferred tax assets |
|
285.7 |
|
|
|
301.0 |
|
Deposits to acquire intangible assets |
|
145.0 |
|
|
|
145.0 |
|
Other long-term assets |
|
36.6 |
|
|
|
29.0 |
|
Total long-term assets |
|
744.6 |
|
|
|
760.7 |
|
Total assets |
$ |
1,462.0 |
|
|
$ |
1,749.0 |
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
255.5 |
|
|
$ |
257.4 |
|
Deferred revenues |
|
971.0 |
|
|
|
931.1 |
|
Current senior notes |
|
299.7 |
|
|
|
— |
|
Total current liabilities |
|
1,526.2 |
|
|
|
1,188.5 |
|
Long-term deferred revenues |
|
328.0 |
|
|
|
315.0 |
|
Long-term senior notes |
|
1,492.2 |
|
|
|
1,790.2 |
|
Long-term tax and other liabilities |
|
16.2 |
|
|
|
36.3 |
|
Total long-term liabilities |
|
1,836.4 |
|
|
|
2,141.5 |
|
Total liabilities |
|
3,362.6 |
|
|
|
3,330.0 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ deficit: |
|
|
|
||||
Preferred stock—par value |
|
— |
|
|
|
— |
|
Common stock and additional paid-in capital—par value |
|
10,894.0 |
|
|
|
11,808.0 |
|
Accumulated deficit |
|
(12,792.2 |
) |
|
|
(13,386.4 |
) |
Accumulated other comprehensive loss |
|
(2.4 |
) |
|
|
(2.6 |
) |
Total stockholders’ deficit |
|
(1,900.6 |
) |
|
|
(1,581.0 |
) |
Total liabilities and stockholders’ deficit |
$ |
1,462.0 |
|
|
$ |
1,749.0 |
|
VERISIGN, INC.
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
390.6 |
|
|
$ |
376.3 |
|
|
$ |
1,162.0 |
|
|
$ |
1,112.7 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenues |
|
46.8 |
|
|
|
48.6 |
|
|
|
143.0 |
|
|
|
148.8 |
|
Research and development |
|
23.2 |
|
|
|
21.7 |
|
|
|
71.8 |
|
|
|
68.1 |
|
Selling, general and administrative |
|
51.3 |
|
|
|
51.7 |
|
|
|
152.8 |
|
|
|
151.5 |
|
Total costs and expenses |
|
121.3 |
|
|
|
122.0 |
|
|
|
367.6 |
|
|
|
368.4 |
|
Operating income |
|
269.3 |
|
|
|
254.3 |
|
|
|
794.4 |
|
|
|
744.3 |
|
Interest expense |
|
(18.9 |
) |
|
|
(18.8 |
) |
|
|
(56.5 |
) |
|
|
(56.5 |
) |
Non-operating income, net |
|
10.5 |
|
|
|
13.1 |
|
|
|
35.9 |
|
|
|
37.1 |
|
Income before income taxes |
|
260.9 |
|
|
|
248.6 |
|
|
|
773.8 |
|
|
|
724.9 |
|
Income tax expense |
|
(59.6 |
) |
|
|
(60.1 |
) |
|
|
(179.6 |
) |
|
|
(172.0 |
) |
Net income |
|
201.3 |
|
|
|
188.5 |
|
|
|
594.2 |
|
|
|
552.9 |
|
Other comprehensive income (loss) |
|
0.4 |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
(0.3 |
) |
Comprehensive income |
$ |
201.7 |
|
|
$ |
188.9 |
|
|
$ |
594.4 |
|
|
$ |
552.6 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.07 |
|
|
$ |
1.83 |
|
|
$ |
6.00 |
|
|
$ |
5.32 |
|
Diluted |
$ |
2.07 |
|
|
$ |
1.83 |
|
|
$ |
6.00 |
|
|
$ |
5.32 |
|
Shares used to compute earnings per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
97.3 |
|
|
|
102.9 |
|
|
|
99.0 |
|
|
|
103.9 |
|
Diluted |
|
97.3 |
|
|
|
103.0 |
|
|
|
99.1 |
|
|
|
104.0 |
|
VERISIGN, INC.
|
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
594.2 |
|
|
$ |
552.9 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation of property and equipment |
|
28.1 |
|
|
|
33.7 |
|
Stock-based compensation expense |
|
45.2 |
|
|
|
45.0 |
|
Amortization of discount on investments in debt securities |
|
(16.6 |
) |
|
|
(18.6 |
) |
Other, net |
|
2.1 |
|
|
|
3.0 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Other assets |
|
(18.2 |
) |
|
|
(3.7 |
) |
Other liabilities |
|
(31.9 |
) |
|
|
(16.2 |
) |
Deferred revenues |
|
52.9 |
|
|
|
43.0 |
|
Net deferred income taxes |
|
15.3 |
|
|
|
10.5 |
|
Net cash provided by operating activities |
|
671.1 |
|
|
|
649.6 |
|
Cash flows from investing activities: |
|
|
|
||||
Proceeds from maturities and sales of marketable securities |
|
1,009.6 |
|
|
|
750.8 |
|
Purchases of marketable securities |
|
(684.0 |
) |
|
|
(911.5 |
) |
Purchases of property and equipment |
|
(18.6 |
) |
|
|
(40.8 |
) |
Net cash provided by (used in) investing activities |
|
307.0 |
|
|
|
(201.5 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repurchases of common stock |
|
(963.3 |
) |
|
|
(675.8 |
) |
Proceeds from employee stock purchase plan |
|
12.3 |
|
|
|
12.3 |
|
Net cash used in financing activities |
|
(951.0 |
) |
|
|
(663.5 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
0.1 |
|
|
|
(0.6 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
27.2 |
|
|
|
(216.0 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
245.5 |
|
|
|
379.0 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
272.7 |
|
|
$ |
163.0 |
|
Supplemental cash flow disclosures: |
|
|
|
||||
Cash paid for interest |
$ |
49.5 |
|
|
$ |
49.5 |
|
Cash paid for income taxes, net of refunds received |
$ |
187.1 |
|
|
$ |
178.8 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024803224/en/
Investor Relations:
David Atchley
datchley@verisign.com
703-948-3447
Media Relations:
David McGuire
davmcguire@verisign.com
703-948-3800
Source: VeriSign, Inc.
FAQ
What was Verisign's (VRSN) revenue in Q3 2024?
How many .com and .net domain registrations did Verisign (VRSN) have in Q3 2024?
What was Verisign's (VRSN) EPS in Q3 2024?
How much did Verisign (VRSN) spend on share repurchases in Q3 2024?
