Verisign(VRSN) - 2024 Q3 - Quarterly Results

Financial Performance - VeriSign reported revenue of $391 million for Q3 2024, a 3.8% increase from Q3 2023[1] - Operating income for Q3 2024 was$ 269 million, compared to $254 million in Q3 2023[1] - Net income for Q3 2024 was$ 201 million, with diluted EPS of $2.07, up from net income of$ 188 million and diluted EPS of $1.83 in Q3 2023[1] - Net income for the nine months ended September 30, 2024, increased to$ 594.2 million, up from $552.9 million in the same period last year, representing a growth of approximately 7.3%[11] - Net cash provided by operating activities rose to$ 671.1 million, compared to $649.6 million in the prior year, reflecting an increase of about 3.8%[11] - Cash paid for income taxes, net of refunds received, was$ 187.1 million, compared to $178.8 million in the prior year, reflecting an increase of about 4.6%[11] Cash Flow and Investments - Cash flow from operations was$ 253 million in Q3 2024, compared to $245 million in Q3 2023[2] - Proceeds from maturities and sales of marketable securities reached$ 1,009.6 million, significantly higher than $750.8 million in the previous year, indicating a growth of approximately 34.4%[11] - Cash, cash equivalents, and restricted cash at the end of the period totaled$ 272.7 million, up from $163.0 million at the end of the previous year, marking an increase of approximately 67.3%[11] - The company experienced a net increase in cash of$ 27.2 million, contrasting with a decrease of $(216.0) million in the same period last year[11] Shareholder Actions - VeriSign repurchased 1.7 million shares of common stock for an aggregate cost of$ 301 million during Q3 2024[2] - As of September 30, 2024, there was $1.28 billion remaining for future share repurchases under the share repurchase program[2] Domain Registrations - VeriSign ended Q3 2024 with 169.6 million .com and .net domain name registrations, a 2.5% decrease from Q3 2023[3] - During Q3 2024, VeriSign processed 9.3 million new domain name registrations for .com and .net, down from 9.9 million in Q3 2023[3] - The renewal rate for .com and .net domains for Q2 2024 was 72.7%, compared to 73.4% in Q2 2023[3] Deferred Revenues - Deferred revenues as of September 30, 2024, totaled$ 1.30 billion, an increase of $53 million from year-end 2023[2] - Deferred revenues increased to$ 52.9 million, compared to $43.0 million in the previous year, representing a growth of about 23.3%[11] Expenses and Depreciation - The company reported a decrease in depreciation of property and equipment to$ 28.1 million from $33.7 million, a reduction of approximately 16.6%[11] - Stock-based compensation expense remained relatively stable at$ 45.2 million, slightly up from $45.0 million year-over-year[11] Financing Activities - Net cash used in financing activities was$ (951.0) million, compared to $(663.5) million in the same period last year, showing an increase in cash outflow of about 43.4%[11]