Q2 2024 VeriSign, Inc Earnings Call Transcript
Key Points
- VeriSign Inc (VRSN) achieved 27 years of 100% uninterrupted availability for the .com and .net domain name resolution system.
- Revenues grew 4.1% year-over-year, operating income increased by 7.1%, and earnings per share rose by 12.3% year-over-year.
- The company has a stable financial and liquidity position with $690 million in cash, cash equivalents, and marketable securities.
- VeriSign Inc (VRSN) repurchased 2.2 million shares for $388 million and increased the share repurchase authorization by $1.11 billion.
- The company introduced new registrar marketing programs to support domain name base growth in the second half of 2025.
- The domain name base decreased by 1.8 million names in the second quarter.
- New registrations dropped to 9.2 million from 10.2 million in the same quarter last year.
- The renewal rate for the second quarter of 2024 is expected to be approximately 72.6%, down from 73.4% a year ago.
- US registrars are prioritizing ARPU over customer acquisition, leading to weaker trends in 2024.
- China-related weakness continues to impact the domain name base, contributing to a sequential decline.
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.
Thank you, Operator. Welcome to VeriSign's second-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 statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent report on Form 10-K. VeriSign does not update financial
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