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 Verisign Reports First Quarter 2017 Results
   Thursday, April 27, 2017 4:05:01 PM ET

VeriSign, Inc. (VRSN ), a global leader in domain names and internet security, today reported financial results for the first quarter of 2017.

First Quarter GAAP Financial Results

VeriSign, Inc. and subsidiaries ("Verisign") reported revenue of $289 million for the first quarter of 2017, up 2.4 percent from the same quarter in 2016. Verisign reported net income of $116 million and diluted earnings per share (diluted "EPS") of $0.94 for the first quarter of 2017, compared to net income of $107 million and diluted EPS of $0.82 for the same quarter in 2016. The operating margin was 60.7 percent for the first quarter of 2017 compared to 59.2 percent for the same quarter in 2016.

First Quarter Non-GAAP Financial Results

Verisign reported, on a non-GAAP basis, net income of $119 million and diluted EPS of $0.96 for the first quarter of 2017, compared to net income of $112 million and diluted EPS of $0.85 for the same quarter in 2016. The non-GAAP operating margin was 65.1 percent for the first quarter of 2017 compared to 63.3 percent for the same quarter in 2016. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.

"I’m pleased with the first quarter results and the consistency of our teams in generating growth and delivering long-term value for our stockholders," said Jim Bidzos, Executive Chairman, President and Chief Executive Officer.

Financial Highlights

-- Verisign ended the first quarter with cash, cash equivalents and marketable securities of $1.8 billion, a decrease of $12 million from year-end 2016.

-- Cash flow from operations was $148 million for the first quarter of 2017, compared with $150 million for the same quarter in 2016.

-- Deferred revenues on March 31, 2017, totaled $1.01 billion, an increase of $37 million from year-end 2016.

-- During the first quarter, Verisign repurchased 1.8 million shares of its common stock for $150 million. At March 31, 2017, $920 million remained available and authorized under the current share repurchase program which has no expiration.

-- For purposes of calculating diluted EPS, the first quarter diluted share count included 21.3 million shares related to subordinated convertible debentures, compared with 21.1 million shares for the same quarter in 2016. These represent dilutive shares and not shares that have been issued.

Business Highlights

-- Verisign ended the first quarter with 143.6 million .com and .net domain name registrations in the domain name base, a 1.0 percent increase from the end of the first quarter of 2016, and a net increase of 1.4 million during the first quarter of 2017.

-- In the first quarter, Verisign processed 9.5 million new domain name registrations for .com and .net, as compared to 10.0 million for the same quarter in 2016.

-- The final .com and .net renewal rate for the fourth quarter of 2016 was 67.6 percent compared with 73.3 percent for the same quarter in 2015. Renewal rates are not fully measurable until 45 days after the end of the quarter.

Non-GAAP Financial Measures and Adjusted EBITDA

Verisign provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). Along with this information, management typically discloses and discusses certain non-GAAP financial information in quarterly earnings releases, on investor conference calls and during investor conferences and related events. This non-GAAP financial information does not include the following types of financial measures that are included in GAAP: stock-based compensation, unrealized gain/loss on the contingent interest derivative on the subordinated convertible debentures, and non-cash interest expense. Non-GAAP net income is decreased by amounts accrued, if any, during the period for contingent interest payable resulting from upside or downside triggers related to the subordinated convertible debentures and is adjusted for an income tax rate of 26 percent which differs from the GAAP income tax rate.

On a quarterly basis, Verisign also provides Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure and is calculated in accordance with the terms of the indentures governing Verisign’s 4.625% senior notes due 2023 and 5.25% senior notes due 2025. Adjusted EBITDA refers to net income before interest, taxes, depreciation and amortization, stock-based compensation, unrealized gain / loss on the contingent interest derivative on the subordinated convertible debentures and unrealized gain / loss on hedging agreements.

Management believes that this non-GAAP financial data supplements the GAAP financial data by providing investors with additional information that allows them to have a clearer picture of Verisign’s operations and financial performance and the comparability of Verisign’s operating results from period to period. The presentation of this additional information is not meant to be considered in isolation nor as a substitute for results prepared in accordance with GAAP.

The tables appended to this release include a reconciliation of the non-GAAP financial information to the comparable financial information reported in accordance with GAAP for the given periods.

Today’s Conference Call

Verisign will host a live conference call today at 4:30 p.m. (EDT) to review the first quarter 2017 results. The call will be accessible by direct dial at (888) 676-VRSN (U.S.) or (913) 312-1504 (international), conference ID: Verisign. A listen-only live web cast of the conference call and accompanying slide presentation will also be available at https://investor.verisign.com. An audio archive of the call will be available at https://investor.verisign.com/events.cfm. This news release and the financial information discussed on today’s conference call are available at https://investor.verisign.com.

About Verisign

Verisign, a global leader in domain names and internet security, enables internet navigation for many of the world’s most recognized domain names and provides protection for websites and enterprises around the world. Verisign ensures the security, stability and resiliency of key internet infrastructure and services, including the .com and .net domains and two of the internet’s root servers, as well as performs the root zone maintainer function for the core of the internet’s Domain Name System (DNS). Verisign’s Security Services include intelligence-driven Distributed Denial of Service Protection and Managed DNS. To learn more about what it means to be Powered by Verisign, please visit Verisign.com.

VRSNF

Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These statements involve risks and uncertainties that could cause our actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, whether the U.S. Department of Commerce will approve any exercise by us of our right to increase the price per .com domain name, under certain circumstances, the uncertainty of whether we will be able to demonstrate to the U.S. Department of Commerce that market conditions warrant removal of the pricing restrictions on .com domain names and the uncertainty of whether we will experience other negative changes to our pricing terms; the failure to renew key agreements on similar terms, or at all; new or existing governmental laws and regulations in the U.S. or other applicable foreign jurisdictions; system interruptions, security breaches, attacks on the internet by hackers, viruses, or intentional acts of vandalism; the uncertainty of the impact of changes to the multi-stakeholder model of internet governance; changes in internet practices and behavior and the adoption of substitute technologies; the success or failure of the evolution of our markets; the operational and other risks from the introduction of new gTLDs by ICANN and our provision of back-end registry services; the highly competitive business environment in which we operate; whether we can maintain strong relationships with registrars and their resellers to maintain their marketing focus on our products and services; challenging global economic conditions; economic, legal and political risk associated with our international operations; our ability to protect and enforce our rights to our intellectual property and ensure that we do not infringe on others’ intellectual property; the outcome of legal or other challenges resulting from our activities or the activities of registrars or registrants, or litigation generally; the impact of our new strategic initiatives, including our IDN gTLDs; whether we can retain and motivate our senior management and key employees; the impact of unfavorable tax rules and regulations; and our ability to continue to reinvest offshore our foreign earnings. More information about potential factors that could affect our business and financial results is included in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended Dec. 31, 2016, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Verisign undertakes no obligation to update any of the forward-looking statements after the date of this announcement.

(C)2017 VeriSign, Inc. All rights reserved. VERISIGN, the VERISIGN logo, and other trademarks, service marks, and designs are registered or unregistered trademarks of VeriSign, Inc. and its subsidiaries in the United States and in foreign countries. All other trademarks are property of their respective owners.

 
                                                                                                                                       VERISIGN, INC.
                                                                                                                            CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                                              (In thousands, except par value)
                                                                                                                                         (Unaudited)
 
 
                                                                                                                   March 31,                                                  December 31,
                                                                                                                                                           2017                                                                                               2016
                                                                                                                                 ------------------------------------------------------                                             ------------------------------------------------------
                                        ASSETS
--------------------------------------------------------------------------------------
Current assets:
     Cash and cash equivalents                                                                                                                      $        454,592                                                                                   $        231,945
     Marketable securities                                                                                                                                 1,331,780                                                                                          1,565,962
     Other current assets                                                                                                                  30,852                                                       44,435  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total current assets                                                                                                          1,817,224                                                    1,842,342  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Property and equipment, net                                                                                                                                  262,352                                                                                            266,125
Goodwill                                                                                                                                                      52,527                                                                                             52,527
Deferred tax assets                                                                                                                                           20,264                                                                                              9,385
Deposits to acquire intangible assets                                                                                                                        145,000                                                                                            145,000
Other long-term assets                                                                                                                     18,152                                                       19,193  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total long-term assets                                                                                                          498,295                                                      492,230  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total assets                                                                                                                              $      2,315,519                                                                $      2,334,572  
                                                                                                                                 ==================== ============== ====================                                           ==================== ============== ====================
           LIABILITIES AND STOCKHOLDERS’ DEFICIT
--------------------------------------------------------------------------------------
Current liabilities:
     Accounts payable and accrued liabilities                                                                                                       $        155,006                                                                                   $        203,920
     Deferred revenues                                                                                                                                       718,488                                                                                            688,265
     Subordinated convertible debentures, including contingent interest                                                                   625,893                                                      629,764  
     derivative
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total current liabilities                                                                                                     1,499,387                                                    1,521,949  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Long-term deferred revenues                                                                                                                                  293,890                                                                                            287,424
Senior notes                                                                                                                                               1,237,648                                                                                          1,237,189
Deferred tax liabilities                                                                                                                                     359,137                                                                                            371,433
Other long-term tax liabilities                                                                                                           113,206                                                      117,172  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total long-term liabilities                                                                                                   2,003,881                                                    2,013,218  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total liabilities                                                                                                             3,503,268                                                    3,535,167  
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Commitments and contingencies
Stockholders’ deficit:
     Preferred stock--par value $.001 per share; Authorized shares: 5,000;                                                                --                                                                                     --
     Issued and outstanding shares: none
                                                                                                                                                                 325                                                                                                324
     Common stock--par value $.001 per share; Authorized shares:
     1,000,000; Issued shares: 324,973 at March 31, 2017 and 324,118 at
     December 31, 2016; Outstanding shares: 101,843 at March 31, 2017
     and 103,091 at December 31, 2016
     Additional paid-in capital                                                                                                                           16,838,202                                                                                         16,987,488
     Accumulated deficit                                                                                                                                 (18,023,169 )                                                                                      (18,184,954 )
     Accumulated other comprehensive loss                                                                                                  (3,107 )                                                                        (3,453 )
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total stockholders’ deficit                                                                       (1,187,749 )                                                                    (1,200,595 )
                                                                                                                                 -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
          Total liabilities and stockholders’ deficit                                                                    $      2,315,519                                                                $      2,334,572  
                                                                                                                                 ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                         
 
                                                                                                                  VERISIGN, INC.
                                                                                             CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                                                       (In thousands, except per share data)
                                                                                                                    (Unaudited)
 
 
                                                                                                                       Three Months Ended March 31,
                                                                                                    ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2017                                                  2016
                                                                                                    --------------------------------------------------                                          --------------------------------------------------
Revenues                                                                                                               $ 288,614                                                                $ 281,876  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Costs and expenses:
     Cost of revenues                                                                                                     50,669                                                                                      50,582
     Sales and marketing                                                                                                  18,322                                                                                      20,027
     Research and development                                                                                             13,344                                                                                      16,743
     General and administrative                                                                        31,008                                                27,757  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
          Total costs and expenses                                                                    113,343                                               115,109  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Operating income                                                                                                         175,271                                                                                     166,767
Interest expense                                                                                                         (29,023 )                                                                                   (28,804 )
Non-operating income, net                                                                               1,301                                                 3,121  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Income before income taxes                                                                                               147,549                                                                                     141,084
Income tax expense                                                                                    (31,137 )                                                                (33,628 )
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net income                                                                                            116,412                                               107,456  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
     Unrealized gain on investments                                                                                          365                                                                                         935
     Realized gain on investments, included in net income                                                 (19 )                                                                    (66 )
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Other comprehensive income                                                                                346                                                   869  
                                                                                                    -------------------- ------- --------------------                                           -------------------- ------- --------------------
Comprehensive income                                                                                                   $ 116,758                                                                $ 108,325  
                                                                                                    ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                              
Earnings per share:
     Basic                                                                                                             $    1.14                                                                $    0.98  
                                                                                                    ==================== ======= ====================                                           ==================== ======= ====================
     Diluted                                                                                                           $    0.94                                                                $    0.82  
                                                                                                    ==================== ======= ====================                                           ==================== ======= ====================
Shares used to compute earnings per share
     Basic                                                                                            102,467                                               109,592  
                                                                                                    ==================== ======= ====================                                           ==================== ======= ====================
     Diluted                                                                                          124,464                                               131,581  
                                                                                                    ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                              
 
                                                                                                                                VERISIGN, INC.
                                                                                                                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                (In thousands)
                                                                                                                                  (Unaudited)
 
 
                                                                                                                                              Three Months Ended March 31,
                                                                                                                       -------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                               2017                                                      2016
                                                                                                                       ----------------------------------------------------                                          ---------------------------------------------------------
Cash flows from operating activities:
     Net income                                                                                                                           $   116,412                                                                                   $        107,456
     Adjustments to reconcile net income to net cash provided by
     operating activities:
          Depreciation of property and equipment                                                                                               13,102                                                                                             14,867
          Stock-based compensation                                                                                                             12,563                                                                                             11,759
          Payment of contingent interest                                                                                                       (7,719 )                                                                                           (6,544 )
          Amortization of debt discount and issuance costs                                                                                      3,493                                                                                              3,267
          Other, net                                                                                                                           (1,436 )                                                                                           (1,844 )
          Changes in operating assets and liabilities:
               Other assets                                                                                                                    14,196                                                                                              2,745
               Accounts payable and accrued liabilities                                                                                       (59,889 )                                                                                          (31,537 )
               Deferred revenues                                                                                                               36,689                                                                                             30,998
               Net deferred income taxes and other long-term tax liabilities                                                20,775                                                       18,477  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
                    Net cash provided by operating activities                                                              148,186                                                      149,644  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
Cash flows from investing activities:
     Proceeds from maturities and sales of marketable securities                                                                            1,049,795                                                                                            900,810
     Purchases of marketable securities                                                                                                      (813,459 )                                                                                         (874,031 )
     Purchases of property and equipment                                                                                                       (9,654 )                                                                                           (7,082 )
     Other investing activities                                                                                             12,092                                               --  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
                    Net cash provided by investing activities                                                              238,774                                                       19,697  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
Cash flows from financing activities:
     Proceeds from employee stock purchase plan                                                                                                 7,997                                                                                              8,084
     Repurchases of common stock                                                                                                             (173,048 )                                                                                         (172,360 )
                    Net cash used in financing activities                                                                 (165,051 )                                                                      (164,276 )
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
Effect of exchange rate changes on cash and cash equivalents                                                                   738                                                          301  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
Net increase in cash and cash equivalents                                                                                                     222,647                                                                                              5,366
Cash and cash equivalents at beginning of period                                                                           231,945                                                      228,659  
                                                                                                                       -------------------- --------- --------------------                                           -------------------- -------------- --------------------
Cash and cash equivalents at end of period                                                                                                $   454,592                                                                $        234,025  
                                                                                                                       ==================== ========= ====================                                           ==================== ============== ====================
Supplemental cash flow disclosures:
     Cash paid for interest                                                                                                               $    28,189                                                                $         27,028  
                                                                                                                       ==================== ========= ====================                                           ==================== ============== ====================
     Cash paid for income taxes, net of refunds received                                                                                  $    17,861                                                                $         13,711  
                                                                                                                       ==================== ========= ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                    VERISIGN, INC.
                                                                                                                                                                                                                     RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                                                                                                                         (In thousands, except per share data)
                                                                                                                                                                                                                                     (Unaudited)
 
 
                                                                                                                                                                                                                                                                                         Three Months Ended March 31,
                                                                                                                       ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                  2017                                                                                                                                                                                                 2016
                                                                                                                       -----------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                  Operating                                                                                         Net Income                                                                                         Operating                                                                                         Net Income
                                                                                                                                                   Income                                                                                                                                                                                               Income
                                                                                                                       ------------------------------------------------------------                                             -----------------------------------------------                                             ------------------------------------------------------------                                             -----------------------------------------------
GAAP as reported                                                                                                                          $              175,271                                                                                   $ 116,412                                                                                   $              166,767                                                                                   $ 107,456
     Adjustments:
          Stock-based compensation                                                                                                                        12,563                                                                                      12,563                                                                                                   11,759                                                                                      11,759
          Unrealized loss (gain) on contingent interest derivative on the                                                                                                                                                                                893                                                                                                                                                                                               (1,065 )
          subordinated convertible debentures
          Non-cash interest expense                                                                                                                                                                                                                    3,493                                                                                                                                                                                                3,267
          Contingent interest payable on subordinated convertible debentures                                                                                                                                                                          (3,808 )                                                                                                                                                                                             (3,346 )
     Tax adjustment                                                                                                                                                      (10,642 )                                                                                                                 (5,813 )
                                                                                                                       -------------------- -------------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- ------- --------------------
Non-GAAP                                                                                                                                  $              187,834                                                                $ 118,911                                                                $              178,526                                                                $ 112,258  
                                                                                                                       ==================== ==================== ====================                                           ==================== ======= ====================                                           ==================== ==================== ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Revenues                                                                                                                                  $              288,614                                                                                                                                                                               $              281,876
Non-GAAP operating margin                                                                                                                65.1 %                                                                                                                                                                            63.3 %
                                                                                                                       ==================== ==================== ====================                                                                                                                                       ==================== ==================== ====================
Diluted shares                                                                                                                                                                                                                                       124,464                                                                                                                                                                                              131,581
Diluted EPS, non-GAAP                                                                                                                                                                                                                              $    0.96                                                                                                                                                                         $    0.85  
                                                                                                                                                                                                                                ==================== ======= ====================                                                                                                                                                    ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                               
                                                                                                                                                           VERISIGN, INC.
                                                                                                                                             RECONCILIATION OF NON-GAAP ADJUSTED EBITDA
                                                                                                                                                           (In thousands)
                                                                                                                                                             (Unaudited)
                                                                                                                                                                                                                                                                                                                
The following table reconciles GAAP net income to non-GAAP
Adjusted EBITDA for the periods shown below (in thousands):
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                  Three Months Ended                                                                                                                 Four Quarters
                                                                                                                                                                       March 31,                                                                                                                         Ended
                                                                                                                                                                                                                                                                                                       March 31,
                                                                                                               ------------------------------------------------------------------------------------------------------------------                                                 -----------------------------------------------
                                                                                                                           2017                                                                              2016                                                                                        2017
                                                                                                               -----------------------------                                          --------------------------------------------------                                          --------------------------------------------------
Net Income                                                                                                                        $ 116,412                                                              $ 107,456                                                                                   $ 449,601
     Interest expense                                                                                                                29,023                                                                 28,804                                                                                     115,783
     Income tax expense                                                                                                              31,137                                                                 33,628                                                                                     138,037
     Depreciation and amortization                                                                                                   13,102                                                                 14,867                                                                                      56,402
     Stock-based compensation                                                                                                        12,563                                                                 11,759                                                                                      50,848
     Unrealized loss (gain) on contingent interest derivative on the                                                                    893                                                                 (1,065 )                                                                                      (444 )
     subordinated convertible debentures
     Unrealized loss (gain) on hedging agreements                                                                    495                                                 562                                                  (156 )
                                                                                                               -------------------- -------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Non-GAAP Adjusted EBITDA                                                                                                          $ 203,625                                                              $ 196,011                                                                $ 810,071  
                                                                                                               ==================== =======                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                           VERISIGN, INC.
                                                                                                                                               STOCK-BASED COMPENSATION CLASSIFICATION
                                                                                                                                                           (In thousands)
                                                                                                                                                             (Unaudited)
 
The following table presents the classification of stock-based
compensation:
 
 
                                                                                                                                                                                                                                                    Three Months Ended
                                                                                                                                                                                                                                                         March 31,
                                                                                                                                                                                      --------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                             2017                                                                                        2016
                                                                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------
     Cost of revenues                                                                                                                                                                                    $   1,735                                                                                   $   1,841
     Sales and marketing                                                                                                                                                                                     1,429                                                                                       1,633
     Research and development                                                                                                                                                                                1,496                                                                                       1,703
     General and administrative                                                                                                                                                           7,903                                                 6,582  
                                                                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
Total stock-based compensation expense                                                                                                                                                                   $  12,563                                                                $  11,759  
                                                                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170427006291r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006291/en/

SOURCE: VeriSign, Inc.

VeriSign, Inc. 
Investor Relations: 
David Atchley, 703-948-4643 
datchley@verisign.com 
or 
Media Relations: 
Deana Alvy, 703-948-4179 
dalvy@verisign.com


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