| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $435M | $417M | $393M | 4.2% | 10.6% |
| Op. Income | $329M | $72M | $48M | 360.6% | 581.8% |
| Gross Margin | 100.0% | 38.1% | 35.5% | 61.9pp | 64.5pp |
| Net Margin | 8.3% | 14.0% | 9.7% | -5.7pp | -1.4pp |
| EPS (Diluted) | $0.87 | $1.40 | $0.92 | -37.9% | -5.4% |
| Free Cash Flow | $130M | $151M | $194M | -14.1% | -32.9% |
| Item | Amount |
|---|---|
| REVENUE | $435M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $435M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $106M |
| Other Expenses | $0 |
| Operating Expenses | $106M |
| Cost & Expenses | $106M |
| OPERATING INCOME | $329M |
| Interest Income | $0 |
| Interest Expense | $10M |
| Other Income/Expenses | -$284M |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $36M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $435M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $435M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $106M |
| Other Expenses | $0 |
| Operating Expenses | $106M |
| Cost & Expenses | $106M |
| OPERATING INCOME | $329M |
| Interest Income | $0 |
| Interest Expense | $10M |
| Other Income/Expenses | -$284M |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $36M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $36M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | -$8M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $20M |
| Change in Working Capital | $81M |
| OPERATING CASH FLOW | $130M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$18M |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | -$259M |
| Common Stock Repurchased | -$7M |
| Common Dividends Paid | -$14M |
| Other Financing Activities | -$107M |
| NET CASH FROM FINANCING | -$387M |
| FREE CASH FLOW | $130M |
| Net Change in Cash | -$275M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $26M |
| Short-Term Investments | $608M |
| Net Receivables | $419M |
| Inventory | $0 |
| Other Current Assets | -$1.1B |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $54M |
| Intangible Assets | $500M |
| Long-Term Investments | $6.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | $8.0B |
| TOTAL NON-CURRENT ASSETS | $15.3B |
| TOTAL ASSETS | $15.3B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $372M |
| Other Current Liabilities | -$372M |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $593M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $13.2B |
| TOTAL NON-CURRENT LIABILITIES | $13.8B |
| TOTAL LIABILITIES | $13.8B |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $539M |
| Retained Earnings | $1.7B |
| Treasury Stock | -$553M |
| Accum. Other Comp. Income | -$155M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $15.3B |
| Total Debt | $593M |
| Net Debt | $567M |
