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People cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$43.8M in Q3 2026 · $110M over twelve months

Operating cash flow$50.0M
Capital spending−$6.2M
Free cash flow+$43.8M
Cash conversion cycle51 days

Analysis

In Q3 2026, People generated $50.0M of operating cash flow and spent $6.2M on capital projects, leaving free cash flow of $43.8M. That is $13.7M less than in Q3 2025 ($57.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $142M; the largest uses were buybacks ($148M), taxes on employees’ shares ($55.1M), capital spending ($31.9M); besides operations, cash came from other investing ($431M), other financing ($7.2M); the cash balance rose by $311M.

Operating cash flow was $50.0M against net income of −$685M. The largest differences: deferred taxes −$278M, depreciation & amortization +$28.5M, stock-based pay +$25.1M.

Its cash conversion cycle was 51 days (receivables 71 + inventory 0 − payables 20).

Free cash flow

People: free cash flow by quarterPeople: free cash flow by quarter$105MQ4 2024−$31.4MQ1 2025−$11.2MQ2 2025$57.4MQ3 2025$30.0MQ4 2025$2.0MQ1 2026$34.5MQ2 2026$43.8MQ3 2026
Operating cash flow less capital spending.
People: operating cash flow against capital spendingPeople: operating cash flow against capital spendingOperating cash flowCapital spending$110M$5.3MQ4 2024−$27.3M$4.1MQ1 2025−$7.1M$4.0MQ2 2025$61.9M$4.5MQ3 2025$36.6M$6.6MQ4 2025$10.0M$8.0MQ1 2026$45.7M$11.2MQ2 2026$50.0M$6.2MQ3 2026
Latest (Q3 2026): Operating cash flow $50.0M, Capital spending $6.2M.

Capital allocation, year by year

People: where the cash came from (up) and went (down), by fiscal yearPeople: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $119MFY2021: Shares issued $1.5MFY2021: Asset sales $1.2MFY2021: Capital spending −$90.2MFY2021: Acquisitions −$2.7BFY2021: Buybacks −$35.4M$122MFY2021FY2022: Operating cash flow −$82.8MFY2022: Net borrowing −$30.0MFY2022: Shares issued $34.7MFY2022: Asset sales $9.5MFY2022: Capital spending −$23.4MFY2022: Buybacks −$85.3M$44.2MFY2022FY2023: Operating cash flow $190MFY2023: Net borrowing −$30.0MFY2023: Shares issued $130KFY2023: Asset sales $29.4MFY2023: Capital spending −$93.6MFY2023: Buybacks −$166M$219MFY2023FY2024: Operating cash flow $355MFY2024: Net borrowing −$68.0MFY2024: Asset sales $12.8MFY2024: Capital spending −$15.0M$367MFY2024FY2025: Operating cash flow $64.0MFY2025: Net borrowing −$1.0BFY2025: Asset sales $17.5MFY2025: Capital spending −$19.2MFY2025: Buybacks −$315M$81.5MFY2025
Over these 5 years operating cash flow totalled $644M; the largest uses were acquisitions ($2.7B) and net borrowing ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$1.4B
Net debt$122M
Due within a year$24.5M

People funds itself: free cash flow was $110M over the last twelve months, and $1.3B of cash and investments stands against $1.4B of debt ($24.5M due within a year, 53.8× covered by cash).

People: debt maturities by year (FY2025)People: debt maturities by year (FY2025)$24.5MYear 1$24.5MYear 2$42.0MYear 3$59.5MYear 4$226MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

People: sources (+) and uses (−) of cash, Q3 2026People: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$206MOther investing$186MOperating cash flow$50.0MTaxes on employees’ shares−$22.7MCapital spending−$6.2MNet borrowing (+) / repaid (−)−$6.1MAsset & business sales$4.5MOther financing$584KExchange rates−$331KNot reconciled−$150K
People: sources (+) and uses (−) of cash, TTM to Q3 2026People: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$431MCash drawn (+) / kept (−)−$311MBuybacks−$148MOperating cash flow$142MTaxes on employees’ shares−$55.1MCapital spending−$31.9MNet borrowing (+) / repaid (−)−$22.8MNot reconciled−$9.5MOther financing$7.2MExchange rates−$2.0M

From profit to cash

People: net income to operating cash flow, Q3 2026People: net income to operating cash flow, Q3 2026Net income−$685MDepreciation & amortization$28.5MStock-based pay$25.1MDeferred taxes−$278MOther non-cash$1.1MReceivables−$7.7MPayables$13.8MDeferred revenue$6.3MPrepaid and other assets$2.2MIncome taxes payable$63KOperating cash flow$50.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202671—2051
Q2 202669—2049
Q1 202679—1860
Q4 202534—1717
Q3 202580—2060
Q2 202579—2157
Q1 202582—2458
Q4 202461—2536

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$50.0M−$6.2M—−$6.1M−$206M$43.8M
Q2 2026$45.7M−$11.2M−$9.7M−$6.1M−$486K$34.5M
Q1 2026$10.0M−$8.0M−$124M—−$133M$2.0M
Q4 2025$36.6M−$6.6M−$15.0M−$4.4M$28.6M$30.0M
Q3 2025$61.9M−$4.5M−$100M−$4.4M$88.0M$57.4M
Q2 2025−$7.1M−$4.0M−$20.6M−$1.4B$64.9M−$11.2M
Q1 2025−$27.3M−$4.1M−$179M−$8.8M$639M−$31.4M
Q4 2024$110M−$5.3M—−$45.5M−$76.2M$105M

People: income statement and cash flow

People, Q3 2026: revenue $431M (-4% year over year), operating margin -0.7%. The chart follows the revenue to costs, profit and cash.

People: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.