| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $866M | $698M | $591M | 24.0% | 46.6% |
| Op. Income | -$4M | -$133M | -$172M | 96.7% | 97.5% |
| Gross Margin | 69.5% | 67.2% | 64.5% | 2.4pp | 5.0pp |
| Net Margin | 9.3% | -14.3% | -28.2% | 23.6pp | 37.5pp |
| EPS (Diluted) | $0.23 | $-0.31 | $-0.54 | 174.2% | 142.6% |
| Free Cash Flow | $268M | $153M | $36M | 75.6% | 653.7% |
| Item | Amount |
|---|---|
| REVENUE | $866M |
| Cost of Revenue | $264M |
| GROSS PROFIT | $602M |
| R&D Expenses | $0 |
| Selling & Marketing | $136M |
| General & Administrative | $139M |
| SG&A Expenses | $275M |
| Other Expenses | $331M |
| Operating Expenses | $607M |
| Cost & Expenses | $871M |
| OPERATING INCOME | -$4M |
| Interest Income | $0 |
| Interest Expense | $108M |
| Other Income/Expenses | $87M |
| INCOME BEFORE TAX | $83M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $80M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $80M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $80M |
| D&A | $55M |
| EBIT | $191M |
| EBITDA | $246M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $80M |
| Depreciation & Amortization | $55M |
| Stock-Based Compensation | $86M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $85M |
| OPERATING CASH FLOW | $312M |
| Capital Expenditure | -$44M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$48M |
| Sales/Maturities of Investments | $505M |
| Other Investing Activities | -$502M |
| NET CASH FROM INVESTING | -$89M |
| Net Debt Issuance | $472M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$328M |
| NET CASH FROM FINANCING | $144M |
| FREE CASH FLOW | $268M |
| Net Change in Cash | $353M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $667M |
| Net Receivables | $6.6B |
| Inventory | $0 |
| Other Current Assets | $537M |
| TOTAL CURRENT ASSETS | $9.1B |
| PP&E (Net) | $524M |
| Goodwill | $522M |
| Intangible Assets | $12M |
| Long-Term Investments | $64M |
| Tax Assets | $18M |
| Other Non-Current Assets | $232M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $10.5B |
| Account Payables | $51M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $150M |
| Long-Term Debt | $7.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $49M |
| TOTAL NON-CURRENT LIABILITIES | $7.5B |
| TOTAL LIABILITIES | $7.7B |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $6.0B |
| Retained Earnings | -$3.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$48M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.8B |
| TOTAL LIABILITIES & EQUITY | $10.5B |
| Total Debt | $7.5B |
| Net Debt | $6.3B |
