| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $688M | $677M | $647M | 1.7% | 6.4% |
| Op. Income | $33M | $26M | -$89M | 25.8% | 137.1% |
| Gross Margin | 2.2% | 19.8% | 20.6% | -17.6pp | -18.4pp |
| Net Margin | -25.7% | 0.7% | -20.6% | -26.4pp | -5.1pp |
| EPS (Diluted) | $-1.50 | $0.04 | $-1.17 | -4006.3% | -28.2% |
| Free Cash Flow | -$28M | $63M | -$79M | -144.9% | 64.2% |
| Item | Amount |
|---|---|
| REVENUE | $688M |
| Cost of Revenue | $673M |
| GROSS PROFIT | $15M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $74M |
| Other Expenses | $0 |
| Operating Expenses | $74M |
| Cost & Expenses | $655M |
| OPERATING INCOME | $33M |
| Interest Income | $1M |
| Interest Expense | $20M |
| Other Income/Expenses | -$215M |
| INCOME BEFORE TAX | -$182M |
| Income Tax Expense | -$4M |
| Net Income from Continuing Ops | -$177M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$177M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$177M |
| D&A | $32M |
| EBIT | $31M |
| EBITDA | $63M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$177M |
| Depreciation & Amortization | $33M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $195M |
| Change in Working Capital | -$53M |
| OPERATING CASH FLOW | $4M |
| Capital Expenditure | -$32M |
| Acquisitions (Net) | -$6M |
| Purchases of Investments | -$1M |
| Sales/Maturities of Investments | $548.0K |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$40M |
| Net Debt Issuance | -$5M |
| Common Stock Repurchased | -$224.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$611.0K |
| NET CASH FROM FINANCING | -$6M |
| FREE CASH FLOW | -$28M |
| Net Change in Cash | -$42M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $133M |
| Short-Term Investments | $0 |
| Net Receivables | $168M |
| Inventory | $0 |
| Other Current Assets | $57M |
| TOTAL CURRENT ASSETS | $358M |
| PP&E (Net) | $1.9B |
| Goodwill | $965M |
| Intangible Assets | $421M |
| Long-Term Investments | $10M |
| Tax Assets | $0 |
| Other Non-Current Assets | $76M |
| TOTAL NON-CURRENT ASSETS | $3.4B |
| TOTAL ASSETS | $3.7B |
| Account Payables | $49M |
| Short-Term Debt | $10M |
| Deferred Revenue | $50M |
| Other Current Liabilities | $229M |
| TOTAL CURRENT LIABILITIES | $485M |
| Long-Term Debt | $918M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $559M |
| Other Non-Current Liabilities | $104M |
| TOTAL NON-CURRENT LIABILITIES | $2.5B |
| TOTAL LIABILITIES | $3.0B |
| Common Stock | $1M |
| Additional Paid-In Capital | $841M |
| Retained Earnings | -$83M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $755M |
| Minority Interest | $0 |
| TOTAL EQUITY | $755M |
| TOTAL LIABILITIES & EQUITY | $3.7B |
| Total Debt | $2.5B |
| Net Debt | $2.4B |
