Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sequentially as revenue growth outpaced operating cash flow expansion, though the margin weakened compared to the same quarter last year. Capital expenditure remained absent, making free cash flow equal to operating cash flow.
- Revenue increased while operating cash flow rose at a slower pace, resulting in a lower free cash flow margin than the prior year. With no capital expenditure, cash conversion from operations to free cash flow was complete.
- Compared to the prior quarter, revenue and operating cash flow both increased, lifting free cash flow and margin. Versus the same quarter last year, revenue was higher but operating cash flow was slightly lower, causing a weaker free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$206.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
$70.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$70.1M
Cash generated by operations before capital spending.
CapEx
$0
Capital spending and related asset purchases.
FCF margin
17.7%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $349.4M | $26.8M | $0 | $26.8M | 7.7% |
| 2025-06-30 | $382.9M | $52.0M | $0 | $52.0M | 13.6% |
| 2025-09-30 | $387.8M | $57.6M | $0 | $57.6M | 14.9% |
| 2025-12-31 | $397.0M | $70.1M | $0 | $70.1M | 17.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 1322.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | $469.0M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue Growth Driving Cash Flow
Revenue increased from both the prior quarter and the year-ago quarter, providing the primary observable lift to operating cash flow and free cash flow.
Higher revenue supported a sequential improvement in free cash flow despite a year-over-year margin compression.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased while operating cash flow rose at a slower pace, resulting in a lower free cash flow margin than the prior year. With no capital expenditure, cash conversion from operations to free cash flow was complete.
Compared to the prior quarter, revenue and operating cash flow both increased, lifting free cash flow and margin. Versus the same quarter last year, revenue was higher but operating cash flow was slightly lower, causing a weaker free cash flow margin.
Monitor whether operating cash flow can sustain its growth trajectory relative to revenue, as the margin has declined year over year.