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  1. VeriSign
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

VeriSign - 10-Q quarterly report FY2024 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________ 
FORM 10-Q
 ____________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 000-23593 
VERISIGN, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3221585
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
12061 Bluemont Way, 
Reston,Virginia20190
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (703) 948-3200
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareVRSNNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☒     No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes ☐     No  ☒ 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class 
Shares Outstanding as of July 19, 2024
Common stock, $0.001 par value per share 97.6 million

TABLE OF CONTENTS
 
  Page
 
PART I—FINANCIAL INFORMATION
 
Item 1.
3
Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023
3
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023
4
Condensed Consolidated Statements of Stockholders’ Deficit for the Three and Six Months Ended June 30, 2024 and 2023
5
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023
6
Notes to Condensed Consolidated Financial Statements
7
13
18
18
PART II—OTHER INFORMATION
19
19
19
19
20
21
2
PART I—FINANCIAL INFORMATION
 
ITEM 1.     FINANCIAL STATEMENTS

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 securities437.7 686.3 
Other current assets71.3 61.9 
Total current assets761.2 988.3 
Property and equipment, net227.8 233.2 
Goodwill52.5 52.5 
Deferred tax assets279.8 301.0 
Deposits to acquire intangible assets145.0 145.0 
Other long-term assets38.8 29.0 
Total long-term assets743.9 760.7 
Total assets$1,505.1 $1,749.0 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities$224.2 $257.4 
Deferred revenues967.1 931.1 
Total current liabilities1,191.3 1,188.5 
Long-term deferred revenues321.6 315.0 
Senior notes1,791.3 1,790.2 
Long-term tax and other liabilities17.3 36.3 
Total long-term liabilities2,130.2 2,141.5 
Total liabilities3,321.5 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 

See accompanying Notes to Condensed Consolidated Financial Statements.
3
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,
 2024202320242023
Revenues$387.1 $372.0 $771.4 $736.4 
Costs and expenses:
Cost of revenues47.1 50.3 96.2 100.2 
Research and development23.8 22.2 48.6 46.4 
Selling, general and administrative50.0 50.8 101.5 99.8 
Total costs and expenses120.9 123.3 246.3 246.4 
Operating income266.2 248.7 525.1 490.0 
Interest expense(18.8)(18.9)(37.6)(37.7)
Non-operating income, net11.5 12.7 25.4 24.0 
Income before income taxes258.9 242.5 512.9 476.3 
Income tax expense(60.1)(56.8)(120.0)(111.9)
Net income198.8 185.7 392.9 364.4 
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 $3.49 
Shares used to compute earnings per share
Basic98.9 103.9 99.9 104.4 
Diluted99.0 104.0 99.9 104.5 
See accompanying Notes to Condensed Consolidated Financial Statements.
4
VERISIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(In millions)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Total stockholders’ deficit, beginning of period$(1,635.7)$(1,593.8)$(1,581.0)$(1,562.2)
Common stock and additional paid-in capital
Beginning balance11,559.4 12,434.2 11,808.0 12,644.5 
Repurchase of common stock(390.3)(222.9)(660.2)(453.4)
Stock-based compensation14.6 15.9 29.9 30.0 
Issuance of common stock under stock plans— — 8.3 8.0 
Excise tax on repurchase of common stock(3.8)(2.1)(6.1)(4.0)
Balance, end of period11,179.9 12,225.1 11,179.9 12,225.1 
Accumulated deficit
Beginning balance(13,192.3)(14,025.3)(13,386.4)(14,204.0)
Net income198.8 185.7 392.9 364.4 
Balance, end of period(12,993.5)(13,839.6)(12,993.5)(13,839.6)
Accumulated other comprehensive loss
Beginning balance(2.8)(2.7)(2.6)(2.7)
Other comprehensive loss— (0.7)(0.2)(0.7)
Balance, end of period(2.8)(3.4)(2.8)(3.4)
Total stockholders’ deficit, end of period$(1,816.4)$(1,617.9)$(1,816.4)$(1,617.9)
See accompanying Notes to Condensed Consolidated Financial Statements.

5
VERISIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
Six Months Ended June 30,
 20242023
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 equipment19.1 22.9 
Stock-based compensation expense29.4 29.5 
Amortization of discount on investments in debt securities(11.1)(9.3)
Other, net1.6 2.0 
Changes in operating assets and liabilities:
Other assets(19.2)(1.0)
Other liabilities(58.8)(48.7)
Deferred revenues42.6 41.5 
Net deferred income taxes21.2 3.0 
Net cash provided by operating activities417.7 404.3 
Cash flows from investing activities:
Proceeds from maturities and sales of marketable securities727.6 721.3 
Purchases of marketable securities(468.1)(697.6)
Purchases of property and equipment(13.0)(12.2)
Net cash provided by investing activities246.5 11.5 
Cash flows from financing activities:
Repurchases of common stock(660.2)(453.4)
Proceeds from employee stock purchase plan8.3 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 cash12.0 (29.8)
Cash, cash equivalents, and restricted cash at beginning of period245.5 379.0 
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 
See accompanying Notes to Condensed Consolidated Financial Statements.
6
VERISIGN, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
Interim Financial Statements
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by VeriSign, Inc. (“Verisign” or the “Company”) in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes normally provided in audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes contained in Verisign’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC on February 15, 2024.
Reclassifications
Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on net income as previously reported.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional disclosure of significant segment expenses on an annual and interim basis. This guidance will be applied retrospectively and will be effective for our 2024 Form 10-K, and for interim periods beginning in 2025. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for our 2025 Form 10-K. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Note 2. Financial Instruments
Cash, Cash Equivalents, and Marketable Securities
The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis:
June 30,December 31,
20242023
 (In millions)
Cash$23.9 $25.6 
Time deposits1.1 1.0 
Money market funds (Level 1)232.5 160.3 
Debt securities issued by the U.S. Treasury (Level 1)437.7 744.9 
Total$695.2 $931.8 
Cash and cash equivalents$252.2 $240.1 
Restricted cash (included in Other long-term assets)5.3 5.4 
Total Cash, cash equivalents, and restricted cash257.5 245.5 
Marketable securities437.7 686.3 
Total
$695.2 $931.8 
The gross and net unrealized gains and losses included in the fair value of the debt securities were not significant for the periods presented. All of the debt securities held as of June 30, 2024 are scheduled to mature in less than one year.
7
Fair Value Measurements
The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in Cash and cash equivalents. The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. The fair value of the Company’s foreign currency forward contracts is based on foreign currency rates quoted by banks or foreign currency dealers and other public data sources. The fair value of all of these financial instruments are classified as Level 1 in the fair value hierarchy.
As of June 30, 2024, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their face values. The aggregate fair value of the Company’s senior notes is $1.67 billion and $1.69 billion as of June 30, 2024 and December 31, 2023, respectively. The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.
Note 3. Selected Balance Sheet Items
Other Current Assets
Other current assets consist of the following: 
June 30,December 31,
20242023
 (In millions)
Prepaid expenses$30.1 $23.3 
Prepaid registry fees24.5 23.8 
Taxes receivable11.0 7.3 
Accounts receivable, net3.6 6.3 
Other2.1 1.2 
Total other current assets$71.3 $61.9 
Other Long-Term Assets
Other long-term assets consist of the following: 
June 30,December 31,
20242023
(In millions)
Operating lease right-of-use asset$11.7 $7.4 
Long-term prepaid expenses10.3 4.8 
Long-term prepaid registry fees8.2 8.3 
Restricted cash5.3 5.4 
Other3.3 3.1 
Total other long-term assets$38.8 $29.0 
The prepaid registry fees in the tables above relate to the fees the Company pays to ICANN for each annual term of .com domain name registrations and renewals which are deferred and amortized over the domain name registration term.
8
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consist of the following: 
June 30,December 31,
20242023
 (In millions)
Accounts payable and accrued expenses$9.0 $12.5 
Customer deposits67.4 77.2 
Taxes payable54.7 49.5 
Accrued employee compensation45.3 61.2 
Interest payable19.5 19.5 
Accrued registry fees13.2 12.3 
Current operating lease liabilities6.0 5.1 
Customer incentives payable5.4 6.5 
Foreign currency forward contracts— 10.7 
Other accrued liabilities3.7 2.9 
Total accounts payable and accrued liabilities$224.2 $257.4 
The balance of customer deposits varies from period to period due to the timing of payments from certain large customers. Taxes payable reflects amounts accrued for the income tax provision and payments made during the period. This balance fluctuates from period to period due to the timing of income tax payments in the Company’s major tax jurisdictions. Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation. Accrued employee incentive compensation as of December 31, 2023 was paid during the six months ended June 30, 2024. The liability related to the unrealized loss on foreign currency forward contracts as of December 31, 2023 was remeasured and paid upon settlement of the forward contract during the six months ended June 30, 2024.
Long-term Tax and Other Liabilities
Long-term tax and other liabilities consist of the following:
June 30,December 31,
20242023
(In millions)
Long-term tax liabilities$11.7 $34.1 
Long-term operating lease liabilities5.6 2.2 
Long-term tax and other liabilities$17.3 $36.3 
Long-term tax liabilities as of June 30, 2024 reflects a $24.1 million reclassification to current liabilities of the final installment of the transition tax liability on accumulated foreign earnings resulting from the 2017 Tax Cuts and Jobs Act.
9
Note 4. Share Repurchases
Effective July 27, 2023, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.14 billion, in addition to the $356.1 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $1.50 billion under the program. The program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. As of June 30, 2024 there was approximately $471.6 million remaining available for repurchases under the program. Effective July 25, 2024, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program.
The Company’s share repurchases are as following. Amounts may not add up due to rounding:
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Shares Total CostsAverage PriceSharesTotal CostsAverage Price
(In millions, except average price amounts)
Total repurchases under the repurchase plans2.2 $388.0 $177.68 3.5 $648.4 $184.74 
Total repurchases for tax withholdings— 2.3 $170.01 0.1 11.7 $191.75 
Total repurchases2.2 $390.3 $177.63 3.6 $660.2 $184.86 
Since inception, the Company has repurchased 257.1 million shares of its common stock for an aggregate cost of $14.31 billion, which is recorded as a reduction of Additional paid-in capital. The share repurchase and authorization amounts disclosed in this Form 10-Q exclude the excise tax on share repurchases.
Note 5. Calculation of Earnings per Share
The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (In millions)
Weighted-average shares of common stock outstanding98.9103.999.9104.4
Weighted-average potential shares of common stock outstanding:
Unvested RSUs and ESPP0.10.1—0.1
Shares used to compute diluted earnings per share99.0104.099.9104.5
The calculation of diluted weighted average shares outstanding excludes performance-based RSUs granted by the Company for which the relevant performance criteria have not been achieved and any awards that are antidilutive. The number of potential shares excluded from the calculation was not significant in any period presented.
10
Note 6. Revenues
The Company generates revenues in the U.S.; Europe, the Middle East and Africa (“EMEA”); China; and certain other countries, including Canada, Japan, and Singapore.
The following table presents the Company’s revenues disaggregated by geography, based on the billing addresses of our customers:
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
 (In millions)
U.S.$257.7 $247.6 $513.0 $490.4 
EMEA61.6 56.7 121.9 111.7 
China19.8 23.9 40.5 49.0 
Other48.0 43.8 96.0 85.3 
Total revenues$387.1 $372.0 $771.4 $736.4 
Revenues in the table above are attributed to the country of domicile and the respective regions in which registrars are located; however, this may differ from the regions where the registrars operate or where registrants are located. Revenues for each region may be impacted by registrars reincorporating, relocating, or from acquisitions or changes in affiliations of resellers. Revenues for each region may also be impacted by registrars domiciled in one region, registering domain names in another region.
Deferred Revenues
As payments for domain name registrations and renewals are due in advance of our performance, we record these amounts as deferred revenues. The increase in the deferred revenues balance for the six months ended June 30, 2024 was primarily driven by amounts billed in the six months ended June 30, 2024 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $606.7 million of revenues recognized that were included in the deferred revenues balance at December 31, 2023. The balance of deferred revenues as of June 30, 2024 represents our aggregate remaining performance obligations. Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction. The long-term deferred revenues amounts will be recognized in revenues over several years and in some cases up to ten years.
Note 7. Stock-based Compensation
Stock-based compensation is classified in the Condensed Consolidated Statements of Comprehensive Income in the same expense line items as cash compensation. The following table presents the classification of stock-based compensation:
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
 (In millions)
Cost of revenues$2.0 $2.0 $4.0 $3.3 
Research and development2.8 2.5 5.4 5.0 
Selling, general and administrative9.5 11.2 20.0 21.2 
Stock-based compensation expense14.3 15.7 29.4 29.5 
Capitalization (included in Property and equipment, net)0.3 0.2 0.5 0.5 
Total stock-based compensation$14.6 $15.9 $29.9 $30.0 
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The following table presents the nature of the Company’s total stock-based compensation:
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
 (In millions)
RSUs$11.9 $11.6 $24.0 $22.5 
Performance-based RSUs1.6 3.2 3.7 5.3 
ESPP1.1 1.1 2.2 2.2 
Total stock-based compensation$14.6 $15.9 $29.9 $30.0 
Note 8. Non-operating Income, Net
Non-operating income, net, primarily consists of interest income from the Company’s surplus cash balances and marketable securities. Interest income was $9.7 million and $21.7 million during the three and six months ended June 30, 2024, respectively, compared to $11.5 million and $22.2 million during the same periods in 2023.
Note 9. Income Taxes
The following table presents Income tax expense and the effective tax rate:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (Dollars in millions)
Income tax expense$60.1 $56.8 $120.0 $111.9 
Effective tax rate23 %23 %23 %23 %
The effective tax rate for each of the periods in the table above differed from the statutory federal rate of 21%, due to state income taxes and U.S. taxes on foreign earnings, net of foreign tax credits, partially offset by a lower foreign effective tax rate.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion in conjunction with the 2023 Form 10-K and the interim unaudited Condensed Consolidated Financial Statements and related notes included in Part I, Item I of this Quarterly Report on Form 10-Q.
This Quarterly Report on Form 10-Q contains 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 (the “Exchange Act”). These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties, including, among other things, statements regarding our expectations about the sufficiency of our existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our borrowing capacity under the unsecured revolving credit facility. Forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K. You should also carefully review the risks described in other documents we file from time to time with the Securities and Exchange Commission, including the Quarterly Reports on Form 10-Q or Current Reports on Form 8-K that we file in 2024. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise, except as required by law.
For purposes of this Quarterly Report on Form 10-Q, the terms “Verisign,” “the Company,” “we,” “us,” and “our” refer to VeriSign, Inc. and its consolidated subsidiaries.
Overview
We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world’s most recognized domain names. We help enable the security, stability, and resiliency of the Domain Name System and the internet by providing Root Zone Maintainer Services, operating two of the thirteen global internet root servers, and providing registration services and authoritative resolution for the .com and .net generic top-level domains (“gTLDs”), which support the majority of global e-commerce.
As of June 30, 2024, we had 170.6 million .com and .net registrations in the domain name base. The number of domain names registered is largely driven by continued growth in online advertising, e-commerce, and the number of internet users, which is partially driven by greater availability of internet access, as well as marketing activities carried out by us and our registrars. The number of domain name registrations under our management may be negatively impacted by certain factors, including overall economic conditions, competition from country code top-level domains (“ccTLDs”), other gTLDs, services that offer alternatives for an online presence, such as social media, and ongoing changes in the internet practices and behaviors of consumers and businesses. Factors such as the evolving practices and preferences of internet users, and how they navigate the internet, as well as the motivation of domain name registrants and how they will manage their investment in domain names, can negatively impact our business and the demand for new domain name registrations and renewals.
Business Highlights and Trends
•We recorded revenues of $387.1 million and $771.4 million during the three and six months ended June 30, 2024, which represents an increase of 4% and 5%, respectively, compared to the same periods in 2023.
•We recorded operating income of $266.2 million and $525.1 million during the three and six months ended June 30, 2024, which represents an increase of 7% compared to the same periods in 2023.
•As of June 30, 2024, we had 170.6 million .com and .net registrations in the domain name base, which represents a 2.2% decrease from June 30, 2023, and a net decrease of 1.8 million domain name registrations from March 31, 2024.
•During the three months ended June 30, 2024, we processed 9.2 million new domain name registrations for .com and .net compared to 10.2 million for the same period in 2023.
•The final .com and .net renewal rate for the first quarter of 2024 was 74.1% compared to 75.5% for the first quarter of 2023. Renewal rates are not fully measurable until 45 days after the end of the quarter.
•We generated cash flows from operating activities of $417.7 million during the six months ended June 30, 2024, compared to $404.3 million for the same period in 2023.
•During the three months ended June 30, 2024, we repurchased 2.2 million shares of our common stock for an aggregate cost of $388.0 million. Effective July 25, 2024, our Board of Directors authorized the repurchase of our common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for
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repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program.
Pursuant to our agreements with ICANN, we make available files containing all active domain names registered in the .com and .net registries. Further, we also make available a summary of the active zone count registered in the .com and .net registries and the number of .com and .net domain name registrations in the domain name base. The zone counts and information on how to obtain access to the zone files can be found at https://www.Verisign.com/zone. The domain name base is the active zone plus the number of domain names that are registered but not configured for use in the respective top-level domain zone file plus the number of domain names that are in a client or server hold status. The domain name base may also reflect compensated or uncompensated judicial or administrative actions to add or remove from the active zone an immaterial number of domain names. These files and the related summary data are updated daily. The update times may vary each day. The number of domain names provided in this Form 10-Q are as of midnight of the date reported.
Results of Operations
The following table presents information regarding our results of operations as a percentage of revenues:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenues100.0 %100.0 %100.0 %100.0 %
Costs and expenses:
Cost of revenues12.2 13.5 12.5 13.6 
Research and development6.1 6.0 6.3 6.3 
Selling, general and administrative12.9 13.7 13.1 13.6 
Total costs and expenses31.2 33.2 31.9 33.5 
Operating income68.8 66.8 68.1 66.5 
Interest expense(4.9)(5.1)(4.9)(5.1)
Non-operating income, net3.0 3.5 3.3 3.3 
Income before income taxes66.9 65.2 66.5 64.7 
Income tax expense(15.5)(15.3)(15.6)(15.2)
Net income51.4 %49.9 %50.9 %49.5 %
Revenues
Our revenues are primarily derived from registrations for domain names in the .com and .net domain name registries. We also derive revenues from operating domain name registries and technical systems for several other gTLDs and one ccTLD, all of which are not significant in relation to our consolidated revenues. For domain names registered in the .com and .net registries, we receive a fee from registrars per annual registration that is determined pursuant to our agreements with ICANN. Individual customers, called registrants, contract directly with registrars or their resellers, and the registrars, who are our direct customers, in turn register the domain names with Verisign. Changes in revenues are driven largely by changes in the number of new domain name registrations and the renewal rate for existing registrations as well as the impact of new and prior price increases, to the extent permitted by ICANN and the Department of Commerce. New registrations and the renewal rate for existing registrations are impacted by continued growth in online advertising, e-commerce, and the number of internet users, as well as marketing activities carried out by us and our registrars. We also offer promotional incentive-based discount programs to registrars based upon market conditions and the business environment in which the registrars operate.
Under the .com Registry Agreement, we are permitted to increase the price of a .com domain name registration by up to 7% in each of the final four years of each six-year period beginning on October 26, 2018. We increased the annual registry-level wholesale fee for each new and renewal .com domain name registration from $8.97 to $9.59 effective September 1, 2023. On February 8, 2024, we announced that we will increase the annual registry-level wholesale fee for each new and
renewal .com domain name registration from $9.59 to $10.26, effective September 1, 2024. Under the .net Registry Agreement which renewed in June 2023, we are permitted to increase the price of .net domain name registrations by up to 10% each year during the term of our agreement with ICANN, through June 30, 2029. We increased the annual registry-level wholesale fee for each new and renewal .net domain name registration from $9.02 to $9.92 effective February 1, 2023 and from $9.92 to $10.91 effective February 1, 2024. All fees paid to us for .com and .net registrations are in U.S. dollars.
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A comparison of revenues is presented below:
 Three Months Ended June 30,Six Months Ended June 30,
2024% Change20232024% Change2023
 (Dollars in millions)
Revenues$387.1 4%$372.0 $771.4 5%$736.4 
The following table compares the .com and .net domain name registrations in the domain name base:
June 30, 2024% ChangeJune 30, 2023
.com and .net domain name registrations in the domain name base
170.6 million(2)%174.4 million
Revenues increased during the three and six months ended June 30, 2024, as compared to the same periods last year, primarily due to the .com price increases that became effective September 1, 2023 and 2022 and the .net price increases that became effective February 1, 2024 and 2023, partially offset by a decline in the .com and .net domain name base, and the elimination of revenue from the operation of the .gov gTLD, which was transitioned to another service provider in the fourth quarter of 2023.
Demand for domain names has been primarily driven by continued internet growth and marketing activities carried out by us and our registrars. However, competitive pressure from ccTLDs, other gTLDs, services that offer alternatives for an online presence, such as social media, ongoing changes in internet practices and behaviors of consumers and business, as well as the motivation of existing domain name registrants managing their investment in domain names, such as for resale at increased prices or for revenue generation through website advertising, and global economic conditions, has limited the demand for domain names and may continue to do so in the future. While the core value proposition of a domain name remains strong, challenging economic and regulatory conditions have continued to weaken demand for domain name registrations in China, and some registrars, particularly in the U.S., have shifted their focus to increasing profitability through higher retail pricing and a decrease in marketing activities targeting new customer acquisition. The combination of these factors has negatively impacted our renewal rates and the volume of new .com and .net domain name registrations, resulting in a decline in our domain name base.
Geographic revenues
We generate revenues in the U.S.; Europe, the Middle East and Africa (“EMEA”); China; and certain other countries, including Canada, Japan, and Singapore.
The following table presents a comparison of our geographic revenues:
 Three Months Ended June 30,Six Months Ended June 30,
2024% Change20232024% Change2023
 (Dollars in millions)
U.S.$257.7 4%$247.6 $513.0 5%$490.4 
EMEA61.6 9%56.7 121.9 9%111.7 
China19.8 (17)%23.9 40.5 (17)%49.0 
Other48.0 10%43.8 96.0 13%85.3 
Total revenues$387.1 $372.0 $771.4 $736.4 
Revenues in the table above are attributed to the country of domicile and the respective regions in which our registrars are located; however, this may differ from the regions where the registrars operate or where registrants are located. Revenue growth for each region may be impacted by registrars reincorporating, relocating, or from acquisitions or changes in affiliations of resellers. Revenue growth for each region may also be impacted by registrars domiciled in one region, registering domain names in another region. The majority of our revenue growth was generated from registrars based in the U.S., EMEA and certain other countries, while revenues from registrars based in China declined in the three and six months ended June 30, 2024 compared to the same periods of the prior year due to the lower demand noted above.
Cost of revenues
Cost of revenues consist primarily of salaries and employee benefits expenses for our personnel who manage the operational systems, depreciation expenses, operational costs associated with the delivery of our services, fees paid to ICANN, customer support and training, costs of facilities and computer equipment used in these activities, telecommunications expense and allocations of indirect costs such as corporate overhead.
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A comparison of cost of revenues is presented below:
 Three Months Ended June 30,Six Months Ended June 30,
2024% Change20232024% Change2023
 (Dollars in millions)
Cost of revenues$47.1 (7)%$50.3 $96.2 (4)%$100.2 
Cost of revenues decreased slightly during the three months ended June 30, 2024, compared to the same period last year, due to a combination of individually insignificant factors.
Cost of revenues decreased during the six months ended June 30, 2024, compared to the same period last year, due to decreases in depreciation expenses and telecommunication expenses. Depreciation expenses decreased by $3.9 million due to a decrease in capital expenditures in recent periods. Telecommunication expenses decreased by $2.5 million primarily due to savings on renewals of colocation agreements.
Research and development
Research and development expenses consist primarily of costs related to research and development personnel, including salaries and other personnel-related expenses, consulting fees, facilities costs, computer and communications equipment, support services used in our service and technology development, and allocations of indirect costs such as corporate overhead.
A comparison of research and development expenses is presented below:
 Three Months Ended June 30,Six Months Ended June 30,
2024% Change20232024% Change2023
 (Dollars in millions)
Research and development$23.8 7%$22.2 $48.6 5%$46.4 
Research and development expenses increased slightly during the three and six months ended June 30, 2024, compared to the same periods last year, due to a combination of individually insignificant factors.
Selling, general and administrative
Selling, general and administrative expenses consist primarily of salaries and other personnel-related expenses for our executive, administrative, legal, finance, information technology, human resources, sales, and marketing personnel, travel and related expenses, trade shows, costs of computer and communications equipment and support services, consulting and professional service fees, costs of marketing programs, costs of facilities, management information systems, support services, and certain tax and license fees, offset by allocations of indirect costs such as facilities and shared services expenses to other cost types.
A comparison of selling, general and administrative expenses is presented below:
 Three Months Ended June 30,Six Months Ended June 30,
2024% Change20232024% Change2023
 (Dollars in millions)
Selling, general and administrative$50.0 (2)%$50.8 $101.5 2%$99.8 
Selling, general and administrative expenses remained consistent during the three and six months ended June 30, 2024, compared to the same periods last year.
Interest expense
Interest expense remained consistent during the three and six months ended June 30, 2024 compared to the same periods last year.
Non-operating income, net
Non-operating income remained consistent during the three and six months ended June 30, 2024, compared to the same periods last year.
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Income tax expense
The following table presents Income tax expense and the effective tax rate:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (Dollars in millions)
Income tax expense$60.1 $56.8 $120.0 $111.9 
Effective tax rate23 %23 %23 %23 %
The effective tax rate for each of the periods in the table above differed from the statutory federal rate of 21%, due to state income taxes and U.S. taxes on foreign earnings, net of foreign tax credits, partially offset by a lower foreign effective tax rate.
Liquidity and Capital Resources
The following table presents our principal sources of liquidity:
June 30,December 31,
20242023
 (In millions)
Cash and cash equivalents$252.2 $240.1 
Marketable securities437.7 686.3 
Total$689.9 $926.4 
The marketable securities primarily consist of debt securities issued by the U.S. Treasury meeting the criteria of our investment policy, which is focused on the preservation of our capital through investment in investment grade securities. The cash equivalents consist of amounts invested in money market funds, time deposits and U.S. Treasury bills purchased with original maturities of three months or less. As of June 30, 2024, all of our debt securities have contractual maturities of less than one year. Our cash and cash equivalents are readily accessible. For additional information on our investment portfolio, see Note 2, “Financial Instruments,” of our Notes to Condensed Consolidated Financial Statements in Part I, Item I of this Quarterly Report on Form 10-Q.
During the three months ended June 30, 2024, we repurchased 2.2 million shares of our common stock for an aggregate cost of $388.0 million. As of June 30, 2024, there was approximately $471.6 million remaining available for future share repurchases under the share repurchase program. Effective July 25, 2024, our Board of Directors authorized the repurchase of our common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program.
As of June 30, 2024, we had $750.0 million principal amount outstanding of 2.70% senior unsecured notes due 2031, $550.0 million principal amount outstanding of 4.75% senior unsecured notes due 2027, and $500.0 million principal amount outstanding of 5.25% senior unsecured notes due 2025. As of June 30, 2024, there were no borrowings outstanding under our $200.0 million credit facility that will expire in 2028.
We believe existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our ability to arrange for additional financing should be sufficient to meet our working capital, capital expenditure requirements, and to service our debt for the next 12 months and beyond. We regularly assess our cash management approach and activities in view of our current and potential future needs. Our cash requirements have not changed materially since the 2023 Form 10-K.
In summary, our cash flows for the six months ended June 30, 2024 and 2023 were as follows:
Six Months Ended June 30,
 20242023
 (In millions)
Net cash provided by operating activities$417.7 $404.3 
Net cash provided by investing activities246.5 11.5 
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)
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Cash flows from operating activities
Our largest source of operating cash flows is cash collections from our customers. Our primary uses of cash from operating activities are for personnel-related expenditures, and other general operating expenses, as well as payments related to taxes, interest and facilities.
Net cash provided by operating activities increased during the six months ended June 30, 2024, compared to the same period last year, primarily due to an increase in cash received from customers, partially offset by increases in cash paid to employees and vendors and cash paid for income taxes. Cash received from customers increased primarily due to the .com price increase that became effective on September 1, 2023, and the .net price increase that became effective on February 1, 2024. Cash paid to employees and vendors increased primarily due to the timing of payments. Cash paid for income taxes increased primarily due to comparatively higher U.S. federal and state income taxes.
Cash flows from investing activities
The changes in cash flows from investing activities primarily relate to purchases, maturities and sales of marketable securities, and purchases of property and equipment.
Net cash provided by investing activities increased during the six months ended June 30, 2024, compared to the same period last year, primarily due to an increase in proceeds from maturities and sales of marketable securities, net of purchases of marketable securities.
Cash flows from financing activities
The changes in cash flows from financing activities primarily relate to share repurchases and proceeds from our employee stock purchase plan.
Net cash used in financing activities increased during the six months ended June 30, 2024, compared to the same period last year, primarily due to an increase in share repurchases.

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no significant changes in our market risk exposures since December 31, 2023.

ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer), evaluated the effectiveness of our disclosure controls and procedures. Based on this evaluation, as of June 30, 2024, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Inherent Limitations of Disclosure Controls and Internal Control over Financial Reporting
Because of their inherent limitations, our disclosure controls and procedures and our internal control over financial reporting may not prevent material errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to risks, including that the control may become inadequate because of changes in conditions or that the degree of compliance with our policies or procedures may deteriorate.
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PART II—OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
We are involved in various investigations, claims and lawsuits arising in the normal conduct of our business, none of which, in our opinion, will have a material adverse effect on our financial condition, results of operations, or cash flows. We cannot assure you that we will prevail in any litigation. Regardless of the outcome, any litigation may require us to incur significant litigation expense and may result in significant diversion of management attention.
ITEM 1A.    RISK FACTORS
Our business, operating results, financial condition, reputation, cash flows or prospects can be materially adversely affected by a number of factors including but not limited to those described in Part I, Item 1A of the 2023 Form 10-K under the heading “Risk Factors.” In such case, the trading price of our common stock could decline and you could lose part or all of your investment. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially adversely affect our business, operating results, financial condition, reputation, cash flows and prospects. Actual results could differ materially from those projected in the forward-looking statements contained in this Form 10-Q as a result of the risk factors described in Part I, Item 1A of the 2023 Form 10-K and in other filings we make with the SEC. There have been no material changes to the Company’s risk factors since the 2023 10-K.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table presents the share repurchase activity during the three months ended June 30, 2024:
Total Number
of Shares
Purchased
Average
Price Paid
per Share
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs (1) (2)
Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the Plans or
Programs (1) (2) (3)
 (Shares in thousands)
April 1 - 30, 2024
752 $186.65 752 $719.2  million
May 1 - 31, 2024
1,059 $170.84 1,059 $538.4  million
June 1 - 30, 2024
373 $179.00 373 $471.6  million
2,184 2,184 
(1)    Effective July 27, 2023, our Board of Directors authorized the repurchase of our common stock in the amount of $1.14 billion, in addition to the $356.1 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program.
(2)    Effective July 25, 2024, our Board of Directors authorized the repurchase of our common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program. The share repurchase program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions.
(3) Amounts presented are exclusive of the excise tax on share repurchases.
ITEM 5.    OTHER INFORMATION
Insider Trading Arrangements
Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act.
On May 15, 2024, Danny McPherson, the Company’s Executive Vice President, Engineering, Operations and Chief Security Officer, terminated an existing Rule 10b5-1(c) trading plan, originally adopted on November 22, 2023. The trading plan permitted the sale of up to 6,000 shares of Company common stock between March 1, 2024 and March 28, 2025, subject to certain conditions.
No other directors or executive officers adopted, terminated or modified plans or other arrangements during the quarter ended June 30, 2024.
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Table of Contents
ITEM 6.    EXHIBITS
As required under Item 6—Exhibits, the exhibits filed as part of this report are provided in this separate section. The exhibits included in this section are as follows:
Exhibit
Number		Exhibit DescriptionIncorporated by Reference
FormDateNumberFiled Herewith
31.01X
31.02X
32.01X
32.02X
101Interactive Data File. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.X
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).X
*As contemplated by SEC Release No. 33-8212, these exhibits are furnished with this Quarterly Report on Form 10-Q and are not deemed filed with the SEC and are not incorporated by reference in any filing of VeriSign, Inc. under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in such filings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
VERISIGN, INC.
Date: July 25, 2024By:
/S/    D. JAMES BIDZOS        
D. James Bidzos
Chief Executive Officer
 
Date: July 25, 2024By:
/S/   GEORGE E. KILGUSS, III   
George E. Kilguss, III
Chief Financial Officer
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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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