Verisign reported Q3 2023 results

VeriSign, Inc. (NASDAQ: VRSN) reported financial results for the third quarter of 2023.

VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $376 million for the third quarter of 2023, up 5.4 percent from the same quarter in 2022. Operating income was $254 million for the third quarter of 2023, compared to $237 million for the same quarter of 2022. Verisign reported net income of $188 million and diluted earnings per share (diluted “EPS”) of $1.83 for the third quarter of 2023, compared to net income of $169 million and diluted EPS of $1.58 for the same quarter of 2022.

“We remain focused on our long-term strategy of value creation and return to shareholders through responsible expense management and efficient capital allocation, which has produced another solid quarter,” said Jim Bidzos, Executive Chairman and Chief Executive Officer.

Financial Highlights

• Verisign ended the third quarter of 2023 with cash, cash equivalents and marketable securities of $943 million, a decrease of $37 million from year-end 2022.
• Cash flow from operations was $245 million for the third quarter of 2023, compared to $262 million for the same quarter of 2022.
• Deferred revenues as of Sept. 30, 2023 totaled $1.26 billion, an increase of $43 million from year-end 2022.
• During the third quarter of 2023, Verisign repurchased 1.1 million shares of its common stock for an aggregate cost of $220 million. As of Sept. 30, 2023, there was $1.34 billion remaining for future share repurchases under the share repurchase program, which has no expiration.

Business Highlights

• Verisign ended the third quarter of 2023 with 173.9 million .com and .netdomain name registrations in the domain name base, a 0.1 percent decrease from the end of the third quarter of 2022, and a net decrease of 0.5 million domain names during the third quarter of 2023.
• During the third quarter of 2023, Verisign processed 9.9 million new domain name registrations for .com and .net, the same as for the third quarter last year.
• The final .com and .net renewal rate for the second quarter of 2023 was 73.4 percent compared to 73.8 percent for the same quarter of 2022. Renewal rates are not fully measurable until 45 days after the end of the quarter.