| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $929M | $763M | $825M | 21.8% | 12.7% |
| Op. Income | $108M | $95M | $107M | 13.4% | 0.5% |
| Gross Margin | 21.9% | 34.7% | 35.2% | -12.8pp | -13.3pp |
| Net Margin | 5.4% | 9.3% | 10.5% | -4.0pp | -5.1pp |
| EPS (Diluted) | $0.45 | $0.67 | $0.80 | -32.8% | -43.8% |
| Free Cash Flow | $400M | $313M | $348M | 27.8% | 14.9% |
| Item | Amount |
|---|---|
| REVENUE | $929M |
| Cost of Revenue | $726M |
| GROSS PROFIT | $204M |
| R&D Expenses | $0 |
| Selling & Marketing | $35M |
| General & Administrative | $0 |
| SG&A Expenses | $35M |
| Other Expenses | $61M |
| Operating Expenses | $96M |
| Cost & Expenses | $822M |
| OPERATING INCOME | $108M |
| Interest Income | $10M |
| Interest Expense | $23M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $85M |
| Income Tax Expense | $31M |
| Net Income from Continuing Ops | $54M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $50M |
| Net Income Deductions | $2M |
| BOTTOM LINE NET INCOME | $48M |
| D&A | $9M |
| EBIT | $108M |
| EBITDA | $116M |
| EPS | $1 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $929M |
| Cost of Revenue | $726M |
| GROSS PROFIT | $204M |
| R&D Expenses | $0 |
| Selling & Marketing | $35M |
| General & Administrative | $0 |
| SG&A Expenses | $35M |
| Other Expenses | $61M |
| Operating Expenses | $96M |
| Cost & Expenses | $822M |
| OPERATING INCOME | $108M |
| Interest Income | $10M |
| Interest Expense | $23M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $85M |
| Income Tax Expense | $31M |
| Net Income from Continuing Ops | $54M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $50M |
| Net Income Deductions | $2M |
| BOTTOM LINE NET INCOME | $48M |
| D&A | $9M |
| EBIT | $108M |
| EBITDA | $116M |
| EPS | $1 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $48M |
| Depreciation & Amortization | $9M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $155M |
| Change in Working Capital | $191M |
| OPERATING CASH FLOW | $403M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $2M |
| Other Investing Activities | -$14M |
| NET CASH FROM INVESTING | -$16M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$50M |
| Common Dividends Paid | -$47M |
| Other Financing Activities | -$40M |
| NET CASH FROM FINANCING | -$137M |
| FREE CASH FLOW | $400M |
| Net Change in Cash | $298M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.5B |
| Short-Term Investments | $167M |
| Net Receivables | $898M |
| Inventory | $0 |
| Other Current Assets | -$201M |
| TOTAL CURRENT ASSETS | $2.4B |
| PP&E (Net) | $413M |
| Goodwill | $0 |
| Intangible Assets | $395M |
| Long-Term Investments | $626M |
| Tax Assets | $459M |
| Other Non-Current Assets | -$626M |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $4.9B |
| Account Payables | $0 |
| Short-Term Debt | $81M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $81M |
| Long-Term Debt | $2.1B |
| Deferred Revenue NC | $139M |
| Deferred Tax Liabilities | $1M |
| Other Non-Current Liabilities | $1.2B |
| TOTAL NON-CURRENT LIABILITIES | $3.9B |
| TOTAL LIABILITIES | $4.0B |
| Common Stock | $1M |
| Additional Paid-In Capital | $340M |
| Retained Earnings | $1.5B |
| Treasury Stock | -$684M |
| Accum. Other Comp. Income | -$272M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $874M |
| Minority Interest | $115M |
| TOTAL EQUITY | $989M |
| TOTAL LIABILITIES & EQUITY | $4.9B |
| Total Debt | $2.6B |
| Net Debt | $1.1B |
