0001433195-26-000023
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Operating cash flow of $65.4M for Q1 2026 significantly exceeded net income (not directly stated but implied strong cash generation). The operating cash flow conversion was robust, with a 36.6% year-over-year increase over the prior year's $47.9M. Capex of $3.0M was moderate, resulting in an implied free cash flow of $62.4M, which provided ample coverage for any potential capital returns (none were executed).
Net changes in operating assets and liabilities contributed positively, driven by increases in deferred revenue and accounts payable, offset slightly by higher accounts receivable. There were no unusual one-time tax payments or restructuring charges noted. The investing cash flow of -$2.5M includes capex and other investing activities. Financing cash flows were negative (-$3.6M), primarily due to proceeds from stock option exercises and repurchases of common stock for tax withholdings, with no dividends paid.