Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable sequentially, but lower than the same quarter last year. Free cash flow and margin improved from the prior quarter but remained below the year-ago level.
- Operating cash flow improved sequentially while capital expenditure decreased, leading to higher free cash flow and an improved margin. Compared to the year-ago quarter, operating cash flow was lower, resulting in a weaker free cash flow margin.
- Compared to the immediately preceding quarter, free cash flow and margin improved. Relative to the same quarter one year earlier, both free cash flow and margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$477.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
$88.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$94.9M
Cash generated by operations before capital spending.
CapEx
$6.4M
Capital spending and related asset purchases.
FCF margin
10.1%
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 |
|---|---|---|---|---|---|
| 2023-12-29 | $932.4M | $98.9M | $9.8M | $89.1M | 9.6% |
| 2024-03-29 | $953.3M | $233.8M | $6.8M | $227.0M | 23.8% |
| 2024-06-28 | $870.8M | $87.6M | $14.3M | $73.3M | 8.4% |
| 2024-09-27 | $875.8M | $94.9M | $6.4M | $88.5M | 10.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 218.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Sequential improvement in cash generation
Operating cash flow increased while capital expenditure declined, lifting free cash flow and margin versus the prior quarter.
This recovery helped offset the year-over-year decline but still left free cash flow and margin below the level of the same quarter last year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow improved sequentially while capital expenditure decreased, leading to higher free cash flow and an improved margin. Compared to the year-ago quarter, operating cash flow was lower, resulting in a weaker free cash flow margin.
Compared to the immediately preceding quarter, free cash flow and margin improved. Relative to the same quarter one year earlier, both free cash flow and margin were lower.
Monitor the impact of the agricultural divestiture and higher tax payments on operating cash flow, as noted in the filing context.