VeriSign, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's revenues were $295,501,000 compared to $286,271,000 a year ago. Operating income was $176,432,000 compared to $168,762,000 a year ago. Income before income taxes was $142,047,000 compared to $141,853,000 a year ago. Net income was $102,837,000 or $0.83 per diluted share compared to $105,552,000 or $0.84 per diluted share a year ago. Non-GAAP operating income was $189,296,000 compared to $183,061,000 a year ago. Non-GAAP net income was $119,072,000 or $0.96 per diluted share compared to $115,249,000 or $0.92 per diluted share a year ago. Non-GAAP adjusted EBITDA was $207,634,000 compared to $199,081,000 a year ago. Cash flow from operations was $199 million against $205 million a year ago.

For the year, the company's revenues were $1,165,095,000 compared to $1,142,167,000 a year ago. Operating income was $707,722,000 compared to $686,572,000 a year ago. Income before income taxes was $599,012,000 compared to $581,173,000 a year ago. Net income was $457,248,000 or $3.68 per diluted share compared to $440,645,000 or $3.42 per diluted share a year ago. Net cash provided by operating activities was $702,761,000 compared to $693,007,000 a year ago. Purchases of property and equipment was $49,499,000 compared to $26,574,000 a year ago. Non-GAAP operating income was $760,629,000 compared to $736,616,000 a year ago. Non-GAAP net income was $491,929,000 or $3.96 per diluted share compared to $464,691,000 or $3.61 per diluted share a year ago. Non-GAAP adjusted EBITDA was $828,862,000. Free cash flow was $653 million in 2017.

With respect to full year 2018 guidance, revenue is expected to be in the range of $1,195,000,000 to $1,215,000,000. Non-GAAP operating margin is expected to be between 65.5% and 66.5%. non-GAAP interest expense and non-GAAP non-operating income net is expected to be an expense of between $115 million and $122 million. Capital expenditures are expected to be between $45 million and $55 million.
The company believes a more reasonable estimate of the tax rate to calculate non-GAAP net income and non-GAAP earnings per share is 22%. As a result, the company will begin to use 22% non-GAAP tax rate when reporting first quarter 2018 non-GAAP results.