Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue grew versus both the prior quarter and the same quarter last year. However, operating cash flow turned negative and capital spending rose, causing free cash flow to be more negative and its margin to weaken.
- Revenue increased, but operating cash flow shifted from positive to negative, while capital expenditure was higher. As a result, free cash flow remained negative and the free cash flow margin declined compared to both prior periods.
- Compared to the immediately preceding quarter, revenue was higher but operating cash flow worsened from positive to negative, and the free cash flow margin weakened. Relative to the same quarter one year ago, revenue improved, operating cash flow was less negative, yet capital expenditure increased substantially, and the free cash flow margin was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$103.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$64.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$1.6M
Cash generated by operations before capital spending.
CapEx
$62.8M
Capital spending and related asset purchases.
FCF margin
-15.1%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $308.3M | $35.5M | $24.6M | $10.9M | 3.5% |
| 2024-09-28 | $336.9M | $39.6M | $74.1M | -$34.5M | -10.2% |
| 2024-12-28 | $402.2M | $24.3M | $40.2M | -$15.9M | -4.0% |
| 2025-03-29 | $425.2M | -$1.6M | $62.8M | -$64.4M | -15.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 146.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 14.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.1B | 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 Increase
Capital spending was higher than both the prior quarter and the same quarter last year, representing a significant cash outflow. This increase was a primary factor in the larger free cash flow deficit.
The elevated capital expenditure has directly contributed to the weakened free cash flow position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased, but operating cash flow shifted from positive to negative, while capital expenditure was higher. As a result, free cash flow remained negative and the free cash flow margin declined compared to both prior periods.
Compared to the immediately preceding quarter, revenue was higher but operating cash flow worsened from positive to negative, and the free cash flow margin weakened. Relative to the same quarter one year ago, revenue improved, operating cash flow was less negative, yet capital expenditure increased substantially, and the free cash flow margin was lower.
Monitor the level of capital expenditure and its effect on free cash flow, given the current negative operating cash flow.