Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was higher than the prior quarter but lower than the same quarter last year. The margin improved sequentially but declined compared to the year-ago period.
- Revenue was stable compared to the prior quarter, while operating cash flow increased substantially, leading to a higher free cash flow and margin. Capital expenditure was slightly lower than the prior quarter.
- Compared to the immediately preceding quarter, free cash flow improved due to a stronger operating cash flow. Versus the same quarter one year earlier, free cash flow weakened as operating cash flow was lower and capital expenditure was slightly higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$604.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$648.7M
Cash generated by operations before capital spending.
CapEx
$44.1M
Capital spending and related asset purchases.
FCF margin
58.4%
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 |
|---|---|---|---|---|---|
| 2024-03-31 | $935.3M | $350.2M | $41.2M | $309.0M | 33.0% |
| 2024-06-30 | $975.7M | $540.9M | $44.1M | $496.8M | 50.9% |
| 2024-09-30 | $1.0B | $400.8M | $45.8M | $355.0M | 34.5% |
| 2024-12-31 | $1.0B | $648.7M | $44.1M | $604.6M | 58.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 245.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$6.4B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Stronger Operating Cash Flow
Operating cash flow rose significantly from the prior quarter while revenue held steady, driving a substantial increase in free cash flow.
The improvement in cash conversion was the primary factor behind the sequential growth in free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the prior quarter, while operating cash flow increased substantially, leading to a higher free cash flow and margin. Capital expenditure was slightly lower than the prior quarter.
Compared to the immediately preceding quarter, free cash flow improved due to a stronger operating cash flow. Versus the same quarter one year earlier, free cash flow weakened as operating cash flow was lower and capital expenditure was slightly higher.
Based on the filing, fuel price volatility is a risk that could affect revenue and account balances, and should be monitored.