| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $267M | $254M | $249M | 5.1% | 7.4% |
| Op. Income | $108M | $79M | $79M | 36.5% | 35.6% |
| Gross Margin | 57.8% | 49.9% | 49.2% | 7.9pp | 8.6pp |
| Net Margin | 32.3% | 25.8% | 26.2% | 6.5pp | 6.1pp |
| EPS (Diluted) | $1.58 | $1.20 | $1.19 | 31.7% | 32.8% |
| Free Cash Flow | $94M | $144M | $68M | -34.6% | 38.1% |
| Item | Amount |
|---|---|
| REVENUE | $267M |
| Cost of Revenue | $113M |
| GROSS PROFIT | $154M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $28M |
| SG&A Expenses | $28M |
| Other Expenses | $19M |
| Operating Expenses | $47M |
| Cost & Expenses | $159M |
| OPERATING INCOME | $108M |
| Interest Income | $251M |
| Interest Expense | $105M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $108M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $86M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $86M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $86M |
| D&A | $0 |
| EBIT | $108M |
| EBITDA | $108M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $267M |
| Cost of Revenue | $113M |
| GROSS PROFIT | $154M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $28M |
| SG&A Expenses | $28M |
| Other Expenses | $19M |
| Operating Expenses | $47M |
| Cost & Expenses | $159M |
| OPERATING INCOME | $108M |
| Interest Income | $251M |
| Interest Expense | $105M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $108M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $86M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $86M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $86M |
| D&A | $0 |
| EBIT | $108M |
| EBITDA | $108M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $86M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $627.0K |
| Deferred Income Tax | -$817.0K |
| Other Non-Cash Items | $15M |
| Change in Working Capital | -$4M |
| OPERATING CASH FLOW | $99M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$138M |
| Sales/Maturities of Investments | $239M |
| Other Investing Activities | -$392M |
| NET CASH FROM INVESTING | -$293M |
| Net Debt Issuance | -$47M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$18M |
| Other Financing Activities | $112M |
| NET CASH FROM FINANCING | $47M |
| FREE CASH FLOW | $94M |
| Net Change in Cash | -$147M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $95M |
| Short-Term Investments | $1.1B |
| Net Receivables | $62M |
| Inventory | $0 |
| Other Current Assets | -$62M |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $60M |
| Goodwill | $14M |
| Intangible Assets | $0 |
| Long-Term Investments | $14.2B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$14.2B |
| TOTAL NON-CURRENT ASSETS | $74M |
| TOTAL ASSETS | $17.7B |
| Account Payables | $30M |
| Short-Term Debt | $1.5B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $2.7B |
| TOTAL CURRENT LIABILITIES | $4.2B |
| Long-Term Debt | $35M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $15.8B |
| TOTAL NON-CURRENT LIABILITIES | $15.9B |
| TOTAL LIABILITIES | $15.9B |
| Common Stock | $54.0K |
| Additional Paid-In Capital | $238M |
| Retained Earnings | $1.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.8B |
| Minority Interest | $500.0K |
| TOTAL EQUITY | $1.9B |
| TOTAL LIABILITIES & EQUITY | $17.7B |
| Total Debt | $1.5B |
| Net Debt | $1.4B |
