VeriSign, Inc.

President and CEO, and John Callis, Executive Vice President and CFO. 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 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 SEC, specifically the most recent reports on Form 10-K and 10-Q. Bearsign 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. Jim and John will provide some prepared remarks, and afterward, we will open the call for your questions. With that, I'd like to turn the call over to Jim. Thank you, David.

Good afternoon to everyone, and thank you for joining us. Last week, VeriSign marked 28 years of 100% availability of the .com and .net domain name resolution system, an unparalleled record of reliability, delivering on our mission of providing stability and security of the critical Internet infrastructure we operate. Turning to our results, VeriSign's performance in the second quarter reflects sequentially improving trends and the soundness of our business model. At the end of June, the domain name base for .com and .net totaled 170.5 million domain names, up 660,000 from last quarter. New registrations for the second quarter totaled 10.4 million, compared with 10.1 million for last quarter and 9.2 million for the same quarter a year ago. The renewal rate for the second quarter of 2025 is expected to be 75.5% compared to 72.7% a year ago. Given these improving domain name base trends, we now expect the change in a domain name base to be between positive 1.2 and positive 2% for 2025. The improving trends, which began at the end of last year, have continued throughout the first half of 2025. Each of our geographic regions have shown improvement year over year in both new registrations and renewal rates, with particular new registration strength from AsiaPAC. We are seeing registrars focus more on customer acquisition, and many of them are engaging more fully with our marketing programs. Our updated guidance reflects this positive momentum but continues to reflect some conservatism as economic and geopolitical uncertainty exists and as we monitor the continuing strength of the trends noted. Our financial and liquidity position remains stable with $594 million in cash, cash equivalents, and marketable securities at the end of the quarter. During the second quarter, we returned $235 million to stockholders, of which $72 million was through dividend payments and $163 million through repurchase of 0.6 million shares. Effective today, the Board of Directors has increased the amount authorized for share repurchases of VeriSign common stock by $913 million for a total of $1.5 billion available under the current share repurchase program, which has no expiration. As announced in today's earnings release, VeriSign's Board of Directors declared a cash dividend of 77 cents per share of VeriSign's outstanding common stock to stockholders of record as of the close of business on August 19, 2025, payable on August 27, 2025. VeriSign intends to continue to pay a cash dividend on a quarterly basis subject to market conditions and approval by VeriSign's Board of Directors. Now I'd like to turn the call over to John. I'll return when John's completed his financial report with closing remarks.

Thank you, Jim, and good afternoon, everyone. For the quarter ended June 30, 2025, the company generated $410 million of revenue, up 5.9% from the same quarter a year ago. Operating expense in Q2 2025 totaled $129 million, which compares to $131 million last quarter and $121 million for the second quarter of last year. Net income for the second quarter totaled $207 million compared to $199 million both last quarter and a year ago same quarter. Second quarter diluted earnings per share was $2.21 compared to $2.10 last quarter and $2.01 for the same quarter of 2024. Operating cash flow for the second quarter of 2025 was $202 million. Free cash flow was $195 million compared with $160 million and $151 million, respectively, in the year-ago quarter. I will now discuss our updated full-year guidance for 2025. Revenue is now expected to be between $1,645,000,000 and $1,655,000,000. Operating income is now expected to be between $1,117,000,000 and $1,127,000,000. Interest expense and non-operating income net, which includes interest income estimates, is still expected to be an expense of between $50 and $60 million. Capital expenditures are now expected to be between $25 and $35 million. The GAAP effective tax rate is still expected to be between 21 and 24%. In summary, Verisign continued to demonstrate sound financial discipline during the quarter. Now I will turn the call back to Jim for his closing remarks.