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VeriSign Inc. (VRSN-0.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing revenues of $1,557.4 million, an increase of 4% compared to the previous year. The increase was primarily due to price increases for .com and .net domain names.
Operating income for the year was reported at $1,058.2 million, a 6% increase from the prior year. This was attributed to the increase in revenues and a decrease in cost of revenues.
The company processed 37.4 million new domain name registrations for .com and .net during 2024, compared to 39.4 million in 2023. The renewal rate for the third quarter of 2024 was 72.2%.
VeriSign repurchased 6.6 million shares of its common stock for an aggregate cost of $1.21 billion in 2024. As of December 31, 2024, there was $1.02 billion remaining for future share repurchases under the share repurchase program.
Cash flows from operating activities were $902.6 million, an increase of 6% from the previous year, while cash flows from investing activities provided $286.3 million, primarily due to proceeds from maturities and sales of marketable securities.
The company reported a net income of $785.7 million, compared to $817.6 million in the previous year. The effective tax rate for 2024 was 23%, reflecting changes in state income apportionment rules and the impact of the OECD Pillar 2 minimum tax.
The filing also details VeriSign's operations, including its role as a global provider of internet infrastructure and domain name registry services, and its agreements with ICANN and the U.S. Department of Commerce for the operation of the .com and .net top-level domains.
VeriSign's 2024 business highlights include the renewal of the .com Registry Agreement with ICANN through November 30, 2030, and an increase in the annual registry-level wholesale fee for .com domain name registrations effective September 1, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VeriSign Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.