| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $408M | $292M | $276M | 39.8% | 47.6% |
| Op. Income | $266M | $133M | $155M | 100.3% | 71.7% |
| Gross Margin | 75.0% | 52.0% | 61.1% | 23.0pp | 13.9pp |
| Net Margin | 29.2% | 43.9% | 56.0% | -14.7pp | -26.8pp |
| EPS (Diluted) | $0.23 | $0.25 | $0.40 | -8.0% | -42.5% |
| Free Cash Flow | $823M | $137M | $446M | 500.4% | 84.5% |
| Item | Amount |
|---|---|
| REVENUE | $408M |
| Cost of Revenue | $102M |
| GROSS PROFIT | $306M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $36M |
| Operating Expenses | $40M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $266M |
| Interest Income | $448M |
| Interest Expense | $145M |
| Other Income/Expenses | -$144M |
| INCOME BEFORE TAX | $122M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $119M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $119M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $119M |
| D&A | $0 |
| EBIT | $266M |
| EBITDA | $266M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $408M |
| Cost of Revenue | $102M |
| GROSS PROFIT | $306M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $36M |
| Operating Expenses | $40M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $266M |
| Interest Income | $448M |
| Interest Expense | $145M |
| Other Income/Expenses | -$144M |
| INCOME BEFORE TAX | $122M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $119M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $119M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $119M |
| D&A | $0 |
| EBIT | $266M |
| EBITDA | $266M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $119M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $656M |
| Change in Working Capital | $39M |
| OPERATING CASH FLOW | $823M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | -$237M |
| Common Stock Repurchased | -$148M |
| Common Dividends Paid | -$189M |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$576M |
| FREE CASH FLOW | $823M |
| Net Change in Cash | $247M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $10M |
| Short-Term Investments | $0 |
| Net Receivables | $105M |
| Inventory | $0 |
| Other Current Assets | $586M |
| TOTAL CURRENT ASSETS | $700M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $16.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $16.5B |
| TOTAL ASSETS | $17.2B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $9.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $489M |
| TOTAL NON-CURRENT LIABILITIES | $9.8B |
| TOTAL LIABILITIES | $9.8B |
| Common Stock | $5M |
| Additional Paid-In Capital | $7.5B |
| Retained Earnings | -$120M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $7.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $7.4B |
| TOTAL LIABILITIES & EQUITY | $17.2B |
| Total Debt | $9.3B |
| Net Debt | $9.3B |
