$VRSN
VeriSign, Inc

2020 Q1 Form 10-Q Financial Statement

#000101447320000019 Filed on April 23, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $312.5M $306.4M
YoY Change 2.0% 2.38%
Cost Of Revenue $45.57M $45.50M
YoY Change 0.15% -5.5%
Gross Profit $267.0M $260.9M
YoY Change 2.32% 3.89%
Gross Profit Margin 85.42% 85.15%
Selling, General & Admin $43.33M $44.52M
YoY Change -2.68% -11.56%
% of Gross Profit 16.23% 17.06%
Research & Development $17.36M $16.13M
YoY Change 7.6% 4.92%
% of Gross Profit 6.5% 6.18%
Depreciation & Amortization $11.20M $11.60M
YoY Change -3.45% -4.13%
% of Gross Profit 4.2% 4.45%
Operating Expenses $60.69M $60.65M
YoY Change 0.06% -7.71%
Operating Profit $206.3M $200.3M
YoY Change 3.0% 8.0%
Interest Expense $22.54M $22.63M
YoY Change -0.42% -44.52%
% of Operating Profit 10.93% 11.3%
Other Income/Expense, Net $7.084M $12.20M
YoY Change -41.95% 56.37%
Pretax Income $190.8M $189.8M
YoY Change 0.52% 24.53%
Income Tax -$143.3M $27.30M
% Of Pretax Income -75.1% 14.38%
Net Earnings $334.1M $162.5M
YoY Change 105.58% 21.05%
Net Earnings / Revenue 106.91% 53.04%
Basic Earnings Per Share
Diluted Earnings Per Share $2.863M $1.351M
COMMON SHARES
Basic Shares Outstanding 116.4M shares 119.8M shares
Diluted Shares Outstanding 116.7M shares 120.3M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.139B $1.253B
YoY Change -9.1% -46.82%
Cash & Equivalents $498.7M $779.6M
Short-Term Investments $640.0M $473.0M
Other Short-Term Assets $46.86M $62.28M
YoY Change -24.75% 19.61%
Inventory
Prepaid Expenses $16.61M $13.82M
Receivables $5.047M $5.995M
Other Receivables $0.00 $5.000M
Total Short-Term Assets $1.185B $1.315B
YoY Change -9.87% -45.39%
LONG-TERM ASSETS
Property, Plant & Equipment $247.8M $252.2M
YoY Change -1.77% -2.06%
Goodwill $52.53M $52.53M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.69M $34.45M
YoY Change 12.29% 30.97%
Total Long-Term Assets $568.4M $604.4M
YoY Change -5.96% 21.66%
TOTAL ASSETS
Total Short-Term Assets $1.185B $1.315B
Total Long-Term Assets $568.4M $604.4M
Total Assets $1.754B $1.920B
YoY Change -8.64% -33.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.00M $14.00M
YoY Change -28.57% 55.56%
Accrued Expenses $88.00M $93.00M
YoY Change -5.38% -5.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $955.7M $941.3M
YoY Change 1.53% -39.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.788B $1.786B
YoY Change 0.11% 0.17%
Other Long-Term Liabilities $138.1M $309.1M
YoY Change -55.33% 1.82%
Total Long-Term Liabilities $2.207B $2.385B
YoY Change -7.43% -7.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $955.7M $941.3M
Total Long-Term Liabilities $2.207B $2.385B
Total Liabilities $3.163B $3.326B
YoY Change -4.9% -19.67%
SHAREHOLDERS EQUITY
Retained Earnings -$16.14B -$16.93B
YoY Change -4.63% -3.48%
Common Stock $353.0K
YoY Change 8.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.48B $9.620B
YoY Change 8.94% 8.09%
Treasury Stock Shares 237.9M shares 233.5M shares
Shareholders Equity -$1.409B -$1.406B
YoY Change
Total Liabilities & Shareholders Equity $1.754B $1.920B
YoY Change -8.64% -33.93%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $334.1M $162.5M
YoY Change 105.58% 21.05%
Depreciation, Depletion And Amortization $11.20M $11.60M
YoY Change -3.45% -4.13%
Cash From Operating Activities $180.1M $187.3M
YoY Change -3.88% 108.17%
INVESTING ACTIVITIES
Capital Expenditures $11.01M $9.133M
YoY Change 20.58% 19.2%
Acquisitions
YoY Change
Other Investing Activities $90.10M $2.958M
YoY Change 2945.98% 1748.75%
Cash From Investing Activities $79.08M $430.7M
YoY Change -81.64% -66.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $275.6M $204.3M
YoY Change 34.91% 33.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$267.3M -$196.0M
YoY Change 36.36% 35.27%
NET CHANGE
Cash From Operating Activities $180.1M $187.3M
Cash From Investing Activities $79.08M $430.7M
Cash From Financing Activities -$267.3M -$196.0M
Net Change In Cash -$9.499M $422.2M
YoY Change -102.25% -65.89%
FREE CASH FLOW
Cash From Operating Activities $180.1M $187.3M
Capital Expenditures $11.01M $9.133M
Free Cash Flow $169.0M $178.2M
YoY Change -5.13% 116.45%

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575000000.0 USD
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44847000 USD
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4221000 USD
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4564000 USD
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312676000 USD
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167800000 USD
CY2020Q1 vrsn Additionalsharerepurchaseamountauthorized
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743000000.0 USD
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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257000000.0 USD
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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825600000 USD
CY2020Q1 us-gaap Treasury Stock Shares
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237900000 shares
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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355000 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
560000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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116730000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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120317000 shares
CY2020Q1 us-gaap Revenues
Revenues
312524000 USD
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Revenues
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278500000 USD
CY2020Q1 us-gaap Share Based Compensation
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11441000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12462000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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493000 USD
CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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356000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11441000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12462000 USD
CY2020Q1 us-gaap Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
4421000 USD
CY2019Q1 us-gaap Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
7360000 USD
CY2020Q1 vrsn Incomefromtransitionservices
Incomefromtransitionservices
2100000 USD
CY2019Q1 vrsn Incomefromtransitionservices
Incomefromtransitionservices
4050000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
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7084000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
563000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
793000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
12203000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-143303000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27297000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.75 Rate
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.14 Rate
CY2020Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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167800000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 Rate
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
11800000 USD
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 Rate
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
11000000.0 USD

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