| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $312M | $319M | $339M | -2.0% | -7.9% |
| Op. Income | $185M | $199M | $195M | -7.3% | -5.3% |
| Gross Margin | 82.1% | 85.9% | 87.9% | -3.9pp | -5.9pp |
| Net Margin | 49.6% | 51.5% | 49.5% | -1.9pp | 0.1pp |
| EPS (Diluted) | $1.60 | $1.67 | $1.58 | -4.2% | 1.3% |
| Free Cash Flow | $228M | $211M | $216M | 8.2% | 5.5% |
| Item | Amount |
|---|---|
| REVENUE | $312M |
| Cost of Revenue | $56M |
| GROSS PROFIT | $256M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $72M |
| Operating Expenses | $72M |
| Cost & Expenses | $128M |
| OPERATING INCOME | $185M |
| Interest Income | $0 |
| Interest Expense | $8M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $185M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $155M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $155M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $155M |
| D&A | $1M |
| EBIT | $193M |
| EBITDA | $194M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $312M |
| Cost of Revenue | $56M |
| GROSS PROFIT | $256M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $72M |
| Operating Expenses | $72M |
| Cost & Expenses | $128M |
| OPERATING INCOME | $185M |
| Interest Income | $0 |
| Interest Expense | $8M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $185M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $155M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $155M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $155M |
| D&A | $1M |
| EBIT | $193M |
| EBITDA | $194M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $155M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | -$17M |
| Deferred Income Tax | -$23M |
| Other Non-Cash Items | $74M |
| Change in Working Capital | $39M |
| OPERATING CASH FLOW | $229M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$310M |
| Sales/Maturities of Investments | $290M |
| Other Investing Activities | -$21M |
| NET CASH FROM INVESTING | -$42M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $461M |
| Common Dividends Paid | -$29M |
| Other Financing Activities | -$588M |
| NET CASH FROM FINANCING | -$156M |
| FREE CASH FLOW | $228M |
| Net Change in Cash | $32M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $123M |
| Short-Term Investments | $6.1B |
| Net Receivables | $51M |
| Inventory | $0 |
| Other Current Assets | -$6.6B |
| TOTAL CURRENT ASSETS | $174M |
| PP&E (Net) | $49M |
| Goodwill | $78M |
| Intangible Assets | $0 |
| Long-Term Investments | $383M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$383M |
| TOTAL NON-CURRENT ASSETS | $127M |
| TOTAL ASSETS | $7.4B |
| Account Payables | $0 |
| Short-Term Debt | $6M |
| Deferred Revenue | $92M |
| Other Current Liabilities | $231M |
| TOTAL CURRENT LIABILITIES | $513M |
| Long-Term Debt | $526M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $465M |
| Other Non-Current Liabilities | $662M |
| TOTAL NON-CURRENT LIABILITIES | $1.7B |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $1M |
| Additional Paid-In Capital | $650M |
| Retained Earnings | $5.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$152M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $5.8B |
| TOTAL LIABILITIES & EQUITY | $7.4B |
| Total Debt | $563M |
| Net Debt | $440M |
