| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $413M | $360M | $322M | 14.7% | 28.2% |
| Op. Income | $112M | $85M | $73M | 31.3% | 52.3% |
| Gross Margin | 74.2% | 70.2% | 64.6% | 4.0pp | 9.6pp |
| Net Margin | 15.4% | 18.8% | 19.2% | -3.4pp | -3.7pp |
| EPS (Diluted) | $0.49 | $0.60 | $0.54 | -18.3% | -9.3% |
| Free Cash Flow | $106M | $105M | $81M | 0.8% | 30.3% |
| Item | Amount |
|---|---|
| REVENUE | $413M |
| Cost of Revenue | $107M |
| GROSS PROFIT | $307M |
| R&D Expenses | $0 |
| Selling & Marketing | $5M |
| General & Administrative | $111M |
| SG&A Expenses | $116M |
| Other Expenses | $79M |
| Operating Expenses | $195M |
| Cost & Expenses | $301M |
| OPERATING INCOME | $112M |
| Interest Income | $373M |
| Interest Expense | $107M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $76M |
| Income Tax Expense | $13M |
| Net Income from Continuing Ops | $64M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $64M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $64M |
| D&A | $5M |
| EBIT | $112M |
| EBITDA | $117M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $413M |
| Cost of Revenue | $107M |
| GROSS PROFIT | $307M |
| R&D Expenses | $0 |
| Selling & Marketing | $5M |
| General & Administrative | $111M |
| SG&A Expenses | $116M |
| Other Expenses | $79M |
| Operating Expenses | $195M |
| Cost & Expenses | $301M |
| OPERATING INCOME | $112M |
| Interest Income | $373M |
| Interest Expense | $107M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $76M |
| Income Tax Expense | $13M |
| Net Income from Continuing Ops | $64M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $64M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $64M |
| D&A | $5M |
| EBIT | $112M |
| EBITDA | $117M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $64M |
| Depreciation & Amortization | $21M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $81M |
| Change in Working Capital | -$44M |
| OPERATING CASH FLOW | $123M |
| Capital Expenditure | -$18M |
| Acquisitions (Net) | $179M |
| Purchases of Investments | -$1.1B |
| Sales/Maturities of Investments | $1.7B |
| Other Investing Activities | -$34M |
| NET CASH FROM INVESTING | $744M |
| Net Debt Issuance | -$414M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$86M |
| Other Financing Activities | -$59M |
| NET CASH FROM FINANCING | -$558M |
| FREE CASH FLOW | $106M |
| Net Change in Cash | $310M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $322M |
| Short-Term Investments | $4.0B |
| Net Receivables | $20.8B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $25.1B |
| PP&E (Net) | $562M |
| Goodwill | $1.4B |
| Intangible Assets | $105M |
| Long-Term Investments | $43M |
| Tax Assets | $101M |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.2B |
| TOTAL ASSETS | $32.0B |
| Account Payables | $0 |
| Short-Term Debt | $2.5B |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$2.4B |
| TOTAL CURRENT LIABILITIES | $82M |
| Long-Term Debt | $292M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $27.3B |
| TOTAL NON-CURRENT LIABILITIES | $27.7B |
| TOTAL LIABILITIES | $27.8B |
| Common Stock | $1M |
| Additional Paid-In Capital | $3.2B |
| Retained Earnings | $1.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$167M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.2B |
| TOTAL LIABILITIES & EQUITY | $32.0B |
| Total Debt | $2.9B |
| Net Debt | $2.6B |
