| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $313M | $336M | $373M | -6.8% | -16.0% |
| Op. Income | $139M | $93M | $67M | 50.3% | 108.7% |
| Gross Margin | 97.7% | 74.6% | 61.1% | 23.1pp | 36.7pp |
| Net Margin | 34.8% | 21.3% | 14.0% | 13.5pp | 20.8pp |
| EPS (Diluted) | $1.08 | $0.69 | $0.50 | 56.5% | 116.0% |
| Free Cash Flow | $59M | $84M | $89M | -30.0% | -33.4% |
| Item | Amount |
|---|---|
| REVENUE | $313M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $306M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $113M |
| SG&A Expenses | $113M |
| Other Expenses | $54M |
| Operating Expenses | $167M |
| Cost & Expenses | $174M |
| OPERATING INCOME | $139M |
| Interest Income | $285M |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $139M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $109M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $109M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $109M |
| D&A | $0 |
| EBIT | $139M |
| EBITDA | $139M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $313M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $306M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $113M |
| SG&A Expenses | $113M |
| Other Expenses | $54M |
| Operating Expenses | $167M |
| Cost & Expenses | $174M |
| OPERATING INCOME | $139M |
| Interest Income | $285M |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $139M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $109M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $109M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $109M |
| D&A | $0 |
| EBIT | $139M |
| EBITDA | $139M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $109M |
| Depreciation & Amortization | $14M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | -$600.0K |
| Other Non-Cash Items | -$57M |
| Change in Working Capital | -$800.0K |
| OPERATING CASH FLOW | $67M |
| Capital Expenditure | -$8M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$785M |
| Sales/Maturities of Investments | $344M |
| Other Investing Activities | $275M |
| NET CASH FROM INVESTING | -$174M |
| Net Debt Issuance | -$13M |
| Common Stock Repurchased | -$91M |
| Common Dividends Paid | -$48M |
| Other Financing Activities | $119M |
| NET CASH FROM FINANCING | -$33M |
| FREE CASH FLOW | $59M |
| Net Change in Cash | -$140M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $358M |
| Short-Term Investments | $0 |
| Net Receivables | $103M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $461M |
| PP&E (Net) | $407M |
| Goodwill | $1.1B |
| Intangible Assets | $53M |
| Long-Term Investments | $23.8B |
| Tax Assets | $60M |
| Other Non-Current Assets | $758M |
| TOTAL NON-CURRENT ASSETS | $26.2B |
| TOTAL ASSETS | $26.6B |
| Account Payables | $0 |
| Short-Term Debt | $480M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $11.6B |
| TOTAL CURRENT LIABILITIES | $12.1B |
| Long-Term Debt | $296M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $10.8B |
| TOTAL NON-CURRENT LIABILITIES | $11.1B |
| TOTAL LIABILITIES | $23.2B |
| Common Stock | $2.4B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$178M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.4B |
| TOTAL LIABILITIES & EQUITY | $26.6B |
| Total Debt | $776M |
| Net Debt | $418M |
