Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and free cash flow margin improved both sequentially and compared to the same quarter a year earlier. The improvement was primarily driven by higher operating cash flow, while revenue and capital expenditure remained relatively stable.
- Revenue was roughly unchanged from the prior quarter but lower than the same quarter a year ago. Operating cash flow was higher than both periods, leading to a higher free cash flow and a wider free cash flow margin.
- Compared to the immediately preceding quarter, free cash flow and margin were higher. The same pattern held when compared to the same quarter one year earlier.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$801.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$233.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$286.0M
Cash generated by operations before capital spending.
CapEx
$53.0M
Capital spending and related asset purchases.
FCF margin
14.0%
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 | $1.9B | $340.0M | $81.0M | $259.0M | 13.6% |
| 2024-09-30 | $1.8B | $221.0M | $39.0M | $182.0M | 10.3% |
| 2024-12-31 | $1.7B | $180.0M | $53.0M | $127.0M | 7.5% |
| 2025-03-31 | $1.7B | $286.0M | $53.0M | $233.0M | 14.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 125.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.2% | 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.
Operating Cash Flow Improvement
Operating cash flow was higher than both the prior quarter and the same quarter last year, providing the primary support for the increase in free cash flow and the expansion of the free cash flow margin.
The higher free cash flow margin indicates stronger cash conversion from operations.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was roughly unchanged from the prior quarter but lower than the same quarter a year ago. Operating cash flow was higher than both periods, leading to a higher free cash flow and a wider free cash flow margin.
Compared to the immediately preceding quarter, free cash flow and margin were higher. The same pattern held when compared to the same quarter one year earlier.
The level of capital expenditure, which remained consistent across the three periods.