As of Q4'25, NET's cash and short-term investments reached $4.10B, marking a notable increase from the prior quarter, while debt stood at $3.52B, reflecting a modest rise and maintaining a healthy liquidity position with cash exceeding debt by approximately $0.58B. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited a steady upward trend, growing from $1.72B to $4.10B, with a significant acceleration in Q2'25 onward (from $1.91B to $4.10B), suggesting improved cash generation or investment inflows. In contrast, debt remained relatively stable at around $1.4B-$1.5B through Q1'25 before jumping to $3.52B in Q2'25 and holding steady thereafter, indicating a potential financing event that bolstered the balance sheet without eroding net cash position. This pattern highlights NET's strengthening financial flexibility amid expansion.