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โข GAAP EPS: $0.03 (Normalized Est. $0.16, not directly comparable).
โข Revenue: $1.722B (Est. $1.73B) โ, +14% YoY.
โข GAAP Net Income: $56.5M (vs. -$103.5M YoY).
โข GAAP Operating Income: $76.7M (vs. -$128.4M YoY).
โข Adjusted EBITDA: $382.6M, +110% YoY.
โข Operating Cash Flow: $210.5M, +44% YoY.
โข Free Cash Flow: $164.5M, +76% YoY.
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โข Q3 revenue missed consensus by ~0.4%, despite 14% YoY growth.
โข Returned to GAAP profitability with $56.5M in net income, compared with a $103.5M loss a year earlier.
โข Adjusted EBITDA more than doubled to $382.6M, with margin expanding to ~22.2% from ~12.1%.
โข Free cash flow increased 76% YoY to $164.5M, reflecting improved cash generation.
โข GAAP operating income improved by ~$205M YoY, turning positive at $76.7M.
โข Nine-month revenue increased 15% to $4.85B, while adjusted EBITDA surged 161% to $865.6M.
โข Nine-month free cash flow increased 147% to $571M.
โข Common shares outstanding increased slightly to 1.718B from 1.711B YoY.
โข Fully diluted share count including outstanding stock-based awards increased to 1.932B from 1.861B YoY.
โข Management highlighted AI-driven improvements to its advertising platform and continued investment in SPECS augmented reality glasses.
โข Q4 guidance was not included in the earnings release and will be discussed during the earnings call.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โAI is becoming a significant advantage for our teams and advertising platform, and we continue to strengthen our business while investing in our long-term vision for augmented reality with the launch of SPECS.โ