| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $551M | $626M | $473M | -12.0% | 16.3% |
| Op. Income | $239M | $263M | $214M | -9.4% | 11.5% |
| Gross Margin | 55.7% | 52.9% | 54.8% | 2.8pp | 0.9pp |
| Net Margin | 28.2% | 24.4% | 24.1% | 3.8pp | 4.1pp |
| EPS (Diluted) | $3.07 | $3.02 | $2.25 | 1.5% | 36.2% |
| Free Cash Flow | $3M | $213M | $81M | -98.8% | -96.8% |
| Item | Amount |
|---|---|
| REVENUE | $551M |
| Cost of Revenue | $244M |
| GROSS PROFIT | $307M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $68M |
| Operating Expenses | $68M |
| Cost & Expenses | $312M |
| OPERATING INCOME | $239M |
| Interest Income | $11M |
| Interest Expense | $53M |
| Other Income/Expenses | -$38M |
| INCOME BEFORE TAX | $201M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $155M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $155M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $155M |
| D&A | $54M |
| EBIT | $239M |
| EBITDA | $292M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $551M |
| Cost of Revenue | $244M |
| GROSS PROFIT | $307M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $68M |
| Operating Expenses | $68M |
| Cost & Expenses | $312M |
| OPERATING INCOME | $239M |
| Interest Income | $11M |
| Interest Expense | $53M |
| Other Income/Expenses | -$38M |
| INCOME BEFORE TAX | $201M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $155M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $155M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $155M |
| D&A | $54M |
| EBIT | $239M |
| EBITDA | $292M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $155M |
| Depreciation & Amortization | $54M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $46M |
| Other Non-Cash Items | -$86M |
| Change in Working Capital | $77M |
| OPERATING CASH FLOW | $245M |
| Capital Expenditure | -$243M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $62M |
| NET CASH FROM INVESTING | -$180M |
| Net Debt Issuance | $400M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$245M |
| Other Financing Activities | -$89M |
| NET CASH FROM FINANCING | $66M |
| FREE CASH FLOW | $3M |
| Net Change in Cash | $113M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $37M |
| Short-Term Investments | $0 |
| Net Receivables | $14M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $50M |
| PP&E (Net) | $21M |
| Goodwill | $0 |
| Intangible Assets | $159M |
| Long-Term Investments | $0 |
| Tax Assets | $27M |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $210M |
| TOTAL ASSETS | $260M |
| Account Payables | $3M |
| Short-Term Debt | $29M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5M |
| TOTAL CURRENT LIABILITIES | $39M |
| Long-Term Debt | $138M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3M |
| Other Non-Current Liabilities | $6M |
| TOTAL NON-CURRENT LIABILITIES | $148M |
| TOTAL LIABILITIES | $187M |
| Common Stock | $4M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $62M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $400.5K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $66M |
| Minority Interest | $7M |
| TOTAL EQUITY | $73M |
| TOTAL LIABILITIES & EQUITY | $260M |
| Total Debt | $167M |
| Net Debt | $130M |
