| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $382M | $323M | $308M | 18.5% | 24.1% |
| Op. Income | $94M | $94M | $72M | 0.1% | 30.4% |
| Gross Margin | 74.2% | 72.2% | 68.1% | 2.0pp | 6.1pp |
| Net Margin | 26.0% | 32.9% | 19.7% | -6.9pp | 6.3pp |
| EPS (Diluted) | $0.46 | $0.53 | $0.30 | -13.2% | 53.3% |
| Free Cash Flow | $100M | $148M | $83M | -32.7% | 19.6% |
| Item | Amount |
|---|---|
| REVENUE | $382M |
| Cost of Revenue | $99M |
| GROSS PROFIT | $284M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $92M |
| Other Expenses | $98M |
| Operating Expenses | $189M |
| Cost & Expenses | $288M |
| OPERATING INCOME | $94M |
| Interest Income | $336M |
| Interest Expense | $99M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $89M |
| Income Tax Expense | -$10M |
| Net Income from Continuing Ops | $100M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $100M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $100M |
| D&A | $11M |
| EBIT | $94M |
| EBITDA | $105M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $382M |
| Cost of Revenue | $99M |
| GROSS PROFIT | $284M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $92M |
| Other Expenses | $98M |
| Operating Expenses | $189M |
| Cost & Expenses | $288M |
| OPERATING INCOME | $94M |
| Interest Income | $336M |
| Interest Expense | $99M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $89M |
| Income Tax Expense | -$10M |
| Net Income from Continuing Ops | $100M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $100M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $100M |
| D&A | $11M |
| EBIT | $94M |
| EBITDA | $105M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $100M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $13M |
| Other Non-Cash Items | -$16M |
| Change in Working Capital | -$20M |
| OPERATING CASH FLOW | $104M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | -$1M |
| Purchases of Investments | -$207M |
| Sales/Maturities of Investments | $420M |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | $204M |
| Net Debt Issuance | -$343M |
| Common Stock Repurchased | -$55M |
| Common Dividends Paid | -$29M |
| Other Financing Activities | $25M |
| NET CASH FROM FINANCING | -$402M |
| FREE CASH FLOW | $100M |
| Net Change in Cash | -$94M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $126M |
| Short-Term Investments | $191M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $317M |
| PP&E (Net) | $120M |
| Goodwill | $1.3B |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $310M |
| Other Non-Current Assets | -$310M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $30.6B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $14.2B |
| TOTAL CURRENT LIABILITIES | $14.2B |
| Long-Term Debt | $215M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11.8B |
| TOTAL NON-CURRENT LIABILITIES | $12.0B |
| TOTAL LIABILITIES | $26.2B |
| Common Stock | $2M |
| Additional Paid-In Capital | $2.6B |
| Retained Earnings | $2.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$350M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.3B |
| TOTAL LIABILITIES & EQUITY | $30.6B |
| Total Debt | $215M |
| Net Debt | $89M |
