Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow improved sharply versus the prior quarter, but free cash flow remained negative because capital spending still exceeded cash from operations. Revenue was stable year over year, while free cash flow margin improved from the prior quarter but weakened compared to the same quarter last year.
- Revenue was stable relative to both comparison periods. Operating cash flow increased from the preceding quarter and decreased from the year-ago quarter. Capital expenditure declined from both comparison periods. Free cash flow was negative, and its margin improved from the prior quarter but weakened versus the same quarter one year earlier.
- Compared to the immediately preceding quarter, operating cash flow was higher, capital expenditure was lower, free cash flow was higher, and free cash flow margin improved. Compared to the same quarter one year earlier, operating cash flow was lower, capital expenditure was lower, free cash flow was higher, and free cash flow margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$275.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$51.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$206.8M
Cash generated by operations before capital spending.
CapEx
$258.4M
Capital spending and related asset purchases.
FCF margin
-1.3%
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 | $4.0B | $479.7M | $347.3M | $132.4M | 3.3% |
| 2024-09-30 | $3.9B | $276.2M | $333.7M | -$57.5M | -1.5% |
| 2024-12-31 | $4.0B | $45.6M | $344.3M | -$298.7M | -7.5% |
| 2025-03-31 | $3.9B | $206.8M | $258.4M | -$51.7M | -1.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 25.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.7% | 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.
Capital expenditure reduction
Capital expenditure declined from both the prior quarter and the year-ago quarter, which drove the improvement in free cash flow despite lower operating cash flow year over year.
The reduction in capital spending was the strongest observable driver of the improved free cash flow position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable relative to both comparison periods. Operating cash flow increased from the preceding quarter and decreased from the year-ago quarter. Capital expenditure declined from both comparison periods. Free cash flow was negative, and its margin improved from the prior quarter but weakened versus the same quarter one year earlier.
Compared to the immediately preceding quarter, operating cash flow was higher, capital expenditure was lower, free cash flow was higher, and free cash flow margin improved. Compared to the same quarter one year earlier, operating cash flow was lower, capital expenditure was lower, free cash flow was higher, and free cash flow margin weakened.
Monitor whether operating cash flow can sustain its sequential improvement and more fully cover capital expenditure.