| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $280M | $366M | $372M | -23.5% | -24.8% |
| Op. Income | $149M | $152M | $129M | -2.1% | 15.3% |
| Gross Margin | 98.0% | 72.1% | 63.2% | 26.0pp | 34.8pp |
| Net Margin | 44.2% | 32.4% | 26.9% | 11.8pp | 17.3pp |
| EPS (Diluted) | $0.63 | $0.60 | $0.50 | 5.0% | 26.0% |
| Free Cash Flow | $112M | $70M | $116M | 59.4% | -3.4% |
| Item | Amount |
|---|---|
| REVENUE | $280M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $274M |
| R&D Expenses | $0 |
| Selling & Marketing | $25M |
| General & Administrative | $100M |
| SG&A Expenses | $125M |
| Other Expenses | $0 |
| Operating Expenses | $125M |
| Cost & Expenses | $131M |
| OPERATING INCOME | $149M |
| Interest Income | $324M |
| Interest Expense | $97M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $149M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $124M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $124M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $124M |
| D&A | $2M |
| EBIT | $149M |
| EBITDA | $151M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $280M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $274M |
| R&D Expenses | $0 |
| Selling & Marketing | $25M |
| General & Administrative | $100M |
| SG&A Expenses | $125M |
| Other Expenses | $0 |
| Operating Expenses | $125M |
| Cost & Expenses | $131M |
| OPERATING INCOME | $149M |
| Interest Income | $324M |
| Interest Expense | $97M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $149M |
| Income Tax Expense | $25M |
| Net Income from Continuing Ops | $124M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $124M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $124M |
| D&A | $2M |
| EBIT | $149M |
| EBITDA | $151M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $124M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | -$10M |
| Change in Working Capital | -$11M |
| OPERATING CASH FLOW | $115M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$61M |
| Sales/Maturities of Investments | $106M |
| Other Investing Activities | -$95M |
| NET CASH FROM INVESTING | -$52M |
| Net Debt Issuance | -$158M |
| Common Stock Repurchased | -$10M |
| Common Dividends Paid | -$39M |
| Other Financing Activities | -$156M |
| NET CASH FROM FINANCING | -$363M |
| FREE CASH FLOW | $112M |
| Net Change in Cash | -$300M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $801M |
| Short-Term Investments | $1.6B |
| Net Receivables | $111M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $2.5B |
| PP&E (Net) | $375M |
| Goodwill | $1.4B |
| Intangible Assets | $34M |
| Long-Term Investments | $17.6B |
| Tax Assets | $156M |
| Other Non-Current Assets | $644M |
| TOTAL NON-CURRENT ASSETS | $20.2B |
| TOTAL ASSETS | $22.7B |
| Account Payables | $0 |
| Short-Term Debt | $246M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $17.3B |
| TOTAL CURRENT LIABILITIES | $17.6B |
| Long-Term Debt | $729M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $190M |
| TOTAL NON-CURRENT LIABILITIES | $919M |
| TOTAL LIABILITIES | $18.5B |
| Common Stock | $2M |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | $2.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$183M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.2B |
| TOTAL LIABILITIES & EQUITY | $22.7B |
| Total Debt | $976M |
| Net Debt | $175M |
