| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $472M | $722M | $493M | -34.6% | -4.2% |
| Op. Income | $90M | $94M | $93M | -3.9% | -3.4% |
| Gross Margin | 61.0% | 37.8% | 51.4% | 23.2pp | 9.6pp |
| Net Margin | 14.7% | 9.9% | 14.1% | 4.7pp | 0.6pp |
| EPS (Diluted) | $0.90 | $0.95 | $0.91 | -5.3% | -1.1% |
| Free Cash Flow | $125M | $100M | $186M | 25.2% | -32.7% |
| Item | Amount |
|---|---|
| REVENUE | $472M |
| Cost of Revenue | $184M |
| GROSS PROFIT | $288M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $173M |
| SG&A Expenses | $173M |
| Other Expenses | $26M |
| Operating Expenses | $198M |
| Cost & Expenses | $383M |
| OPERATING INCOME | $90M |
| Interest Income | $442M |
| Interest Expense | $184M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $90M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $229.0K |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $4M |
| EBIT | $90M |
| EBITDA | $94M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $472M |
| Cost of Revenue | $184M |
| GROSS PROFIT | $288M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $173M |
| SG&A Expenses | $173M |
| Other Expenses | $26M |
| Operating Expenses | $198M |
| Cost & Expenses | $383M |
| OPERATING INCOME | $90M |
| Interest Income | $442M |
| Interest Expense | $184M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $90M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $229.0K |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $4M |
| EBIT | $90M |
| EBITDA | $94M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $69M |
| Depreciation & Amortization | $11M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | -$6M |
| Other Non-Cash Items | $38M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | $125M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $1.4B |
| Other Investing Activities | -$614M |
| NET CASH FROM INVESTING | -$553M |
| Net Debt Issuance | -$525M |
| Common Stock Repurchased | -$45M |
| Common Dividends Paid | -$23M |
| Other Financing Activities | $679M |
| NET CASH FROM FINANCING | $86M |
| FREE CASH FLOW | $125M |
| Net Change in Cash | -$342M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $218M |
| Short-Term Investments | $0 |
| Net Receivables | $24.1B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $24.3B |
| PP&E (Net) | $171M |
| Goodwill | $78M |
| Intangible Assets | $0 |
| Long-Term Investments | $9.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | $305M |
| TOTAL NON-CURRENT ASSETS | $10.0B |
| TOTAL ASSETS | $35.0B |
| Account Payables | $29.4B |
| Short-Term Debt | $1.6B |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$29.4B |
| TOTAL CURRENT LIABILITIES | $1.6B |
| Long-Term Debt | $320M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $88M |
| Other Non-Current Liabilities | $30.0B |
| TOTAL NON-CURRENT LIABILITIES | $30.5B |
| TOTAL LIABILITIES | $32.0B |
| Common Stock | $741.0K |
| Additional Paid-In Capital | $272M |
| Retained Earnings | $3.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$190M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.1B |
| TOTAL LIABILITIES & EQUITY | $35.0B |
| Total Debt | $2.0B |
| Net Debt | $1.8B |
