VeriSign Inc VRSN
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Good day and welcome to VeriSign's First Quarter 2013 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. David Atchley. Please go ahead sir.

David Atchley - IR: Thank you, operator and good afternoon, everyone. Thank you for joining us on VeriSign's first quarter 2013 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 first quarter 2013 earnings news 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 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 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.

D. James Bidzos - Chairman, President and CEO: Thanks, David and good afternoon, everyone. The first quarter demonstrates a solid start to 2013 for VeriSign. We reported revenue of $236 million, which was 15% higher year-over-year and delivered strong financial performance including 145 million in free cash flow. In Naming, we processed 8.8 million new gross registrations during the first quarter and had 1.99 million net new names bringing the name base to a total of 123.1 million .com and .net names. Our balance sheet remained strong with approximately $1.56 billion in cash, cash equivalents and marketable securities at the end of the quarter. We continue to see benefits from our focus and discipline in the execution of our strategic framework.

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