| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $680M | $694M | $620M | -2.0% | 9.7% |
| Op. Income | $166M | $190M | $102M | -12.8% | 62.5% |
| Gross Margin | 64.6% | 62.4% | 56.5% | 2.2pp | 8.1pp |
| Net Margin | 24.8% | 21.6% | 17.7% | 3.2pp | 7.1pp |
| EPS (Diluted) | $0.47 | $0.41 | $0.30 | 14.6% | 56.7% |
| Free Cash Flow | $99M | $149M | $278M | -33.6% | -64.4% |
| Item | Amount |
|---|---|
| REVENUE | $680M |
| Cost of Revenue | $241M |
| GROSS PROFIT | $439M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $181M |
| SG&A Expenses | $181M |
| Other Expenses | $92M |
| Operating Expenses | $273M |
| Cost & Expenses | $514M |
| OPERATING INCOME | $166M |
| Interest Income | $593M |
| Interest Expense | $222M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $166M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | $169M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $169M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $169M |
| D&A | $0 |
| EBIT | $166M |
| EBITDA | $166M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $680M |
| Cost of Revenue | $241M |
| GROSS PROFIT | $439M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $181M |
| SG&A Expenses | $181M |
| Other Expenses | $92M |
| Operating Expenses | $273M |
| Cost & Expenses | $514M |
| OPERATING INCOME | $166M |
| Interest Income | $593M |
| Interest Expense | $222M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $166M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | $169M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $169M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $169M |
| D&A | $0 |
| EBIT | $166M |
| EBITDA | $166M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $169M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $23M |
| Change in Working Capital | -$64M |
| OPERATING CASH FLOW | $128M |
| Capital Expenditure | -$29M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$215M |
| NET CASH FROM INVESTING | -$215M |
| Net Debt Issuance | -$86M |
| Common Stock Repurchased | -$18M |
| Common Dividends Paid | -$43M |
| Other Financing Activities | $319M |
| NET CASH FROM FINANCING | $172M |
| FREE CASH FLOW | $99M |
| Net Change in Cash | $85M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.5B |
| Short-Term Investments | $3.7B |
| Net Receivables | $34.3B |
| Inventory | $0 |
| Other Current Assets | $515M |
| TOTAL CURRENT ASSETS | $41.1B |
| PP&E (Net) | $568M |
| Goodwill | $2.5B |
| Intangible Assets | $36M |
| Long-Term Investments | $4.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $667M |
| TOTAL NON-CURRENT ASSETS | $7.9B |
| TOTAL ASSETS | $50.2B |
| Account Payables | $0 |
| Short-Term Debt | $2.0B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $38.8B |
| TOTAL CURRENT LIABILITIES | $40.8B |
| Long-Term Debt | $1.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $1.9B |
| TOTAL LIABILITIES | $43.5B |
| Common Stock | $4M |
| Additional Paid-In Capital | $4.7B |
| Retained Earnings | $2.3B |
| Treasury Stock | -$220M |
| Accum. Other Comp. Income | -$63M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $6.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $6.8B |
| TOTAL LIABILITIES & EQUITY | $50.2B |
| Total Debt | $3.9B |
| Net Debt | $1.4B |
