| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $181M | $175M | $233M | 3.1% | -22.5% |
| Op. Income | $74M | $79M | $72M | -6.8% | 2.2% |
| Gross Margin | 100.0% | 97.6% | 70.4% | 2.4pp | 29.6pp |
| Net Margin | 32.9% | 35.7% | 24.2% | -2.8pp | 8.7pp |
| EPS (Diluted) | $1.75 | $1.85 | $1.67 | -5.4% | 4.8% |
| Free Cash Flow | $43M | $64M | $2M | -32.1% | 2074.7% |
| Item | Amount |
|---|---|
| REVENUE | $181M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $181M |
| R&D Expenses | $0 |
| Selling & Marketing | $3M |
| General & Administrative | $99M |
| SG&A Expenses | $102M |
| Other Expenses | $6M |
| Operating Expenses | $107M |
| Cost & Expenses | $107M |
| OPERATING INCOME | $74M |
| Interest Income | $128M |
| Interest Expense | $107M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | $75M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $59M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $59M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $59M |
| D&A | $6M |
| EBIT | $74M |
| EBITDA | $79M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $181M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $181M |
| R&D Expenses | $0 |
| Selling & Marketing | $3M |
| General & Administrative | $99M |
| SG&A Expenses | $102M |
| Other Expenses | $6M |
| Operating Expenses | $107M |
| Cost & Expenses | $107M |
| OPERATING INCOME | $74M |
| Interest Income | $128M |
| Interest Expense | $107M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | $75M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $59M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $59M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $59M |
| D&A | $6M |
| EBIT | $74M |
| EBITDA | $79M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $59M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $960.0K |
| Deferred Income Tax | $464.0K |
| Other Non-Cash Items | -$16M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $55M |
| Capital Expenditure | -$12M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$371M |
| Sales/Maturities of Investments | $499M |
| Other Investing Activities | -$622.0K |
| NET CASH FROM INVESTING | $115M |
| Net Debt Issuance | -$16M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$16M |
| Other Financing Activities | $211M |
| NET CASH FROM FINANCING | $180M |
| FREE CASH FLOW | $43M |
| Net Change in Cash | $350M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $227M |
| Short-Term Investments | $0 |
| Net Receivables | $42M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $269M |
| PP&E (Net) | $352M |
| Goodwill | $183M |
| Intangible Assets | $21M |
| Long-Term Investments | $13.8B |
| Tax Assets | $44M |
| Other Non-Current Assets | $180M |
| TOTAL NON-CURRENT ASSETS | $14.6B |
| TOTAL ASSETS | $14.9B |
| Account Payables | $0 |
| Short-Term Debt | $13M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $13M |
| Long-Term Debt | $98M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $36M |
| Other Non-Current Liabilities | $12.9B |
| TOTAL NON-CURRENT LIABILITIES | $13.0B |
| TOTAL LIABILITIES | $13.0B |
| Common Stock | $34M |
| Additional Paid-In Capital | $218M |
| Retained Earnings | $1.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$8M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.9B |
| TOTAL LIABILITIES & EQUITY | $14.9B |
| Total Debt | $134M |
| Net Debt | -$93M |
