Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q1 2022 Earnings Presentation
10 slides from Accel Entertainment's earnings presentation, May 5, 2022
Slide 1: First Quarter 2022 Earnings Presentation
First Quarter 2022 Earnings Presentation May 2022
Slide 2: Important Information
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: Accel at a Glance
Accel at a Glance Average Daily Net Video Gaming Revenue(1) ($ in thousands) High Quality $2,030 $2,084 Service Strong Track $1,383 Company Record of $1,125 $882 in Gaming Growth $658 $458 Vertical As of March 31, 2022, Accel owned and operated 13,663 Video $353 Gaming Terminals (“VGTs”) across 2,56
Slide 4: Recent Highlights
Recent Highlights • Q1 2022 revenue was $197 million − Location hold-per-day increased 3% despite Omicron and the 4th round of government stimulus checks issued in March 2021 • Removed equipment from 30 locations with 150 VGTs due to the 72-hour rule − Accelerated planned removals for the next sever
Slide 5: Accel Quarterly KPIs
Accel Quarterly KPIs End of Period Live Locations / VGTs (#) Location Hold per Day(1) ($) 13,177 13,384 13,639 13,663 12,720 2,584 2,565 $784 $811 $855 $798 $782 2,527 2,549 2,470 Q1 Q2 Q3 Q4 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 VGTs Locations 2021 2022 Revenue ($mm) Adjusted EBITDA(2) ($mm) $43 $197
Slide 6: Q1 2022 Results
Q1 2022 Results $ in millions Q1 2021 Q1 2022 % Change Locations 2,470 2,565 4% VGTs 12,720 13,663 7% Revenue $147 $197 34% Adj EBITDA(1) $26 $35 37% CapEx(2) $2 $7 250% Net Debt(3) $187 $147 -22% 1. Adjusted EBITDA is a non-GAAP financial measures that may not be comparable to other similarly title
Slide 7: Regulatory Update
Regulatory Update Illinois: 6th VGT & Georgia Expansion Missouri North Carolina Virginia Increased Bet Limit • Currently allows coin- Legislation Legislation Legislation Software operated skill-based • Legislative session • HB 954 which would • Unregulated games were games, primarily in expected to
Slide 8: Historical Financial Summary
Historical Financial Summary $ in millions Twelve Months Ended Three Months Ended Q1 December 31, March 31, YoY 2018 2019 2020 2021 2021 2022 Growth No. of Locations 1,686 2,312 2,435 2,584 2,470 2,565 4% No. of VGTs 7,649 10,499 12,247 13,639 12,720 13,663 7% Net Gaming Revenue 322 411 301 706 140
Slide 9: Accel Balance Sheet
Accel Balance Sheet $ in millions December 31, 2021 March 31, 2022 Assets Current Assets: Cash and cash equivalents $199 $195 Other current assets $49 $60 Total current assets $248 $255 Property and equipment, net $152 $157 Route and customer acquisition costs, net $16 $16 Location contracts acquire
Slide 10: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation $ in millions Tw elve Months Ended Three Months Ended Decem ber 31, March 31, 2018 2019 2020 2021 2021 2022 Reported Net Income (Loss) 11 (37) (0) 32 2 16 (+) Amortization of Op Routes 15 18 23 22 6 4 (+) Stock Based Comp(1) 0 2 6 6 2 2 (+) (Gain) loss on change in fa