Verisign Q3 2022 Earnings

Verisign, Inc (NASDAQ: VRSN) reported Third Quarter 2022 earnings.

The stock was down −2.91 (1.43%). In after hours trading the stock was unchanged. The stock was in step with the Dow Jones Industrial Average for October, actually surpassing the October percentage gain.

+21.16 (11.80%)past month

Financial Highlights

• 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.

Business Highlights

• Verisign ended the third quarter of 2022 with 174.2 million .com and .net domain 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.