Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined from the prior quarter, and operating cash flow turned negative, resulting in a negative free cash flow margin. Compared to the same quarter last year, free cash flow margin weakened further.
- Despite revenue, operating cash flow was negative, while capital expenditure remained positive, leading to a negative free cash flow and a negative free cash flow margin.
- Revenue, operating cash flow, free cash flow, and free cash flow margin all declined compared to the immediately preceding quarter. Compared to the same quarter one year earlier, revenue was slightly lower, operating cash flow turned from positive to negative, and free cash flow and its margin both weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$86.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$35.0M
Cash generated by operations before capital spending.
CapEx
$51.0M
Capital spending and related asset purchases.
FCF margin
-3.9%
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 | $2.2B | $407.0M | $66.0M | $341.0M | 15.4% |
| 2024-09-30 | $2.2B | $482.0M | $63.0M | $419.0M | 18.7% |
| 2024-12-31 | $3.0B | $599.0M | $56.0M | $543.0M | 18.2% |
| 2025-03-31 | $2.2B | -$35.0M | $51.0M | -$86.0M | -3.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -36.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Negative operating cash flow
Operating cash flow was negative in the quarter, a reversal from the positive figure in the prior quarter and the same quarter last year. This directly drove the negative free cash flow.
The negative operating cash flow reduced free cash flow and margin, contrasting with the positive revenue level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Despite revenue, operating cash flow was negative, while capital expenditure remained positive, leading to a negative free cash flow and a negative free cash flow margin.
Revenue, operating cash flow, free cash flow, and free cash flow margin all declined compared to the immediately preceding quarter. Compared to the same quarter one year earlier, revenue was slightly lower, operating cash flow turned from positive to negative, and free cash flow and its margin both weakened.
Monitor the trend of operating cash flow, as the filing notes that funds generated from operations are a principal source of liquidity.