| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $320M | $295M | $174M | 8.7% | 84.3% |
| Op. Income | $315M | $202M | $122M | 55.9% | 157.0% |
| Gross Margin | 69.5% | 73.1% | 73.4% | -3.6pp | -3.9pp |
| Net Margin | 73.3% | 68.3% | 68.8% | 5.0pp | 4.6pp |
| EPS (Diluted) | $1.00 | $0.86 | $0.57 | 16.3% | 75.4% |
| Free Cash Flow | $160M | -$410M | -$154M | 139.0% | 204.1% |
| Item | Amount |
|---|---|
| REVENUE | $320M |
| Cost of Revenue | $98M |
| GROSS PROFIT | $223M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | -$98M |
| Operating Expenses | -$92M |
| Cost & Expenses | $6M |
| OPERATING INCOME | $315M |
| Interest Income | $319M |
| Interest Expense | $85M |
| Other Income/Expenses | -$80M |
| INCOME BEFORE TAX | $235M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $235M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $235M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $235M |
| D&A | $0 |
| EBIT | $315M |
| EBITDA | $315M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $320M |
| Cost of Revenue | $98M |
| GROSS PROFIT | $223M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | -$98M |
| Operating Expenses | -$92M |
| Cost & Expenses | $6M |
| OPERATING INCOME | $315M |
| Interest Income | $319M |
| Interest Expense | $85M |
| Other Income/Expenses | -$80M |
| INCOME BEFORE TAX | $235M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $235M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $235M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $235M |
| D&A | $0 |
| EBIT | $315M |
| EBITDA | $315M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $235M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$147M |
| Change in Working Capital | $72M |
| OPERATING CASH FLOW | $160M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$641M |
| Sales/Maturities of Investments | $640M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1M |
| Net Debt Issuance | $209M |
| Common Stock Repurchased | -$9M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $68M |
| FREE CASH FLOW | $160M |
| Net Change in Cash | $227M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $397M |
| Short-Term Investments | $0 |
| Net Receivables | $84M |
| Inventory | $0 |
| Other Current Assets | -$481M |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $13.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $379M |
| TOTAL CURRENT LIABILITIES | $379M |
| Long-Term Debt | $5.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$5.0B |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $5.3B |
| Common Stock | $5M |
| Additional Paid-In Capital | $7.7B |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $363M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.1B |
| TOTAL LIABILITIES & EQUITY | $13.4B |
| Total Debt | $5.0B |
| Net Debt | $4.6B |
