| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $749M | $772M | $950M | -3.0% | -21.2% |
| Op. Income | $102M | $82M | $250M | 24.4% | -59.2% |
| Gross Margin | 96.9% | 24.5% | 37.6% | 72.4pp | 59.4pp |
| Net Margin | -1.3% | -7.3% | 10.1% | 5.9pp | -11.4pp |
| EPS (Diluted) | $-0.10 | $-0.71 | $0.86 | 85.9% | -111.6% |
| Free Cash Flow | -$11M | $6M | $257M | -283.3% | -104.3% |
| Item | Amount |
|---|---|
| REVENUE | $749M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $726M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $624M |
| Operating Expenses | $624M |
| Cost & Expenses | $647M |
| OPERATING INCOME | $102M |
| Interest Income | $0 |
| Interest Expense | $120M |
| Other Income/Expenses | -$130M |
| INCOME BEFORE TAX | -$28M |
| Income Tax Expense | -$18M |
| Net Income from Continuing Ops | -$10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$10M |
| D&A | $44M |
| EBIT | $92M |
| EBITDA | $136M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$10M |
| Depreciation & Amortization | $63M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $8M |
| Change in Working Capital | -$50M |
| OPERATING CASH FLOW | $14M |
| Capital Expenditure | -$25M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $2M |
| Other Investing Activities | $3M |
| NET CASH FROM INVESTING | -$20M |
| Net Debt Issuance | $35M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$8M |
| Other Financing Activities | -$25M |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | -$11M |
| Net Change in Cash | -$17M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $182M |
| Short-Term Investments | $0 |
| Net Receivables | $210M |
| Inventory | $25M |
| Other Current Assets | $28M |
| TOTAL CURRENT ASSETS | $485M |
| PP&E (Net) | $1.6B |
| Goodwill | $2.6B |
| Intangible Assets | $5.5B |
| Long-Term Investments | $56M |
| Tax Assets | $0 |
| Other Non-Current Assets | $48M |
| TOTAL NON-CURRENT ASSETS | $9.8B |
| TOTAL ASSETS | $10.3B |
| Account Payables | $18M |
| Short-Term Debt | $12M |
| Deferred Revenue | $28M |
| Other Current Liabilities | $359M |
| TOTAL CURRENT LIABILITIES | $519M |
| Long-Term Debt | $6.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.3B |
| Other Non-Current Liabilities | -$729M |
| TOTAL NON-CURRENT LIABILITIES | $7.0B |
| TOTAL LIABILITIES | $7.5B |
| Common Stock | $1.3B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.2B |
| Treasury Stock | -$323M |
| Accum. Other Comp. Income | -$28M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.8B |
| TOTAL LIABILITIES & EQUITY | $10.3B |
| Total Debt | $6.4B |
| Net Debt | $6.2B |
