| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $708M | $660M | $537M | 7.4% | 32.0% |
| Op. Income | $153M | $142M | $125M | 8.1% | 22.2% |
| Gross Margin | 29.0% | 29.8% | 33.2% | -0.9pp | -4.3pp |
| Net Margin | 19.1% | 16.8% | 21.8% | 2.2pp | -2.7pp |
| EPS (Diluted) | $4.67 | $3.87 | $3.67 | 20.7% | 27.2% |
| Free Cash Flow | $188M | $262M | $183M | -28.3% | 2.8% |
| Item | Amount |
|---|---|
| REVENUE | $708M |
| Cost of Revenue | $503M |
| GROSS PROFIT | $205M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $45M |
| Other Expenses | $7M |
| Operating Expenses | $52M |
| Cost & Expenses | $555M |
| OPERATING INCOME | $153M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $157M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $135M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $135M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $135M |
| D&A | $7M |
| EBIT | $157M |
| EBITDA | $164M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| REVENUE | $708M |
| Cost of Revenue | $503M |
| GROSS PROFIT | $205M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $45M |
| Other Expenses | $7M |
| Operating Expenses | $52M |
| Cost & Expenses | $555M |
| OPERATING INCOME | $153M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $157M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $135M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $135M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $135M |
| D&A | $7M |
| EBIT | $157M |
| EBITDA | $164M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| Net Income | $135M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $17M |
| Other Non-Cash Items | $11M |
| Change in Working Capital | $22M |
| OPERATING CASH FLOW | $193M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $63.0K |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $23M |
| FREE CASH FLOW | $188M |
| Net Change in Cash | $212M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $497M |
| Short-Term Investments | $0 |
| Net Receivables | $402M |
| Inventory | $0 |
| Other Current Assets | $90M |
| TOTAL CURRENT ASSETS | $990M |
| PP&E (Net) | $249M |
| Goodwill | $662M |
| Intangible Assets | $33M |
| Long-Term Investments | $0 |
| Tax Assets | $19M |
| Other Non-Current Assets | $22M |
| TOTAL NON-CURRENT ASSETS | $986M |
| TOTAL ASSETS | $2.0B |
| Account Payables | $28M |
| Short-Term Debt | $23M |
| Deferred Revenue | $854M |
| Other Current Liabilities | $358M |
| TOTAL CURRENT LIABILITIES | $1.3B |
| Long-Term Debt | $114M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $10M |
| Other Non-Current Liabilities | -$64M |
| TOTAL NON-CURRENT LIABILITIES | $173M |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $284.0K |
| Additional Paid-In Capital | $936M |
| Retained Earnings | -$460M |
| Treasury Stock | -$12M |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $459M |
| Minority Interest | $0 |
| TOTAL EQUITY | $459M |
| TOTAL LIABILITIES & EQUITY | $2.0B |
| Total Debt | $250M |
| Net Debt | -$247M |
