Verisign (VRSN) FY2020 results: revenue $1.3 billion, up 2.7% on the year
Verisign Inc. (VRSN) reported revenue of $1.3 billion for fiscal 2020, the year ended 31 December 2020, up 2.7% on the year before. Net income was $815 million, up 33.1%, and diluted earnings per share $7.07. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$1.3 billion
+2.7% on the year
FY2013FY2020
Operating margin
65.2%
65.5% a year earlier
FY2013FY2020
Net income
$815 million
+33.1% on the year
FY2013FY2020
Diluted EPS
$7.07
+37.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,265
1,232
1,215
+2.7%
Cost of revenue
180
180
192
-0.2%
Gross profit
1,085
1,051
1,023
+3.2%
Gross margin
85.8%
85.3%
84.2%
Research and development
74.7
60.8
57.9
+22.8%
Selling, general and administrative
186
n/a
n/a
Operating income
824
806
767
+2.2%
Operating margin
65.2%
65.5%
63.2%
Interest expense
90.1
90.6
115
-0.5%
Pre-tax income
750
759
730
-1.1%
Income tax
-64.6
146
147
Effective tax rate
-8.6%
19.3%
20.2%
Net income
815
612
582
+33.1%
Net margin
64.4%
49.7%
47.9%
Diluted EPS
$7.07
$5.15
$4.75
+37.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
730
754
698
-3.1%
Capital expenditure
43.4
40.3
37.0
+7.6%
Free cash flow
687
714
661
-3.8%
Free cash flow margin
54.3%
57.9%
54.4%
Cash from investing
-72.3
167
1,070
Cash from financing
-765
-770
-1,875
Depreciation and amortisation
46.4
46.3
48.4
+0.0%
Share-based compensation
48.2
50.6
52.5
-4.7%
Buybacks
777
783
638
-0.7%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
115m
119m
123m
-3.1%
Shares outstanding at period end
113m
117m
120m
-2.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-1,390
-1,490
-1,385
Debt
1,790
1,788
1,785
+0.1%
Operating lease liabilities
5.2
4.6
0.0
+13.0%
Other liabilities
1,362
1,552
1,515
-12.2%
Total liabilities and equity
1,767
1,854
1,915
-4.7%
Fixed assets
246
250
254
-1.9%
Goodwill
52.5
52.5
52.5
0.0%
Investments
766
710
912
+7.9%
Cash and equivalents
401
508
357
-21.1%
Receivables
4.6
1.5
6.0
+204.6%
Other assets
297
332
332
-10.4%
Total assets
1,767
1,854
1,915
-4.7%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.