Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Cash conversion improved sharply from the year-ago quarter, with free cash flow margin rising as operating cash flow increased while capital expenditure was lower. Compared to the prior quarter, free cash flow declined as operating cash flow decreased significantly.
- Revenue was stable relative to the prior quarter and higher than a year ago. Operating cash flow was lower than the prior quarter but higher than the year-ago quarter. Capital expenditure was slightly lower than both comparison periods. Free cash flow margin improved from the year-ago quarter but weakened from the prior quarter.
- Compared to the prior quarter, free cash flow was lower due to a decline in operating cash flow, while capital expenditure was slightly lower. Versus the year-ago quarter, free cash flow was higher, driven by higher operating cash flow and lower capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$642.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$83.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$104.5M
Cash generated by operations before capital spending.
CapEx
$21.1M
Capital spending and related asset purchases.
FCF margin
8.9%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-06-30 | $965.6M | $173.0M | $20.9M | $152.1M | 15.8% |
| 2024-09-30 | $967.1M | $231.9M | $19.9M | $212.0M | 21.9% |
| 2024-12-31 | $945.6M | $219.0M | $24.1M | $194.9M | 20.6% |
| 2025-03-31 | $941.9M | $104.5M | $21.1M | $83.4M | 8.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 56.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.5B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Improvement
Operating cash flow was higher than the year-ago quarter, contributing to a stronger free cash flow margin. This improvement occurred alongside higher revenue and lower capital expenditure compared to the same period last year.
The year-over-year increase in operating cash flow was the strongest observable driver of free cash flow growth.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable relative to the prior quarter and higher than a year ago. Operating cash flow was lower than the prior quarter but higher than the year-ago quarter. Capital expenditure was slightly lower than both comparison periods. Free cash flow margin improved from the year-ago quarter but weakened from the prior quarter.
Compared to the prior quarter, free cash flow was lower due to a decline in operating cash flow, while capital expenditure was slightly lower. Versus the year-ago quarter, free cash flow was higher, driven by higher operating cash flow and lower capital expenditure.
Monitor the trend in operating cash flow, as it declined from the prior quarter despite stable revenue.