| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $361M | $355M | $345M | 1.5% | 4.4% |
| Op. Income | $131M | $94M | $87M | 39.4% | 50.6% |
| Gross Margin | 61.8% | 51.2% | 49.8% | 10.6pp | 12.0pp |
| Net Margin | 25.1% | 21.9% | 23.2% | 3.2pp | 1.9pp |
| EPS (Diluted) | $1.33 | $1.13 | $1.12 | 17.7% | 18.7% |
| Free Cash Flow | $48M | $150M | $86M | -67.8% | -43.6% |
| Item | Amount |
|---|---|
| REVENUE | $361M |
| Cost of Revenue | $138M |
| GROSS PROFIT | $223M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $48M |
| SG&A Expenses | $50M |
| Other Expenses | $42M |
| Operating Expenses | $92M |
| Cost & Expenses | $230M |
| OPERATING INCOME | $131M |
| Interest Income | $333M |
| Interest Expense | $138M |
| Other Income/Expenses | -$17M |
| INCOME BEFORE TAX | $113M |
| Income Tax Expense | $23M |
| Net Income from Continuing Ops | $91M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $91M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $91M |
| D&A | $11M |
| EBIT | $131M |
| EBITDA | $142M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $361M |
| Cost of Revenue | $138M |
| GROSS PROFIT | $223M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $48M |
| SG&A Expenses | $50M |
| Other Expenses | $42M |
| Operating Expenses | $92M |
| Cost & Expenses | $230M |
| OPERATING INCOME | $131M |
| Interest Income | $333M |
| Interest Expense | $138M |
| Other Income/Expenses | -$17M |
| INCOME BEFORE TAX | $113M |
| Income Tax Expense | $23M |
| Net Income from Continuing Ops | $91M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $91M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $91M |
| D&A | $11M |
| EBIT | $131M |
| EBITDA | $142M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $91M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | -$41M |
| OPERATING CASH FLOW | $55M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$424M |
| Sales/Maturities of Investments | $354M |
| Other Investing Activities | $29M |
| NET CASH FROM INVESTING | -$47M |
| Net Debt Issuance | -$190M |
| Common Stock Repurchased | -$52M |
| Common Dividends Paid | -$23M |
| Other Financing Activities | $373M |
| NET CASH FROM FINANCING | $108M |
| FREE CASH FLOW | $48M |
| Net Change in Cash | $116M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $146M |
| Short-Term Investments | $1.7B |
| Net Receivables | $97M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.9B |
| PP&E (Net) | $158M |
| Goodwill | $376M |
| Intangible Assets | $3M |
| Long-Term Investments | $18M |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $554M |
| TOTAL ASSETS | $24.2B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $9.7B |
| TOTAL CURRENT LIABILITIES | $9.7B |
| Long-Term Debt | $173M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11.4B |
| TOTAL NON-CURRENT LIABILITIES | $11.6B |
| TOTAL LIABILITIES | $21.3B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $2.9B |
| TOTAL STOCKHOLDERS' EQUITY | $2.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.9B |
| TOTAL LIABILITIES & EQUITY | $24.2B |
| Total Debt | $209M |
| Net Debt | $63M |
