Q3 2024 VeriSign, Inc Earnings Call Transcript
Key Points
- VeriSign Inc (VRSN) reported a 3.8% year-over-year increase in revenue for the third quarter of 2024.
- Operating income grew by 5.9% year-over-year, indicating improved operational efficiency.
- Earnings per share increased by 13.1% year-over-year, reflecting strong profitability.
- The company maintained a stable financial position with $645 million in cash, cash equivalents, and marketable securities.
- VeriSign Inc (VRSN) has a robust share repurchase program, with $1.28 billion remaining authorized for buybacks.
- The domain name base decreased by 1.1 million names during the third quarter, indicating a decline in new registrations.
- The renewal rate for the third quarter of 2024 was approximately 72.3%, down from 73.5% a year ago.
- US registrars are prioritizing ARPU over customer acquisition, impacting new registrations and renewal rates.
- China-related weakness continues to affect the domain name base, contributing to a decline in registrations.
- The company anticipates challenges in returning to domain name base growth in the second half of 2025.
Good day, everyone. Welcome to Verisign's third-quarter 2024 earnings call. Today's conference is being recorded. Recording of this call is not permitted unless preauthorized.
At this time, I would like to turn the conference over to Mr. David Atchley, Vice President of Investor Relations and Corporate Treasurer. Please go ahead, sir.
Thank you, operator. Welcome to Verisign's third-quarter 2024 earnings call. Joining me are Jim Bidzos, Executive Chairman, President, and CEO; and George Kilguss, Executive Vice President and CFO.
This call and presentation are being webcast from the Investor Relations website, which is available under About Verisign on verisign.com. There you will also find our earnings release. At the end of this call, the presentation will be available on that site, and within a few hours, the replay of the call will be posted.
Financial results in our earnings release are unaudited and our remarks include forward-looking
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