| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $473M | $416M | $419M | 13.6% | 12.9% |
| Op. Income | $28M | $24M | -$41M | 15.0% | 168.4% |
| Gross Margin | 83.4% | 84.3% | 80.9% | -0.9pp | 2.6pp |
| Net Margin | -33.1% | -12.7% | -34.8% | -20.4pp | 1.6pp |
| EPS (Diluted) | $-0.82 | $-0.28 | $-0.76 | -192.9% | -7.9% |
| Free Cash Flow | -$99M | $239M | -$142M | -141.4% | 30.1% |
| Item | Amount |
|---|---|
| REVENUE | $473M |
| Cost of Revenue | $78M |
| GROSS PROFIT | $395M |
| R&D Expenses | $0 |
| Selling & Marketing | $380M |
| General & Administrative | -$429M |
| SG&A Expenses | -$49M |
| Other Expenses | $416M |
| Operating Expenses | $367M |
| Cost & Expenses | $445M |
| OPERATING INCOME | $28M |
| Interest Income | $0 |
| Interest Expense | $64M |
| Other Income/Expenses | -$64M |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | $121M |
| Net Income from Continuing Ops | -$157M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$157M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$157M |
| D&A | $131M |
| EBIT | $28M |
| EBITDA | $159M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$157M |
| Depreciation & Amortization | $87M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$286.0K |
| Other Non-Cash Items | $35M |
| Change in Working Capital | -$6M |
| OPERATING CASH FLOW | -$41M |
| Capital Expenditure | -$58M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$64M |
| Net Debt Issuance | -$55M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$55M |
| FREE CASH FLOW | -$99M |
| Net Change in Cash | -$159M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $390M |
| Short-Term Investments | $0 |
| Net Receivables | $338M |
| Inventory | $174M |
| Other Current Assets | $141M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $145M |
| Goodwill | $2.6B |
| Intangible Assets | $1.7B |
| Long-Term Investments | $0 |
| Tax Assets | $8M |
| Other Non-Current Assets | $318M |
| TOTAL NON-CURRENT ASSETS | $4.7B |
| TOTAL ASSETS | $5.8B |
| Account Payables | $147M |
| Short-Term Debt | $13M |
| Deferred Revenue | $794M |
| Other Current Liabilities | $212M |
| TOTAL CURRENT LIABILITIES | $1.3B |
| Long-Term Debt | $3.2B |
| Deferred Revenue NC | $882M |
| Deferred Tax Liabilities | $16M |
| Other Non-Current Liabilities | $20M |
| TOTAL NON-CURRENT LIABILITIES | $4.1B |
| TOTAL LIABILITIES | $5.5B |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $280M |
| Minority Interest | $0 |
| TOTAL EQUITY | $280M |
| TOTAL LIABILITIES & EQUITY | $5.8B |
| Total Debt | $3.3B |
| Net Debt | $2.9B |
