| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $719M | $706M | $698M | 1.9% | 3.1% |
| Op. Income | $146M | $132M | $123M | 10.7% | 19.0% |
| Gross Margin | -87.2% | 58.6% | 60.3% | -145.8pp | -147.5pp |
| Net Margin | 15.8% | -16.6% | 0.7% | 32.4pp | 15.2pp |
| EPS (Diluted) | $0.16 | $-0.17 | $0.01 | 194.1% | 2439.7% |
| Free Cash Flow | $242M | $288M | $284M | -15.9% | -14.6% |
| Item | Amount |
|---|---|
| REVENUE | $719M |
| Cost of Revenue | $1.3B |
| GROSS PROFIT | -$627M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $24M |
| SG&A Expenses | $24M |
| Other Expenses | -$797M |
| Operating Expenses | -$773M |
| Cost & Expenses | $574M |
| OPERATING INCOME | $146M |
| Interest Income | $0 |
| Interest Expense | $81M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | $128M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $122M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $114M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $114M |
| D&A | $262M |
| EBIT | $160M |
| EBITDA | $422M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $114M |
| Depreciation & Amortization | $262M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$85M |
| Change in Working Capital | $9M |
| OPERATING CASH FLOW | $300M |
| Capital Expenditure | -$58M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$691M |
| Sales/Maturities of Investments | $329M |
| Other Investing Activities | $8M |
| NET CASH FROM INVESTING | -$411M |
| Net Debt Issuance | $710M |
| Common Stock Repurchased | -$87.0K |
| Common Dividends Paid | -$212M |
| Other Financing Activities | -$9M |
| NET CASH FROM FINANCING | $490M |
| FREE CASH FLOW | $242M |
| Net Change in Cash | $378M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $538M |
| Short-Term Investments | $0 |
| Net Receivables | $684M |
| Inventory | $0 |
| Other Current Assets | -$149M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $412M |
| Goodwill | $69M |
| Intangible Assets | $655M |
| Long-Term Investments | $803M |
| Tax Assets | $111M |
| Other Non-Current Assets | -$803M |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $20.3B |
| Account Payables | $719M |
| Short-Term Debt | $0 |
| Deferred Revenue | $985M |
| Other Current Liabilities | -$719M |
| TOTAL CURRENT LIABILITIES | $985M |
| Long-Term Debt | $10.1B |
| Deferred Revenue NC | $985M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$377M |
| TOTAL NON-CURRENT LIABILITIES | $11.0B |
| TOTAL LIABILITIES | $12.0B |
| Common Stock | $695M |
| Additional Paid-In Capital | $12.8B |
| Retained Earnings | -$6.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$10M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $7.5B |
| Minority Interest | $802M |
| TOTAL EQUITY | $8.3B |
| TOTAL LIABILITIES & EQUITY | $20.3B |
| Total Debt | $10.4B |
| Net Debt | $9.9B |
