| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $722M | $725M | $332M | -0.5% | 117.2% |
| Op. Income | $107M | -$80M | -$18M | 233.5% | 677.5% |
| Gross Margin | 47.4% | 51.3% | 50.2% | -4.0pp | -2.8pp |
| Net Margin | 3.4% | -8.4% | -5.7% | 11.8pp | 9.1pp |
| EPS (Diluted) | $0.04 | $-0.30 | $-0.13 | 113.3% | 130.8% |
| Free Cash Flow | -$130M | $321M | $70M | -140.4% | -285.0% |
| Item | Amount |
|---|---|
| REVENUE | $722M |
| Cost of Revenue | $380M |
| GROSS PROFIT | $342M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $235M |
| Other Expenses | $0 |
| Operating Expenses | $235M |
| Cost & Expenses | $615M |
| OPERATING INCOME | $107M |
| Interest Income | $4M |
| Interest Expense | $13M |
| Other Income/Expenses | -$84M |
| INCOME BEFORE TAX | $23M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $9M |
| D&A | $9M |
| EBIT | $35M |
| EBITDA | $44M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $722M |
| Cost of Revenue | $380M |
| GROSS PROFIT | $342M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $235M |
| Other Expenses | $0 |
| Operating Expenses | $235M |
| Cost & Expenses | $615M |
| OPERATING INCOME | $107M |
| Interest Income | $4M |
| Interest Expense | $13M |
| Other Income/Expenses | -$84M |
| INCOME BEFORE TAX | $23M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $9M |
| D&A | $9M |
| EBIT | $35M |
| EBITDA | $44M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $25M |
| Depreciation & Amortization | $9M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | -$4M |
| Other Non-Cash Items | $48M |
| Change in Working Capital | -$206M |
| OPERATING CASH FLOW | -$119M |
| Capital Expenditure | -$11M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$5M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$17M |
| Net Debt Issuance | -$200M |
| Common Stock Repurchased | -$37M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$257M |
| FREE CASH FLOW | -$130M |
| Net Change in Cash | -$392M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $399M |
| Short-Term Investments | $0 |
| Net Receivables | $755M |
| Inventory | $338M |
| Other Current Assets | $319M |
| TOTAL CURRENT ASSETS | $1.8B |
| PP&E (Net) | $88M |
| Goodwill | $918M |
| Intangible Assets | $1.4B |
| Long-Term Investments | $0 |
| Tax Assets | $96M |
| Other Non-Current Assets | $815M |
| TOTAL NON-CURRENT ASSETS | $3.3B |
| TOTAL ASSETS | $5.1B |
| Account Payables | $138M |
| Short-Term Debt | $0 |
| Deferred Revenue | $27M |
| Other Current Liabilities | $914M |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $670M |
| Deferred Revenue NC | $401M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $28M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $2.2B |
| Common Stock | $101.0K |
| Additional Paid-In Capital | $1.1B |
| Retained Earnings | $176M |
| Treasury Stock | -$48M |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.9B |
| TOTAL LIABILITIES & EQUITY | $5.1B |
| Total Debt | $670M |
| Net Debt | $271M |
