Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow margin weakened compared to both the prior quarter and the same quarter last year, as operating cash flow declined more sharply than revenue. Capital expenditure was lower than the prior quarter but similar to the year-ago level.
- Revenue was higher than a year ago but lower than the prior quarter. Operating cash flow decreased relative to both periods, resulting in a lower free cash flow margin despite a reduction in capital expenditure.
- Compared to the prior quarter, revenue, operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter last year, revenue was higher, but operating cash flow, free cash flow, and free cash flow margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$524.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$112.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$128.2M
Cash generated by operations before capital spending.
CapEx
$16.0M
Capital spending and related asset purchases.
FCF margin
16.9%
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 | $691.7M | $158.6M | $22.0M | $136.6M | 19.7% |
| 2024-09-29 | $684.0M | $147.9M | $22.3M | $125.6M | 18.4% |
| 2024-12-29 | $729.4M | $174.2M | $24.5M | $149.8M | 20.5% |
| 2025-03-30 | $664.8M | $128.2M | $16.0M | $112.2M | 16.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 265.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.0B | 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 Decline
Operating cash flow was lower than both the prior quarter and the year-ago quarter, despite revenue being higher than a year ago. This drove the reduction in free cash flow and free cash flow margin.
The weakened cash conversion efficiency is the most observable change this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than a year ago but lower than the prior quarter. Operating cash flow decreased relative to both periods, resulting in a lower free cash flow margin despite a reduction in capital expenditure.
Compared to the prior quarter, revenue, operating cash flow, free cash flow, and free cash flow margin were all lower. Versus the same quarter last year, revenue was higher, but operating cash flow, free cash flow, and free cash flow margin were lower.
Monitor whether operating cash flow can stabilize or improve relative to revenue, as its decline was the primary factor behind the weakened free cash flow margin.