| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $460M | $442M | $367M | 4.1% | 25.4% |
| Op. Income | $173M | $151M | $106M | 14.9% | 63.2% |
| Gross Margin | 55.7% | 73.4% | 62.0% | -17.6pp | -6.3pp |
| Net Margin | 16.2% | 13.3% | 8.3% | 2.9pp | 7.9pp |
| EPS (Diluted) | $3.17 | $2.49 | $1.26 | 27.3% | 151.6% |
| Free Cash Flow | $76M | $3M | $40M | 2265.8% | 90.2% |
| Item | Amount |
|---|---|
| REVENUE | $460M |
| Cost of Revenue | $204M |
| GROSS PROFIT | $257M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $39M |
| SG&A Expenses | $39M |
| Other Expenses | $44M |
| Operating Expenses | $83M |
| Cost & Expenses | $287M |
| OPERATING INCOME | $173M |
| Interest Income | $0 |
| Interest Expense | $71M |
| Other Income/Expenses | -$73M |
| INCOME BEFORE TAX | $100M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $75M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $75M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $75M |
| D&A | $7M |
| EBIT | $170M |
| EBITDA | $178M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $460M |
| Cost of Revenue | $204M |
| GROSS PROFIT | $257M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $39M |
| SG&A Expenses | $39M |
| Other Expenses | $44M |
| Operating Expenses | $83M |
| Cost & Expenses | $287M |
| OPERATING INCOME | $173M |
| Interest Income | $0 |
| Interest Expense | $71M |
| Other Income/Expenses | -$73M |
| INCOME BEFORE TAX | $100M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $75M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $75M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $75M |
| D&A | $7M |
| EBIT | $170M |
| EBITDA | $178M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $75M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$60M |
| Change in Working Capital | $55M |
| OPERATING CASH FLOW | $82M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$40M |
| NET CASH FROM INVESTING | -$46M |
| Net Debt Issuance | -$19M |
| Common Stock Repurchased | -$10M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$7M |
| NET CASH FROM FINANCING | -$37M |
| FREE CASH FLOW | $76M |
| Net Change in Cash | -$408.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $172M |
| Short-Term Investments | $0 |
| Net Receivables | $36M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $251M |
| PP&E (Net) | $142M |
| Goodwill | $536M |
| Intangible Assets | $0 |
| Long-Term Investments | $4.3B |
| Tax Assets | $6M |
| Other Non-Current Assets | $53M |
| TOTAL NON-CURRENT ASSETS | $5.0B |
| TOTAL ASSETS | $5.3B |
| Account Payables | $0 |
| Short-Term Debt | $927M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $260M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $3.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $111M |
| TOTAL NON-CURRENT LIABILITIES | $3.1B |
| TOTAL LIABILITIES | $4.3B |
| Common Stock | $229.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$131M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $953M |
| Minority Interest | $0 |
| TOTAL EQUITY | $953M |
| TOTAL LIABILITIES & EQUITY | $5.3B |
| Total Debt | $3.9B |
| Net Debt | $3.8B |
