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Verisign 8-K Report, Financial Results (Feb 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 6, 2025
Period End
February 6, 2025
Security
VRSN
In the record · 2016–202610-K1110-Q338-K94

VRSN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 94 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’17Jul ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

VeriSign, Inc. (NASDAQ: VRSN) reported results for the fourth quarter and full year ended December 31, 2024, in a press release furnished as Exhibit 99.1.

Fourth-quarter revenue was $395 milliona, up 3.9 percent from the same quarter of 2023, with operating income of $264 million and net income of $191 million, or diluted EPS of $2.00, compared with net income of $265 million and diluted EPS of $2.60 in the fourth quarter of 2023. The prior-year quarter included income tax benefits that increased net income by $69.3 million. For full-year 2024, revenue was $1.56 billion, up 4.3 percent, operating income was $1.06 billion, and net income was $786 million, or diluted EPS of $8.00, versus $818 million and $7.90 in 2023.

Cash flow and capital return were central to the period. Cash flow from operations was $903 millionb for 2024, and cash, cash equivalents and marketable securities ended the year at $600 million, down $326 million. The company repurchased 6.6 million shares for $1.21 billion during 2024, leaving $1.02 billion available under its repurchase program, which has no expiration date.

Deferred revenues totaled $1.30 billionc, up $58 million. Total stockholders' deficit widened to $1.96 billion at year-end, and senior notes totaled $1.79 billion, including $299.8 million classified as current. On the business side, the company noted the renewal of the .com Registry Agreement with ICANN, under which it remains the sole registry operator for .com through November 30, 2030, and the NTIA's renewal of the Cooperative Agreement for a six-year term.

The domain name base stood at 169.0 million .com and .net registrations at year-end, a 2.1 percent decrease year over year. The filing also includes annual non-guarantor subsidiary disclosures under its senior notes indentures, with non-GAAP Adjusted EBITDA of $1,185.3 milliond for the consolidated company in 2024.

02—Key points

Key Highlights

  1. Q4 2024 revenue of $395 million, up 3.9 percent year over year; Q4 diluted EPS of $2.00 versus $2.60 in Q4 2023, which included a $69.3 million tax benefit.
  2. Full-year 2024 revenue of $1.56 billion, up 4.3 percent; net income of $786 million and diluted EPS of $8.00 versus $7.90 in 2023.
  3. Operating cash flow of $903 million for 2024, compared with $854 million in 2023.
  4. Repurchased 6.6 million shares for $1.21 billion in 2024; $1.02 billion remains under the program, which has no expiration date.
  5. Cash, cash equivalents and marketable securities fell $326 million to $600 million at year-end 2024.
  6. Renewed .com Registry Agreement with ICANN through November 30, 2030, and NTIA Cooperative Agreement renewed for six years.
  7. Domain name base of 169.0 million .com and .net registrations, a 2.1 percent decrease from year-end 2023.

03—Questions

Frequently Asked Questions

  1. How did VeriSign perform financially in the fourth quarter and full year of 2024?

    Q4 2024 revenue was $395 million, up 3.9 percent, with net income of $191 million and diluted EPS of $2.00. For full-year 2024, revenue was $1.56 billion, up 4.3 percent, with net income of $786 million and diluted EPS of $8.00. Year-over-year comparisons for net income and EPS are affected by income tax benefits of $69.3 million recognized in 2023.

  2. How much did VeriSign return to shareholders in 2024?

    The company repurchased 6.6 million shares of common stock for $1.21 billion during 2024, including 1.4 million shares for $260 million in the fourth quarter. As of December 31, 2024, $1.02 billion remained available under the repurchase program, which has no expiration date.

  3. What happened to VeriSign's cash position and debt?

    Cash, cash equivalents and marketable securities ended 2024 at $600 million, a decrease of $326 million from year-end 2023. Senior notes totaled $1.79 billion at year-end, of which $299.8 million was classified as current. Total stockholders' deficit was $1.96 billion.

  4. What key business agreements were renewed?

    VeriSign renewed the .com Registry Agreement with ICANN, under which it remains the sole registry operator for .com through November 30, 2030. The NTIA also announced the renewal of the Cooperative Agreement with VeriSign for a six-year term.

  5. How is the domain name base trending?

    VeriSign ended 2024 with 169.0 million .com and .net domain name registrations, a 2.1 percent decrease from the end of 2023 and a net decrease of 0.5 million registrations during the fourth quarter. The company processed 9.5 million new registrations in Q4 2024, compared with 9.0 million in Q4 2023.

04—Continue

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