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Verisign Reports Fourth Quarter and Full Year 2023 ResultsVeriSign, Inc. (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, today reported financial results for the fourth quarter and full year 2023. Fourth Quarter Financial Results VeriSign, Inc. and subsidiaries ("Verisign") reported revenue of $380 million for the fourth quarter of 2023, up 3.0 percent from the same quarter in 2022. Operating income was $256 million for the fourth quarter of 2023, compared to $245 million for the same quarter of 2022. Verisign reported net income of $265 million and diluted earnings per share (diluted "EPS") of $2.60 for the fourth quarter of 2023, compared to net income of $179 million and diluted EPS of $1.70 for the same quarter in 2022. Net income for the fourth quarter of 2023 included the recognition of income tax benefits related to a step-up in tax basis of certain non-U.S. intellectual property, recognition of previously unrecognized income tax benefits as the related statutes of limitations lapsed, and a beneficial change in certain state income apportionment rules. Cumulatively, these income tax benefits increased net income by $69.3 million and increased diluted EPS by $0.68. 2023 Financial Results Verisign reported revenue of $1.49 billion for 2023, up 4.8 percent from 2022. Operating income was $1.00 billion for 2023 compared to $943 million in 2022. Verisign reported net income of $818 million and diluted EPS of $7.90 for 2023, compared to net income of $674 million and diluted EPS of $6.24 in 2022. Net income for the full year of 2023 included the recognition of income tax benefits noted above, which increased net income by $69.3 million and increased diluted EPS by $0.67. "In 2023 we continued to execute on our mission, extending our record of uninterrupted availability for our global .com and .net resolution infrastructure to more than 26 years. We also delivered solid financial performance both for the quarter and the full year," said Jim Bidzos, Executive Chairman and Chief Executive Officer. Financial Highlights
Business Highlights
Today's Conference Call Verisign will host a live conference call today at 4:30 p.m. (EST) to review the fourth quarter and full year 2023 results. The call will be accessible by direct dial at (888) 676-VRSN (U.S.) or (786) 789-4797 (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 (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, enables internet navigation for many of the world's most recognized domain names. Verisign helps enable the security, stability, and resiliency of the Domain Name System and the internet by providing root zone maintainer services, operating two of the 13 global internet root servers, and providing registration services and authoritative resolution for the .com and .net top-level domains, which support the majority of global e-commerce. To learn more 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, attempted security breaches, cyber-attacks, and DDoS attacks against our systems and services; the introduction of undetected or unknown defects in our systems or services; vulnerabilities in the global routing system; system interruptions or system failures; damage or interruptions to our data centers, data center systems or resolution systems; risks arising from our operation of root servers and our performance of the Root Zone Maintainer functions; any loss or modification of our right to operate the .com and .net gTLDs; changes or challenges to the pricing provisions of the .com Registry Agreement; new or existing governmental laws and regulations in the U.S. or other applicable non-U.S. jurisdictions; new laws, regulations, directives or ICANN policies that require us to obtain and maintain personal information of registrants; economic, legal, regulatory, and political risks associated with our international operations; unfavorable changes in, or interpretations of, tax rules and regulations; risks from the adoption of ICANN's consensus and temporary policies, technical standards and other processes; the weakening of, changes to, the multi-stakeholder model of internet governance; the outcome of claims, lawsuits, audits or investigations; deterioration of economic conditions; our ability to compete in the highly competitive business environment in which we operate; changes in internet practices and behavior and the adoption of substitute technologies, or the negative impact of wholesale price increases; our ability to expand our services into developing and emerging economies; our ability to maintain strong relationships with registrars and their resellers; our ability to attract, retain and motivate highly skilled employees; and our ability to protect and enforce our intellectual property rights. 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, 2022, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and, when filed, our Annual Report on Form 10-K for the year ended Dec. 31, 2023. Verisign undertakes no obligation to update any of the forward-looking statements after the date of this announcement. ©2024 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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