| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $374M | $512M | $384M | -27.0% | -2.8% |
| Op. Income | $56M | $152M | $76M | -62.8% | -25.5% |
| Gross Margin | 92.6% | 92.2% | 92.4% | 0.4pp | 0.2pp |
| Net Margin | 4.0% | 17.5% | 7.3% | -13.4pp | -3.2pp |
| EPS (Diluted) | $0.28 | $1.61 | $0.50 | -82.6% | -44.0% |
| Free Cash Flow | $129M | $38M | $86M | 238.4% | 49.2% |
| Item | Amount |
|---|---|
| REVENUE | $374M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $346M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $59M |
| Other Expenses | $231M |
| Operating Expenses | $290M |
| Cost & Expenses | $317M |
| OPERATING INCOME | $56M |
| Interest Income | $0 |
| Interest Expense | $33M |
| Other Income/Expenses | -$37M |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $45M |
| EBIT | $52M |
| EBITDA | $97M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $374M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $346M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $59M |
| Other Expenses | $231M |
| Operating Expenses | $290M |
| Cost & Expenses | $317M |
| OPERATING INCOME | $56M |
| Interest Income | $0 |
| Interest Expense | $33M |
| Other Income/Expenses | -$37M |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $45M |
| EBIT | $52M |
| EBITDA | $97M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $15M |
| Depreciation & Amortization | $45M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $16M |
| Change in Working Capital | -$1M |
| OPERATING CASH FLOW | $78M |
| Capital Expenditure | $50M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$101M |
| NET CASH FROM INVESTING | -$50M |
| Net Debt Issuance | -$4M |
| Common Stock Repurchased | -$144M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$149M |
| FREE CASH FLOW | $129M |
| Net Change in Cash | -$121M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $100M |
| Short-Term Investments | $0 |
| Net Receivables | $87M |
| Inventory | $0 |
| Other Current Assets | $96M |
| TOTAL CURRENT ASSETS | $283M |
| PP&E (Net) | $0 |
| Goodwill | $66M |
| Intangible Assets | $190M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.1B |
| TOTAL NON-CURRENT ASSETS | $2.3B |
| TOTAL ASSETS | $2.6B |
| Account Payables | $112M |
| Short-Term Debt | $21M |
| Deferred Revenue | $143M |
| Other Current Liabilities | $109M |
| TOTAL CURRENT LIABILITIES | $385M |
| Long-Term Debt | $2.2B |
| Deferred Revenue NC | $13M |
| Deferred Tax Liabilities | $258M |
| Other Non-Current Liabilities | $63M |
| TOTAL NON-CURRENT LIABILITIES | $2.7B |
| TOTAL LIABILITIES | $3.1B |
| Common Stock | $973.0K |
| Additional Paid-In Capital | $746M |
| Retained Earnings | $806M |
| Treasury Stock | -$2.0B |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$436M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$436M |
| TOTAL LIABILITIES & EQUITY | $2.6B |
| Total Debt | $2.4B |
| Net Debt | $2.3B |
