What did Verisign report for the first quarter of 2024?

Verisign reported revenue of $384 million, up 5.5 percent year over year, operating income of $259 million, net income of $194 million, and diluted EPS of $1.92. All of these results improved on the first quarter of 2023, when the company reported operating income of $241 million, net income of $179 million, and diluted EPS of $1.70.

How much did Verisign return to shareholders through buybacks?

During the first quarter of 2024, Verisign repurchased 1.3 million shares of common stock for an aggregate cost of $260 million. As of March 31, 2024, $860 million remained available under the share repurchase program, which has no expiration.

How is the domain name base changing?

The .com and .net domain name base ended the first quarter of 2024 at 172.5 million registrations, a 1.3 percent decrease from the end of the first quarter of 2023, with a net decrease of 0.27 million domain names during the quarter. The company processed 9.5 million new registrations in the quarter, compared with 10.3 million in the first quarter of 2023.

What was the renewal rate and how should investors read it?

The final .com and .net renewal rate for the fourth quarter of 2023 was 73.2 percent, compared with 73.3 percent for the same quarter of 2022. The company notes that renewal rates are not fully measurable until 45 days after the end of the quarter.

How did cash flow and liquidity change during the quarter?

Cash flow from operations was $257 million, compared with $259 million in the first quarter of 2023. Cash, cash equivalents and marketable securities totaled $925 million at March 31, 2024, a decrease of $2 million from year-end 2023, while deferred revenues rose $39 million to $1.28 billion over the same period.

VRSN 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 25, 2024. Cited figures are marked; the original filing is the authoritative source.

VeriSign, Inc. furnished a press release under Item 2.02 reporting financial results for the fiscal quarter ended March 31, 2024.

The company reported revenue of $384 million^a, up 5.5 percent from the first quarter of 2023. Operating income rose to $259 million from $241 million, net income increased to $194 million from $179 million, and diluted EPS was $1.92 compared with $1.70. Management described the results as "another quarter of solid, consistent financial performance to start 2024." Capital returns remained a major use of cash.

Verisign repurchased 1.3 million shares for an aggregate cost of $260 million^b in the quarter, leaving $860 million available under its share repurchase program, which has no expiration. Cash flow from operations was $257 million, compared with $259 million a year earlier, and cash, cash equivalents and marketable securities ended the quarter at $925 million, down $2 million from year-end 2023. Domain base metrics were softer.

The .com and .net domain name base ended the quarter at 172.5 million registrations, a 1.3 percent decrease year over year and a net decrease of 0.27 million during the quarter. New registrations processed were 9.5 million, versus 10.3 million in the first quarter of 2023, and the final renewal rate for the fourth quarter of 2023 was 73.2 percent compared with 73.3 percent a year earlier.

02—Key points

Key Highlights

Revenue of $384 million in Q1 2024, up 5.5 percent from the same quarter of 2023.
Operating income of $259 million, versus $241 million in Q1 2023; net income of $194 million, versus $179 million.
Diluted EPS of $1.92, compared with $1.70 in the first quarter of 2023.
Repurchased 1.3 million shares for $260 million in the quarter; $860 million remained under the no-expiration buyback program as of March 31, 2024.
Cash flow from operations of $257 million, compared with $259 million in Q1 2023.
Cash, cash equivalents and marketable securities of $925 million, down $2 million from year-end 2023; deferred revenues of $1.28 billion, up $39 million from year-end 2023.
The .com and .net domain name base fell to 172.5 million, a 1.3 percent decrease year over year, with new registrations of 9.5 million versus 10.3 million a year earlier.

03—Questions

Frequently Asked Questions

What did Verisign report for the first quarter of 2024?
Verisign reported revenue of $384 million, up 5.5 percent year over year, operating income of $259 million, net income of $194 million, and diluted EPS of $1.92. All of these results improved on the first quarter of 2023, when the company reported operating income of $241 million, net income of $179 million, and diluted EPS of $1.70.
How much did Verisign return to shareholders through buybacks?
During the first quarter of 2024, Verisign repurchased 1.3 million shares of common stock for an aggregate cost of $260 million. As of March 31, 2024, $860 million remained available under the share repurchase program, which has no expiration.
How is the domain name base changing?
The .com and .net domain name base ended the first quarter of 2024 at 172.5 million registrations, a 1.3 percent decrease from the end of the first quarter of 2023, with a net decrease of 0.27 million domain names during the quarter. The company processed 9.5 million new registrations in the quarter, compared with 10.3 million in the first quarter of 2023.
What was the renewal rate and how should investors read it?
The final .com and .net renewal rate for the fourth quarter of 2023 was 73.2 percent, compared with 73.3 percent for the same quarter of 2022. The company notes that renewal rates are not fully measurable until 45 days after the end of the quarter.
How did cash flow and liquidity change during the quarter?
Cash flow from operations was $257 million, compared with $259 million in the first quarter of 2023. Cash, cash equivalents and marketable securities totaled $925 million at March 31, 2024, a decrease of $2 million from year-end 2023, while deferred revenues rose $39 million to $1.28 billion over the same period.

04—Continue

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