| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $359M | -$446M | $366M | 180.5% | -2.1% |
| Op. Income | $94M | -$724M | $54M | 113.0% | 74.0% |
| Gross Margin | 65.1% | 131.1% | 52.4% | -66.0pp | 12.7pp |
| Net Margin | 21.8% | 126.2% | 13.2% | -104.4pp | 8.6pp |
| EPS (Diluted) | $0.54 | $-4.00 | $0.38 | 113.5% | 42.1% |
| Free Cash Flow | $105M | $217M | $72M | -51.7% | 44.8% |
| Item | Amount |
|---|---|
| REVENUE | $359M |
| Cost of Revenue | $125M |
| GROSS PROFIT | $233M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $90M |
| SG&A Expenses | $90M |
| Other Expenses | $50M |
| Operating Expenses | $139M |
| Cost & Expenses | $265M |
| OPERATING INCOME | $94M |
| Interest Income | $308M |
| Interest Expense | $110M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $94M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $78M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $78M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $78M |
| D&A | $53M |
| EBIT | $94M |
| EBITDA | $147M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $359M |
| Cost of Revenue | $125M |
| GROSS PROFIT | $233M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $90M |
| SG&A Expenses | $90M |
| Other Expenses | $50M |
| Operating Expenses | $139M |
| Cost & Expenses | $265M |
| OPERATING INCOME | $94M |
| Interest Income | $308M |
| Interest Expense | $110M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $94M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $78M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $78M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $78M |
| D&A | $53M |
| EBIT | $94M |
| EBITDA | $147M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $78M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | -$2M |
| Deferred Income Tax | $13M |
| Other Non-Cash Items | -$4M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | $115M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $13M |
| Purchases of Investments | -$14M |
| Sales/Maturities of Investments | $60M |
| Other Investing Activities | -$363M |
| NET CASH FROM INVESTING | -$314M |
| Net Debt Issuance | -$48M |
| Common Stock Repurchased | $3M |
| Common Dividends Paid | -$31M |
| Other Financing Activities | $343M |
| NET CASH FROM FINANCING | $267M |
| FREE CASH FLOW | $105M |
| Net Change in Cash | $68M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $380M |
| Short-Term Investments | $3.3B |
| Net Receivables | $104M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $3.8B |
| PP&E (Net) | $561M |
| Goodwill | $1.3B |
| Intangible Assets | $84M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.0B |
| TOTAL ASSETS | $24.5B |
| Account Payables | $0 |
| Short-Term Debt | $21M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $4.3B |
| TOTAL CURRENT LIABILITIES | $4.4B |
| Long-Term Debt | $620M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $287M |
| TOTAL NON-CURRENT LIABILITIES | $907M |
| TOTAL LIABILITIES | $21.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $2.8B |
| Retained Earnings | $864M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$293M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.4B |
| TOTAL LIABILITIES & EQUITY | $24.5B |
| Total Debt | $641M |
| Net Debt | $261M |
