| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $278M | $286M | $166M | -2.8% | 67.7% |
| Op. Income | $77M | $77M | $37M | 0.2% | 107.4% |
| Gross Margin | 71.2% | 69.1% | 69.2% | 2.1pp | 2.0pp |
| Net Margin | 21.9% | 20.0% | 17.0% | 1.9pp | 4.9pp |
| EPS (Diluted) | $0.63 | $0.94 | $0.49 | -33.0% | 28.6% |
| Free Cash Flow | $65M | $54M | $50M | 19.0% | 28.7% |
| Item | Amount |
|---|---|
| REVENUE | $278M |
| Cost of Revenue | $80M |
| GROSS PROFIT | $198M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $79M |
| SG&A Expenses | $79M |
| Other Expenses | $41M |
| Operating Expenses | $120M |
| Cost & Expenses | $200M |
| OPERATING INCOME | $77M |
| Interest Income | $235M |
| Interest Expense | $78M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $77M |
| 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 | $11M |
| EBIT | $77M |
| EBITDA | $88M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $278M |
| Cost of Revenue | $80M |
| GROSS PROFIT | $198M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $79M |
| SG&A Expenses | $79M |
| Other Expenses | $41M |
| Operating Expenses | $120M |
| Cost & Expenses | $200M |
| OPERATING INCOME | $77M |
| Interest Income | $235M |
| Interest Expense | $78M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $77M |
| 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 | $11M |
| EBIT | $77M |
| EBITDA | $88M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $61M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $5M |
| Other Non-Cash Items | $1M |
| Change in Working Capital | -$7M |
| OPERATING CASH FLOW | $72M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$161M |
| Sales/Maturities of Investments | $152M |
| Other Investing Activities | $34M |
| NET CASH FROM INVESTING | $18M |
| Net Debt Issuance | $19M |
| Common Stock Repurchased | -$29M |
| Common Dividends Paid | -$27M |
| Other Financing Activities | -$145M |
| NET CASH FROM FINANCING | -$182M |
| FREE CASH FLOW | $65M |
| Net Change in Cash | -$91M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $181M |
| Short-Term Investments | $0 |
| Net Receivables | $72M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $253M |
| PP&E (Net) | $193M |
| Goodwill | $383M |
| Intangible Assets | $97M |
| Long-Term Investments | $16.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | $431M |
| TOTAL NON-CURRENT ASSETS | $17.9B |
| TOTAL ASSETS | $18.1B |
| Account Payables | $0 |
| Short-Term Debt | $173M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3.7B |
| TOTAL CURRENT LIABILITIES | $3.8B |
| Long-Term Debt | $284M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11.5B |
| TOTAL NON-CURRENT LIABILITIES | $11.8B |
| TOTAL LIABILITIES | $15.6B |
| Common Stock | $93.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | $337M |
| Treasury Stock | -$119M |
| Accum. Other Comp. Income | -$124M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $18.1B |
| Total Debt | $490M |
| Net Debt | $309M |
