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TheStreet Open House

VeriSign Management Discusses Q2 2012 Results - Earnings Call Transcript

Financial results in today's press release are unaudited, and the matters we will be discussing today include forward-looking statements and, as such, are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent report on Forms 10-K and 10-Q and any applicable amendments, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

I would like to remind you that in light of Regulation FD, VeriSign retains its long-standing policy to not comment on financial performance or guidance during the quarter, unless it is done through a public disclosure. The financial results in today's press release and the matters we will be discussing today include GAAP and non-GAAP measures used by VeriSign. GAAP to non-GAAP reconciliation information is appended to our press release and slide presentation as applicable, each of which can be found on the Investor Relations section of our website.

In a moment, Jim and George will provide some prepared remarks, and afterward, we will open up the call for your questions. Unauthorized recording of this conference call is not permitted.

With that, I would like to turn the call over to Jim. Jim?

D. James Bidzos

Thanks, David, and good afternoon, everyone. The second quarter was another solid quarter for VeriSign, and we're pleased with the results. In Naming, we processed 8.4 million new registrations in Q2, a second quarter record, while adding 1.81 million net names, finishing the quarter with 118.5 million names in the domain name base. We were also able to achieve ongoing operating margin expansion through disciplined operations. Our balance sheet remains strong with $1.4 billion in cash and marketable securities.

During the second quarter, we continued our share repurchase program by repurchasing 1.9 million shares for $76 million. Thus far, in 2012, we have repurchased approximately 3.7 million shares or about $144 million, and we have approximately $687 million remaining in our share repurchase program, which has no expiration. We continually evaluate the overall cash and investing needs of the business and consider the best uses for our cash, including potential share repurchases.

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