Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined from both the prior quarter and the year-ago period. Free cash flow margin narrowed compared to both periods, primarily due to lower operating cash flow.
- Operating cash flow remained positive, and capital expenditure was lower than both the prior quarter and the year-ago period. The resulting free cash flow was positive but at a lower margin than either comparison period.
- Compared to the immediately preceding quarter, revenue, operating cash flow, free cash flow, and margin all weakened. Compared to the same quarter one year earlier, revenue was higher, but operating cash flow, free cash flow, and margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$728.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
$124.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$138.1M
Cash generated by operations before capital spending.
CapEx
$13.8M
Capital spending and related asset purchases.
FCF margin
14.0%
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 | $995.3M | $187.3M | $27.4M | $159.9M | 16.1% |
| 2024-09-29 | $1.3B | $222.5M | $18.4M | $204.1M | 15.9% |
| 2024-12-29 | $1.1B | $259.8M | $19.3M | $240.5M | 21.8% |
| 2025-03-30 | $887.1M | $138.1M | $13.8M | $124.3M | 14.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 126.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.6% | 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 Decrease
Operating cash flow declined from both the prior quarter and the year-ago period, even though revenue improved year on year. This was the strongest observable driver of the lower free cash flow and margin.
The drop in operating cash flow directly reduced free cash flow and compressed the margin compared to both prior periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow remained positive, and capital expenditure was lower than both the prior quarter and the year-ago period. The resulting free cash flow was positive but at a lower margin than either comparison period.
Compared to the immediately preceding quarter, revenue, operating cash flow, free cash flow, and margin all weakened. Compared to the same quarter one year earlier, revenue was higher, but operating cash flow, free cash flow, and margin were lower.
With capital expenditure relatively stable, a concrete item to monitor is the trajectory of operating cash flow, as it is the primary driver of free cash flow.