Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was nearly flat compared to the prior quarter but slightly higher year over year. Free cash flow and free cash flow margin improved from the same quarter last year, though both weakened significantly from the immediately preceding quarter.
- Operating cash flow relative to revenue was higher than a year ago but lower than the prior quarter, driving a similar pattern in free cash flow. The free cash flow margin improved from last year's same quarter but weakened from the prior quarter.
- Compared to the prior quarter, revenue was stable while operating cash flow, free cash flow, and free cash flow margin all decreased. Compared to the same quarter last year, revenue, operating cash flow, free cash flow, and free cash flow margin were all higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
$134.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$253.0M
Cash generated by operations before capital spending.
CapEx
$119.0M
Capital spending and related asset purchases.
FCF margin
6.9%
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 | $1.9B | $397.0M | $55.0M | $342.0M | 18.2% |
| 2024-09-30 | $1.8B | $244.0M | $82.0M | $162.0M | 8.8% |
| 2024-12-31 | $1.9B | $480.0M | $102.0M | $378.0M | 20.0% |
| 2025-03-31 | $1.9B | $253.0M | $119.0M | $134.0M | 6.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 39.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Year-over-year operating cash flow improvement
Operating cash flow and free cash flow were both higher than the same quarter last year, with filing context attributing the increase primarily to higher operating results.
This driver supported stronger free cash flow generation compared to the prior year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow relative to revenue was higher than a year ago but lower than the prior quarter, driving a similar pattern in free cash flow. The free cash flow margin improved from last year's same quarter but weakened from the prior quarter.
Compared to the prior quarter, revenue was stable while operating cash flow, free cash flow, and free cash flow margin all decreased. Compared to the same quarter last year, revenue, operating cash flow, free cash flow, and free cash flow margin were all higher.
The sequential decline in operating cash flow despite stable revenue is a concrete item to monitor.