0001410384-25-000159
SEC filingQ2 Holdings 三季度营收增长15.2%至$201.7M，扭亏为盈，订阅业务驱动明显。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $201,704K | $175,021K | +15.2% |
| Gross Profit | $108,845K | $89,059K | +22.2% |
| Gross Margin | 54.0% | 50.9% | +310 bps |
| Operating Income | $11,004K | ($12,800K) | +$23,804K |
| Operating Margin | 5.5% | (7.3)% | +1,280 bps |
| Net Income | $15,048K | ($11,797K) | +$26,845K |
| Diluted EPS | $0.23 | ($0.20) | +$0.43 |
| Adjusted EBITDA | $48,818K | $32,610K | +49.7% |
| Operating Cash Flow | $137,765K (9M) | $92,716K (9M) | +48.6% |
| Free Cash Flow | $116,778K (9M) | $69,874K (9M) | +67.1% |
增长桥：Q3营收增长15.2%，主要由订阅收入增长18%驱动（+$24.6M），交易收入和服务及其他收入分别贡献+$1.1M和+$1.0M。订阅收入占比提升至81.9%（去年同期80.3%），显示业务结构持续优化。
利润率归因：Gross Margin同比提升310 bps至54.0%，主要得益于成本增长（+8.0%）远低于收入增速。Operating Margin大幅改善1,280 bps，除毛利率提升外，Amortization of acquired intangibles归零（去年同期$4.8M）和Lease and other restructuring charges下降74.3%也是重要因素。
盈利质量：GAAP净利润$15.0M，实现扭亏为盈。Non-GAAP operating income $40.7M，同比+61%，Non-GAAP operating margin达20.2%（去年同期14.5%）。前三季经营现金流$137.8M，同比增长48.6%，FCF转化率（FCF/Net Income）达370%，盈利质量显著改善。
公司为单一经营分部，未披露分部数据。收入按来源拆分如下：
| 收入来源 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Subscription | $165,218K | $140,592K | +17.5% |
| Transactional | $17,886K | $16,797K | +6.5% |
| Services and other | $18,600K | $17,632K | +5.5% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $568.7M | +$122.1M |
| Total Debt (principal) | $495.0M | 持平 |
| Net Debt | -$73.7M | 净现金 |
| Inventory | — | — |
| RPO | $2.52B | +$0.3B |
| Operating Cash Flow (9M) | $137.8M | +$45.0M |
| Capex (9M) | $21.0M | -$1.8M |
| Free Cash Flow (9M) | $116.8M | +$46.9M |
| FCF 转化率 (FCF/Net Income) | 370% | — |
Net Debt/EBITDA：净现金状态，杠杆极低。
资本配置：
前瞻指引：本10-Q未提供具体财务指引。
一次性异常项：
主要风险：