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    Steven Pizzella • Jefferies

    Steven Pizzella's questions to Sportradar Group AG (SRAD) leadership

    Steven Pizzella's questions to Sportradar Group AG (SRAD) leadership • Q1 2025

    Question

    Steven Pizzella asked if there are differences in the migration from pre-match to live betting across various U.S. sports and requested insight into the difference in hold rates between pre-match and live betting.

    Answer

    CEO Carsten Koerl noted that fast-moving sports like basketball and hockey see higher live betting adoption, but baseball also works well. He explained that live betting profitability can be lower than pre-match, particularly with parlays, but new products and user interfaces are helping to bridge that gap for operators.

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    Steven Pizzella's questions to Accel Entertainment Inc (ACEL) leadership

    Steven Pizzella's questions to Accel Entertainment Inc (ACEL) leadership • Q1 2025

    Question

    Steven Pizzella from Deutsche Bank questioned the strategy behind the quarter-over-quarter decline in Illinois locations despite higher win-per-day. He also requested an update on the Louisiana integration and whether the Illinois optimization strategy is being applied to other markets. Finally, he asked if there were any start-up costs or financial impacts from the Fairmount sportsbook in Q1.

    Answer

    Executive Andrew Rubenstein confirmed that reducing locations in Illinois is part of a continuous optimization strategy to prune underperforming sites and reallocate assets, a practice that will be applied across all markets. CFO Mathew Ellis noted that while it's early, the Louisiana integration is showing positive results. Executive Mark Phelan added that integrating technology and proprietary content is driving outperformance in markets like Nevada, Nebraska, and Georgia. Regarding Fairmount, Mr. Ellis affirmed there were start-up costs in Q1 related to hiring before the casino opened.

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    Steven Pizzella's questions to Accel Entertainment Inc (ACEL) leadership • Q4 2024

    Question

    Steven Pizzella inquired about the expected financial contributions from the recent Louisiana acquisition and the new Fairmount casino, as well as recent performance trends in Illinois and other markets.

    Answer

    CFO Matt Ellis provided guidance, stating Louisiana should contribute approximately $6 million in EBITDA for the full year 2025. For Fairmount, he projected the temporary casino, opening in Q2, would generate about one-third of the full $25 million run-rate EBITDA, prorated for the partial year. CEO Andy Rubenstein added that Q1 performance was affected by variable weather in Illinois but noted positive results from remodels and new product introductions in other markets.

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    Steven Pizzella's questions to Accel Entertainment Inc (ACEL) leadership • Q3 2024

    Question

    Steven Pizzella of Jefferies inquired about the strategy behind recent Illinois location closures, the expected impact on performance metrics, and sought an update on the Fairmont acquisition's financial projections and its partnership with FanDuel.

    Answer

    CEO Andrew Rubenstein explained that the location closures are a continuous process of portfolio optimization, recently accelerated by inflation and a state tax increase that impacted margins at underperforming sites. President of U.S. Gaming Mark Phelan added that the Fairmont project's cost and EBITDA projections (around $20-$25 million) remain on track, and the partnership with FanDuel is a confidential, long-term, and mutually favorable arrangement.

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    Steven Pizzella's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    Steven Pizzella's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q1 2025

    Question

    Steven Pizzella of Deutsche Bank asked for more detail on the 'encouraging recent trends' management mentioned, their sustainability, and what level of performance would be needed to reach the midpoint of the revised EBITDA guidance.

    Answer

    CFO Michele Allen explained that the low end of the guidance assumes March/April trends continue, while the high end assumes those trends were transitory. She noted that reaching the midpoint or higher end of the guidance would require performance to improve from the down 3% trend seen in the U.S. in March and April. While there are early positive signs, she stressed that full visibility depends on the crucial summer months, which account for the majority of EBITDA.

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    Steven Pizzella's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q4 2024

    Question

    Steven Pizzella asked about the RevPAR environment required to achieve the 8.5% adjusted EBITDA CAGR through 2026 and sought guidance on how to think about ancillary fee growth in 2026, particularly if there is a step-up in the credit card deal.

    Answer

    CFO Michele Allen stated that achieving the target would imply a RevPAR CAGR of about 1% to 2% over the three-year plan, including currency effects. Regarding ancillary fees, she projected further acceleration in 2026, with growth expected to be in the mid-teens range, up from the low-teens expected in 2025.

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    Steven Pizzella's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q3 2024

    Question

    Steven Pizzella asked if the ahead-of-schedule net rooms growth was a pull-forward from Q4 and questioned the drivers behind the strong margin expansion and how to think about margins going forward.

    Answer

    CFO Michele Allen clarified that while some international openings were pulled forward, leading to a potentially lower Q4, the full-year growth will be in line with expectations. She attributed margin expansion to ancillary revenue growth, organizational efficiencies, and technology enhancements, noting these benefits, excluding a one-time insurance proceed, are expected to be sustainable.

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