1Shift4 Investor Day presentation from 2/18/25
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. 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. IPO is Initial Public Offering. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. Adjusted EBITDA margin is the ratio between a company’s adjusted EBITDA and net revenue, expressed as a percentage. Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price. VAT (Value-Added Tax) is a consumption tax placed on a product or service at each stage of the supply chain where value is added — from production to the final sale. Revenue growth is the percentage change in a company’s total revenue over a specific period, typically measured quarterly or annually. Basis point (bps) is one hundredth of one percent. Weighted Average Cost of Capital (WACC) represents a company’s blended cost of capital that takes into account the weights of debt and equity within a company’s capital structure. Pro Forma Net Leverage is a ratio that divides a company’s net debt (gross debt less cash) by Adjusted EBITDA, adjusted for acquisition-related and other non-recurring charges.
Fund holdings are subject to change. Full holdings can be viewed here.
The peer group was obtained by looking at similarly classified companies in North America that serve as payment processors via Bloomberg/GICS classifications and also using sell-side research notes that listed relevant peers. These are primarily payment processors and/or PoS/software companies designed to handle payment volumes for merchants and/or consumers. They were further analyzed for comparable business models and above $1B in market cap.
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by clicking here and here respectively. Read the Prospectus and Summary Prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities.
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