| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.1B | $700M | $708M | 63.1% | 61.3% |
| Op. Income | $487M | $172M | $198M | 183.4% | 146.8% |
| Gross Margin | 73.2% | 70.7% | 68.6% | 2.5pp | 4.6pp |
| Net Margin | 34.5% | 19.8% | 17.2% | 14.7pp | 17.3pp |
| EPS (Diluted) | $2.62 | $0.92 | $0.77 | 184.8% | 240.3% |
| Free Cash Flow | $0 | $256M | $244M | -100.0% | -100.0% |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $306M |
| GROSS PROFIT | $836M |
| R&D Expenses | $0 |
| Selling & Marketing | $146M |
| General & Administrative | $108M |
| SG&A Expenses | $253M |
| Other Expenses | $95M |
| Operating Expenses | $349M |
| Cost & Expenses | $655M |
| OPERATING INCOME | $487M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | $60M |
| INCOME BEFORE TAX | $547M |
| Income Tax Expense | $121M |
| Net Income from Continuing Ops | $426M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$9M |
| NET INCOME | $394M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $394M |
| D&A | $10M |
| EBIT | $267M |
| EBITDA | $277M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $306M |
| GROSS PROFIT | $836M |
| R&D Expenses | $0 |
| Selling & Marketing | $146M |
| General & Administrative | $108M |
| SG&A Expenses | $253M |
| Other Expenses | $95M |
| Operating Expenses | $349M |
| Cost & Expenses | $655M |
| OPERATING INCOME | $487M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | $60M |
| INCOME BEFORE TAX | $547M |
| Income Tax Expense | $121M |
| Net Income from Continuing Ops | $426M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$9M |
| NET INCOME | $394M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $394M |
| D&A | $10M |
| EBIT | $267M |
| EBITDA | $277M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $394M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$478M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$74M |
| Capital Expenditure | $74M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $496M |
| NET CASH FROM INVESTING | $496M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $64M |
| NET CASH FROM FINANCING | $64M |
| FREE CASH FLOW | $0 |
| Net Change in Cash | $213M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.3B |
| Short-Term Investments | $365M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | -$365M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $33M |
| Goodwill | $0 |
| Intangible Assets | $4.1B |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $4.2B |
| TOTAL ASSETS | $8.3B |
| Account Payables | $23M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $23M |
| Long-Term Debt | $396M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $625M |
| Other Non-Current Liabilities | $1.1B |
| TOTAL NON-CURRENT LIABILITIES | $2.1B |
| TOTAL LIABILITIES | $2.2B |
| Common Stock | $5.3B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.3B |
| Minority Interest | $845M |
| TOTAL EQUITY | $6.1B |
| TOTAL LIABILITIES & EQUITY | $8.3B |
| Total Debt | $396M |
| Net Debt | -$858M |
