Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue decreased compared to both the prior quarter and the same quarter last year. Operating cash flow fell, leading to lower free cash flow and a weakened free cash flow margin.
- Revenue was lower than the prior quarter and the year-ago quarter. Operating cash flow declined more than revenue, while capital expenditure was higher than the same quarter last year but lower than the prior quarter. Free cash flow and free cash flow margin were lower compared to both periods.
- Compared to the immediately preceding quarter, revenue, operating cash flow, free cash flow, and free cash flow margin were lower; capital expenditure was lower. Compared to the same quarter one year earlier, revenue, operating cash flow, free cash flow, and free cash flow margin were lower; capital expenditure was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$386.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$27.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$118.2M
Cash generated by operations before capital spending.
CapEx
$90.6M
Capital spending and related asset purchases.
FCF margin
4.0%
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 |
|---|---|---|---|---|---|
| 2023-06-30 | $753.8M | $169.2M | $75.4M | $93.8M | 12.4% |
| 2023-09-30 | $747.4M | $230.1M | $95.8M | $134.3M | 18.0% |
| 2023-12-31 | $732.0M | $239.1M | $108.7M | $130.4M | 17.8% |
| 2024-03-31 | $695.4M | $118.2M | $90.6M | $27.6M | 4.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 23.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 13.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | $395.6M | 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 Decline
Operating cash flow fell from both the prior quarter and the year-ago quarter. The filing context notes the decline was primarily due to a decrease in operating results.
Lower operating cash flow directly reduced free cash flow and its margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the prior quarter and the year-ago quarter. Operating cash flow declined more than revenue, while capital expenditure was higher than the same quarter last year but lower than the prior quarter. Free cash flow and free cash flow margin were lower compared to both periods.
Compared to the immediately preceding quarter, revenue, operating cash flow, free cash flow, and free cash flow margin were lower; capital expenditure was lower. Compared to the same quarter one year earlier, revenue, operating cash flow, free cash flow, and free cash flow margin were lower; capital expenditure was higher.
Monitor the trend in capital expenditure, as it increased compared to the year-ago quarter while revenue declined.