| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $315M | $323M | $285M | -2.4% | 10.7% |
| Op. Income | $25M | $36M | $10M | -29.8% | 151.2% |
| Gross Margin | 34.1% | 36.6% | 32.2% | -2.4pp | 1.9pp |
| Net Margin | 6.4% | 8.8% | 2.9% | -2.4pp | 3.5pp |
| EPS (Diluted) | $1.37 | $1.90 | $0.55 | -27.9% | 149.1% |
| Free Cash Flow | $71M | $85M | $50M | -16.4% | 42.1% |
| Item | Amount |
|---|---|
| REVENUE | $315M |
| Cost of Revenue | $208M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $82M |
| Operating Expenses | $82M |
| Cost & Expenses | $290M |
| OPERATING INCOME | $25M |
| Interest Income | $0 |
| Interest Expense | $558.0K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $20M |
| D&A | $6M |
| EBIT | $26M |
| EBITDA | $32M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $315M |
| Cost of Revenue | $208M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $82M |
| Operating Expenses | $82M |
| Cost & Expenses | $290M |
| OPERATING INCOME | $25M |
| Interest Income | $0 |
| Interest Expense | $558.0K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $20M |
| D&A | $6M |
| EBIT | $26M |
| EBITDA | $32M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $20M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$685.0K |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $50M |
| OPERATING CASH FLOW | $74M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$149M |
| Sales/Maturities of Investments | $65M |
| Other Investing Activities | $43M |
| NET CASH FROM INVESTING | -$42M |
| Net Debt Issuance | $20M |
| Common Stock Repurchased | -$20M |
| Common Dividends Paid | -$13M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$13M |
| FREE CASH FLOW | $71M |
| Net Change in Cash | $18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $74M |
| Short-Term Investments | $700M |
| Net Receivables | $320M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $394M |
| PP&E (Net) | $12M |
| Goodwill | $17M |
| Intangible Assets | $7M |
| Long-Term Investments | $992M |
| Tax Assets | $4M |
| Other Non-Current Assets | -$996M |
| TOTAL NON-CURRENT ASSETS | $36M |
| TOTAL ASSETS | $2.5B |
| Account Payables | $96M |
| Short-Term Debt | $12M |
| Deferred Revenue | $615M |
| Other Current Liabilities | -$712M |
| TOTAL CURRENT LIABILITIES | $16M |
| Long-Term Debt | $62M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.3B |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.6B |
| Common Stock | $181.0K |
| Additional Paid-In Capital | $236M |
| Retained Earnings | $844M |
| Treasury Stock | -$170M |
| Accum. Other Comp. Income | -$17M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $892M |
| Minority Interest | $0 |
| TOTAL EQUITY | $892M |
| TOTAL LIABILITIES & EQUITY | $2.5B |
| Total Debt | $62M |
| Net Debt | -$12M |
