| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $376M | $362M | $260M | 3.9% | 45.0% |
| Op. Income | $97M | $75M | $50M | 28.7% | 94.6% |
| Gross Margin | 65.3% | 61.9% | 63.4% | 3.5pp | 2.0pp |
| Net Margin | 21.0% | 16.5% | 17.2% | 4.5pp | 3.7pp |
| EPS (Diluted) | $0.83 | $0.63 | $0.70 | 31.7% | 18.6% |
| Free Cash Flow | $87M | $120M | $89M | -27.3% | -1.7% |
| Item | Amount |
|---|---|
| REVENUE | $376M |
| Cost of Revenue | $130M |
| GROSS PROFIT | $246M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $114M |
| SG&A Expenses | $114M |
| Other Expenses | $35M |
| Operating Expenses | $149M |
| Cost & Expenses | $280M |
| OPERATING INCOME | $97M |
| Interest Income | $347M |
| Interest Expense | $120M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $97M |
| Income Tax Expense | $18M |
| Net Income from Continuing Ops | $79M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $79M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $79M |
| D&A | $3M |
| EBIT | $97M |
| EBITDA | $100M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $376M |
| Cost of Revenue | $130M |
| GROSS PROFIT | $246M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $114M |
| SG&A Expenses | $114M |
| Other Expenses | $35M |
| Operating Expenses | $149M |
| Cost & Expenses | $280M |
| OPERATING INCOME | $97M |
| Interest Income | $347M |
| Interest Expense | $120M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $97M |
| Income Tax Expense | $18M |
| Net Income from Continuing Ops | $79M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $79M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $79M |
| D&A | $3M |
| EBIT | $97M |
| EBITDA | $100M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $79M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $6M |
| Other Non-Cash Items | $10M |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | $107M |
| Capital Expenditure | -$20M |
| Acquisitions (Net) | -$261M |
| Purchases of Investments | -$142M |
| Sales/Maturities of Investments | $186M |
| Other Investing Activities | $214M |
| NET CASH FROM INVESTING | -$23M |
| Net Debt Issuance | -$110M |
| Common Stock Repurchased | -$13M |
| Common Dividends Paid | -$22M |
| Other Financing Activities | $49M |
| NET CASH FROM FINANCING | -$97M |
| FREE CASH FLOW | $87M |
| Net Change in Cash | -$13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.1B |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $465M |
| Goodwill | $1.4B |
| Intangible Assets | $147M |
| Long-Term Investments | $22.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.0B |
| TOTAL NON-CURRENT ASSETS | $25.7B |
| TOTAL ASSETS | $26.8B |
| Account Payables | $0 |
| Short-Term Debt | $556M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $556M |
| Long-Term Debt | $500M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $21.8B |
| TOTAL NON-CURRENT LIABILITIES | $22.3B |
| TOTAL LIABILITIES | $22.9B |
| Common Stock | $489M |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | $1.2B |
| Treasury Stock | -$103M |
| Accum. Other Comp. Income | -$90M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.9B |
| TOTAL LIABILITIES & EQUITY | $26.8B |
| Total Debt | $1.1B |
| Net Debt | -$15M |
