| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $189M | $207M | $132M | -8.8% | 43.3% |
| Op. Income | $53M | $57M | $26M | -6.8% | 101.7% |
| Gross Margin | 56.5% | 56.0% | 49.3% | 0.6pp | 7.3pp |
| Net Margin | 20.9% | 19.8% | 15.5% | 1.1pp | 5.5pp |
| EPS (Diluted) | $0.75 | $0.91 | $0.49 | -17.6% | 53.1% |
| Free Cash Flow | $47M | $34M | $30M | 39.0% | 57.1% |
| Item | Amount |
|---|---|
| REVENUE | $189M |
| Cost of Revenue | $82M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $36M |
| SG&A Expenses | $36M |
| Other Expenses | $17M |
| Operating Expenses | $53M |
| Cost & Expenses | $135M |
| OPERATING INCOME | $53M |
| Interest Income | $186M |
| Interest Expense | $80M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $53M |
| Income Tax Expense | $14M |
| Net Income from Continuing Ops | $40M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $40M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $53M |
| EBITDA | $53M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $189M |
| Cost of Revenue | $82M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $36M |
| SG&A Expenses | $36M |
| Other Expenses | $17M |
| Operating Expenses | $53M |
| Cost & Expenses | $135M |
| OPERATING INCOME | $53M |
| Interest Income | $186M |
| Interest Expense | $80M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $53M |
| Income Tax Expense | $14M |
| Net Income from Continuing Ops | $40M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $40M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $53M |
| EBITDA | $53M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $40M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $829.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$11M |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | $48M |
| Capital Expenditure | -$594.0K |
| Acquisitions (Net) | $8.0K |
| Purchases of Investments | -$50M |
| Sales/Maturities of Investments | $59M |
| Other Investing Activities | -$147M |
| NET CASH FROM INVESTING | -$140M |
| Net Debt Issuance | $70M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$9M |
| Other Financing Activities | -$129M |
| NET CASH FROM FINANCING | -$70M |
| FREE CASH FLOW | $47M |
| Net Change in Cash | -$162M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $92M |
| Short-Term Investments | $1.3B |
| Net Receivables | $11.4B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $12.7B |
| PP&E (Net) | $85M |
| Goodwill | $220M |
| Intangible Assets | $60M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $365M |
| TOTAL ASSETS | $14.0B |
| Account Payables | $0 |
| Short-Term Debt | $32M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $32M |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11.3B |
| TOTAL NON-CURRENT LIABILITIES | $12.4B |
| TOTAL LIABILITIES | $12.4B |
| Common Stock | $858M |
| Additional Paid-In Capital | $39M |
| Retained Earnings | $674M |
| Treasury Stock | -$76M |
| Accum. Other Comp. Income | -$32M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.6B |
| TOTAL LIABILITIES & EQUITY | $14.0B |
| Total Debt | $1.2B |
| Net Debt | $1.1B |
