| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $308M | $318M | $254M | -3.1% | 21.5% |
| Op. Income | $95M | $64M | $43M | 47.7% | 118.9% |
| Gross Margin | 93.5% | 49.1% | 40.5% | 44.4pp | 53.0pp |
| Net Margin | 41.3% | 5.9% | -11.1% | 35.4pp | 52.4pp |
| EPS (Diluted) | $14.25 | $2.03 | $-3.54 | 602.0% | 502.5% |
| Free Cash Flow | $10M | $140M | -$336M | -93.0% | 102.9% |
| Item | Amount |
|---|---|
| REVENUE | $308M |
| Cost of Revenue | $20M |
| GROSS PROFIT | $288M |
| R&D Expenses | $0 |
| Selling & Marketing | $79M |
| General & Administrative | $36M |
| SG&A Expenses | $115M |
| Other Expenses | $78M |
| Operating Expenses | $193M |
| Cost & Expenses | $213M |
| OPERATING INCOME | $95M |
| Interest Income | $40M |
| Interest Expense | $253M |
| Other Income/Expenses | -$87M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | -$120M |
| Net Income from Continuing Ops | $127M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $127M |
| Net Income Deductions | -$1M |
| BOTTOM LINE NET INCOME | $127M |
| D&A | $1M |
| EBIT | $91M |
| EBITDA | $92M |
| EPS | $15 |
| EPS Diluted | $14 |
| Item | Amount |
|---|---|
| REVENUE | $308M |
| Cost of Revenue | $20M |
| GROSS PROFIT | $288M |
| R&D Expenses | $0 |
| Selling & Marketing | $79M |
| General & Administrative | $36M |
| SG&A Expenses | $115M |
| Other Expenses | $78M |
| Operating Expenses | $193M |
| Cost & Expenses | $213M |
| OPERATING INCOME | $95M |
| Interest Income | $40M |
| Interest Expense | $253M |
| Other Income/Expenses | -$87M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | -$120M |
| Net Income from Continuing Ops | $127M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $127M |
| Net Income Deductions | -$1M |
| BOTTOM LINE NET INCOME | $127M |
| D&A | $1M |
| EBIT | $91M |
| EBITDA | $92M |
| EPS | $15 |
| EPS Diluted | $14 |
| Item | Amount |
|---|---|
| Net Income | $127M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | -$10M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$207M |
| Change in Working Capital | -$141M |
| OPERATING CASH FLOW | -$231M |
| Capital Expenditure | $240M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $520M |
| NET CASH FROM INVESTING | $520M |
| Net Debt Issuance | $754M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$1M |
| Other Financing Activities | -$1.0B |
| NET CASH FROM FINANCING | -$296M |
| FREE CASH FLOW | $10M |
| Net Change in Cash | -$7M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $181M |
| Short-Term Investments | $0 |
| Net Receivables | $150M |
| Inventory | $0 |
| Other Current Assets | $2.5B |
| TOTAL CURRENT ASSETS | $2.8B |
| PP&E (Net) | $11M |
| Goodwill | $0 |
| Intangible Assets | $2.8B |
| Long-Term Investments | $9.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | $698M |
| TOTAL NON-CURRENT ASSETS | $13.3B |
| TOTAL ASSETS | $16.2B |
| Account Payables | $0 |
| Short-Term Debt | $53M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $247M |
| Long-Term Debt | $14.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $791M |
| TOTAL NON-CURRENT LIABILITIES | $15.5B |
| TOTAL LIABILITIES | $15.5B |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $556M |
| Retained Earnings | $72M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$200.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $678M |
| Minority Interest | $0 |
| TOTAL EQUITY | $678M |
| TOTAL LIABILITIES & EQUITY | $16.2B |
| Total Debt | $14.7B |
| Net Debt | $14.5B |
