VeriSign, Inc. (NASDAQ: VRSN), a global leader in domain names and
Internet security, today reported financial results for the first
quarter of 2016.
First Quarter GAAP Financial Results
VeriSign, Inc. and subsidiaries (“Verisign”) reported revenue of $282
million for the first quarter of 2016, up 9.1 percent from the same
quarter in 2015. Verisign reported net income of $107 million and
diluted earnings per share (diluted “EPS”) of $0.82 for the first
quarter of 2016, compared to net income of $88 million and diluted EPS
of $0.66 for the same quarter in 2015. The operating margin was 59.2
percent for the first quarter of 2016 compared to 55.8 percent for the
same quarter in 2015.
First Quarter Non-GAAP Financial Results
Verisign reported, on a non-GAAP basis, net income of $112 million and
diluted EPS of $0.85 for the first quarter of 2016, compared to net
income of $99 million and diluted EPS of $0.74 for the same quarter in
2015. The non-GAAP operating margin was 63.3 percent for the first
quarter of 2016 compared to 59.7 percent for the same quarter in 2015. A
table reconciling the GAAP to the non-GAAP results (which excludes items
described below) is appended to this release.
“The Company’s strong and consistent financial performance reflects the
focus and discipline of our teams in executing our strategy,” commented
Jim Bidzos, Executive Chairman, President and Chief Executive Officer.
Financial Highlights
-
Verisign ended the first quarter with cash, cash equivalents and
marketable securities of $1.9 billion, a decrease of $20 million from
year-end 2015.
-
Cash flow from operations was $144 million for the first quarter of
2016, compared with $133 million for the same quarter in 2015.
-
Deferred revenues on March 31, 2016, totaled $992 million, an increase
of $31 million from year-end 2015.
-
During the first quarter, Verisign repurchased 1.8 million shares of
its common stock for $150 million. At March 31, 2016, $916 million
remained available and authorized under the current share repurchase
program which has no expiration.
-
For purposes of calculating diluted EPS, the first quarter diluted
share count included 21.1 million shares related to subordinated
convertible debentures, compared with 15.8 million shares for the same
quarter in 2015. These represent diluted shares and not shares that
have been issued.
Business Highlights
-
Verisign Registry Services added 2.65 million net new names during the
first quarter, ending with 142.5 million .com and .net domain names in
the domain name base, which represents a 7.1 percent increase over the
base at the end of the first quarter in 2015.
-
In the first quarter, Verisign processed 10.0 million new domain name
registrations for .com and .net, as compared to 8.7 million for the
same quarter in 2015.
-
The final .com and .net renewal rate for the fourth quarter of 2015
was 73.3 percent compared with 72.5 percent for the same quarter in
2014. Renewal rates are not fully measurable until 45 days after the
end of the quarter.
Non-GAAP Financial Measures and Adjusted EBITDA
Verisign provides quarterly and annual financial statements that are
prepared in accordance with generally accepted accounting principles
(GAAP). Along with this information, management typically discloses and
discusses certain non-GAAP financial information in quarterly earnings
releases, on investor conference calls and during investor conferences
and related events. This non-GAAP financial information does not include
the following types of financial measures that are included in GAAP:
stock-based compensation, unrealized gain/loss on the contingent
interest derivative on the subordinated convertible debentures, and
non-cash interest expense. Non-GAAP net income is decreased by amounts
accrued, if any, during the period for contingent interest payable
resulting from upside or downside triggers related to the subordinated
convertible debentures and is adjusted for an income tax rate of 26
percent which differs from the GAAP income tax rate.
On a quarterly basis, Verisign also provides Adjusted EBITDA. Adjusted
EBITDA is a non-GAAP financial measure and is calculated in accordance
with the terms of the indentures governing Verisign’s 4.625% senior
notes due 2023 and 5.25% senior notes due 2025. Adjusted EBITDA refers
to net income before interest, taxes, depreciation and amortization,
stock-based compensation, unrealized loss (gain) on the contingent
interest derivative on the subordinated convertible debentures and
unrealized (gain) loss on hedging agreements.
Management believes that this non-GAAP financial data supplements the
GAAP financial data by providing investors with additional information
that allows them to have a clearer picture of Verisign’s operations. The
presentation of this additional information is not meant to be
considered in isolation nor as a substitute for results prepared in
accordance with GAAP. Management believes that the non-GAAP information
enhances investors’ overall understanding of Verisign’s financial
performance and the comparability of Verisign’s operating results from
period to period.
The tables appended to this release include a reconciliation of the
non-GAAP financial information to the comparable financial information
reported in accordance with GAAP for the given periods.
Today’s Conference Call
Verisign will host a live conference call today at 4:30 p.m. (EDT) to
review the first quarter 2016 results. The call will be accessible by
direct dial at (888) 676-VRSN (U.S.) or (913) 312-1449 (international),
conference ID: Verisign. A listen-only live web cast of the conference
call and accompanying slide presentation will also be available at https://investor.verisign.com.
An audio archive of the call will be available at https://investor.verisign.com/events.cfm.
This news release and the financial information discussed on today’s
conference call are available at https://investor.verisign.com.
About Verisign
Verisign, a global leader in domain names and Internet security, enables
Internet navigation for many of the world’s most recognized domain names
and provides protection for websites and enterprises around the world.
Verisign ensures the security, stability and resiliency of key Internet
infrastructure and services, including the .com and .net domains and two
of the Internet’s root servers, as well as performs the root-zone
maintainer function for the core of the Internet’s Domain Name System
(DNS). Verisign’s Security Services include intelligence-driven
Distributed Denial of Service Protection, iDefense Security Intelligence
and Managed DNS. To learn more about what it means to be Powered by
Verisign, please visit Verisign.com.
VRSNF
Statements in this announcement other than historical data and
information constitute forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 as amended and Section 21E of
the Securities Exchange Act of 1934 as amended. These statements involve
risks and uncertainties that could cause our actual results to differ
materially from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include, among others,
whether the U.S. Department of Commerce will approve any exercise by us
of our right to increase the price per .com domain name, under certain
circumstances, the uncertainty of whether we will be able to demonstrate
to the U.S. Department of Commerce that market conditions warrant
removal of the pricing restrictions on .com domain names and the
uncertainty of whether we will experience other negative changes to our
pricing terms; the failure to renew key agreements on similar terms, or
at all; new or existing governmental laws and regulations in the U.S. or
other applicable foreign jurisdictions; system interruptions; security
breaches; attacks on the Internet by hackers, viruses, or intentional
acts of vandalism; the uncertainty of the impact of the U.S.
government’s transition of key Internet domain name functions (the
Internet Assigned Numbers Authority (“IANA”) function) and the related
root zone management function; changes in Internet practices and
behavior and the adoption of substitute technologies; the success or
failure of the evolution of our target markets; the operational and
other risks from the introduction of new gTLDs by ICANN and our
provision of back-end registry services; the highly competitive business
environment in which we operate; whether we can maintain strong
relationships with registrars and their resellers to maintain their
marketing focus on our products and services; challenging global
economic conditions; economic and political risk associated with our
international operations; our ability to protect and enforce our rights
to our intellectual property and ensure that we do not infringe on
others’ intellectual property; the outcome of legal or other challenges
resulting from our activities or the activities of registrars or
registrants, or litigation generally; the impact of our new strategic
initiatives, including our IDN gTLDs; whether we can retain and motivate
our senior management and key employees; the impact of unfavorable tax
rules and regulations; and our ability to continue to reinvest offshore
our foreign earnings. More information about potential factors that
could affect our business and financial results is included in our
filings with the SEC, including in our Annual Report on Form 10-K for
the year ended Dec. 31, 2015, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Verisign undertakes no obligation to update any of
the forward-looking statements after the date of this announcement.
©2016 VeriSign, Inc. All rights reserved. VERISIGN, the VERISIGN logo,
and other trademarks, service marks, and designs are registered or
unregistered trademarks of VeriSign, Inc. and its subsidiaries in the
United States and in foreign countries. All other trademarks are
property of their respective owners.
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VERISIGN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
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March 31,
2016
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December 31,
2015
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ASSETS
|
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Current assets:
|
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|
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|
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Cash and cash equivalents
|
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|
$
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234,025
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|
|
|
$
|
228,659
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Marketable securities
|
|
|
|
1,661,804
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|
|
|
|
1,686,771
|
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|
Accounts receivable, net
|
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|
16,188
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|
|
|
|
12,638
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Other current assets
|
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|
|
34,040
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|
|
|
|
39,856
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Total current assets
|
|
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|
1,946,057
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|
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|
1,967,924
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Property and equipment, net
|
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|
286,202
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|
|
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|
295,570
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Goodwill
|
|
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|
52,527
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52,527
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Deferred tax assets
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|
15,324
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|
|
|
|
17,361
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Other long-term assets
|
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|
|
23,563
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|
|
|
|
24,355
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Total long-term assets
|
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|
|
377,616
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|
|
|
|
389,813
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Total assets
|
|
|
$
|
2,323,673
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|
|
|
$
|
2,357,737
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LIABILITIES AND STOCKHOLDERS’ DEFICIT
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Current liabilities:
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Accounts payable and accrued liabilities
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|
$
|
148,677
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|
$
|
188,171
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Deferred revenues
|
|
|
|
703,599
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|
|
|
680,483
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|
Subordinated convertible debentures, including contingent interest
derivative
|
|
|
|
629,437
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|
|
|
|
634,326
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Total current liabilities
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|
|
|
1,481,713
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|
|
|
|
1,502,980
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|
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Long-term deferred revenues
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|
|
|
288,741
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|
|
|
|
280,859
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|
|
Senior notes
|
|
|
|
1,235,813
|
|
|
|
|
1,235,354
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|
|
Deferred tax liabilities
|
|
|
|
310,856
|
|
|
|
|
294,194
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|
|
Other long-term tax liabilities
|
|
|
|
114,573
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|
|
|
|
114,797
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|
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Total long-term liabilities
|
|
|
|
1,949,983
|
|
|
|
|
1,925,204
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Total liabilities
|
|
|
|
3,431,696
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|
|
|
|
3,428,184
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|
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Commitments and contingencies
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Stockholders’ deficit:
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Preferred stock—par value $.001 per share; Authorized shares: 5,000;
Issued and outstanding shares: none
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|
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—
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|
|
—
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Common stock—par value $.001 per share; Authorized shares:
1,000,000; Issued shares:323,884 at March 31, 2016 and 322,990 at
December 31, 2015; Outstanding shares:108,879 at March 31, 2016 and
110,072 at December 31, 2015
|
|
|
|
324
|
|
|
|
|
323
|
|
|
Additional paid-in capital
|
|
|
|
17,412,920
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|
|
|
|
17,558,822
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|
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Accumulated deficit
|
|
|
|
(18,518,143
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)
|
|
|
|
(18,625,599
|
)
|
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Accumulated other comprehensive loss
|
|
|
|
(3,124
|
)
|
|
|
|
(3,993
|
)
|
|
Total stockholders’ deficit
|
|
|
|
(1,108,023
|
)
|
|
|
|
(1,070,447
|
)
|
|
Total liabilities and stockholders’ deficit
|
|
|
$
|
2,323,673
|
|
|
|
$
|
2,357,737
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|
|
|
|
|
|
|
|
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|
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VERISIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
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Three Months Ended March 31,
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2016
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|
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2015
|
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Revenues
|
|
|
$
|
281,876
|
|
|
|
$
|
258,422
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|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
50,582
|
|
|
|
|
48,353
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|
|
Sales and marketing
|
|
|
|
20,027
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|
|
|
|
22,382
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|
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Research and development
|
|
|
|
16,743
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|
|
|
|
17,152
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|
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General and administrative
|
|
|
|
27,757
|
|
|
|
|
26,298
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Total costs and expenses
|
|
|
|
115,109
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|
|
|
|
114,185
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|
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Operating income
|
|
|
|
166,767
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|
|
|
|
144,237
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|
|
Interest expense
|
|
|
|
(28,804
|
)
|
|
|
|
(22,017
|
)
|
|
Non-operating income (loss), net
|
|
|
|
3,121
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|
|
|
(5,555
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)
|
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Income before income taxes
|
|
|
|
141,084
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|
|
|
|
116,665
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Income tax expense
|
|
|
|
(33,628
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)
|
|
|
|
(28,427
|
)
|
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Net income
|
|
|
|
107,456
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|
|
|
|
88,238
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|
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Unrealized gain on investments
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|
935
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|
|
|
|
87
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|
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Realized (gain) on investments, included in net income
|
|
|
|
(66
|
)
|
|
|
|
(4
|
)
|
|
Other comprehensive income
|
|
|
|
869
|
|
|
|
|
83
|
|
|
Comprehensive income
|
|
|
$
|
108,325
|
|
|
|
$
|
88,321
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per share:
|
|
|
|
|
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|
|
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Basic
|
|
|
$
|
0.98
|
|
|
|
$
|
0.75
|
|
|
Diluted
|
|
|
$
|
0.82
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|
|
|
$
|
0.66
|
|
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Shares used to compute earnings per share
|
|
|
|
|
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|
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Basic
|
|
|
|
109,592
|
|
|
|
|
117,139
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Diluted
|
|
|
|
131,581
|
|
|
|
|
133,850
|
|
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|
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|
|
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VERISIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
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|
Three Months Ended March 31,
|
|
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|
|
2016
|
|
|
2015
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
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Net income
|
|
|
$
|
107,456
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|
|
|
$
|
88,238
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment
|
|
|
|
14,867
|
|
|
|
|
15,747
|
|
|
Stock-based compensation
|
|
|
|
11,759
|
|
|
|
|
10,128
|
|
|
Excess tax benefit associated with stock-based compensation
|
|
|
|
(6,018
|
)
|
|
|
|
(5,993
|
)
|
|
Unrealized (gain) loss on contingent interest derivative on
Subordinated Convertible Debentures
|
|
|
|
(1,065
|
)
|
|
|
|
7,019
|
|
|
Payment of Contingent interest
|
|
|
|
(6,544
|
)
|
|
|
|
(5,225
|
)
|
|
Amortization of debt discount and issuance costs
|
|
|
|
3,267
|
|
|
|
|
2,845
|
|
|
Other, net
|
|
|
|
(779
|
)
|
|
|
|
(144
|
)
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(3,779
|
)
|
|
|
|
(1,282
|
)
|
|
Prepaid expenses and other assets
|
|
|
|
6,524
|
|
|
|
|
(3,084
|
)
|
|
Accounts payable and accrued liabilities
|
|
|
|
(31,537
|
)
|
|
|
|
(28,816
|
)
|
|
Deferred revenues
|
|
|
|
30,998
|
|
|
|
|
34,582
|
|
|
Net deferred income taxes and other long-term tax liabilities
|
|
|
|
18,477
|
|
|
|
|
18,654
|
|
|
Net cash provided by operating activities
|
|
|
|
143,626
|
|
|
|
|
132,669
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from maturities and sales of marketable securities
|
|
|
|
900,810
|
|
|
|
|
325,399
|
|
|
Purchases of marketable securities
|
|
|
|
(874,031
|
)
|
|
|
|
(257,415
|
)
|
|
Purchases of property and equipment
|
|
|
|
(7,082
|
)
|
|
|
|
(13,042
|
)
|
|
Other investing activities
|
|
|
|
—
|
|
|
|
|
(3,787
|
)
|
|
Net cash provided by investing activities
|
|
|
|
19,697
|
|
|
|
|
51,155
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock from option exercises and
employee stock purchase plans
|
|
|
|
8,084
|
|
|
|
|
8,776
|
|
|
Repurchases of common stock
|
|
|
|
(172,360
|
)
|
|
|
|
(178,330
|
)
|
|
Proceeds from borrowings, net of issuance costs
|
|
|
|
—
|
|
|
|
|
493,824
|
|
|
Excess tax benefit associated with stock-based compensation
|
|
|
|
6,018
|
|
|
|
|
5,993
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(158,258
|
)
|
|
|
|
330,263
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
301
|
|
|
|
|
184
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
5,366
|
|
|
|
|
514,271
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
228,659
|
|
|
|
|
191,608
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
234,025
|
|
|
|
$
|
705,879
|
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
$
|
27,028
|
|
|
|
$
|
25,494
|
|
|
Cash paid for income taxes, net of refunds received
|
|
|
$
|
13,711
|
|
|
|
$
|
12,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VERISIGN, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
Operating Income
|
|
|
Net Income
|
|
|
Operating Income
|
|
|
Net Income
|
|
GAAP as reported
|
|
|
$
|
166,767
|
|
|
|
$
|
107,456
|
|
|
|
|
144,237
|
|
|
|
$
|
88,238
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
11,759
|
|
|
|
|
11,759
|
|
|
|
|
10,128
|
|
|
|
|
10,128
|
|
|
Unrealized (gain) loss on contingent interest derivative on the
subordinated convertible debentures
|
|
|
|
|
|
|
|
|
(1,065
|
)
|
|
|
|
|
|
|
|
|
7,019
|
|
|
Non-cash interest expense
|
|
|
|
|
|
|
|
|
3,267
|
|
|
|
|
|
|
|
|
|
2,706
|
|
|
Contingent interest payable on subordinated convertible debentures
|
|
|
|
|
|
|
|
|
(3,346
|
)
|
|
|
|
|
|
|
|
|
(2,690
|
)
|
|
Tax adjustment
|
|
|
|
|
|
|
|
|
(5,813
|
)
|
|
|
|
|
|
|
|
|
(6,369
|
)
|
|
Non-GAAP
|
|
|
$
|
178,526
|
|
|
|
$
|
112,258
|
|
|
|
$
|
154,365
|
|
|
|
$
|
99,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
281,876
|
|
|
|
|
|
|
|
|
$
|
258,422
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
|
|
63.3
|
%
|
|
|
|
|
|
|
|
|
59.7
|
%
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
|
|
|
|
|
131,581
|
|
|
|
|
|
|
|
|
|
133,850
|
|
|
Diluted EPS, non-GAAP
|
|
|
|
|
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VERISIGN, INC.
RECONCILIATION OF NON-GAAP ADJUSTED EBITDA
(In thousands)
(Unaudited)
|
|
|
|
The following table reconciles GAAP net income to non-GAAP
Adjusted EBITDA for the periods shown below (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
Net Income
|
|
|
$
|
107,456
|
|
|
|
$
|
88,238
|
|
|
Interest expense
|
|
|
|
28,804
|
|
|
|
|
22,017
|
|
|
Income tax expense
|
|
|
|
33,628
|
|
|
|
|
28,427
|
|
|
Depreciation and amortization
|
|
|
|
14,867
|
|
|
|
|
15,747
|
|
|
Stock-based compensation
|
|
|
|
11,759
|
|
|
|
|
10,128
|
|
|
Unrealized (gain) loss on contingent interest derivative on the
subordinated convertible debentures
|
|
|
|
(1,065
|
)
|
|
|
|
7,019
|
|
|
Unrealized loss (gain) on hedging agreements
|
|
|
|
562
|
|
|
|
|
(456
|
)
|
|
Non-GAAP Adjusted EBITDA
|
|
|
$
|
196,011
|
|
|
|
$
|
171,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Quarters Ended
March 31, 2016
|
|
Net income
|
|
|
|
394,454
|
|
|
Interest expense
|
|
|
|
114,418
|
|
|
Income tax expense
|
|
|
|
117,615
|
|
|
Depreciation and amortization
|
|
|
|
60,611
|
|
|
Stock-based compensation
|
|
|
|
47,706
|
|
|
Unrealized loss on contingent interest derivative on the
subordinated convertible debentures
|
|
|
|
6,046
|
|
|
Unrealized loss on hedging agreements
|
|
|
|
1,113
|
|
|
Non-GAAP Adjusted EBITDA
|
|
|
$
|
741,963
|
|
|
|
|
|
|
|
|
|
|
|
VERISIGN, INC.
STOCK-BASED COMPENSATION CLASSIFICATION
(In thousands)
(Unaudited)
|
|
|
|
The following table presents the classification of stock-based
compensation:
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
Cost of revenues
|
|
|
$
|
1,841
|
|
|
$
|
1,739
|
|
Sales and marketing
|
|
|
|
1,633
|
|
|
|
1,299
|
|
Research and development
|
|
|
|
1,703
|
|
|
|
1,721
|
|
General and administrative
|
|
|
|
6,582
|
|
|
|
5,369
|
|
Total stock-based compensation expense
|
|
|
$
|
11,759
|
|
|
$
|
10,128
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428006620/en/
Copyright Business Wire 2016