Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
In the current quarter, free cash flow was zero as operating cash flow matched capital expenditure. Revenue increased from the prior quarter but decreased from the same quarter last year.
- Operating cash flow as a percentage of revenue declined significantly compared to both the prior quarter and the year-ago quarter, resulting in a free cash flow margin of zero.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure was higher. Versus the same quarter one year earlier, revenue was lower and operating cash flow was lower, with free cash flow also lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$725.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$0
Free cash flow in the selected fiscal quarter.
Operating cash flow
$117.0M
Cash generated by operations before capital spending.
CapEx
$117.0M
Capital spending and related asset purchases.
FCF margin
0.0%
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 | $3.5B | $943.0M | $134.0M | $809.0M | 22.9% |
| 2024-09-30 | $3.4B | -$269.0M | $145.0M | -$414.0M | -12.3% |
| 2024-12-31 | $3.2B | $428.0M | $98.0M | $330.0M | 10.2% |
| 2025-03-31 | $3.3B | $117.0M | $117.0M | $0 | 0.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 0.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Cash Flow Alignment
The combination of lower operating cash flow and higher capital expenditure led to zero free cash flow.
The free cash flow margin turned from positive to zero.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue declined significantly compared to both the prior quarter and the year-ago quarter, resulting in a free cash flow margin of zero.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were lower, while capital expenditure was higher. Versus the same quarter one year earlier, revenue was lower and operating cash flow was lower, with free cash flow also lower.
Monitor whether operating cash flow can exceed capital expenditure in future quarters.