| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $876M | $783M | $659M | 11.9% | 33.0% |
| Op. Income | $58M | -$8M | -$73M | 791.8% | 179.0% |
| Gross Margin | 67.7% | 65.4% | 67.6% | 2.3pp | 0.1pp |
| Net Margin | 7.9% | 0.4% | -6.8% | 7.5pp | 14.7pp |
| EPS (Diluted) | $0.20 | $0.01 | $-0.14 | 2369.1% | 242.9% |
| Free Cash Flow | $24M | $157M | $31M | -85.1% | -22.9% |
| Item | Amount |
|---|---|
| REVENUE | $876M |
| Cost of Revenue | $283M |
| GROSS PROFIT | $593M |
| R&D Expenses | $0 |
| Selling & Marketing | $80M |
| General & Administrative | $133M |
| SG&A Expenses | $212M |
| Other Expenses | $323M |
| Operating Expenses | $535M |
| Cost & Expenses | $818M |
| OPERATING INCOME | $58M |
| Interest Income | $0 |
| Interest Expense | $106M |
| Other Income/Expenses | $14M |
| INCOME BEFORE TAX | $72M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $64M |
| EBIT | $177M |
| EBITDA | $241M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $876M |
| Cost of Revenue | $283M |
| GROSS PROFIT | $593M |
| R&D Expenses | $0 |
| Selling & Marketing | $80M |
| General & Administrative | $133M |
| SG&A Expenses | $212M |
| Other Expenses | $323M |
| Operating Expenses | $535M |
| Cost & Expenses | $818M |
| OPERATING INCOME | $58M |
| Interest Income | $0 |
| Interest Expense | $106M |
| Other Income/Expenses | $14M |
| INCOME BEFORE TAX | $72M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $64M |
| EBIT | $177M |
| EBITDA | $241M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $69M |
| Depreciation & Amortization | $64M |
| Stock-Based Compensation | $65M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $30M |
| Change in Working Capital | -$154M |
| OPERATING CASH FLOW | $75M |
| Capital Expenditure | -$51M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$270M |
| Sales/Maturities of Investments | $231M |
| Other Investing Activities | -$364M |
| NET CASH FROM INVESTING | -$455M |
| Net Debt Issuance | $445M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$69M |
| NET CASH FROM FINANCING | $387M |
| FREE CASH FLOW | $24M |
| Net Change in Cash | $20M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.4B |
| Short-Term Investments | $871M |
| Net Receivables | $7.1B |
| Inventory | $0 |
| Other Current Assets | $402M |
| TOTAL CURRENT ASSETS | $9.8B |
| PP&E (Net) | $592M |
| Goodwill | $534M |
| Intangible Assets | $13M |
| Long-Term Investments | $40M |
| Tax Assets | $14M |
| Other Non-Current Assets | $203M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $11.2B |
| Account Payables | $83M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $180M |
| Long-Term Debt | $7.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $53M |
| TOTAL NON-CURRENT LIABILITIES | $7.9B |
| TOTAL LIABILITIES | $8.1B |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $6.1B |
| Retained Earnings | -$3.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$15M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.1B |
| TOTAL LIABILITIES & EQUITY | $11.2B |
| Total Debt | $7.9B |
| Net Debt | $6.5B |
