Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the same quarter last year and higher than the prior quarter. Operating cash flow and free cash flow were negative but improved significantly from the year-ago period, while free cash flow margin weakened sequentially.
- Revenue remained stable, but operating cash flow turned negative, leading to negative free cash flow and a negative free cash flow margin. Capital expenditure was lower than both the prior quarter and the year-ago quarter.
- Compared to the prior quarter, operating cash flow and free cash flow weakened from positive to negative, and free cash flow margin declined. Compared to the same quarter last year, operating cash flow and free cash flow improved (less negative), and free cash flow margin also improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$763.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$55.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$38.9M
Cash generated by operations before capital spending.
CapEx
$16.8M
Capital spending and related asset purchases.
FCF margin
-5.5%
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 | $1.1B | $539.2M | $17.0M | $522.2M | 47.5% |
| 2024-09-30 | $993.4M | $248.6M | $15.4M | $233.2M | 23.5% |
| 2024-12-31 | $972.9M | $86.5M | $22.7M | $63.8M | 6.6% |
| 2025-03-31 | $1.0B | -$38.9M | $16.8M | -$55.7M | -5.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -36.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.7B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Seasonal cash flow pattern
The filing states that the company experienced seasonal cash usage in the first quarter, consistent with historical trends, and expects this to reverse in the second quarter as seasonal demand peaks.
The first quarter's negative free cash flow is expected to reverse as the seasonal pattern unfolds.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue remained stable, but operating cash flow turned negative, leading to negative free cash flow and a negative free cash flow margin. Capital expenditure was lower than both the prior quarter and the year-ago quarter.
Compared to the prior quarter, operating cash flow and free cash flow weakened from positive to negative, and free cash flow margin declined. Compared to the same quarter last year, operating cash flow and free cash flow improved (less negative), and free cash flow margin also improved.
Monitor whether the expected seasonal reversal in the second quarter generates significant positive cash flow as indicated in the filing.