VeriSign, Inc. (NASDAQ: VRSN) reported financial results for the third quarter of 2022.
VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $357 million for the third quarter of 2022, up 6.8 percent from the same quarter in 2021. Verisign reported net income of $169 million and diluted earnings per share (diluted “EPS”) of $1.58 for the third quarter of 2022, compared to net income of $157 million and diluted EPS of $1.40 for the same quarter of 2021. The operating margin was 66.3 percent for the third quarter of 2022 compared to 66.2 percent for the same quarter of 2021.
“Our primary focus is reliably operating our critical internet infrastructure. We were also able to deliver a solid quarter for shareholders,” said Jim Bidzos, Executive Chairman and Chief Executive Officer.
- Verisign ended the third quarter of 2022 with cash, cash equivalents and marketable securities of $980 million, a decrease of $226 million from year-end 2021.
- Cash flow from operations was $262 million for the third quarter of 2022, compared to $260 million for the same quarter of 2021.
- Deferred revenues as of Sept. 30, 2022 totaled $1.24 billion, an increase of $82 million from year-end 2021.
- During the third quarter of 2022, Verisign repurchased 1.5 million shares of its common stock for an aggregate cost of $275 million.
- Effective Oct. 27, 2022 the Board of Directors approved an additional authorization for share repurchases of approximately $803 million of common stock, which brings the total amount to $1.0 billion authorized and available under Verisign’s share repurchase program, which has no expiration.
- Verisign ended the third quarter of 2022 with 174.2 million .com and .netdomain name registrations in the domain name base, a 1.2 percent increase from the end of the third quarter of 2021, and a net decrease of 0.16 million domain names during the third quarter of 2022.
- During the third quarter of 2022, Verisign processed 9.9 million new domain name registrations for .com and .net, as compared to 10.7 million for the same quarter of 2021.
- The final .com and .net renewal rate for the second quarter of 2022 was 73.8 percent compared to 75.4 percent for the same quarter of 2021. Renewal rates are not fully measurable until 45 days after the end of the quarter.