| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $461M | $475M | $404M | -2.9% | 14.0% |
| Op. Income | $167M | $164M | $121M | 1.3% | 37.7% |
| Gross Margin | 69.1% | 65.7% | 62.9% | 3.4pp | 6.2pp |
| Net Margin | 27.9% | 27.5% | 23.3% | 0.4pp | 4.6pp |
| EPS (Diluted) | $0.91 | $0.92 | $0.70 | -1.1% | 30.0% |
| Free Cash Flow | $127M | $159M | $133M | -20.0% | -4.9% |
| Item | Amount |
|---|---|
| REVENUE | $461M |
| Cost of Revenue | $143M |
| GROSS PROFIT | $318M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $152M |
| SG&A Expenses | $152M |
| Other Expenses | $0 |
| Operating Expenses | $152M |
| Cost & Expenses | $294M |
| OPERATING INCOME | $167M |
| Interest Income | $430M |
| Interest Expense | $143M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $160M |
| Income Tax Expense | $31M |
| Net Income from Continuing Ops | $129M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $129M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $129M |
| D&A | $0 |
| EBIT | $167M |
| EBITDA | $167M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $461M |
| Cost of Revenue | $143M |
| GROSS PROFIT | $318M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $152M |
| SG&A Expenses | $152M |
| Other Expenses | $0 |
| Operating Expenses | $152M |
| Cost & Expenses | $294M |
| OPERATING INCOME | $167M |
| Interest Income | $430M |
| Interest Expense | $143M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $160M |
| Income Tax Expense | $31M |
| Net Income from Continuing Ops | $129M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $129M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $129M |
| D&A | $0 |
| EBIT | $167M |
| EBITDA | $167M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $129M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $10M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $139M |
| Capital Expenditure | -$12M |
| Acquisitions (Net) | $1.0K |
| Purchases of Investments | -$706M |
| Sales/Maturities of Investments | $680M |
| Other Investing Activities | -$191M |
| NET CASH FROM INVESTING | -$223M |
| Net Debt Issuance | $50M |
| Common Stock Repurchased | -$48M |
| Common Dividends Paid | -$52M |
| Other Financing Activities | $157M |
| NET CASH FROM FINANCING | $107M |
| FREE CASH FLOW | $127M |
| Net Change in Cash | $24M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.5B |
| Short-Term Investments | $3.1B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $5.6B |
| PP&E (Net) | $185M |
| Goodwill | $2.0B |
| Intangible Assets | $32M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.2B |
| TOTAL ASSETS | $33.7B |
| Account Payables | $0 |
| Short-Term Debt | $199M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $199M |
| Long-Term Debt | $627M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $27.2B |
| TOTAL NON-CURRENT LIABILITIES | $28.0B |
| TOTAL LIABILITIES | $28.2B |
| Common Stock | $5.5B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $5.5B |
| TOTAL LIABILITIES & EQUITY | $33.7B |
| Total Debt | $921M |
| Net Debt | -$1.6B |
