| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $515M | $515M | $504M | -0.0% | 2.1% |
| Op. Income | $171M | $160M | $151M | 6.9% | 13.9% |
| Gross Margin | 75.6% | 72.4% | 69.7% | 3.2pp | 5.9pp |
| Net Margin | 24.4% | 24.7% | 24.2% | -0.4pp | 0.2pp |
| EPS (Diluted) | $1.49 | $1.49 | $1.40 | 0.0% | 6.4% |
| Free Cash Flow | $146M | $155M | $189M | -5.9% | -22.8% |
| Item | Amount |
|---|---|
| REVENUE | $515M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $389M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $123M |
| SG&A Expenses | $123M |
| Other Expenses | $95M |
| Operating Expenses | $218M |
| Cost & Expenses | $343M |
| OPERATING INCOME | $171M |
| Interest Income | $408M |
| Interest Expense | $126M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | $158M |
| Income Tax Expense | $33M |
| Net Income from Continuing Ops | $126M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $126M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $126M |
| D&A | $3M |
| EBIT | $171M |
| EBITDA | $174M |
| EPS | $2 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $515M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $389M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $123M |
| SG&A Expenses | $123M |
| Other Expenses | $95M |
| Operating Expenses | $218M |
| Cost & Expenses | $343M |
| OPERATING INCOME | $171M |
| Interest Income | $408M |
| Interest Expense | $126M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | $158M |
| Income Tax Expense | $33M |
| Net Income from Continuing Ops | $126M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $126M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $126M |
| D&A | $3M |
| EBIT | $171M |
| EBITDA | $174M |
| EPS | $2 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $126M |
| Depreciation & Amortization | $9M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $7M |
| Other Non-Cash Items | $16M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | $153M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$519M |
| Sales/Maturities of Investments | $1.2B |
| Other Investing Activities | -$362M |
| NET CASH FROM INVESTING | $334M |
| Net Debt Issuance | -$874M |
| Common Stock Repurchased | -$147M |
| Common Dividends Paid | -$37M |
| Other Financing Activities | $618M |
| NET CASH FROM FINANCING | -$438M |
| FREE CASH FLOW | $146M |
| Net Change in Cash | $48M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $563M |
| Short-Term Investments | $229.0K |
| Net Receivables | $139M |
| Inventory | $0 |
| Other Current Assets | -$628M |
| TOTAL CURRENT ASSETS | $132M |
| PP&E (Net) | $0 |
| Goodwill | $925M |
| Intangible Assets | $67M |
| Long-Term Investments | $32.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.2B |
| TOTAL NON-CURRENT ASSETS | $35.3B |
| TOTAL ASSETS | $35.5B |
| Account Payables | $14M |
| Short-Term Debt | $1.0B |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$14M |
| TOTAL CURRENT LIABILITIES | $1.0B |
| Long-Term Debt | $199M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $163M |
| Other Non-Current Liabilities | $29.7B |
| TOTAL NON-CURRENT LIABILITIES | $30.1B |
| TOTAL LIABILITIES | $31.0B |
| Common Stock | $310M |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | $3.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$376M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.5B |
| TOTAL LIABILITIES & EQUITY | $35.5B |
| Total Debt | $1.3B |
| Net Debt | $775M |
