| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $353M | $354M | $296M | -0.2% | 19.4% |
| Op. Income | $112M | $102M | $63M | 10.5% | 79.0% |
| Gross Margin | 64.3% | 60.7% | 53.0% | 3.6pp | 11.3pp |
| Net Margin | 23.6% | 20.3% | 16.4% | 3.3pp | 7.2pp |
| EPS (Diluted) | $0.64 | $0.55 | $0.37 | 16.4% | 73.0% |
| Free Cash Flow | $62M | $97M | $241M | -35.4% | -74.1% |
| Item | Amount |
|---|---|
| REVENUE | $353M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $227M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $77M |
| SG&A Expenses | $77M |
| Other Expenses | $37M |
| Operating Expenses | $115M |
| Cost & Expenses | $241M |
| OPERATING INCOME | $112M |
| Interest Income | $325M |
| Interest Expense | $127M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $112M |
| Income Tax Expense | $29M |
| Net Income from Continuing Ops | $83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $83M |
| D&A | $0 |
| EBIT | $112M |
| EBITDA | $112M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $353M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $227M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $77M |
| SG&A Expenses | $77M |
| Other Expenses | $37M |
| Operating Expenses | $115M |
| Cost & Expenses | $241M |
| OPERATING INCOME | $112M |
| Interest Income | $325M |
| Interest Expense | $127M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $112M |
| Income Tax Expense | $29M |
| Net Income from Continuing Ops | $83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $83M |
| D&A | $0 |
| EBIT | $112M |
| EBITDA | $112M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $83M |
| Depreciation & Amortization | $16M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $11M |
| Other Non-Cash Items | -$5M |
| Change in Working Capital | -$39M |
| OPERATING CASH FLOW | $69M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$166M |
| Sales/Maturities of Investments | $177M |
| Other Investing Activities | -$213M |
| NET CASH FROM INVESTING | -$207M |
| Net Debt Issuance | -$97M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$31M |
| Other Financing Activities | $176M |
| NET CASH FROM FINANCING | $48M |
| FREE CASH FLOW | $62M |
| Net Change in Cash | -$90M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $211M |
| Short-Term Investments | $3.2B |
| Net Receivables | $96M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $3.5B |
| PP&E (Net) | $113M |
| Goodwill | $0 |
| Intangible Assets | $782M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $895M |
| TOTAL ASSETS | $25.0B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $2.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $19.6B |
| TOTAL NON-CURRENT LIABILITIES | $22.1B |
| TOTAL LIABILITIES | $22.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.8B |
| Retained Earnings | $1.2B |
| Treasury Stock | -$91M |
| Accum. Other Comp. Income | -$76M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.8B |
| TOTAL LIABILITIES & EQUITY | $25.0B |
| Total Debt | $2.5B |
| Net Debt | $2.3B |
