| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $388M | $388M | $314M | 0.1% | 23.7% |
| Op. Income | $120M | $100M | $36M | 19.2% | 233.6% |
| Gross Margin | 61.1% | 52.0% | 41.5% | 9.1pp | 19.6pp |
| Net Margin | 19.2% | 19.5% | 8.6% | -0.3pp | 10.6pp |
| EPS (Diluted) | $1.98 | $2.20 | $0.71 | -10.0% | 178.9% |
| Free Cash Flow | $64M | $57M | $101M | 11.3% | -36.4% |
| Item | Amount |
|---|---|
| REVENUE | $388M |
| Cost of Revenue | $151M |
| GROSS PROFIT | $237M |
| R&D Expenses | $0 |
| Selling & Marketing | $812.0K |
| General & Administrative | $52M |
| SG&A Expenses | $53M |
| Other Expenses | $65M |
| Operating Expenses | $117M |
| Cost & Expenses | $268M |
| OPERATING INCOME | $120M |
| Interest Income | $355M |
| Interest Expense | $151M |
| Other Income/Expenses | -$22M |
| INCOME BEFORE TAX | $97M |
| Income Tax Expense | $23M |
| Net Income from Continuing Ops | $74M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $74M |
| Net Income Deductions | $3M |
| BOTTOM LINE NET INCOME | $70M |
| D&A | $12M |
| EBIT | $120M |
| EBITDA | $131M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $388M |
| Cost of Revenue | $151M |
| GROSS PROFIT | $237M |
| R&D Expenses | $0 |
| Selling & Marketing | $812.0K |
| General & Administrative | $52M |
| SG&A Expenses | $53M |
| Other Expenses | $65M |
| Operating Expenses | $117M |
| Cost & Expenses | $268M |
| OPERATING INCOME | $120M |
| Interest Income | $355M |
| Interest Expense | $151M |
| Other Income/Expenses | -$22M |
| INCOME BEFORE TAX | $97M |
| Income Tax Expense | $23M |
| Net Income from Continuing Ops | $74M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $74M |
| Net Income Deductions | $3M |
| BOTTOM LINE NET INCOME | $70M |
| D&A | $12M |
| EBIT | $120M |
| EBITDA | $131M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $74M |
| Depreciation & Amortization | $14M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $20M |
| OPERATING CASH FLOW | $122M |
| Capital Expenditure | -$58M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$142M |
| Sales/Maturities of Investments | $9M |
| Other Investing Activities | -$222M |
| NET CASH FROM INVESTING | -$412M |
| Net Debt Issuance | $228M |
| Common Stock Repurchased | -$85M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $375M |
| NET CASH FROM FINANCING | $516M |
| FREE CASH FLOW | $64M |
| Net Change in Cash | $226M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $62M |
| Short-Term Investments | $0 |
| Net Receivables | $104M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $166M |
| PP&E (Net) | $17M |
| Goodwill | $0 |
| Intangible Assets | $4M |
| Long-Term Investments | $23.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | $898M |
| TOTAL NON-CURRENT ASSETS | $24.7B |
| TOTAL ASSETS | $24.9B |
| Account Payables | $0 |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $15.7B |
| TOTAL CURRENT LIABILITIES | $15.8B |
| Long-Term Debt | $1.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5.3B |
| TOTAL NON-CURRENT LIABILITIES | $7.0B |
| TOTAL LIABILITIES | $22.8B |
| Common Stock | $36M |
| Additional Paid-In Capital | $667M |
| Retained Earnings | $1.5B |
| Treasury Stock | -$69M |
| Accum. Other Comp. Income | -$54M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.1B |
| TOTAL LIABILITIES & EQUITY | $24.9B |
| Total Debt | $1.7B |
| Net Debt | $1.6B |
