Verisign Inc/Ca Q4 FY2023 results: revenue $380 million, up 3.0% on the year

Verisign Inc/Ca (VRSN) reported revenue of $380 million for Q4 FY2023, the quarter ended 31 December 2023, up 3.0% on the same quarter a year earlier. Net income was $265 million, up 47.5% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$380 millionup 3.0%

Net income$265 millionup 47.5%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	380	376	n/a	n/a
Cost of revenue	48.5	48.6	n/a	n/a
Gross profit	332	328	n/a	n/a
Gross margin	87.3%	87.1%	n/a
Research and development	22.9	21.7	n/a	n/a
Selling, general and administrative	52.7	51.7	n/a	n/a
Operating income	256	254	n/a	n/a
Operating margin	67.4%	67.6%	n/a
Interest expense	18.8	18.8	n/a	n/a
Pre-tax income	252	249	n/a	n/a
Income tax	-13.1	60.1	n/a	n/a
Effective tax rate	-5.2%	24.2%	n/a
Net income	265	188	n/a	n/a
Net margin	69.6%	50.1%	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	204	245	n/a	n/a
Capital expenditure	5.0	28.6	n/a	n/a
Free cash flow	199	217	n/a	n/a
Free cash flow margin	52.4%	57.6%	n/a
Depreciation and amortisation	10.4	10.8	n/a	n/a
Share-based compensation	14.7	15.5	n/a	n/a
Buybacks	226	222	n/a	n/a
Diluted shares, weighted	104m	103m	n/a	n/a
Shares outstanding at period end	101m	102m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	1,749	1,696	n/a	n/a
Cash and equivalents	240	158	n/a	n/a
Receivables	6.3	4.6	n/a	n/a
Goodwill	52.5	52.5	n/a	n/a
Borrowings, as the company tags them	1,790	1,790	n/a	n/a
Shareholders' equity	-1,581	-1,633	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	376	380	384	387	391	395	402	410	419	425	429	435
Cost of revenue	48.6	48.5	49.1	47.1	46.8	48.4	49.4	49.1	48.8	49.0	49.2	50.0
Gross profit	328	332	335	340	344	347	353	361	370	376	380	385
Gross margin	87%	87%	87%	88%	88%	88%	88%	88%	88%	88%	89%	88%
R&D	21.7	22.9	24.8	23.8	23.2	24.9	26.0	25.7	25.4	26.5	27.5	27.5
SG&A	51.7	52.7	51.5	50.0	51.3	58.3	55.7	54.4	60.6	65.0	58.6	60.8
Operating income	254	256	259	266	269	264	271	281	284	285	294	296
Operating margin	68%	67%	67%	69%	69%	67%	67%	68%	68%	67%	68%	68%
Interest expense	18.8	18.8	18.8	18.8	18.9	18.8	20.3	18.9	18.9	18.9	18.9	19.2
Pre-tax income	249	252	254	259	261	248	258	267	272	271	279	282
Tax rate	24%	-5%	24%	23%	23%	23%	23%	22%	22%	24%	23%	23%
Net income	188	265	194	199	201	192	199	207	213	206	214	216
Net margin	50%	70%	51%	51%	52%	48%	50%	51%	51%	48%	50%	50%
Operating cash flow	245	204	257	160	253	232	291	202	308	290	272	232
Capital expenditure	28.6	5.0	3.8	9.2	5.6	9.5	5.8	7.8	4.7	4.5	7.2	18.8
Free cash flow	217	199	254	151	248	222	286	195	303	285	265	213
Buybacks	222	226	270	390	303	262	242	167	219	254	225	201
Dividends paid	n/a	n/a	n/a	n/a	0.0	n/a	0.0	72.1	72.0	71.1	74.2	73.6
Shares outstanding	102m	101m	100m	98m	96m	95m	94m	94m	93m	92m	91m	90m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001014473-24-000006: the filing on EDGAR. All of Verisign Inc/Ca's filings: EDGAR company page.

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