Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow improved significantly, while capital expenditure rose moderately, resulting in a small positive free cash flow. Free cash flow margin turned positive, contrasting with negative margins in both the prior quarter and the year-ago quarter.
- Revenue increased while operating cash flow grew at a faster pace, lifting free cash flow into positive territory. The free cash flow margin improved from negative levels in both comparison periods to a modest positive figure.
- Compared to the immediately preceding quarter, free cash flow turned positive, driven by higher operating cash flow despite higher capital expenditure. Versus the same quarter one year earlier, free cash flow also improved from negative to positive, with operating cash flow more than offsetting higher capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$93.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$28.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$146.7M
Cash generated by operations before capital spending.
CapEx
$118.5M
Capital spending and related asset purchases.
FCF margin
3.6%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $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% |
| 2025-06-30 | $781.3M | $146.7M | $118.5M | $28.2M | 3.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 440.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 15.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | $2.6B | 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 Recovery
Operating cash flow increased substantially from the prior quarter and the year-ago quarter, providing the primary lift to free cash flow. This improvement occurred alongside higher revenue and despite a rise in capital expenditure.
Stronger operating cash flow converted revenue into positive free cash flow this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased while operating cash flow grew at a faster pace, lifting free cash flow into positive territory. The free cash flow margin improved from negative levels in both comparison periods to a modest positive figure.
Compared to the immediately preceding quarter, free cash flow turned positive, driven by higher operating cash flow despite higher capital expenditure. Versus the same quarter one year earlier, free cash flow also improved from negative to positive, with operating cash flow more than offsetting higher capital expenditure.
Capital expenditure remains elevated relative to operating cash flow, and further changes in their relationship bear monitoring.