Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
Document And Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | VRSN | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3221585 | |
Entity Address, Postal Zip Code | 20190 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | VERISIGN INC/CA | |
Entity Central Index Key | 0001014473 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 000-23593 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 107,283,245 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Address, Address Line One | 12061 Bluemont Way, | |
Entity Address, City or Town | Reston, | |
Entity Address, State or Province | VA | |
City Area Code | 703 | |
Local Phone Number | 948-3200 | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 606.3 | $ 223.5 |
Marketable securities | 390.6 | 982.3 |
Other Assets, Current | 65.3 | 62.9 |
Total current assets | 1,062.2 | 1,268.7 |
Property and equipment, net | 240.1 | 251.2 |
Goodwill | 52.5 | 52.5 |
Deferred Income Tax Assets, Net | 230.6 | 230.7 |
Deposits to acquire Intangible Assets | 145 | 145 |
Other long-term assets | 32.1 | 35.7 |
Total long-term assets | 700.3 | 715.1 |
Total assets | 1,762.5 | 1,983.8 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 184.3 | 226.6 |
Deferred revenues | 882.9 | 847.4 |
Total current liabilities | 1,067.2 | 1,074 |
Long-term deferred revenues | 298.7 | 306 |
Senior Notes | 1,786.8 | 1,785.7 |
Other long-term liabilities | 64.8 | 78.6 |
Total long-term liabilities | 2,150.3 | 2,170.3 |
Total liabilities | 3,217.5 | 3,244.3 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock-par value $.001 per share | 0 | 0 |
Common Stocks, Including Additional Paid in Capital | 13,100.9 | 13,620.1 |
Accumulated deficit | (14,553) | (14,877.8) |
Accumulated other comprehensive loss | (2.9) | (2.8) |
Total stockholders' deficit | (1,455) | (1,260.5) |
Total liabilities and stockholders' deficit | $ 1,762.5 | $ 1,983.8 |
Common Stock, Shares, Issued | 354.4 | 354.2 |
Common stock, outstanding shares | 107.8 | 110.5 |
Preferred stock, authorized shares | 5 | 5 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 1,000 | 1,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 5 | 5 |
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 | 1,000 |
Common Stock, Shares, Issued | 354.4 | 354.2 |
Common stock, outstanding shares | 107.8 | 110.5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 351.9 | $ 329.4 | $ 698.8 | $ 653 |
Costs and expenses: | ||||
Cost of revenues | 49.5 | 47.8 | 100.2 | 94.8 |
Research and development | 20.3 | 19.8 | 43.2 | 40.1 |
Selling, General and Administrative Expense | 46.1 | 48.8 | 94.6 | 94.7 |
Total costs and expenses | 115.9 | 116.4 | 238 | 229.6 |
Operating income | 236 | 213 | 460.8 | 423.4 |
Interest expense | (18.9) | (23.1) | (37.7) | (45.6) |
Non-operating income (loss), net | 1.6 | (2) | 1.9 | (1.6) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 218.7 | 187.9 | 425 | 376.2 |
Income tax expense | (51.4) | (40.2) | (100.2) | (78.1) |
Net Income | 167.3 | 147.7 | 324.8 | 298.1 |
Other comprehensive income (loss) | 0.1 | (0.1) | (0.1) | (0.1) |
Comprehensive Income | $ 167.4 | $ 147.6 | $ 324.7 | $ 298 |
Basic income (loss) per share | ||||
Net Income | $ 1.54 | $ 1.31 | $ 2.97 | $ 2.64 |
Diluted income (loss) per share | ||||
Net Income | $ 1.54 | $ 1.31 | $ 2.96 | $ 2.64 |
Shares used to compute net income per share | ||||
Basic | 108.8 | 112.4 | 109.5 | 112.8 |
Diluted | 108.8 | 112.5 | 109.6 | 112.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit Statement - USD ($) $ in Millions | Total | Common Stock Including Additional Paid in Capital [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] |
Stockholders' Deficit | $ (1,390.2) | $ 14,275.2 | $ (15,662.6) | $ (2.8) |
Stock-based compensation expense | 27.4 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 8.1 | |||
Stock Repurchased During Period, Value | (361.2) | |||
Net Income | 298.1 | 298.1 | ||
Other Comprehensive Income (Loss), Net of Tax | (0.1) | (0.1) | ||
Stockholders' Deficit | (1,403.8) | 14,111.2 | (15,512.2) | (2.8) |
Stock-based compensation expense | 14.1 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | |||
Stock Repurchased During Period, Value | (175.8) | |||
Net Income | 147.7 | |||
Other Comprehensive Income (Loss), Net of Tax | (0.1) | (0.1) | ||
Stockholders' Deficit | (1,417.9) | 13,949.5 | (15,364.5) | (2.9) |
Stockholders' Deficit | (1,260.5) | 13,620.1 | (14,877.8) | (2.8) |
Stock-based compensation expense | 28.7 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 8.2 | |||
Stock Repurchased During Period, Value | (556.1) | |||
Net Income | 324.8 | 324.8 | ||
Other Comprehensive Income (Loss), Net of Tax | (0.1) | (0.1) | ||
Stockholders' Deficit | (1,285.1) | 13,438.2 | (14,720.3) | (3) |
Stock-based compensation expense | 14.2 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | |||
Stock Repurchased During Period, Value | (351.5) | |||
Net Income | 167.3 | |||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.1 | ||
Stockholders' Deficit | $ (1,455) | $ 13,100.9 | $ (14,553) | $ (2.9) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 324.8 | $ 298.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 23.8 | 23.6 |
Stock-based compensation | 27.9 | 26.6 |
Other Noncash Income (Expense) | (1.5) | (4.4) |
Changes in operating assets and liabilities | ||
Other assets | 1.1 | (18.6) |
Accounts payable and accrued liabilities | (41.9) | (36.8) |
Deferred revenues | 28.2 | 50 |
Deferred Income Taxes | (13.4) | (6.5) |
Net cash provided by operating activities | 352 | 340.8 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Proceeds from maturities and sales of marketable securities | 1,057.4 | 1,483 |
Purchases of marketable securities | (465.2) | (1,623.6) |
Purchases of property and equipment | (12.8) | (24.3) |
Net cash used in investing activities | 579.4 | (164.9) |
Cash flows from financing activities: | ||
Proceeds from employee stock purchase plans | 8.2 | 8.1 |
Repayments of Debt, Maturing in More than Three Months | 0 | (750) |
Payments for Repurchase of Common Stock | 556.1 | 361.2 |
Proceeds from Debt, Net of Issuance Costs | 0 | 742.3 |
Net cash used in financing activities | (547.9) | (360.8) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (0.7) | (0.3) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 382.8 | (185.2) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 228.8 | 410.6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 611.6 | 225.4 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 36.4 | 48.7 |
Cash paid for income taxes, net of refunds received | $ 113.3 | $ 99 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 (the “2021 Form 10-K”) filed with the SEC on February 18, 2022. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Financial Instruments | 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: June 30, December 31, 2022 2021 (In millions) Cash $ 23.4 $ 25.8 Time deposits 4.1 3.7 Money market funds (Level 1) 354.3 165.6 Debt securities issued by the U.S. Treasury (Level 1) 620.4 1,016.0 Total $ 1,002.2 $ 1,211.1 Cash and cash equivalents $ 606.3 $ 223.5 Restricted cash (included in Other long-term assets) 5.3 5.3 Total Cash, cash equivalents, and restricted cash 611.6 228.8 Marketable securities 390.6 982.3 Total $ 1,002.2 $ 1,211.1 The gross and net unrealized gains and losses included in the fair value of the debt securities were not significant for the periods presented. All of the debt securities held as of June 30, 2022 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. |
Other Balance Sheet Items
Other Balance Sheet Items | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Balance Sheet Items | Selected Balance Sheet Items Other Current Assets Other current assets consist of the following: June 30, December 31, 2022 2021 (In millions) Prepaid expenses $ 29.3 $ 24.8 Prepaid registry fees 24.6 24.2 Taxes receivable 6.3 7.7 Accounts receivable, net 4.3 5.3 Other 0.8 0.9 Total other current assets $ 65.3 $ 62.9 Other Long-Term Assets Other long-term assets consist of the following: June 30, December 31, 2022 2021 (In millions) Operating lease right-of-use asset $ 8.7 $ 8.4 Long-term prepaid registry fees 8.3 8.7 Long-term prepaid expenses 7.5 11.0 Restricted cash 5.3 5.3 Other 2.3 2.3 Total other long-term assets $ 32.1 $ 35.7 The current and long-term prepaid registry fees in the tables above relate to the fees the Company pays to Internet Corporation for Assigned Names and Numbers (“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 June 30, 2022 reflects amortization of $9.9 million and $19.7 million during the three and six months ended June 30, 2022 which was recorded in Cost of Revenues. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2022 2021 (In millions) Accounts payable and accrued expenses $ 8.9 $ 9.0 Customer deposits 60.4 77.3 Accrued employee compensation 40.5 58.5 Taxes payable 25.5 26.8 Interest payable 19.5 19.5 Accrued registry fees 13.7 12.9 Customer incentives payable 6.5 13.3 Other accrued liabilities 9.3 9.3 Total accounts payable and accrued liabilities $ 184.3 $ 226.6 The balance of Customer deposits varies from period to period due to the timing of payments from certain large customers. 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, 2021 was paid during the six months ended June 30, 2022. Customer incentives payable includes amounts related to rebates payable to registrars. These amounts may vary from period to period due to the timing of payments and the amount of rebates earned. Long-term Tax and Other Liabilities Long-term tax and other liabilities consist of the following: June 30, December 31, 2022 2021 (In millions) Long-term tax liabilities $ 62.6 $ 76.1 Long-term operating lease liabilities 2.2 2.5 Long-term tax and other liabilities $ 64.8 $ 78.6 Long-term tax liabilities as of June 30, 2022 reflects a $14.5 million reclassification from long-term to current of the next installment of the transition tax liability on accumulated foreign earnings resulting from the 2017 Tax Cuts and Jobs Act. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' (Deficit) Equity | Note 4. Stockholders’ Deficit Effective February 10, 2022, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $705.4 million, in addition to the $294.6 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.00 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 and six months ended June 30, 2022, the Company repurchased 2.0 million shares and 2.9 million shares of its common stock, respectively, at an average stock price of $176.51 and $189.58, respectively. The aggregate cost of the repurchases in the three and six months ended June 30, 2022 was $349.5 million and $545.0 million, respectively. As of June 30, 2022, there was $543.1 million remaining available for future share repurchases under the share repurchase program. During the six months ended June 30, 2022, the Company placed less than 0.1 million shares, at an average stock price of $203.78, and for an aggregate cost of $11.2 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”). Since inception, the Company has repurchased 246.6 million shares of its common stock for an aggregate cost of $12.26 billion, which is presented as a reduction of Additional paid-in capital. |
Calculation Of Net Income Per S
Calculation Of Net Income Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Weighted-average shares of common stock outstanding 108.8 112.4 109.5 112.8 Weighted-average potential shares of common stock outstanding: Unvested RSUs and ESPP — 0.1 0.1 0.1 Shares used to compute diluted earnings per share 108.8 112.5 109.6 112.9 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 and any awards that are antidilutive. The number of potential shares excluded from the calculation was not significant in any period presented. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) U.S. $ 230.9 $ 211.0 $ 455.5 $ 418.1 EMEA 56.4 57.7 115.0 114.1 China 26.5 25.4 52.5 51.1 Other 38.1 35.3 75.8 69.7 Total revenues $ 351.9 $ 329.4 $ 698.8 $ 653.0 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 payments 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 six months ended June 30, 2022 was primarily driven by amounts billed in the six months ended June 30, 2022 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 $549.5 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 June 30, 2022 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Cost of revenues $ 1.8 $ 1.7 $ 3.5 $ 3.3 Research and development 2.3 2.0 4.7 3.9 Selling, general and administrative 9.6 9.9 19.7 19.4 Stock-based compensation expense 13.7 13.6 27.9 26.6 Capitalization (included in Property and equipment, net) 0.5 0.5 0.8 0.8 Total stock-based compensation $ 14.2 $ 14.1 $ 28.7 $ 27.4 The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) RSUs $ 10.7 $ 10.2 $ 20.9 $ 19.9 Performance-based RSUs 2.5 2.9 5.7 5.4 ESPP 1.0 1.0 2.1 2.1 Total stock-based compensation $ 14.2 $ 14.1 $ 28.7 $ 27.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents Income tax expense and the effective tax rate: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in millions) Income tax expense $ 51.4 $ 40.2 $ 100.2 $ 78.1 Effective tax rate 24 % 21 % 24 % 21 % The effective tax rate for each of the periods in the table above differed from the statutory federal rate of 21%, due to state income taxes and U.S. taxes on foreign earnings, net of foreign tax credits, offset by a lower foreign effective tax rate. The effective tax rate in the three and six months ended June 30, 2022 reflects an increased foreign effective tax rate primarily as a result of the transfer of intellectual property between certain non-U.S. subsidiaries that took place in the fourth quarter of 2021. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [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: June 30, December 31, 2022 2021 (In millions) Cash $ 23.4 $ 25.8 Time deposits 4.1 3.7 Money market funds (Level 1) 354.3 165.6 Debt securities issued by the U.S. Treasury (Level 1) 620.4 1,016.0 Total $ 1,002.2 $ 1,211.1 Cash and cash equivalents $ 606.3 $ 223.5 Restricted cash (included in Other long-term assets) 5.3 5.3 Total Cash, cash equivalents, and restricted cash 611.6 228.8 Marketable securities 390.6 982.3 Total $ 1,002.2 $ 1,211.1 |
Other Balance Sheet Items (Tabl
Other Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Current Assets | Other current assets consist of the following: June 30, December 31, 2022 2021 (In millions) Prepaid expenses $ 29.3 $ 24.8 Prepaid registry fees 24.6 24.2 Taxes receivable 6.3 7.7 Accounts receivable, net 4.3 5.3 Other 0.8 0.9 Total other current assets $ 65.3 $ 62.9 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets consist of the following: June 30, December 31, 2022 2021 (In millions) Operating lease right-of-use asset $ 8.7 $ 8.4 Long-term prepaid registry fees 8.3 8.7 Long-term prepaid expenses 7.5 11.0 Restricted cash 5.3 5.3 Other 2.3 2.3 Total other long-term assets $ 32.1 $ 35.7 |
Components Of Accounts Payable And Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2022 2021 (In millions) Accounts payable and accrued expenses $ 8.9 $ 9.0 Customer deposits 60.4 77.3 Accrued employee compensation 40.5 58.5 Taxes payable 25.5 26.8 Interest payable 19.5 19.5 Accrued registry fees 13.7 12.9 Customer incentives payable 6.5 13.3 Other accrued liabilities 9.3 9.3 Total accounts payable and accrued liabilities $ 184.3 $ 226.6 |
Other Noncurrent Liabilities [Table Text Block] | Long-term Tax and Other Liabilities Long-term tax and other liabilities consist of the following: June 30, December 31, 2022 2021 (In millions) Long-term tax liabilities $ 62.6 $ 76.1 Long-term operating lease liabilities 2.2 2.5 Long-term tax and other liabilities $ 64.8 $ 78.6 |
Calculation Of Net Income Per_2
Calculation Of Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Weighted-average shares of common stock outstanding 108.8 112.4 109.5 112.8 Weighted-average potential shares of common stock outstanding: Unvested RSUs and ESPP — 0.1 0.1 0.1 Shares used to compute diluted earnings per share 108.8 112.5 109.6 112.9 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) U.S. $ 230.9 $ 211.0 $ 455.5 $ 418.1 EMEA 56.4 57.7 115.0 114.1 China 26.5 25.4 52.5 51.1 Other 38.1 35.3 75.8 69.7 Total revenues $ 351.9 $ 329.4 $ 698.8 $ 653.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Cost of revenues $ 1.8 $ 1.7 $ 3.5 $ 3.3 Research and development 2.3 2.0 4.7 3.9 Selling, general and administrative 9.6 9.9 19.7 19.4 Stock-based compensation expense 13.7 13.6 27.9 26.6 Capitalization (included in Property and equipment, net) 0.5 0.5 0.8 0.8 Total stock-based compensation $ 14.2 $ 14.1 $ 28.7 $ 27.4 |
Nature Of Total Stock-Based Compensation | The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) RSUs $ 10.7 $ 10.2 $ 20.9 $ 19.9 Performance-based RSUs 2.5 2.9 5.7 5.4 ESPP 1.0 1.0 2.1 2.1 Total stock-based compensation $ 14.2 $ 14.1 $ 28.7 $ 27.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense From Continuing Operations And The Effective Tax Rate | The following table presents Income tax expense and the effective tax rate: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in millions) Income tax expense $ 51.4 $ 40.2 $ 100.2 $ 78.1 Effective tax rate 24 % 21 % 24 % 21 % |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Cash | $ 23.4 | $ 25.8 | ||
Time deposits | 4.1 | 3.7 | ||
Money Market Funds (level 1) | 354.3 | 165.6 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 620.4 | 1,016 | ||
Total | 1,002.2 | 1,211.1 | ||
Included in Cash and cash equivalents | 606.3 | 223.5 | ||
Restricted Cash Equivalents, Noncurrent | 5.3 | 5.3 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 611.6 | 228.8 | $ 225.4 | $ 410.6 |
Included in Marketable securities | $ 390.6 | $ 982.3 |
Financial Instruments Financial
Financial Instruments Financial Instruments narrative (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Debt instrument fair value senior notes 2025 | $ 505.4 |
Debt instrument fair value senior notes 2027 | 538.8 |
Debt instrument fair value senior notes 2031 | $ 604.3 |
Other Balance Sheet Items (Othe
Other Balance Sheet Items (Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid registry fees, current | $ 24.6 | $ 24.2 |
Prepaid expenses | 29.3 | 24.8 |
Accounts Receivable, Net | 4.3 | 5.3 |
Income Taxes Receivable, Current | 6.3 | 7.7 |
Other Assets, Miscellaneous, Current | 0.8 | 0.9 |
Other Assets, Current | $ 65.3 | $ 62.9 |
Other Balance Sheet Items Other
Other Balance Sheet Items Other Balance Sheet Items (Other long-term assets) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Restricted Cash | $ 5.3 | $ 5.3 |
Operating Lease, Right-of-Use Asset | 8.7 | 8.4 |
Prepaid Expense, Noncurrent | 7.5 | 11 |
Prepaid registry fees, noncurent | 8.3 | 8.7 |
Other Assets, Miscellaneous, Noncurrent | 2.3 | 2.3 |
Other Assets, Noncurrent | $ 32.1 | $ 35.7 |
Other Balance Sheet Items (Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable | $ 8.9 | $ 9 |
Accrued employee compensation | 40.5 | 58.5 |
Taxes Payable | 25.5 | 26.8 |
Interest Payable | 19.5 | 19.5 |
Deposits | 60.4 | 77.3 |
accrued fees | 13.7 | 12.9 |
customer incentives payable | 6.5 | 13.3 |
Other accrued liabilities | 9.3 | 9.3 |
Total accounts payable and accrued liabilities | $ 184.3 | $ 226.6 |
Other Balance Sheet Items Oth_2
Other Balance Sheet Items Other Balance Sheet Non-Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Deferred Income Taxes and Other Liabilities, Noncurrent | $ 62.6 | $ 76.1 |
LT operating lease liabilities | 2.2 | 2.5 |
Other long-term liabilities | $ 64.8 | $ 78.6 |
Other Balance Sheet Items Oth_3
Other Balance Sheet Items Other Balance Sheet Items (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Balance Sheet Related Disclosures [Abstract] | ||
Amortization of Other Deferred Charges | $ 9.9 | $ 19.7 |
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability | $ 14.5 | $ 14.5 |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Feb. 10, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Treasury Stock Repurchase Programs [Line Items] | |||
Additional share repurchase amount authorized | $ 705.4 | ||
Remaining common stock available for repurchase | 294.6 | $ 543.1 | $ 543.1 |
Common stock, held in treasury | 246.6 | 246.6 | |
Common stock repurchased | $ 12,260 | $ 12,260 | |
Treasury Stock Shares Repurchased for Tax Withholding and Other | $ 0.1 | ||
Share Buyback Program [Member] | |||
Treasury Stock Repurchase Programs [Line Items] | |||
Common stock authorized to repurchase | $ 1,000 | ||
Common stock repurchase, share | 2 | 2.9 | |
Average stock price | $ 176.51 | $ 189.58 | |
Aggregate cost of share | $ 349.5 | $ 545 | |
Restricted Stock Units [Member] | |||
Treasury Stock Repurchase Programs [Line Items] | |||
Average stock price | $ 203.78 | ||
Aggregate cost of share | $ 11.2 |
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 Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of common shares outstanding | 108.8 | 112.4 | 109.5 | 112.8 |
Unvested RSUs and ESPP | 0 | 0.1 | 0.1 | 0.1 |
Shares used to compute diluted net income per share | 108.8 | 112.5 | 109.6 | 112.9 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 351.9 | $ 329.4 | $ 698.8 | $ 653 |
US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 230.9 | 211 | 455.5 | 418.1 |
EMEA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 56.4 | 57.7 | 115 | 114.1 |
China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 26.5 | 25.4 | 52.5 | 51.1 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 38.1 | $ 35.3 | $ 75.8 | $ 69.7 |
Revenue Revenue (Narrative deta
Revenue Revenue (Narrative detail) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, Revenue Recognized | $ 549.5 |
Stock-Based Compensation (Class
Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 13.7 | $ 13.6 | $ 27.9 | $ 26.6 |
Share-based Payment Arrangement, Amount Capitalized | 0.5 | 0.5 | 0.8 | 0.8 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 14.2 | 14.1 | 28.7 | 27.4 |
Cost Of Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1.8 | 1.7 | 3.5 | 3.3 |
Research And Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 2.3 | 2 | 4.7 | 3.9 |
Selling, General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 9.6 | $ 9.9 | $ 19.7 | $ 19.4 |
Stock-Based Compensation (Natur
Stock-Based Compensation (Nature Of Total Stock-Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 13.7 | $ 13.6 | $ 27.9 | $ 26.6 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 14.2 | 14.1 | 28.7 | 27.4 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 10.7 | 10.2 | 20.9 | 19.9 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 2.5 | 2.9 | 5.7 | 5.4 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1 | $ 1 | $ 2.1 | $ 2.1 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations And Effective Tax Rate) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense from continuing operations | $ 51.4 | $ 40.2 | $ 100.2 | $ 78.1 |
Effective tax rate | 24% | 21% | 24% | 21% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 Rate | |
Income Tax Disclosure [Abstract] | |
Statutory federal rate | 21% |