VeriSign Q1 2024 report: $384 million revenue

VeriSign, Inc. (NASDAQ: VRSN) reported financial results for the first quarter of 2024.

VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $384 million for the first quarter of 2024, up 5.5 percent from the same quarter in 2023. Operating income was $259 million for the first quarter of 2024, compared to $241 million for the same quarter of 2023. Verisign reported net income of $194 million and diluted earnings per share (diluted “EPS”) of $1.92 for the first quarter of 2024, compared to net income of $179 million and diluted EPS of $1.70 for the same quarter of 2023.

“These results mark another quarter of solid, consistent financial performance to start 2024,” said Jim Bidzos, Executive Chairman, President and Chief Executive Officer.

Financial Highlights

• Verisign ended the first quarter of 2024 with cash, cash equivalents and marketable securities of $925 million, a decrease of $2 million from year-end 2023.
• Cash flow from operations was $257 million for the first quarter of 2024, compared to $259 million for the same quarter of 2023.
• Deferred revenues as of March 31, 2024 totaled $1.28 billion, an increase of $39 million from year-end 2023.
• During the first quarter of 2024, Verisign repurchased 1.3 million shares of its common stock for an aggregate cost of $260 million. As of March 31, 2024, there was $860 million remaining for future share repurchases under the share repurchase program, which has no expiration.

Business Highlights

• Verisign ended the first quarter of 2024 with 172.5 million .com and .net domain name registrations in the domain name base, a 1.3 percent decrease from the end of the first quarter of 2023, and a net decrease of 0.27 million domain names during the first quarter of 2024.
• During the first quarter of 2024, Verisign processed 9.5 million new domain name registrations for .com and .net, compared with 10.3 million for the first quarter of 2023.
• The final .com and .net renewal rate for the fourth quarter of 2023 was 73.2 percent compared to 73.3 percent for the same quarter of 2022. Renewal rates are not fully measurable until 45 days after the end of the quarter.