| Metric | Q1 2025 | Q4 2024 | Q1 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $242M | $295M | $297M | -18.0% | -18.5% |
| Op. Income | $120M | $170M | $173M | -29.4% | -30.6% |
| Gross Margin | 55.4% | 62.4% | 62.3% | -7.0pp | -6.9pp |
| Net Margin | 49.6% | 49.8% | 58.2% | -0.2pp | -8.7pp |
| EPS (Diluted) | $0.43 | $0.52 | $0.62 | -17.3% | -30.6% |
| Free Cash Flow | -$418M | $978M | $466M | -142.7% | -189.7% |
| Item | Amount |
|---|---|
| REVENUE | $242M |
| Cost of Revenue | $108M |
| GROSS PROFIT | $134M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $5M |
| Operating Expenses | $14M |
| Cost & Expenses | $122M |
| OPERATING INCOME | $120M |
| Interest Income | $302M |
| Interest Expense | $108M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $120M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $120M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $120M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $120M |
| D&A | $0 |
| EBIT | $120M |
| EBITDA | $120M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $242M |
| Cost of Revenue | $108M |
| GROSS PROFIT | $134M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $5M |
| Operating Expenses | $14M |
| Cost & Expenses | $122M |
| OPERATING INCOME | $120M |
| Interest Income | $302M |
| Interest Expense | $108M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $120M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $120M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $120M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $120M |
| D&A | $0 |
| EBIT | $120M |
| EBITDA | $120M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $120M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$592M |
| Change in Working Capital | $54M |
| OPERATING CASH FLOW | -$418M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | $599M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | $594M |
| FREE CASH FLOW | -$418M |
| Net Change in Cash | $176M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $472M |
| Short-Term Investments | $0 |
| Net Receivables | $245M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $717M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $14.2B |
| TOTAL NON-CURRENT ASSETS | $14.2B |
| TOTAL ASSETS | $14.9B |
| Account Payables | $264M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $264M |
| Long-Term Debt | $8.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $116M |
| TOTAL NON-CURRENT LIABILITIES | $8.1B |
| TOTAL LIABILITIES | $8.4B |
| Common Stock | $0 |
| Additional Paid-In Capital | $9.3B |
| Retained Earnings | -$2.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $6.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $6.5B |
| TOTAL LIABILITIES & EQUITY | $14.9B |
| Total Debt | $8.0B |
| Net Debt | $7.5B |
