Verisign $VRSN Q4 2017 Results, LIVE Webcast Feb 8 Replay

$VRSN up 32% YOY as of Feb 7, 2018

Verisign Fourth Quarter and Full Year 2017 Financial Results:

VeriSign, Inc. (NASDAQ: VRSN) (domain: verisign.com), registry operator for .COM and .NET top-level domains, and an internet security services provider, held its earnings call for the fourth quarter and full year 2017 on Thursday, Feb. 8, 2018, at 4:30 p.m. (EST).

NASDAQ: VRSN - Feb 8, 4:13 PM EST
105.62USD Price decrease $3.49 (3.20%)

Q4 2017 Verisign Earnings Webcast (Listen to the Replay)

VeriSign's (VRSN) CEO Jim Bidzos on Q4 2017 Results - Earnings Call Transcript | SeekingAlpha.com

Earnings Presentation (pdf) (graphic excerpt below)

Earnings Results Fourth Quarter GAAP Financial Results VeriSign, Inc. and subsidiaries (“Verisign”) reported revenue of $296 million for the fourth quarter of 2017, up 3.2 percent from the same quarter in 2016. Verisign reported net income of $103 million and diluted earnings per share (diluted “EPS”) of $0.83 for the fourth quarter of 2017, compared to net income of $106 million and diluted EPS of $0.84 for the same quarter in 2016. The operating margin was 59.7 percent for the fourth quarter of 2017 compared to 59.0 percent for the same quarter in 2016.

Verisign ended the fourth quarter with 146.4 million .com and .net domain name registrations in the domain name base, a 2.9 percent increase from the end of the fourth quarter of 2016, and a net increase of 0.57 million during the fourth quarter of 2017. • In the fourth quarter, Verisign processed 9.0 million new domain name registrations for .com and .net, as compared to 8.8 million for the same quarter in 2016. • The final .com and .net renewal rate for the third quarter of 2017 was 74.4 percent compared with 73.0 percent for the same quarter in 2016. Renewal rates are not fully measurable until 45 days after the end of the quarter. Estimate 72.2% renewal rate for Q4 2017.

Editor's note: .NET is continuing its decline in registrations (losing 500,000 registrations QoQ to end at 14.5 million end of Q4), but more than offset by gains in .COM registrations (131.9 million at end of Q4, up from 130.8 Million at the end of Q3). No 2018 guidance based upon .WEB and whether it will even launch in 2018 (timing is dependent on ICANN). No news whether NTIA will extend the Cooperative Agreement (with reference to .COM) beyond Nov 30, 2018.

See also Verisign's SEC filings.

Quarterly VRSN Convertible Debenture Dilution Q4- 2017

The Top 20 Tech Companies by Revenue Per Employee:

Courtesy of: VisualCapitalist.com August 23, 2017

Rank--Company--Revenue per employee:

#1 Apple $1,859,000
#2 Facebook $1,621,000
#3 Alphabet $1,253,000
#4 VeriSign $1,154,000
#5 Visa $1,062,000
#6 Mastercard $906,000
#7 Broadcom $843,000
#8 Lam Research $785,000
#9 Qualcomm $772,000
#10 Microsoft $748,000

About Verisign:
Verisign ensures the security, stability and resiliency of key internet infrastructure and services, including .com and .net domains and two of the internet's root servers, as well as performs the root zone maintainer function for the core of the internet's Domain Name System (DNS). Verisign's Security Services include Distributed Denial of Service Protection and Managed DNS. (source: Verisign.com).

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DISCLAIMER

ICANN Finally Publishes Verisign .COM Extension Agreement & RZMA

With the U.S. heading into a 3-4 day holiday break--Fourth of July a/k/a Independence Day--ICANN published Thursday, June 30, 2016, for review and comment, First Amendment to the .COM Registry Agreement (extension), as well as the new Root Zone Maintainer Agreement (RZMA). Verisign has been maintainer of the global internet root zone under an agreement with the U.S. government (NTIA) but that will be replaced by the new RZMA between Verisign (NASDAQ: VRSN), and ICANN, a California corporation which will be an unregulated global monopoly after September 30, 2016, in accordance with the Obama administration's IANA transition plans announced March 14, 2014.

Verisign is the registry operator of gTLD (generic top-level domain) .COM, one of the internet's original gTLDs (originally administered by the U.S. Department of Defense), and today the market dominant leader and largest TLD in the world. Verisign is also operator of two of the global internet's thirteen root name servers, and provides registry services for other TLDs (top-level domains), including the second-largest gTLD, .NET, and the U.S. government's .GOV. Under the terms of the new RZMA, Verisign, which was previously unpaid for its RZM services, will now be paid $25,000 per month (see Schedule 3, p. 36 of 47 in the RZMA embed below).

Both the .COM extension and RZMA agreement, as published June 30th by ICANN, are embedded below. Verisign is limited on what it can charge for .COM registrations and renewals by the terms of Amendment 32 (pdf) to the Cooperative Agreement between Verisign and NTIA, which expires November 30, 2018, unless extended (and NTIA has not indicated whether it will be extended and on what terms):

"The Maximum Price charged by VeriSign for registration or renewal of a .com domain name during the term of the .com Registry Agreement approved hereby shall not exceed US $7.85; provided, however, that VeriSign shall, be entitled to increases in the Maximum Price in accordance with Section 7.3( d)(ii) of the .com'Registry Agreement; provided further that VeriSign shall not exercise such right unless the Department provides prior written approval that the exercise of such right will serve the public interest, such approval not to be unreasonably withheld."

Under the current ICANN .COM Registry Agreement with Verisign (Section 7.3 Pricing for Domain Name Registrations and Registry Services):

"(d) Maximum Price. The Maximum Price for Registry Services subject to this Section 7.3 shall be as follows: (i) from the Effective Date through 30 November 2018, US $7.85; (ii) Registry Operator shall be entitled to increase the Maximum Price during the term of the Agreement due to the imposition of any new Consensus Policy or documented extraordinary expense resulting from an attack or threat of attack on the Security or Stability of the DNS, not to exceed the smaller of the preceding year's Maximum Price or the highest price charged during the preceding year, multiplied by 1.07." 

The .COM extension agreement (embed below) in substance only extends the .COM Registry Agreement through November 30, 2024. However it does contain this language:

2. Future Amendments. The parties shall cooperate and negotiate in good faith to amend the terms of the Agreement (a) by the second anniversary of the Effective Date, [2018] to preserve and enhance the security and stability of the Internet or the TLD, and (b) as may be necessary for consistency with changes to, or the termination or expiration of, the Cooperative Agreement between Registry Operator and the Department of Commerce. (emphasis added)

The term of the RZMA (embed below) is eight years, which means it will also end in 2024.

Additional Information:
• Public Comment on Proposed Amendment to .COM Registry Agreement | ICANN.org: Close Date 12 Aug 2016 23:59 UTC - Comments forum (there is already one objecting comment filed).
• Root Zone Management Transition Update | ICANN.org: blog post by Akram Atallah, ICANN Global Domains Division President, June 28, 2016.

First Amendment to .COM Registry Agreement (pdf) embed below (highlighting added):


Root Zone Maintainer Service Agreement [RZMA] (pdf) embed below (highlighting added):


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DISCLAIMER

Verisign Form 10-K for 2015, Domain Name Industry 'Must Read'

VeriSign, Inc. (verisign.com), domain name registry operator (.COM, .NET, and other TLDs), and Internet Root Zone Maintainer, has filed its 2015 annual report (Form 10-K) required by the United States Securities and Exchange Commission (SEC). It is a annual 'must read' for VeriSign investors (NASDAQ:VRSN), and the domain name industry. The entire report, including exhibits, can be accessed via the SEC's EDGAR here, or via the Verisign Investor Relations website.

Excerpts from the VeriSign, Inc., 2015 Form 10-K (emphasis added) embedded below:

Takeaways:

• Verisign Registry Services operates the authoritative directory of all .com, .net, .cc, .tv, and .name domain names, among others and the back-end systems for all .gov , .jobs, and .edu domain names, among others... 
• Verisign also administers and operate two of the 13 root zone servers that contain authoritative data for the very top of the DNS hierarchy. Our domain name servers provide the associated authoritative name servers and IP addresses for every .com and .net domain name on the Internet and a large number of other TLD queries, resulting in an average of over 120 billion transactions per day. These name servers are located in resolution sites which are in a controlled and monitored environment, incorporating security and system maintenance features. This network of name servers is one of the cornerstones of the Internet’s DNS infrastructure... 
• Verisign faces competition in the domain name registry space from other gTLD and ccTLD registries that are competing for the business of entities and individuals that are seeking to obtain a domain name registration and/or establish a Web presence .... there are over 840 other operational gTLD registries, over 250 Latin script ccTLD registries and more than 40 IDN ccTLD registries ...
• Under Verisign's agreements with ICANN, Verisign is subject to certain restrictions in the operation of .com , .net and .name on pricing, bundling, marketing, methods of distribution, the introduction of new registry services and use of registrars that do not apply to ccTLDs and other gTLDs and therefore may create a competitive disadvantage ...
• We also face competition from service providers that offer outsourced domain name registration, resolution and other DNS services to organizations that require a reliable and scalable infrastructure. Among the competitors are Neustar, Inc., Afilias plc, Donuts Inc., RightSide Group, Ltd., and CentralNic Ltd... 
• In addition, to the extent end-users navigate using search engines or social media, as opposed to direct navigation, we may face competition from search engine operators such as Google, Microsoft, and Yahoo!, operators of social networks such as Facebook, and operators of microblogging tools such as Twitter. In addition, we may face competition from these social media businesses to the extent they are used to establish an online presence by end users instead of through the use of a domain name. Furthermore, to the extent end-users increase the use of web and phone applications to locate and access content, we may face competition from providers of such web and mobile applications ... 
• .com Registry Agreement: On November 29, 2012, we renewed our Registry Agreement with ICANN for the .com gTLD (the “ .com Registry Agreement”). The .com Registry Agreement provides that we will continue to be the sole registry operator for domain names in the .com gTLD through November 30, 2018. The .com Registry Agreement includes pricing restrictions for .com domain name registrations consistent with the terms of the Cooperative Agreement [with the US government which ends November 30, 2018, unless sooner terminated or extended]... Verisign pays $0.25 to ICANN for each annual increment of a domain name registered or renewed during such quarter. 
• ICANN and Verisign are in the final stages of drafting the new Root Zone Maintainer agreement ... to ensure that root operations continue to perform at the same high level during the expected 10-year term of the Root Zone Maintainer agreement, ICANN and Verisign are in discussions to extend the term of the .com Registry Agreement to coincide with the expected 10-year term of the Root Zone.
• One customer [GoDaddy?] accounted for approximately 31% of revenues in 2015 and 2014, and 30% in 2013. VeriSign does not believe that the loss of this customer would have a material adverse effect on VeriSign's business because, in that event, end-users of this customer would transfer to Verisign's other existing customers. 

Risk Factors:

1. Risks arising from our agreements governing our Registry Services business could limit our ability to maintain or grow our business.
2. Governmental regulation and the application of new and existing laws in the U.S. and overseas may slow business growth, increase our costs of doing business, create potential liability and have an adverse effect on our business.
3. Undetected or unknown defects in our service, security breaches, and large-scale DDoS attacks could expose us to liability and harm our business and reputation.
4. Changes to the present multi-stakeholder model of Internet governance could materially and adversely impact our business.
5. We operate two root zone servers and are contracted to perform the Root Zone Maintainer function. Under ICANN’s new gTLD program, we face increased risk from these operations.
6. The evolution of Internet practices and behaviors and the adoption of substitute technologies may impact the demand for domain names.
7. Many of our target markets are evolving, and if these markets fail to develop or if our products and services are not widely accepted in these markets, our business could be harmed.
8. We may face operational and other risks from the introduction of new gTLDs by ICANN and our provision of back-end registry services.
9. The business environment is highly competitive and, if we do not compete effectively, we may suffer lower demand for our products, price reductions, reduced gross margins and loss of market share.
10. We must establish and maintain strong relationships with registrars and their resellers to maintain their focus on marketing our products and services otherwise our Registry Service business could be harmed.
11. If we encounter system interruptions or failures, we could be exposed to liability and our reputation and business could suffer.
12. Our operating results may be adversely affected as a result of unfavorable market, economic, social and political conditions.
13. Our international operations subject our business to additional economic and political risks that could have an adverse impact on our revenues and business.
14. We rely on our intellectual property rights to protect our proprietary assets, and any failure by us to protect or enforce, or any misappropriation of, our intellectual property could harm our business.
15. We could become subject to claims of infringement of intellectual property of others, which could be costly to defend and could harm our business.
16. We could become involved in claims, lawsuits or investigations that may result in adverse outcomes.
17. We continue to explore new strategic initiatives, the pursuit of any of which may pose significant risks and could have a material adverse effect on our business, financial condition and results of operations.
18. We depend on key employees to manage our business effectively, and we may face difficulty attracting and retaining qualified leaders.
19. Changes in, or interpretations of, tax rules and regulations or our tax positions may adversely affect our effective tax rates.
20. Our foreign earnings, which are indefinitely reinvested offshore, constitute a majority of our cash, cash equivalents and marketable securities, and there is a high cost associated with a change in our indefinite reinvestment assertion or a repatriation of those funds to the U.S.
21. Our marketable securities portfolio could experience a decline in market value, which could materially and adversely affect our financial results.
22. We are subject to the risks of owning real property.
23. We have anti-takeover protections that may discourage, delay or prevent a change in control that could benefit our stockholders.
24. We have a considerable number of common shares subject to future issuance.
25. Our financial condition and results of operations could be adversely affected if we do not effectively manage our indebtedness.

source: Feb 19, 2016, VeriSign, Inc. 2015 Form 10-K / Annual Report

See also on Domain Mondo:

• Verisign $VRSN Q4 2015 Financial Results, LIVE Webcast Replay (Feb 11, 2016)
• Verisign, ICANN, Internet Root Zone, Risk Factors to the Root Domain (Oct 26, 2015)

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DISCLAIMER

Verisign's Keith Drazek: GNSO, IANA, ICANN, WHOIS, New gTLDs (videos)

Video above: Verisign's Keith Drazek reflects on his forthcoming term on the GNSO Council, his experience within ICANN including his previous experience on the ccNSO Council, as well as WHOIS policy, and the new gTLDs Reviews. (source: ICANN; Published on Oct 30, 2015)

Video below: Keith Drazek discusses his representation of the gTLD Registries on the IANA Stewardship Transition Coordination Group (ICG) during the group’s first meeting in London, 17-18 July 2014. Topics mentioned include Verisign's Role as Root Zone Maintainer as well as Registry operator for .COM and .NET. (source: ICANN; Published on Jul 25, 2014)



Keith Drazek is Vice President of Public Policy and Government Relations at Verisign, Inc., operator of the .COM and .NET domain name registries, Internet Root Zone Maintainer pursuant to an agreement with the US Department of Commerce (NTIA), as well as operator of  two of the world's 13 Internet root servers. Keith has been active in the ICANN community for more than a decade, including his most recent role as Chair of ICANN’s GNSO Registry Stakeholder Group. Prior to joining Verisign in 2010, he worked for ten years at the U.S. Department of State, and ten years in the domain name industry - 2 years at a registrar and 8 years at a registry (Neustar). His experience in the domain name industry includes business development, channel management, government relations, external affairs, and Internet policy development. He studied International Relations at George Washington University in Washington, DC. (primary source: ianacg.org)

See also on Domain Mondo: Verisign, ICANN, Internet Root Zone, Risk Factors to the Root Domain Oct 26, 2015


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DISCLAIMER

VeriSign, $VRSN, Q3 2015 Earnings Call, LIVE, 4:30pm ET

VeriSign, Inc. (NASDAQ: VRSN), the global leader in domain names and Internet security, and the internet's sole Root Zone Maintainer pursuant to an exclusive agreement with the United States government, will hold its earnings call for the third quarter 2015 on Thursday, Oct. 22, 2015, at 4:30 p.m. (EDT) (US). VeriSign is the world's Registry operator for .COM and .NET gTLDs.

.COM ranks #1 among all TLDs (top-level domains) in total domain names registrations globally, with more than 120 million .COM domain names registered. .NET, with more than 15 million domain names registered, is the #4 TLD in the world (after .tk and .de) (source:pdf).

• Principal domain name: verisign.com
• Stock Exchange: Symbol - NASDAQ: VRSN
• VeriSign, Inc. investor relations: investor.verisign.com

Q3 2015 Verisign Earnings Conference Call info and links:
Oct 22, 2015 - 4:30 PM ET (US)

• Listen to webcast
• Q3 2015 Earnings Results (pdf)
• Earnings Presentation (pdf)
• VeriSign (VRSN) D. James Bidzos on Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
• All Quarterly Results - VeriSign, Inc
• Quarterly VRSN Convertible Debenture Dilution Q3- 2015 (pdf) 86.3 KB 
• Conference Call Announcement (pdf) 33.2 KB 

Financial Highlights
• Verisign ended the third quarter with cash, cash equivalents and marketable securities of $1.9 billion, an increase of $466 million as compared with year-end 2014.
• Cash flow from operations was $155 million for the third quarter of 2015, compared with $168 million for the same quarter in 2014.
• Deferred revenues on Sept. 30, 2015, totaled $940 million, an increase of $50 million from year-end 2014. • Capital expenditures were $7 million in the third quarter of 2015.
• During the third quarter, Verisign repurchased 2.3 million shares of its common stock for $156 million. At Sept. 30, 2015, $605 million remained available and authorized under the current share repurchase program which has no expiration.
• For purposes of calculating diluted EPS, the third quarter diluted share count included 18.0 million shares related to subordinated convertible debentures, compared with 13.2 million shares for the same quarter in 2014. These represent diluted shares and not shares that have been issued.

Business Highlights
• Verisign Registry Services added 1.68 million net new names during the third quarter, ending with 135.2 million .com and .net domain names in the domain name base, which represents a 3.4 percent increase over the base at the end of the third quarter in 2014, as calculated including domain names on hold for both periods.
• In the third quarter, Verisign processed 9.2 million new domain name registrations for .com and .net, as compared to 8.7 million for the same quarter in 2014.
• The final .com and .net renewal rate for the second quarter of 2015 was 72.7 percent compared with 71.8 percent for the same quarter in 2014. Renewal rates are not fully measurable until 45 days after the end of the quarter.

Third Quarter GAAP Financial Results:
VeriSign, Inc. and subsidiaries ("Verisign") reported revenue of $266 million for the third quarter of 2015, up 4.2 percent from the same quarter in 2014. Verisign reported net income of $92 million and diluted earnings per share of $0.70 for the third quarter of 2015, compared to net income of $95 million and diluted EPS of $0.69 for the same quarter in 2014. The operating margin was 58.1 percent for the third quarter of 2015 compared to 54.7 percent for the same quarter in 2014.

Third Quarter Non-GAAP Financial Results:
Verisign reported, on a non-GAAP basis, net income of $103 million and diluted EPS of $0.78 for the third quarter of 2015, compared to net income of $97 million and diluted EPS of $0.70 for the same quarter in 2014. The non-GAAP operating margin was 62.7 percent for the third quarter of 2015 compared to 60.6 percent for the same quarter in 2014. A table reconciling the GAAP to the non-GAAP results (which excludes certain items) is appended to the release.

"Our quarterly results demonstrate the ongoing strength of our business and our execution discipline, which continue to produce value for our shareholders," commented Jim Bidzos, Executive Chairman, President and Chief Executive Officer.

About VeriSign, Inc.--"Verisign, a global leader in domain names and Internet security, enables Internet navigation for many of the world’s most recognized domain names and provides protection for websites and enterprises around the world. Verisign ensures the security, stability and resiliency of key Internet infrastructure and services, including the .com and .net domains and two of the Internet’s root servers, as well as performs the root-zone maintainer functions for the core of the Internet’s Domain Name System (DNS). Verisign’s Security Services include intelligence-driven Distributed Denial of Service Protection, iDefense Security Intelligence and Managed DNS." (source: verisign.com).

On Twitter: @VERISIGN
$VRSN on Twitter:
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Recent posts about Verisign on Domain Mondo:

• VeriSign $VRSN Reports Domain Name Registrations Increase 6% YOY: 16 Sept 2015 
• Dot COM Domain Name Registry Verisign Shares Hit 52-week High: 31 July 2015
• Verisign Q2 2015 Earnings Results, Conference Call, July 23, 4:30 ET: 23 July 2015
• Will the IETF, RIRs, ccTLDs + Verisign Just Walk Away From ICANN?: 22 June 2015

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DISCLAIMER

NTIA Will Extend ICANN IANA Contract to September 30, 2016

Assistant Secretary for Communications and Information and NTIA Administrator, Lawrence E. Strickling, has announced plans to "extend our IANA contract with ICANN for one year to September 30, 2016. Beyond 2016, we have options to extend the contract for up to three additional years if needed. This one-year extension will provide the community with the time it needs to finish its work. The groups are already far along in planning the IANA transition and are currently taking comments on their IANA transition proposals. As we indicated in a recent Federal Register notice, we encourage all interested stakeholders to engage and weigh in on the proposals. The Internet’s global multistakeholder community has made tremendous progress in its work to develop a proposal to transition the historic stewardship role NTIA has played related to Internet’s domain name system (DNS)." 

Strickling also announced:

"In preparation for the implementation phase of the IANA stewardship transition, NTIA also asked Verisign and ICANN to submit a proposal detailing how best to remove NTIA’s administrative role associated with root zone management, which the groups working on the transition were not asked to address. We asked Verisign and ICANN to submit a proposal detailing how best to do this in a manner that maintains the security, stability and resiliency of the DNS. Under the current root zone management system, Verisign edits and distributes the root zone file after it has received authorization to do so from NTIA. Verisign and ICANN have developed a proposal that outlines a technical plan and testing regime for phasing out the largely clerical role NTIA currently plays in this process. The testing will occur in a parallel environment that will not disrupt the current operation of the root zone management system. These developments will help ensure that the IANA transition will be done in a manner that preserves the security and stability of the DNS."

Verisign/ICANN Proposal in Response to NTIA Request (pdf): The Root Zone Management System (RZMS) is a set of tools, which currently allows ICANN as the IANA Functions Operator (IFO), Verisign, as the Root Zone Maintainer (RZM), and the National Telecommunications and Information Administration (NTIA) at the U.S. Department of Commerce (DoC), as the Root Zone Administrator (RZA), to collaboratively manage the changes to the Internet’s single authoritative root zone ... There are three key components of the DNS that are managed by the RZM in conjunction with the IFO and are required for proper function of the DNS root. Those key components are 1) the root zone, 2) the root-servers.net zone, and 3) the root hints file. All three of these work products are produced utilizing the same process and procedures and currently require NTIA authorization for changes. In addition, there are supplemental items that require NTIA authorization related to DNSSEC specifically, the Signed Key Response (SKR).

Q. Will there be a new agreement to perform the RZM function post the IANA stewardship transition?
A. Verisign performs the RZM function today, including multiple daily publications of the root zone file, under the Cooperative Agreement with the Department of Commerce. It is anticipated that performance of the RZM function would be conducted by Verisign under a new RZM agreement with ICANN once the RZM function obligations under the Cooperative Agreement are completed.
Q. Has a final new RZM agreement between Verisign and ICANN been completed?
A. No.
Q. Does this proposal or the anticipated new RZA agreement impact Verisign’s .com or .net registry agreements?
A. No. This proposal and the IANA stewardship transition do not impact the .com and net registry agreements. RZM is a separate function performed at no cost as a public service by Verisign spanning three decades.
Q. How will this impact the Cooperative Agreement between NTIA and Verisign?
A. The Cooperative Agreement between NTIA and Verisign will continue. Once the parallel testing for root zone management has proven capable of performance in the absence of the RZA / NTIA role and the IANA Stewardship transition implemented, NTIA and Verisign will amend the Cooperative Agreement as appropriate.

See also on Domain Mondo: ICANN Accountability, IANA Transition, Proposals, Comments, Webinars

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Solicitation: Internet Root Zone Key Signing Key Rollover Plan Design Team

ICANN has announced a "Solicitation of Statement of Interest for Membership in the Root Zone Key Signing Key Rollover Plan Design Team:"

ICANN, as the IANA functions operator, in cooperation with Verisign as the Root Zone Maintainer and the National Telecommunications Information Administration (NTIA) as the Root Zone Administrator, together known as the Root Zone Management (RZM) partners, seek to develop a plan for rolling the root zone keysigning key (KSK). The KSK is used to sign the root zone zone-signing key (ZSK), which in turn is used to DNSSEC-sign the Internet’s root zone. 

The Root Zone Partners are soliciting five to seven volunteers from the community to participate in
a Design Team to develop the Root Zone KSK Rollover Plan (“The Plan”). These volunteers along with the RZM partners will form the Design Team to develop The Plan. 

For further information: https://www.icann.org/en/system/files/files/ksk-soi-11dec14-en.pdf

Also see: NTIA’s Role in Root Zone Management (pdf)

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