| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $420M | $422M | $406M | -0.6% | 3.5% |
| Op. Income | $141M | $137M | $126M | 3.0% | 12.0% |
| Gross Margin | 67.7% | 66.9% | 66.1% | 0.8pp | 1.5pp |
| Net Margin | 25.8% | 25.1% | 23.3% | 0.7pp | 2.5pp |
| EPS (Diluted) | $1.59 | $1.54 | $1.37 | 3.2% | 16.1% |
| Free Cash Flow | $101M | $101M | $126M | 0.7% | -19.7% |
| Item | Amount |
|---|---|
| REVENUE | $420M |
| Cost of Revenue | $136M |
| GROSS PROFIT | $284M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $93M |
| SG&A Expenses | $93M |
| Other Expenses | $50M |
| Operating Expenses | $143M |
| Cost & Expenses | $279M |
| OPERATING INCOME | $141M |
| Interest Income | $358M |
| Interest Expense | $113M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $141M |
| Income Tax Expense | $33M |
| Net Income from Continuing Ops | $108M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $108M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $108M |
| D&A | $32M |
| EBIT | $141M |
| EBITDA | $173M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $420M |
| Cost of Revenue | $136M |
| GROSS PROFIT | $284M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $93M |
| SG&A Expenses | $93M |
| Other Expenses | $50M |
| Operating Expenses | $143M |
| Cost & Expenses | $279M |
| OPERATING INCOME | $141M |
| Interest Income | $358M |
| Interest Expense | $113M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $141M |
| Income Tax Expense | $33M |
| Net Income from Continuing Ops | $108M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $108M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $108M |
| D&A | $32M |
| EBIT | $141M |
| EBITDA | $173M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $108M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | -$9M |
| OPERATING CASH FLOW | $107M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$222M |
| Sales/Maturities of Investments | $117M |
| Other Investing Activities | -$264M |
| NET CASH FROM INVESTING | -$375M |
| Net Debt Issuance | $220M |
| Common Stock Repurchased | -$41M |
| Common Dividends Paid | -$14M |
| Other Financing Activities | $148M |
| NET CASH FROM FINANCING | $313M |
| FREE CASH FLOW | $101M |
| Net Change in Cash | $46M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $254M |
| Short-Term Investments | $0 |
| Net Receivables | $80M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $334M |
| PP&E (Net) | $213M |
| Goodwill | $1.0B |
| Intangible Assets | $55M |
| Long-Term Investments | $25.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $723M |
| TOTAL NON-CURRENT ASSETS | $27.2B |
| TOTAL ASSETS | $27.5B |
| Account Payables | $0 |
| Short-Term Debt | $535M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $535M |
| Long-Term Debt | $167M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $22.7B |
| TOTAL NON-CURRENT LIABILITIES | $22.9B |
| TOTAL LIABILITIES | $23.4B |
| Common Stock | $73M |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | $2.2B |
| Treasury Stock | -$187M |
| Accum. Other Comp. Income | $8M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.1B |
| TOTAL LIABILITIES & EQUITY | $27.5B |
| Total Debt | $743M |
| Net Debt | $489M |
