| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $272M | $295M | $261M | -8.0% | 4.2% |
| Op. Income | $78M | $96M | $52M | -18.8% | 50.6% |
| Gross Margin | 69.8% | 70.5% | 60.5% | -0.7pp | 9.3pp |
| Net Margin | 22.4% | 18.1% | 15.0% | 4.4pp | 7.4pp |
| EPS (Diluted) | $1.39 | $1.20 | $0.85 | 15.8% | 63.5% |
| Free Cash Flow | $73M | $56M | $96M | 30.6% | -24.5% |
| Item | Amount |
|---|---|
| REVENUE | $272M |
| Cost of Revenue | $82M |
| GROSS PROFIT | $190M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $110M |
| Other Expenses | $3M |
| Operating Expenses | $112M |
| Cost & Expenses | $194M |
| OPERATING INCOME | $78M |
| Interest Income | $227M |
| Interest Expense | $82M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $17M |
| Net Income from Continuing Ops | $61M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $61M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $56M |
| D&A | $0 |
| EBIT | $78M |
| EBITDA | $78M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $272M |
| Cost of Revenue | $82M |
| GROSS PROFIT | $190M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $110M |
| Other Expenses | $3M |
| Operating Expenses | $112M |
| Cost & Expenses | $194M |
| OPERATING INCOME | $78M |
| Interest Income | $227M |
| Interest Expense | $82M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $17M |
| Net Income from Continuing Ops | $61M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $61M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $56M |
| D&A | $0 |
| EBIT | $78M |
| EBITDA | $78M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $61M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | $81M |
| Capital Expenditure | -$8M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$529M |
| Sales/Maturities of Investments | $413M |
| Other Investing Activities | -$66M |
| NET CASH FROM INVESTING | -$190M |
| Net Debt Issuance | -$25.0K |
| Common Stock Repurchased | -$5M |
| Common Dividends Paid | -$28M |
| Other Financing Activities | $108M |
| NET CASH FROM FINANCING | $71M |
| FREE CASH FLOW | $73M |
| Net Change in Cash | -$39M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $947M |
| Short-Term Investments | $0 |
| Net Receivables | $70M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $283M |
| Goodwill | $32M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $315M |
| TOTAL ASSETS | $24.2B |
| Account Payables | $0 |
| Short-Term Debt | $92M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $92M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $22.2B |
| TOTAL NON-CURRENT LIABILITIES | $22.2B |
| TOTAL LIABILITIES | $22.3B |
| Common Stock | $587.0K |
| Additional Paid-In Capital | $826M |
| Retained Earnings | $2.2B |
| Treasury Stock | -$1.1B |
| Accum. Other Comp. Income | -$244M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.9B |
| TOTAL LIABILITIES & EQUITY | $24.2B |
| Total Debt | $92M |
| Net Debt | -$854M |
