Verisign (VRSN) FY2014 results: revenue $1.0 billion, up 4.7% on the year
Verisign Inc. (VRSN) reported revenue of $1.0 billion for fiscal 2014, the year ended 31 December 2014, up 4.7% on the year before. Net income was $355 million, down 34.7%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$1.0 billion
+4.7% on the year
FY2007FY2014
Operating margin
55.9%
54.7% a year earlier
FY2007FY2014
Net income
$355 million
-34.7% on the year
FY2007FY2014
Diluted EPS
$2.52
-27.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,010
965
874
+4.7%
Cost of revenue
188
187
168
+0.8%
Gross profit
822
778
706
+5.6%
Gross margin
81.3%
80.6%
80.8%
Research and development
67.8
70.3
61.7
-3.6%
Operating income
564
528
457
+6.9%
Operating margin
55.9%
54.7%
52.4%
Interest expense
86.0
74.8
50.2
+15.0%
Pre-tax income
483
457
413
+5.8%
Income tax
128
-87.7
100
Effective tax rate
26.5%
-19.2%
24.3%
Net income
355
544
320
-34.7%
Net margin
35.2%
56.4%
36.6%
Diluted EPS
$2.52
$3.49
$1.95
-27.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
601
579
538
+3.7%
Capital expenditure
39.3
65.6
53.0
-40.0%
Free cash flow
562
514
485
+9.3%
Free cash flow margin
55.6%
53.2%
55.5%
Cash from investing
113
-11.1
-1,442
Cash from financing
-860
-357
-278
Depreciation and amortisation
63.7
60.7
54.8
+5.0%
Share-based compensation
44.0
36.6
33.4
+20.0%
Buybacks
883
1,036
326
-14.7%
Dividends paid
0.0
0.0
0.0
Dividend per share
n/a
n/a
$2.75
Diluted shares, weighted
141m
156m
164m
-9.6%
Shares outstanding at period end
118m
134m
153m
-11.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
-883
-424
-9.3
Debt
1,361
1,374
698
-1.0%
Other liabilities
1,424
1,710
1,374
-16.7%
Total liabilities and equity
1,901
2,661
2,062
-28.5%
Fixed assets
319
340
334
-6.1%
Goodwill
52.5
52.5
52.5
0.0%
Intangible assets
n/a
n/a
0.0
Investments
1,233
1,384
1,426
-10.9%
Cash and equivalents
192
339
131
-43.5%
Receivables
13.4
13.6
11.5
-1.3%
Other assets
91.5
532
108
-82.8%
Total assets
1,901
2,661
2,062
-28.5%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.