Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and margin improved compared to the same quarter last year, driven by higher operating cash flow and lower capital spending. Relative to the prior quarter, free cash flow and margin weakened as revenue and operating cash flow declined.
- Cash conversion, as measured by free cash flow as a percentage of revenue, improved from a year earlier but declined from the preceding quarter. Operating cash flow increased relative to the year-ago period while capital expenditure decreased, resulting in higher free cash flow.
- Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were lower, while capital expenditure also decreased. Versus the same quarter one year earlier, revenue was slightly higher, operating cash flow and free cash flow were higher, and capital expenditure was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$306.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
$58.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$129.4M
Cash generated by operations before capital spending.
CapEx
$71.3M
Capital spending and related asset purchases.
FCF margin
8.3%
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 | $702.1M | $165.0M | $100.2M | $64.8M | 9.2% |
| 2024-09-30 | $746.9M | $180.1M | $81.3M | $98.8M | 13.2% |
| 2024-12-31 | $748.8M | $190.1M | $104.9M | $85.2M | 11.4% |
| 2025-03-31 | $698.0M | $129.4M | $71.3M | $58.1M | 8.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 64.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | $201.6M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Lower Capital Expenditure
Capital expenditure declined compared to the same quarter last year, as noted in the filing. This reduction was a key factor in the improvement of free cash flow.
The lower capital expenditure supported the increase in free cash flow and free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion, as measured by free cash flow as a percentage of revenue, improved from a year earlier but declined from the preceding quarter. Operating cash flow increased relative to the year-ago period while capital expenditure decreased, resulting in higher free cash flow.
Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were lower, while capital expenditure also decreased. Versus the same quarter one year earlier, revenue was slightly higher, operating cash flow and free cash flow were higher, and capital expenditure was lower.
Monitor the sustainability of the favorable working capital management that contributed to the operating cash flow increase, as noted in the filing.