Additional Financial Information for VeriSign (VRSN)

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VRSN » Topics » Additional Financial Information

This excerpt taken from the VRSN 8-K filed Nov 1, 2007.

Additional Financial Information

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Capital expenditures in the third quarter were approximately $47 million.

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VeriSign ended the third quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $1.2 billion, an increase of approximately $370 million from the prior quarter.

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Deferred revenue on the balance sheet was $711 million as of September 30, 2007, an increase of $26 million from the prior quarter.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances, was 50 days at the end of Q3, an increase of six days from the second quarter.

Non-GAAP results exclude the following items which are included under GAAP: amortization of intangible assets, stock-based compensation, non-recurring legal costs and settlements, restructuring and other charges, net loss on the sale or impairment of investments, unrealized gain on Jamba JV call option, gain on the sale of a subsidiary, realized and unrealized gains and losses on embedded derivative, and stock option investigation costs. A table reconciling the GAAP to non-GAAP net income is appended to this release.

This excerpt taken from the VRSN 8-K filed Jul 26, 2007.

Additional Financial Information

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Year-to-date capital expenditures were approximately $48 million.

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VeriSign ended the second quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $819 million, an increase of $80 million from the prior quarter.

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Deferred revenue on the balance sheet was $691 million as of June 30, 2007, an increase of $29 million from the prior quarter.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances, was 44 days at the end of Q2, an improvement of one day from Q1.

Non-GAAP results exclude the following items which are included under GAAP: amortization of intangible assets, stock-based compensation, former CEO severance, non-recurring legal costs and settlements, restructuring and other charges, net loss on sale of investments, unrealized gain on Jamba JV call option, and stock option investigation costs. A table reconciling the GAAP to non-GAAP net income is appended to this release.

This excerpt taken from the VRSN 8-K filed May 2, 2007.

Additional Financial Information

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Professional Services revenue, which includes inCode Wireless results, was $20 million in Q1.

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Deferred revenue for the quarter was $662 million, up 8% from Q4 2006 and 23% year over year.

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Net days sales outstanding (Net DSO), which takes into account the removal of Jamba accounts receivable from our Balance Sheet, was 45 days for Q1, down from the 48 days recorded in Q4.

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During the quarter, VeriSign received approximately $188 million from the sale of a controlling interest in Jamba and paid off an outstanding balance of $199 million under its $500 million credit facility.

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Capital expenditures for the first quarter of 2007 were approximately $17 million.

This excerpt taken from the VRSN 8-K filed Jan 31, 2007.

Additional Financial Information

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VeriSign ended the fourth quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $749 million.

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Deferred revenue on the balance sheet was $614 million as of December 31, 2006, an increase of more than $100 million from the prior year.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances, was 48 days for Q4, down from the 50 days recorded in Q3.

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During 2006, VeriSign repurchased approximately 6.4 million shares of its common stock for a net purchase price of $135 million. In 2006, VeriSign acquired seven companies totaling $648 million. At the end of Q4, VeriSign had an outstanding balance of $199 million under its previously announced $500 million credit facility established in June of 2006.

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Capital expenditures for the fourth quarter of 2006 were approximately $40 million. For 2006, capital expenditures were $142 million.

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Earlier this month VeriSign announced a new functional business structure designed to better serve our customers’ needs and streamline the company’s operations. Under the new operating structure, VeriSign’s three previous business units will be combined to deliver an integrated portfolio through a unified sales and service team across multiple industries. The company’s two main functional units will be Sales and Consulting Services and Products and Marketing.

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In January 2007, VeriSign settled the shareholder class action lawsuit filed in 2002 against the company and certain current and former directors and officers. The settlement also resolved a related shareholder derivative suit filed against certain current and former officers and directors in which the company was a nominal defendant. Under the terms of the settlement, liability insurers for VeriSign paid $80 million in settlement of the lawsuits. The payment has no impact on VeriSign’s financial position or results of operations, as the settlement amount is within applicable insurance limits.

This excerpt taken from the VRSN 8-K filed Oct 19, 2006.

Additional Financial Information

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VeriSign ended the third quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $709 million, a decrease of $26 million from the prior quarter due in part to the acquisition of GeoTrust. At the end of Q3, VeriSign had an outstanding balance of $199 million under its previously announced $500 million credit facility.

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Deferred revenue on the balance sheet was $590 million as of September 30, 2006, an increase of $30 million from the prior quarter and up approximately $100 million year over year.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances was 50 days for Q3, down from the 52 days recorded in Q2.

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Capital expenditures for the third quarter of 2006 were approximately $36 million.

This excerpt taken from the VRSN 8-K filed Jul 20, 2006.

Additional Financial Information

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VeriSign ended the second quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $734 million, a decrease of $76 million from the prior quarter and down $197 million year over year. During Q2, VeriSign repurchased approximately 3 million shares of its common stock for a net purchase price of $60 million. In addition VeriSign acquired m-Qube for $266 million in cash.

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VeriSign announced that its Board of Directors has authorized a new $1 billion stock repurchase program. The 2006 program succeeds the 2005 program which authorized the repurchase of up to $500 million of VeriSign common stock which was completed in Q2.

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Cash flow from operations was $91 million for the second quarter of 2006.

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Deferred revenue on the balance sheet was $560 million as of June 30, 2006, an increase of $21 million from the prior quarter and up approximately $83 million year over year.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances was 53 days for Q2 and within VeriSign’s targeted range.

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Capital expenditures for the second quarter of 2006 were approximately $37 million.

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Non-GAAP operating income for Q2 was $79 million, an increase of approximately $4 million from the prior quarter.

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VeriSign has released its valuation allowance previously applied to certain U.S. deferred tax assets in the amount of $214 million. Additionally, VeriSign received a favorable ruling from the IRS which resulted in a one-time benefit to tax expense in the amount of $113 million.

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During the quarter, VeriSign put in place a $500 million credit facility.

This excerpt taken from the VRSN 8-K filed Apr 20, 2006.

Additional Financial Information

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VeriSign ended the first quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $812 million, a decrease of $94 million from the prior quarter and down $60 million year over year.

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During Q1, VeriSign repurchased approximately 3.2 million shares of its common stock for a net purchase price of $75 million and used approximately $189 million of cash for acquisitions closed in the quarter.

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Cash flow from operations was $92 million for the first quarter of 2006, up $18 million year over year.

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Deferred revenue on the balance sheet was $539 million as of March 31, 2006, an increase of 9% or $44 million from the prior quarter and up approximately $100 million year over year.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balances decreased 3 days from the prior quarter to 48 days for Q1.

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Capital expenditures for the first quarter of 2006 were approximately $27 million.

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Non-GAAP operating income for Q1 was $76 million, a decrease of $11 million from the prior quarter.

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In April, VeriSign put in place a $200 million credit facility to be used for general corporate purposes.

This excerpt taken from the VRSN 8-K filed Jan 26, 2006.

Additional Financial Information

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VeriSign ended the fourth quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $906 million, an increase of $107 million from the prior quarter and up $118 million year over year.

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During Q4, VeriSign repurchased approximately 12.7 million shares of its common stock for a net purchase price of $291 million. For 2005, the company repurchased a total of 22.8 million shares for approximately $550 million in cash.

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Cash flow from continuing operations was $141 million for the fourth quarter of 2005. For the full year 2005, cash flow from continuing operations was $480 million.

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Deferred revenue on the balance sheet was $496 million as of December 31, 2005. The $14 million sequential growth in deferred revenue includes discontinued operations. For 2005, deferred revenue grew by $92 million or 23% year over year.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balance, was 51 days for Q4 which is consistent with Q3.

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Capital expenditures for the fourth quarter of 2005 were approximately $67 million, bringing 2005 capital expenditures to approximately $141 million.

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Non-GAAP operating income for Q4 was $91 million, down from $97 million in the third quarter of 2005 but up over 21% year over year.

This excerpt taken from the VRSN 8-K filed Oct 19, 2005.

Additional Financial Information

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VeriSign ended the third quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $799 million.

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Cash flow from operations was $126 million for the third quarter of 2005.

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Deferred revenue on the balance sheet was $493 million as of September 30, 2005, up $16 million or 3% over Q2.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balance, was 51 days for Q3 down modestly from 52 days in Q2.

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Capital expenditures for the third quarter of 2005 were approximately $27 million, relatively consistent with the $29 million in the second quarter of 2005.

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Non-GAAP operating income was $97 million, up approximately 5% from $92 million in the second quarter of 2005 and up over 50% year over year.

This excerpt taken from the VRSN 8-K filed Jul 20, 2005.

Additional Financial Information

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VeriSign ended the quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $933 million, an increase of $61 million from the prior quarter.

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Cash flow from operations was $136 million for the second quarter of 2005.

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During the quarter, VeriSign repurchased approximately 1.6 million shares of its common stock for approximately $43 million under its existing repurchase program.

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Deferred revenue on the balance sheet was $477 million as of June 30, 2005, up $27 million or 6% over last quarter.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balance, was 52 days which was up from 49 days in Q1.

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Capital expenditures for the second quarter of 2005 were approximately $29 million, up from $17 million in the first quarter of 2005.

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Non-GAAP operating income was $92 million, up from $83 million in the first quarter of 2005.

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The U.S. dollar’s move against certain foreign currencies during the period negatively impacted reported revenues by approximately $7 million, or 1.6%

This excerpt taken from the VRSN 8-K filed Apr 20, 2005.

Additional Financial Information

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VeriSign ended the quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $872 million, an increase of $83 million from the prior quarter.

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As part of a settlement with a carrier customer, VeriSign recorded an additional one-time gain to Other Income of $6 million dollars.

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Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balance, was 49 days which remains within the VeriSign’s guidance of 40 to 50 days.

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Deferred revenue on the balance sheet was $450 million as of March 31, 2005, up $37 million or 9% over last quarter.

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Capital expenditures for the first quarter of 2005 were approximately $17 million, up from $15 million in the first quarter of 2004.

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Non-GAAP operating income was $83 million and cash flow from operations was $74 million for the first quarter of 2005.

This excerpt taken from the VRSN 8-K filed Jan 26, 2005.

Additional Financial Information

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VeriSign ended the year with Cash and Cash Equivalents, Restricted Cash and Short-term Investments of $789 million, an increase of $128 million from the prior quarter and up $47 million year over year, net of $257 million of cash used for acquisitions and stock repurchases during 2004.

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During the quarter, VeriSign monetized a portion of its holding in VeriSign Japan for $78 million. The proceeds from the sale of VeriSign Japan shares were used to repurchase approximately 2.4 million shares of VeriSign stock for $78 million dollars under its existing repurchase program. For 2004, VeriSign repurchased approximately 4.5 million shares of common stock.

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Net days sales outstanding (Net DSO) was 46 days, a three day increase from Q3 and within VeriSign’s 40 to 50 day guidance.

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Deferred revenue on the balance sheet was $413 million as of December 31, 2004, up from $406 million last quarter. For 2004, deferred revenue grew by $75 million.

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Capital expenditures for the fourth quarter of 2004 were approximately $36 million, up from $22 million in Q3, bringing 2004 capital expenditures to approximately $93 million versus 2003 capital expenditures of $108 million.

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Cash flow from operations was $135 million for the fourth quarter compared to $84 million for the third quarter of 2004. For 2004, cash flow from operations was over $365 million.

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