$VRSN
VeriSign, Inc

2023 Q2 Form 10-Q Financial Statement

#000101447323000019 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $372.0M $364.4M
YoY Change 5.71% 5.04%
Cost Of Revenue $50.30M $49.90M
YoY Change 1.62% -1.58%
Gross Profit $321.7M $314.5M
YoY Change 6.38% 6.18%
Gross Profit Margin 86.48% 86.31%
Selling, General & Admin $50.80M $49.00M
YoY Change 10.2% 1.03%
% of Gross Profit 15.79% 15.58%
Research & Development $22.20M $24.20M
YoY Change 9.36% 5.68%
% of Gross Profit 6.9% 7.69%
Depreciation & Amortization $11.30M $11.60M
YoY Change -5.04% -2.52%
% of Gross Profit 3.51% 3.69%
Operating Expenses $73.00M $73.20M
YoY Change 9.94% 2.52%
Operating Profit $248.7M $241.3M
YoY Change 5.38% 7.34%
Interest Expense -$18.90M $18.80M
YoY Change -200.0% 0.0%
% of Operating Profit -7.6% 7.79%
Other Income/Expense, Net $12.70M $11.30M
YoY Change 693.75% 3666.67%
Pretax Income $242.5M $233.8M
YoY Change 10.88% 13.33%
Income Tax $56.80M $55.10M
% Of Pretax Income 23.42% 23.57%
Net Earnings $185.7M $178.7M
YoY Change 11.0% 13.46%
Net Earnings / Revenue 49.92% 49.04%
Basic Earnings Per Share
Diluted Earnings Per Share $1.79 $1.70
COMMON SHARES
Basic Shares Outstanding 104.1M shares 104.9M shares
Diluted Shares Outstanding 104.0M shares 105.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $935.6M $1.015B
YoY Change -6.15% -16.09%
Cash & Equivalents $343.9M $819.8M
Short-Term Investments $591.7M $195.2M
Other Short-Term Assets $54.90M $58.10M
YoY Change -15.93% 0.0%
Inventory
Prepaid Expenses
Receivables $5.300M
Other Receivables $1.600M
Total Short-Term Assets $997.4M $1.073B
YoY Change -6.1% -15.35%
LONG-TERM ASSETS
Property, Plant & Equipment $228.4M $224.9M
YoY Change -4.87% -8.17%
Goodwill $52.50M $52.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $398.9M $28.90M
YoY Change 1142.68% -10.53%
Total Long-Term Assets $679.8M $683.9M
YoY Change -2.93% -3.06%
TOTAL ASSETS
Total Short-Term Assets $997.4M $1.073B
Total Long-Term Assets $679.8M $683.9M
Total Assets $1.677B $1.757B
YoY Change -4.84% -10.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.600M $6.600M
YoY Change -14.61% -10.81%
Accrued Expenses $86.90M $83.60M
YoY Change 4.7% 1.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.142B $1.171B
YoY Change 6.98% 7.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.789B $1.789B
YoY Change 0.12% 0.12%
Other Long-Term Liabilities $364.4M $62.20M
YoY Change 462.35% -21.56%
Total Long-Term Liabilities $2.153B $2.179B
YoY Change 0.14% 0.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.142B $1.171B
Total Long-Term Liabilities $2.153B $2.179B
Total Liabilities $3.295B $3.351B
YoY Change 2.41% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings -$13.84B -$14.03B
YoY Change -4.9% -4.72%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.20B $12.98B
YoY Change 7.67% 8.98%
Treasury Stock Shares
Shareholders Equity -$1.618B -$1.594B
YoY Change
Total Liabilities & Shareholders Equity $1.677B $1.757B
YoY Change -4.84% -10.96%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $185.7M $178.7M
YoY Change 11.0% 13.46%
Depreciation, Depletion And Amortization $11.30M $11.60M
YoY Change -5.04% -2.52%
Cash From Operating Activities $145.3M $259.0M
YoY Change 0.28% 25.06%
INVESTING ACTIVITIES
Capital Expenditures $6.500M $5.700M
YoY Change -204.84% -13.64%
Acquisitions
YoY Change
Other Investing Activities -$391.8M $415.5M
YoY Change -741.24% -21.77%
Cash From Investing Activities -$398.3M $409.8M
YoY Change -825.5% -21.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -222.9M -$222.5M
YoY Change -36.59% 13.29%
NET CHANGE
Cash From Operating Activities 145.3M $259.0M
Cash From Investing Activities -398.3M $409.8M
Cash From Financing Activities -222.9M -$222.5M
Net Change In Cash -475.9M $446.1M
YoY Change 213.71% -16.63%
FREE CASH FLOW
Cash From Operating Activities $145.3M $259.0M
Capital Expenditures $6.500M $5.700M
Free Cash Flow $138.8M $253.3M
YoY Change -8.14% 26.33%

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25300000 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
27000000.0 usd
CY2023Q1 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
4400000 usd
CY2022Q4 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
4100000 usd
CY2023Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
169200000 usd
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
178600000 usd
CY2023Q1 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
821400000 usd
CY2022Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
776100000 usd
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1020300000 usd
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
985800000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
819800000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
373600000 usd
CY2023Q1 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
5300000 usd
CY2022Q4 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
5400000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
825100000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379000000.0 usd
CY2023Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
195200000 usd
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
606800000 usd
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1020300000 usd
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
985800000 usd
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
6600000 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
9800000 usd
CY2023Q1 us-gaap Customer Deposits Current
CustomerDepositsCurrent
71900000 usd
CY2022Q4 us-gaap Customer Deposits Current
CustomerDepositsCurrent
72000000.0 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
71800000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
37400000 usd
CY2023Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
36700000 usd
CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
59000000.0 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
24600000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
19500000 usd
CY2023Q1 vrsn Accruedfees
Accruedfees
14200000 usd
CY2022Q4 vrsn Accruedfees
Accruedfees
12700000 usd
CY2023Q1 vrsn Customer Incentives Payable
CustomerIncentivesPayable
5300000 usd
CY2022Q4 vrsn Customer Incentives Payable
CustomerIncentivesPayable
7100000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8100000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9000000.0 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
239200000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
226500000 usd
vrsn Additionalsharerepurchaseamountauthorized
Additionalsharerepurchaseamountauthorized
803000000 usd
CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
197000000 usd
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
638800000 usd
CY2023Q1 vrsn Treasury Stock Shares Repurchased
TreasuryStockSharesRepurchased
1100000 usd
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
220000000.0 usd
CY2023Q1 vrsn Treasury Stock Shares Repurchased Average Cost Per Share
TreasuryStockSharesRepurchasedAverageCostPerShare
205.60
CY2023Q1 vrsn Treasury Stock Shares Repurchased For Tax Withholding And Other
TreasuryStockSharesRepurchasedForTaxWithholdingAndOther
100000 usd
CY2023Q1 vrsn Treasury Stock Value Repurchased For Tax Withholding
TreasuryStockValueRepurchasedForTaxWithholding
10500000 usd
CY2023Q1 vrsn Total Repurchases For Tax Withholdings And Other Average Cost Per Share
TotalRepurchasesForTaxWithholdingsAndOtherAverageCostPerShare
210.01
CY2023Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1100000 shares
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
230500000 usd
CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
205.80
CY2023Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
250400000 shares
CY2023Q1 us-gaap Treasury Stock Value
TreasuryStockValue
12980000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104900000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110200000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
100000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
100000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105000000.0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110300000 shares
CY2023Q1 us-gaap Revenues
Revenues
364400000 usd
CY2022Q1 us-gaap Revenues
Revenues
346900000 usd
CY2023Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
324500000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13800000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14200000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
300000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
300000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
14100000 usd
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
14500000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
14100000 usd
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
14500000 usd
CY2023Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
10700000 usd
CY2022Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
300000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55100000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48800000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24 rate
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24 rate
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 rate

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