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Investor Presentaiton

Strong Cash Flow Generation Helps Drive Value The Company's Regulatory Structure is Unique, Resulting in Higher Adjusted EBITDA to Cash Conversion than the Industry Norm In Rhode Island and Delaware, the Company's gaming equipment is funded through the top-line GGR tax (not through the more typical Adjusted EBITDA structure) This significant cash flow advantage over other gaming operators helps to drive meaningful value creation 2019 Adjusted EBITDA to Cash Conversion (¹) of ~86%, versus industry average of ~80% (3) Significant Adj. EBITDA to Cash - 2019 ($ in millions) Adj. EBITDA to Cash Conversion) - 2019A $167 $23 $145 86% 80% (2) Adj. EBITDA Maintenance Capex Adj. EBITDA Cash TRWH Cash Conversion Industry Average Conversion Calculated as adjusted EBITDA less maintenance capex as a % of adjusted EBITDA. Refer to Adjusted EBITDA reconciliations to comparable GAAP measurements included in the Appendix. Based on midpoint of comparable public gaming company LTM EBITDA and Wall Street research estimated maintenance capex. Source: Company filings, Company prepared materials. (1) TRWH (2) (3) 34 =4
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