Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and free cash flow improved from the prior quarter and significantly from a year ago. Operating cash flow declined sequentially but remained positive, supporting a healthy free cash flow margin.
- Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow, while lower than the prior quarter, was positive and well above the negative level from a year ago. Capital expenditure was slightly lower sequentially, contributing to free cash flow that was solidly positive compared to a year earlier. The free cash flow margin weakened versus the prior quarter but was significantly improved from the negative margin one year ago.
- Compared to the prior quarter, operating cash flow and free cash flow were lower, while revenue was higher. Compared to the same quarter one year earlier, all metrics—revenue, operating cash flow, capital expenditure, free cash flow, and margin—were higher, with operating cash flow and free cash flow turning from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$768.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$823.0M
Cash generated by operations before capital spending.
CapEx
$55.0M
Capital spending and related asset purchases.
FCF margin
7.7%
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 |
|---|---|---|---|---|---|
| 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% |
| 2023-12-31 | $9.9B | $823.0M | $55.0M | $768.0M | 7.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 53.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.9B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue growth supporting cash generation
Revenue was higher than both the prior quarter and the same quarter last year, and the filing notes increases in Mobility and Delivery Gross Bookings. This higher revenue base underpinned the positive operating cash flow and free cash flow.
Higher revenue provides a foundation for continued positive free cash flow, even as operating cash flow varied sequentially.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow, while lower than the prior quarter, was positive and well above the negative level from a year ago. Capital expenditure was slightly lower sequentially, contributing to free cash flow that was solidly positive compared to a year earlier. The free cash flow margin weakened versus the prior quarter but was significantly improved from the negative margin one year ago.
Compared to the prior quarter, operating cash flow and free cash flow were lower, while revenue was higher. Compared to the same quarter one year earlier, all metrics—revenue, operating cash flow, capital expenditure, free cash flow, and margin—were higher, with operating cash flow and free cash flow turning from negative to positive.
Monitor whether operating cash flow can sustain its positive trend given the sequential decline from the prior quarter.