Revenue: $166.43 million in QQ1 2025, up 11.07% YoY and -0.16% QoQ. Gross Profit: $127.51 million, gross margin 76.62% (YoY +17.31%; QoQ -2.67%). Operating Income: -$0.83 million, operating margin -0.50% (YoY improvement vs. QQ1 2024, but QoQ deterioration from a positive print in the prior quarter). EBITDA: $7.33 million, EBITDA margin 4.40%. Net Income: -$1.18 million, net margin -0.71%; EPS: -$0.0159 (basic and diluted). Weighted average shares: 74.09 million. Cash flow: Net cash provided by operating activities $44.97 million; free cash flow $44.32 million; CFO-to-revenue margin ~27.0%. Capital expenditures: $0.65 million; free cash flow yield remains attractive given the revenue base. Balance sheet highlights: cash and cash equivalents $134.98 million; cash and short-term investments $199.70 million; total debt $312.34 million; long-term debt $289.94 million; net debt $177.36 million; deferred revenue $258.58 million (current). Equity is negative at $(31.75) million, yielding a leveraged capital structure with a debt-to-capitalization measure above 1.0 and negative book value; liquidity ratios show current ratio 1.25 and quick ratio 1.25, indicating modest near-term liquidity headroom. Key efficiency metrics show receivables turnover ~1.22x and payables turnover ~5.92x, with a cash conversion cycle of ~58 days.