| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $318M | $279M | $290M | 14.1% | 9.5% |
| Op. Income | $64M | $66M | $72M | -3.0% | -11.0% |
| Gross Margin | 49.1% | 46.4% | 50.1% | 2.7pp | -1.0pp |
| Net Margin | 5.9% | 7.7% | 7.4% | -1.8pp | -1.5pp |
| EPS (Diluted) | $2.03 | $2.40 | $2.66 | -15.4% | -23.7% |
| Free Cash Flow | $140M | -$652M | -$34M | 121.5% | 517.9% |
| Item | Amount |
|---|---|
| REVENUE | $318M |
| Cost of Revenue | $162M |
| GROSS PROFIT | $156M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $43M |
| SG&A Expenses | $43M |
| Other Expenses | $49M |
| Operating Expenses | $92M |
| Cost & Expenses | $254M |
| OPERATING INCOME | $64M |
| Interest Income | $38M |
| Interest Expense | $83M |
| Other Income/Expenses | -$41M |
| INCOME BEFORE TAX | $23M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $1M |
| EBIT | $64M |
| EBITDA | $65M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $318M |
| Cost of Revenue | $162M |
| GROSS PROFIT | $156M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $43M |
| SG&A Expenses | $43M |
| Other Expenses | $49M |
| Operating Expenses | $92M |
| Cost & Expenses | $254M |
| OPERATING INCOME | $64M |
| Interest Income | $38M |
| Interest Expense | $83M |
| Other Income/Expenses | -$41M |
| INCOME BEFORE TAX | $23M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $1M |
| EBIT | $64M |
| EBITDA | $65M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $19M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $90M |
| Change in Working Capital | $118M |
| OPERATING CASH FLOW | $230M |
| Capital Expenditure | -$89M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$249M |
| Sales/Maturities of Investments | $778M |
| Other Investing Activities | -$87M |
| NET CASH FROM INVESTING | $441M |
| Net Debt Issuance | -$646M |
| Common Stock Repurchased | $4M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$9M |
| NET CASH FROM FINANCING | -$656M |
| FREE CASH FLOW | $140M |
| Net Change in Cash | $15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $173M |
| Short-Term Investments | $0 |
| Net Receivables | $12.2B |
| Inventory | $0 |
| Other Current Assets | -$12.0B |
| TOTAL CURRENT ASSETS | $340M |
| PP&E (Net) | $10M |
| Goodwill | $0 |
| Intangible Assets | $2.8B |
| Long-Term Investments | $448M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.2B |
| TOTAL NON-CURRENT ASSETS | $10M |
| TOTAL ASSETS | $16.1B |
| Account Payables | $0 |
| Short-Term Debt | $2.4B |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$1.7B |
| TOTAL CURRENT LIABILITIES | $964M |
| Long-Term Debt | $12.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $699M |
| TOTAL NON-CURRENT LIABILITIES | $14.6B |
| TOTAL LIABILITIES | $15.6B |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $555M |
| Retained Earnings | -$55M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $551M |
| Minority Interest | $0 |
| TOTAL EQUITY | $551M |
| TOTAL LIABILITIES & EQUITY | $16.1B |
| Total Debt | $14.9B |
| Net Debt | $14.7B |
