| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $166M | $159M | $149M | 4.3% | 11.2% |
| Op. Income | $39M | $41M | $33M | -4.7% | 16.5% |
| Gross Margin | 61.1% | 59.5% | 56.4% | 1.6pp | 4.7pp |
| Net Margin | 21.5% | 23.0% | 20.2% | -1.6pp | 1.2pp |
| EPS (Diluted) | $2.13 | $2.16 | $1.77 | -1.4% | 20.3% |
| Free Cash Flow | $311M | $32M | $163M | 879.7% | 90.3% |
| Item | Amount |
|---|---|
| REVENUE | $166M |
| Cost of Revenue | $65M |
| GROSS PROFIT | $102M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $37M |
| SG&A Expenses | $39M |
| Other Expenses | $24M |
| Operating Expenses | $63M |
| Cost & Expenses | $127M |
| OPERATING INCOME | $39M |
| Interest Income | $127M |
| Interest Expense | $59M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $36M |
| D&A | $0 |
| EBIT | $39M |
| EBITDA | $39M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $166M |
| Cost of Revenue | $65M |
| GROSS PROFIT | $102M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $37M |
| SG&A Expenses | $39M |
| Other Expenses | $24M |
| Operating Expenses | $63M |
| Cost & Expenses | $127M |
| OPERATING INCOME | $39M |
| Interest Income | $127M |
| Interest Expense | $59M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $36M |
| D&A | $0 |
| EBIT | $39M |
| EBITDA | $39M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $36M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $623.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $286M |
| Change in Working Capital | $9M |
| OPERATING CASH FLOW | $335M |
| Capital Expenditure | -$25M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$65M |
| Sales/Maturities of Investments | $44M |
| Other Investing Activities | -$266M |
| NET CASH FROM INVESTING | -$311M |
| Net Debt Issuance | $220M |
| Common Stock Repurchased | -$13M |
| Common Dividends Paid | -$1M |
| Other Financing Activities | -$233M |
| NET CASH FROM FINANCING | -$26M |
| FREE CASH FLOW | $311M |
| Net Change in Cash | -$1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $76M |
| Short-Term Investments | $107M |
| Net Receivables | $33M |
| Inventory | $0 |
| Other Current Assets | -$140M |
| TOTAL CURRENT ASSETS | $76M |
| PP&E (Net) | $0 |
| Goodwill | $139M |
| Intangible Assets | $8M |
| Long-Term Investments | $8.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$8.7B |
| TOTAL NON-CURRENT ASSETS | $147M |
| TOTAL ASSETS | $9.6B |
| Account Payables | $0 |
| Short-Term Debt | $3M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $3M |
| Long-Term Debt | $615M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $7.8B |
| TOTAL NON-CURRENT LIABILITIES | $8.5B |
| TOTAL LIABILITIES | $8.5B |
| Common Stock | $17M |
| Additional Paid-In Capital | $373M |
| Retained Earnings | $773M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$51M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $9.6B |
| Total Debt | $618M |
| Net Debt | $541M |
