Press release
Verisign Reports Fourth Quarter and Full Year 2022 Results
RESTON, Va.--(BUSINESS WIRE)-- VeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, today reported
About this update from Verisign, Inc.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nVeriSign, Inc. (NASDAQ: VRSN), a global provider of domain name registry services and internet infrastructure, today reported financial results for the fourth quarter and full year 2022.\n\nFourth Quarter Financial Results\n\nVeriSign, Inc. and subsidiaries (“Verisign”) reported revenue of $369 million for the fourth quarter of 2022, up 8.5 percent from the same quarter in 2021. The operating margin was 66.5 percent for the fourth quarter of 2022 compared to 65.3 percent for the same quarter of 2021. Verisign reported net income of $179 million and diluted earnings per share (diluted “EPS”) of $1.70 for the fourth quarter of 2022, compared to net income of $330 million and diluted EPS of $2.97 for the same quarter in 2021. Net income for the fourth quarter of 2021 included recognition of a deferred income tax benefit related to the transfer of certain non-US intellectual property between subsidiaries which increased net income by $165.5 million and increased diluted EPS by $1.49.\n\n2022 Financial Results\n\nVerisign reported revenue of $1.42 billion for 2022, up 7.3 percent from 2021. The operating margin for 2022 was 66.2 percent compared to 65.3 percent in 2021. Verisign reported net income of $674 million and diluted EPS of $6.24 for 2022, compared to net income of $785 million and diluted EPS of $7.00 in 2021. Net income for 2021 included the recognition of a deferred income tax benefit related to the transfer of certain non-US intellectual property between subsidiaries which increased net income by $165.5 million and increased diluted EPS by $1.48.\n\n“In 2022, we marked 25 years of uninterrupted availability for our global .com and .net resolution infrastructure. We also delivered solid financial performance for the quarter and the full year,” said Jim Bidzos, Executive Chairman and Chief Executive Officer.\n\nFinancial Highlights\n\n\nVerisign ended 2022 with cash, cash equivalents, and marketable securities of $980 million, a decrease of $225 million from year-end 2021.\n\n\nCash flow from operations was $217 million for the fourth quarter of 2022 and $831 million for the full year of 2022 compared with $206 million for the same quarter in 2021 and $807 million for the full year of 2021.\n\n\nDeferred revenues as of Dec. 31, 2022, totaled $1.22 billion, an increase of $66 million from ye...