Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than both the prior quarter and the same quarter last year, yet free cash flow was higher than both periods. The free cash flow margin improved substantially compared to the preceding quarter and the year-ago quarter.
- Operating cash flow was higher than the year-ago quarter but slightly lower than the prior quarter. Capital expenditure was lower than both comparison periods, which together with operating cash flow drove free cash flow higher.
- Compared to the prior quarter, revenue was lower while free cash flow was higher, resulting in a much improved free cash flow margin. Versus the same quarter last year, revenue was lower but free cash flow was higher, with a higher free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$844.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$255.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$301.2M
Cash generated by operations before capital spending.
CapEx
$46.2M
Capital spending and related asset purchases.
FCF margin
530.8%
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 | -$594.3M | $425.6M | $91.6M | $334.0M | -56.2% |
| 2024-09-30 | $41.9M | $304.7M | $272.3M | $32.4M | 77.2% |
| 2024-12-31 | $693.7M | $310.2M | $87.1M | $223.0M | 32.2% |
| 2025-03-31 | $48.0M | $301.2M | $46.2M | $255.0M | 530.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 115.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 96.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$11.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Lower Capital Expenditure
Capital expenditure was lower than both the prior quarter and the year-ago quarter, contributing to higher free cash flow despite lower revenue.
The reduction in capital expenditure was the strongest observable driver of the free cash flow increase.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than the year-ago quarter but slightly lower than the prior quarter. Capital expenditure was lower than both comparison periods, which together with operating cash flow drove free cash flow higher.
Compared to the prior quarter, revenue was lower while free cash flow was higher, resulting in a much improved free cash flow margin. Versus the same quarter last year, revenue was lower but free cash flow was higher, with a higher free cash flow margin.
Monitor whether the lower capital expenditure level persists in future quarters, as it was a key factor in the free cash flow improvement.