Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q4 2020 Earnings Presentation
12 slides from Accel Entertainment's earnings presentation, Mar 15, 2021
Slide 1: Fourth Quarter and Full-Year 2020 Earnings Presentation
Accel Entertainment Fourth Quarter and Full-Year 2020 Earnings Presentation March 2021 1
Slide 2: Important Information: Forward-Looking Statements
Important Information Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical
Slide 3: Important Information: Use of Non-GAAP Financial Measures
Important Information Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA. Adjusted EBITDA is defined as net (loss) income plus amortization of route and customer acquisition costs and location contracts acquired; change in fair value
Slide 4: Introduction to Accel
Introduction to Accel High Quality Service Company in Gaming Vertical Strong Track Record of Growth Annual Adjusted EBITDA(1) $mm $80 59% $64 CAGR $47 $33 $34 Accel owns and operates more than 12,200 Video Gaming $26 $19 Terminals (“VGTs”) across 2,435 third-party licensed establishments in Illinois
Slide 5: Recent Highlights
Recent Highlights • February 2021 was the highest revenue month in Accel’s history • Gaming revenue at locations open in February 2020 and 2021 up 20% YoY • COVID-19 Update: currently operating at normal gaming hours • On November 19th, all VGTs were shut-down by the IGB • In mid-January, regions be
Slide 6: Q4 2020 Results
Q4 2020 Results $ in millions Q4 2019 Q4 2020 % Change Locations 2,312 2,435 +5% VGTs 10,499 12,247 +17% $123M Revenue $74M -39% (As Restated) Adj $21M $5M -77% EBITDA(1) 1. Adjusted EBITDA is a non-GAAP financial measures that may not be comparable to other similarly titled measures of other compan
Slide 7: Full-Year 2020 Results and 2021 Guidance
Full-Year 2020 Results and 2021 Guidance $ in millions 2019 2020 % Change 2021 Guidance(1) Locations 2,312 2,435 +5% 2,550 - 2,575 VGTs 10,499 12,247 +17% 13,250 – 13,400 $429 Revenue $316 -26% $580 - $600 (As Restated) Adj $80 $34 -57% $95 - $100 EBITDA(2) CapEx(3) $21 $26 +24% $20 - $25 1. 2021 gu
Slide 8: Accel Quarterly KPIs
Accel Quarterly KPIs End of Period Live Locations / VGTs (#) Location Hold per Day(1) ($) VGTs Ex. GRJ Ex. GRJ Ex. GRJ Ex. GRJ Ex. GRJ VGTs Ex. GRJ $623 $635 $649 $626 Locations $611 $585 $605 Locations Ex. GRJ 12,247 11,597 $596 11,164 11,108 $572 $583 10,499 $574 w/GRJ w/GRJ w/GRJ $554 w/GRJ w/GRJ
Slide 9: Regulatory Update
Regulatory Update • On November 19th, all VGTs were shut-down • In mid-January, regions began to re-open – some had restricted gaming hours COVID-19 • By January 23rd, all regions were open – some had restricted gaming hours • By February 5th, all regions returned to normal gaming hours with limited
Slide 10: Historical Financial Summary
Historical Financial Summary Twelve Months Ended Three Months Ended Q4 $ in millions December 31, December 31, YoY 2016 2017 2018 2019 2020 2019 2020 Growth (As Restated) (As Restated) # Locations 1,162 1,442 1,686 2,312 2,435 2,312 2,435 5% # VGTs 4,947 6,439 7,649 10,499 12,247 10,499 12,247 17% N
Slide 11: Accel Balance Sheet
Accel Balance Sheet December 31, December 31, $ in millions 2019 2020 Assets (As Restated) Current Assets: Cash and cash equivalents $125 $134 Investment in convertible notes (current) $11 – Other current assets $15 $18 Total current assets $151 $152 Property and equipment, net $119 $144 Route and c
Slide 12: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation Twelve Months Ended Three Months Ended Nine Months Ended $ in millions December 31, December 31, September 30, Standalone Accel 2016 2017 2018 2019 2020 2019 2020 (As Restated) (As Restated) Reported Net Income (Loss) 5 8 11 (16) (13) (22) (10) (+) Amortization of Op