Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased compared with both the prior quarter and the same quarter a year ago. The free cash flow margin improved versus both periods, reflecting a higher proportion of revenue converted into free cash flow.
- Operating cash flow rose to a higher level than revenue growth, and capital expenditure was lower than in the prior quarter, resulting in a free cash flow margin that was above both the preceding quarter and the year‑ago quarter.
- Compared with the prior quarter, all metrics were higher except for capital expenditure, which was lower. Relative to the same quarter a year ago, revenue, operating cash flow, and free cash flow were higher, while capital expenditure was higher and free cash flow margin was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$906.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
$285.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$291.3M
Cash generated by operations before capital spending.
CapEx
$5.8M
Capital spending and related asset purchases.
FCF margin
71.0%
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 | $387.1M | $160.4M | $9.2M | $151.2M | 39.1% |
| 2024-09-30 | $390.6M | $253.4M | $5.6M | $247.8M | 63.4% |
| 2024-12-31 | $395.4M | $231.5M | $9.5M | $222.0M | 56.1% |
| 2025-03-31 | $402.3M | $291.3M | $5.8M | $285.5M | 71.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 143.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.4% | 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.
Operating Cash Flow Growth
Operating cash flow increased more than revenue, leading to a higher free cash flow margin. Capital expenditure was lower versus the prior quarter, further supporting free cash flow.
The stronger cash conversion rate improves the company's ability to generate cash from its operations.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose to a higher level than revenue growth, and capital expenditure was lower than in the prior quarter, resulting in a free cash flow margin that was above both the preceding quarter and the year‑ago quarter.
Compared with the prior quarter, all metrics were higher except for capital expenditure, which was lower. Relative to the same quarter a year ago, revenue, operating cash flow, and free cash flow were higher, while capital expenditure was higher and free cash flow margin was higher.
Monitor the composition of liquid assets, as cash and cash equivalents increased while marketable securities decreased from the prior quarter end.