Verisign (VRSN) FY2018 results: revenue $1.2 billion, up 4.3% on the year
Verisign Inc. (VRSN) reported revenue of $1.2 billion for fiscal 2018, the year ended 31 December 2018, up 4.3% on the year before. Net income was $582 million, up 27.4%, and diluted earnings per share $4.75. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$1.2 billion
+4.3% on the year
FY2011FY2018
Operating margin
63.2%
60.7% a year earlier
FY2011FY2018
Net income
$582 million
+27.4% on the year
FY2011FY2018
Diluted EPS
$4.75
+29.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,215
1,165
1,142
+4.3%
Cost of revenue
192
193
198
-0.6%
Gross profit
1,023
972
944
+5.3%
Gross margin
84.2%
83.4%
82.6%
Research and development
57.9
52.3
59.1
+10.6%
Operating income
767
708
687
+8.4%
Operating margin
63.2%
60.7%
60.1%
Interest expense
115
136
116
-15.8%
Pre-tax income
730
599
581
+21.8%
Income tax
147
142
141
+3.7%
Effective tax rate
20.2%
23.7%
24.2%
Net income
582
457
441
+27.4%
Net margin
47.9%
39.2%
38.6%
Diluted EPS
$4.75
$3.68
$3.42
+29.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
698
703
693
-0.7%
Capital expenditure
37.0
49.5
26.6
-25.2%
Free cash flow
661
653
666
+1.1%
Free cash flow margin
54.4%
56.1%
58.3%
Cash from investing
1,070
-405
-42.7
Cash from financing
-1,875
-65.1
-649
Depreciation and amortisation
48.4
49.9
58.2
-3.0%
Share-based compensation
52.5
52.9
50.0
-0.8%
Buybacks
638
621
662
+2.7%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
123m
124m
129m
-1.2%
Shares outstanding at period end
120m
98m
110m
+23.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-1,385
-1,260
-1,201
Debt
1,785
2,410
1,867
-25.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,515
1,791
1,668
-15.4%
Total liabilities and equity
1,915
2,941
2,335
-34.9%
Fixed assets
254
264
266
-3.6%
Goodwill
52.5
52.5
52.5
0.0%
Investments
912
1,949
1,566
-53.2%
Cash and equivalents
357
466
232
-23.3%
Receivables
6.0
5.1
13.1
+18.0%
Other assets
332
205
205
+61.9%
Total assets
1,915
2,941
2,335
-34.9%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.