GLOBAL CASH ACCESS Investor Presentation MAY 2012
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1 GLOBAL CASH ACCESS Investor Presentation MAY
2 Safe Harbor Disclosure This presentation contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of All statements included in this presentation, other than statements that are purely historical, are forward-looking statements. Words such as "going forward," "believes," "intends," "expects," "forecasts," "anticipate," "plan," "seek," "estimate" and similar expressions also identify forward-looking statements. Forward-looking statements in this presentation include, without limitation: (a) our 2012 guidance and estimates of 2012 cash EPS and Adjusted EBITDA and the assumptions upon which they are based; (c) our assumption that there will be a modest improvement in the gaming industry for 2012; (d) our assumption for 2012 capital expenditures; (e) our assumption for 2012 that there will be approximately million diluted shares outstanding; and (f) our belief that EBITDA, Adjusted EBITDA and Cash EPS are widely-referenced financial measures in the financial markets and our belief that references to the foregoing are helpful to investors. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or assumed, including but not limited to the following: the timing and the extent of a recovery in the gaming industry, if any; gaming establishment and patron preferences; national and international economic conditions; changes in gaming regulatory, card association and statutory requirements; regulatory and licensing difficulties; competitive pressures; operational limitations; gaming market contraction; changes to tax laws; uncertainty of litigation outcomes; interest rate fluctuations; inaccuracies in underlying operating assumptions; unanticipated expenses or capital needs; technological obsolescence; and employee turnover. In addition, our belief that our projected results of operations for calendar year 2012 will begin to improve are based on many assumptions, including, without limitation, the following: the anticipated positive impact on our results of operations from the recent implementation of the Durbin Amendment in October 2011; the anticipated opening of several new casinos in 2012 in new gaming jurisdictions; and our belief that the overall gaming market in the United States, in general, has stabilized and may improve modestly in If any of these assumptions prove to be incorrect, the results contemplated by the forward-looking statements regarding our future results of operations are unlikely to be realized. The forward-looking statements in this presentation are subject to additional risks and uncertainties set forth under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report filed on Form 10-K on March 12, 2012, our subsequent Quarterly Reports filed on Form 10-Q and are based on information available to us on the date hereof. We do not intend, and assume no obligation, to update any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. 1
3 Business Segments 2011 Revenue: $544.1 Adjusted EBITDA 1 $61.7 ($ in millions) CORPORATE EXPENSE ($64.0) Cash advance Revenue: $203.9 Segment Op profit : $38.5 ATM Revenue: $283.7 Segment Op profit: $34.8 Check services Revenue: $26.3 Segment Op profit: $14.2 Central Credit, WMS and Other Revenue: $30.2 Segment Op profit: $14.8 Cash Advance- Cash access at a casino through the use of debit and credit Cards ATM- cash access at a casino through the use of ATM cards Check Services- cash access at a casino through the use of a check cashing system provided by GCA Other includes Central Credit, Western Money Systems and Marketing Services Central Credit is an industry-wide centralized credit bureau data base Western Money Systems (acquired in 2010) manufactures, sells and services slot ticket redemption devices Quik-marketing and Casino Share Intelligence (CSI) are data base marketing products offered to our patrons based on all GCA compiled transaction data bases (1) Adjusted EBITDA defined as Operating Income plus depreciation and amortization plus non cash stock comp 2
4 Key Company Highlights Industry Leader Significant Market dominance-market share estimated at 75% Weathered difficult recession based on Gaming industry correlation Superior Product/ Innovation GCA maintains proprietary gaming technology: 3-in-1 and CSI marketing database Market adoption of cashless gaming only a matter of time ie Quik Ticket Purchase of Western Money Systems highly strategic with respect to competitive positioning Revenue Visibility, Scale / Strong FCF Prudent Leverage Significant Barriers to Entry Revenue base is stable and committed; 80% through end of 2012 Conservative financial projections with low single digit base growth Cost structure allows flow through of revenue and volume increases to the bottom line Sizeable deferred tax asset shields $52 million in pre-tax income annually History of low leverage facilitating financial flexibility High free cash flow due to low capital requirements allows for significant debt repayment 2011 leverage of 2.6x and decreasing to under 2.0x by the end 2012 Highly regulated, due to both financial services and gaming focus (200+ licenses in gaming) Challenge to obtain gaming licenses increases with new payment technologies and the continuing shift towards cashless gaming Licensing increasingly important as payment systems link to casino management systems IP and product innovation - highly specialized gaming specific product needs Access to capital and specialized sales-force further heighten barriers to entry 3
5 Key Company Highlights for Durbin and Industry Stabilization Significant reduction in expenses from Durbin began in October 2011 Gaming sector trends have shown improvement in for the first time since 2007 GCA same store cash to the floor is actually up during the 4th quarter of 2011 and Q Industry growth is projected in the low-to-mid single digits for 2012 MCA Acquisition Regained approximately half of Caesars business lost at year end 2010 Strong competitive implications regarding size and service levels from different providers New Casino Openings Deleveraging Signed and installed a full suite of GCA products in three new casinos over the past 12 months Two biggest properties were opened in 2011 and are contributing to GCA bottom line Two to three additional new gaming properties are expected in 2012 Debt repaid from $200 million March 2011 to Q level of $139 million Anticipate being under 2x leverage during 2012 Technology and Innovation Barriers to Entry We are focused on creating new technology partnerships We are recognized as the technology leader and de-facto partner for others to follow I-Gaming momentum positions GCA as strong option for payments partner In 2011, Nevada passed SB 218 which requires that cash access providers to casinos maintain a non restricted gaming license- GCA obtained the first cash access provider license from Nevada in March 2012 We believe substantial I-Gaming regulation may likely be coming via the payments processors 4
6 Cash Access is Critical to Success of Casinos Currently almost all U.S. gaming transactions are completed in cash 60%+ of all wagering funds come from on-floor cash access services Without services like those provided by GCA, casino revenues would be limited to the cash that patrons bring into the casino Quick, efficient access to cash is critical to casinos growth and profitability Patrons increasing use of credit and bank cards requires casinos to offer a broad mix of cash access end points Redemption devices and other hardware delivery systems are becoming critical components of casino floor GCA dispenses approximately $19 Billion to the casino floor through about 90 million transactions annually GCA Drives Casino Profits, Efficiency and Customer Loyalty 5
7 Diverse Skill-Set of Management Team GCA Revenue Benefits From These Funds Proven and complete management team with deep industry experience 6
8 Competitive Landscape
9 GCA s Strategy is to Grow through Innovation Innovation is the best antidote to price compression and competition Market has experienced a commoditization of services Price compression is a significant issue if trends continue Product Plan Focus on four broad strategies Cashless Gaming Products - Removing the cost of cash on the casino floor, making process more efficient Information Services Casino Share Intelligence Point of Service Innovation - Engineering patron experience at Western Money kiosk to match other casino floor innovation Internet Gaming develop and refine the payments interface for IGaming 8
10 GCA Strength, Breadth and Proprietary Nature of its Product Portfolio Standard ATM Cash Access Services Kiosks Information Services 3-in-1 ATM/ACM Cash advance Check warranty Full Service Kiosks Reporting Marketing Central Credit CSI Marketing QCP Web Cashless Gaming QuikTicket Global Payments US Bank MCA (purchased substantially all assets in Nov 2011) NRT All Others Proprietary GCA s comprehensive and technologically superior product suite makes it the one-stop vendor for uptime and efficiency focused customers Pricing is not the only criteria as cash access is critical for casinos and their patrons This is why GCA believes it will continue to retain its customers, enjoy better margins and win new business 9
11 Competitive Landscape Recent Events Purchase of Assets of MCA Processing LLC: Recently purchased substantially all of the assets of MCA (reacquired all Nevada, Atlantic City and Pennsylvania Caesars locations) Sends a message to the larger casino operators that choosing only on price is risky, and that there is a difference between service levels among competitiors Licensing: Nevada Legislature passed SB 218 which requires cash access providers to casinos in Nevada to carry full Non-Restricted Gaming Licenses GCA was granted license number 1 for cash access providers by Nevada in March 2012 Internet Gaming: We believe on line gaming is likely to be monitored in part through the licensing of the payments providers New Locations GCA has been selected as the cash access provider in the vast majority of all recent casino openings 10
12 Continued trend of strong contract renewals and new signings GCA contract renewals and new contract signings remain very strong. Customers see great value in the product differentiation GCA continues to outpace competitors in winning contracts for new casino openings, with 12 of 16 in Pennsylvania 6 of 8 casinos Nevada 1 of 2 casinos Michigan 1 of 2 casinos Rivers - Des Plaines in Illinois Delaware 1 of 1 casinos Maryland 1 of 2 casinos Resorts World NY expansion in New York Mississippi 1 of 1 casinos Expected new casino openings in in Ohio 1 in Mississippi 2-3 in Massachusetts 1 in Louisiana 2 in Kansas 11
13 Business Trends
14 Trends by Transaction Type Same Store Trends % 4.0% 2.0% 0.0% Per Cent Change -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% Q Q Q Q Q Q Q Q Q ATM trans -4.9% -4.3% 0.4% -2.9% 1.3% 2.5% 1.0% 1.5% 2.2% CASH ADVANCE $ to floor -12.2% -10.1% -7.3% -9.7% -3.8% 0.0% 2.8% 4.6% 4.8% Combined $ -7.6% -7.2% -2.6% -3.2% 1.7% 4.6% 3.7% 4.6% 4.6% 13
15 GCA Will Benefit from International Gaming Growth Trends in Worldwide Gaming US $ billions $200 $150 $100 $ Revenue CAGR: '12E - '15E 3.5% 8.7% 10.9% 4.1% 5.6% $ E 2012E 2013E 2014E 2015E United States EMEA Asia-Pacific Latin America Canada Source: PricewaterhouseCoopers LLP, Wilkofsky Gruen Associates U.S. U.K. and Continental Europe Macau and Southeast Asia 8-10 new casinos slated to open in next 3 years Historically, GCA has won 70%-80% on new openings Re entered UK soft mid 2011 Rebuilding base GCA s UK revenue in 2007 was $7 million - $8 million GCA has second largest operator in Macau Galaxy, representing an estimated 10% of Macau gaming market; Venetian is also a GCA customer (~10% of Macau) New products have received positive response in Asia market Western Money kiosks sold in Asia Thailand, Singapore, and South Korea considering liberalization of gaming regulation 14
16 Financial Overview
17 Historical Financial Overview Adjusted EBITDA Cumulative Free Cash Flow Generation $ in millions $150.0 $300 $276- $280 $250 $226 $112 $104 $98 $200 $191 $100.0 $77 $62 $73-$77 $150 $139 $50.0 $100 $66 $50 $0.0 '07 '08 '09 '10 '11 '12E $ E Adjusted EBITDA defined as Operating Income plus depreciation and amortization plus non cash stock comp Free cash Flow defined as Adjusted EBITDA less cash used for Capex and interest 16
18 Historical Financial Overview Adjusted EBITDA CASH EPS $ in millions $30.0 $20.6 $0.215 $20.0 $14.1 $0.110 $10.0 $0.0 Q1 11 Q1 12 $0.0 Q1 11 (adj for non recurring) Q1 12 Adjusted EBITDA defined as Operating Income plus depreciation and amortization plus non cash stock comp Cash EPS defined as Net Income plus deferred income tax, non cash stock comp and amortization divided by diluted outstanding shares 17
19 Continued Benefit of Sizeable Deferred Tax Assets As of December 31, 2011, GCA had net deferred income tax assets of $119.5 million The deferred tax assets are principally the result of our conversion from a limited liability company, a balance of acquired and pre-existing goodwill, and NOLs; provides a significant cash-based tax shield for IRS purposes but not GAAP earnings The assets are generally amortized over a 15 year life and began amortizing in This has resulted in a cash-based shielding of pre-tax income of approximately $52.3 million annually for tax accounting purposes, with a direct positive impact on cash earnings relative to GAAP earnings Allows for capital structure optimization Has helped GCA weather difficult gaming industry landscape and supports ability to service future debt 18
20 2012 Guidance
21 Guidance 2012 ADJ EBITDA RANGE (in thousands) $ 73,000 $ 77,000 CASH EPS RANGE $ 0.76 $ 0.82 Guidance definitions ADJ EBITDA = Operating Income plus depreciation and amortization plus non cash stock comp Cash EPS =Cash earnings (defined as; Net Income plus deferred income tax plus non cash stock compensation plus amortization), divided by our average number of diluted shares outstanding 20
22 2012 Assumptions Durbin interchange rate changes that began October 1, 2011 will continue for 2012 Full year of acquired MCA contracts revenues realized; approximately $40-45 million Credit transactions are expected to grow slightly over 2011 ATM Revenue will be negatively impacted in Q2 by the network decrease of Interchange ; Offsetting these declines will be substantially corresponding commission reductions from GCA pass-through of the reductions Operating costs will be higher than 2011 with a full year of MCA operating costs, additional payroll costs from headcount increases and payment of annual bonuses and additional spending/roll-out of planned improvements on Base Products Average diluted shares million Tax rate 42-45% 21
23 Key Company Highlights Industry Leader Superior Product/ Innovation Revenue Visibility, Scale / Strong FCF Prudent Leverage Significant Barriers to Entry 22
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