| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $438M | $434M | $420M | 1.0% | 4.4% |
| Op. Income | $25M | $39M | $30M | -35.6% | -14.9% |
| Gross Margin | 39.9% | 57.8% | 56.3% | -17.9pp | -16.4pp |
| Net Margin | -5.8% | -20.2% | 8.0% | 14.5pp | -13.7pp |
| EPS (Diluted) | $-0.45 | $-1.52 | $0.54 | 70.4% | -183.3% |
| Free Cash Flow | $72M | $35M | $25M | 105.2% | 181.9% |
| Item | Amount |
|---|---|
| REVENUE | $438M |
| Cost of Revenue | $263M |
| GROSS PROFIT | $175M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $150M |
| Other Expenses | $0 |
| Operating Expenses | $150M |
| Cost & Expenses | $413M |
| OPERATING INCOME | $25M |
| Interest Income | $0 |
| Interest Expense | $34M |
| Other Income/Expenses | -$58M |
| INCOME BEFORE TAX | -$33M |
| Income Tax Expense | -$8M |
| Net Income from Continuing Ops | -$25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$25M |
| D&A | $69M |
| EBIT | $25M |
| EBITDA | $95M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$25M |
| Depreciation & Amortization | $69M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$8M |
| Other Non-Cash Items | $24M |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | $75M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$6M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$8M |
| NET CASH FROM INVESTING | -$39M |
| Net Debt Issuance | $116M |
| Common Stock Repurchased | -$51M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $58M |
| NET CASH FROM FINANCING | $122M |
| FREE CASH FLOW | $72M |
| Net Change in Cash | $1.1B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.3B |
| Short-Term Investments | $0 |
| Net Receivables | $291M |
| Inventory | $0 |
| Other Current Assets | $597.0K |
| TOTAL CURRENT ASSETS | $1.8B |
| PP&E (Net) | $69M |
| Goodwill | $2.1B |
| Intangible Assets | $874M |
| Long-Term Investments | $3M |
| Tax Assets | $14M |
| Other Non-Current Assets | $17M |
| TOTAL NON-CURRENT ASSETS | $3.1B |
| TOTAL ASSETS | $4.8B |
| Account Payables | $209M |
| Short-Term Debt | $19M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.2B |
| TOTAL CURRENT LIABILITIES | $1.4B |
| Long-Term Debt | $2.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $92M |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $2.7B |
| TOTAL LIABILITIES | $4.1B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $655M |
| TOTAL STOCKHOLDERS' EQUITY | $655M |
| Minority Interest | $0 |
| TOTAL EQUITY | $655M |
| TOTAL LIABILITIES & EQUITY | $4.8B |
| Total Debt | $2.7B |
| Net Debt | $1.3B |
