Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned positive and free cash flow improved significantly from a negative position in the prior quarter, while revenue held relatively stable. Compared with the same quarter one year earlier, both operating cash flow and free cash flow were higher.
- Revenue was stable from the prior quarter, yet operating cash flow swung from a large outflow to a solid inflow, driving free cash flow into positive territory. The free cash flow margin also improved sharply, reflecting a stronger cash conversion efficiency.
- Compared with the immediately preceding quarter, revenue was slightly higher, operating cash flow improved substantially, and free cash flow shifted from negative to positive, with a much higher free cash flow margin. Versus the same quarter one year earlier, revenue was lower, but operating cash flow and free cash flow were both higher, leading to an improved free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
$485.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$573.0M
Cash generated by operations before capital spending.
CapEx
$87.2M
Capital spending and related asset purchases.
FCF margin
12.1%
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 |
|---|---|---|---|---|---|
| 2023-09-30 | $4.0B | $443.9M | $79.9M | $364.0M | 9.2% |
| 2023-12-30 | $3.7B | $769.3M | $122.3M | $647.0M | 17.3% |
| 2024-03-30 | $3.9B | -$431.0M | $65.7M | -$496.7M | -12.8% |
| 2024-06-29 | $4.0B | $573.0M | $87.2M | $485.8M | 12.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -4337.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$5.8B | 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 recovery
The most observable driver this quarter was the turnaround in operating cash flow, which moved from a substantial outflow to a sizeable inflow. This change was the primary factor behind the positive free cash flow and the improvement in free cash flow margin.
Free cash flow turned positive after a negative prior quarter, and the free cash flow margin rose accordingly.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable from the prior quarter, yet operating cash flow swung from a large outflow to a solid inflow, driving free cash flow into positive territory. The free cash flow margin also improved sharply, reflecting a stronger cash conversion efficiency.
Compared with the immediately preceding quarter, revenue was slightly higher, operating cash flow improved substantially, and free cash flow shifted from negative to positive, with a much higher free cash flow margin. Versus the same quarter one year earlier, revenue was lower, but operating cash flow and free cash flow were both higher, leading to an improved free cash flow margin.
Monitor whether operating cash flow can sustain its positive momentum, given its large swing from the prior quarter.