Accel Entertainment, Inc. · NYSE:ACEL
Accel Entertainment — Q1 2021 Earnings Presentation
11 slides from Accel Entertainment's earnings presentation, May 11, 2021
Slide 1: First Quarter 2021 Earnings Presentation
Accel Entertainment First Quarter 2021 Earnings Presentation May 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: Accel at a Glance
Accel at a Glance High Quality Service Company in Gaming Vertical Strong Track Record of Growth Average daily net video gaming revenue(1) ($ in thousands) $1,946 $1,687 $1,125 $882 $658 $353 $460 $256 As of March 31, 2021, Accel owns and operates 12,720 Video Gaming Terminals (“VGTs”) across 2,470 t
Slide 5: Recent Highlights
Recent Highlights • Q1 2021 was the highest revenue and Adjusted EBITDA quarter in Accel’s history despite the partial shutdown in January 2021 • Q1 year-over-year net gaming revenue bridge ($mm): Q1 2020 $102 Existing Locations (same-store sales) 35 34% Acquisitions and New Locations (net of closur
Slide 6: Q1 2021 Results and 2021 Guidance
Q1 2021 Results and 2021 Guidance $ in millions Q1 2020 Q1 2021 % Change 2021 Revised Guidance(1) (76 gaming days) (~72 gaming days) Locations 2,353 2,470 +5% 2,575 - 2,600 VGTs 11,164 12,720 +14% 13,375 – 13,525 Revenue $106 $147 +38% $650 - $705 Adj $15 $26 +74% $117 - $127 EBITDA(2) CapEx(3) $4 $
Slide 7: Quarterly KPIs
Accel Quarterly KPIs End of Period Live Locations / VGTs (#) Location Hold per Day(1) ($) VGTs $784 Locations 12,720 $572 $596 $583 12,247 11,597 11,164 11,108 2,353 2,335 2,363 2,435 2,470 – Q1 Q2 Q3 Q4 1Q20 2Q20 3Q20 4Q20 1Q21 2020 2021 Revenue ($mm) Adjusted EBITDA(2) ($mm) $147 $26 $135 $23 $106
Slide 8: Regulatory Update
Regulatory Update • On November 19th, all VGTs were shut-down • On January 16th, 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 limite
Slide 9: Historical Financial Summary
Historical Financial Summary Twelve Months Ended Three Months Ended Q1 $ in millions December 31, March 31, YoY 2017 2018 2019 2020 2020 2021 Growth (As Restated) (As Restated) (As Restated) # Locations 1,442 1,686 2,312 2,435 2,353 2,470 5% # VGTs 6,439 7,649 10,499 12,247 11,164 12,720 14% Net Vid
Slide 10: Balance Sheet
Accel Balance Sheet December 31, March 31, $ in millions 2020 2021 Assets (As Restated) Current Assets: Cash and cash equivalents $134 $173 Investment in convertible notes (current) – – Other current assets $18 $15 Total current assets $152 $188 Property and equipment, net $144 $144 Route and custom
Slide 11: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation Twelve Months Ended Three Months Ended Three Months Ended $ in millions December 31, March 31, March 31, Standalone Accel 2017 2018 2019 2020 2020 2021 (As Restated) (As Restated) (As Restated) Reported Net Income (Loss) 8 11 (37) (0) 48 2 (+) Amortization of Op Route