| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.3B | $3.1B | $3.1B | 7.1% | 6.9% |
| Op. Income | $69M | $38M | -$117M | 81.6% | 159.0% |
| Gross Margin | 30.3% | 30.0% | 30.2% | 0.3pp | 0.1pp |
| Net Margin | -3.5% | -3.2% | -4.1% | -0.3pp | 0.6pp |
| EPS (Diluted) | $-0.89 | $-0.76 | $-1.02 | -17.1% | 12.7% |
| Free Cash Flow | $145M | $128M | $102M | 13.3% | 42.2% |
| Item | Amount |
|---|---|
| REVENUE | $3.3B |
| Cost of Revenue | $2.3B |
| GROSS PROFIT | $1.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $941M |
| Other Expenses | $0 |
| Operating Expenses | $941M |
| Cost & Expenses | $3.3B |
| OPERATING INCOME | $69M |
| Interest Income | $0 |
| Interest Expense | $36M |
| Other Income/Expenses | -$183M |
| INCOME BEFORE TAX | -$114M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$116M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$116M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$116M |
| D&A | $71M |
| EBIT | -$78M |
| EBITDA | -$7M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$116M |
| Depreciation & Amortization | $71M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $220M |
| Change in Working Capital | $27M |
| OPERATING CASH FLOW | $202M |
| Capital Expenditure | -$57M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$39M |
| Sales/Maturities of Investments | $27M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$69M |
| Net Debt Issuance | -$780M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $954M |
| NET CASH FROM FINANCING | $174M |
| FREE CASH FLOW | $145M |
| Net Change in Cash | $305M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.5B |
| Short-Term Investments | $66M |
| Net Receivables | $132M |
| Inventory | $71M |
| Other Current Assets | $256M |
| TOTAL CURRENT ASSETS | $2.0B |
| PP&E (Net) | $1.4B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $61M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $3.4B |
| Account Payables | $1.2B |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $927M |
| TOTAL CURRENT LIABILITIES | $2.1B |
| Long-Term Debt | $4.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $25M |
| TOTAL NON-CURRENT LIABILITIES | $4.1B |
| TOTAL LIABILITIES | $6.2B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$4.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$32M |
| Other Equity | $2.1B |
| TOTAL STOCKHOLDERS' EQUITY | -$2.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | -$2.8B |
| TOTAL LIABILITIES & EQUITY | $3.4B |
| Total Debt | $4.1B |
| Net Debt | $2.6B |
