Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both increased compared to the prior quarter and the same quarter last year. Free cash flow margin improved versus the year-ago period, supported by higher operating cash flow and relatively stable capital expenditure.
- Operating cash flow as a percentage of revenue was higher than the prior quarter and the year-ago quarter, indicating improved cash conversion. Capital expenditure remained modest, allowing free cash flow to rise in line with operating cash flow.
- Compared to the prior quarter, revenue was higher but operating cash flow was lower, resulting in a mixed cash conversion pattern. Versus the same quarter last year, both revenue and operating cash flow were higher, with free cash flow margin improving.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
$205.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$223.8M
Cash generated by operations before capital spending.
CapEx
$18.4M
Capital spending and related asset purchases.
FCF margin
38.3%
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 | $500.2M | $294.1M | n/a | n/a | n/a |
| 2024-09-30 | $507.6M | $295.9M | n/a | n/a | n/a |
| 2024-12-31 | $525.4M | $239.5M | n/a | n/a | n/a |
| 2025-03-31 | $536.6M | $223.8M | $18.4M | $205.4M | 38.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 154.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.4% | 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 Growth
Operating cash flow increased compared to the year-ago quarter, driving a higher free cash flow margin. This improvement occurred alongside revenue growth, indicating stronger cash generation from operations.
The year-over-year increase in operating cash flow was the primary factor behind the improved free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue was higher than the prior quarter and the year-ago quarter, indicating improved cash conversion. Capital expenditure remained modest, allowing free cash flow to rise in line with operating cash flow.
Compared to the prior quarter, revenue was higher but operating cash flow was lower, resulting in a mixed cash conversion pattern. Versus the same quarter last year, both revenue and operating cash flow were higher, with free cash flow margin improving.
Monitor the trend in operating cash flow relative to revenue, as the sequential decline in operating cash flow despite higher revenue may signal a shift in cash conversion efficiency.