| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $580M | $576M | $558M | 0.6% | 4.0% |
| Op. Income | $307M | $143M | $184M | 114.6% | 66.9% |
| Gross Margin | 98.8% | 61.8% | 63.0% | 37.1pp | 35.9pp |
| Net Margin | 21.0% | 18.8% | 27.2% | 2.3pp | -6.2pp |
| EPS (Diluted) | $10.99 | $9.43 | $12.26 | 16.5% | -10.4% |
| Free Cash Flow | $269M | $299M | $306M | -10.0% | -12.0% |
| Item | Amount |
|---|---|
| REVENUE | $580M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $573M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $267M |
| Operating Expenses | $267M |
| Cost & Expenses | $273M |
| OPERATING INCOME | $307M |
| Interest Income | $541M |
| Interest Expense | $114M |
| Other Income/Expenses | -$150M |
| INCOME BEFORE TAX | $157M |
| Income Tax Expense | $35M |
| Net Income from Continuing Ops | $122M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $122M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $122M |
| D&A | $7M |
| EBIT | $271M |
| EBITDA | $278M |
| EPS | $11 |
| EPS Diluted | $11 |
| Item | Amount |
|---|---|
| REVENUE | $580M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $573M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $267M |
| Operating Expenses | $267M |
| Cost & Expenses | $273M |
| OPERATING INCOME | $307M |
| Interest Income | $541M |
| Interest Expense | $114M |
| Other Income/Expenses | -$150M |
| INCOME BEFORE TAX | $157M |
| Income Tax Expense | $35M |
| Net Income from Continuing Ops | $122M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $122M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $122M |
| D&A | $7M |
| EBIT | $271M |
| EBITDA | $278M |
| EPS | $11 |
| EPS Diluted | $11 |
| Item | Amount |
|---|---|
| Net Income | $122M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $13M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $130M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $269M |
| Capital Expenditure | -$400.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$61M |
| NET CASH FROM INVESTING | -$61M |
| Net Debt Issuance | -$16M |
| Common Stock Repurchased | -$191M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $1M |
| NET CASH FROM FINANCING | -$207M |
| FREE CASH FLOW | $269M |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $501M |
| Short-Term Investments | $10M |
| Net Receivables | $67M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $578M |
| PP&E (Net) | $13M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $8.0B |
| Tax Assets | $967M |
| Other Non-Current Assets | $36M |
| TOTAL NON-CURRENT ASSETS | $9.0B |
| TOTAL ASSETS | $9.6B |
| Account Payables | $0 |
| Short-Term Debt | $2.2B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $2.2B |
| Long-Term Debt | $4.2B |
| Deferred Revenue NC | $74M |
| Deferred Tax Liabilities | $1.3B |
| Other Non-Current Liabilities | $324M |
| TOTAL NON-CURRENT LIABILITIES | $5.9B |
| TOTAL LIABILITIES | $8.1B |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $403M |
| Retained Earnings | $1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $9.6B |
| Total Debt | $6.4B |
| Net Debt | $5.9B |
