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DSS's total free cash flow for the months ended in Dec. 2023 was $1.70 Mil. Its total free cash flow for the trailing twelve months (TTM) ended in Dec. 2023 was $-20.01 Mil.
DSS's Free Cash Flow per Share for the months ended in Dec. 2023 was $0.24. Its free cash flow per share for the trailing twelve months (TTM) ended in Dec. 2023 was $-2.87.
During the past 3 years, the average Free Cash Flow per Share Growth Rate was 49.10% per year. During the past 5 years, the average Free Cash Flow per Share Growth Rate was 54.50% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Free Cash Flow Growth Rate using Free Cash Flow per Share data.
During the past 13 years, DSS's highest 3-Year average Free Cash Flow per Share Growth Rate was 67.50% per year. The lowest was -76.50% per year. And the median was 17.20% per year.
The historical data trend for DSS's Free Cash Flow can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
DSS Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Free Cash Flow | Get a 7-Day Free Trial | -6.66 | -6.52 | -41.20 | -29.76 | -20.01 |
DSS Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Free Cash Flow | Get a 7-Day Free Trial | -4.98 | -14.79 | -5.42 | -1.50 | 1.70 |
Free Cash Flow is considered one of the most important parameters to measure a company's earnings power by value investors because it is not subject to estimates of Depreciation, Depletion and Amortization (DDA). However, when we look at the Free Cash Flow, we should look from a long term perspective, because any year's Free Cash Flow can be drastically affected by the spending on Property, Plant, & Equipment (PPE) of the business in that year. Over the long term, Free Cash Flow should give pretty good picture on the real earnings power of the company.
DSS's Free Cash Flow for the fiscal year that ended in Dec. 2023 is calculated as
Free Cash Flow (A: Dec. 2023 ) | = | Cash Flow from Operations | + | Capital Expenditure |
= | -19.194 | + | -0.818 | |
= | -20.01 |
DSS's Free Cash Flow for the quarter that ended in Dec. 2023 is calculated as
Free Cash Flow (Q: Dec. 2023 ) | = | Cash Flow from Operations | + | Capital Expenditure |
= | 1.841 | + | -0.139 | |
= | 1.70 |
Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-20.01 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
DSS (AMEX:DSS) Free Cash Flow Explanation
Free Cash Flow is very close to Warren Buffett's definition of Owner's Earnings, except that in Warren Buffett's Owner's Earnings, the spending for Property, Plant, and Equipment is only for maintenance (replacement), while in the Free Cash Flow calculation, the cost of new Property, Plant, and Equipment due to business expansion is also deducted. There, Free Cash Flow is more conservative than Owner's Earnings.
In Don Yacktman's calculation of forward rate of return, he uses Free Cash Flow for the calculation. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation.
This is what Yacktman said in his March 2012 interview - when the S&P 500 was at 1400:
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over seven years. The reason we use seven years is because research shows that seven years is the length of the typical business cycle.
Therefore, as of Dec23, DSS's Forward Rate of Return (Yacktman) % is
Forward Rate of Return (Yacktman) % (Dec23) | = | Normalized Free Cash Flow | / | Price | + | 5-Year EBITDA Growth Rate |
= | 0 | / | 2.402 | + | 0 | |
= | 0.00 % |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Free Cash Flow within a report period can be affected by management's decisions of capital spending. Therefore, it is important to look at long term when it comes to Free Cash Flow.
Thank you for viewing the detailed overview of DSS's Free Cash Flow provided by GuruFocus.com. Please click on the following links to see related term pages.
Wu William Wai Leung | director | C/O DOCUMENT SECURITY SYSTEMS, INC., 200 CANAL VIEW BLVD., SUITE 300, ROCHESTER NY 14624 |
Chan Heng Fai Ambrose | director | 2601 INSLAND PLACE TOWER, 510 KINGS RD N POINT, HONG KONG K3 999999999 |
Lim Sheng Hon Danny | director | 4800 MONTGOMERY LANE, SUITE 210, BETHESDA MD 20814 |
Alset International Ltd | 10 percent owner | 10 WINSTEDT ROAD #02-02, SINGAPORE U0 227977 |
Hiu Pan Wong | director | RM F, 47/F, TOWER 6, PARK AVENUE,, 18 HOI TING ROAD, TAI KOK TUSI, KOWLOON, HONG KONG F4 999077 |
Shui Yeung Wong | director | 4800 MONTGOMERY LANE, SUITE 210, BETHESDA MD 20814 |
Alset Ehome International Inc. | 10 percent owner | 4800 MONTGOMERY LANE, SUITE 210, BETHESDA MD 20814 |
Todd D Macko | officer: Interim CFO | C/O 200 CANAL VIEW BLVD., SUITE 104, ROCHESTER NY 14623 |
Tung Moe Chan | director | 1601 BLAKE ST, SUITE 310, DENVER CO 80202 |
Global Biomedical Pte. Ltd. | 10 percent owner | 7 TEMASEK BOULEVARD #29-01B, SUNTEC TOWER ONE, SINGAPORE U0 038987 |
Sassuan (samson) Lee | director | 200 CANAL VIEW BLVD., SUITE 300, ROCHESTER NY 14623 |
Jose Escudero | director | 200 CANAL VIEW BOULEVARD, SUITE 300, ROCHESTER NY 14623 |
Jason Grady | officer: Chief Operating Officer | 1093 CARRINGTON WAY, VICTOR NY 14564 |
Joseph L. Sanders | director | C/O DOCUMENT SECURITY SYSTEMS, INC., 28 EAST MAIN STREET, SUITE 1525, ROCHESTER NY 14614 |
John Thatch | director | C/O SHARING SERVICES, INC., 1701 COIT ROAD, SUITE 100, PLANO TX 75075 |
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