VeriSign Inc VRSN
Q3 2012 Earnings Call Transcript

Transcript Call Date 10/25/2012

Operator: Good afternoon and welcome to the Third Quarter 2012 Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn the presentation over to Mr. David Atchley.

David Atchley - IR: Thank you, Operator and good afternoon, everyone. Thank you for joining us on VeriSign's third quarter 2012 earnings conference call. I am David Atchley, Director of Investor Relations and Corporate Treasurer. I'm here today with Jim Bidzos, Executive Chairman, President and CEO; George Kilguss, Senior Vice President and CFO; and Pat Kane, Senior Vice President and General Manager of Naming Services.

Please note that this call and accompanying slide presentation are being webcast from the Investor Relations section of our corporate website

Please refer to that website for important information including the third quarter 2012 earnings press release. A replay of this call will be available on the website within a few hours. Today's slide presentation will also be available for download after the call.

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 longstanding 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 includes 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.

D. James Bidzos - Chairman, President and CEO: Thanks David, and good afternoon, everyone. Thanks for joining us on the call today. As you all have seen from the press release we have some important news about the status of the renewal of the .com agreement.

I'll begin with the news on the .com renewal and then George and I will cover the key highlights of the quarter and I will turn to your questions. By terms in an agreement between the Department of Commerce and VeriSign called the cooperative agreement, we submitted our agreement with ICANN to serve as the authoritative registry operator for the .com registry to the Commerce Department for its review on June 26, 2012. As a result of communications beginning in October 2012 with the Commerce Department, we learned that the Commerce Department was conducting a review of pricing with the Department of Justice. We believe this review, which we are participating in may continue beyond November 30th, 2012 in which case a six months extension of the .com Registry Agreement will become effective.

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