Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue grew slightly from the prior quarter and was higher than a year ago. Free cash flow margin weakened sequentially but remained well above the year-ago level.
- Operating cash flow decreased from the prior quarter and capital expenditure increased, resulting in lower free cash flow. Compared to a year ago, operating cash flow improved significantly, and free cash flow margin expanded as revenue grew.
- Sequentially, free cash flow declined as operating cash flow fell and capital expenditure rose. Year-over-year, free cash flow was higher and the margin improved, driven by stronger operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$905.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$966.0M
Cash generated by operations before capital spending.
CapEx
$61.0M
Capital spending and related asset purchases.
FCF margin
9.7%
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 |
|---|---|---|---|---|---|
| 2022-12-31 | $8.6B | -$244.0M | $59.0M | -$303.0M | -3.5% |
| 2023-03-31 | $8.8B | $606.0M | $57.0M | $549.0M | 6.2% |
| 2023-06-30 | $9.2B | $1.2B | $50.0M | $1.1B | 12.4% |
| 2023-09-30 | $9.3B | $966.0M | $61.0M | $905.0M | 9.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 409.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Mobility Trip Volume Growth
Revenue growth was primarily attributable to an increase in Gross Bookings, which was driven by higher Mobility Trip volumes, as noted in the filing.
This driver supported year-over-year improvement in free cash flow despite the sequential moderation in cash conversion.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow decreased from the prior quarter and capital expenditure increased, resulting in lower free cash flow. Compared to a year ago, operating cash flow improved significantly, and free cash flow margin expanded as revenue grew.
Sequentially, free cash flow declined as operating cash flow fell and capital expenditure rose. Year-over-year, free cash flow was higher and the margin improved, driven by stronger operating cash flow.
Monitor the sequential decline in operating cash flow to assess whether cash conversion momentum is sustainable.