| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $601M | $650M | $680M | -7.6% | -11.7% |
| Op. Income | $143M | $161M | -$140M | -11.1% | 202.4% |
| Gross Margin | 69.5% | 31.2% | 100.0% | 38.3pp | -30.5pp |
| Net Margin | 19.6% | 20.1% | -18.0% | -0.5pp | 37.6pp |
| EPS (Diluted) | $1.17 | $1.24 | $-1.09 | -5.6% | 207.3% |
| Free Cash Flow | $229M | $155M | $125M | 47.9% | 82.3% |
| Item | Amount |
|---|---|
| REVENUE | $601M |
| Cost of Revenue | $183M |
| GROSS PROFIT | $418M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $275M |
| Operating Expenses | $275M |
| Cost & Expenses | $458M |
| OPERATING INCOME | $143M |
| Interest Income | $0 |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $143M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $118M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $118M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $118M |
| D&A | $0 |
| EBIT | $158M |
| EBITDA | $158M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $601M |
| Cost of Revenue | $183M |
| GROSS PROFIT | $418M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $275M |
| Operating Expenses | $275M |
| Cost & Expenses | $458M |
| OPERATING INCOME | $143M |
| Interest Income | $0 |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $143M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $118M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $118M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $118M |
| D&A | $0 |
| EBIT | $158M |
| EBITDA | $158M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $118M |
| Depreciation & Amortization | -$4M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$12M |
| Change in Working Capital | $127M |
| OPERATING CASH FLOW | $229M |
| Capital Expenditure | -$200.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$547M |
| Sales/Maturities of Investments | $612M |
| Other Investing Activities | -$200.0K |
| NET CASH FROM INVESTING | $65M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$119M |
| Common Dividends Paid | -$15M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$134M |
| FREE CASH FLOW | $229M |
| Net Change in Cash | $159M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $3.5B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $4.7B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $3.2B |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.4B |
| TOTAL NON-CURRENT ASSETS | $4.6B |
| TOTAL ASSETS | $9.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $2.9B |
| Other Current Liabilities | -$2.9B |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $843M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $6.1B |
| TOTAL NON-CURRENT LIABILITIES | $7.0B |
| TOTAL LIABILITIES | $7.0B |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.7B |
| Retained Earnings | $676M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $37M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.4B |
| TOTAL LIABILITIES & EQUITY | $9.4B |
| Total Debt | $843M |
| Net Debt | -$404M |
