VeriSign, Inc. (NASDAQ:VRSN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 04:30 pm ET

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VeriSign, Inc. (NASDAQ:VRSN) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone. Welcome to VeriSign's Second Quarter 2020 Earnings Call. Today's conference is being recorded. Recording of this call is not permitted unless preauthorized.

At this time, I would like to turn the conference over to Mr. David Atchley, Vice President of Investor Relations and Corporate Treasurer. Please go ahead, sir.

Executive
David Atchley

Thank you, operator. Welcome to VeriSign's Second Quarter 2020 Earnings Call. Thank you to everyone for joining our call today, and we hope each of you are staying safe and healthy. Joining me remotely from their respective locations are Jim Bidzos, Executive Chairman and CEO; Todd Strubbe, President and COO; and George Kilguss, Executive Vice President and CFO. Thank you in advance for your patience if we experience any interference, delays or sound quality issues during today's call.

This call and presentation are being webcast from the Investor Relations website, which is available under About VeriSign on verisign.com. There, you will also find our second quarter 2020 earnings release. At the end of this call, the presentation will be available on that site, and within a few hours, the replay of the call will be posted.

Financial results in our earnings release are unaudited, and our remarks include forward-looking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Form 10-K and 10-Q. VeriSign does not update financial performance or guidance during the quarter unless it is done through a public disclosure.

The financial results in today's call and the matters we will be discussing today include GAAP results and two non-GAAP measures used by VeriSign, adjusted EBITDA and free cash flow. GAAP to non-GAAP reconciliation information is appended to the slide presentation, which can be found on the Investor Relations section of our website available after this call.

In a moment, Jim and George will provide some prepared remarks. And afterwards, we will open the call for your questions.

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

Executive
D. James Bidzos

Thanks, David, and good afternoon, everyone. With the increased demand for and reliance on Internet services during the COVID-19 crisis, the secure and reliable operation of our infrastructure becomes even more important. Our focus remains on our mission, which is to ensure the availability of our critical infrastructure. We have been and are prepared to continue operating all of our services, including registry services for.com and.net, and our route operations at the rigorous standards of performance and availability governed by ICANN, with most of our employees continuing to work remotely. Our focus on mission is emphasized by the fact that the company last week marked 23 years of 100% availability of the.com and.net domain name resolution system. This achievement is a result of the dedication and expertise of our team and our specialized infrastructure.

Also, as part of our response to the COVID-19 crisis, we announced in March a freeze of the wholesale prices in all of our TLDs, including.com