| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $374M | $280M | $360M | 33.8% | 3.8% |
| Op. Income | $153M | $149M | $129M | 3.0% | 18.4% |
| Gross Margin | 71.5% | 98.0% | 66.1% | -26.5pp | 5.5pp |
| Net Margin | 31.6% | 44.2% | 27.9% | -12.6pp | 3.7pp |
| EPS (Diluted) | $0.60 | $0.63 | $0.51 | -4.8% | 17.6% |
| Free Cash Flow | $18M | $112M | $61M | -83.9% | -70.3% |
| Item | Amount |
|---|---|
| REVENUE | $374M |
| Cost of Revenue | $106M |
| GROSS PROFIT | $268M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $63M |
| SG&A Expenses | $77M |
| Other Expenses | $37M |
| Operating Expenses | $114M |
| Cost & Expenses | $221M |
| OPERATING INCOME | $153M |
| Interest Income | $324M |
| Interest Expense | $114M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $153M |
| Income Tax Expense | $35M |
| Net Income from Continuing Ops | $118M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $118M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $118M |
| D&A | $0 |
| EBIT | $153M |
| EBITDA | $153M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $374M |
| Cost of Revenue | $106M |
| GROSS PROFIT | $268M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $63M |
| SG&A Expenses | $77M |
| Other Expenses | $37M |
| Operating Expenses | $114M |
| Cost & Expenses | $221M |
| OPERATING INCOME | $153M |
| Interest Income | $324M |
| Interest Expense | $114M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $153M |
| Income Tax Expense | $35M |
| Net Income from Continuing Ops | $118M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $118M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $118M |
| D&A | $0 |
| EBIT | $153M |
| EBITDA | $153M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $118M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $9M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $40M |
| Capital Expenditure | -$22M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$318M |
| NET CASH FROM INVESTING | -$318M |
| Net Debt Issuance | -$40M |
| Common Stock Repurchased | -$15M |
| Common Dividends Paid | -$41M |
| Other Financing Activities | $152M |
| NET CASH FROM FINANCING | $56M |
| FREE CASH FLOW | $18M |
| Net Change in Cash | -$386M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $670M |
| Short-Term Investments | $1.6B |
| Net Receivables | $109M |
| Inventory | $0 |
| Other Current Assets | $761M |
| TOTAL CURRENT ASSETS | $3.1B |
| PP&E (Net) | $369M |
| Goodwill | $1.4B |
| Intangible Assets | $32M |
| Long-Term Investments | $17.9B |
| Tax Assets | $148M |
| Other Non-Current Assets | -$123M |
| TOTAL NON-CURRENT ASSETS | $19.8B |
| TOTAL ASSETS | $22.9B |
| Account Payables | $0 |
| Short-Term Debt | $156M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $17.5B |
| TOTAL CURRENT LIABILITIES | $17.6B |
| Long-Term Debt | $780M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $17.8B |
| TOTAL NON-CURRENT LIABILITIES | $18.6B |
| TOTAL LIABILITIES | $18.6B |
| Common Stock | $2M |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | $2.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$166M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.3B |
| TOTAL LIABILITIES & EQUITY | $22.9B |
| Total Debt | $935M |
| Net Debt | $265M |
