| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $147M | $126M | $111M | 17.4% | 33.2% |
| Op. Income | $60M | $46M | $35M | 30.9% | 70.5% |
| Gross Margin | 74.7% | 55.3% | 68.0% | 19.4pp | 6.7pp |
| Net Margin | 27.1% | 15.7% | 24.7% | 11.5pp | 2.5pp |
| EPS (Diluted) | $0.28 | $0.13 | $0.18 | 115.4% | 55.6% |
| Free Cash Flow | $56M | $48M | $34M | 16.8% | 65.0% |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $37M |
| GROSS PROFIT | $110M |
| R&D Expenses | $0 |
| Selling & Marketing | $6M |
| General & Administrative | $4M |
| SG&A Expenses | $9M |
| Other Expenses | $41M |
| Operating Expenses | $50M |
| Cost & Expenses | $88M |
| OPERATING INCOME | $60M |
| Interest Income | $3M |
| Interest Expense | $11M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $50M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $40M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $40M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $40M |
| D&A | $2M |
| EBIT | $60M |
| EBITDA | $62M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $37M |
| GROSS PROFIT | $110M |
| R&D Expenses | $0 |
| Selling & Marketing | $6M |
| General & Administrative | $4M |
| SG&A Expenses | $9M |
| Other Expenses | $41M |
| Operating Expenses | $50M |
| Cost & Expenses | $88M |
| OPERATING INCOME | $60M |
| Interest Income | $3M |
| Interest Expense | $11M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $50M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $40M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $40M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $40M |
| D&A | $2M |
| EBIT | $60M |
| EBITDA | $62M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $40M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$22M |
| Change in Working Capital | $29M |
| OPERATING CASH FLOW | $56M |
| Capital Expenditure | -$61.0K |
| Acquisitions (Net) | -$270M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$277M |
| Net Debt Issuance | -$4M |
| Common Stock Repurchased | $103M |
| Common Dividends Paid | -$4M |
| Other Financing Activities | -$15M |
| NET CASH FROM FINANCING | -$23M |
| FREE CASH FLOW | $56M |
| Net Change in Cash | -$244M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $312M |
| Short-Term Investments | $107M |
| Net Receivables | $64M |
| Inventory | $0 |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $492M |
| PP&E (Net) | $3M |
| Goodwill | $229M |
| Intangible Assets | $749M |
| Long-Term Investments | $29M |
| Tax Assets | $10M |
| Other Non-Current Assets | $925.0K |
| TOTAL NON-CURRENT ASSETS | $1.0B |
| TOTAL ASSETS | $1.5B |
| Account Payables | $33M |
| Short-Term Debt | $151M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $97M |
| TOTAL CURRENT LIABILITIES | $282M |
| Long-Term Debt | $805M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $12M |
| TOTAL NON-CURRENT LIABILITIES | $817M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $189M |
| Retained Earnings | $221M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $414M |
| Minority Interest | $0 |
| TOTAL EQUITY | $414M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $957M |
| Net Debt | $645M |
