000-23593 | 94-3221585 |
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(Commission File Number) |
(IRS Employer Identification No.) |
12061 Bluemont Way, | |||||||||||
Reston, | Virginia | 20190 | |||||||||
(Address of principal executive offices) | (Zip Code) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.001 Par Value Per Share | VRSN | Nasdaq Global Select Market |
Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Item 2.02. |
Results of Operations and Financial Condition. |
Item 9.01. |
Financial Statements and Exhibits. |
Exhibit
Number
|
Description |
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99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
VERISIGN, INC. |
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Date: October 24, 2024 |
By: |
/s/ Thomas C. Indelicarto |
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Thomas C. Indelicarto |
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Executive Vice President, General Counsel and Secretary |
September 30, 2024 |
December 31, 2023 |
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ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 267.3 | $ | 240.1 | |||||||
Marketable securities | 377.6 | 686.3 | |||||||||
Other current assets | 72.5 | 61.9 | |||||||||
Total current assets | 717.4 | 988.3 | |||||||||
Property and equipment, net | 224.8 | 233.2 | |||||||||
Goodwill | 52.5 | 52.5 | |||||||||
Deferred tax assets | 285.7 | 301.0 | |||||||||
Deposits to acquire intangible assets | 145.0 | 145.0 | |||||||||
Other long-term assets | 36.6 | 29.0 | |||||||||
Total long-term assets | 744.6 | 760.7 | |||||||||
Total assets | $ | 1,462.0 | $ | 1,749.0 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 255.5 | $ | 257.4 | |||||||
Deferred revenues | 971.0 | 931.1 | |||||||||
Current senior notes | 299.7 | — | |||||||||
Total current liabilities | 1,526.2 | 1,188.5 | |||||||||
Long-term deferred revenues | 328.0 | 315.0 | |||||||||
Long-term senior notes | 1,492.2 | 1,790.2 | |||||||||
Long-term tax and other liabilities | 16.2 | 36.3 | |||||||||
Total long-term liabilities | 1,836.4 | 2,141.5 | |||||||||
Total liabilities | 3,362.6 | 3,330.0 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ deficit: | |||||||||||
Preferred stock—par value $.001 per share; Authorized shares: 5.0; Issued and outstanding shares: none | — | — | |||||||||
Common stock and additional paid-in capital—par value $.001 per share; Authorized shares: 1,000; Issued shares: 355.2 at September 30, 2024 and 354.9 at December 31, 2023; Outstanding shares: 96.4 at September 30, 2024 and 101.3 at December 31, 2023 | 10,894.0 | 11,808.0 | |||||||||
Accumulated deficit | (12,792.2) | (13,386.4) | |||||||||
Accumulated other comprehensive loss | (2.4) | (2.6) | |||||||||
Total stockholders’ deficit | (1,900.6) | (1,581.0) | |||||||||
Total liabilities and stockholders’ deficit | $ | 1,462.0 | $ | 1,749.0 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenues | $ | 390.6 | $ | 376.3 | $ | 1,162.0 | $ | 1,112.7 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues | 46.8 | 48.6 | 143.0 | 148.8 | |||||||||||||||||||
Research and development | 23.2 | 21.7 | 71.8 | 68.1 | |||||||||||||||||||
Selling, general and administrative | 51.3 | 51.7 | 152.8 | 151.5 | |||||||||||||||||||
Total costs and expenses | 121.3 | 122.0 | 367.6 | 368.4 | |||||||||||||||||||
Operating income | 269.3 | 254.3 | 794.4 | 744.3 | |||||||||||||||||||
Interest expense | (18.9) | (18.8) | (56.5) | (56.5) | |||||||||||||||||||
Non-operating income, net | 10.5 | 13.1 | 35.9 | 37.1 | |||||||||||||||||||
Income before income taxes | 260.9 | 248.6 | 773.8 | 724.9 | |||||||||||||||||||
Income tax expense | (59.6) | (60.1) | (179.6) | (172.0) | |||||||||||||||||||
Net income | 201.3 | 188.5 | 594.2 | 552.9 | |||||||||||||||||||
Other comprehensive income (loss) | 0.4 | 0.4 | 0.2 | (0.3) | |||||||||||||||||||
Comprehensive income | $ | 201.7 | $ | 188.9 | $ | 594.4 | $ | 552.6 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 2.07 | $ | 1.83 | $ | 6.00 | $ | 5.32 | |||||||||||||||
Diluted | $ | 2.07 | $ | 1.83 | $ | 6.00 | $ | 5.32 | |||||||||||||||
Shares used to compute earnings per share | |||||||||||||||||||||||
Basic | 97.3 | 102.9 | 99.0 | 103.9 | |||||||||||||||||||
Diluted | 97.3 | 103.0 | 99.1 | 104.0 |
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 594.2 | $ | 552.9 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of property and equipment | 28.1 | 33.7 | |||||||||
Stock-based compensation expense | 45.2 | 45.0 | |||||||||
Amortization of discount on investments in debt securities | (16.6) | (18.6) | |||||||||
Other, net | 2.1 | 3.0 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | (18.2) | (3.7) | |||||||||
Other liabilities | (31.9) | (16.2) | |||||||||
Deferred revenues | 52.9 | 43.0 | |||||||||
Net deferred income taxes | 15.3 | 10.5 | |||||||||
Net cash provided by operating activities | 671.1 | 649.6 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from maturities and sales of marketable securities | 1,009.6 | 750.8 | |||||||||
Purchases of marketable securities | (684.0) | (911.5) | |||||||||
Purchases of property and equipment | (18.6) | (40.8) | |||||||||
Net cash provided by (used in) investing activities | 307.0 | (201.5) | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchases of common stock | (963.3) | (675.8) | |||||||||
Proceeds from employee stock purchase plan | 12.3 | 12.3 | |||||||||
Net cash used in financing activities | (951.0) | (663.5) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0.1 | (0.6) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 27.2 | (216.0) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 245.5 | 379.0 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 272.7 | $ | 163.0 | |||||||
Supplemental cash flow disclosures: | |||||||||||
Cash paid for interest | $ | 49.5 | $ | 49.5 | |||||||
Cash paid for income taxes, net of refunds received | $ | 187.1 | $ | 178.8 |