Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow turned slightly negative after being positive in the prior quarter, though it improved significantly from a deep negative in the same quarter last year.
- Operating cash flow was lower than revenue, and capital expenditure exceeded operating cash flow, resulting in a negative free cash flow margin. This indicates that cash conversion was weaker than the immediately preceding quarter but stronger than the same quarter one year earlier.
- Compared to the prior quarter, operating cash flow and free cash flow were lower, while revenue was slightly higher. Compared to the same quarter last year, revenue was higher, operating cash flow was lower, but free cash flow improved markedly due to a much lower capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$50.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$1.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$53.0M
Cash generated by operations before capital spending.
CapEx
$54.0M
Capital spending and related asset purchases.
FCF margin
-0.1%
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 | $677.8M | $58.1M | $72.8M | -$14.7M | -2.2% |
| 2024-09-30 | $692.6M | $100.3M | $60.1M | $40.2M | 5.8% |
| 2024-12-31 | $709.2M | $95.0M | $69.4M | $25.6M | 3.6% |
| 2025-03-31 | $732.0M | $53.0M | $54.0M | -$1.0M | -0.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 6.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 7.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | $2.7B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Capital Expenditure Shift
Capital expenditure was lower than both the prior quarter and the same quarter last year. Despite this reduction, it still exceeded operating cash flow, contributing to a negative free cash flow.
The level of capital expenditure relative to operating cash flow is the primary driver of the negative free cash flow in this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than revenue, and capital expenditure exceeded operating cash flow, resulting in a negative free cash flow margin. This indicates that cash conversion was weaker than the immediately preceding quarter but stronger than the same quarter one year earlier.
Compared to the prior quarter, operating cash flow and free cash flow were lower, while revenue was slightly higher. Compared to the same quarter last year, revenue was higher, operating cash flow was lower, but free cash flow improved markedly due to a much lower capital expenditure.
Monitor the relationship between operating cash flow and capital expenditure, as capital expenditure exceeded operating cash flow this quarter, reversing the prior quarter's pattern.