Verisign (VRSN) FY2019 results: revenue $1.2 billion, up 1.4% on the year
Verisign Inc. (VRSN) reported revenue of $1.2 billion for fiscal 2019, the year ended 31 December 2019, up 1.4% on the year before. Net income was $612 million, up 5.1%, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$1.2 billion
+1.4% on the year
FY2012FY2019
Operating margin
65.5%
63.2% a year earlier
FY2012FY2019
Net income
$612 million
+5.1% on the year
FY2012FY2019
Diluted EPS
$5.15
+8.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,232
1,215
1,165
+1.4%
Cost of revenue
180
192
193
-6.1%
Gross profit
1,051
1,023
972
+2.8%
Gross margin
85.3%
84.2%
83.4%
Research and development
60.8
57.9
52.3
+5.0%
Operating income
806
767
708
+5.0%
Operating margin
65.5%
63.2%
60.7%
Interest expense
90.6
115
136
-21.1%
Pre-tax income
759
730
599
+4.0%
Income tax
146
147
142
-0.4%
Effective tax rate
19.3%
20.2%
23.7%
Net income
612
582
457
+5.1%
Net margin
49.7%
47.9%
39.2%
Diluted EPS
$5.15
$4.75
$3.68
+8.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
754
698
703
+8.0%
Capital expenditure
40.3
37.0
49.5
+8.9%
Free cash flow
714
661
653
+8.0%
Free cash flow margin
57.9%
54.4%
56.1%
Cash from investing
167
1,070
-405
-84.4%
Cash from financing
-770
-1,875
-65.1
Depreciation and amortisation
46.3
48.4
49.9
-4.2%
Share-based compensation
50.6
52.5
52.9
-3.6%
Buybacks
783
638
621
+22.6%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
119m
123m
124m
-3.0%
Shares outstanding at period end
117m
120m
98m
-2.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-1,490
-1,385
-1,260
Debt
1,788
1,785
2,410
+0.1%
Operating lease liabilities
4.6
0.0
n/a
Other liabilities
1,552
1,515
1,791
+2.4%
Total liabilities and equity
1,854
1,915
2,941
-3.2%
Fixed assets
250
254
264
-1.4%
Goodwill
52.5
52.5
52.5
0.0%
Investments
710
912
1,949
-22.2%
Cash and equivalents
508
357
466
+42.2%
Receivables
1.5
6.0
5.1
-74.7%
Other assets
332
332
205
-0.2%
Total assets
1,854
1,915
2,941
-3.2%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.