Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and higher than a year ago. Free cash flow improved sequentially but was slightly lower than the same quarter last year, reflecting a higher operating cash flow versus the previous quarter.
- Operating cash flow was higher than the previous quarter, leading to stronger free cash flow despite a similar level of capital expenditure. The free cash flow margin improved from the prior quarter but was below the year-ago margin.
- Compared to the prior quarter, free cash flow and margin both increased. Compared to the same quarter a year earlier, free cash flow was slightly lower and margin decreased, even though revenue was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$419.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$471.0M
Cash generated by operations before capital spending.
CapEx
$52.0M
Capital spending and related asset purchases.
FCF margin
22.9%
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 |
|---|---|---|---|---|---|
| 2023-12-31 | $2.0B | $448.0M | $106.0M | $342.0M | 16.8% |
| 2024-03-31 | $1.6B | $363.0M | $49.0M | $314.0M | 19.6% |
| 2024-06-30 | $1.8B | $342.0M | $50.0M | $292.0M | 16.6% |
| 2024-09-30 | $1.8B | $471.0M | $52.0M | $419.0M | 22.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 109.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.8% | 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.
Sequential operating cash flow improvement
Operating cash flow was higher than the prior quarter, enabling a larger free cash flow despite stable capital expenditure.
This improvement drove the free cash flow margin higher sequentially.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than the previous quarter, leading to stronger free cash flow despite a similar level of capital expenditure. The free cash flow margin improved from the prior quarter but was below the year-ago margin.
Compared to the prior quarter, free cash flow and margin both increased. Compared to the same quarter a year earlier, free cash flow was slightly lower and margin decreased, even though revenue was higher.
Monitor the conversion of revenue into operating cash flow, as the free cash flow margin was lower than a year ago despite higher revenue.