PLAY Jan 2016 Investor Presentation

8/20/2019 PLAY Jan 2016 Investor Presentation

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Forward-Looking Statements

This presentation includes statements that are, or may deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward- looking terminology, including the terms “believes,”

“estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historicalfacts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financialcondition, liquidity, prospects, growth, operating leverage strategies and the industry in which we operate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statementsare not guarantees of future performance and that actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggestedby the forward-looking statements contained in this presentation. In addition, even if results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with theforward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. As a result we caution you against relying on any forward-looking statement. The following listing represents some, but not necessarily all, of the factors that may cause actual results to differ from those anticipated or predicted: the impact of the global economic crisis on ourbusiness and financial results; our ability to open new stores and operate them profitably; our ability to achieve our targeted cash-on-cash return, first year store revenues, net development costs or Store-level EBITDA marginfor new store openings; changes in consumer preferences, general economic conditions or consumer discretionary spending; the effect of competition in our industry; potential fluctuations in our quarterly operating results dueto seasonality and other factors; the impact of potential fluctuations in the availability and cost of food and other supplies; the impact of instances of food-borne illness and outbreaks of disease; the impact of federal, state orlocal government regulations relating to our entertainment , games and attractions, personne l or the sale of food or alcoholic beverages; legislative or regulatory changes; the continued service of key management personnel;our ability to attract, motivate and retain qualified personnel; the impact of litigation; changes in accounting principles, policies or guidelines; changes in general economic conditions or conditions in securities markets or thebanking industry; a materially adverse change in our financial condition; adverse local conditions, events, terrorist attacks, weather and natural disasters; and other economic, competitive, governmental, regulatory,

geopolitical and technological factors affecting operations, pricing and services.

Any forward-looking statements that we make in this presentation speak only as of the date of such statements, and we undertake no obligation to update such statements. Comparisons of results for current and any priorperiods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to bedifferent than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has provided areconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income in the Appendix to this presentation. Adjusted EBITDA is presented because management believes that such financial measure, when viewedwith the Company’s results of operations in accordance with GAAP and the reconciliation of Adjusted EBITDA to net income (los s), provides additional information to investors about certain material non-cash items and aboutunusual items that the Company does not expect to continue at the same level in the future. Adjusted EBITDA is used by investors as a supplemental measure to evaluate the overall operating per formance of companies inthe Company’s industry; you should not consider it in isolation, or as a substitute for analysis of results as reported under GAAP. Our calculation of Adjusted EBITDA may not be comparable to that reported by othercompanies.

JOBS Act

The Company has historically been an “emerging growth company” within the meaning of the Jumpstart Our Business Startups Act. As of the end of our second quarter, the market value of our common stock held by non-affiliates exceeded $700 million. As such, we will cease to be an “emerging growth company” at the conclus ion of fiscal 2015.


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Category Defining Concept

Market Leadership and Scale

Outstanding Store-Level Economics

Strong Momentum

Significant Whitespace

Long-Term Platform For Growth

Experienced Management Team


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Eat Drink

Play Watch

First Choice for Frequent Fun

Dave & Buster’s Combines the Best Attributes of Entertainment and Dining

– Al l in One Loc ation


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Family38%

Adults62%

Target adults aged 21 to 39

— Customer mix skews moderately male (60%)

— Average household income of $75,000

Widely recognized brand with national TV presence

— 93%+ awareness among casual dining consumers inexisting markets

Compelling venue for corporate and social special event parties

— Special events comprised approximately 12% of FY 2014 Revenue

Source: Brand Health Tracker (based on Q4 FY 2014 through Q3 FY 2015).

Mix of Families and Adults

OWN

More thanfair share

Fair share

PlayTogether YoungAdults

FamilyFun

Play Together

Corporate Teams

Escape toPlay Adults

Planned Social

Target Guest Focus and Occasions


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Average Unit Volume Comparison

($Millions)

$11.6

$3.5

$1.7

$5.6 $10.8$10.5

$8.6$8.3

$5.7

$4.9$4.4 $4.4

$3.3 $3.2 $3.1 $3.1 $3.0

GamesBar Food Total2014

Source: Company filings.Note: Dave & Buster’s Average Unit Volume represents FY 2014 / LTM Q3 2015 and only includes comparable stores, defined as stores operating at the end of the period and open at least 18 months as of the beginni ng of FY 2014 / FY 2015Note: Peer group Average Unit Volumes represent FYE December 2014 except for Chili’s (FYE June 30), Maggiano’s (FYE June 30), Longhorn (FYE May 31), Olive Garden (FYE May 31) and Yard House (FYE May 31). Average Unit Volumes for Buffalo

Wild Wings, Red Robin and Texas Roadhouse represent company-owned average unit volumes.

AUVsBeforeGames

$5.2

LTMQ3

2015

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Structurally Superior Gross Profit Margins

Industry-Leading Store-Level EBITDA Margins

73.4%76.3%

86.0%

80.4% 80.8%

75.2% 74.8% 74.6%73.3%

71.8% 70.9%69.2%

67.5%64.7%

26.6%

28.4%

19.4%18.3% 17.9% 17.6% 17.5% 17.5% 17.3% 17.1%

16.1%

Source: Company filings.Note: Dave & Buster’s Gross Profit and Store-level EBITDA Margin represents FY 2014 / LTM Q3 2015. Peer group financials as of LTM period closest to Dave & Buster’s FY 2014 year end.

Note: Store-level EBITDA includes national marketing allocation for Dave & Buster’s and advertising expense for peer group.

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1.5%

4.5%

6.3%

4.4%

6.5%

4.9%

11.0% 11.2%

14.6%

16.7%17.5%

1.2%

(1.6%) (1.5%)

(3.1%)

(1.0%)

(2.7%)

(0.4%)

0.5%

(0.4%)

0.3%1.4%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

Dave & Buster's (2-year stacked) Knapp-Track (2-year stacked)

2-Year Stacked Same Store Sales Growth Outperforming Knapp-Track (Casual Dining Index)

Source: Company filings and Knapp-Track.

Note: Presented on a fiscal year basis (Knapp-Track adjusted to be comparable). Fiscal Year ends on the Sunday after the Saturday closest to January 31 of the fol lowing year. Q4 FY 2012 – Q4 FY 2013 results are adjusted for the 53rd

week in FY 2012.

Dave & Buster’s is One of Very Few Casual Dining Brands to Successfully Roll Over Positive Comps


10/26

Q1

Q2

Q3

Q4

Total

Historical Store Growth

Opened 17 New Stor es sinc e the beginn ing o f FY 2014

19 Signed L eases and 6 New Stores Und er Construc t ion 1 Store Planned for Remainder of FY 2015

5 8 10(1)

Albany Syracuse

Livonia (Detroit)Cary (Raleigh)

Westchester (Los Angeles) Vernon Hills (Chicago)

Panama City Beach

Los Angeles (Hollywood) Manchester (Hartford)

Albuquerque Clackamas (Portland) Greenville

Euless (Dallas)Pelham Manor (NYC)

Woburn (Boston)Kentwood (Grand Rapids)

2013 2014 2015

Edina (Minneapolis)

(1) Includes relocation of existing store i n Buffalo in FY 2015.

Glendale (Phoenix)Friendswood (Houston)

Buffalo (Relocation)

Virginia Beach

Springfield (D.C.) San Antonio

(Planned)


11/26

Total Revenue $7.5 $11.6

Store-level EBITDA Margin(1) ~28% ~28%

Net Development Costs(2) $6.0 $8.3

Target Average Cash-on-Cash Return ~35% ~35%

($Millions)

Target Year One Store Economics

Target Five-Year Av erage Cash-on-Cash Returns in Exc ess of 25%

(1) Store-level EBITDA excludes pre-opening expenses, national marketing allocation and non-cash charges related to asset disposals, currency transactions and non-cash deferred amusement revenue and ticket liabili ty.(2) Net development costs include equipment, building, leaseholds and site costs, net of tenant improvement allowances received or receivable from landlords, excluding pre-opening costs and capitalized interest.

(3) Includes 27 stores opened from FY 2008 through FY 2014 with one full year of results. Excludes Nashville location which was reopened in FY 2011.

Large Stores

(30,001 - 45,000 Sq. Ft.)

Small Stores

(25,000 - 30,000 Sq. Ft.)

Average Year OneCash-on-Cash

Returns of 45.5%

Since FY 2008(3)


12/26

0%

35%

70%

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Note: Fiscal year ends on the Sunday a fter the Saturday closest to January 31 of the following year .(1) Includes 27 stores opened from FY 2008 through F Y 2014 with one full year of resul ts. Excludes Nashville location which was reopened in F Y 2011.

(2) Includes 19 stores with one full year of results. Excludes Nashville location which was reopened in FY 2011.

# of StoresOpened:

3 3 2 2 4

Average Year One Cash-on-Cash Returns by Full Year Vintage

Favorable new store performance with improving momentum

— Target average year one cash-on-cash returns of approximately 35%

27 new stores opened from FY 2008 to FY 2014 have generated average year one cash-on-cash returns of 45.5%(1)

Average Year One Cash-on-CashReturns(2): 52.1%

5 8


13/26

Pursue Disciplined New Store Growth

Expand the Dave & Buster’s Brand Internationally

Grow Comparable Store Sales


14/26

66

13614

71

80

48

22

22

35

207

Small

Format

LargeFormat

CurrentStores (1)

Small StoresNew Markets

Small StoresExisting Markets

Large StoresNew Markets Total North America

Large StoresExisting Markets

North American Store Potential

Untapped International Expansion Opportunity – Signed first deal in 2015

(1) Store count as of January 8, 2016.


15/26

Target KeyAudiences

Promote D&B as “the best” place to watch sports - new occasion

Family-focused media and creative during school breaks

LeverageInnovation

8+ promotional windows/year featuring new news

3 new food & beverage roll-outs/year Focus on exclusive and telegenic offerings

Enhance BrandAwareness

Drive SpecialEvents

Capture “non-traditional” corporate meetings with in-store sales force

Maximize Sales Center and online booking for social events

DisciplinedPricing

Annual 1.5% to 2.5% pricing increase in Food & Beverage

Design menus to drive profitability with emphasis on higher-revenue, higher-margin items

Leverage national TV & radio mediaInvest in targeted digital media and search

Weekly emails to loyalty program members

Integration into movies and television shows

Incent celebrities to promote us via social media


16/26


17/26


18/26

18


19/26

$98.4

$120.5

$134.8

$165.1

$200.6

18.2%

19.8%

21.2%

22.1%

23.9%

FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3FY 2015

80.2% 80.4% 80.3% 80.4% 80.8%

FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3FY 2015

52 5356

60 636

8

10

1314

5861

66

73

77

FY 2011 FY 2012 FY 2013 FY 2014 Q3 FY 2015

Historical Store Counts (EOP)

$541.5

$608.1$635.6

$746.8

$839.8

FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3FY 2015

Revenue

SSS: 2.2% 3.0% 1.0%

Large Format Small Format

Note: Fiscal year ends on the Sunday after the Saturday closest to January 31 of the following year. Please refer to the Appendix for a reconcil iation of Adjusted EBITDA. Comparable Store Sales growth percentages (SSS) adjusted for the 53rd week inFY 2012.

(1) FY 2012 was a 53-week year. The impact of the 53rd week on Revenue and Adjusted EBITDA was $10.4 million and $2.4 million, respectively.

Gross Margin Adjusted EBITDA and Margin

($Millions)

(1)

(1)

7.3%

(1)

10.0%(Q3 YTD FY 2015)


20/26

($Millions)

Revenue and SSS Growth

Adjusted EBITDA and Margin

$539.7

$632.8

6.2%

10.0%

39 Weeks Ended November 2, 2014 39 Weeks Ended November 1, 2015

Store

Count (EoP):70 77(1)

$113.6

$149.1

21.1% 23.6%

39 Weeks Ended November 2, 2014 39 Weeks Ended November 1, 2015

(1) Store count as of November 1, 2015.

— Pelham Manor (NYC), NY (Q1 FY 2015)

— Euless (Dallas), TX (Q1 FY 2015)

— Kentwood (Grand Rapids), MI (Q2 FY 2015)

— Woburn (Boston), MA (Q2 FY 2015)

— Edina (Minneapolis), MN (Q3 FY 2015)

— Buffalo, NY relocation (Q3 FY 2015)

Revenue growth of 17.2%

SSS growth of 10.0%

— Outpaced Knapp-Track Casual Dining Index in each of thelast 14 quarters

Adjusted EBITDA growth of 31.2%

Opened six new stores through Q3 (including onerelocation), with four additional stores in Q4


21/26

$81.5 $83.2$86.3

$92.9 $94.4 $96.4$98.4

$104.4

$111.5 $114.3

$120.5$123.7

$128.9 $130.7$134.8

$142.5

$149.0$153.8

$165.1

$176.4

$190.7

$200.6

15.7% 16.0%

16.5%

17.6%17.8% 18.1% 18.2%

18.8%

19.4% 19.5%19.8%

20.2%

20.8% 20.8%21.2%

21.5% 21.6% 21.6%

22.1%

22.8%

23.5%23.9%

Q2FY 2010

Q3FY 2010

Q4FY 2010

Q1FY 2011

Q2FY 2011

Q3FY 2011

Q4FY 2011

Q1FY 2012

Q2FY 2012

Q3FY 2012

Q4FY 2012

Q1FY 2013

Q2FY 2013

Q3FY 2013

Q4FY 2013

Q1FY 2014

Q2FY 2014

Q3FY 2014

Q4FY 2014

Q1FY 2015

Q2FY 2015

Q3FY 2015

Note: Fiscal year ends on the Sunday after the Saturday closest to January 31 of the following year. LTM represents the twelve month period ended each respective fiscal quarter. Please refer to the Appendix for a reconciliation of Adjusted EBITDA.(1) Represents compound annual growth from Q2 FY 2010 through Q3 FY 2015.(2) Q4 FY 2012 was a 14 week quarter. The impact of the 14th week on Revenue and Adjusted EBITDA was $10.4 million and $2.4 million, respectively.

Quarterly LTM Adjusted EBITDA and Margin

($Millions)

(2)

21 Cons ecutive Quarters of LTM Ad just ed EBITDA Growth


22/26

Fiscal Year 2015— Comparable store sales increase of 8.5% to 9.0%

— Total revenues between $857 and $861 million

— Adjusted EBITDA* of $207 to $209 million

— Pro forma effective tax rate to range from 34.5% to 35.5%— Pro forma net income of $59.0 to $60.5 million

— Nine to ten store openings – includes Buffalo relocation

— Total capital additions (net of tenant improvement allowances) of $144 to $149 million

Fiscal Year 2016

— Nine to ten store openings

* A reconciliation of Adjusted EBITDA to Net income (loss), the most directly comparable financial measure presented in accordance with GAAP, is set forth in the appendix.


23/26

~10% Annual New Store Growth

~2% Annu al Comparable Sales Grow th

G&A and Operating L everage

Low Double Digi t Annual Adjusted EBITDA Growth

~10% Total Revenu es Grow th

Note: These targets are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are b eyond the control of the Company and its management, and are based upon assumptionswith respect to future decisions, which are subject to change. Actual resul ts may vary and these variations may be material. For discussion of some of the important factors that could cause these vari ations, please consult our filings with the SEC whichare available on our website at daveandbusters.com under the Investor Relations section. Nothing in this presentation shoul d be regarded as a representation by any person that these goals will be achi eved and the Company undertakes no duty toupdate its goals.


24/26

24


25/26

Loss on Asset Disposal – Represents the write off of the net book value of assets (less proceeds received) sold or disposed of during the year

Share-Based Compensation – Non-cash expense relating to executive compensation through equity participation

Currency Transaction Loss (Gain) – Represents the effect of foreign currency transaction (gains) or losses related to the store in Canada

Pre-Opening Costs – Represents one-time cash and non-cash costs incurred prior to the opening of new stores or stores that have undergone majorconversions

Reimbursement of Affiliate and Other Expenses – Represents expenses under an expense reimbursement agreement that the Company entered intowith Oak Hill Capital Management, LLC and fees paid to outside Directors and certain other non-recurring consultant fees

Change in Deferred Amusement Revenue and Ticket Liabili ty – Represents non-cash adjustments for changes in the accruals for deferred amusementrevenue and ticket liability

Transaction and Other Costs – Primarily represents costs related to capital markets transactions, severance associated with key executives /organizational restructuring initiatives and store closing costs

Note: Fiscal year ends on the Sunday after the Saturday closest to January 31 of the following year.

($Millions) LTM

FY 2011 FY 2012 FY 2013 FY 2014 Q3 FY14 Q3 FY15 Q3 FY15

Net Income (Loss) ($7.0) $8.8 $2.2 $7.6 ($7.0) $36.7 $51.3Provision (Benefit) for Income Taxes (3.8) (12.7) 1.1 3.9 (4.5) 19.4 27.8

Interest Expense, Net 44.9 47.6 47.8 34.8 29.8 9.1 14.0

Loss on Debt Retirement - - - 27.6 27.6 6.8 6.8

Depreciation & Amortization Expense 54.3 63.5 66.3 70.9 52.3 58.2 76.8

Reported EBITDA $88.4 $107.2 $117.4 $144.7 $98.2 $130.2 $176.7

Loss on Asset Disposal 1.3 2.6 2.6 1.8 1.3 1.2 1.7

Share-Based Compensation 1.0 1.1 1.2 2.2 1.9 2.6 2.9

Currency Transaction Loss (Gain) 0.1 0.0 0.6 0.1 0.0 0.0 0.1

Pre-Opening Costs 4.2 3.1 7.0 9.5 7.9 7.8 9.3

Reimbursement of Affiliate and Other Expenses 0.9 0.8 0.7 0.5 0.5 0.0 0.1

Change in Deferred Amusement Revenue and T icket L iabil ity 1.5 2.5 4.9 4.1 2.4 5.1 6.9 Transaction and Other Costs 0.9 3.3 0.3 2.2 1.5 2.2 2.9

Total Adjustments $9.9 $13.3 $17.4 $20.4 $15.4 $18.9 $23.9

Adjusted EBITDA $98.4 $120.5 $134.8 $165.1 $113.6 $149.1 $200.6

39 Weeks Ended


26/26

Loss on Asset Disposal – Represents the write off of the net book value of assets (less proceeds received) sold or disposed of during the year

Share-Based Compensation – Non-cash expense relating to executive compensation through equity participation

Currency Transaction Loss (Gain) – Represents the effect of foreign currency transaction (gains) or losses related to the store in Canada

Pre-Opening Costs – Represents one-time cash and non-cash costs incurred prior to the opening of new stores or stores that have undergone majorconversions

Reimbursement of Affiliate and Other Expenses – Represents expenses under an expense reimbursement agreement that the Company entered intowith Oak Hill Capital Management, LLC and fees paid to outside Directors and certain other non-recurring consultant fees

Change in Deferred Amusement Revenue and Ticket Liabili ty – Represents non-cash adjustments for changes in the accruals for deferred amusementrevenue and ticket liability

Transaction and Other Costs – Primarily represents costs related to capital markets transactions, severance associated with key executives /organizational restructuring initiatives and store closing costs

Note: Fiscal year ends on the Sunday after the Saturday closest to January 31 of the following year. LTM represents the twelve month period ended each respective fi scal quarter.

($Millions)

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

T ot al R ev en ues $117. 2 $ 133. 6 $141. 6 $ 127.9 $116. 6 $ 135. 5 $148. 6 $1 28.7 $120. 3 $144 $163. 5 $147. 9 $ 131. 1 $165 .6 $168. 2 $153. 7 $ 142. 3 $171. 4 $ 194. 8 $181. 4 $ 163. 5 $207. 1 $ 222. 7 $217. 3 $ 192. 8

Net Income (Loss) ($5.5) ($0.1) $3.9 ($9.5) ($6.2) $4.5 $5.2 ($5.2) ($6.6) ($0.4) $8.9 ($1.6) ($3.9) $5.4 $7.6 ($0.1) ($10.2) $4.9 $11.5 ($13.9) ($4.6) $14.7 $19.5 $12.6 $4.6

Provision (Benefit) for Income Taxes (4.5) 3.8 3.1 (6.3) (3.3) 3.3 2.5 (2.8) (4.3) 0.9 2.5 (1.7) (10.3) (3.2) 3.0 (0.7) (2.8) 1.5 4.8 (7.0) (2.2) 8.4 11.6 5.1 2.7

Interest Expense, Net 5.6 5.3 5.3 10.4 8.4 8.3 10.7 11.4 11.5 11.4 11.8 11.6 11.6 12.6 12.1 11.8 12.0 11.9 12.0 11.7 6.1 5.0 4.7 2.2 2.2

Loss on Debt Retirement -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 26.0 1.6 - - -- 6.8 --

Depreciation & Amortization Expense 13.9 13.8 12.5 12.7 11.9 12.9 13.1 13.2 13.6 14.4 14.8 15.0 15.7 17.9 16.9 16.7 15.7 17.0 17.3 17.4 17.6 18.5 18.6 19.6 20.0

Reported EBITDA $9.5 $22.8 $24.8 $7.3 $10.8 $29.1 $31.4 $16.6 $14.1 $26.3 $37.9 $23.4 $13.2 $32.7 $39.6 $27.7 $14.8 $35.3 $45.5 $34.1 $18.6 $46.5 $54.3 $46.4 $29.5

Loss on Asset Disposal 0.4 0.3 0.2 0.4 0.4 (3.3) 0.4 0.5 0.0 0.3 0.3 1.6 0.0 0.7 0.5 0.4 1.2 0.4 0.3 0.3 0.6 0.5 0.3 0.6 0.3

Share-Based Compensation 0.3 0.2 0.3 1.6 0.4 0.3 0.4 0.3 0.2 0.2 0.3 0.2 0.4 0.2 0.3 0.3 0.3 0.3 0.3 0.2 1.4 0.3 0.5 1.1 1.0

Currency Transaction Loss (Gain) 0.0 0.0 (0.1) 0.1 (0.1) (0.1) (0.2) 0.0 0.2 0.1 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.4 0.0 0.0 0.0 0.1 0.0 0.0 0.0

Pre-Opening Costs 1.0 0.7 1.2 0.3 0.4 0.5 0.7 1.4 0.6 1.4 0.2 0.6 1.1 1.3 0.9 2.0 2.3 1.9 2.4 1.8 3.7 1.6 2.8 2.6 2.4

Reimbursement o f Af filiate and Other Expenses 0. 2 0.3 0.2 0.2 0.1 0.2 0.1 0.2 0.5 0.1 0.2 0.2 0.5 (0.1) 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.0 0.0 0.0 0.0

Change in Deferred Amusement Revenue and Ticket Liability 0.1 0.3 0.2 0.2 0.2 0.7 0.6 0.4 (0.6) 1.1 0.8 0.6 (0.1) 1.2 1.3 1.1 0.9 1.6 1.5 1.1 (0.2) 1.7 2.9 1.8 0.4

Transaction and Other Costs 0.0 0.1 0.2 8.2 1.0 0.7 0.2 0.2 0.1 0.4 0.1 0.1 3.0 0.1 0.1 0.1 0.0 0.1 0.5 0.7 0.4 0.7 1.1 0.2 0.9

Total Adjustments $1.9 $2.1 $2.1 $10.9 $2.3 ($1.1) $2.3 $3.0 $1.0 $3.6 $1.8 $3.3 $4.8 $3.4 $3.4 $4.2 $5.0 $4.9 $5.1 $4.3 $6.0 $5.0 $7.6 $6.3 $5.0

Adjusted EBITDA $11.4 $24.9 $27.0 $18.2 $13.1 $28.0 $33.6 $19.7 $15.1 $29.9 $39.7 $26.7 $18.0 $36.1 $42.9 $31.9 $19.8 $40.2 $50.6 $38.4 $24.6 $51.5 $61.9 $52.7 $34.5

LTM Adjusted EBITDA $81.5 $83.2 $86.3 $92.9 $94.4 $96.4 $98.4 $104.4 $111.5 $114.3 $120.5 $123.7 $128.9 $130.7 $134.8 $142.5 $149.0 $153.8 $165.1 $176.4 $190.7 $200.6

LTM Adjusted EBITDA Margin % 15.7% 16.0% 16.5% 17.6% 17.8% 18.1% 18.2% 18.8% 19.4% 19.5% 19.8% 20.2% 20.8% 20.8% 21.2% 21.5% 21.6% 21.6% 22.1% 22.8% 23.5% 23.9%

FY 2014 FY 2015FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

PLAY Jan 2016 Investor Presentation

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Transcript of PLAY Jan 2016 Investor Presentation