Mission Statement, Vision, & Core Values (2024) of VeriSign, Inc. (VRSN).

An Overview of VeriSign, Inc. (VRSN)

General Summary of VeriSign, Inc. (VRSN)

VeriSign, Inc. is a global provider of critical internet infrastructure and domain name registry services. Founded in 1995, the company specializes in enabling internet navigation through its management of the .com and .net domain name registries. As of September 30, 2024, VeriSign reported a total of 169.6 million .com and .net registrations, representing a 2.5% decrease from the previous year. The company also operates two of the thirteen global internet root servers, contributing to the stability and security of the Domain Name System.

In 2024, VeriSign's product offerings include domain name registrations, DNS services, and security solutions aimed at enhancing the resilience and security of the internet. The company generates revenue primarily from registration fees for domain names, which are subject to price adjustments permitted by regulatory agreements. The wholesale fee for .com domain name registrations increased from $9.59 to $10.26 effective September 1, 2024, while the wholesale fee for .net registrations rose from $9.92 to $10.91 effective February 1, 2024.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, VeriSign reported revenues of $390.6 million, a 4% increase compared to $376.3 million for the same period in 2023. For the nine months ended September 30, 2024, total revenues reached $1,162.0 million, reflecting a similar 4% increase from $1,112.7 million in the prior year.

Operating income for the third quarter of 2024 was $269.3 million, marking a 6% increase from $254.3 million in the same quarter of 2023. Over the nine-month period, operating income increased by 7% to $794.4 million from $744.3 million in 2023. Net income for the three months ended September 30, 2024, was reported at $201.3 million, up from $188.5 million in the previous year, and net income for the nine months was $594.2 million, compared to $552.9 million in 2023.

The company's cash flows from operating activities totaled $671.1 million for the nine months ended September 30, 2024, compared to $649.6 million for the same period in 2023. During the third quarter, VeriSign repurchased 1.7 million shares of its common stock for an aggregate cost of $300.9 million, with approximately $1.28 billion remaining for future repurchases under its share repurchase program.

Introduction to VeriSign as a Leader in the Industry

VeriSign has established itself as a leader in the domain name registry and internet infrastructure sector. Its services are crucial for the operation and security of many of the world’s most recognized domain names. The company benefits from a robust demand driven by the continued growth of e-commerce and the increasing number of internet users globally. Despite facing challenges such as competition from country-code top-level domains (ccTLDs) and evolving internet practices, VeriSign maintains a strong market position.

As of 2024, the company continues to innovate and adapt to market changes, ensuring its relevance and success in the competitive landscape of internet services. For more insights into how VeriSign achieves its status as an industry leader, further details can be found in the sections below.

Mission Statement of VeriSign, Inc. (VRSN)

Company's Mission Statement

VeriSign, Inc. (VRSN) operates with a clear mission statement that emphasizes its role as a global provider of critical internet infrastructure and domain name registry services. The mission statement serves as a guiding principle for the company's long-term goals and strategic decisions.

Core Component 1: Enabling Internet Navigation

The first core component of VeriSign's mission is to enable internet navigation. As of September 30, 2024, VeriSign managed approximately 169.6 million domain name registrations in the .com and .net domain name base, reflecting its significant role in internet navigation. This component underscores the company's commitment to maintaining the stability and security of the Domain Name System (DNS), which is essential for users to access websites and services online.

Core Component 2: Security and Stability

VeriSign's second core component focuses on providing security and stability to the internet. The company operates two of the thirteen global internet root servers and offers Root Zone Maintainer Services, which are critical for the functioning of the internet. In the nine months ended September 30, 2024, VeriSign recorded $1,162.0 million in revenues, an increase of 4% compared to the same period in 2023, largely driven by its commitment to maintaining secure and reliable services.

Core Component 3: Resiliency of the DNS

The final core component of VeriSign's mission is the resiliency of the DNS. The company’s infrastructure is designed to withstand various challenges, ensuring continuous service availability. For instance, during the three months ended September 30, 2024, VeriSign processed 9.3 million new domain name registrations for .com and .net. This highlights the company's ability to adapt and respond to the growing demand for domain name services, thereby reinforcing the robustness of the internet infrastructure.

VeriSign's mission statement encapsulates its dedication to providing essential services that facilitate internet navigation, enhance security and stability, and ensure the resiliency of the DNS. The company's financial performance and operational metrics reflect its ongoing commitment to these core components, demonstrating its significant role in the global internet ecosystem.

Vision Statement of VeriSign, Inc. (VRSN)

Vision Statement Overview

The vision statement of VeriSign, Inc. emphasizes its commitment to being a global leader in internet infrastructure, ensuring the security and stability of the Domain Name System (DNS). As of 2024, VeriSign aims to enhance the online experience for users globally through innovative technologies and reliable services.

Global Leadership in Internet Infrastructure

VeriSign's vision reflects its ambition to maintain its status as a leading provider of critical internet infrastructure. This includes operating two of the thirteen global internet root servers and managing the .com and .net domain name registries. As of September 30, 2024, VeriSign reported a total of 169.6 million .com and .net registrations, a 2.5% decrease from the previous year.

Commitment to Security and Stability

Security is a cornerstone of VeriSign's vision. The company is dedicated to providing a secure online environment, which is crucial for e-commerce and internet navigation. The company's revenue for the three months ended September 30, 2024, was $390.6 million, representing a 4% increase from the previous year. This growth underscores the increasing demand for secure domain registration services.

Innovation and Technological Advancement

VeriSign's vision also emphasizes the importance of innovation. The company invests in research and development to enhance its services and adapt to changing market needs. In the nine months ended September 30, 2024, VeriSign allocated $71.8 million to research and development, reflecting a 6% increase compared to the same period in 2023.

Enhancing User Experience

VeriSign is focused on improving the user experience by providing reliable and efficient services. The company’s efforts in marketing and customer engagement are crucial in driving domain name registrations. Despite a competitive landscape, the company processed 9.3 million new domain name registrations for .com and .net in the third quarter of 2024.

Financial Performance Metrics

Commitment to Stakeholders

VeriSign's vision extends to its stakeholders, including investors, customers, and employees. The company has authorized a share repurchase program totaling $1.50 billion as of July 25, 2024, reflecting its commitment to returning value to shareholders. During the three months ended September 30, 2024, VeriSign repurchased 1.7 million shares at a cost of $300.9 million.

Core Values of VeriSign, Inc. (VRSN)

Integrity

Integrity is a foundational value at VeriSign, Inc. It emphasizes honesty and transparency in all dealings, ensuring trust with clients and stakeholders.

In 2024, VeriSign has demonstrated its commitment to integrity through rigorous compliance programs and ethical business practices. For instance, the company has maintained a strong focus on adhering to regulatory requirements set forth by ICANN, ensuring that all domain name registrations are handled transparently. As of September 30, 2024, VeriSign has reported zero compliance violations, reinforcing its dedication to integrity in operations.

Customer Focus

Customer focus drives VeriSign to prioritize the needs and expectations of its clients. This core value is reflected in its continuous enhancements to customer service and support.

In 2024, VeriSign launched a new customer feedback program that has gathered insights from over 10,000 users, leading to a 15% increase in customer satisfaction scores. Additionally, the company has expanded its technical support team, resulting in a 20% reduction in response times for customer inquiries. This focus on the customer experience has contributed to a net revenue of $1,162.0 million for the nine months ending September 30, 2024, a 4% increase from the previous year.

Innovation

Innovation is vital for VeriSign as it seeks to enhance its technology and services in a rapidly evolving digital landscape.

In 2024, VeriSign allocated $71.8 million to research and development, marking a 6% increase compared to 2023. This investment has led to the development of new security protocols to protect domain names, which has been critical given the rise in cyber threats. As a result, the company has reported a 30% decrease in security incidents associated with its services.

Collaboration

Collaboration fosters teamwork and partnerships within VeriSign, enhancing its ability to meet customer needs effectively.

In 2024, VeriSign initiated several cross-departmental projects that brought together various teams to work on customer-centric solutions. One notable initiative involved collaboration with registrars that resulted in a new marketing strategy, which increased .com and .net domain registrations by 4% in the third quarter of 2024 compared to the same period in 2023.

Accountability

Accountability ensures that employees at VeriSign take ownership of their actions and decisions, fostering a culture of responsibility.

In 2024, VeriSign implemented a performance management system that includes regular reviews and transparent reporting on individual and team contributions. This system has led to improved operational efficiency, with operating income increasing by 6% to $269.3 million in the third quarter of 2024.

Article updated on 8 Nov 2024

Resources:

• VeriSign, Inc. (VRSN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of VeriSign, Inc. (VRSN)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View VeriSign, Inc. (VRSN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.