Recent pullback in PCOM provides excellent entry for long term investors. While a handful of investors have chosen to attack PCOM recently for having low gross margins and questioning whether they should be reporting gross or net revenues none of those factors have any bearing on the attractiveness of an investment in PCOM. In my view, the reason why you buy a stock is not because of margins or revenue, but because of a company's ability to generate tremendous Free Cash Flow. PCOM generates a ton of FCF as evidenced by the fact that they generated $1.50 in trailing operating cash flow for 2013. To further illustrate the attractiveness of the business model, it requires next to zero capex, so...
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