VeriSign (VRSN) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares shares in Millions	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
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, 2024
Entity File Number	000-23593
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		97.6
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 252.2	$ 240.1
Marketable securities	437.7	686.3
Other Assets, Current	71.3	61.9
Total current assets	761.2	988.3
Property and equipment, net	227.8	233.2
Goodwill	52.5	52.5
Deferred Income Tax Assets, Net	279.8	301
Deposits to acquire Intangible Assets	145	145
Other long-term assets	38.8	29
Total long-term assets	743.9	760.7
Total assets	1,505.1	1,749
Current liabilities:
Accounts payable and accrued liabilities	224.2	257.4
Deferred revenues	967.1	931.1
Total current liabilities	1,191.3	1,188.5
Long-term deferred revenues	321.6	315
Senior Notes	1,791.3	1,790.2
Other long-term liabilities	17.3	36.3
Total long-term liabilities	2,130.2	2,141.5
Total liabilities	3,321.5	3,330
Commitments and contingencies
Stockholders' deficit:
Preferred stock-par value $.001 per share	0	0
Common Stocks, Including Additional Paid in Capital	11,179.9	11,808
Accumulated deficit	(12,993.5)	(13,386.4)
Accumulated other comprehensive loss	(2.8)	(2.6)
Total stockholders' deficit	(1,816.4)	(1,581)
Total liabilities and stockholders' deficit	$ 1,505.1	$ 1,749
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized shares	5	5
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	1,000	1,000
Common Stock, Shares, Issued	355.1	354.9
Common stock, outstanding shares	98	101.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
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	355.1	354.9
Common stock, outstanding shares	98	101.3

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 387.1	$ 372	$ 771.4	$ 736.4
Costs and expenses:
Cost of revenues	47.1	50.3	96.2	100.2
Research and development	23.8	22.2	48.6	46.4
Selling, General and Administrative Expense	50	50.8	101.5	99.8
Total costs and expenses	120.9	123.3	246.3	246.4
Operating income	266.2	248.7	525.1	490
Interest expense	(18.8)	(18.9)	(37.6)	(37.7)
Non-operating income (loss), net	11.5	12.7	25.4	24
Income (Loss) before Income Taxes, Total	258.9	242.5	512.9	476.3
Income tax expense	(60.1)	(56.8)	(120)	(111.9)
Net Income	198.8	185.7	392.9	364.4
Other comprehensive income (loss)	0	(0.7)	(0.2)	(0.7)
Comprehensive Income	$ 198.8	$ 185	$ 392.7	$ 363.7
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.01	$ 1.79	$ 3.93	$ 3.49
Income (Loss) from Continuing Operations, Per Diluted Share	$ 2.01	$ 1.79	$ 3.93	$ 3.49
Basic	98.9	103.9	99.9	104.4
Diluted	99	104	99.9	104.5
Basic income (loss) per share
Net Income	$ 2.01	$ 1.79	$ 3.93	$ 3.49
Diluted income (loss) per share
Net Income	$ 2.01	$ 1.79	$ 3.93	$ 3.49
Shares used to compute net income per share
Basic	98.9	103.9	99.9	104.4
Diluted	99	104	99.9	104.5

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	$ (1,562.2)	$ 12,644.5	$ (14,204)	$ (2.7)
Stock Repurchased During Period, Value		(453.4)
Stock-based compensation expense		30
Stock Issued During Period, Value, Employee Stock Purchase Plan		8
Excise tax on repurchase of common stock	(4)
Net Income	364.4		364.4
Other Comprehensive Income (Loss), Net of Tax	(0.7)			(0.7)
Stockholders' Deficit	(1,593.8)	12,434.2	(14,025.3)	(2.7)
Stock Repurchased During Period, Value		(222.9)
Stock-based compensation expense		15.9
Stock Issued During Period, Value, Employee Stock Purchase Plan		0
Excise tax on repurchase of common stock	(2.1)
Net Income			185.7
Other Comprehensive Income (Loss), Net of Tax	(0.7)			(0.7)
Stockholders' Deficit	(1,617.9)	12,225.1	(13,839.6)	(3.4)
Stockholders' Deficit	(1,581)	11,808	(13,386.4)	(2.6)
Stock Repurchased During Period, Value		(660.2)
Stock-based compensation expense		29.9
Stock Issued During Period, Value, Employee Stock Purchase Plan		8.3
Excise tax on repurchase of common stock	(6.1)
Net Income	392.9		392.9
Other Comprehensive Income (Loss), Net of Tax	(0.2)			(0.2)
Stockholders' Deficit	(1,635.7)	11,559.4	(13,192.3)	(2.8)
Stock Repurchased During Period, Value		(390.3)
Stock-based compensation expense		14.6
Stock Issued During Period, Value, Employee Stock Purchase Plan		0
Excise tax on repurchase of common stock	(3.8)
Net Income			198.8
Other Comprehensive Income (Loss), Net of Tax	0			0
Stockholders' Deficit	$ (1,816.4)	$ 11,179.9	$ (12,993.5)	$ (2.8)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 392.9	$ 364.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	19.1	22.9
Stock-based compensation	29.4	29.5
Investment Income, Amortization of Discount	(11.1)	(9.3)
Other Noncash Income (Expense)	(1.6)	(2)
Changes in operating assets and liabilities
Other assets	(19.2)	(1)
Other Liabilities	(58.8)	(48.7)
Deferred revenues	42.6	41.5
Deferred Income Taxes	21.2	3
Net cash provided by operating activities	417.7	404.3
Net Cash Provided by (Used in) Investing Activities [Abstract]
Proceeds from maturities and sales of marketable securities	727.6	721.3
Purchases of marketable securities	(468.1)	(697.6)
Purchases of property and equipment	(13)	(12.2)
Net cash used in investing activities	246.5	11.5
Cash flows from financing activities:
Payments for Repurchase of Common Stock	660.2	453.4
Proceeds from employee stock purchase plans	8.3	8
Net cash used in financing activities	(651.9)	(445.4)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(0.3)	(0.2)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	12	(29.8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period	245.5	379
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period	257.5	349.2
Supplemental cash flow disclosures:
Cash paid for interest	36.4	36.4
Cash paid for income taxes, net of refunds received	$ 138.6	$ 132.4

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2024
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, 2023 (the “2023 Form 10-K”) filed with the SEC on February 15, 2024. 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires additional disclosure of significant segment expenses on an annual and interim basis. This guidance will be applied retrospectively and will be effective for our 2024 Form 10-K, and for interim periods beginning in 2025. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for our 2025 Form 10-K. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 (In millions) Cash $ 23.9 $ 25.6 Time deposits 1.1 1.0 Money market funds (Level 1) 232.5 160.3 Debt securities issued by the U.S. Treasury (Level 1) 437.7 744.9 Total $ 695.2 $ 931.8 Cash and cash equivalents $ 252.2 $ 240.1 Restricted cash (included in Other long-term assets) 5.3 5.4 Total Cash, cash equivalents, and restricted cash 257.5 245.5 Marketable securities 437.7 686.3 Total $ 695.2 $ 931.8 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, 2024 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 the Company’s foreign currency forward contracts is based on foreign currency rates quoted by banks or foreign currency dealers and other public data sources. 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, 2024
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, 2024 2023 (In millions) Prepaid expenses $ 30.1 $ 23.3 Prepaid registry fees 24.5 23.8 Taxes receivable 11.0 7.3 Accounts receivable, net 3.6 6.3 Other 2.1 1.2 Total other current assets $ 71.3 $ 61.9 Other Long-Term Assets Other long-term assets consist of the following: June 30, December 31, 2024 2023 (In millions) Operating lease right-of-use asset $ 11.7 $ 7.4 Long-term prepaid expenses 10.3 4.8 Long-term prepaid registry fees 8.2 8.3 Restricted cash 5.3 5.4 Other 3.3 3.1 Total other long-term assets $ 38.8 $ 29.0 The prepaid registry fees in the tables above relate to the fees the Company pays to ICANN for each annual term of . com domain name registrations and renewals which are deferred and amortized over the domain name registration term. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2024 2023 (In millions) Accounts payable and accrued expenses $ 9.0 $ 12.5 Customer deposits 67.4 77.2 Taxes payable 54.7 49.5 Accrued employee compensation 45.3 61.2 Interest payable 19.5 19.5 Accrued registry fees 13.2 12.3 Current operating lease liabilities 6.0 5.1 Customer incentives payable 5.4 6.5 Foreign currency forward contracts — 10.7 Other accrued liabilities 3.7 2.9 Total accounts payable and accrued liabilities $ 224.2 $ 257.4 The balance of customer deposits varies from period to period due to the timing of payments from certain large customers. Taxes payable reflects amounts accrued for the income tax provision and payments made during the period. This balance fluctuates from period to period due to the timing of income tax payments in the Company’s major tax jurisdictions. 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, 2023 was paid during the six months ended June 30, 2024. The liability related to the unrealized loss on foreign currency forward contracts as of December 31, 2023 was remeasured and paid upon settlement of the forward contract during the six months ended June 30, 2024. Long-term Tax and Other Liabilities Long-term tax and other liabilities consist of the following: June 30, December 31, 2024 2023 (In millions) Long-term tax liabilities $ 11.7 $ 34.1 Long-term operating lease liabilities 5.6 2.2 Long-term tax and other liabilities $ 17.3 $ 36.3 Long-term tax liabilities as of June 30, 2024 reflects a $24.1 million reclassification to current liabilities of the final 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, 2024
Stockholders' Equity Note [Abstract]
Stockholders' (Deficit) Equity	Share Repurchases Effective July 27, 2023, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.14 billion, in addition to the $356.1 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $1.50 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. As of June 30, 2024 there was approximately $471.6 million remaining available for repurchases under the program. Effective July 25, 2024, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.50 billion under the program. The Company’s share repurchases are as following. Amounts may not add up due to rounding: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Shares Total Costs Average Price Shares Total Costs Average Price (In millions, except average price amounts) Total repurchases under the repurchase plans 2.2 $ 388.0 $ 177.68 3.5 $ 648.4 $ 184.74 Total repurchases for tax withholdings — 2.3 $ 170.01 0.1 11.7 $ 191.75 Total repurchases 2.2 $ 390.3 $ 177.63 3.6 $ 660.2 $ 184.86 Since inception, the Company has repurchased 257.1 million shares of its common stock for an aggregate cost of $14.31 billion, which is recorded as a reduction of Additional paid-in capital. The share repurchase and authorization amounts disclosed in this Form 10-Q exclude the excise tax on share repurchases.

Calculation Of Net Income Per S

Calculation Of Net Income Per Share	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (In millions) Weighted-average shares of common stock outstanding 98.9 103.9 99.9 104.4 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 99.0 104.0 99.9 104.5 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, 2024
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, Japan, and Singapore. The following table presents the Company’s revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) U.S. $ 257.7 $ 247.6 $ 513.0 $ 490.4 EMEA 61.6 56.7 121.9 111.7 China 19.8 23.9 40.5 49.0 Other 48.0 43.8 96.0 85.3 Total revenues $ 387.1 $ 372.0 $ 771.4 $ 736.4 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, 2024 was primarily driven by amounts billed in the six months ended June 30, 2024 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 $606.7 million of revenues recognized that were included in the deferred revenues balance at December 31, 2023. The balance of deferred revenues as of June 30, 2024 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 ten years.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (In millions) Cost of revenues $ 2.0 $ 2.0 $ 4.0 $ 3.3 Research and development 2.8 2.5 5.4 5.0 Selling, general and administrative 9.5 11.2 20.0 21.2 Stock-based compensation expense 14.3 15.7 29.4 29.5 Capitalization (included in Property and equipment, net) 0.3 0.2 0.5 0.5 Total stock-based compensation $ 14.6 $ 15.9 $ 29.9 $ 30.0 The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) RSUs $ 11.9 $ 11.6 $ 24.0 $ 22.5 Performance-based RSUs 1.6 3.2 3.7 5.3 ESPP 1.1 1.1 2.2 2.2 Total stock-based compensation $ 14.6 $ 15.9 $ 29.9 $ 30.0

Other Income and Expenses

Other Income and Expenses	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Nonoperating Income and Expense	Non-operating Income, NetNon-operating income, net, primarily consists of interest income from the Company’s surplus cash balances and marketable securities. Interest income was $9.7 million and $21.7 million during the three and six months ended June 30, 2024, respectively, compared to $11.5 million and $22.2 million during the same periods in 2023.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (Dollars in millions) Income tax expense $ 60.1 $ 56.8 $ 120.0 $ 111.9 Effective tax rate 23 % 23 % 23 % 23 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 198.8	$ 185.7	$ 392.9	$ 364.4

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Danny McPherson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 15, 2024, Danny McPherson, the Company’s Executive Vice President, Engineering, Operations and Chief Security Officer, terminated an existing Rule 10b5-1(c) trading plan, originally adopted on November 22, 2023. The trading plan permitted the sale of up to 6,000 shares of Company common stock between March 1, 2024 and March 28, 2025, subject to certain conditions.
Name	Danny McPherson
Title	Executive Vice President, Engineering, Operations and Chief Security Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 15, 2024
Aggregate Available		6,000

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 (In millions) Cash $ 23.9 $ 25.6 Time deposits 1.1 1.0 Money market funds (Level 1) 232.5 160.3 Debt securities issued by the U.S. Treasury (Level 1) 437.7 744.9 Total $ 695.2 $ 931.8 Cash and cash equivalents $ 252.2 $ 240.1 Restricted cash (included in Other long-term assets) 5.3 5.4 Total Cash, cash equivalents, and restricted cash 257.5 245.5 Marketable securities 437.7 686.3 Total $ 695.2 $ 931.8

Other Balance Sheet Items (Tabl

Other Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Current Assets [Table Text Block]	Other current assets consist of the following: June 30, December 31, 2024 2023 (In millions) Prepaid expenses $ 30.1 $ 23.3 Prepaid registry fees 24.5 23.8 Taxes receivable 11.0 7.3 Accounts receivable, net 3.6 6.3 Other 2.1 1.2 Total other current assets $ 71.3 $ 61.9
Schedule of Other Assets, Noncurrent [Table Text Block]	Other long-term assets consist of the following: June 30, December 31, 2024 2023 (In millions) Operating lease right-of-use asset $ 11.7 $ 7.4 Long-term prepaid expenses 10.3 4.8 Long-term prepaid registry fees 8.2 8.3 Restricted cash 5.3 5.4 Other 3.3 3.1 Total other long-term assets $ 38.8 $ 29.0
Components Of Accounts Payable And Accrued Liabilities	Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2024 2023 (In millions) Accounts payable and accrued expenses $ 9.0 $ 12.5 Customer deposits 67.4 77.2 Taxes payable 54.7 49.5 Accrued employee compensation 45.3 61.2 Interest payable 19.5 19.5 Accrued registry fees 13.2 12.3 Current operating lease liabilities 6.0 5.1 Customer incentives payable 5.4 6.5 Foreign currency forward contracts — 10.7 Other accrued liabilities 3.7 2.9 Total accounts payable and accrued liabilities $ 224.2 $ 257.4
Other Noncurrent Liabilities [Table Text Block]	Long-term tax and other liabilities consist of the following: June 30, December 31, 2024 2023 (In millions) Long-term tax liabilities $ 11.7 $ 34.1 Long-term operating lease liabilities 5.6 2.2 Long-term tax and other liabilities $ 17.3 $ 36.3

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Stock Repurchase	The Company’s share repurchases are as following. Amounts may not add up due to rounding: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Shares Total Costs Average Price Shares Total Costs Average Price (In millions, except average price amounts) Total repurchases under the repurchase plans 2.2 $ 388.0 $ 177.68 3.5 $ 648.4 $ 184.74 Total repurchases for tax withholdings — 2.3 $ 170.01 0.1 11.7 $ 191.75 Total repurchases 2.2 $ 390.3 $ 177.63 3.6 $ 660.2 $ 184.86

Calculation Of Net Income Per_2

Calculation Of Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (In millions) Weighted-average shares of common stock outstanding 98.9 103.9 99.9 104.4 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 99.0 104.0 99.9 104.5

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents the Company’s revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) U.S. $ 257.7 $ 247.6 $ 513.0 $ 490.4 EMEA 61.6 56.7 121.9 111.7 China 19.8 23.9 40.5 49.0 Other 48.0 43.8 96.0 85.3 Total revenues $ 387.1 $ 372.0 $ 771.4 $ 736.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (In millions) Cost of revenues $ 2.0 $ 2.0 $ 4.0 $ 3.3 Research and development 2.8 2.5 5.4 5.0 Selling, general and administrative 9.5 11.2 20.0 21.2 Stock-based compensation expense 14.3 15.7 29.4 29.5 Capitalization (included in Property and equipment, net) 0.3 0.2 0.5 0.5 Total stock-based compensation $ 14.6 $ 15.9 $ 29.9 $ 30.0
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, 2024 2023 2024 2023 (In millions) RSUs $ 11.9 $ 11.6 $ 24.0 $ 22.5 Performance-based RSUs 1.6 3.2 3.7 5.3 ESPP 1.1 1.1 2.2 2.2 Total stock-based compensation $ 14.6 $ 15.9 $ 29.9 $ 30.0

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (Dollars in millions) Income tax expense $ 60.1 $ 56.8 $ 120.0 $ 111.9 Effective tax rate 23 % 23 % 23 % 23 %

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cash	$ 23.9	$ 25.6
Time deposits	1.1	1
Money Market Funds (level 1)	232.5	160.3
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	437.7	744.9
Total	695.2	931.8
Included in Cash and cash equivalents	252.2	240.1
Restricted Cash Equivalents, Noncurrent	5.3	5.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	257.5	245.5	$ 349.2	$ 379
Included in Marketable securities	$ 437.7	$ 686.3

Financial Instruments Financial

Financial Instruments Financial Instruments narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument, Fair Value Disclosure	$ 1,670	$ 1,690

Other Balance Sheet Items (Othe

Other Balance Sheet Items (Other Current Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid Expense	$ 30.1	$ 23.3
Prepaid registry fees, current	24.5	23.8
Income Taxes Receivable	11	7.3
Accounts Receivable, Net	3.6	6.3
Other Assets, Miscellaneous, Current	2.1	1.2
Other Assets, Current	$ 71.3	$ 61.9

Other Balance Sheet Items (Ot_2

Other Balance Sheet Items (Other Long Term Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
prepaid registry fees, non current	$ 11.7	$ 7.4
Operating lease ROU	10.3	4.8
Prepaid Expense, Noncurrent	8.2	8.3
Restricted Cash	5.3	5.4
Other Assets, Miscellaneous, Noncurrent	3.3	3.1
Other Assets, Noncurrent	$ 38.8	$ 29

Other Balance Sheet Items (Comp

Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accounts payable	$ 9	$ 12.5
Deposits	67.4	77.2
Taxes Payable	54.7	49.5
Accrued employee compensation	45.3	61.2
Interest Payable	19.5	19.5
accrued fees	13.2	12.3
Operating Lease, Liability, Current	6	5.1
customer incentives payable	5.4	6.5
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	10.7
Other accrued liabilities	3.7	2.9
Total accounts payable and accrued liabilities	$ 224.2	$ 257.4

Other Balance Sheet Items (Non-

Other Balance Sheet Items (Non-Current Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Deferred Income Taxes and Other Liabilities, Noncurrent	$ 11.7	$ 34.1
Long-term Operating Lease Liabilities	5.6	2.2
Other Liabilities, Noncurrent	$ 17.3	$ 36.3

Stockholders' Deficit (Narrativ

Stockholders' Deficit (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	7 Months Ended
	Jul. 25, 2024	Jul. 27, 2023	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Additional share repurchase amount authorized	$ 1,110	$ 1,140
Remaining common stock available for repurchase	388	356.1	$ 471.6
Common stock authorized to repurchase	$ 1,500	$ 1,500
Treasury Stock, Common, Shares			257.1
Common stock repurchased			$ 14,310

Stockholders' Deficit (Summary

Stockholders' Deficit (Summary of Common Stock Repurchase) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Treasury Stock Shares Repurchased	$ 2.2	$ 3.5
Treasury Stock Shares Repurchased for Tax Withholding and Other	$ 0	$ 0.1
Common stock repurchase, share	2.2	3.6
Aggregate cost of share	$ 388	$ 648.4
Treasury stock, value, repurchased for tax withholding	2.3	11.7
Payments for Repurchase of Common Stock	$ 390.3	$ 660.2	$ 453.4
Treasury stock shares repurchased, average cost per share	$ 177.68	$ 184.74
Total repurchases for tax withholdings and other, average cost per share	170.01	191.75
Average stock price	$ 177.63	$ 184.86

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-average number of common shares outstanding	98.9	103.9	99.9	104.4
Unvested RSUs and ESPP	0.1	0.1	0	0.1
Shares used to compute diluted net income per share	99	104	99.9	104.5

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 387.1	$ 372	$ 771.4	$ 736.4
US [Member]
Disaggregation of Revenue [Line Items]
Revenues	257.7	247.6	513	490.4
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenues	61.6	56.7	121.9	111.7
China [Member]
Disaggregation of Revenue [Line Items]
Revenues	19.8	23.9	40.5	49
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 48	$ 43.8	$ 96	$ 85.3

Revenue Revenue (Narrative deta

Revenue Revenue (Narrative detail) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 606.7

Stock-Based Compensation (Class

Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 14.3	$ 15.7	$ 29.4	$ 29.5
Share-based Payment Arrangement, Amount Capitalized	0.3	0.2	0.5	0.5
Share-based Payment Arrangement, Expensed and Capitalized, Amount	14.6	15.9	29.9	30
Cost Of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	2	2	4	3.3
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	2.8	2.5	5.4	5
Selling, General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 9.5	$ 11.2	$ 20	$ 21.2

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 14.3	$ 15.7	$ 29.4	$ 29.5
Share-based Payment Arrangement, Amount Capitalized	0.3	0.2	0.5	0.5
Share-based Payment Arrangement, Expensed and Capitalized, Amount	14.6	15.9	29.9	30
Cost Of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2	2	4	3.3
Research And Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2.8	2.5	5.4	5
Selling, General And Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	9.5	11.2	20	21.2
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	11.9	11.6	24	22.5
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	1.6	3.2	3.7	5.3
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1.1	$ 1.1	$ 2.2	$ 2.2

Other Income and Expenses (Deta

Other Income and Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Investment Income, Interest and Dividend	$ 9.7	$ 11.5	$ 21.7	$ 22.2

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense from continuing operations	$ 60.1	$ 56.8	$ 120	$ 111.9
Effective tax rate	23%	23%	23%	23%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 Rate
Income Tax Disclosure [Abstract]
Statutory federal rate	21%