Verisign Operates the domain name registry for the .com and .net “top-level domains” “Toll road” of the internet; exclusive registry for .com and .net (monopoly) Collects annual fee (around $8) for each of the 142 million .com and .net registered domains Margin on this recurring revenue is extraordinarily high and minimal need for cash in the business Bought back stocks aggressively in the last ten years (diluted shares shrunk from around 250 million to 125 million)
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