Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 17, 2020 | |
Document And Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | VRSN | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3221585 | |
Entity Address, Postal Zip Code | 20190 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | VERISIGN INC/CA | |
Entity Central Index Key | 0001014473 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 000-23593 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 115,539,476 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Address, Address Line One | 12061 Bluemont Way, | |
Entity Address, City or Town | Reston, | |
Entity Address, State or Province | VA | |
City Area Code | 703 | |
Local Phone Number | 948-3200 | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 498,693 | $ 508,196 |
Marketable securities | 639,939 | 709,863 |
Other Assets, Current | 46,863 | 60,530 |
Total current assets | 1,185,495 | 1,278,589 |
Property and equipment, net | 247,764 | 250,283 |
Goodwill | 52,527 | 52,527 |
Deferred Income Tax Assets, Net | 84,388 | 87,798 |
Deposits to acquire Intangible Assets | 145,000 | 145,000 |
Other long-term assets | 38,687 | 39,812 |
Total long-term assets | 568,366 | 575,420 |
Total assets | 1,753,861 | 1,854,009 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 180,015 | 209,988 |
Deferred revenues | 775,657 | 755,178 |
Total current liabilities | 955,672 | 965,166 |
Long-term deferred revenues | 281,030 | 278,702 |
Senior Notes | 1,788,194 | 1,787,565 |
Other long-term liabilities | 138,079 | 312,676 |
Total long-term liabilities | 2,207,303 | 2,378,943 |
Total liabilities | 3,162,975 | 3,344,109 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock-par value $.001 per share | 0 | 0 |
Common Stocks, Including Additional Paid in Capital | 14,734,618 | 14,990,011 |
Accumulated deficit | (16,143,374) | (16,477,490) |
Accumulated other comprehensive loss | (358) | (2,621) |
Total stockholders' deficit | (1,409,114) | (1,490,100) |
Total liabilities and stockholders' deficit | $ 1,753,861 | $ 1,854,009 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 5,000 | 5,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common Stock, Shares, Issued | 353,577 | 353,157 |
Common stock, outstanding shares | 115,701 | 116,715 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 312,524 | $ 306,408 |
Costs and expenses: | ||
Cost of revenues | 45,573 | 45,504 |
Sales and marketing | 6,604 | 10,519 |
Research and development | 17,358 | 16,132 |
General and administrative | 36,725 | 34,001 |
Total costs and expenses | 106,260 | 106,156 |
Operating income | 206,264 | 200,252 |
Interest expense | (22,535) | (22,631) |
Non-operating income (loss), net | 7,084 | 12,203 |
Income before income taxes | 190,813 | 189,824 |
Income tax expense | 143,303 | (27,297) |
Net Income | 334,116 | 162,527 |
Other comprehensive income (loss) | 2,263 | 49 |
Comprehensive Income | $ 336,379 | $ 162,576 |
Basic income (loss) per share | ||
Net Income | $ 2.87 | $ 1.36 |
Diluted income (loss) per share | ||
Net Income | $ 2.86 | $ 1.35 |
Shares used to compute net income per share | ||
Basic | 116,375 | 119,757 |
Diluted | 116,730 | 120,317 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit Statement - USD ($) $ in Thousands | Total | Common Stock Including Additional Paid in Capital [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] |
Stockholders' Deficit | $ (1,385,474) | $ 15,707,126 | $ (17,089,789) | $ (2,811) |
Stock-based compensation expense | 12,818 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 8,253 | |||
Stock Repurchased During Period, Value | (204,302) | |||
Net Income | 162,527 | 162,527 | ||
Other Comprehensive Income (Loss), Net of Tax | 49 | 49 | ||
Stockholders' Deficit | (1,406,129) | 15,523,895 | (16,927,262) | (2,762) |
Stockholders' Deficit | (1,490,100) | 14,990,011 | (16,477,490) | (2,621) |
Stock-based compensation expense | 11,934 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 8,296 | |||
Stock Repurchased During Period, Value | (275,623) | |||
Net Income | 334,116 | 334,116 | ||
Other Comprehensive Income (Loss), Net of Tax | 2,263 | 2,263 | ||
Stockholders' Deficit | $ (1,409,114) | $ 14,734,618 | $ (16,143,374) | $ (358) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 334,116 | $ 162,527 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 11,232 | 11,593 |
Stock-based compensation | 11,441 | 12,462 |
Accretion (Amortization) of Discounts and Premiums, Investments | (3,003) | (3,854) |
Other Noncash Income (Expense) | (1,692) | 147 |
Changes in operating assets and liabilities | ||
Other assets | 28 | (226) |
Accounts payable and accrued liabilities | (27,409) | (31,609) |
Deferred revenues | 22,807 | 29,219 |
Deferred Income Taxes | (170,844) | 7,365 |
Net cash provided by operating activities | 180,060 | 187,330 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Proceeds from maturities and sales of marketable securities | 805,748 | 939,561 |
Purchases of marketable securities | (730,507) | (496,779) |
Payments for (Proceeds from) Businesses and Interest in Affiliates | 14,856 | (2,958) |
Purchases of property and equipment | (11,013) | (9,133) |
Net cash used in investing activities | 79,084 | 430,691 |
Cash flows from financing activities: | ||
Proceeds from employee stock purchase plans | 8,296 | 8,253 |
Repurchases of common stock | (275,623) | (204,302) |
Net cash used in financing activities | (267,327) | (196,049) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (1,316) | 255 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (9,499) | 422,227 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 517,601 | 366,753 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 508,102 | 788,980 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 13,151 | 13,063 |
Cash paid for income taxes, net of refunds received | $ 15,914 | $ 14,185 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation Interim Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by VeriSign, Inc. (“Verisign” or the “Company”) in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes normally provided in audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes contained in Verisign’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “ 2019 Form 10-K”) filed with the SEC on February 14, 2020. Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on net income as previously reported. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Financial Instruments | Cash, Cash Equivalents, and Marketable Securities The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis: March 31, December 31, 2020 2019 (In thousands) Cash $ 24,850 $ 33,238 Time deposits 5,044 3,924 Money market funds (Level 1) 128,213 149,624 Debt securities issued by the U.S. Treasury (Level 1) 989,934 1,040,678 Total $ 1,148,041 $ 1,227,464 Cash and cash equivalents $ 498,693 $ 508,196 Restricted cash (included in Other long-term assets) 9,409 9,405 Total Cash, cash equivalents, and restricted cash 508,102 517,601 Marketable securities 639,939 709,863 Total $ 1,148,041 $ 1,227,464 The fair value of the debt securities held as of March 31, 2020 was $989.9 million , including $2.4 million of gross and net unrealized gains. All of the debt securities held as of March 31, 2020 are scheduled to mature in less than one year. Fair Value Measurements The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in Cash and cash equivalents. The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. The fair value of all of these financial instruments are classified as Level 1 in the fair value hierarchy. The Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable. As of March 31, 2020 , the carrying value of these financial instruments approximated their fair value. The fair values of the senior notes due 2023, 2025, and 2027 were $751.6 million , $511.6 million , and $575.0 million , respectively, as of March 31, 2020 |
Other Balance Sheet Items
Other Balance Sheet Items | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Balance Sheet Items | Selected Balance Sheet Items Other Current Assets Other current assets consist of the following: March 31, December 31, 2020 2019 (In thousands) Prepaid registry fees $ 22,286 $ 21,717 Prepaid expenses 16,611 19,818 Accounts receivable, net 5,047 1,524 Contingent consideration receivable — 14,721 Other 2,919 2,750 Total other current assets $ 46,863 $ 60,530 During the three months ended March 31, 2020 the Company received $ 15.2 million contingent consideration related to its divested security services business. The excess of the proceeds received over the balance of the receivable was recognized as a gain and included in Non-operating income, net. Other Long-Term Assets Other long-term assets consist of the following: March 31, December 31, 2020 2019 (In thousands) Restricted cash $ 9,409 $ 9,405 Operating lease right-of-use asset 8,645 9,133 Long-term prepaid registry fees 7,851 7,753 Other tax receivable 6,927 6,927 Other 5,855 6,594 Total other long-term assets $ 38,687 $ 39,812 The current and long-term prepaid registry fees in the tables above relate to the fees the Company pays to ICANN for each annual increment of . com domain name registrations and renewals which are deferred and amortized over the domain name registration term. The amount of prepaid registry fees as of March 31, 2020 reflects amortization of $8.9 million during the three months ended March 31, 2020 which was recorded in Cost of Revenues. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: March 31, December 31, 2020 2019 (In thousands) Accounts payable and accrued expenses $ 10,434 $ 17,177 Customer deposits, net 43,376 52,804 Taxes payable and other tax liabilities 44,847 33,435 Interest payable 33,021 24,318 Accrued employee compensation 26,022 49,869 Accrued registry fees 12,391 11,529 Customer incentives payable 5,503 13,547 Other accrued liabilities 4,421 7,309 Total accounts payable and accrued liabilities $ 180,015 $ 209,988 Customer deposits primarily relate to advance payments to cover domain name registration activity by registrars. The balance of customer deposits can fluctuate significantly due to the timing of payments from large customers. Taxes payable and other tax liabilities reflect the income tax provision and payments made during the period. Interest payable varies at each period-end based on the payment due dates for each Senior Note issuance. Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation. Accrued employee incentive compensation as of December 31, 2019 , was paid during the three months ended March 31, 2020 . Customer incentives payable includes amounts related to rebates and marketing programs payable to registrars. These amounts may vary from period to period due to the timing of payments. Long-term tax and other liabilities March 31, December 31, 2020 2019 (In thousands) Long-term tax liabilities $ 133,858 $ 308,112 Long-term operating lease liability 4,221 4,564 Long-term tax and other liabilities $ 138,079 $ 312,676 During the three months ended March 31, 2020 , the Company remeasured its previously unrecognized income tax benefits relating to the worthless stock deduction taken in 2013. The remeasurement resulted in the recognition of a $ 167.8 million |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' (Deficit) Equity | Stockholders’ Deficit Effective February 6, 2020, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $ 743.0 million , in addition to the $ 257.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.0 billion under the program. The program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three months ended March 31, 2020 , the Company repurchased 1.3 million shares of its common stock at an average stock price of $190.14 . The aggregate cost of the repurchases in the three months ended March 31, 2020 was $245.0 million . As of March 31, 2020 , there was approximately $825.6 million remaining available for future share repurchases under the share repurchase program. During the three months ended March 31, 2020 , the Company placed 0.1 million shares, at an average stock price of $209.40 , and for an aggregate cost of $30.7 million , into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”). Since inception, the Company has repurchased 237.9 million shares of its common stock for an aggregate cost of $10.48 billion , which is presented as a reduction of Additional paid-in capital. |
Calculation Of Net Income Per S
Calculation Of Net Income Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation Of Net Income Per Share Attributable To Verisign Stockholders | Calculation of Earnings per Share The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share: Three Months Ended 2020 2019 (In thousands) Weighted-average shares of common stock outstanding 116,375 119,757 Weighted-average potential shares of common stock outstanding: Unvested RSUs and ESPP 355 560 Shares used to compute diluted earnings per share 116,730 120,317 The calculation of diluted weighted average shares outstanding excludes performance-based RSUs granted by the Company for which the relevant performance criteria have not been achieved. The number of potential shares excluded from the calculation was not significant in any period presented. |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Table Text Block] | Revenues The Company generates revenues in the U.S.; Europe, the Middle East and Africa (“EMEA”); China; and certain other countries, including Canada, Australia, and Japan. The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended 2020 2019 (In thousands) U.S. $ 197,503 $ 192,155 EMEA 52,105 52,146 China 30,187 28,242 Other 32,729 33,865 Total revenues $ 312,524 $ 306,408 Revenues in the table above are attributed to the country of domicile and the respective regions in which registrars are located; however, this may differ from the regions where the registrars operate or where registrants are located. Revenues for each region may be impacted by registrars reincorporating, relocating, or from acquisitions or changes in affiliations of resellers. Revenues for each region may also be impacted by registrars domiciled in one region, registering domain names in another region. Deferred Revenues As payment for domain name registrations and renewals are due in advance of our performance, we record these amounts as deferred revenues. The increase in the deferred revenues balance for the three months ended March 31, 2020 was primarily driven by amounts billed in the first quarter of 2020 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $ 278.5 million of revenues recognized that were included in the deferred revenues balance at the beginning of the period. The balance of deferred revenues as of March 31, 2020 represents our aggregate remaining performance obligations. Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction. The long-term deferred revenues amounts will be recognized in revenues over several years and in some cases up to 10 years. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-based Compensation Stock-based compensation is classified in the Condensed Consolidated Statements of Comprehensive Income in the same expense line items as cash compensation. The following table presents the classification of stock-based compensation: Three Months Ended 2020 2019 (In thousands) Cost of revenues $ 1,648 $ 1,598 Sales and marketing 885 983 Research and development 1,676 1,589 General and administrative 7,232 8,292 Total stock-based compensation expense $ 11,441 $ 12,462 The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended 2020 2019 (In thousands) RSUs $ 9,087 $ 8,609 Performance-based RSUs 1,717 3,038 ESPP 1,130 1,171 Capitalization (included in Property and equipment, net) (493 ) (356 ) Total stock-based compensation expense $ 11,441 $ 12,462 |
Non-operating (loss) income
Non-operating (loss) income | 3 Months Ended |
Mar. 31, 2020 | |
Non-operating (loss) income, net [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Non-operating Income, Net The following table presents the components of Non-operating income, net: Three Months Ended 2020 2019 (In thousands) Interest income $ 4,421 $ 7,360 Transition services income 2,100 4,050 Other, net 563 793 Total non-operating income, net $ 7,084 $ 12,203 The transition services income related to services provided to transition the divested security services business. The transition services agreement ended in February 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents Income tax (benefit) expense and the effective tax rate: Three Months Ended 2020 2019 (Dollars in thousands) Income tax (benefit) expense $ (143,303 ) $ 27,297 Effective tax rate (75 )% 14 % During the three months ended March 31, 2020, the Company remeasured its previously unrecognized income tax benefits relating to the worthless stock deduction taken in 2013. The remeasurement, which resulted in the recognition of a $167.8 million benefit in the quarter, was based on Internal Revenue Service (“IRS”) written confirmation indicating no examination adjustment would be proposed. Notwithstanding this written confirmation, the Company’s U.S. federal income tax returns remain under examination by the IRS for 2010 through 2014. The timing of completion and ultimate outcome of the audits remains uncertain and it is reasonably possible that during the next 12 months, the Company’s unrecognized tax benefits may change further as a result of IRS audits. The effective tax rate for the three months ended March 31, 2020 was lower than the statutory federal rate of 21% primarily due to the remeasurement of unrecognized tax benefits mentioned above, foreign income taxed at lower rates, and $11.8 million of excess tax benefits related to stock-based compensation, partially offset by state income taxes. The effective tax rate for the three months ended March 31, 2019 was lower than the statutory federal rate of 21% primarily due to tax benefits from foreign income taxed at lower rates and $11.0 million of excess tax benefits related to stock-based compensation, partially offset by state income taxes. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Cash, Cash Equivalents, And Marketable Securities | The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis: March 31, December 31, 2020 2019 (In thousands) Cash $ 24,850 $ 33,238 Time deposits 5,044 3,924 Money market funds (Level 1) 128,213 149,624 Debt securities issued by the U.S. Treasury (Level 1) 989,934 1,040,678 Total $ 1,148,041 $ 1,227,464 Cash and cash equivalents $ 498,693 $ 508,196 Restricted cash (included in Other long-term assets) 9,409 9,405 Total Cash, cash equivalents, and restricted cash 508,102 517,601 Marketable securities 639,939 709,863 Total $ 1,148,041 $ 1,227,464 |
Other Balance Sheet Items (Tabl
Other Balance Sheet Items (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Current Assets | Other current assets consist of the following: March 31, December 31, 2020 2019 (In thousands) Prepaid registry fees $ 22,286 $ 21,717 Prepaid expenses 16,611 19,818 Accounts receivable, net 5,047 1,524 Contingent consideration receivable — 14,721 Other 2,919 2,750 Total other current assets $ 46,863 $ 60,530 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets consist of the following: March 31, December 31, 2020 2019 (In thousands) Restricted cash $ 9,409 $ 9,405 Operating lease right-of-use asset 8,645 9,133 Long-term prepaid registry fees 7,851 7,753 Other tax receivable 6,927 6,927 Other 5,855 6,594 Total other long-term assets $ 38,687 $ 39,812 |
Components Of Accounts Payable And Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: March 31, December 31, 2020 2019 (In thousands) Accounts payable and accrued expenses $ 10,434 $ 17,177 Customer deposits, net 43,376 52,804 Taxes payable and other tax liabilities 44,847 33,435 Interest payable 33,021 24,318 Accrued employee compensation 26,022 49,869 Accrued registry fees 12,391 11,529 Customer incentives payable 5,503 13,547 Other accrued liabilities 4,421 7,309 Total accounts payable and accrued liabilities $ 180,015 $ 209,988 |
Other Noncurrent Liabilities [Table Text Block] | Long-term tax and other liabilities March 31, December 31, 2020 2019 (In thousands) Long-term tax liabilities $ 133,858 $ 308,112 Long-term operating lease liability 4,221 4,564 Long-term tax and other liabilities $ 138,079 $ 312,676 |
Calculation Of Net Income Per_2
Calculation Of Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share: Three Months Ended 2020 2019 (In thousands) Weighted-average shares of common stock outstanding 116,375 119,757 Weighted-average potential shares of common stock outstanding: Unvested RSUs and ESPP 355 560 Shares used to compute diluted earnings per share 116,730 120,317 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended 2020 2019 (In thousands) U.S. $ 197,503 $ 192,155 EMEA 52,105 52,146 China 30,187 28,242 Other 32,729 33,865 Total revenues $ 312,524 $ 306,408 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Classification Of Stock-Based Compensation | The following table presents the classification of stock-based compensation: Three Months Ended 2020 2019 (In thousands) Cost of revenues $ 1,648 $ 1,598 Sales and marketing 885 983 Research and development 1,676 1,589 General and administrative 7,232 8,292 Total stock-based compensation expense $ 11,441 $ 12,462 |
Nature Of Total Stock-Based Compensation | The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended 2020 2019 (In thousands) RSUs $ 9,087 $ 8,609 Performance-based RSUs 1,717 3,038 ESPP 1,130 1,171 Capitalization (included in Property and equipment, net) (493 ) (356 ) Total stock-based compensation expense $ 11,441 $ 12,462 |
Non-operating (loss) income (Ta
Non-operating (loss) income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Non-operating (loss) income, net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The following table presents the components of Non-operating income, net: Three Months Ended 2020 2019 (In thousands) Interest income $ 4,421 $ 7,360 Transition services income 2,100 4,050 Other, net 563 793 Total non-operating income, net $ 7,084 $ 12,203 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense From Continuing Operations And The Effective Tax Rate | The following table presents Income tax (benefit) expense and the effective tax rate: Three Months Ended 2020 2019 (Dollars in thousands) Income tax (benefit) expense $ (143,303 ) $ 27,297 Effective tax rate (75 )% 14 % |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Document Period End Date | Mar. 31, 2020 | |||
Cash | $ 24,850 | $ 33,238 | ||
Time deposits | 5,044 | 3,924 | ||
Money Market Funds (level 1) | 128,213 | 149,624 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 989,934 | 1,040,678 | ||
Total | 1,148,041 | 1,227,464 | ||
Included in Cash and cash equivalents | 498,693 | 508,196 | ||
Restricted Cash Equivalents, Noncurrent | 9,409 | 9,405 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 508,102 | 517,601 | $ 788,980 | $ 366,753 |
Included in Marketable securities | $ 639,939 | $ 709,863 |
Financial Instruments Financial
Financial Instruments Financial Instruments narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Document Period End Date | Mar. 31, 2020 | |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | $ 989,934 | $ 1,040,678 |
Debt securities gross unrealized gains | 2,400 | |
Debt instrument fair value senior notes 2023 | 751,600 | |
Debt instrument fair value senior notes 2025 | 511,600 | |
Debt instrument fair value senior notes 2027 | $ 575,000 |
Other Balance Sheet Items (Othe
Other Balance Sheet Items (Other Current Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||
Contingent consideration proceeds | $ 15,200 | |
Prepaid registry fees, current | 22,286 | $ 21,717 |
Estimated contingent consideration receivable | 0 | 14,721 |
Prepaid expenses | 16,611 | 19,818 |
Accounts Receivable, Net | 5,047 | 1,524 |
Other Assets, Miscellaneous, Current | 2,919 | 2,750 |
Other Assets, Current | $ 46,863 | $ 60,530 |
Other Balance Sheet Items Other
Other Balance Sheet Items Other Balance Sheet Items (Other long-term assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Restricted Cash | $ 9,409 | $ 9,405 |
Operating Lease, Right-of-Use Asset | 8,645 | 9,133 |
Prepaid registry fees, noncurent | 7,851 | 7,753 |
Income Taxes Receivable, Noncurrent | 6,927 | 6,927 |
Other Assets, Miscellaneous, Noncurrent | 5,855 | 6,594 |
Other Assets, Noncurrent | $ 38,687 | $ 39,812 |
Other Balance Sheet Items (Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable | $ 10,434 | $ 17,177 |
Accrued employee compensation | 26,022 | 49,869 |
Taxes Payable | 33,021 | 24,318 |
Interest Payable | 44,847 | 33,435 |
Deposits, net | 43,376 | 52,804 |
accrued fees | 5,503 | 13,547 |
Due to buyer | 12,391 | 11,529 |
Other accrued liabilities | 4,421 | 7,309 |
Total accounts payable and accrued liabilities | $ 180,015 | $ 209,988 |
Other Balance Sheet Items Oth_2
Other Balance Sheet Items Other Balance Sheet Items (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 8,645 | $ 9,133 |
Amortization of Other Deferred Charges | $ 8,900 |
Other Balance Sheet Items Oth_3
Other Balance Sheet Items Other Balance Sheet Items (Long-term tax and other liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Long-term tax and other liabilities Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 133,858 | $ 308,112 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 167,800 | |
Operating Lease, Liability, Noncurrent | 4,221 | 4,564 |
Other long-term liabilities | $ 138,079 | $ 312,676 |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Feb. 06, 2020 | |
Treasury Stock Repurchase Programs [Line Items] | ||
Additional share repurchase amount authorized | $ 743 | |
Remaining common stock available for repurchase | $ 825.6 | $ 257 |
Common stock, held in treasury | 237.9 | |
Common stock repurchased | $ 10,480 | |
Share Buyback Program [Member] | ||
Treasury Stock Repurchase Programs [Line Items] | ||
Common stock authorized to repurchase | $ 1,000 | |
Common stock repurchase, share | 1.3 | |
Average stock price | $ 190.14 | |
Aggregate cost of share | $ 245 | |
Restricted Stock Units [Member] | ||
Treasury Stock Repurchase Programs [Line Items] | ||
Common stock repurchase, share | 0.1 | |
Average stock price | $ 209.40 | |
Aggregate cost of share | $ 30.7 |
Calculation Of Net Income Per_3
Calculation Of Net Income Per Share (Weighted-Average Shares Used In Calculation Of Basic And Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted-average number of common shares outstanding | 116,375 | 119,757 |
Unvested RSUs and ESPP | 355 | 560 |
Shares used to compute diluted net income per share | 116,730 | 120,317 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 312,524 | $ 306,408 |
US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 197,503 | 192,155 |
EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 52,105 | 52,146 |
China [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 30,187 | 28,242 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 32,729 | $ 33,865 |
Revenue Revenue (Narrative deta
Revenue Revenue (Narrative detail) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, Revenue Recognized | $ 278.5 |
Stock-Based Compensation (Class
Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 11,441 | $ 12,462 |
Cost Of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,648 | 1,598 |
Sales And Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 885 | 983 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,676 | 1,589 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 7,232 | $ 8,292 |
Stock-Based Compensation (Natur
Stock-Based Compensation (Nature Of Total Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Amount Capitalized | $ (493) | $ (356) |
Stock-based compensation | 11,441 | 12,462 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 9,087 | 8,609 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 1,717 | 3,038 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 1,130 | $ 1,171 |
Non-operating (loss) income (De
Non-operating (loss) income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Non-operating (loss) income, net [Abstract] | ||
Interest Income | $ 4,421 | $ 7,360 |
income from transition services | 2,100 | 4,050 |
Other Nonoperating Income (Expense) | 563 | 793 |
Nonoperating (loss) Income | $ 7,084 | $ 12,203 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations And Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense from continuing operations | $ (143,303) | $ 27,297 |
Effective tax rate | (75.00%) | 14.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 167.8 | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 11.8 | $ 11 |
Statutory federal rate | 21.00% | 21.00% |