VeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, has reported financial results for the first quarter of 2022.
VeriSign, Inc. and its subsidiaries (“Verisign”) reported revenue of $347 million for the first quarter of 2022, up 7.2 percent from the same quarter in 2021. Verisign reported net income of $158 million and diluted earnings per share (diluted “EPS”) of $1.43 for the first quarter of 2022, compared to net income of $150 million and diluted EPS of $1.33 for the same quarter of 2021. The operating margin was 64.8 percent for the first quarter of 2022 compared to 65.0 percent for the same quarter of 2021.
“As global reliance on online services continues to increase, so does the importance of delivering uninterrupted and accurate DNS resolution. Our focus remains on operating, protecting, and enhancing our critical internet infrastructure, and I thank all our employees who continuously execute our complex mission,” said Jim Bidzos, Executive Chairman and Chief Executive Officer.
- Verisign ended the first quarter of 2022 with cash, cash equivalents and marketable securities of $1.21 billion, an increase of $4 million from year-end 2021.
- Cash flow from operations was $207 million for the first quarter of 2022, compared to $198 million for the same quarter of 2021.
- Deferred revenues as of March 31, 2022 totaled $1.18 billion, an increase of $28 million from year-end 2021.
- During the first quarter of 2022, Verisign repurchased 0.9 million shares of its common stock for an aggregate cost of $196 million. As of March 31, 2022, there was $893 million remaining for future share repurchases under the share repurchase program which has no expiration date.
- Verisign ended the first quarter of 2022 with 174.7 million .com and .netdomain name registrations in the domain name base, a 4.0 percent increase from the end of the first quarter of 2021, and a net increase of 1.23 million during the first quarter of 2022.
- During the first quarter of 2022, Verisign processed 10.2 million new domain name registrations for .com and .net, as compared to 11.6 million for the same quarter of 2021.
- The final .com and .net renewal rate for the fourth quarter of 2021 was 74.8 percent compared to 73.5 percent for the same quarter of 2020. Renewal rates are not fully measurable until 45 days after the end of the quarter.
Verisign, a global provider of domain name registry services and internet infrastructure, enables internet navigation for many of the world’s most recognized domain names. Verisign enables the security, stability, and resiliency of key internet infrastructure and services, including 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 about what it means to be Powered by Verisign, please visit verisign.com.
Source: Verisign Earnings Release