| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $312M | $311M | $302M | 0.0% | 3.2% |
| Op. Income | $223M | $210M | $208M | 6.3% | 7.3% |
| Gross Margin | 94.3% | 71.5% | 73.0% | 22.8pp | 21.3pp |
| Net Margin | 56.9% | 52.5% | 53.9% | 4.4pp | 3.0pp |
| EPS (Diluted) | $1.22 | $1.10 | $1.05 | 10.9% | 16.2% |
| Free Cash Flow | $186M | $192M | $166M | -3.0% | 12.1% |
| Item | Amount |
|---|---|
| REVENUE | $312M |
| Cost of Revenue | $18M |
| GROSS PROFIT | $294M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $71M |
| Operating Expenses | $71M |
| Cost & Expenses | $88M |
| OPERATING INCOME | $223M |
| Interest Income | $0 |
| Interest Expense | $12M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $223M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $177M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $177M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $177M |
| D&A | $0 |
| EBIT | $236M |
| EBITDA | $236M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $312M |
| Cost of Revenue | $18M |
| GROSS PROFIT | $294M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $71M |
| Operating Expenses | $71M |
| Cost & Expenses | $88M |
| OPERATING INCOME | $223M |
| Interest Income | $0 |
| Interest Expense | $12M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $223M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $177M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $177M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $177M |
| D&A | $0 |
| EBIT | $236M |
| EBITDA | $236M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $177M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $7M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $186M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$367M |
| Sales/Maturities of Investments | $380M |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | $10M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$127M |
| Common Dividends Paid | -$30M |
| Other Financing Activities | -$103.0K |
| NET CASH FROM FINANCING | -$157M |
| FREE CASH FLOW | $186M |
| Net Change in Cash | $39M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $582M |
| Short-Term Investments | $0 |
| Net Receivables | $46M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $629M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $6.1B |
| Tax Assets | $20M |
| Other Non-Current Assets | $194M |
| TOTAL NON-CURRENT ASSETS | $6.3B |
| TOTAL ASSETS | $6.9B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $92M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $92M |
| Long-Term Debt | $744M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $702M |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.7B |
| Retained Earnings | $3.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$30M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $5.4B |
| TOTAL LIABILITIES & EQUITY | $6.9B |
| Total Debt | $744M |
| Net Debt | $162M |
