Past performance does not imply future results. This is based upon projections which may not come to pass. Not only could projections fail to materialize, but the business and stock price could also move in the opposite direction. The stock could go to zero and you could lose all of the money you invest.

Enterprise value is a measure of a company’s total value. Fiat is a government-issued currency that is backed by the government who issued it, as opposed to a physical commodity such as gold or silver. Price-to-cash flow (P/CF) is a valuation multiple that compares a company’s its stock price per share to operating cash flow per share. Price to sales ratio is a tool for calculating a stock’s valuation relative to other companies. It is calculated by dividing a stock’s current price by its revenue per share. Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services. Operating leverage is the ratio of a business’s fixed costs to its variable costs. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.

Fund holdings are subject to change. As of 2/8/24, FOUR was a 4.35% weight in the MVPA portfolio. Full holdings can be viewed here.

The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.

The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.

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