| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $416M | $689M | $399M | -39.5% | 4.4% |
| Op. Income | $24M | $179M | $14M | -86.5% | 76.6% |
| Gross Margin | 84.3% | 66.3% | 64.6% | 18.0pp | 19.7pp |
| Net Margin | -12.7% | 19.4% | -19.0% | -32.1pp | 6.3pp |
| EPS (Diluted) | $-0.28 | $0.70 | $-0.40 | -140.0% | 30.0% |
| Free Cash Flow | $239M | $402M | — | -40.5% | — |
| Item | Amount |
|---|---|
| REVENUE | $416M |
| Cost of Revenue | $65M |
| GROSS PROFIT | $351M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $250M |
| SG&A Expenses | $250M |
| Other Expenses | $77M |
| Operating Expenses | $327M |
| Cost & Expenses | $392M |
| OPERATING INCOME | $24M |
| Interest Income | $0 |
| Interest Expense | $69M |
| Other Income/Expenses | -$69M |
| INCOME BEFORE TAX | -$45M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | -$53M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$53M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$53M |
| D&A | $77M |
| EBIT | $24M |
| EBITDA | $101M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$53M |
| Depreciation & Amortization | $90M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$567.0K |
| Other Non-Cash Items | $23M |
| Change in Working Capital | $216M |
| OPERATING CASH FLOW | $275M |
| Capital Expenditure | -$36M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$36M |
| Net Debt Issuance | -$106M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$106M |
| FREE CASH FLOW | $239M |
| Net Change in Cash | $133M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $549M |
| Short-Term Investments | $0 |
| Net Receivables | $331M |
| Inventory | $151M |
| Other Current Assets | $190M |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $146M |
| Goodwill | $2.6B |
| Intangible Assets | $1.7B |
| Long-Term Investments | $0 |
| Tax Assets | $7M |
| Other Non-Current Assets | $311M |
| TOTAL NON-CURRENT ASSETS | $4.7B |
| TOTAL ASSETS | $6.0B |
| Account Payables | $97M |
| Short-Term Debt | $13M |
| Deferred Revenue | $828M |
| Other Current Liabilities | $177M |
| TOTAL CURRENT LIABILITIES | $1.3B |
| Long-Term Debt | $3.2B |
| Deferred Revenue NC | $919M |
| Deferred Tax Liabilities | $15M |
| Other Non-Current Liabilities | $16M |
| TOTAL NON-CURRENT LIABILITIES | $4.2B |
| TOTAL LIABILITIES | $5.5B |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $436M |
| Minority Interest | $0 |
| TOTAL EQUITY | $436M |
| TOTAL LIABILITIES & EQUITY | $6.0B |
| Total Debt | $3.3B |
| Net Debt | $2.8B |
