| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.1B | -3.8% | 4.2% |
| Op. Income | $111M | $36M | $211M | 207.7% | -47.1% |
| Gross Margin | 47.3% | 38.7% | 48.2% | 8.6pp | -0.9pp |
| Net Margin | 8.1% | 1.9% | 15.1% | 6.2pp | -7.0pp |
| EPS (Diluted) | $0.96 | $0.23 | $1.58 | 317.4% | -39.2% |
| Free Cash Flow | $196M | $198M | $191M | -1.1% | 2.5% |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $603M |
| GROSS PROFIT | $540M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $429M |
| Operating Expenses | $429M |
| Cost & Expenses | $1.0B |
| OPERATING INCOME | $111M |
| Interest Income | $0 |
| Interest Expense | $53M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $111M |
| Income Tax Expense | $19M |
| Net Income from Continuing Ops | $93M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $93M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $93M |
| D&A | $0 |
| EBIT | $165M |
| EBITDA | $165M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $603M |
| GROSS PROFIT | $540M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $429M |
| Operating Expenses | $429M |
| Cost & Expenses | $1.0B |
| OPERATING INCOME | $111M |
| Interest Income | $0 |
| Interest Expense | $53M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $111M |
| Income Tax Expense | $19M |
| Net Income from Continuing Ops | $93M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $93M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $93M |
| D&A | $0 |
| EBIT | $165M |
| EBITDA | $165M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $93M |
| Depreciation & Amortization | $82M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$136M |
| Change in Working Capital | $157M |
| OPERATING CASH FLOW | $196M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$3.2B |
| Sales/Maturities of Investments | $2.3B |
| Other Investing Activities | -$4M |
| NET CASH FROM INVESTING | -$901M |
| Net Debt Issuance | -$100.0K |
| Common Stock Repurchased | -$60M |
| Common Dividends Paid | -$16M |
| Other Financing Activities | $522M |
| NET CASH FROM FINANCING | $447M |
| FREE CASH FLOW | $196M |
| Net Change in Cash | -$258M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $956M |
| Short-Term Investments | $7.9B |
| Net Receivables | $4.7B |
| Inventory | $0 |
| Other Current Assets | -$12.6B |
| TOTAL CURRENT ASSETS | $984M |
| PP&E (Net) | $0 |
| Goodwill | $5M |
| Intangible Assets | $0 |
| Long-Term Investments | $22.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $15.9B |
| TOTAL NON-CURRENT ASSETS | $38.0B |
| TOTAL ASSETS | $39.0B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $228M |
| Other Current Liabilities | -$117M |
| TOTAL CURRENT LIABILITIES | $111M |
| Long-Term Debt | $4.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $32.0B |
| TOTAL NON-CURRENT LIABILITIES | $36.1B |
| TOTAL LIABILITIES | $36.3B |
| Common Stock | $900.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | $2.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$1.1B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.6B |
| TOTAL LIABILITIES & EQUITY | $39.0B |
| Total Debt | $4.1B |
| Net Debt | $3.1B |
