Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved versus both the prior quarter and the same quarter last year, driven by higher operating cash flow. The free cash flow margin strengthened compared to both periods.
- Revenue increased while operating cash flow rose, leading to higher free cash flow. Capital expenditure was slightly lower than the prior quarter but higher than a year ago, and the free cash flow margin expanded.
- Compared to the prior quarter, free cash flow was lower despite higher revenue, as operating cash flow decreased. Versus the same quarter last year, free cash flow was higher, supported by a significant increase in operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$197.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$314.0M
Cash generated by operations before capital spending.
CapEx
$117.0M
Capital spending and related asset purchases.
FCF margin
7.4%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $2.4B | $360.0M | $92.0M | $268.0M | 11.2% |
| 2024-09-30 | $2.5B | $356.0M | $106.0M | $250.0M | 10.0% |
| 2024-12-31 | $2.6B | $464.0M | $123.0M | $341.0M | 13.0% |
| 2025-03-31 | $2.7B | $314.0M | $117.0M | $197.0M | 7.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 89.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.4% | 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 the same quarter last year, providing the primary support for the increase in free cash flow. This improvement occurred alongside higher revenue.
The stronger operating cash flow directly lifted free cash flow and the free cash flow margin compared to the year-ago period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased while operating cash flow rose, leading to higher free cash flow. Capital expenditure was slightly lower than the prior quarter but higher than a year ago, and the free cash flow margin expanded.
Compared to the prior quarter, free cash flow was lower despite higher revenue, as operating cash flow decreased. Versus the same quarter last year, free cash flow was higher, supported by a significant increase in operating cash flow.
Monitor the trend in operating cash flow, which declined from the prior quarter despite higher revenue.