| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $201M | — | $258M | — | -22.1% |
| Op. Income | $267M | — | $243M | — | 9.6% |
| Gross Margin | 90.6% | — | 93.5% | — | -2.8pp |
| Net Margin | 82.8% | — | 52.6% | — | 30.2pp |
| EPS (Diluted) | $1.35 | — | $1.07 | — | 26.2% |
| Free Cash Flow | $25M | — | $78M | — | -67.7% |
| Item | Amount |
|---|---|
| REVENUE | $201M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $182M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$85M |
| Operating Expenses | -$85M |
| Cost & Expenses | -$66M |
| OPERATING INCOME | $267M |
| Interest Income | $255M |
| Interest Expense | $19M |
| Other Income/Expenses | -$19M |
| INCOME BEFORE TAX | $247M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $247M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $166M |
| Net Income Deductions | -$7M |
| BOTTOM LINE NET INCOME | $166M |
| D&A | $0 |
| EBIT | $267M |
| EBITDA | $267M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $201M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $182M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$85M |
| Operating Expenses | -$85M |
| Cost & Expenses | -$66M |
| OPERATING INCOME | $267M |
| Interest Income | $255M |
| Interest Expense | $19M |
| Other Income/Expenses | -$19M |
| INCOME BEFORE TAX | $247M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $247M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $166M |
| Net Income Deductions | -$7M |
| BOTTOM LINE NET INCOME | $166M |
| D&A | $0 |
| EBIT | $267M |
| EBITDA | $267M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $166M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$93M |
| Change in Working Capital | -$48M |
| OPERATING CASH FLOW | $25M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$617M |
| Sales/Maturities of Investments | $520M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$97M |
| Net Debt Issuance | $150M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$118M |
| NET CASH FROM FINANCING | -$28M |
| FREE CASH FLOW | $25M |
| Net Change in Cash | -$100M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $7M |
| Short-Term Investments | $0 |
| Net Receivables | $66M |
| Inventory | $0 |
| Other Current Assets | $184M |
| TOTAL CURRENT ASSETS | $257M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $6.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $87M |
| TOTAL NON-CURRENT ASSETS | $6.5B |
| TOTAL ASSETS | $6.8B |
| Account Payables | $0 |
| Short-Term Debt | $1.3B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $1.3B |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $144M |
| TOTAL NON-CURRENT LIABILITIES | $144M |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $0 |
| Additional Paid-In Capital | $1.8B |
| Retained Earnings | $76M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $3.1B |
| TOTAL EQUITY | $5.3B |
| TOTAL LIABILITIES & EQUITY | $6.8B |
| Total Debt | $1.3B |
| Net Debt | $1.3B |
